/raid1/www/Hosts/bankrupt/TCRAP_Public/120713.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, July 13, 2012, Vol. 15, No. 139
Headlines
A U S T R A L I A
LIBERTY SERIES: S&P Affirms 'BB(sf)' Rating on Class D Notes
RETRAVISION SOUTHERN: Harvey Norman to Buy Retravision Stores
ROYAL CAPITAL: ASIC Bars Two Self-Managed Super Advice Companies
UNITED WARRANTIES: Kogan to Give Warranty Support to Customers
UNITED WARRANTIES: Liquidator Has No Funds to Payback Customers
C H I N A
CHINA UNITED: Posts $149,200 Net Loss in Q3 Ended March 31
CYBRDI INC: Had $206,300 Net Loss in First Quarter
DENNY'S CORP: GCIG to Open 50 New Denny's Restaurants in China
H O N G K O N G
AISTAR ELECTRONICS: Final Meetings Set for Aug. 8
CANLUCK CORPORATION: Placed Under Voluntary Wind-Up Proceedings
CHIU WING: Annual Meetings Set for Aug. 13
CRYSTAL KEY: Final Meetings Slated for Aug. 7
HOTEL AMENITIES: Annual Meetings Set for Aug. 7
INFINITI ADVANTAGE: Adjourned Meeting Set for Aug. 3
JASON SAVE: Creditors' Proofs of Debt Due Aug. 10
JOI MAXIE: Kee Lap Tat Leonard Steps Down as Liquidator
KADORIE HANDBAG: Lee King Chung Steps Down as Liquidator
KENWIN HOME: Final Meetings Set for Aug. 8
KINGDOM SUCCESS: Members' Final Meeting Set for Aug. 7
LIGHTEX TEXTILES: Final Annual Meetings Set for Aug. 17
MUSIC IN: Creditors' Proofs of Debt Due Aug. 15
NASACO ELECTRONICS: Annual Meetings Set for July 30
NEW OPPORTUNITIES: Placed Under Voluntary Wind-Up Proceedings
SPS OVERSEAS: Creditors' Meeting Set for July 17
WANTAILAI LIMITED: Court Enters Wind-Up Order
WINFUL INTERNATIONAL: Court Enters Wind-Up Order
WYLIE INVESTMENT: Members' Final Meeting Set for Aug. 8
I N D O N E S I A
AI FINANCE: Moody's Expects Timely Repayment of US$150MM Bonds
I N D I A
ANGEL PIPES: ICRA Assigns '[ICRA]B-' Rating to INR17cr Loans
ASTA INDIA: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]BB+'
BHAGWANDAS METALS: ICRA Rates INR3cr Loan at '[ICRA]BB-'
DKI APPAREL: ICRA Rates INR13.97cr Term Loans at '[ICRA]BB+'
D S GUPTA: ICRA Rates INR14cr Non-Fund Based Limits at 'B'
ELGI ELECTRIC: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
HIRACO INDIA: ICRA Upgrades Rating on INR70cr Loan to '[ICRA]BB-'
LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR22.3cr Loans
NEO FINE: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loan
NEW HORIZONS: ICRA Reaffirms 'BB+' Rating on INR0.30 Loan
POLARIS LIQUOR: ICRA Assigns '[ICRA]BB' Rating to INR25cr Loan
PRECISION ENG'G: Delay in Loan Payment Cues ICRA Junk Ratings
RAMAKRISHNA ENG'G: ICRA Puts '[ICRA]B' Rating on INR7.4cr Loans
SIYARAM METAL: ICRA Reaffirms '[ICRA]B+' Rating on INR25cr Loan
SUBEX LIMITED: ICRA Rates INR166cr LT Loan at '[ICRA]B'
J A P A N
OLYMPUS CORP: Faces US$2.4 Million Penalty Over Cover-Up Scandal
TITAN JAPAN: Likely Default Prompts Fitch to Downgrade Ratings
N E W Z E A L A N D
GOULDS FINE: In Liquidation, 55 Workers Lose Jobs
HIREQUIP: Owners Placed Into Receivership
PERPETUAL TRUST: Places Mortgage Fund In Moratorium
S I N G A P O R E
INTELLIGENT COMMUNICATION: Posts $195,400 Net Loss in Q1 2012
OSCAR'S FOOD: Court Enters Wind-Up Order
PK ELECTRONICS: Creditors' Proofs of Debt Due July 25
QUIZNOS SINGAPORE: Creditors' Proofs of Debt Due Aug. 6
ROTHSCHILD VENTURES: Creditors' Proofs of Debt Due Aug. 6
SIN TYE: Creditors Get 1.145663% Recovery on Claims
TANASHIN INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 3
WARAKU HOLDINGS: Court Enters Wind-Up Order
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
LIBERTY SERIES: S&P Affirms 'BB(sf)' Rating on Class D Notes
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class B and C notes issued by Liberty Series 2010-1 Auto.
"At the same time, we affirmed our 'BB (sf)' rating on the
transaction's class D notes. The notes are backed by a portfolio
of loans secured by passenger cars and light commercial vehicles
originated by Liberty Financial Pty. Ltd. The underlying assets
of the trust have performed well during the life of the
transaction, with low levels of arrears and a build up of credit
support to the notes. As of May 31, 2012, the transaction's
cumulative gross losses are approximately 3.97% of the original
portfolio balance. Net losses to date have been covered by excess
spread with no charge offs to notes. About 76% of the portfolio
balance has paid down. The ratings reflect our view that the
rated notes are able to withstand stresses that are commensurate
with their rating levels," S&P said.
Ratings Raised
Class Rating to Rating from
B AAA (sf) A (sf)
C A- (sf) BBB+ (sf)
Rating Affirmed
Class Rating
D BB (sf)
RETRAVISION SOUTHERN: Harvey Norman to Buy Retravision Stores
-------------------------------------------------------------
Oonagh Reidy at SmartHouse reports that Harvey Norman is said to
be in negotiations to buy Retravision Southern stores in a bid
for survival.
SmartHouse, citing Australian Financial Review, relates that the
retail giant is said to have already come to an agreement on
Retravision and Betta store in Gunnedah, NSW, and is said to be
in negotiations with "half a dozen" other store owners to convert
to Harvey Norman branded operations.
Both stores at Gunnedah are to be run by the owner of the
Retravision outlet, the report says.
SmartHouse notes that this is as part of a 'survival of the
fittest' strategy by Harvey Norman, who are looking to close in
on smaller operators that failed to survive in the post-global
financial crisis cautious consumer environment.
According to the report, Harvey's plan appears to be the
replacement of the struggling Retravision store with the Harvey
Norman brand selling TV and AV goods, while the Betta store will
sell white goods and appliances.
The company's Chairman Gerry Harvey also hinted this formula may
be used for other Retravision takeovers and believes better
management along with the well known Harvey brand will save the
troubled outlets, SmartHouse relays.
About Retravision Southern
Based in Blackburn, Australia, Retravision Southern Limited RVS
acts as the buying and marketing licensor for retailers of
electrical goods operating under the Retravision brand in
Victoria, Southern New South Wales and Tasmania.
Bryan Webster and Leanne Chesser of KordaMentha were appointed
voluntary administrators of Retravision Southern Limited on
May 21, 2012. The appointment is not over the independent
Retravision stores which continue to operate. Nor does it apply
to Retravision Western and Retravision Northern which operate in
other States and northern NSW.
ROYAL CAPITAL: ASIC Bars Two Self-Managed Super Advice Companies
----------------------------------------------------------------
The Australian Securities & Investments Commission said it had
obtained interim court orders against the operators of two
Queensland-based self-managed superannuation advice companies,
Royale Capital Pty Ltd and ActiveSuper Pty Ltd, preventing them
from carrying on some of their activities following ASIC
concerns, including that they misled investors about their
investments.
ASIC's investigation has so far found Royale and ActiveSuper
raised AUD4.75 million from more than 200 investors.
The regulator says: "ASIC is concerned that Royale and Active
were offering their self-managed superannuation fund (SMSF)
clients shares in companies based in the US and the British
Virgin Islands, when the appropriate disclosure documents had not
first been lodged with ASIC.
"ASIC understands that representations were made to SMSF clients
that these foreign companies were to use the funds raised to
purchase distressed properties in the US.
"ASIC is concerned that various provisions of the financial
services laws have not been complied with by Royale and
ActiveSuper. These include:
* operating an unlicensed financial services business;
* requirement for adequate financial product disclosure
to investors;
* unsolicited hawking of financial products; and
* the provision of misleading and/or deceptive information
to investors.
ASIC's investigation into how funds invested with Royale and
Active have been used is continuing.
Justice Marshall of the Federal Court in Melbourne made orders on
July 10, 2012, restraining Royale and Active, as well as their
directors Justin Gibson and Jason Burrows, from:
** dealing with any funds within the superannuation
accounts of their current SMSF clients;
** offering shares without the appropriate disclosure
document;
** debiting funds from their SMSF client accounts and
further, debiting funds held in the Royale and Active
company bank accounts, other than with client consent
for ongoing administration of the SMSFs;
** dealing with any funds held in controlled United States
bank accounts; and
** dealing with any real properties purchased with client
superannuation funds.
Royale and Justin Gibson consented to the orders.
The matter will return to the Federal Court for further hearing
on July 27, 2012.
UNITED WARRANTIES: Kogan to Give Warranty Support to Customers
--------------------------------------------------------------
Nermin Bajric at ARN reports that electronics vendor, Kogan, said
it will offer assistance to Australian consumers affected by the
fall out of United Warranties.
United Warranties provided outsourced warranty services to a
selection of television brands in Australia, including those sold
by retailers Big W and Myer. The collapse means that customers
lose the warranty on their product.
According to the report, Kogan will be offering after-sales
support, which may include troubleshooting advice, provision of
parts where available, access to repair centres in Australia, in-
home repairs, guidance on technical fixes, and product repairs.
"Customers who, in good faith, purchased warranties from our
nation's biggest retailers, believing that warranty would be
honoured, should not be left hanging in the air," ARN quotes
Kogan founder and CEO, Ruslan Kogan, as saying.
Customers who are affected can register their product with Kogan
by emailing the vendor (assistance@kogan.com.au) with information
on where the television was purchased, the date, its brand, model
number and serial, and a copy of the receipt and warranty that
was purchased, the report adds.
UNITED WARRANTIES: Liquidator Has No Funds to Payback Customers
---------------------------------------------------------------
Allie Coyne at CRN reports that the liquidator appointed to
oversee the affairs of embattled warranty provider United
Warranties has revealed the company has no money with which to
pay back its customers or partners.
Liquidator Matt Byrne of chartered accountants Grant Thornton
told CRN investigations were preliminary but confirmed partners
and customers were unlikely to see their money again.
"The company has no funds to pay anybody back," CRN quotes Mr.
Byrne as saying. "There's some stock and potentially some debts
owing to the company, but the investigations are preliminary, and
as part of that we need to look at the circumstances leading up
to our appointment."
CRN relates that Mr. Byrne estimates between 200 and 300
warranties are outstanding in the market, according to the
company's inventory, but acknowledged there could be many more.
United Warranties officially went into liquidation on Monday
after weeks of being missing in action. Partners and customers
had been unable to contact the company since early June, the
report notes.
United Warranties and two related entities, United Maintenance
and United Electrical Holding Company supplied third-party
extended warranty products to retailers including Myer,
McDonald's, MyChemist and Woolworths' Big W chain.
=========
C H I N A
=========
CHINA UNITED: Posts $149,200 Net Loss in Q3 Ended March 31
----------------------------------------------------------
China United Insurance Service, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $149,258 on $699,169 of
revenue for the three months ended March 31, 2012, compared with
a net loss of $171,500 on $876,147 of revenue for the three
months ended March 31, 2011.
For the nine months ended March 31, 2012, the Company reported a
net loss of $458,295 on $2.40 million of revenue, compared with a
net loss of $174,946 on $2.02 million of revenue for the nine
months ended March 31, 2011.
The Company's balance sheet at March 31, 2012, showed
$1.74 million in total assets, $1.39 million in total current
liabilities, and stockholders' equity of $345,574.
The Company stated: "The accompanying consolidated financial
statements were prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. The Company has
incurred net operating losses since inception. The Company faces
the risks common to companies that are relatively new, including
capitalization and uncertainty of funding sources, high initial
expenditure levels, uncertain revenue streams, and difficulties
in managing growth. A t March 31, 2012, the Company had an
accumulated deficit of $2,273,799. The Company's recurring
losses raise substantial doubt about its ability to continue as a
going concern. The Company's consolidated financial statements
do not reflect any adjustments that might result from the outcome
of this uncertainty. The Company plans to acquire more insurance
agency companies in the PRC within the next 12 months, which will
require more funding. The Company expects to incur losses from
its operations and will require additional funding in the next 12
months.
A copy of the Form 10-Q is available for free at:
http://is.gd/xbQdwi
Zhengzhou, Henan, China-based China United Insurance Service,
Inc., operates as an insurance intermediary company in the
People's Republic of China.
CYBRDI INC: Had $206,300 Net Loss in First Quarter
--------------------------------------------------
Cybrdi, Inc., filed its quarterly report on Form 10-Q, reporting
a net loss of $206,344 on $242,333 of revenues for the three
months ended March 31, 2012, compared with a net loss of $188,699
on $113,811 of revenues for the same period of 2011.
The Company's balance sheet at March 31, 2012, showed
$10.46 million in total assets, $5.58 million in total
liabilities, and stockholders' equity of $4.88 million.
As reported in the TCR on April 23, 2012, KCCW Accountancy Corp.,
in Diamond Bar, California, expressed substantial doubt about
Cybrdi's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011. The
independent auditors noted that the Company has incurred
recurring losses, accumulated deficit, and working capital
deficit at Dec. 31, 2011, and 2010.
A copy of the Form 10-Q is available for free at:
http://is.gd/Vbywvu
Cybrdi, Inc., located in Xi'an, Shaanxi, People's Republic of
China, is holding company incorporated with 80% equity in
Chaoying Biotech, which is engaged in biotechnology
manufacturing, and research and development. Through Chaoying
Biotech, Cybrdi also controls SD Chaoying, a cultural and
entertainment company, which is also developing a casino.
DENNY'S CORP: GCIG to Open 50 New Denny's Restaurants in China
--------------------------------------------------------------
Denny's Corporation has signed an agreement with Great China
International Group for the development of 50 new Denny's
restaurants in southern China over the next 15 years. GCIG has
exclusive rights to open units in six Chinese provinces including
Guangdong, Fujian, Guizhou, Jiangxi, Chongqing, and Sichuan. The
Company expects the first restaurant will open in 2013.
John Miller, Denny's President and Chief Executive Officer,
stated, "This significant development agreement is Denny's first
major expansion in China and is the brand's largest international
development agreement to date. This agreement builds upon the
success the Company has had in expanding the brand
internationally with recent franchise openings in Honduras,
Canada, Puerto Rico, and the Dominican Republic. We are thrilled
to begin our relationship in China with GCIG and are impressed
with their expertise and resources. We believe that the Denny's
brand will continue to grow around the world and are focused on
finding additional strong partners like GCIG as we continue our
global expansion efforts."
Sharon Huang, Business Director for GCIG, commented, "As the
brand's first franchise partner in China, we are honored to have
the opportunity to introduce local residents to Denny's everyday
value and craveable menu items served in an inviting, comfortable
atmosphere. Today's Chinese consumers are hungry for the
variety, quality and value a brand like Denny's represents around
the world. Denny's history of success internationally gives us
confidence that this partnership will provide both GCIG and
Denny's a significant growth opportunity."
Denny's Senior Vice President of Global Development Steve Dunn
added, "Denny's will be the most recognized American family
dining brand to enter China. Denny's has very high standards
when it comes to selecting the right franchisee and is excited to
be partnering with GCIG, an experienced, dedicated and talented
organization uniquely qualified to expand the Denny's brand in
China. We will work closely with GCIG to ensure Denny's becomes
the family dining brand of choice in southern China."
As Denny's approaches its 60th anniversary and 1,700th location,
the Company believes that the Denny's brand will become one of
the largest American full service brands in the world. Through
its America's Diner brand positioning, it is providing current
and new guests the promise of everyday value with craveable,
indulgent products served in a friendly and inviting atmosphere.
Together with its talented and committed franchisees and
licensees, the Company will work to continue to expand the
Denny's platform through all types of distribution points around
the globe.
About Denny's Corporation
Based in Spartanburg, South Carolina, Denny's Corporation
(NASDAQ:DENN) -- http://www.dennys.com/-- Denny's is one of
America's largest full-service family restaurant chains,
consisting of 1,348 franchised and licensed units and 232
company-owned units, with operations in the United States,
Canada, Costa Rica, Guam, Mexico, New Zealand and Puerto Rico.
The Company said in its annual report for the year ended Dec. 28,
2011, that as the Company is heavily franchised, its financial
results are contingent upon the operational and financial success
of its franchisees. The Company receives royalties,
contributions to advertising and, in some cases, lease payments
from its franchisees. The Company has established operational
standards, guidelines and strategic plans for its franchisees;
however, the Company has limited control over how its
franchisees' businesses are run. While the Company is
responsible for ensuring the success of its entire chain of
restaurants and for taking a longer term view with respect to
system improvements, the Company's franchisees have individual
business strategies and objectives, which might conflict with the
Company's interests. The Company's franchisees may not be able
to secure adequate financing to open or continue operating their
Denny's restaurants. If they incur too much debt or if economic
or sales trends deteriorate such that they are unable to repay
existing debt, it could result in financial distress or even
bankruptcy. If a significant number of franchisees become
financially distressed, it could harm the Company's operating
results through reduced royalties and lease income.
The Company's balance sheet at March 28, 2012, showed
$336.24 million in total assets, $338.88 million in total
liabilities, and a $2.64 million total shareholders' deficit.
* * *
Denny's carries 'B2' corporate family and probability of default
ratings from Moody's Investors Service and a 'B+' corporate
credit
rating from Standard & Poor's.
As reported by the TCR on April 20, 2012, Standard & Poor's
Ratings Services withdrew all of its ratings, including the 'B+'
corporate credit rating on Spartanburg, S.C.-based Denny's Corp.
at the company's request. There is no rated debt outstanding.
================
H O N G K O N G
================
AISTAR ELECTRONICS: Final Meetings Set for Aug. 8
-------------------------------------------------
Creditors and contributories of Aistar Electronics Limited will
hold their final meetings on Aug. 8, 2012, at 2:00 p.m., and
2:30 p.m., respectively at Unit 511, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Ho Man Kit Horace and Kong Sze Man Simon, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
CANLUCK CORPORATION: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on June 27, 2012,
creditors of Canluck Corporation Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Kennic Lai Hang Lui
Yuen Tsz Chun Fank
5th Floor, Ho Lee Commercial Building
38-44 D' Aguilar Street
Central, Hong Kong
CHIU WING: Annual Meetings Set for Aug. 13
------------------------------------------
Creditors and members of Chiu Wing Enterprise Company Limited
will hold their annual meetings on Aug. 13, 2012, at 4:00 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.
CRYSTAL KEY: Final Meetings Slated for Aug. 7
---------------------------------------------
Members and creditors of Crystal Key Electroplating Company
Limited ("CKE") will hold their final meetings on Aug. 7, 2012,
at 4:15 p.m., and 4:45 p.m., respectively at Room 203, 2/F, Duke
of Windsor Social Service Building, No. 15 Hennessy Road,
Wanchai, in Hong Kong.
At the meeting, Lui Kwan Yin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HOTEL AMENITIES: Annual Meetings Set for Aug. 7
-----------------------------------------------
Members and creditors of Hotel Amenities International Limited
will hold their annual meetings on Aug. 7, 2012, at 5:00 p.m.,
and 5:15 p.m., respectively at Room 203, 2/F, Duke of Windsor
Social Service Building, No. 15 Hennessy Road, Wanchai, in Hong
Kong.
At the meeting, Yuen Wai Kin Tony, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
INFINITI ADVANTAGE: Adjourned Meeting Set for Aug. 3
----------------------------------------------------
Creditors of Infiniti Advantage Limited will hold their adjourned
meeting on Aug. 3, 2012, at 10:00 a.m., at 17th Floor, The Sun's
Group Centre, at No. 200 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Ho Wai Chi, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
JASON SAVE: Creditors' Proofs of Debt Due Aug. 10
-------------------------------------------------
Creditors of Jason Save Lives Foundation Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 10, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 3, 2012.
The company's liquidator is:
Yip Tak On
5/F, Effectual Building
16 Hennessy Road
Wanchai, Hong Kong
JOI MAXIE: Kee Lap Tat Leonard Steps Down as Liquidator
-------------------------------------------------------
Kee Lap Tat Leonard stepped down as liquidator of Joi Maxie
(Shandong) Property Limited on June 29, 2012.
KADORIE HANDBAG: Lee King Chung Steps Down as Liquidator
--------------------------------------------------------
Lee King Chung stepped down as liquidator of Kadorie Handbag
International Limited on June 29, 2012.
KENWIN HOME: Final Meetings Set for Aug. 8
------------------------------------------
Creditors and contributories of Kenwin Home Appliance Limited
will hold their final meetings on Aug. 8, 2012, at 2:15 p.m., and
2:45 p.m., respectively at Unit 511, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Ho Man Kit Horace and Kong Sze Man Simon, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
KINGDOM SUCCESS: Members' Final Meeting Set for Aug. 7
------------------------------------------------------
Members of Kingdom Success Limited will hold their final meeting
on Aug. 7, 2012, at 10:00 a.m., at Unit 402, 4/F, Malaysia
Building, at No. 50, Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
LIGHTEX TEXTILES: Final Annual Meetings Set for Aug. 17
-------------------------------------------------------
Members and creditors of Lightex Textiles Company Limited will
hold their final annual meetings on Aug. 17, 2012, at 11:00 a.m.,
and 11:30 a.m., respectively at Rm. 1801, 69 Jervois St., Sheung
Wan, in Hong Kong.
At the meeting, Lo Shing Chi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
MUSIC IN: Creditors' Proofs of Debt Due Aug. 15
-----------------------------------------------
Creditors of Music In You Foundation 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's liquidator is:
Wong Maria Susana
Room B1, 18/F
Chung Hing Commercial Building
62-63 Connaught Road
Central, Hong Kong
NASACO ELECTRONICS: Annual Meetings Set for July 30
---------------------------------------------------
Members and creditors of Nasaco Electronics (HK) Limited will
hold their annual meetings on July 30, 2012, at 2:30 p.m., and
3:00 p.m., respectively at 12th Floor, Grand Building, Nos. 15-18
Connaught Road Central, in Hong Kong.
At the meeting, Tsang Kam Chuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
NEW OPPORTUNITIES: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on June 29, 2012,
creditors of New Opportunities Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Wong Yee Sui Andrew
Room 1601, Wing On Centre
111 Connaught Road
Central, Hong Kong
SPS OVERSEAS: Creditors' Meeting Set for July 17
------------------------------------------------
Creditors of SPS Overseas Limited will hold their meeting on
July 17, 2012, at 10:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.
The meeting will be held at 2001A2, Nan Fung Centre, at 264-298
Castle Peak Road, Tsuen Wan, New Territories, in Hong Kong.
WANTAILAI LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Wantailai Limited.
The official receiver is Teresa S W Wong.
WINFUL INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on June 27, 2012, to
wind up the operations of Winful International Industries
Limited.
The official receiver is Teresa S W Wong.
WYLIE INVESTMENT: Members' Final Meeting Set for Aug. 8
-------------------------------------------------------
Members of Wylie Investment Development Limited will hold their
final general meeting on Aug. 8, 2012, at 10:00 a.m., at Flat C,
11/F., Lucky Factory Building, at 63-65 Hung To Road, in Kwun
Tong, Kowloon.
At the meeting, Ng Kam Chiu, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=================
I N D O N E S I A
=================
AI FINANCE: Moody's Expects Timely Repayment of US$150MM Bonds
--------------------------------------------------------------
Moody's Investors Service says that it expects the US$150 million
of bonds issued by AI Finance B.V. and guaranteed by Agri
International Resources Pte Ltd (Caa2, stable, "Agri"), which
mature on July 15th , to be repaid on time, following the efforts
made by Agri's parent company, Bakrie Sumatera Plantations (Caa2,
stable, "BSP") to refinance the bond. Once confirmed, a
successful refinancing and repayment of the bond could lead to
some upward pressure on both corporate family ratings.
However, the performance of the downstream oleochemical and
refining assets continues to disappoint and this part of the
business is many months late in coming on-stream. In addition,
the yields of BSP's plantations are consistently weaker than
those achieved by rated peers. These fundamental constraints are
thus likely to limit the extent of any recovery in ratings.
Moody's however also notes that the recent changes in senior
management may help to re-invigorate the company.
"Based on the good prospects for the palm oil sector, the
repayment of the bond may be the first step in what could be the
long-drawn out recovery of BSP's rating," says Alan Greene, a
Vice President -- Senior Credit Officer at Moody's.
Moody's notes the tight conditions and heavy amortisation
schedules of the previously refinanced loans for "Domba Mas" and
for BSP's own bond refinancing last year.
"However, depending on the terms of any Agri bond refinancing,
there is a risk that the debt service burden could yet extinguish
any glimmer of recovery at BSP," adds Mr. Greene, who is also
Lead Analyst for BSP.
Assuming that there is no default on the Agri bond, Moody's would
expect to re-assess the rating of BSP in the light of the changes
to the financial profile of the Group post-refinancing, and of
any significant variances in operating performance.
Bakrie Sumatera Plantations Tbk, is an Indonesian plantation
company operating mainly in Sumatra, Indonesia, with rubber
plantations of some 19,000 planted hectares and oil palm
plantations of 107,000 planted hectares (including Agri's 32,000
hectares). During 2010, it acquired a downstream oleochemicals
business, "Domba Mas", for US$440 million. It is 27.4%-owned by
the conglomerate PT Bakrie & Brothers. Its IPO occurred in 1990
and BSP is listed on the Indonesia Stock Exchange.
=========
I N D I A
=========
ANGEL PIPES: ICRA Assigns '[ICRA]B-' Rating to INR17cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to
INR10.0 crore fund based limits and INR7.0 crore term loans of
Angel Pipes And Tubes Private Limited.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund Based Limits 10.0 [ICRA]B- assigned
Term Loans 7.0 [ICRA]B- assigned
The assigned rating factors in APT's moderate scale of operations
in its core business of stainless steel pipes and tubes
manufacturing which coupled with the highly competitive and low
value additive nature of the business have resulted in weak
profitability indicators. Given the nature of business, ICRA does
not expect any significant improvement in the profitability
indicators in the medium term. Further, the company's business is
highly working capital intensive and with the same being largely
debt funded, this has translated into weak capitalization,
coverage and liquidity indicators for the company. Nevertheless,
ICRA draws comfort from the company's established distribution
network in the states of Maharashtra, Karnataka and Kerala which
coupled with offtake from the market has resulted in a steady
growth in the operating income over last four years.
Angel Pipes And Tubes Private Limited was incorporated in the
year 2006. APT is a stainless steel pipe & tube manufacturer with
its manufacturing facility located at Sanchore in Rajasthan. The
company has a production capacity of 6000 MT pipes per annum. The
products have a usage across sectors like - Petrochemicals,
Chemical, Pharmaceutical, Fertilizer, Oil Processing, Sugar,
Dairy, Furniture, and Automobiles. For FY2011, the company has
achieved an operating income of INR43.03 crore and a net loss of
INR0.70 crore.
ASTA INDIA: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]BB+'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR9.50
crore (reduced from INR19.40 crore) cash credit facility of ASTA
India Private Limited to '[ICRA]BB+' from '[ICRA]BBB-'. The
outlook on the long term rating has been revised to negative from
stable. Also, ICRA has revised the short term rating assigned to
the INR11.50 crore, short-term, non-fund based facilities of AIPL
to '[ICRA]A4+' from '[ICRA]A3'.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Cash Credit Facility 9.50 [ICRA]BB+ (Negative)
Revised from [ICRA]BBB-
(Stable)
Non-fund based 11.50 [ICRA]A4+ Revised from
Facilities [ICRA]A3
The rating revision takes into account the weakened financial
profile of the company, as evident from sharp decline in the
profitability with the company reporting net losses; increased
gearing levels as well as moderation of the credit metrics. The
outlook revision reflects the anticipated pressure on its margins
and vulnerable financial profile which may further weaken if the
company is unable to ramp up its volumes. The company has been
unable to register volume growth during FY12 resulting in a lower
than anticipated capacity utilization levels. The ratings
continue to remain constrained by the lack of diversification in
product profile, dependence of sales on the performance of the
infrastructure sector and power projects which in turn remains
vulnerable to regulatory hurdles and delays in execution, price
based competition resulting in demand risk with the limited CTC
market at present and the increase in the share of outright sales
which can result in higher working capital requirements.
The ratings continue to take into account the global presence and
recognition of CTC products of ASTA group, technological and
financial support enjoyed by AIPL in the form of access to ASTA
group's patented processes as well as entire long term debt being
advanced by the Group Company. The ratings also consider the
stable outlook for transformer industry which is the major
consumer of AIPL's products in the medium term driven by
increasing energy requirements and planned capacity additions,
establishment of the company's products as reflected by the well
diversified customer profile consisting of reputed transformer
manufacturers and recent approvals as sub vendor received by AIPL
which is expected to support volumes.
About ASTA India
Incorporated on February 22, 2005, ASTA India Private Limited is
engaged in the manufacturing of Continuously Transposed
Conductors (CTC) with a capacity of 4000 MTPA of CTC with the
manufacturing facility located at Vadodara, Gujarat.
AIPL is a subsidiary of ASTA Singapore Pte Ltd, Singapore, a
wholly owned subsidiary of ASTA Holdings GmbH, Austria. ASTA,
Austria is established global player for providing electrical
winding solutions with over 100 years of experience in the field
of CTC manufacturing. The ASTA group was previously acquired by
Metrod (Malaysia) Berhard, a Malaysian company in 2004 and was
subsequently purchased from Metrod (Malaysia) Berhard by Global
Equity Partners, a central European investment firm, in March
2012.
BHAGWANDAS METALS: ICRA Rates INR3cr Loan at '[ICRA]BB-'
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR3.00 crore fund based facilities of Bhagwandas Metals Limited.
ICRA has also assigned a short-term rating of '[ICRA]A4' to the
INR5.50 crore non-fund based facilities of BML. The outlook on
long- term rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund-based facilities 3.00 [ICRA]BB- (Stable) assigned
Non-fund based 5.50 [ICRA]A4 assigned
facilities
The ratings consider BML's comfortable capital structure/modest
working capital intensity and long-standing presence of the
promoters in the business. The low levels of inventory maintained
by the Company insulate it against volatility in steel prices to
an extent. The ratings also consider BML's small scale of
operations (which results in low turnover/nominal cash accruals
and restricts financial flexibility) and its relatively low
profitability. The Company's accruals are thin, owing to the
trading nature of the business where barriers to entry are low.
Although the Company is exposed to the cyclicality in steel
business which is passing through a weak phase at present, demand
in the long-term is expected to be favorable.
BML is primarily engaged in trading in structural steel and steel
scrap. It sources materials both domestically as well as through
imports, and largely caters to the demand in Tamil Nadu and
Pondicherry. The Company's shares are listed in the Bombay Stock
Exchange.
Incorporated in 1982 by Mr. Govind Prasad, the Company was
previously engaged in the manufacture of TMT rebars. Due to
business slowdown and consequent losses, it discontinued the
manufacturing operations in 2002 and has been engaged in trading
since 2003.
Recent Results
BML reported net profit of INR0.4 crore on operating income of
INR79.1 crore during 2011-12 (according to unaudited results),
against net profit of INR0.4 crore on operating income of INR69.5
crore during 2010-11.
DKI APPAREL: ICRA Rates INR13.97cr Term Loans at '[ICRA]BB+'
------------------------------------------------------------
A long term rating of '[ICRA]BB+' has been assigned to the
INR13.97 crore term loans of DKI Apparel Private Limited. The
outlook on the long term rating is Stable. A short term rating of
'[ICRA]A4+' has also been assigned to the INR5.60 crore short
term fund based facilities and INR1.50 crore short term non fund
based facilities of the company.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Term Loans 13.97 [ICRA]BB+ (Stable) assigned
Fund Based Limits 5.60 [ICRA]A4+ assigned
Non Fund Based Limits 1.50 [ICRA]A4+ assigned
The Defiance Group has two major operating companies, Defiance
Knitting Industries Private Limited (DKIPL) and DKI Apparel
Private Limited (DKI Apparel). As these companies have a common
set of promoters, are in same line of business and have strong
operational linkage (DKI Apparel sources 100% of its fabric
requirement from DKIPL); ICRA has assessed the consolidated
financial profile of the Group for arriving at the rating.
The assigned ratings take into consideration the long standing
experience of the promoters in the fabric manufacturing and
garments industry spanning over three decades and the comfortable
operating margins of the company on account of presence in value
added readymade garments segment supported by backward
integration into fabric manufacturing. The assigned ratings also
derive strength from the comfortable financial profile of the
group marked by low gearing; healthy debt protection metrics and
a comfortable cash flow position. The assigned ratings are
however constrained on account of the low capitalization levels
for DKI Apparel and the group's modest scale of operations and
high customer concentration risks with its top customer,
contributing to -83% of the revenues. ICRA also notes that the
company's revenues remain vulnerable to volatility in the foreign
exchange market and competition from domestic players in the
Tirupur region and other low cost countries such as Bangladesh,
Vietnam, Cambodia and other African countries having zero-duty
access to the US and European markets which constrain the ratings
further.
DKI Apparel Private Limited promoted by Mr. Sudhi Vora was
incorporated in the year 2004. The company commenced operations
in the year 2009-10 and is involved in the manufacturing of
garments, primarily innerwear for both men and women with -70% of
its revenues from exports to the US markets. The company procures
100% of its fabric requirements from DKIPL and has an installed
capacity of over 1.02 million dozens per annum.
Recent Results:
As per provisional results for FY 2012, DKI Apparel reported a
net Profit after Tax (PAT) of INR6.3 crore (Audited FY 2011: net
loss INR0.1 crore) on an Operating Income (OI) of INR57.1 crore
(Audited FY 2011: INR33.0 crore). Also as per provisional results
for FY 2012, on a consolidated basis, the Defiance Group reported
a PAT of INR10.6 crore (Audited FY 2011: INR9.3 crore) on an OI
of INR83.9 crore (Audited FY 2011: INR87.8 crore).
D S GUPTA: ICRA Rates INR14cr Non-Fund Based Limits at 'B'
----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR14 Crore non-fund
based limits of D S Gupta Construction Pvt. Ltd. The ratings
favorably factor in the long-standing experience and demonstrated
track record of management in the MEP business.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Non-Fund Based Limits 14 [ICRA]B assigned
The ratings are however constrained by uncertain medium term plan
of the company due to acquisition of the business by Blue Star
Ltd and the subsequent non-compete clause which will continue
till August 2013. While ICRA notes that currently the company has
adequate liquidity by way of unencumbered fixed deposits, the
same is expected to reduce going forward as DSGCPL plans to draw-
down these fixed deposits and advance funds to group companies
for investing in real estate ventures.
DSGCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992. It was converted to a partnership firm in 1995. In 1997 it
was converted to a private limited company with Mr. Sunil Gupta
and Mrs. Kavita Gupta holding 100% shares of the company. DSGPL
offered plumbing and fire-fighting equipment-related systems and
services to hotels, hospitals, information technology parks,
residential multiplexes, and educational institutions. On 31st
August 2010 Blue Star Limited (BSL) acquired the business of
DSGCPL; consequently DSGCPL currently has no business operations.
ELGI ELECTRIC: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR2.64 crore
working capital demand loan and the INR9.86 crore long term fund
based facilities (revised from INR10.36 crore) of Elgi Electric
and Industries Limited. ICRA has also reaffirmed the '[ICRA]A4'
rating to the INR2.00 crore short term fund based facilities (sub
limit, revised from INR0.26 crore) of the company. ICRA has also
assigned '[ICRA]A4' rating to the INR5.56 crore short term non
fund based facilities of the company. The outlook on the long
term rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Working Capital 2.64 [ICRA]BB (Stable) reaffirmed
Demand Loan
Long term fund 9.86 [ICRA]BB (Stable) reaffirmed
based facilities
Short term fund based (2.00) [ICRA]A4 reaffirmed
facilities - sub limit
Short term non fund 5.56 [ICRA]A4 assigned
based facilities
The reaffirmation of ratings takes into account EEIL's strong
parentage by virtue of it belonging to the renowned Coimbatore
based Sara Elgi group and the operational and financial support
extended by the group to EEIL in the past. The company has a
reputed customer profile comprising of Lakshmi Machine Works
Limited, Siemens Limited and Indian Railways, to name a few, with
history of low churn rates along with a wide spread pan India
distribution network. The ratings also factor in EEIL's
established presence in the auxiliary textile machinery space
(which contributed to over 60% of the company's revenue in 2011-
12) spanning several years and encompassing multiple products
with healthy market share; the launch of a new product, Bobbin
Transport System, from the textile machinery division is likely
to aid in revenue growth over the medium term.
The ratings are, however, constrained by the weak financial
profile of the Company characterized by modest revenue growth and
accruals in 2011-12, moderate coverage indicators and a highly
leveraged capital structure as on March 31, 2012 on account of
accumulated losses in the past, despite low working capital
intensity; EEIL's revenue remains susceptible to the inherent
cyclicality of the textile / textile machinery and engineering
sectors and the profit margins are vulnerable to the volatility
in raw material prices although the cost plus pricing mechanism
in most cases except tender based contracts, mitigates the risk
to an extent. The company's capacity remains significantly
underutilized on account of the stagnant market conditions and
power shortage in the region, further restricting the scale
economies from the already small scale of operations. Also, the
company's in-house value addition remains low with a significant
portion of activities outsourced to local players and group
companies on account of the prevalent power shortage in the
region. While ICRA notes the non-materialization of anticipated
infusion of -INR5.0 crore from sale of land in 2011-12, the
improvement in capital structure would remain critical in
maintaining the credit profile going forward.
Incorporated in 1963 and headquartered in Coimbatore, Elgi
Electric and Industries Limited is primarily engaged in the
manufacturing of auxiliary textile machinery and Alternating
Current (AC) / Direct Current (DC) motors apart from contract
manufacturing point machines for Siemens Limited and trading of
AC motors belonging to the TECO and Hengsin brands; the sale of
products primarily happens in India. While the textile machinery
division, EEIL's main revenue generator, contributed to -61.8% of
the company's revenue in 2011-12, the rotating machinery division
(RMD) which manufactures the point machines and AC / DC motors
and the trading division contributed to -19.1% of EEIL's income
each during the fiscal (according to unaudited financials). The
company, which has an employee strength of about 210 and a
manufacturing facility in Pollachi, Tamil Nadu, is part of the
renowned Coimbatore based Sara Elgi group, with interests in
textiles, engineering, building products / construction and
software development, amidst others.
Recent Results (Unaudited)
EEIL reported profit before tax (PBT) of INR2.4 crore on
operating income of INR54.7 crore for the twelve month period
April 2011 - March 2012, against profit after tax (PAT) of INR2.1
crore on operating income of INR64.2 crore for the fifteen month
period January 2010 - March 2011.
HIRACO INDIA: ICRA Upgrades Rating on INR70cr Loan to '[ICRA]BB-'
-----------------------------------------------------------------
The long-term rating on the INR70 crore fund-based working
capital facilities of Hiraco India Private Limited has been
upgraded to '[ICRA]BB-' from '[ICRA]C'. The short-term rating of
'[ICRA]A4' has been reaffirmed on the above bank lines. The
outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long-term/ Short-term 70.00 [ICRA]BB-/[ICRA]A4
fund-based limits Upgraded
The rating revision reflects improved debtor collection and
consequent improvement in liquidity profile of the company. The
ratings factor in the vast experience of promoters in the diamond
industry, diversified clientele, moderate geographic
concentration, leading position of the company in the niche
segment of Naats in the diamond industry, and improved capital
structure driven by reduction in working capital intensity. The
current business environment for the company remains weak, due to
slowdown in global demand for gems and jewellery, given the
current macro-economic environment. The ratings are constrained
by low operating and net margins which are key characteristics of
fragmented and competitive CPD industry, moderate coverage
indicators, vulnerability to currency fluctuations though the
risk is mitigated partially by natural hedge and partially by
entering into forward contracts, and the proposed diversification
into non-core port development and helicopter chartering
businesses. Maintaining the current moderate working capital
intensity remains to be the key rating sensitivity.
Promoted by two Sutaria brothers - Mr. Dahyabhai and Mr.
Vallabhbhai - and closely held by the promoters' family, Hiraco
India Private Limited commenced business as a partnership firm
(erstwhile Hira Exports) in 1988 to deal in import of rough
diamonds and export of polished diamonds. HIPL was incorporated
in May 2008 as a private limited company. Mr. Dahyabhai Sutaria,
being the Managing Director of the company, controls the overall
management of the company and he is assisted by other family
members in the business.
The company primarily deals in export of White Naats, which have
certain inclusions and are used in low end jewellery. USA and
Hong Kong are the major markets for the company. The company is
not a DTC sight-holder and it procures rough diamonds from
Belgium, Hong Kong, Dubai and local suppliers. The company also
operates two wind mills in Maharashtra. The group has diversified
interests including solar power generation in Gujarat and real
estate development. The group has also entered 'Port development'
business with the proposed Modhava port in Gujarat, and
'Helicopter charter' business, also in Gujarat.
Recent Results
The company, on a standalone basis, reported a profit after tax
(PAT) of INR5.68 crore on an operating income of INR281.69 crore
in FY2012, as against a PAT of INR3.13 crore on an operating
income of INR229.17 crore in FY2011.
LAVIS SIGNATURE: ICRA Reaffirms 'B+' Rating on INR22.3cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR12.30 crore
term loan and INR10.00 crore cash credit facilities of
Lavis Signature Panel Private Limited. ICRA has also reaffirmed
'[ICRA]A4' rating to the INR10.00 crore non fund based facilities
of LSPPL which are sub-limit of the fund based limits.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Cash Credit 10.00 [ICRA]B+ reaffirmed
Term Loan 12.30 [ICRA]B+ reaffirmed
Letter of Credit (10.00) [ICRA]A4 reaffirmed
The ratings continue to be constrained by LSPPL's limited
operating history and small scale of operations, intense
competitive pressures from local plywood industry and exposure to
seasonality in raw material availability which is likely to
constrain its margins. The ratings are also constrained by weak
financial profile and pressure on liquidity position of the
company in the initial years of operation given the debt funded
nature of the project and large debt repayments.
The rating however draw comfort from the long experience of the
promoters in the timber and laminates industry; favorable cost
dynamics for particle boards as compared to plywood and proximity
to raw material sources.
Lavis Signature Panel Private Limited, established in June 2010,
has set-up for the manufacturing of particle boards and pre
laminated particle boards. LSPPL's manufacturing site is located
at Kathlal in Kheda District, Gujarat. The company is promoted by
Mr. Dhansukhbhai Patel, Mr. Hasmukhbhai Patel and Mr. Amrutbhai
Patel who have interests in various common and individual
businesses in timber and laminates industry.
Recent Results
For the year ended 31st March 2012 (provisional figures), the
company has reported a net loss of INR0.49 crore on an operating
income of INR1.04 crore.
NEO FINE: ICRA Assigns '[ICRA]B+' Rating to INR4.5cr Loan
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' for INR4.5 crore
fund based limits and short term rating of '[ICRA]A4' for INR2.50
crore non-fund based limits of Neo Fine Chemical Industries.
ICRA has also assigned [ICRA]B+/[ICRA]A4 ratings to INR13.00
crore unallocated limits of NFCI.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund based limits 4.50 [ICRA]B+ assigned
Non-fund based limits 2.50 [ICRA]A4 assigned
Unallocated limits 13.00 [ICRA]B+/[ICRA]A4 assigned
The assigned ratings are constrained by small scale of
operations; high client concentration risk with top 5 customers
accounting for more than 50% of revenue in the past 3 years; and
high product concentration risk with top 5 products accounting
for more than 46% of revenue in the past 3 years.
The ratings are also constrained by risks arising from
partnership nature of the firm and high working capital intensity
on account of high debtor days. Although the debtor days are
high, the risk is mitigated partly by reputed client profile such
as Natco Pharma limited, Anu's Laboratories Ltd, and Smilax
Laboratories Ltd. The ratings however favorably factor in sole
authorized distributorship of Punjab Chemicals & Crop Protection
Ltd, M/S Aquapharm chemicals Pvt Ltd and M/S Indica Chemical
Industries Pvt Ltd in entire AP expand; diversified product
portfolio and healthy growth in the revenues with improved
operating margins in the last 3 years.
Founded in 1984, Neo Fine Chemicals Industries is engaged in the
trading of industrial chemicals, solvents and speciality
chemicals mainly catering to pharmaceutical, paper, paints and
edible oil industries. The firm has two warehouses at amberpet &
barkatpura in Hyderabad. It is the authorised distributor of
Punjab Chemicals & Crop Protection Ltd, Aquapharm chemicals Pvt
Ltd, Indica Chemical Industries Pvt Ltd in entire Andhra Pradesh
region.
Recent Results
As per the provisional results, the company recorded INR59.52
crore sales during FY12 and a PAT of INR1.01 crore.
NEW HORIZONS: ICRA Reaffirms 'BB+' Rating on INR0.30 Loan
---------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB+' rating to the INR0.30 crore
long term fund based bank facilities of New Horizons Limited. The
outlook on the long term rating is stable. ICRA has also
reaffirmed the '[ICRA]A4+' rating to the INR35.70 crore (enhanced
from INR28.30 crore earlier) short term fund based bank
facilities and INR4.00 crore short term non-fund based bank
facilities of NHL.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund Based Limit- (0.30) [ICRA]BB+ (stable)
Cash Credit reaffirmed
Fund Based Limit- 35.70 [ICRA]A4+ reaffirmed
Packing Credit,
Bills Discounting,
Standby Limit
Non Fund Based Limit- 4.00 [ICRA]A4+ reaffirmed
Letter of Credit
The reaffirmation of the ratings factor in the established
position of NHL in the business of manufacturing and exporting
leather industrial safety gloves and other related products and
its established relationship with the customers mitigating
counterparty risk to an extent. The ratings also take into
consideration the cost advantage NHL derives from its integrated
manufacturing process and by building synergies with Industrial
Safety Products Private Limited. The ratings, however, take into
account NHL's weak financial profile characterized by low
profitability and weak coverage indicators, susceptibility of
profit margins to continuity of various export incentives
extended by the Government of India (GoI) and significant client
concentration risks. NHL is also exposed to foreign currency
fluctuation risk as its entire revenue is derived from export;
mitigated by a combination of natural hedge and a hedging
mechanism adopted by the company.
About New Horizons
New Horizons Limited was founded in 1976 as a private limited
company under the name 'New Horizon Private Limited' and was
involved in the manufacturing of industrial leather gloves. The
entity was later converted into a public limited company in 1983.
Currently the company is engaged in the production of industrial
leather gloves, leather garments, finished leather and other
leather products. NHL has its own tannery and three stitching
units in Kolkata. The tannery and cutting units have capacities
of over 1 million sq. ft. of leather per month, and the stitching
units have a total capacity of 0.80 million pairs of gloves per
month. The units are ISO 9001:2000 and DNV (Det Norske Veritas)
certified. NHL's exports its product entirely to the USA and
Europe.
Recent Results
The company reported a net profit of INR1.72 crore on an
operating income of INR69.81crore in 2010-11. During the nine
months of 2011-12, the company reported a profit before tax of
INR1.24 crore (provisional) on an operating income of INR53.74
crore (provisional).
POLARIS LIQUOR: ICRA Assigns '[ICRA]BB' Rating to INR25cr Loan
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating with stable outlook to the
INR25.00 crore Cash Credit facility of Polaris Liquor Private
Limited. The assigned rating favorably factors in established
relationship of the company with the UB group and experience of
the promoter over three decades in the industry. Further, the
company is increasing scale of operations rapidly supported by
sole selling agency business for the UB group. The ratings are
however constrained by low margins inherent in the distribution
and sole selling agency business as well as vulnerability to
government regulations which have direct bearing on demand. ICRA
also notes that the company has stretched liquidity position and
modest coverage indicators pursuant to trading nature of the
business. Going forward, ability of PLPL to manage the working
capital and resultantly liquidity position of the company will be
the key rating sensitivity.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Cash Credit 25.00 [ICRA]BB assigned
Polaris Liquor Private Limited is engaged in distributorship of
the brands of United Breweries Ltd and United Spirits Limited.
The business operations can be divided geographically into Pune
operations (Distributorship) and Baramati operations (Sole
selling Agency). The SSA status at Baramati provides the company
the distribution rights to entire Maharashtra except Mumbai and
Nagpur.
Recent Results
PLPL has reported an operating profit before depreciation,
interest, amortization and tax (OPBDITA) of INR5.85 crore in FY12
on an operating income of INR1168.29 crore as per the provisional
financials.
PRECISION ENG'G: Delay in Loan Payment Cues ICRA Junk Ratings
-------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]D' to the INR9.59
crore fund based limits and term loans of Precision Engineering
Corporation. ICRA has also assigned a short term rating of
'[ICRA]D' to the INR9 crore non fund based facilities of PEC.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund Based Limits/ 9.59 [ICRA]D assigned
Term Loans
Non-Fund Based Limits 9.00 [ICRA]D assigned
The rating action takes into account the delays in debt servicing
by the firm on account of liquidity mismatch. The firm's working
capital limits too remain fully utilized despite successive
enhancement in the same. An increasing working capital intensity
of operations on account of lengthening of payment cycle coupled
with increasing scale of operations has put pressure on the
funding of the working capital requirements resulting in limited
cushion in limits and also delays in debt servicing. Although the
firm has a strong operational profile marked by a steady growth
in operating income and improvement in operating profitability,
diversifying product/services mix led by increasing presence in
the EPC work for Thermal Power plant which has also resulted in a
sizeable order book for the firm and also an experienced and
professionally qualified promoters and management team, the
ratings have been constrained by the delays in debt servicing by
the firm. Going forward, the ability to improve its debt
servicing, and management of working capital requirements will
remain key rating sensitivities for the firm.
About Precision Engineering
Precision Engineering Corporation, incorporated in 1982, is
engaged in the business of manufacturing of tubular pressure
parts, steam pipe lines (IBR and non IBR works, Indian Boiler
Regulations) and other engineering products. The manufacturing
units of PEC are located in Bhilai, Chhattisgarh. The firm was
initially set up as an ancillary unit to Bhilai Steel Plant doing
adhoc work for BSP till 1992. Thereafter, PEC started
manufacturing tubular pressure components for boilers for Bhilai
Steel plant, Jindal Steel and other smaller steel plants. The
promoters of the firm are engaged in this business from past
three decades. The firm has also started undertaking EPC/project
work for various thermal and co-generation plants which has
helped in scaling up of revenues in two years.
Recent Results
For the financial year FY 2012, the firm has achieved an
operating income of INR23.9 crore as per the provisional results
which represents a growth of 56.2% over FY2011 helped by steady
share of tubular pressure components business as well as a
growing share of project work for various thermal and co-
generation plants. The profit after tax was also higher at
INR1.27 crore which is almost double than last year (INR0.64
crore in FY 2011).
RAMAKRISHNA ENG'G: ICRA Puts '[ICRA]B' Rating on INR7.4cr Loans
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR5.90
crore term loan facilities and the INR1.50 crore fund based
facilities of Ramakrishna Engineering Company. ICRA has also
assigned short-term rating of '[ICRA]A4' to the INR0.20 crore
fund based facilities and the INR6.00 crore non-fund based
facilities of REC.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Term loan facilities 5.90 [ICRA]B assigned
Fund based facilities 1.50 [ICRA]B assigned
Fund based facilities 0.20 [ICRA]A4 assigned
Non-fund based facilities 6.00 [ICRA]A4 assigned
The assigned ratings consider the experience of promoters in the
business, its healthy order book which provides revenue
visibility over the medium term and continued relationships with
renowned clientele like Vikram Sarabhai Space Centre, Advanced
System Laboratory, Aeronautical Defence Establishment and
Hindustan Aeronautics Limited which is expected to support
business growth. The ratings also consider the competition from
very large peers (which restrict pricing flexibility and exposes
REC to the risk of vendor consolidation), its small scale of
operations (which restrict financial flexibility and ability to
bag large-sized orders) and customer concentration. While REC is
aggressively debt-financing its ongoing capital expenditure which
is expected to maintain capital structure and coverage metrics at
stretched levels in the medium term, it has secured a portion of
the debt payments through rental cash inflows.
REC, a partnership firm established in 1972, is primarily engaged
in fabrication and machining components (viz., motor cases,
supports and clamps, on job-work basis) for the aerospace /
defence sectors. It is also engaged in manufacturing booster
cases for the defence sector, for which it imports the raw
materials directly. The firm, which is managed by Mr. Vivek
Seetharaman and Mr. Dhinoo Gopalakrishnan, has its manufacturing
facility located at Irungatukottai (near Chennai, Tamil Nadu).
Recent Results
REC reported net profit of INR0.3 crore on operating income of
INR2.4 crore during the six months ended September 30, 2011
(according to unaudited results), against net profit of INR0.3
crore on operating income of INR3.8 crore during 2010-11.
SIYARAM METAL: ICRA Reaffirms '[ICRA]B+' Rating on INR25cr Loan
---------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed for the INR25.00
crore1 cash credit facility of Siyaram Metal Udyog Private
Limited.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Cash Credit facility 25.00 [ICRA]B+ reaffirmed
The reaffirmation of rating take into account the weak financial
profile characterized by modest profitability indicators, adverse
capital structure and debt protection metrics along with high
working capital intensity and tight liquidity position as
reflected by regular over-drawls in the cash credit facility. The
ratings also take into account the lack of diversification in
product profile and the risks arising out of volatility in brass
prices as well as to foreign exchange rate fluctuations due to
reliance on imports for procurement.
However, the rating draw comfort from the experience of the
promoters and the established position of the company within the
non-ferrous metals industry as well as the established
relationships with suppliers and customers.
SMUPL is a metal merchant based out of Jamnagar, Gujarat and has
been in operation for the last two decades; the company has
primarily been involved in the business of trading of non-ferrous
metallic scrap. The company was operated as a proprietorship
concern called Siyaram Metal Udyog till April 2010, when it was
converted to a private limited company. SMUPL mainly imports non-
ferrous scrap; the product profile largely includes brass scrap,
ingots and other copper alloys, besides zinc. The company caters
to the Indian market, particularly Jamnagar and surrounding
areas.
Recent Results
For the year FY 2011, the company reported an operating income of
INR152.57 crore and profit after tax of INR0.14 crore. Further,
for the year FY 2012, the company reported an operating income of
INR182.57 crore and profit after tax of INR0.34 crore (as per
unaudited provisional numbers).
SUBEX LIMITED: ICRA Rates INR166cr LT Loan at '[ICRA]B'
-------------------------------------------------------
ICRA has revised the rating assigned to INR166.0 crore long-term
fund based facilities of Subex Limited from '[ICRA]BB+' to
'[ICRA]B' and the rating assigned to INR25.0 crore short-term
non-fund based sub-limits of the company from '[ICRA]A4+' to
'[ICRA]A4'.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long-Term Fund 166.0 [ICRA]B
Based Limits
Short-Term Non-Fund (25.0) [ICRA]A4
Based Limits
The rating revision takes into account the proposed restructuring
of its outstanding USD 131 million FCCBs, which was originally
due for redemption by March 9, 2012 (the redemption date was
subsequently extended to July 9, 2012 with approvals from the
bondholders and the Reserve Bank of India). As a part of its FCCB
restructuring plan the company has proposed a cashless exchange
of the existing bonds expiring on 9th July, 2012 with new FCCBs
carrying a coupon of 5.7% p.a. (payable semi-annually), which
would be redeemable at par after 5 years or convertible into
equity shares at a price of INR22.79 at the option of the
bondholders. The new bonds would also involve upfront mandatory
conversion of ~28% of the dues into equity. Also, the maturity
for the FCCBs held by the bondholders who do not desire to avail
the exchange offer is also proposed to be extended to 9th March,
2017.
The company's existing financial profile remains weak
characterized by significant gearing, inadequate coverage
indicators and high working capital intensity.
The ratings, however, continue to derive comfort from company's
established presence in the revenue maximisation segment with a
high market share, its diversified product portfolio and
integrated solutions for telecommunication operators under
Revenue Operations Centre (ROC) platform, expected improvement in
the operating margins with sale of loss making activation
business, growing proportion of higher margin product business
and better cash-flow visibility with increasing share of support
and managed services business.
Established in 1994 by Mr. Subash Menon, Subex Limited provides
Operations and Business Support Systems (OSS/BSS) to the telecom
operators and other communications service providers (CSPs). The
OSS/BSS space can be broadly classified into Service Fulfilment,
Service Assurance and Revenue Maximization. Subex primarily
operates in Revenue Maximisation arena with strong position in
revenue assurance and fraud management IT products. The revenue
maximisation solutions improve the revenues and profits of the
communications service providers through identification and
elimination of leakages in their revenue chain. The revenue
maximisation solutions of the company comprise of products in
areas such as partner settlement, fraud management, cost
management, route optimisation, and revenue assurance. The
company has been one of the global leaders in Business
Optimization and has been ranked the market leader for four years
in a row by Analysys Mason.
=========
J A P A N
=========
OLYMPUS CORP: Faces US$2.4 Million Penalty Over Cover-Up Scandal
----------------------------------------------------------------
AFP reports that Japan's Financial Services Agency said Wednesday
that it had slapped a US$2.4 million penalty on Olympus Corp.
over a huge loss cover-up scandal.
The scheme saw Olympus executives hide about US$1.7 billion in
losses dating back to the 1990s through acquisitions and outsized
consultant fees until its former British chief executive blew the
whistle last year, the news agency notes.
AFP relates that the JPY191.82 million (US$2.4 million) fine
ordered by Japan's financial watchdog comes after the scandal
sparked lawsuits and dented Japan's corporate governance image.
According to the report, Olympus said Wednesday it would pay the
fine, and try to rebuild its tattered reputation.
"We take the situation seriously and are making efforts to
prevent a recurrence in the future and regain trust," the company
said in a statement cited by AFP.
About Olympus Corp.
Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products. As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.
As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image. Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.
TITAN JAPAN: Likely Default Prompts Fitch to Downgrade Ratings
--------------------------------------------------------------
Fitch Ratings has downgraded three classes of Titan Japan, Series
1 GK notes, due November 2012, and affirmed one other class. The
transaction is a Japanese multi-borrower type CMBS
securitisation.
-- JPY32.2bn* Class A notes affirmed at 'BBsf'; Outlook
Negative
-- JPY12.1bn* Class B notes downgraded to 'Csf' from 'CCCsf';
Recovery Estimate 45%
-- JPY11.8bn* Class C notes downgraded to 'Csf' from 'CCsf';
Recovery Estimate 0%
-- JPY11.7bn* Class D notes downgraded to 'Csf' from 'CCsf';
Recovery Estimate 0%
*as of July 10, 2012
The downgrade of the class B to D notes reflects Fitch's view
that these classes are likely to default due to expected weak
recoveries from the sale of remaining underlying properties,
particularly in light of the short remaining time to the legal
final maturity. The time constraint significantly reduces the
likelihood of the properties being sold at higher prices than
those currently expected.
The affirmation of the class A notes reflects Fitch's view that
the progress of property sales to date, aided by the servicer's
on-going plan, should result in sufficient proceeds for the full
repayment of the notes by the legal final maturity. The Negative
Outlook reflects the risk of a downgrade in the event of a delay
to the sales process.
Since Fitch's previous rating action in November 2011, eight out
of the then 18 remaining properties have been sold, further
reducing the outstanding balance of the class A notes due to
sequential payment.
At closing, the notes were backed by six loans ultimately secured
by 43 real estate properties in Japan. To date, two loans have
been fully repaid, bringing the total number of loans backing the
transaction to four, which are currently secured by a total of 10
properties and the proceeds from a sold property.
====================
N E W Z E A L A N D
====================
GOULDS FINE: In Liquidation, 55 Workers Lose Jobs
-------------------------------------------------
Goulds Fine Foods in Petone has closed its doors at a cost of 55
jobs. The company ceased operations on July 11 and has informed
the union it is currently in the process of appointing a
receiver, according to The Engineering, Printing and
Manufacturing Union.
EPMU organiser Kim Ellis says the sudden closure has come as a
shock to workers.
"This is obviously a very sad day for our members, particularly
given the length some of the people here have served. There are
people here working into their fortieth year of service and a lot
of families and husbands and wives employed together.
"Goulds has been through some tough times in recent years and the
management appears to have been overly optimistic that it could
trade its way out of its difficulties. Unfortunately that hasn't
happened and the workers have paid the price.
"EPMU members at Goulds are all covered by a redundancy
agreement, and we'll be working to ensure the receivers honour
this commitment and pay out our members' full entitlements."
The EPMU is New Zealand's largest private sector union,
representing 40,000 workers across eleven industries.
Goulds Fine Foods is a family-owned meat processing company.
HIREQUIP: Owners Placed Into Receivership
-----------------------------------------
William Mace at stuff.co.nz reports that the parent company of
equipment rental business HireQuip has been placed into
receivership by its financiers.
Receiver Brendon Gibson of KordaMentha said in a statement that
HireQuip's operations will not be affected while the company is
prepared for sale as a going concern, according to stuff.co.nz.
According to the report, HireQuip director and chief executive
Brian Stephen said he could "assure staff, customers, landlords
and creditors that the receivership would have no effect on the
HireQuip business".
"It is business as usual, with myself and the balance of the
senior management team remaining at the helm with the continued
agenda of ensuring we deliver 'best in class' service and fleet
to our customers," the report quotes Mr. Stephen as saying.
Stuff.co.nz relates that Mr. Gibson said the HireQuip's
financiers would continue to support it until a sale was made.
"We do not anticipate any need for us to become involved in the
businesses themselves," he said.
Mr. Gibson said the parent shareholding companies in receivership
are Pacific Equipment Solutions Ltd, PES Finance Ltd and Hire
Equipment Group Ltd.
Stuff.co.nz notes that HireQuip is owned by private equity
company Tasman Capital Partners alongside members of its
management, and claims to service 21% of the New Zealand
equipment rental market. It operates 37 branches and employs
over 320 staff across New Zealand.
PERPETUAL TRUST: Places Mortgage Fund In Moratorium
---------------------------------------------------
Perpetual Trust Limited said July 12 that it is placing its
Mortgage Fund into moratorium for the period from July 5, 2012,
to August 31, 2012.
Perpetual chief executive Patrick Middleton said the moratorium
is a result of a recent surge of applications for redemptions.
"Following recent adverse publicity, Perpetual received
applications for the redemption of 6.1 million units ($6.1
million). As a result of court orders sought by the Fund's
statutory supervisor, TrusteesExecutors Limited, and not opposed
by its trustee, Perpetual, the Fund's ability to make
payments was restrained. Accordingly, Perpetual determined, in
accordance with the Fund's Trust Deed, that it is likely that
payments for requested redemptions are unable to be made.
"Accordingly, having regard to the best interests of the unit
holders in the Fund as a group, Perpetual has determined to
declare a moratorium on payments in respect of that Fund.
"While the moratorium is in place, the Fund will not be able to
accept new investments, nor pay withdrawals or distributions to
unit holders. However, this does not necessarily mean that the
Fund will close, or that the value of units will be affected.
"The Fund will continue to accrue and collect interest together
with the repayment of principal from borrowers as this falls due.
"During the moratorium, we will continue to work with the Fund's
statutory supervisor, Trustees Executors Limited, and the
Financial Markets Authority on achieving the best outcome for the
Fund's unit holders.
"This development may be concerning to unit holders, but they
need to be assured that we will be contacting them with more
information as soon as possible."
The Fund has been in existence for 20 years. Loans through the
Fund are supported by first mortgage securities over freehold
title. As at July 11, 2012, the loan-to-valuation ratio for the
entire portfolio was 44%.
Based in New Zealand Perpetual Trust Limited --
http://www.perpetual.co.nz/-- provides trustee and financial
advice, services, and solutions. Perpetual Trust is a subsidiary
of Pyne Gould Corp.
=================
S I N G A P O R E
=================
INTELLIGENT COMMUNICATION: Posts $195,400 Net Loss in Q1 2012
-------------------------------------------------------------
Intelligent Communication Enterprise Corporation filed its
quarterly report on Form 10-Q, reporting a net loss of $195,367
for the three months ended March 31, 2012, compared with a net
loss of $1.18 million for the same period last year.
The Company had no gross revenue from continuing operations for
the three-month periods ended March 31, 2012, and 2011.
The Company's balance sheet at March 31, 2012, showed
$1.86 million in total assets, $801,980 in total current
liabilities, and stockholders equity of $1.06 million.
"The Company's consolidated financial statements have been
prepared in conformity with GAAP applicable to a going concern
that contemplates the realization of assets and liquidation of
liabilities in the normal course of business. During the year
ended Dec. 31, 2011, the Company sold its iCEmms division, which
was its only revenue-producing division. The Company used cash
received from the sale of its iCEmms division to retire debt and
fund the iCEsync business, but the Company's intention is to
raise additional equity to finance the further development of
markets for its products and services until positive cash flows
can be generated from its operations. However, the Company
cannot assure that additional funds will be available to the
Company when required or on terms acceptable to the Company, if
at all. These conditions raise substantial doubt about the
Company's ability to continue as a going concern."
Peterson Sullivan LLP, in Seattle, Washington, expressed
substantial doubt about Intelligent Communication's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2011. The independent auditors
noted that the Company has incurred losses, and has negative
working capital and an accumulated deficit at Dec. 31, 2011.
A copy of the Form 10-Q is available for free at:
http://is.gd/rLL08Y
Singapore-based Intelligent Communication Enterprise Corporation
has continuing operations providing multimedia content and
integrated media services. The iCEsync business using the
Modizo.com platform is distributing video content to website
visitors and attracting advertising revenue.
OSCAR'S FOOD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on June 15, 2012, to
wind up the operations of Oscar's Food Mall (A.P.) Pte Ltd.
Malayan Banking Berhad filed the petition against the company.
The company's liquidators are:
Messrs Andrew Grimmett
Lim Loo Khoon
Deloitte & Touche LLP
6 Shenton Way
#32-00 DBS Building Tower 2
Singapore 068809
PK ELECTRONICS: Creditors' Proofs of Debt Due July 25
-----------------------------------------------------
Creditors of PK Electronics (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 25, 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:
John Thong How Ley
Lim Jen Howe
27 Cantonment Road
Singapore 089745
QUIZNOS SINGAPORE: Creditors' Proofs of Debt Due Aug. 6
-------------------------------------------------------
Creditors of Quiznos Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 6, 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
ROTHSCHILD VENTURES: Creditors' Proofs of Debt Due Aug. 6
---------------------------------------------------------
Creditors of Rothschild Ventures Asia Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Aug. 6, 2012, to be included in the company's
dividend distribution.
The company's liquidator is:
Timothy James Reid
c/o 8 Robinson Road
#12-00 ASO Building
Singapore 048544
SIN TYE: Creditors Get 1.145663% Recovery on Claims
---------------------------------------------------
Sin Tye Construction Pte Ltd declared the second and final
dividend to its ordinary creditors on July 9, 2012.
The company paid 1.145663% to the received claims.
The company's liquidator is:
Goh Ngiap Suan
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336
TANASHIN INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 3
------------------------------------------------------------
Creditors of Tanashin International Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by Aug. 3, 2012, to be included in the company's
dividend distribution.
The company's liquidator is:
Lau Chin Huat
c/o 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
WARAKU HOLDINGS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 29, 2012, to
wind up the operations of Waraku Holdings Pte Ltd.
United Overseas Bank Limited 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 #05-11/#06-11
Singapore 069118
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
APN EUROPEAN PRO AEZ 321.75 -106.88
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 11.58 -2.08
MACQUARIE ATLAS MQA 1,671.52 -842.29
MISSION NEWENER MBT 22.05 -27.72
NATIONAL LEISURE NLG 154.59 -34.49
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 101.62 -19.93
STERLING BIOFUEL SBI 31.12 -7.52
CHINA
ACHENG RELAY-A 922 54.63 -0.83
ANHUI GUOTONG-A 600444 72.38 -2.15
BAOCHENG INVESTM 600892 38.24 -4.15
CHANG JIANG-A 520 1,396.09 -3.63
CHENGDE DALU -B 200160 35.27 -4.01
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 100.91 -192.82
CONTEL CORP LTD CTEL 56.09 -14.27
DONGXIN ELECTR-A 600691 13.73 -28.65
GUANGDONG ORIE-A 600988 14.53 -3.97
GUANGXIA YINCH-A 557 64.02 -81.42
GUANGZHOU IRON-A 600894 542.50 -70.92
HEBEI BAOSHUO -A 600155 110.77 -78.03
HEBEI JINNIU C-A 600722 250.44 -85.87
HUASU HOLDINGS-A 509 91.19 -18.53
HUNAN ANPLAS CO 156 48.17 -43.11
HUNAN TIANYI-A 908 65.87 -1.55
JILIN PHARMACE-A 545 30.17 -6.95
JINCHENG PAPER-A 820 179.74 -114.18
QINGDAO YELLOW 600579 188.23 -59.95
SHANDONG DACHE-A 600882 206.33 -10.84
SHANDONG HELON-A 677 860.38 -154.31
SHANG BROAD-A 600608 43.41 -6.72
SHANXI GUANLU-A 831 299.13 -7.60
SHENZ CHINA BI-A 17 23.03 -268.38
SHENZ CHINA BI-B 200017 23.03 -268.38
SHENZ INTL ENT-A 56 281.74 -60.20
SHENZ INTL ENT-B 200056 281.74 -60.20
SHIJIAZHUANG D-A 958 213.66 -111.34
SICHUAN GOLDEN 600678 152.07 -87.92
TAIYUAN TIANLO-A 600234 64.35 -10.61
TIANJIN MARINE 600751 84.03 -91.74
TIANJIN MARINE-B 900938 84.03 -91.74
TIBET SUMMIT I-A 600338 71.21 -8.42
TOPSUN SCIENCE-A 600771 129.64 -106.79
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 97.03 -23.36
XIAMEN OVERSEA-A 600870 214.41 -136.52
XIAN HONGSHENG-A 600817 15.81 -278.59
XINJIANG CHALK-A 972 693.71 -4.07
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUCAN FOODS INT YCAN 102.82 -9.02
YUEYANG HENGLI-A 622 32.62 -25.60
HONG KONG
BEP INTL HLDGS L 2326 11.98 -1.14
BUILDMORE INTL 108 16.51 -47.88
CHINA HEALTHCARE 673 46.24 -3.08
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CNI 23 INT'L 611 68.05 -67.58
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
ICUBE TECHNOLOGY 139 25.54 -2.12
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 15.64 -34.61
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 67.80 -28.72
U-RIGHT INTL HLD 627 10.86 -204.99
INDONESIA
0.00 0.00
ARPENI PRATAMA APOL 456.34 -198.00
ASIA PACIFIC POLY 386.26 -814.44
ERATEX DJAJA ERTX 17.57 -10.49
HANSON INTERNATI MYRX 96.12 -0.89
HANSON INT-PREF MYRXP 96.12 -0.89
JAKARTA KYOEI ST JKSW 29.84 -43.11
MATAHARI DEPT LPPF 196.31 -290.04
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.57 -20.41
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 10.65 -20.85
SUMALINDO LESTAR SULI 180.19 -1.15
TOKO GUNUNG AGUN TKGA 12.27 -0.93
UNITEX TBK UNTX 18.41 -18.45
INDIA
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.03 -18.42
DISH TV INDI-SLB DITV/S 517.03 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GEM SPINNERS LTD GEMS 14.58 -1.16
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KRAP 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA ADV SPADV 17.41 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TOTAL EXPORTS TTL 1,069.83 -154.99
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CEREBRIX CORP 2444 10.44 -2.32
CREST INVESTMENT 2318 65.01 -3.55
GOYO FOODS INDUS 2230 14.77 -0.60
HIMAWARI HD 8738 283.82 -50.87
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 63.24 -2.65
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
GREEN NON-LIFE I 470 1,450.14 -36.89
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
MALAYSIA
0.00 0.00
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.70 -7.41
LUSTER INDUSTRIE LSTI 18.37 -7.57
SILVER BIRD GROU SBG 44.30 -30.68
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZELAND
NZF GROUP LTD NZF 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.31 -100.17
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 23.93 -0.12
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 16.02 -10.79
HL GLOBAL ENTERP HLGE 89.50 -11.36
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 80.04 -27.77
M LINK ASIA-FOR MLINK/F 80.04 -27.77
M LINK ASIA-NVDR MLINK-R 80.04 -27.77
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
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 ***