/raid1/www/Hosts/bankrupt/TCRAP_Public/120726.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, July 26, 2012, Vol. 15, No. 148
Headlines
A U S T R A L I A
ADCIV PTY: Administrator Likely to Recommend Liquidation
AUSTRALIAN KITCHEN: Six Canberra Customers Hit by Collapse
GOOD IMPRESSIONS: Still in Merger Talks, Director Says
C H I N A
TITAN PETROCHEM: Court Orders StorageCo Liquidation
H O N G K O N G
AMAMDA WAKELEY: Final Meetings Set for Aug. 24
ASIA DIGITAL: Creditors' Meeting Set for Aug. 14
FAIR RACE: Members' Final General Meeting Set for Aug. 24
FOND RIGHT: Placed Under Voluntary Wind-Up Proceedings
GERMANY MEDICAL: Placed Under Voluntary Wind-Up Proceedings
GRAND FORTUNE: Creditors' Proofs of Debt Due Aug. 20
HIGHGRADE DEVELOPMENT: Final General Meeting Set for Aug. 22
J-TECH CORPORATION: Members' Final Meeting Set for Aug. 28
LANDPAC COMPACTION: Creditors' Proofs of Debt Due Aug. 21
LE LIGHTING: Members' Final Meeting Set for Aug. 21
LUCKICO DEVELOPMENT: Final General Meeting Set for Aug. 22
LUXOR SERVICES: Creditors' Proofs of Debt Due Aug. 20
NEW PARAGON: Members and Creditors Meetings Set for Aug. 9
PRAX CAPITAL: Members' Final Meeting Set for Aug. 20
YICK YUEN: Members' Final Meeting Set for Aug. 20
I N D I A
AUTOMARK TECHNOLOGIES: CRISIL Rates INR48MM Loan at 'CRISIL BB'
CLASSIC BOTTLE: CRISIL Assigns 'B' Rating to INR250MM Loans
EVERSHINE TOWERS: Fitch Lowers Nat'l. Long-Term Rating to D(ind)
EXOTICA INT'L: Fitch Lowers National LongTerm Rating to 'D(ind)'
FALCON CONSULTANCY: CRISIL Rates INR200MM Loan at 'CRISIL B'
JAGANNATH TEXTILE: CRISIL Assigns Junk Ratings to INR2.14BB Loans
MAHAJAN FABRICS: Fitch Assigns Nat'l Long-Term Rating at 'B+'
MJR BUILDERS: CRISIL Rates INR200MM Term Loan at 'CRISIL B+'
NIRMAN HOMES: CRISIL Places 'B+' Rating on INR70MM Loans
PLASTOLENE POLYMERS: Fitch Lowers National Longterm Rating to 'D'
RESTORE MACHINES: Fitch Lowers National Longterm Rating to 'D'
ROTO INDIA: Fitch Lowers National Longterm Rating to 'D'
R S VANIJYA: Fitch Lowers National Longterm Rating to 'D'
SEASHORE AGRICULTURAL: CRISIL Puts 'BB-' Rating on INR400MM Loans
S R ENTERPRISES: Fitch Lowers National Longterm Rating to 'D'
SUKHSAGAR INFOTECH: Fitch Downgrades Nat'l LT Rating to 'D'
SUYOG DEVELOPMENT: CRISIL Puts 'B+' Rating on INR280MM Loans
SWASTIK METCAST: CRISIL Puts 'BB-' Rating on INR50.3MM Loans
TANEJA DEVELOPERS: CRISIL Rates INR322.2MM Loan at 'CRISIL B'
TAPOVAN PROJECTS: CRISIL Rates INR100MM LT Loan at 'CRISIL B'
TIRUMALA NURSING: CRISIL Assigns 'BB+' Rating to INR70MM Loans
TRANSWORLD FURTICHEM: Inadequate Info Cues Fitch to Move Ratings
TUSHAR FABRICS: Fitch Affirms 'B+' National Longterm Rating
VARIETY PRINTS: Fitch Lowers National Long-Term Rating to 'D'
J A P A N
JLOC 37: Fitch Lowers Rating on Two Note Classes to 'Dsf'
K O R E A
SHINHAN BANK: Moody's Assigns 'Ba1' Preference Shares Rating
N E W Z E A L A N D
ALLIED FARMERS: NZX Grants NZ$1.2-Million Loan Waiver
KOOKY FASHIONS: Fails to Attract Concrete Interest
PIKE RIVER: Families Confident New Owners Will Try Body Recovery
- - - - -
=================
A U S T R A L I A
=================
ADCIV PTY: Administrator Likely to Recommend Liquidation
--------------------------------------------------------
Robyn Powell at ABC News reports that the administrator of failed
Adelaide civil engineering firm ADCIV said it was likely to be
liquidated.
ABC News notes that about 100 employees lost their jobs after an
administrator was appointed this month.
According to the report, administrator Tim Clifton said almost
AUD10 million was owed to a bank, suppliers, creditors and the
former employees.
"All it means is they're in administration and will be for the
next three or four weeks and it gives the directors the chance to
make an offer to the creditors if they want to," ABC News quotes
Mr. Clifton as saying. "If they don't, then at the next meeting
I'll probably recommend that the companies go into liquidation."
ABC News relates that Mr. Clifton said the former employees were
owed about AUD1.5 million in wages and entitlements.
ADCIV -- http://www.adciv.com.au/-- is a South Australian-based
civil engineering contractor. The Company was previously known
as Adelaide Civil Pty Ltd.
On July 12, 2012, Tim Clifton and Mark Hall were appointed Joint
and Several Administrators of Adciv Pty Ltd, Adplant Hire Pty
Ltd, Adequip Hire Pty Ltd, Kerb Channel Specialists Pty Ltd, and
Charvel Pty Ltd (the ADCIV Group).
AUSTRALIAN KITCHEN: Six Canberra Customers Hit by Collapse
----------------------------------------------------------
Canberra Times reports that Australian Kitchen Industries
administrator Barry Taylor said about six Canberra customers of
the company, which traded in Canberra as Kitchen Connection, had
been affected by its financial difficulties.
According to the report, customer Crystal Prior said the timing
of the company's failure could not have been worse for her
family. Her previous kitchen had been removed on July 4, only the
day before the administrator was appointed.
Until August 15, when the new kitchen is scheduled to be
installed, Ms. Prior's family is eating a lot of stir fries, the
report notes.
Canberra Times relates that Ms. Prior had accepted a quote from
Kitchen Connection on May 28 and paid a AUD6,000 deposit. She had
thought she was choosing a company with a good reputation and
which offered good warranties.
Mr. Taylor, as cited by Canberra Times, said the company had
initially taken steps to restructure its business. It had then
pursued a sale of the business and assets to enable
recapitalisation. But the sale had fallen through, leaving
little option but administration.
Mr. Taylor was now working on two levels -- either to find a
buyer for the business or to enter into a deed of company
arrangement, says Canberra Times.
According to Canberra Times, Mr. Taylor said Australian Kitchen
Industries was probably Australia's biggest kitchen manufacturer.
It had a central distribution point in Brisbane, which had made
fixing minor matters expensive.
Mr. Taylor said the Canberra customers were at various stages
from having just paid deposits to having work almost complete,
the report adds.
About AKI
Australian Kitchen Industries is a kitchen designer and
manufacturer. The company has 20 stores across Australia, which
operate under the brands Kitchen Connection, Wallspan Kitchen
Connections and Impala Kitchen Connection. It employs around
200 staff.
AKI earlier this month called in HLB Mann Judd as voluntary
administrators.
There are stores in Melbourne, Sydney, Adelaide and Brisbane,
although Impala Kitchens in states other than Victoria is not
part of the AKI group and is not affected by the administration,
SmartCompany reported.
GOOD IMPRESSIONS: Still in Merger Talks, Director Says
------------------------------------------------------
ProPrint reports that Good Impressions has said the collapse of
SEMA and falling volumes from big mailers pushed it to the wall
as rumors fly of a merger with other Sydney printers.
According to the report, Sydney Allen is rumored to be one of the
parties involved, although Sydney Allen general manager John
Mangos refused to comment on the rumors.
ProPrint relates that Good Impressions director Peter Edwards
would only say that he had spent the past three years talking to
a range of suitors about a partial or complete sale of the
business.
"There are a lot of rumors around, but at the moment it's just
discussions," the report quotes Mr. Edwards as saying.
ProPrint says it is unclear if the deal would be a buy-out or a
merger, although rumors suggest it would involve Sydney Allen
relocating from its Rydalmere site to Good Impressions' Condell
Park premises.
Mr. Edwards told ProPrint that Good Impressions, which entered
administration in March, had been hurt by mounting problems at
SEMA, which ultimately called in the administrators in May.
Sydney printer Good Impressions went into voluntary
administration in March this year. John Vouris and Bradley Tonks
at Lawler Partners were appointed on March 5. Major shareholder
Peter Edwards told ProPrint "a lack of volume [had] caused a cash
crisis" that had contributed to debts of more than $1.2 million.
=========
C H I N A
=========
TITAN PETROCHEM: Court Orders StorageCo Liquidation
---------------------------------------------------
A British Virgin Islands court has ordered the liquidation of
Titan Group Investment Limited (StorageCo), a subsidiary of Titan
Petrochemicals Group Limited, and that Russell Crumpler of KPMG
(BVI) Limited, Edward Middleton and Patrick Cowley of KPMG be
appointed as joint and several liquidators of StorageCo with
standard powers under the BVI Insolvency Act 2003. A fourth
liquidator, Stuart Mackellar of Zolfo Cooper (BVI) Limited was
appointed with limited powers.
On July 18, 2012, Titan Oil Storage Investment Limited, a wholly
owned subsidiary of the Company, has filed a notice of appeal at
the Court of Appeal of the Eastern Caribbean Supreme Court
against the Order and has applied for a stay of execution of the
Order pending the determination of the appeal. Due to the
uncertainty of the outcome of the appeal in respect of the Order,
public investors should note that the outcome thereof may
materially affect the net asset value and profit or loss of the
Group in the consolidated financial statements of the Company.
Although on its terms, the LOT is expressed to be terminated when
an order is made to appoint liquidators for StorageCo, the
Investor has confirmed that its interest in investing in the
Group remains unchanged provided that an appeal is pursued by the
Group and a stay of the liquidation order is granted by the BVI
Court of Appeal. Accordingly, the LOT as described in the
announcement dated July 17, 2012 remains in place for the time
being and the parties are continuing to discuss the transactions
contemplated therein.
On July 19, 2012, the Company received from Saturn Storage
Limited a writ of summons issued in the High Court of the
Hong Kong Special Administrative Region with an endorsement of
claim against the Company and other parties including its wholly-
owned subsidiary, Titan Oil Storage Investment Limited, and two
directors of the Company. SSL alleges in the Writ, among other
things, (a) breach of the amended and restated investor rights
agreement in respect of StorageCo dated July 17, 2009;
and (b) misrepresentations regarding the financial position of
StorageCo, and its subsidiaries. SSL seeks, amongst other
remedies, specific performance of the IRA, injunctive
relief, declaratory relief, an indemnity, damages, interest and
costs.
The claims have not yet been particularized and given that the
litigation process is still at an early stage, the Company
considers that it is not practical to assess the potential impact
on the Group at this stage and further announcement(s) will be
made as and when appropriate.
As reported in the Troubled Company Reporter-Asia Pacific on
July 17, 2012, Bloomberg News said Titan Petrochemicals Group
Ltd. should be liquidated because the Hong Kong-listed company is
insolvent, private equity firm Warburg Pincus LLC said in a
lawsuit. Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.
Bloomberg News noted that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due on its
U.S. dollar bonds on March 19. It hasn't been profitable in any
of the past five years, and its liabilities at the end of last
year exceeded its assets by HK$1.24 billion, according to the
petition obtained by Bloomberg News.
Titan is unlikely to be able to redeem Warburg's 555 million
preferred shares, according to the document cited by Bloomberg
News. Warburg sought redemption on July 4, claiming
HK$384 million, added Bloomberg News.
About Titan Petrochemicals
Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding. The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities. The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'. S&P then withdrew all the ratings.
================
H O N G K O N G
================
AMAMDA WAKELEY: Final Meetings Set for Aug. 24
----------------------------------------------
Members and creditors of Amamda Wakeley (Far East) Limited will
hold their final meetings on Aug. 24, 2012, at 4:00 p.m., and
4:30 p.m., respectively at 42/F, Central Plaza, 18 Harbour Road,
Wanchai, in Hong Kong.
At the meeting, Chan Wai Hing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
ASIA DIGITAL: Creditors' Meeting Set for Aug. 14
------------------------------------------------
Creditors of Asia Digital Media Limited will hold their meeting
on Aug. 14, 2012, at 4:30 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 of the Companies Ordinance.
The meeting will be held at 3rd Floor, Alliance Building, at 130-
136 Connaught Road Central, in Hong Kong.
FAIR RACE: Members' Final General Meeting Set for Aug. 24
---------------------------------------------------------
Members of Fair Race Investments Limited will hold their final
general meeting on Aug. 24, 2012, at 2:00 p.m., at 66/F, Plaza
66, No. 1266 Nanjing Road West, Shanghai 200040, in China.
At the meeting, Miao Liyan, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
FOND RIGHT: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Fond Right International Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Kong Chi How Johnson
Wu Shek Chun Wilfred
c/o BDO Financial Services Limited
25th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
GERMANY MEDICAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on July 10, 2012,
creditors of Germany Medical Laboratory Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Kong Chi How Johnson
Wu Shek Chun Wilfred
c/o BDO Financial Services Limited
25th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
GRAND FORTUNE: Creditors' Proofs of Debt Due Aug. 20
----------------------------------------------------
Creditors of Grand Fortune House Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 10, 2012.
The company's liquidators are:
Chan Wai Hei
Or Wai Lin Winnie
Room 1021, Sun Hung Kai Centre
30 Harbour Road
Wanchai, Hong Kong
HIGHGRADE DEVELOPMENT: Final General Meeting Set for Aug. 22
------------------------------------------------------------
Members of Highgrade Development Limited will hold their final
general meeting on Aug. 22, 2012, at 10:30 a.m., at 42/F, Central
Plaza, at 18 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Chan Wai Hing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
J-TECH CORPORATION: Members' Final Meeting Set for Aug. 28
----------------------------------------------------------
Members of J-Tech Corporation Limited will hold their final
meeting on Aug. 28, 2012, at 11:00 a.m., at Room 809, 8/F, Wah
Shing Centre, at No. 11-13 Shing Yip Street, Kwun Tong, in
Kowloon.
At the meeting, Cheung Hang Ngai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LANDPAC COMPACTION: Creditors' Proofs of Debt Due Aug. 21
---------------------------------------------------------
Creditors of Landpac Compaction H.K. Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 21, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 7, 2012.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Ngai Kit Fong
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
LE LIGHTING: Members' Final Meeting Set for Aug. 21
---------------------------------------------------
Members of Le Lighting (HK) Limited will hold their final general
meeting on Aug. 21, 2012, at 9:00 a.m., at Room 1603, 16/F, Tung
Chiu Commercial Centre, 193 Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Kwong Ping Man, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LUCKICO DEVELOPMENT: Final General Meeting Set for Aug. 22
----------------------------------------------------------
Members of Luckico Development Limited will hold their final
general meeting on Aug. 22, 2012, at 11:00 a.m., at 511, King Hei
House, Tung Hei Court, Shaukiwan, in Hong Kong.
At the meeting, Leung Chi Cheung Sandy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
LUXOR SERVICES: Creditors' Proofs of Debt Due Aug. 20
-----------------------------------------------------
Creditors of Luxor Services Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 10, 2012.
The company's liquidator is:
Wang Poey Foon Angela
14th Floor South China Building
1-3 Wyndham Street
Central, Hong Kong
NEW PARAGON: Members and Creditors Meetings Set for Aug. 9
----------------------------------------------------------
Members and creditors of New Paragon Investments Limited will
hold their meetings on Aug. 9, 2012, at 2:30 p.m., and 3:00 p.m.,
respectively at 35th Floor, One Pacific Place, 88 Queensway, in
Hong Kong.
At the meeting, Darach E. Haughey and Lai Kar Yan (Derek), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
PRAX CAPITAL: Members' Final Meeting Set for Aug. 20
----------------------------------------------------
Members of Prax Capital Charitable Foundation Limited will hold
their final meeting on Aug. 20, 2012, at 11:00 a.m., at Room
1902, 19/F, Henan Building, 90-92 Jaffe Road, Wanchai, in
Hong Kong.
At the meeting, Tsang Kwok Fai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
YICK YUEN: Members' Final Meeting Set for Aug. 20
-------------------------------------------------
Members of Yick Yuen Plastic Factory Limited will hold their
final meeting on Aug. 20, 2012, at 10:00 a.m., at Room 2702-3,
C.C. Wu Building, 302-8 Hennessy Road Wanchai, in Hong Kong.
At the meeting, Ho Sun Fung Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AUTOMARK TECHNOLOGIES: CRISIL Rates INR48MM Loan at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Automark Technologies (India) Private
Limited (ATPL; part of the Automark group).
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Cash Credit 48 CRISIL BB/Stable (Assigned)
Letter of Credit 140 CRISIL A4+ (Assigned)
The ratings reflect the Automark group's above-average financial
risk profile, marked by low gearing and healthy debt protection
metrics, and moderate net worth, its established position as an
end-to-end solution provider in the road marking industry, and
its promoter's extensive industry experience. These rating
strengths are partially offset by the Automark group's large
working capital requirements due to high receivables and the
susceptibility of operating performance to intense competition in
the road marking industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Automark Industries (India) Ltd, with
its wholly owned subsidiary Automark Technologies (India) Private
Limited, together referred to as the Automark group. Both
entities are engaged in similar business activities and have
common management. Both entities also share significant business
and financial linkages with each other, since ATPL sells around
90 per cent of its production to AIL.
Outlook: Stable
CRISIL believes that Automark group will maintain its stable
business risk profile over the medium term, backed by its
promoters' extensive industry experience and established customer
relationships. CRISIL also expects that the group will maintain
its financial risk profile supported by moderate cash accrual.
The outlook may be revised to 'Positive' if the Automark group
achieves higher-than-expected growth in revenues, while
substantially improving its receivables cycle, thereby leading to
an improvement in liquidity. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the group's
financial risk profile, particularly its liquidity, on account of
delay in receivables or due to decline in cash accruals.
About the Group
AIL, the flagship company of the Automark group, was founded in
1988 by Mr. ArunKumar Khara and his brother Mr. Pravindra Khara
as Automark Traffic Systems Pvt Ltd (ATSPL) in Nagpur
(Maharashtra). The name was changed to AIL from ATSPL in 1996.
The company manufactures road marking machines and markets
thermoplastic road marking materials. AIL is the marketing arm
for marking material manufactured by ATPL. AIL also undertakes
contracts for road marking work from road contractors and
developers. AIL's client base includes established companies such
as Larsen and Turbo (L&T), Ramky Infrastructure Ltd, IVRCL,
Gammon India and Hindustan Construction Company. The company
markets its products under the brand name Automark.
ATL, wholly owned subsidiary of AIL, was incorporated in 2002,
promoted by Mr. Arun Kumar Khara, and his sons Mr. Mayur Khara
and Mr. Amit Khara. The company manufactures thermoplastic road
marking materials. ATL manufacturing unit is located at Nagpur,
with a total installed capacity of 30,000 tonnes per annum
(enhanced from 20,000 tonnes per annum in 2012-13). The company
also manufactures water borne paints for roads, highways, and
runways. Almost 90 per cent of its sales are to AIL.
The Automark group is a leading player in the organised segment
of the Indian road marking industry. The industry is otherwise
highly fragmented and dominated by unorganized players. In 2011-
12, the group generated around 75% of its revenues by trading in
thermoplastic road marking materials and 25 per cent through
contract work.
The Automark group reported a profit after tax (PAT) of INR30.5
million on net sales of INR684.2 million for 2011-12, on
provisional basis (refers to financial year, April 1 to
March 31), against a PAT of INR25.9 million on net sales of
INR609.3 million for 2010-11.
CLASSIC BOTTLE: CRISIL Assigns 'B' Rating to INR250MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Classic Bottle Caps Private Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Working Capital 30 CRISIL B/Stable (Assigned)
Term Loan
Term Loan 13.8 CRISIL B/Stable (Assigned)
Cash Credit 140 CRISIL B/Stable
Proposed Long-Term 66.2 CRISIL B/Stable
Bank Loan Facility
The rating reflects vulnerability of CBCPL's operating margin to
increase in raw material prices and its constrained financial
flexibility due to high working capital requirements. These
rating weaknesses are partially offset by the company's
established presence in the packaging industry and experienced
management and moderate financial risk profile marked by moderate
gearing levels and above-average debt protection metrics.
Outlook: Stable
CRISIL believes that CBCPL will maintain its stable credit risk
profile on the back of its longstanding presence in the packaging
industry and established customer base. The outlook may be
revised to 'Positive' if company achieves higher than expected
sales along with improvement in working capital cycle while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of slowdown in revenue or
deterioration in profitability, capital structure, or the debt
protection metrics.
About Classic Bottle
Classic Bottle Caps Private Ltd. is a private limited company
that manufactures and exports aluminium closures, poly vinyl
chloride (PVC) shrink capsules, and flexible packaging products.
The company was formed as a partnership firm, Classic Bottle
Caps, in 1989 by key promoters Mr. Sanjeev Seth and Mrs. Asha
Rani Motwani. The firm was converted into a private limited
company in 2000. It caters to various industries such as liquor,
beverages, pharmaceuticals, and fast moving consumer goods (FMCG)
products. The company has manufacturing facilities at Palwal and
Faridabad (both in Haryana). Its registered office is in New
Delhi.
EVERSHINE TOWERS: Fitch Lowers Nat'l. Long-Term Rating to D(ind)
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Evershine Towers Pvt
Ltd's National Long-Term Rating to 'Fitch D(ind)' from 'Fitch B-
(ind)'. The Outlook was previously Stable.
The downgrade reflects the overutilisation of ETPL's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilization
of working capital facilities within the sanctioned limits for
two consecutive quarters.
ETPL is engaged in trading of jewellery, textile and plastic
products. Provisional results for FY12 indicates revenue of
INR1261.2 million (FY11: INR990 million) with EBITDA margins of
1.7% (1.5%).
Fitch has also downgraded the ratings on ETPL's bank facilities
as below:
-- INR110 million fund-based limits: downgraded to National
Long-Term 'Fitch D(ind)' from 'Fitch B-(ind)'
-- INR35 million non-fund-based limits: downgraded to National
Short-Term 'Fitch D(ind)' from 'Fitch A4(ind)'
EXOTICA INT'L: Fitch Lowers National LongTerm Rating to 'D(ind)'
----------------------------------------------------------------
Fitch Ratings has downgraded India-based Exotica International's
National Long-Term rating to 'Fitch D(ind)' from 'Fitch B-(ind)'.
The Outlook was previously Stable.
The downgrade reflects the overutilization of Roto's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilisation
of working capital facilities within the sanctioned limits for
two consecutive quarters.
M/s Exotica International is a proprietorship concern engaged in
the manufacturing and trading of plastic products and textiles.
Provisional results for FY12 indicate net sales of INR3,492.5
million (FY11: INR2,844.8 million) and a total adjusted debt
outstanding of INR569.2 million (INR654.1 million), comprising
INR299.2 million of cash credit and INR270 million of unsecured
loans from group companies.
Fitch has also downgraded the ratings on Exotica's bank
facilities as below:
-- INR270 million fund-based limits: downgraded to National
Long-Term 'Fitch D(ind)' from 'Fitch B-(ind)' and National
Short-Term 'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR25 million non-fund-based limits: downgraded to National
Short-Term 'Fitch D(ind)' from 'Fitch A4(ind)'
FALCON CONSULTANCY: CRISIL Rates INR200MM Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Falcon Consultancy Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Proposed Long-Term 200 CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects FCPL's exposure to risks inherent, including
downturns, in the real estate sector in India. These risks could
adversely affect the completion and saleability of its ongoing
project, and thereby its operating cash flows. Also, the company
depends on a single project for revenues. These rating weaknesses
are partially offset by the extensive business experience of
FCPL's promoters.
Outlook: Stable
CRISIL believes that FCPL's business risk profile will be
supported by its promoters' business experience across diverse
industries. The outlook may be revised to 'Positive' if FCPL
completes without any delay and successfully markets its upcoming
project. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, caused most
likely by its inablity to market its upcoming project, thereby
adversely impacting its cash flows, or by any cost or time
overrun in the project.
About Falcon Consultancy
Falcon Consultancy Pvt Ltd. was incorporated in 2005, promoted by
Mr. Prashanta Kumar Dash. Mr. Dash has two decades of teaching
experience as an economics lecturer at Utkal University. FCPL's
group entities are engaged in various businesses. FCPL is
developing a residential project in Angul (Odisha). The project
will be a seven-storey residential complex. The flats will be a
mix of two- and three-bedroom-hall-kitchens. The total project
cost of INR120 million is being funded in a debt-equity ratio of
around 3 times. Also, the company is a corporate agent for State
Bank of India (SBI) Life Insurance, and it also trades in real
estate properties, especially undeveloped plots of land.
JAGANNATH TEXTILE: CRISIL Assigns Junk Ratings to INR2.14BB Loans
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jagannath Textile Company Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Negative/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Bank Guarantee 102.50 CRISIL D
Cash Credit 450.20 CRISIL D
Letter of Credit 10.00 CRISIL D
Long-Term Loan 1379.60 CRISIL D
Working Capital Term Loan 199.80 CRISIL D
The rating downgrade reflects the delays by JTCL in servicing its
term loan and its continuously overdrawn cash credit account, for
over 30 days; the delays have been caused by the company's weak
liquidity.
JTCL also has a below-average financial risk profile, marked by a
high gearing and moderate debt protection metrics, and
susceptibility to volatility in raw material prices and power
shortage. These rating weaknesses are partially offset by JTCL's
healthy market position in the open-end yarn segment and the
benefits that the company derives from its promoter's experience
in the open-end yarn business.
About Jagannath Textile
Set up in 1987 by Mr. R K Tibrewal, JTCL manufactures open-end
yarn and has 13,260 rotors installed. The company's manufacturing
units are in Karumathampatti near Coimbatore (Tamil Nadu). JTCL
has 15,840 spindles installed for ring spinning. The company also
launched its own knitwear inner garment line under the brand,
Crusoe; the manufacturing and processing of these garments are
outsourced.
For 2010-11 (refers to financial year, April 1 to March 31), JTCL
reported a net profit of INR179.6 million on net sales of INR2.8
billion, against a net profit of INR28.3 million on net sales of
INR2.1 billion for 2009-10.
MAHAJAN FABRICS: Fitch Assigns Nat'l Long-Term Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned India-based Mahajan Fabrics Private
Limited a National Long-Term rating of 'Fitch B+(ind)'. The
Outlook is Stable.
The ratings are constrained by MFPL's weak credit profile as
visible by high net financial leverage of 7.65x and low interest
coverage of 1.44x in FY12 (year end March). The ratings are also
constrained by MFPL's stressed liquidity position as reflected by
the 99% working capital utilisation in FY12. The tight liquidity
is a result of the working capital intensive nature of MFPL's
business.
The ratings are further constrained by MFPL's limited operational
history since its incorporation in June 2008, small size of
operations, presence in the highly fragmented and competitive
domestic garmenting industry and its exposure to volatile
international markets and forex risks. However, the latter is
partially mitigated by the use of forward cover agreements.
However, the ratings derive strength from the growth in MFPL's
revenue and EBITDA margins to INR223.67m from INR55.4m and to
4.47% from 1.16% in FY12 from FY09, respectively.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include
deterioration in EBITDA leading to interest coverage below 1.20x
on a sustained basis.
Positive: Future developments that may, individually or
collectively, lead to positive rating action include an
improvement in EBITDA leading to interest coverage above 2.00x on
a sustained basis.
Established in 2008, Mahajan Fabrics manufactures garments at a
total installed capacity of 2.5 million pieces per annum for both
the domestic and export markets. The firm reported EBITDA of
INR10.66m in FY12.
MFPL's bank facilities have also been assigned ratings as
follows:
-- INR50 million fund-based working limit: National Long-Term
'Fitch B+ (ind)' and National Short-Term 'Fitch A4(ind)'
-- INR30 million term loan: National Long-Term 'Fitch B+(ind)'
MJR BUILDERS: CRISIL Rates INR200MM Term Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan bank facility of MJR Builders Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Term Loan 200 CRISIL B+/Stable (Assigned)
The rating reflects MJRBPL's exposure to implementation-related
risks associated with its ongoing residential-cum-commercial real
estate project and susceptibility of its revenues and earnings to
cyclicality inherent in real estate industry. These rating
strengths are partially offset by the extensive experience of
MJRBPL's promoters in the real estate industry.
Outlook: Stable
CRISIL believes that MJRBPL will maintain its business risk
profile over the medium term, supported by its promoters'
established track record in the real estate sector. The outlook
may be revised to 'Positive' if MJRBPL generates more-than-
expected cash flows from operations, driven most likely by
accelerated execution of its project and increased customer
advances. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates, caused most
likely by substantially less-than-expected cash flows from
operations because of subdued response to the project or less-
than-expected customer advances.
About MJR Builders
MJR Builders Pvt Ltd was established in February 2011 by Mr. S
Jayram Reddy and Mr. Madhusudhan Talamarla. Mr. S Jayram Reddy
has been in the business of infrastructure real estate
development for close to three decades through his family-run SJR
group. The SJR group has built around 5 million square feet of
saleable commercial, residential and retail real estate
properties.
MJRBPL is currently developing a residential-cum-commercial real
estate property, MJR Platina, in Bengaluru (Bengaluru-Hosur
Road), Karnataka. The residential complex will have eight blocks,
comprising 281 apartments (two- and three-bedroom-hall-kitchen,
and duplex apartments). MJRBPL has signed a joint development
agreement (JDA) with the land owners, wherein of the total 281
apartments to be built, 189 apartments will be available to
MJRBPL for sale and the remaining 92 apartments and commercial
complex will go to the land owners. The total cost of the project
is estimated at around INR480 million, with a saleable area of
around 0.34 million square feet. Construction work began in
January 2012 and is scheduled to be complete by January 2015.
NIRMAN HOMES: CRISIL Places 'B+' Rating on INR70MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Nirman Homes.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Cash Credit 60 CRISIL B+/Stable
Proposed Long-Term 10 CRISIL B+/Stable
Bank Loan Facility
The rating reflects NH's susceptibility to risks related to
completion, funding and saleability of its ongoing project,
exposure to geographic concentration in revenue profile, small
net worth, and susceptibility to inherent risks and cyclicality
in Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of NH's promoter-
partners in the civil construction and real estate industry, and
their moderate track record in Pune (Maharashtra). Also, the firm
has a moderate financial risk profile, marked by comfortable
gearing and healthy debt protection metrics.
Outlook: Stable
CRISIL believes that NH will benefit from its promoter-partners'
long-standing experience in the civil construction and real
estate industry and established market position in Pune. The
outlook may be revised to 'Positive' if better-than-expected
booking of units and receipt of customer advances lead to larger-
than-expected cash inflows for NH. Conversely, the outlook may be
revised to 'Negative' if there is a substantial decline in NH's
cash accruals because of reduced demand in the real estate sector
in Pune, if the promoter-partners withdraw sizeable capital from
the firm, or if NH faces time or cost over runs in project
execution.
About Nirman Homes
Nirman Homes, a partnership firm established in 2008, is part of
the Nirman group, which has been in residential real estate
development in Pune since 2003. The firm is constructing a six-
building residential real estate project, Nirman Viva, in Pune,
with a total developed area of 2,20,000 square feet for 265
flats.
The Nirman group was established in early 1993 by Mr. Sandeep
Maheshwari and Mr. Shashikant Sule, when they set up Nirman
Engineerings & Contractors, which was engaged in civil
construction work in and around Pune. In 2003, Mr. Maheshwari and
Mr. Sule started real estate development by establishing NH. Over
the past nine years, the promoters have started various firms and
completed 10 residential real estate projects in Pune. The group,
over the past two decades, has developed about 2,65,000 square
foot in Pune.
NH's book profit and net sales are estimated at INR153 million
and INR278 million respectively for 2011-12 (refers to financial
year, April 1 to March 31); it reported a book profit of INR5.5
million on net sales of INR22 million for 2010-11.
PLASTOLENE POLYMERS: Fitch Lowers National Longterm Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Plastolene Polymers
Private Limited's National Long-Term rating to 'Fitch D(ind)'
from 'Fitch B-(ind)'. The Outlook was previously Stable.
The downgrade reflects the overutilization of PPPL's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; However, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilization
of work capital facilities is within the sanctioned limits for
two consecutive quarters.
Provisional figures for FY12 indicate revenue of INR4673.8m
(FY11: INR3,623.2m) and EBIDTA margins of 6.3% (3.6%). Its total
adjusted debt was INR1,187.6m in FY12 (FY11: INR1,204.5m),
comprising working capital debt of INR500.8m (INR469.2m) and
unsecured loans of INR686.7m (INR726.7m) from a group company.
Incorporated in 1997, PPPL is a Kolkata-based manufacturer and
trader of plastic and allied products.
Fitch has also downgraded the ratings on PPPL's bank facilities
as below
-- INR412m fund based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)' and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR25m non-fund-based limits: downgraded to National Short-
Term 'Fitch D(ind)' from 'Fitch A4(ind)'
RESTORE MACHINES: Fitch Lowers National Longterm Rating to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded India-based Restore Machines (India)
Private Limited's National Long-Term Rating to 'Fitch D(ind)'
from 'Fitch B-(ind)'. The Outlook was previously Stable.
The downgrade reflects the overutilization of RMIPL's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilisation
of working capital facilities within the sanctioned limits for
two consecutive quarters.
RMIPL is engaged in the trading of jewellery, textile and plastic
products. Provisional results for FY12 indicate revenue of
INR928.5m (FY11: INR803.4m) with EBITDA margins of 1.8% (1.6%).
Fitch has also downgraded the ratings on RMIPL's bank facilities
as below:
-- INR90m fund-based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)' and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR10m non-fund-based limits: downgraded to National Short-
Term 'Fitch D(ind)' from 'Fitch A4(ind)'
ROTO INDIA: Fitch Lowers National Longterm Rating to 'D'
--------------------------------------------------------
Fitch Ratings has downgraded India-based Roto India Enterprise's
National Long-Term rating to 'Fitch D(ind)' from 'Fitch B-(ind)'.
The downgrade reflects the overutilization of Roto's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilization
of working capital facilities within the sanctioned limits for
two consecutive quarters.
Roto was incorporated in 2000. It has been a proprietorship
concern of Roto Global Pvt. Ltd since March 2008. Provisional
results for FY12 indicate revenue of INR3,645m (FY11:
INR3,233.7m), with EBIDTA margins of 2.8% (2.2%) and total debt
of INR399.8m (INR523.3m). Roto had negative net free cash flows
and financial leverage (net debt/EBITDA) of 3.8x in FY12 (FY11:
7.4x).
Fitch has also downgraded the ratings on Roto's bank facilities
as below:
-- INR200m fund-based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)'and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR50m non-fund-based limits: downgraded to National Short-
Term 'Fitch D(ind)' from 'Fitch A4(ind)'
R S VANIJYA: Fitch Lowers National Longterm Rating to 'D'
---------------------------------------------------------
Fitch Ratings has downgraded India-based R S Vanijya Pvt Ltd's
National Long-Term Rating to 'Fitch D(ind)' from 'Fitch B-(ind)'.
The Outlook was previously Stable.
The downgrade reflects the overutilization of RSVPL's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilization
of working capital facilities within the sanctioned limits for
two consecutive quarters.
RSVPL is engaged in the manufacturing of plastic granules, sheets
and films and trading of jewellery, textile and plastic products.
Provisional results for FY12 indicate revenue of INR4,396.5m
(FY11: INR3,514.4m) with EBITDA margins of 3% (1.4%).
Fitch has also downgraded the ratings on RSVPL's bank facilities
as below:
-- INR200m fund-based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)'and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR60m non-fund-based limits: downgraded to National Short-
Term 'Fitch D(ind)' from 'Fitch A4(ind)'
SEASHORE AGRICULTURAL: CRISIL Puts 'BB-' Rating on INR400MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Seashore Agricultural Promotion Company Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Cash Credit 100 CRISIL BB-/Stable (Assigned)
Proposed Long-Term 300 CRISIL BB-/Stable (Assigned)
Bank Loan Facility
The rating reflects SAPC's established position in agro-
commodities trading business, with widespread distribution
network. This rating strength is partially offset by SAPC's
presence in a highly fragmented agricultural industry, marked by
stiff competition and low entry barriers, resulting in the
company's low operating margin. The company is also exposed to
risk of delays in completion of, and start of commercial
operations at, its upcoming units.
Outlook: Stable
CRISIL believes that SAPC will continue to benefit over the
medium term from its established distribution network and
diversified product profile. The outlook may be revised to
'Positive' if SAPC's financial risk profile improves
significantly, driven most likely by capital infusion by the
promoters, and more-than-expected revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, caused most likely
by a decline on profitability or revenues, a stretch in working
capital cycle resulting in less-than-expected cash accruals, or
larger-than-expected, debt-funded, capital expenditure (capex).
About Seashore Agricultural
Seashore Agricultural Promotion Company Pvt Ltd. was incorporated
in 2006, promoted by Mr. Prashanta Kumar Dash. Mr. Dash has two
decades of teaching experience as an economics lecturer at Utkal
University. SAPC's group entities are engaged in various
businesses. SAPC trades in various agro-based commodities such as
fruits, vegetables, grains, cereals, edible oil, sugar and other
grocery products, various fast-moving consumer goods, and
household consumables. 70 per cent of the company's total
revenues in 2011-12 (refers to financial year, April 1 to
March 31) came from retailing and the rest from wholesale. The
company has more than 120 touch points (small retail centres)
across rural Odisha. Also, SAPC has capex plans of INR6 billion
for setting up a maize processing unit (project cost of INR2
billion) and a 20-megawatt solar power plant (Rs.4 billion) over
the medium term.
S R ENTERPRISES: Fitch Lowers National Longterm Rating to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded India-based S R Enterprise's
National Long-Term Rating to 'Fitch D(ind)' from 'Fitch B-(ind)'.
The Outlook was previously Stable.
The downgrade reflects the overutilization of SRE's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilisation
of working capital facilities within the sanctioned limits for
two consecutive quarters.
SRE is a proprietorship concern, engaged in the trading of
jewellery, textile and plastic products. It started
manufacturing agglomerates in February 2012, and the production
of granules is expected to commence in the next quarter.
Provisional results for FY12 indicate revenue of INR2266.7m
(FY11: INR1880.6m) with EBITDA margins of 2.3% (1.8%).
Fitch has also downgraded the ratings on SRE's bank facilities as
below:
-- INR160m* fund based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)' and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR30m* non fund based limits: downgraded to National Short-
Term 'Fitch D(ind)' from 'Fitch A4(ind)'
* Total limits to not exceed INR160m
SUKHSAGAR INFOTECH: Fitch Downgrades Nat'l LT Rating to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded India-based Sukhsagar Infotech Pvt
Ltd's National Long-Term Rating to 'Fitch D(ind)' from 'Fitch B-
(ind)'. The Outlook was previously Stable.
The downgrade reflects the overutilization of SIPL's fund-based
limits as on end-June 2012. The same has been confirmed by the
company and its banker; however, Fitch has not been provided with
the exact details.
WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include utilization
of working capital facilities within the sanctioned limits for
two consecutive quarters.
SIPL is engaged in the trading of jewellery, textile and plastic
products. Provisional results for FY12 indicate revenue of
INR1,854.9m (FY11: INR1,479.9m) with EBITDA margins of 2.2%
(2.3%).
Fitch has also downgraded the ratings on SIPL's bank facilities
as below:
-- INR250m fund-based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B-(ind)' and National Short-Term
'Fitch D(ind)' from 'Fitch A4(ind)'
-- INR26.5m non-fund-based limits: downgraded to National
Short-Term 'Fitch D(ind)' from 'Fitch A4(ind)'
SUYOG DEVELOPMENT: CRISIL Puts 'B+' Rating on INR280MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Suyog Development Corporation Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Cash Credit 100 CRISIL B+/Stable (Assigned)
Term Loan 180 CRISIL B+/Stable (Assigned)
The rating reflects SDCL's high reliance on customer advances,
which contributes to its exposure to funding risks, its
susceptibility to risks and cyclicality inherent in the Indian
real estate industry, and geographical concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive industry experience of SDCL's promoters in the real
estate industry, its established brand, moderate initial booking
in newly launched projects and their advantageous location.
Outlook: Stable
CRISIL believes that SDCL will benefit from its promoters'
extensive experience in the real estate industry and its
established brand name. It will, however, remain sensitive to the
timeliness of customer advances for funding ongoing and proposed
projects. The outlook may be revised to 'Positive' in case of
better-than-expected bookings and receipt of customer advances,
leading to larger-than-expected cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of more-than-
expected deterioration in SDCL's liquidity, either due to delays
in project completion or in receipt of customer advances.
About Suyog Development
Suyog Development Corporation Ltd. was established in 1978. The
company is a part of the Suyog group, promoted by Mr. Bharat Shah
from Pune. SDCL is engaged in residential/commercial real estate
development, primarily in Pune. It is presently executing two
projects, Suyog Center (commercial) and Syog Nisarg (residential
and commercial). In addition to this, SDCL is a 54 per cent
partner in a partnership firm Suyog Combine, which is undertaking
a residential project in collaboration with TM Somji.
SDCL reported a profit after tax (PAT) of INR13.0 million on net
sales of INR154.9 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.77 million on net
sales of INR164.6 million for 2009-10.
SWASTIK METCAST: CRISIL Puts 'BB-' Rating on INR50.3MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Swastik Metcast Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Proposed Long-Term 5.3 CRISIL BB-/Stable (Assigned)
Bank Loan Facility
Long-Term Loan 3.5 CRISIL BB-/Stable (Assigned)
Cash Credit 41.5 CRISIL BB-/Stable (Assigned)
Letter of Credit 19 CRISIL A4+ (Assigned)
Bank Guarantee 2 CRISIL A4+ (Assigned)
The ratings reflect Swastik's established position in the
aluminum castings business. This rating strength is partially
offset by Swastik's small scale of operations, significant
customer concentration, and working-capital-intensive operations.
Outlook: Stable
CRISIL believes that Swastik will continue to benefit over the
medium term from its established market position backed by its
promoter's extensive experience in the aluminium castings
business. The outlook may be revised to 'Positive' if Swastik's
financial risk profile improves significantly on the back of
higher-than-expected revenue growth and profitability.
Conversely, the outlook may be revised to 'Negative' if Swastik's
operating profitability and cash accruals decline, or if the
company undertakes an unexpectedly large, debt-funded capital
expenditure programme.
Swastik was set up in 1959 as a partnership firm; it was
converted into a private limited company in 2004. Swastik
manufactures aluminium alloy castings. The company has its
foundry in Liluah and machining and testing unit in BT Road, both
near Kolkata (West Bengal), and has a total installed capacity of
around 150 tonnes per month. Swastik has a capacity to produce
castings of weight ranging from 0.1 kilograms (kg) to 500 kg.
TANEJA DEVELOPERS: CRISIL Rates INR322.2MM Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Taneja Developers and Infrastructure Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Bank Guarantee 177.8 CRISIL A4 (Assigned)
Proposed Long-Term 322.2 CRISIL B/Stable (Assigned)
Bank Loan Facility
The ratings reflect TDIPL's exposure to implementation- and
demand-related risks associated with its ongoing project and
exposure to risks and cyclicality inherent in the real estate
sector in India. These rating weaknesses are partially offset by
established position in real estate business and funding support
from promoters.
Outlook: Stable
CRISIL expects TDIPL to maintain its current business risk
profile on the back of extensive experience of the promoters. The
outlook may be revised to 'Positive' in case of high saleability
of its ongoing project and timely customer advances leading to
timely completion of projects and healthy cash accruals. The
outlook shall be revised to 'Negative' if there is time and cost
over-run in on-going project or significant pressure on the
TDIPL's liquidity if there are delays in receiving customer
advances leading to pressure on revenues and profitability,
leading to deterioration in its debt-servicing ability.
About Taneja Developers
Taneja Developers and Infrastructure Ltd. is a wholly owned
subsidiary company of TDI Infrastructure Limited (TDIIL), a
flagship company of TDI group which is one of the leading real
estate developers in the Delhi NCR region. The company was
incorporated in 2006.
TDI group is engaged in development of several township projects
as well as commercial real estate projects and malls, hotels etc.
at various locations such as Kundli, Agra, Moradabad & Mohali,
and New Delhi. The promoter and founder of the TDI group, Mr.
D.N. Taneja, along with Mr. Kamal Taneja and Mr. Ravinder Taneja
who are directors in group companies, looks after the the day-to-
day operations of the group. The promoters have been in the real
estate business for more than 2 decades.
TDIPL is currently executing a project in Panipat encompassing
development of integrated township, group housing, and commercial
project. It launched TDI City, the township project in June 2008
and is expected to launch other 2 phases of group housing and
commercial project in 2013.
TAPOVAN PROJECTS: CRISIL Rates INR100MM LT Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tapovan Projects.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 100 CRISIL B/Stable
Bank Loan Facility
The rating reflects TP's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects, 'Tapovan Glades' and 'Tapovan Solace' in Mysore
(Karnataka), and to cyclicality in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of TP's promoters in the
residential real estate development business.
Outlook: Stable
CRISIL believes that TP will benefit over the medium term from
its promoters' industry experience in the residential real estate
development business. The outlook may be revised to 'Positive' if
the firm achieves an 'earlier-than-expected' completion for its
ongoing projects, leading to higher-than-expected booking rates,
sales realizations, and high cash flows thereby aiding the firm's
liquidity. Conversely, the outlook may be revised to 'Negative'
if there are any delays in the implementation of its projects,
leading to time and cost overruns and significant decline in
realisations, or if TP contracts more-than-expected debt, leading
to weakening of its financial risk profile.
About Tapovan Projects
Established in April 2012 as a partnership entity, Tapovan
Projects(TP) is involved in the development of two residential
projects namely-'Tapovan Glades' and 'Tapovan Solace' at RT
Nagar, Mysore (Karnataka). The projects are being executed by the
firm on a joint development basis. The firm is promoted by Mr.
Ajith Narayanan and Mr. Sriram Krishnamurthy who has been
associated with the residential real estate industry for more
than a decade. The firm commenced its commercial operations
during 2011-12.
TIRUMALA NURSING: CRISIL Assigns 'BB+' Rating to INR70MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Tirumala Nursing Home.
Amount
Facilities (INR Mln) Ratings
---------- --------- ------
Term Loan 52.7 CRISIL BB+/Stable (Assigned)
Cash Credit 6.1 CRISIL BB+/Stable
Proposed Long-Term 11.2 CRISIL BB+/Stable
Bank Loan Facility
The rating reflects TNH's established brand name in Vizianagaram
along with extensive experience of its partners in the healthcare
industry, and above-average financial risk profile. These rating
strengths are partially offset by TNH's limited scale of
operations and exposure to risk related to geographical
concentration in its revenue profile.
Outlook: Stable
CRISIL believes that TNH will benefit over the medium term from
the extensive experience of its partners in the healthcare
industry. The outlook may be revised to 'Positive' if there is a
sustainable improvement in the firm's scale of operations and
margins. Conversely, the outlook may be revised to 'Negative' in
case of weakening in TNH's financial risk profile due to lower
profitability or larger-than-expected debt-funded capital
expenditure.
About Tirumala Nursing
Set up in 1991 by Dr. Tirumala Prasad and his wife, Dr. Krishna
Shanti, TNH runs a 185-bed multi-specialty hospital in
Vizianagaram (Andhra Pradesh). The hospital provides medical care
in around 14 speciality departments. TNH also has an in-house
nursing school on the same premises.
TRANSWORLD FURTICHEM: Inadequate Info Cues Fitch to Move Ratings
----------------------------------------------------------------
Fitch Ratings has migrated India-based Transworld Furtichem
Private Limited's 'Fitch BB(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of TFL. The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.
Fitch has also classified TFL's following bank loan ratings as
non-monitored:
-- INR350m long-term bank loans: migrated to National Long-Term
'Fitch BB(ind)nm' from 'Fitch BB(ind)'
-- INR300m fund-based limits: migrated to National Long-Term
'Fitch BB(ind)nm' from 'Fitch BB(ind)' and National Short-
Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
-- INR500m non-fund-based limits: migrated to National Short-
Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
TUSHAR FABRICS: Fitch Affirms 'B+' National Longterm Rating
-----------------------------------------------------------
Fitch Ratings has affirmed India-based Tushar Fabrics Private
Limited's National Long-Term rating at 'Fitch B+(ind)'. The
Outlook is Stable.
The ratings continue to be constrained by TFPL's low operating
profitability and strained liquidity position due to the trading
and seasonal nature of its operations and intense competition in
the domestic textile market. The company's working capital
limits always remain fully utilized during the period of April to
September. However, EBITDA margins improved marginally to 2.6%
in FY12 (year end March) from 2.2% in FY11, on account of better
realization per meter (FY12: INR15; FY11: INR11). The improved
profitability resulted in net financial leverage (net
debt/EBITDAR) improving to 5.02x in FY12 (FY11: 7.64x) and
interest coverage (EBITDAR/ interest expense) to 2.9x (FY12:
2.3x).
The ratings are also constrained by TFPL's increased debt levels
of INR574m in FY12 against INR423m in FY11. The company availed
an interest-free INR250m unsecured loan and an INR95m housing
loan in FY12; of the latter INR26.2m has already been disbursed.
Fitch expects the debt levels to increase further as the company
increases its scale of its operations considering its strategy to
enter into new markets. The company also availed a letter of
credit facility of INR30m in July 2011.
The ratings also factor in the improvement in TFPL's working
capital cycle. Receivables improved to 65 days from 92 days and
inventory to 15 days from 35 days in FY12 from FY11,
respectively. However, Fitch does not expect the company to
sustain the current working cycle in the near term as it expands
its business into new geographical areas.
The ratings continue to benefit from the 25 year-long track
record of TFPL's founders in the domestic denim fabrics trading
business and TFPL's position as one of India's larger denim
fabrics trading companies with a strong distribution network.
Also, Fitch expects that the steady growth in India's denim
market over the last few years would continue over the near-to-
medium term, benefiting TFPL's operations.
WHAT COULD TRIGGER A RATING ACTION?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- steady revenue growth, stable profitability and improved
working capital management
-- net leverage below 7x on a sustained basis
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- strained liquidity due to expansion in new geographical
areas -- net financial leverage above 8.5x on a sustained
basis
Originally started as a proprietorship firm in 1987, TFPL was
converted in to a private limited company in July 2010. The
company is the second-largest supplier of Denim fabrics in India
while being the first-largest in Mumbai. The company has the
sole distributorship for a few mills. As on end-March 2012
company had cash balances of INR212.5m.
Rating instruments on the debt instruments are as follows:
-- INR200m cash credit limit affirmed at National Long-Term
'Fitch B+(ind)'
-- INR300m non-fund-based limits assigned at National Short-
Term 'Fitch A4(ind)'
VARIETY PRINTS: Fitch Lowers National Long-Term Rating to 'D'
-------------------------------------------------------------
Fitch Ratings has downgraded India-based Variety Prints Pvt Ltd's
National Long-Term Rating to 'Fitch D(ind)' from 'Fitch B(ind)'.
The Outlook was previously Stable.
The downgrade reflects VPPL's delays in term loan servicing and
the overutilisation of its fund-based limits as on end-June 2012.
The same has been confirmed by the company and its banker;
however, Fitch has not been provided with the exact details.
What Could Trigger A Rating Action?
Positive: Future developments that may, individually or
collectively, lead to positive rating action include timely
payments of principal and interests on term loans and utilization
of working capital facilities within the sanctioned limits for
two consecutive quarters.
Incorporated in 1988, VPPL is engaged in manufacturing and
trading of garments and knitted fabric. It markets its products
under the brands 'Breeze', 'Escape', 'Classe', and 'My Kid'. It
reported revenue of INR839.7m for the financial year ended March
2011 with EBITDA margins of 1.9%. Fitch has also not been
provided with FY12 financials.
Fitch has also downgraded the ratings on VPPL's bank facilities
as below:
-- INR14m long-term loans (reduced from INR22.4m): downgraded
to National Long-Term 'Fitch D(ind)' from 'Fitch B(ind)'
-- INR150m fund based limits: downgraded to National Long-Term
'Fitch D(ind)' from 'Fitch B(ind)'
=========
J A P A N
=========
JLOC 37: Fitch Lowers Rating on Two Note Classes to 'Dsf'
---------------------------------------------------------
Fitch Ratings has downgraded JLOC 37, LLC's class D1 and D2 notes
due January 2015 to 'Dsf' and upgraded the class C1 and C2 notes.
The transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are as follows:
-- JPY172m* Class C1 notes upgraded to 'BBsf' from 'CCCsf';
Outlook Stable
-- EUR0.2m* Class C2 notes upgraded to 'BBsf' from 'CCCsf';
Outlook Stable
-- JPY2,140m* Class D1 notes downgraded to 'Dsf' from 'Csf';
Recovery Estimate 20%
-- EUR0.5m* Class D2 notes downgraded to 'Dsf' from 'Csf';
Recovery Estimate 20%
* as of July 23, 2012
The downgrade of the class D1 and D2 notes reflects the write-
down of their principal on the July 2012 payment date, after
workout activity of one defaulted loan resulted in partial
recovery.
The upgrade of the class C1 and C2 notes reflects Fitch's view
that the full redemption of these notes is likely given the
workout status of the remaining and defaulted loan and reasonable
time to legal final maturity.
Since the previous rating action in October 2011, five properties
backing three defaulted loans were sold for prices higher than
Fitch's expectation. The repayment proceeds from these loans
were applied to the repayment of note principal sequentially and
as a result, the class A1 through B2 notes were redeemed in full
on the January 2012 payment date.
At closing the notes were ultimately secured by 10 loans
collateralised by 61 properties. The transaction is currently
secured by a defaulted loan backed by one property.
=========
K O R E A
=========
SHINHAN BANK: Moody's Assigns 'Ba1' Preference Shares Rating
------------------------------------------------------------
Moody's Investors Service has assigned (P)A1/P-1 rating to
Shinhan Bank's US$1 billion Certificate of Deposit Program.
The rating outlook is stable.
Shinhan is effecting the issuance through its New York branch.
Ratings Rationale
"The (P)A1/P-1 ratings reflect the maturity (up to 1,095 days)
and are in line with Shinhan's other ratings.
Shinhan's other ratings are as follows:
- Bank financial strength rating: C- (standalone assessment
mapped to the long-term scale of baa1)
- Foreign currency long-term/short-term deposits: A1/P-1
- Foreign currency senior unsecured debt: A1
- Foreign currency commercial paper: P-1
- Foreign currency senior unsecured/subordinated/junior
subordinated MTN: (P)A1/(P)A2/(P)A2
- Preference Shares: Ba1 (hyb)
The outlook on all ratings is stable.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Shinhan Bank is headquartered in Seoul. It reported total assets
of KRW234 trillion (US$204 billion) at the end of March 2012.
====================
N E W Z E A L A N D
====================
ALLIED FARMERS: NZX Grants NZ$1.2-Million Loan Waiver
-----------------------------------------------------
BusinessDesk reports that Allied Farmers, the company whose
market value was all but wiped out when it acquired the financial
assets of Hanover Finance, has been granted a waiver to borrow up
to NZ$1.2 million for the operations of its bobby calf venture.
BusinessDesk says the waiver, granted by NZX Markets Supervision,
was required because the loan would exceed 10% of Allied's
average market capitalization of about NZ$2.5 million and would
have needed approval of shareholders.
According to the report, the loan, or working capital facility,
would be from Garry Bluett and Brian Train, making it a related
party transaction as Mr. Bluett is chairman of Allied. The bobby
calf business is operated by NZ Farmers Livestock, which is 67.7%
owned by Allied, the report relays.
BusinessDesk notes that the company argued to the regulator that
any delay in receiving the funding "could significantly destroy
the value of the business and put the business at risk." It
needed to make its first draw-down on July 20.
The company said alternative sources of funding weren't realistic
because bobby calf/veal products weren't considered as attractive
security, BusinessDesk relates.
About Allied Farmers
Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber). Rural Services comprise livestock, merchandise and real
estate operations. The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu. Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch. Timber processing comprises the Company's
discontinued sawmilling operations.
As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern. The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.
The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.
Allied Farmers Investments, a subsidiary of Allied which manages
the assets acquired from Hanover and United Finance, made a loss
of NZ$4.2 million in the six months to December 2011 after taking
a NZ$3.6 million hit on its Matarangi Beach Estates business.
The company's accounts show its current liabilities were
NZ$32.5 million as of December 31 versus current assets of
NZ$24.5 million.
KOOKY FASHIONS: Fails to Attract Concrete Interest
--------------------------------------------------
The Northern Advocate reports that no buyer has been found for
the chain of Kooky Fashion stores that went into liquidation last
month.
The liquidation of the chain, founded by former Whangarei woman
Suzanne Lee Dunn (nee Sowry) and her husband, Jason Dunn, in 2004
is in the hands of Auckland firm Waterstone Insolvency.
The 14 stores have continued trading, selling stock at discounts
of 50% to 70%.
Liquidator Damien Grant decided to keep the doors open while a
buyer was being sought but no one has come forward. He said a
final decision would be made regarding the chain before the end
of this month.
As reported in the Troubled Company Reporter-Asia Pacific on
June 22, 2012, stuff.co.nz said Kooky Fashions has been placed
into liquidation. A liquidators' report compiled by Waterstone
Insolvency's Damien Grant said the company's director Suzanne
Dunn attributed the failure to a downturn in the economy which
"expended the cash flow of the business". ANZ National Bank
holds a general security agreement over the business, and along
with six other secured creditors is owed NZ$1.88 million. All up
creditors are believed to be owed NZ$2.7 million with only NZ$1.6
million of assets likely to be available to meet those
commitments, according to the report.
Kooky Fashions is a Kiwi-owned clothing chain with 14 stores
between Whangarei and Christchurch. The company was formed in
2004 and is now owned by Suzanne, Jason and Anthony Dunn.
PIKE RIVER: Families Confident New Owners Will Try Body Recovery
----------------------------------------------------------------
nzherald.co.nz reports that families of the 29 men killed in the
Pike River mine disaster are confident the company's new owners
will "have a crack" at recovering their bodies.
State-owned mining company Solid Energy finalized its purchase of
Pike River Coal Ltd, which was put into receivership following
the November 2010 blasts, according to nzherald.co.nz.
nzherald.co.nz notes that receivers PricewaterhouseCoopers
confirmed the $5 million balance of the $7.5 million purchase
price had been received. The report relates that the sale comes
after Solid Energy completed due diligence on the assets in May
and agreed to a full but conditional sale.
nzherald.co.nz says that the news has been well-received by
families of the 29 miners killed in the blast, who see it as the
next step towards recovering their bodies.
Solid Energy has told families it can see no way to safely carry
out standalone body recovery operation, but a recovery could be
attempted as part of a wider commercial mining operation,
nzherald.co.nz notes.
Families spokesman Bernie Monk said it was important they were
finally dealing with a company one-on-one a situation they had
not had since the explosions, nzherald.co.nz relates.
nzherald.co.nz notes that PricewaterhouseCoopers partner John
Fisk said settlement of the sale was a significant step towards
completing the receivership.
Mr. Fisk said a number of matters still needed to be addressed
before it retired from the receivership, nzherald.co.nz
discloses. It would report to creditors on the expected final
outcome in the near future, nzherald.co.nz the report relates.
nzherald.co.nz adds that Solid Energy has now assumed control of
the Pike River facilities, including the main site near Atarau
and a stockpile and rail loading facility at Ikamatua.
About Pike River
Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company. The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal. It operates a
coal mine that lies under the Paparoa Ranges.
Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010. New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers. The company owed
NZ$80 million to secured creditors BNZ and NZ Oil & Gas. Pike
River Coal also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.
*********
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 ***