text: TCRAP_Public/110624.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, June 24, 2011, Vol. 14, No. 124 HeadlinesA U S T R A L I ABP FRUITS: Attracts Potential BuyersEAGLE BOYS: Bathurst Outlet in Voluntary LiquidationC H I N ACHINA SOUTH: Moody's Reviews 'B1' CFR for Possible DowngradeSINO-FOREST CORP: Fitch Cuts IDR & Sr. Unsec. Debt Rating to 'BB-'H O N G K O N GBILL PACHINO: Court to Hear Wind-Up Petition on July 6BROADBAND NETWORKS: Court Enters Wind-Up OrderCADVISION GLOBAL: Court Enters Wind-Up OrderCHAK GREEN: Court to Hear Wind-Up Petition on June 29DRAGON GARDEN: Court Enters Wind-Up OrderEAGLETRON TELECOM: Court to Hear Wind-Up Petition on June 29ENTERSYS LIMITED: Court Enters Wind-Up OrderEVERWELL (H.K.): Court to Hear Wind-Up Petition on July 27EURO AUTO: Court Enters Wind-Up OrderEVER LUCKY: Court Enters Wind-Up OrderGOOD SUCCESS: Creditors' Proofs of Debt Due July 8GRANDE HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3HANG FOOK: Court Enters Wind-Up OrderHI-SPEED PAPER: Creditors' Proofs of Debt Due July 9INTERNATIONAL BEAUTY: Court Enters Wind-Up OrderKALLIDOS CHINA: Court Enters Wind-Up OrderKAN HING: Court Enters Wind-Up OrderKARBO DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 3K.I. LIMITED: Court Enters Wind-Up OrderL&C LIGHTING: Creditors and Contributories to Meet on June 27I N D I ABANK OF INDIA: S&P Affirms Rating on Lower Tier II Notes at 'BB+'DD INDUSTRIES: ICRA Reaffirms 'LBB+' Rating on INR5cr Bank LoanGARNET SPECIALTY: ICRA Reaffirms 'LB+' Rating on INR22cr LT LoanGUJARAT PICKERS: ICRA Assigns 'LBB' Rating to INR20cr Cash CreditINDO AUSTRALIAN: CRISIL Assigns 'B-' Rating to INR70.7MM Term LoanIRBAZ SHOE: CRISIL Assigns 'P4' Rating to INR35MM Packing CreditJAHNVI SALES: CRISIL Rates INR50 Million Cash Credit at 'B-'KOHINOOR HOSPITALS: ICRA Reaffirms 'LBB' Rating to INR61cr LoanLAMINA SUSPENSION: CRISIL Assigns 'B+' Rating to INR34.2MM LT LoanMAHESH AGRI: ICRA Assigns 'LB+' Rating to INR20.05cr LT LoanMILLENIUM MARBLES: CARE Assigns 'CARE BB' Rating to INR4cr LoanPARISHUDH MACHINES: CARE Assigns 'CARE B+' Rating to INR2cr LoanPARVATI INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR5cr LoanPERUNDURAI GREEN: ICRA Assigns 'LBB' Rating to INR35cr Term LoanPOLAR STAR: ICRA Assigns 'LBB-' Rating to INR28cr Bank LoanPREMIER CARWORLD: CRISIL Puts 'B-' Rating on INR105MM Cash CreditSREE KUMAR: CRISIL Reaffirms 'B-' Rating on INR74.4MM Term LoanTAURUS FLEXIBLES: CRISIL Assigns 'B-' Rating to INR13.2MM LoanVINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on INR20MM Bank LoanI N D O N E S I ADIRGANTARA INDONESIA: Government to Inject IDR5 Trillion in FundsPT BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'K O R E AKUMHO ASIANA: Seeks to Sell Unit's Express Bus DivisionKUMHO ASIANA: Samsung SDS Joins POSCO in Korea Express Stake BidN E W Z E A L A N DPIKE RIVER: Receiver Shows Concern Over LiquidationX X X X X X X X* Large Companies with Insolvent Balance Sheets - - - - -=================A U S T R A L I A=================BP FRUITS: Attracts Potential Buyers------------------------------------ABC News reports that real estate agent Clinton Ramm of KnightFrank said he has received numerous expressions of interest to buyfruit and vegetable packing company BP Fruits.ABC News relates that Mr. Ramm said he is now waiting for furtherinstructions from the liquidators."Then we'll proceed to see if we can get some formal offers fromthe various parties who have expressed interest at this stage,"ABC News quotes Mr. Ramm as saying.BP Fruits went into voluntary liquidation last month and will beput on the market at the end of this month. The company'sliquidators said employees will be paid out and will be assistedto claim their entitlements. The liquidators also said the causeof the company's insolvency was the loss of a major packingaccount, ABC Rural cites.BP Fruits operated a fruit and vegetable packing plant in SouthAustralia's Riverland.EAGLE BOYS: Bathurst Outlet in Voluntary Liquidation-----------------------------------------------------Louise Eddy at westernadvocate.com.au report that the doors wereshut at the Bathurst Eagle Boys Pizza outlet this week after thelocal eatery went into voluntary liquidation.But the firm opened again Tuesday with the Durham Street store nowrun by Eagle Boys' corporate office, westernadvocate.com.aurelates.According to westernadvocate.com.au, Eagle Boys Pizza ManagingDirector and CEO Toddy Clayton confirmed all existing staffmembers were on board to ensure the store remains open."We really value our regional stores and the community involvementand support that is intrinsic in the local area,"westernadvocate.com.au quotes Mr. Clayton as saying.Bathurst's other pizza chains benefited from the temporary closurewith staff run off their feet.Eagle Boys Pizza is Australia's second largest pizza maker and is100% cent Australian-owned. Eagle Boys Pizza operates more than335 franchised stores throughout Queensland, NSW, Victoria, SouthAustralia, Western Australia, the ACT, and the Northern Territory.The company employs more than 8,000 staff and makes more than 18million pizzas a year.=========C H I N A=========CHINA SOUTH: Moody's Reviews 'B1' CFR for Possible Downgrade------------------------------------------------------------Moody's Investors Service has put China South City's B1 corporatefamily rating and B2 senior unsecured rating on review forpossible downgrade.The review follows CSC's announcement of a framework agreementwith the Howard Group to construct and develop a large scaleintegrated logistics and trade center in Harbin, China.The total investment amount is estimated at RMB20 billion, andwhich will be spent over 10 years.CSC will inject -- together with its partner -- an initial capitalamount of around RMB2 billion into a project company.CSC will hold a 51% stake in this company."CSC's level of engagement in the Harbin project -- which will bemuch larger than its existing centers in Shenzhen -- is beyondMoody's expectations," say Jiming Zou, a Moody's Analyst ."Moody's is concerned that CSC has yet to demonstrate successbeyond Shenzhen and its investment in Harbin could greatlyescalate its financial and operating risk," says Zou."In addition, CSC has yet to demonstrate a track record of salesfrom those new trade centers in Nanning, Nanchang, Xi'an, beyondthe existing Shenzhen trade center," says Zou.In its review, Moody's will focus on the business and fundingstrategies of the Harbin project and the impact of the project onCSC's credit profile.Moody's will also assess the sustainability of CSC's business onsuch an expanded scale and its ability to raise funding to supportits business plan.The principal methodology used in rating China South City was theGlobal Homebuilding Industry Methodology, published March 2009.China South City, listed on the Hong Kong Stock Exchange, is aleading developer and operator of large scale integrated logisticsand trade centers on the Mainland. The company operates onecenter in Shenzhen and is developing centers in Nanning, Nanchang,Xi'an, as well as one residential project in Heyuan.SINO-FOREST CORP: Fitch Cuts IDR & Sr. Unsec. Debt Rating to 'BB-'------------------------------------------------------------------Fitch Ratings has downgraded Sino-Forest Corporation's Long-termforeign currency Issuer Default Rating (IDR) and senior unsecureddebt rating to 'BB-' from 'BB+' and placed the ratings on RatingWatch Negative (RWN).The downgrade and RWN are primarily driven by the fact that thecompany does not currently have direct access to the profits ofits main operating subsidiaries due to complexities in itscorporate structure. During the Q111 results announcement onJune 14, 2011 and follow-up discussions with management, thecompany indicated that roughly 90% of its plantation fibre sales,which contribute to the bulk of its operating profit, areconducted by British Virgin Island registered subsidiaries, whichare legally barred from receiving local currency due to theiroffshore incorporation. However, these BVI subsidiaries areallowed to own forestry assets.The present payment structure means that the BVI companies do nothandle their operating and investment cash flows. The proceedsfrom the sale of BVI-owned onshore assets are not remitted to thecompany but are paid directly by SF's customers to its suppliers.Effectively, this means that the cash flows from these asset salesare not available to the BVI registered companies as they are onlycapable of being converted into new assets. Whilst the asset basecan continue to expand under this model, offshore creditors are ata disadvantage as there is no clear ability for the BVI entitiesto access the cash flows for debt repayment.Under this business model, any restriction in access tointernational capital markets over the medium term is a majorconcern for Fitch, as without access to the BVI cash flows, thecompany would potentially need to rely on external refinancing foroff-shore debt maturities. However, Fitch notes that the companydoes not face an immediate liquidity constraint as its nextscheduled major off-shore debt repayment is not due until August2013 (a USD345 million convertible note), and it currently hasUSD767.5 million of cash off-shore.The to-date-uncorroborated allegations by Muddy Waters, LLC (MW)have clearly impacted the company's equity and bond prices whichhave fallen sharply. The company has refuted a number of theseallegations and has started an investigation, led by a committeeof independent directors, into the allegations. However, thecompany's current ability to access capital markets is undoubtedlyconstrained, which Fitch views negatively.The company is improving its operating cash flow access by growingthe asset base of its onshore incorporated subsidiaries, partly bylarge scale forest replanting -- current plans involve theplanting of 200,000 hectares by end 2012. However, thistransformation is a gradual process that will take years toachieve, and in the meantime the company remains vulnerable torefinancing risk if a solution to access the profits of the BVI-registered subsidiaries is not found.The RWN will likely be resolved if the company articulates andstarts executing a clearly defined plan to migrate its business toonshore incorporated subsidiaries that provide greatertransparency; or, if offshore funding is still curtailed, itestablishes more onshore funding sources. The publication of asatisfactory report of the investigation committee would be viewedpositively by Fitch if there was a subsequent improvement incapital markets access, and the ratings could be affirmed if thereis no material deterioration in the company's business fromcurrent levels. Further negative rating actions may be taken ifthe issues mentioned above are not adequately resolved /addressed.================H O N G K O N G================BILL PACHINO: Court to Hear Wind-Up Petition on July 6------------------------------------------------------A petition to wind up the operations of Bill Pachino (HK) CompanyLimited will be heard before the High Court of Hong Kong onJuly 6, 2011, at 9:30 a.m.Chan Yau Chuen filed the petition against the company on April 26,2011.The Petitioner's solicitors are: Raymond Cheung & Chan Offices B & C, 16th Floor 88 Commercial Building 28-34 Wing Lok Street Sheung Wan, Hong KongBROADBAND NETWORKS: Court Enters Wind-Up Order----------------------------------------------The High Court of Hong Kong entered an order on June 8, 2011, towind up the operations of Broadband Networks Systems Limited.The official receiver is E T O'Connell.CADVISION GLOBAL: Court Enters Wind-Up Order--------------------------------------------The High Court of Hong Kong entered an order on Dec. 17, 2010, towind up the operations of Cadvision Global Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongCHAK GREEN: Court to Hear Wind-Up Petition on June 29-----------------------------------------------------A petition to wind up the operations of Chak Green EnvironmentTechnology Company Limited will be heard before the High Court ofHong Kong on June 29, 2011, at 9:30 a.m.The Petitioner Chan Jinfu filed the petition against the companyon April 26, 2011.The Petitioner's solicitors are: Robert Siu & Co Room 1601, 16th Floor Alliance Building 130 Connaught Road Hong KongDRAGON GARDEN: Court Enters Wind-Up Order-----------------------------------------The High Court of Hong Kong entered an order on June 8, 2011, towind up the operations of Dragon Garden Development Limited.The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.EAGLETRON TELECOM: Court to Hear Wind-Up Petition on June 29------------------------------------------------------------A petition to wind up the operations of EagletronTelecommunications Limited will be heard before the High Court ofHong Kong on June 29, 2011, at 9:30 a.m.The Hongkong and Shanghai Banking Corporation Limited filed thepetition against the company on April 21, 2011.The Petitioner's solicitors are: Allen & Overy 9th Floor, Three Exchange Square Central, Hong KongENTERSYS LIMITED: Court Enters Wind-Up Order--------------------------------------------The High Court of Hong Kong entered an order on June 8, 2011, towind up the operations of Entersys Limited.The official receiver is E T O'Connell.EVERWELL (H.K.): Court to Hear Wind-Up Petition on July 27----------------------------------------------------------A petition to wind up the operations of Everwell (H.K.) Limitedwill be heard before the High Court of Hong Kong on July 27, 2011,at 9:30 a.m.Director of Marketing filed the petition against the company onMay 20, 2011.The Petitioner's solicitors are: Fairbairn Catley Low & Kong 23rd Floor, Shui On Centre Nos. 6-8 Harbour Road Hong KongEURO AUTO: Court Enters Wind-Up Order-------------------------------------The High Court of Hong Kong entered an order on Nov. 29, 2010, towind up the operations of Euro Auto Company Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongEVER LUCKY: Court Enters Wind-Up Order--------------------------------------The High Court of Hong Kong entered an order on Jan. 13, 2011, towind up the operations of Ever Lucky Networks Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongGOOD SUCCESS: Creditors' Proofs of Debt Due July 8--------------------------------------------------Creditors of Good Success Catering Group Limited, which is inmembers' voluntary liquidation, are required to file their proofsof debt by July 8, 2011, to be included in the company's dividenddistribution.The company's liquidators are: Stephen Briscoe Nicholas Timothy Cornforth Hill 602 The Chinese Bank Building 61-65 Des Voeux Road Central, Hong KongGRANDE HOLDINGS: Court to Hear Wind-Up Petition on Aug. 3---------------------------------------------------------A petition to wind up the operations of The Grande HoldingsLimited will be heard before the High Court of Hong Kong onAug. 3, 2011, at 9:30 a.m.Sino Bright Enterprises Co., Ltd filed the petition against thecompany on May 31, 2011.The Petitioner's solicitors are: Wilkinson & Grist 6th Floor, Prince's Building 10 Chater Road Central, Hong KongHANG FOOK: Court Enters Wind-Up Order-------------------------------------The High Court of Hong Kong entered an order on Oct. 15, 2010, towind up the operations of Hang Fook Dyeing & Finishing FactoryLimited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongHI-SPEED PAPER: Creditors' Proofs of Debt Due July 9----------------------------------------------------Creditors of Hi-Speed Paper Manufacturer Company Limited, which isin members' voluntary liquidation, are required to file theirproofs of debt by July 9, 2011, to be included in the company'sdividend distribution.The company's liquidator is: Mat Ng c/o John Lees Associates 20/F Henley Building 5 Queen's Road Central, Hong KongINTERNATIONAL BEAUTY: Court Enters Wind-Up Order------------------------------------------------The High Court of Hong Kong entered an order on Dec. 17, 2010, towind up the operations of International Beauty Creative SystemTraining Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongKALLIDOS CHINA: Court Enters Wind-Up Order------------------------------------------The High Court of Hong Kong entered an order on Dec. 9, 2010, towind up the operations of Kallidos China Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongKAN HING: Court Enters Wind-Up Order------------------------------------The High Court of Hong Kong entered an order on Dec. 8, 2010, towind up the operations of Kan Hing Manufacturing Limited.The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House 1 Hennessy Road Wanchai, Hong KongKARBO DEVELOPMENT: Court to Hear Wind-Up Petition on Aug. 3-----------------------------------------------------------A petition to wind up the operations of Karbo Development Limitedwill be heard before the High Court of Hong Kong on Aug. 3, 2011,at 9:30 a.m.Chung Sik Bor filed the petition against the company on June 1,2011.K.I. LIMITED: Court Enters Wind-Up Order----------------------------------------The High Court of Hong Kong entered an order on May 12, 2010, towind up the operations of K.I. Limited.The company's liquidators are Ho Man Kit Horace and Kong Sze ManSimone.L&C LIGHTING: Creditors and Contributories to Meet on June 27-------------------------------------------------------------Creditors and contributories of L&C Lighting (H.K.) Limited willhold their first meetings on June 27, 2011, at 4:00 p.m., and 4:30p.m., respectively at Room 602, The Boys' and Girls' ClubsAssociation of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.At the meeting, Yu Tak Yee Beryl and Choi Tze Kit Sammy, thecompany's liquidators, will give a report on the company's wind-upproceedings and property disposal.=========I N D I A=========BANK OF INDIA: S&P Affirms Rating on Lower Tier II Notes at 'BB+'-----------------------------------------------------------------Standard & Poor's Ratings Services affirmed the issue ratings onthe proposed issues under the US$3 billion medium-term notes (MTN)program by Bank of India (BOI; BBB-/Stable/A-3): 'BBB-' rating on the senior unsecured notes. 'BB+' rating on the lower Tier II subordinated notes. 'BB' rating on the upper Tier II subordinated notes and the hybrid Tier I notes.BOI has increased the size of this MTN program to US$3 billionfrom US$2 billion. The bank will use the net proceeds from theproposed notes to meet the funding requirements of its overseasoffices. The bank may also use the proceeds for general corporatepurposes at its Indian operations, subject to regulatory approval.Standard & Poor's rating on any given issue depends on the issue'sspecific terms and conditions. "One exception is indexed-linkednotes, for which we would not assign any issue rating according toour article titled 'Criteria Update: Commodity- And Equity-LinkedNotes,' published Dec. 10, 2009, on RatingsDirect on the GlobalCredit Portal. The article said: 'Standard & Poor's RatingsServices will no longer rate obligations with variable principalpayments linked to commodity prices, equity prices, or indiceslinked to either commodity or equity prices. Such obligations areamong the class of obligations sometimes called market-linkednotes or MLNs," S&P added.DD INDUSTRIES: ICRA Reaffirms 'LBB+' Rating on INR5cr Bank Loan---------------------------------------------------------------ICRA has reaffirmed the LBB+/A4+ ratings for the INR50.0 Crorebank facilities of DD Industries Limited. The ratings continue tobe placed on "Rating Watch with Developing Implications".The ratings reaffirmation takes into account DDIL's strong marketposition, being the largest dealer of MSIL in Delhi, its longstanding relationship with MSIL, steady improvement in marginsowing to shift in product mix in favor of higher margin models andefforts to improve geographical diversification with plans ofopening additional outlets outside the Delhi region. However, theratings continue to be constrained by the overall thin operatingmargin and high working capital intensity of the dealershipbusiness, DDIL's regional concentration on the Delhi market,stretched liquidity position on account of strong growth in carsales in 2010-11 as well as increased wholesale off take duringApril- May 2011 and large intergroup transactions between groupcompanies.In April 2010, ICRA had placed the ratings of DDIL on "RatingWatch with Developing Implications" in view of the proposeddemerger of vehicle dealership business of DDIL into a separatecompany. Since the above demerger process is yet to get completed,the ratings of the company continue to be placed on "Rating Watchwith Developing Implications". The rating action would beconcluded once clarity is obtained on the demerger process, whichas per the company management is likely to happen by early Q3,2011-12.During this period, the rating would remain sensitive to DDIL'sability to manage its liquidity position which is currently underpressure as reflected in its almost fully drawn working capitallimits. Further, ICRA expects funds advanced by DDIL to its groupcompanies in the form of unsecured loans to be received back inthe short term. The access to these funds remains critical fordeleveraging its balance sheet, besides supporting its futurefunding requirements for growth. About DD IndustriesIncorporated in 1951, DD Industries Limited had initially startedoff as a manufacturer of auto components viz., propeller shafts,yokes and other transmission components for Commercial Vehicles.In 1996, the company ventured into the vehicle dealership businessof MSIL and later in the year 2000 also diversified into tradingof CNG kits and conversion of in-use diesel/ petrol vehicles intoCNG mode. The vehicle dealership business of DDIL (through thedivision DD Motors, is the flagship business of the companyaccounting for more than 95% of DDIL's total sales. DDM has atotal of five sales outlets with four of them located across Delhiat Mayapuri, Wazirpur, Peeragarhi, and Okhla and one at Dehradun(Uttaranchal).GARNET SPECIALTY: ICRA Reaffirms 'LB+' Rating on INR22cr LT Loan----------------------------------------------------------------ICRA has reaffirmed a long term rating of 'LB+' to the INR22.00crore bank facilities of Garnet Specialty Paper Limited. ICRA hasalso reaffirmed a short term rating of 'A4' to the INR9.00 crorebank facilities of GSPL.The ratings reaffirmation by ICRA continues to reflect the weakfinancial profile of GSPL despite the improvement in its capitalstructure following the equity infusions undertaken by thepromoter group. The operating profitability of the company hasbeen adversely impacted during FY 11 due to shift in its productmix towards relatively lower value add product segments anddecline in export of value add products which offers relativelybetter profitability margins. The decline in export has been dueto weak economic conditions in GSPL's key export markets andadverse currency movements. With a decline in export volumes, GSPLhas focused on domestic markets to adequately utilize itsproduction facilities. While the focus on domestic marketsresulted in an improved sales, capacity utilization and revenues;the profitability of the company was adversely impacted. As aresult of weak profitability, the debt coverage indicators of thecompany have continued to remain weak despite an improved capitalstructure.The rating is also constrained on account of working capitalintensive nature of company's operations, which coupled withrevenue growth in FY 11, has resulted in stretched liquidityposition as is reflected in its high working capital limitsutilization. Going forward, the ability of GSPL to further improvethe capacity utilization of its manufacturing facilities whileimproving its cost structure and fund its increasing workingcapital requirements will remain key rating sensitivities. About Garnett SpecialtyGarnett Specialty Paper Limited is promoted by Auger Group U Kwhich in turn is owned by Mr. M V Mehta. GSPL was establishedduring the year 2004-05 and is into the manufacturing hi-end valueadded paper products which are largely supplied to Europeancountries. GSPL's operations were earlier located in Garnett UK,and with an objective to reduce its cost of production, Garnett UKoperations were shifted to GSPL's manufacturing facilities inIndia over past few years. As a part of shifting its operations toIndia, GSPL took over the operations of Nathani Paper MillsLimited (NPML) which was under the purview of Board of Industrialand Financial Reconstruction and later NPML was amalgamated withGSPL. The manufacturing unit of GSPL is located at Vapi inGujarat.As per the provisional results, GSPL reported a net sale ofINR42.86 crore and a net profit of INR0.53 crore during FY11 asagainst a net sale of INR28.52 crore and a net profit ofINR0.44 crore in previous year.GUJARAT PICKERS: ICRA Assigns 'LBB' Rating to INR20cr Cash Credit-----------------------------------------------------------------ICRA has assigned 'LBB' rating to the INR20.0 crore fund basedcash credit facilities of Gujarat Pickers Industries Limited. Theoutlook on the long term rating is stable. ICRA has also assigned'A4' rating to the INR7.0 crore non-fund based Bank Guaranteefacilities of GPIL.The ratings take into account the small scale of operations ofGPIL, its low net worth base in comparison to the credit riskundertaken by the company for its overall sales, high workingcapital requirements in relation to profits, weak profitabilityindicators and low debt coverage indicators. However, the ratingsfavorably factor in the long track record of GPIL in polymers &chemical distribution business, established association withIndian Oil Corporation Limited (IOCL) and customers, diversifiedcustomer profile, steady domestic demand prospects for polymersand moderate liquidity position.Gujarat Pickers Industries Limited was established in 1962 by(Late) Shri Galabhai Makwana and his son & present Chairman ShriRatilal Makwana as Gujarat Pickers Industries, Bhavnagar as apartnership firm and was initially engaged in manufacturing ofvarious types of Pickers and other accessories (used in textileindustry). The firm was later converted into a limited company andin the year 1980 was appointed as distributor of IndianPetrochemicals Corporation Limited, Vadodara, for their polymerproducts. The company segregated from this distributorshipbusiness in 2002 after RIL took over IPCL. The company thenstarted its own import/export house and traded in the field ofpolymer products, sugar machineries, metal trading and otherproducts. During the year 2003 the firm was appointed asdistributors of Indian Oil Corporation Limited for chemicals likeToluene, Benzene, MTO, Aromax, Sulpher etc. In the year 2010 thecompany was appointed as consignment stockist of Indian OilCorporation Limited for their PE/PP (polymer) products. GPIL isengaged in the distribution of these chemical and polymer products(PP/PE) in Ahmedabad, Mehsana, Kadi and surrounding areas. Thecompany has a warehouse in Changodhar (Ahmedabad) for stockinggoods.Recent ResultsFor the nine months ended March 31, 2011, the company reported anoperating income of INR77.88 crore and profit after tax ofINR0.43 crore (unaudited) as against INR74.13 crore of operatingincome and INR0.37 crore of profit after tax for the financialyear 2009-10.INDO AUSTRALIAN: CRISIL Assigns 'B-' Rating to INR70.7MM Term Loan------------------------------------------------------------------CRISIL has assigned its 'B-/Stable/P4' ratings to the bankfacilities of Indo Australian Hose Manufacturing Pvt Ltd. Facilities Ratings ---------- ------- INR210.0 Million Cash Credit B-/Stable (Assigned) INR70.7 Million Term Loan B-/Stable (Assigned) INR100.0 Million Foreign Bill P4 (Assigned) Discounting INR16.9 Million Letter of Credit P4 (Assigned)The ratings reflect the Taurus group's weak financial riskprofile, marked by low net worth, weak debt protection metrics andliquidity, and its working-capital-intensive operations. Theserating weaknesses are partially offset by Taurus group'spromoter's established relationships with major original equipmentmanufacturers (OEMs).For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of Indo Australian Hose Manufacturing PvtLtd and Taurus Flexibles Pvt Ltd, together referred to as theTaurus group, herein. This is because IAHMPL and TFPL have acommon management team and have significant operational andfinancial linkages.Outlook: StableCRISIL believes that the Taurus group will maintain its creditrisk profile, backed by its promoter's established relationshipswith major OEMs. The outlook may be revised to 'Positive' if thegroup's liquidity improves as a result of better working capitalmanagement, along with a sustained improvement in its financialrisk profile. Conversely, the outlook may be revised to 'Negative'in case the group reports lower-than-expected revenues orprofitability, or in case of stretch in working capital, leadingto deterioration in liquidity or financial risk profile. About the GroupThe Taurus group is into manufacturing of hose assemblies andnylon tubes for OEMs in India and abroad. The group is currentlymanaged by Mr. Bhuvan Kshettry and Mr. Rishi Kshettry. The group'spromoters have an experience of over 20 years in manufacturinghose assemblies. Their customers include OEMs such as Tata MotorsLimited (rated AA-/Stable/P1+), Ashok Leyland Limited (rated AA-/Positive/P1+), Eicher Motors Limited, Asia Motor Works Limited,General Motors India Private Limited, General Motors LLC and ABVolvo in the commercial vehicle segment. The group also has apresence in after markets (AM) in Europe and Mexico.The group plans to set up manufacturing facilities in Pritampurand Pantnagar (Gujarat) and expand the manufacturing capacity atits Pune plant.The Taurus group reported a profit after tax (PAT) of INR49.5million on net sales of INR1106.3 million for 2009-10 (refers tofinancial year, April 1 to March 31), as against a negative PAT ofINR7 million on net sales of INR769.9 million for 2008-09.IRBAZ SHOE: CRISIL Assigns 'P4' Rating to INR35MM Packing Credit----------------------------------------------------------------CRISIL has assigned its 'P4' rating to the short-term bankfacilities of Irbaz Shoe Company. Facilities Ratings ---------- ------- INR40.00 Million Foreign Bill P4 (Assigned) Discounting INR35.00 Million Packing Credit P4 (Assigned)The rating reflects ISC's below-average financial risk profile,marked by moderate gearing and debt protection metrics. The ratingalso factors in customer concentration risks in ISC's revenueprofile and intense competition in the leather shoe manufacturingindustry. These rating weaknesses are partially offset by thebenefit ISC derives from moderately integrated nature ofoperations of the group, and extensive industry experience of thepromoters About Irbaz ShoeISC was set up in 1993 as a partnership firm by Mr. N Irbaz Ahmed(managing partner), his wife, Mrs. B Ravia Aejaz; his mother, Mrs.V Khursheed Begum; and his son, Mr. Aejaz Ahmed. The companymanufactures ladies shoes (accounts for 80% of its sales), ladiessandals (19%), men's shoes, and shoe uppers. The company'smanufacturing facility is located in Ambur (Tamil Nadu) and hasinstalled capacity of 4500 to 5000 pairs of shoes per day withcurrent capacity utilization of 50%. ISC derives around 90% of itsrevenues from exports primarily to Europe. The firm currently hasan order book for INR120 million. The promoters also manage twoother entities within the group - Irbaz Leather Private Limitedwith an installed leather processing capacity of 40,000 sq.ft perannum and Fawaz Footwear Private Limited which is engaged inmanufacturing of ladies footwear with an installed capacity of3000 pairs of shoes per day. All the group entities are managedindependently.ISC reported on a provisional basis a profit before tax (PBT) ofINR5.3 million on net sales of INR287.6 million for 2010-11(refers to financial year, April 1 to March 31), as against a PBTof INR3.5 million on net sales of INR236.3 million for 2009-10.JAHNVI SALES: CRISIL Rates INR50 Million Cash Credit at 'B-'------------------------------------------------------------CRISIL has assigned its 'B/Stable' rating to the cash creditfacility of Jahnvi Sales. Facilities Ratings ---------- ------- INR50.0 Million Cash Credit B/Stable (Assigned)The rating reflects JS's weak financial risk profile, marked byhigh total outside liabilities to total net worth, and its smallscale of operations. These weaknesses are partially offset by JS'sestablished relationship and tie-up with ITC Ltd, ensuring revenuestability.Outlook: StableCRISIL believes that JS will maintain a stable business riskprofile over the medium term, backed by its establishedrelationship with ITC. Its financial risk profile is, however,expected to remain constrained over the medium term, on account oflow profitability and large working capital requirements. Theoutlook may be revised to 'Positive' in case of equity infusion bythe proprietor, or an improvement in the operating margin, leadingto an improvement in the financial risk profile. Conversely, theoutlook may be revised to 'Negative' if cash accruals are lessthan expected or in case of significant capital withdrawal by theproprietor, leading to deterioration in JS's financial riskprofile. About Jahnvi SalesSet up as a proprietorship firm in 2004 by Mrs. Abhilasha Gupta,JS is a distributor of ITC's fast-moving consumer goods. The firmhas 54 choupals in various rural districts in and around Allahabad(Uttar Pradesh). The firm also carries trades in other products,such as cement, wheat, and matchboxes. Around 65% of company'srevenues are derived from ITC's products, while cement contributesaround 25%.JS reported a book profit of INR2.5 million on net sales ofINR338.3 million for 2009-10 (refers to financial year, April 1 toMarch 31), against a book profit of INR1.6 million on net sales ofINR269.8 million for 2008-09.KOHINOOR HOSPITALS: ICRA Reaffirms 'LBB' Rating to INR61cr Loan---------------------------------------------------------------ICRA has reaffirmed the 'LBB' rating to the INR61.00 crore fundbased and non- fund based bank facilities of Kohinoor HospitalsPrivate Limited. The outlook on the long term rating is stable.The rating is constrained by the operating losses incurred by KHPLon account of lower than expected occupancy levels for itshospital coupled with significant fixed overheads.The rating also notes that the company's weak operatingperformance coupled with significant principal and interestpayments in the near term could require continued support from thepromoter group. The rating however, draws comfort from the factthat all the facilities are fully operational with no majorcapital expenditure expected to be incurred in the near term andthe presence of experienced consultants in the company's panel ofdoctors which is likely to have a positive impact on the occupancylevels of the hospital. Going forward, KHPL's ability to increasethe occupancy levels of the hospital through better utilization ofits existing facilities would be a key rating sensitivity.KHPL, promoted by the Mumbai based Kohinoor group, wasincorporated in May 2007. KHPL's board comprises of Mr. UnmeshManohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi UnmeshJoshi. KHPL has set up a 147-bed multi specialty hospital in theKurla, suburb of Mumbai. The project is a part of an integratedtownship project being undertaken by the group. The hospital hascommenced operations with 71 paid beds that were made fullyoperational in July 2010.LAMINA SUSPENSION: CRISIL Assigns 'B+' Rating to INR34.2MM LT Loan------------------------------------------------------------------CRISIL has assigned its 'B+/Stable/P4' ratings to the bankfacilities of Lamina Suspension Products Ltd (LSPL; part of theLamina group). Facilities Ratings ---------- ------- INR34.20 Million Long-Term Loan B+/Stable (Assigned) INR76.00 Million Overdraft Facility B+/Stable (Assigned) INR19.00 Million Bill Discounting P4 (Assigned) INR145.3 Million Letter of Credit P4 (Assigned)The ratings reflect Lamina group's weak financial risk profile,marked by a high gearing and weak debt protection metrics,exposure to risks related to volatility in raw material prices,and large working capital requirements. These rating weaknessesare partially offset by Lamina group's established position in theautomotive components and iron castings sector, and establishedcustomer relationships.For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of LSPL, Lamina Foundries Ltd, and LaminaInternational. This because the three entities, collectivelyreferred to as the Lamina group, are under a common management,have fungible cash flows, and derive considerable operational andbusiness synergies from each other.Outlook: StableCRISIL believes that the Lamina group will continue to benefitover the medium term from its established track record in theautomotive components sector and its long-standing relationshipswith its customers. The outlook may be revised to 'Positive' ifthe group improves its capital structure and reports better-than-expected sales growth and improvement in its margins. Conversely,the outlook may be revised to 'Negative' if the Lamina group'sliquidity deteriorates further, its revenue or margins declinesignificantly, or if the group contracts more-than-expected debtto fund its capital expenditure. About the GroupThe Lamina group was formed by Mr. N V Hegde, Mr. T R Shenoy, andMr. Guruprasad Adyanthaya.LSPL was set up in Mangalore (Karnataka) as a private limitedcompany in 1976 and currently manufactures multi-leaf andparabolic springs for use in the automobiles sector (at a capacityof 14,500 tpa) which are used in the replacement market. In 1989,the company began exporting its products to the US, the UK, Italy,South Korea, and a few other countries.Set up in 1981, LFL is a subsidiary of LSPL and is currentlyengaged in manufacture of iron castings such as brake drums, motorbodies, flywheels, and valve bodies (at a capacity of 19,200tonnes per annum) for use in the automobile, constructionequipment, and compressor-manufacturing industries. The companyhas been listed in Bangalore Stock Exchange and Madras StockExchange. LFL is referred to BIFR at present.Set up in 1992, LI acts as an export house of LSPL and LFL as itpurchases leaf springs from LSPL and brake drums from LFL andexports the same to European countries.The Lamina group's profit after tax (PAT) and net sales areestimated at INR38 million and INR1.5 billion respectively for2010-11 (refers to financial year, April 1 to March 31). TheLamina group reported a profit after tax (PAT) of INR25 million onnet sales of INR1.1 billion for 2009-10, as against a PAT of INR11million on net sales of INR1.2 billion for 2008-09.MAHESH AGRI: ICRA Assigns 'LB+' Rating to INR20.05cr LT Loan------------------------------------------------------------ICRA has assigned an 'LB+' rating to the INR20.05 Crore long-termfund based and non-fund based facilities of Mahesh Agri EximPrivate Limited. ICRA has also withdrawn the 'A4' rating assignedto the INR20.05 crore, short-term, fund-based and non-fund basedbank facilities of Mahesh as there is no amount outstandingagainst the same (the amount stands reclassified as long-term,fund-based and non-fund based facilities).The assigned rating takes into account the promoters' experiencein the agro trading business and their long standing relationshipswith suppliers and customers. The company, like other units in theagro trading business, continues to benefit from various exportincentives and benefits applicable on such exports. The rating ishowever constrained on account of the company's adverse capitalstructure, low profit margins given the nature of the business andconsequently weak coverage indicators. The rating also factors inthe vulnerability of operations to raw material price and forexfluctuations given the company's small scale of operations whichlimits scope for client diversity and financial flexibility. Also,exports of agriculture commodities face regulatory hurdles thatcan result in volatility in prices and quantity available forexport. A diversified product portfolio is likely to partiallymitigate this risk. About Mahesh AgriPromoted by Mr. Hirji Thakker and closely held by thepromoters/promoters' family, Mahesh Agri Exim Pvt Ltd commencedoperations in 1997. MAEL is engaged into the business of tradingpulses, beans, cereals, oilseeds, spices, grains, animal feed andbird feed. MAEL has won award for highest exporter of Sesame Oilfor 9 consecutive years from Indian Oilseeds & Produce ExportPromotion Council from 2001 to 2010. The company also received theaward for highest exporter of Groundnut Oil for the financial year2009-10. Recent results: During FY 2011, MAEL has recorded a netprofit of INR0.24 crore on an operating income of INR115.07 croreas against INR0.20 crore of net profit on an operating income ofINR124.44 crore in FY 2010.MILLENIUM MARBLES: CARE Assigns 'CARE BB' Rating to INR4cr Loan---------------------------------------------------------------CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities ofMillenium Marbles Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.00 'CARE BB' Assigned Short-term Bank Facilities 4.00 'PR 4' AssignedRating RationaleThe ratings are constrained due to small scale of operations,volatile profit margins, currency risk for imports and highoperating cycle. Besides, the rating is constrained by competitionfrom the unorganized sector and alternate tiling products,cyclical nature of the end-user industry and tightly balanced cashflows. Further, the dependence on imported marble which is subjectto Government regulations is a cause of concern. However, therating derives strengths from the established record of thepromoters, location of its showroom in commercial area i.e. Mumbaiand product catering to tiling sector which has good potential.Ability to manage growth and working capital requirements withoutany cash flow mismatches remain the key rating sensitivities.MMPL started as Mansi Marble Private Limited in March 1999 andsubsequently got converted to MMPL in May 1999. The promoters ofthe company have two decades of experience in the business.MMPL is engaged in trading of polished marble, imported fromEurope and Middle East countries, primarily on wholesale basis(around 90% of sales). The company sells its products from aleased out showroom at Vile Parle (E), a suburb in western Mumbaiand has owned warehouse located at Silvasa. However, the companyhas finalized the deal to purchase the showroom by June 2011. MMPLhas envisaged shifting its warehouse closer to Mumbai and hasacquired a land parcel at Bhayander a distant suburb in Mumbai.PARISHUDH MACHINES: CARE Assigns 'CARE B+' Rating to INR2cr Loan----------------------------------------------------------------CARE assigns 'CARE B+' and 'PR4' ratings to the bank facilities ofParishudh Machines Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.50 'CARE B+' Assigned Long-term/Short-term Bank 2.00 'CARE B+'/'PR4' Facilities AssignedRating RationaleThe ratings are primarily constrained on account of stressedliquidity position of Parishudh Machines Pvt. Ltd. leading to cashflow mismatches during the past three years and risk associatedwith the proposed project which is sizeable in nature and pendingfinancial closure for the same. The ratings are furtherconstrained by susceptibility of PMPL's margins to fluctuation inraw material prices, customer concentration risk in an inherentlycyclical automobile component industry along with its exposure inloss-making group companies. The above constraints far outweighthe benefits derived from the promoters' wide experience andPMPL's long-standing relationship with major customers in the autocomponent industry. Increase in PMPL's scale of operations alongwith greater diversification of revenue stream while managing riskassociated with fluctuation in raw material prices and improvementin overall financial risk profile would remain the key ratingsensitivities.Ghaziabad-based PMPL, incorporated in February 1987, is promotedby Mr V. S. Goindi. It is engaged in manufacturing ofComputerised-Numerical-Control (CNC) turning and grinding machinesand automatic lathes, which are used in shaping, cutting andfinishing metal parts by the automobile and engineeringindustries, with grinding machines being the main focus of thecompany. PMPL also manufactures some automobile components.PMPL earned a PAT of INR2.09 crore on a total income of INR32.61crore in FY10 as against a net loss of Rs.1.26 crore on a totalincome of INR44.49 crore during FY09. Furthermore, as per theprovisional results for 10MFY11, PMPL earned a PBT of INR2.55crore on a total income of INR34.84 crore.PARVATI INDUSTRIES: CARE Assigns 'CARE BB+' Rating to INR5cr Loan-----------------------------------------------------------------CARE assigns 'CARE BB+' and 'PR4' RATINGS to the bank facilitiesof Parvati Industries Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 27.70 'CARE BB+' Assigned Short-term Bank Facilities 5.00 'PR 4' AssignedRating RationaleThe ratings are mainly constrained by the modest financial riskprofile of Parvati Industries Pvt Ltd marked by low profitmargins, modest solvency & debt coverage indicators and weakliquidity position owing to the high working capital requirements.Further, the susceptibility of its margins to volatility in rawmaterial prices and the inherent risks associated with the riceindustry like high degree of fragmentation, seasonality andregulatory risk also constrain the ratings. The ratings, however,favorably take into account the vast experience of the promotersof PIPL in the rice industry and its established operations withforward integration into extraction business. Increase in scaleof operations and improvement in the financial risk profile aremajor key rating sensitivities.Ahmedabad-based PIPL was constituted by Mr. Purushottam Patel andhis family as a partnership firm in September 1999. Subsequentlyin April 2008, the firm was converted into a private limitedcompany. Mr. Purushottam Patel has experience of over threedecades in the rice industry. Currently he is retired and theentire operations are managed by third generation of his family.PIPL is engaged in manufacturing and trading of parboiled non-basmati rice and extraction of Rice Bran Oil (RBO). PIPL has ricemilling capacity of 15MT per hour and 300 MT per day of rice branresulting in annual RBO production capacity of 10,800 MT.During FY10, on total income of INR81.70 crore (FY09: INR46.36crore), PIPL earned PAT of INR1.64 crore (FY09: INR0.44 crore). Asper provisional results for FY11, PIPL reported net sales ofINR120.50 crore.PERUNDURAI GREEN: ICRA Assigns 'LBB' Rating to INR35cr Term Loan----------------------------------------------------------------ICRA has assigned an 'LBB' rating to the INR35 crore term loan ofPerundurai Green Energy Private Limited. ICRA's rating factors inthe execution risks inherent in greenfield power projects,including risks of cost and time overrun, as well as technologicalrisks, including the risk of non timely stabilization of thecompany's 6.4 MW biomass project at Perundurai (Tamil Nadu), whichis based on the gasification technology which is relativelyuntested in India for projects of such size. Further postcommissioning, the company will remain exposed to volatility inprices of bio-mass and risks related to availability of bio-mass.ICRA also notes that PPA is yet to be signed- management isevaluating various options for power selling model and dependingon the option chosen. Thus, the company will remain exposed toprice and off-take risk, although these risks are partly mitigatedby prevailing power deficit scenario in state of Tamil Nadu.The rating however favorably factors in the superior energyefficiency of the chosen technology resulting in -30% lowerconsumption on biomass compared to conventional combustiontechnology thereby resulting in lower variable cost of generation.The rating also draws comfort from the moderate leverage (2:1 debtequity ratio which is satisfactory with respect to power plants),long tenure of loans, ballooning structure of repayment with lowerinitial liability and substantial time gap between planned date ofcommissioning and repayment start date (~17 months) which providescushion for time overruns. ICRA has also derived comfort frompossibility of additional revenue streams from sale of activatedcarbon, char, CERs (Certified Emission Reductions) and RECs(Renewable Energy Certificates) income. About Perundurai GreenPerundurai Green Energy Pvt Ltd, which is a 100% subsidiary ofAll-Green India, is proposing to set-up a biomass plant of 6.4 MWcapacity in Perundurai district of Tamil Nadu. The project isbased on Biomass Integrated Gasification Combined Cycle (BIGCC)technology developed by Indian Institute of sciences and ProducerGas Engines sourced from GE Janbacher. The project cost is INR53crores and is being funded through INR35 crore and debt andbalance equity. The project is expected to be commissioned byMarch 2012.AllGreen Energy has been founded with objective to become one ofthe leading players in the Indian Biomass market, through theinstallation of 6.4 MW biomass gasification power plants usingagricultural waste. Company has strategy to have 3 greenfieldbiomass projects with -20 MW capacity and acquire -80 MW capacityin first phase. Reliance Venture and GE has invested into theCompany along with AllGreen Energy PTE Ltd, Singapore and PromoterMr. Kamlesh Tejwani.POLAR STAR: ICRA Assigns 'LBB-' Rating to INR28cr Bank Loan-----------------------------------------------------------ICRA has assigned a long term rating of 'LBB-' and has reaffirmedthe short term rating of 'A4' to the INR28.00 Crore fund basedfacilities of Polar Star. The limits are rated on both the scalessuch that the total utilization should not exceed INR28 Crores atany point of usage. The long-term rating has been assigned a'Stable' outlook. The rating reaffirmation takes into accountPS's relatively modest scale of operations, low operating margindue to the limited value addition in the business and highlyfragmented nature of the industry resulting in intensecompetition. Despite improvement in profitability in FY 2010,which is largely supported by exchange fluctuation gains, marginsremains exposed to the risk of fluctuations in exchange rates aswell as volatility in rough diamond prices. The rating, however,favorably factors in the long experience of the partners in theCPD business and comfortable gearing position at present. About Polar StarM/s Polar Star is a partnership firm established in 1989. The firmis managed by five partners namely Mr. Anup P. Zaveri, Mr. AshitP. Zaveri, Mr. Smitesh S. Mehta and Mr. Sujit S. Mehta. PS isengaged in import of rough diamonds and manufacturing and exportof cut and polished diamonds in the range of 55 cents & below. Thefirm has a registered office at Mumbai and a production facilityat Surat. PS has been accredited as a 'Two Star Export House' inthe year 2005 by the Ministry of Commerce and Industry. PS isengaged in import of rough diamonds, manufacturing and export ofcut and polished diamonds. It currently procures rough diamondsmainly through the local suppliers. The rough diamonds are cut &polished at the state-of-art manufacturing unit based at Surat.The polished diamonds are exported mainly to UAE, Belgium and HongKong. Presently, it caters to foreign markets only with 100%exports. The other line of business, which PS has engaged itselfin is the sale of electricity through its Wind Mill Project inSangli, Maharashtra primarily to avail tax benefits. The firm hasits marketing office at Mumbai and a production facility at Surat.PREMIER CARWORLD: CRISIL Puts 'B-' Rating on INR105MM Cash Credit-----------------------------------------------------------------CRISIL has assigned its 'B-/Stable/P4' ratings to the bankfacilities of Premier Carworld Pvt Ltd. Facilities Ratings ---------- ------- INR105 Million Cash Credit B-/Stable (Assigned) INR20 Million Bank Guarantee P4 (Assigned)The ratings reflect PCPL's weak financial risk profile, marked bysmall net worth, highly leveraged capital structure, and weak debtprotection metrics, and exposure to risk related to intensecompetition in auto dealership business. These rating weaknessesare partially offset by PCPL's association with Maruti SuzukiIndia Ltd (MSIL; rated 'AAA/Stable/P1+' by CRISIL) and itspromoters' extensive experience in trading businesses.CRISIL has treated INR50 million of unsecured loans received frompromoters' group companies, friends, and family as neither debtnor equity, for assessing PCPL's financial risk profile. This isbased on a specific undertaking from the management to maintainthese funds in the business till the bank loans are repaid.Outlook: StableCRISIL believes that PCPL will continue to benefit from itsassociation with MSIL and promoters' extensive experience in thetrading business, over the medium term. However, its financialrisk profile is constrained by its large debt-funded capitalexpenditure and initial stage of operations. The outlook may berevised to 'Positive' in case of a more-than-expected increase inPCPL's revenues or cash accruals or equity infusion, leading toimprovement in financial risk profile. Conversely, the outlook maybe revised to 'Negative' in case of lower-than-expected accrualsor incremental working capital requirements, leading todeterioration in financial risk profile. About Premier CarworldPCPL was set up in August 2010 by Mr. Ramesh Chand Agarwal. In2010, the company was appointed as an authorised MSIL dealer. Thecompany commenced operations in March 2011 and has a 30,062square-foot showroom under ownership and have warehousing facilityof 21,904 square foot, taken on rent from the promoter groupcompany in Kolkata, West Bengal. It also has a 50,585 square-footservice centre in the nearby location on rent. The promoter hasbeen engaged in trading of mobiles, pens, digital cameras, dishTV, BSNL products and other consumer goods in West Bengal over thepast two decades.SREE KUMAR: CRISIL Reaffirms 'B-' Rating on INR74.4MM Term Loan---------------------------------------------------------------CRISIL's ratings on the bank facilities of Sree Kumar Agro OilsPvt Ltd continue to reflect Sree Kumar's weak financial riskprofile, marked by a high gearing and weak debt protectionmetrics, modest scale of operations in the intensely competitiveedible oils industry, and product concentrated revenue profile.These rating weaknesses are partially offset by the Sree Kumar'sexperienced management team. Facilities Ratings ---------- ------- INR60.00 Million Cash Credit B-/Negative (Reaffirmed) INR74.40 Million Term Loan B-/Negative (Reaffirmed) INR0.60 Million Bank Guarantee P4 (Reaffirmed)Outlook: NegativeCRISIL believes that Sree Kumar will continue to face pressure onits liquidity over the near term because of the company's lowoperating margin and hence, low cash accruals. The ratings may bedowngraded if there is a sharp decline in Sree Kumar's revenues oroperating margin, most likely because of lower-than-expectedproduction level because of raw material availability issues.Conversely, the outlook may be revised to 'Stable' in case ofsustained improvement in the company's financial risk profile,most likely driven by increased revenues, more-than-expected cashaccruals, and comfortable liquidity. About Sree KumarIncorporated in December 2006, Sree Kumar commenced commercialproduction in October 2008. It manufactures rice bran oil and de-oiled rice bran at its solvent extraction plant at Jakkaramvillage, near Bhimavaram (Andhra Pradesh). The company has ricebran processing capacity of 350 tonnes per day (tpd) and refiningcapacity of 100 tpd.Sree Kumar reported a profit after tax of INR7.2 million on netsales of INR430.9 million for 2009-10 (refers to financial year,April 1 to March 31), against net loss of INR4.0 million on netsales of INR158.1 million for 2008-09. Sree Kumar's estimatedrevenues for 2010-11 are about INR593 million.TAURUS FLEXIBLES: CRISIL Assigns 'B-' Rating to INR13.2MM Loan--------------------------------------------------------------CRISIL has assigned its 'B-/Stable' rating to the bank facilitiesof Taurus Flexibles Pvt Ltd (TFPL; part of the Taurus group). Facilities Ratings ---------- ------- INR260.9 Million Cash Credit B-/Stable (Assigned) INR13.2 Million Term Loan B-/Stable (Assigned) INR30.0 Million Corporate Loan B-/Stable (Assigned)The ratings reflect the Taurus group's weak financial riskprofile, marked by low net worth, weak debt protection metrics andliquidity, and its working-capital-intensive operations. Theserating weaknesses are partially offset by Taurus group'spromoter's established relationships with major original equipmentmanufacturers (OEMs).For arriving at its ratings, CRISIL has combined the business andfinancial risk profiles of Taurus Flexibles Pvt Ltd (TFPL) andIndo Australian Hose Manufacturing Pvt Ltd (IAHMPL), togetherreferred to as the Taurus group, herein. This is because TFPL andIAHMPL have a common management team and have significantoperational and financial linkages.Outlook: StableCRISIL believes that the Taurus group will maintain its creditrisk profile, backed by its promoter's established relationshipswith major OEMs. The outlook may be revised to 'Positive' if thegroup's liquidity improves as a result of better working capitalmanagement, along with a sustained improvement in its financialrisk profile. Conversely, the outlook may be revised to 'Negative'in case the group reports lower-than-expected revenues orprofitability, or in case of stretch in working capital, leadingto deterioration in liquidity or financial risk profile. About Taurus FlexiblesThe Taurus group is into manufacturing of hose assemblies andnylon tubes for OEMs in India and abroad. The group is currentlymanaged by Mr. Bhuvan Kshettry and Mr. Rishi Kshettry. The group'spromoters have an experience of over 20 years in manufacturinghose assemblies. Their customers include OEMs such as Tata MotorsLimited (rated AA-/Stable/P1+), Ashok Leyland Limited (rated AA-/Positive/P1+), Eicher Motors Limited, Asia Motor Works Limited,General Motors India Private Limited, General Motors LLC and ABVolvo in the commercial vehicle segment. The group also has apresence in after markets (AM) in Europe and Mexico. The groupplans to set up manufacturing facilities in Pritampur andPantnagar (Gujarat) and expand the manufacturing capacity at itsPune plant.The Taurus group reported a profit after tax (PAT) of INR49.5million on net sales of INR1106.3 million for 2009-10 (refers tofinancial year, April 1 to March 31), as against a negative PAT ofINR7 million on net sales of INR769.9 million for 2008-09.VINEET EXPORTS: CRISIL Reaffirms 'P4' Rating on INR20MM Bank Loan-----------------------------------------------------------------CRISIL's rating on the bank facilities of Vineet Exports Pvt Ltdcontinues to reflect Vineet's average operating efficiency, markedby low profitability and average scale of operations, small networth, and customer concentrated revenue profile. These ratingweaknesses are partially offset by the experience of Vineet'spromoters in the iron ore trading business and the company'smoderate total outside liabilities to tangible net worth ratio anddebt protection metrics. Facilities Ratings ---------- ------- INR130.0-Mil. Export Packing Credit P4 (Reaffirmed) INR20.0-Mil. Proposed ST Bank Loan P4 (Reaffirmed) FacilitySet up in 2007 by Mr. Ankit Maheshwari and family, Vineet tradesin iron ore. It purchases iron ore from quarries in Orissa,Chhattisgarh, and Jharkhand. It exports, mainly to China, throughtrading companies such as CITIC Resources Holding Ltd, SwissSingapore Overseas Enterprises Pte Ltd, Kowa group (Japan), andWhite Dragon Trading LLC. The promoters have been in the tradingbusiness since 2005 through a partnership firm, Vineet andCompany; the firm became non-operational after Vineet wasincorporated.Vineet reported a profit after tax (PAT) of INR7.2 million on netsales of INR437.2 million for 2009-10 (refers to financial year,April 1 to March 31), against a PAT of INR3.6 million on net salesof INR288.6 million for 2008-09.=================I N D O N E S I A=================DIRGANTARA INDONESIA: Government to Inject IDR5 Trillion in Funds-----------------------------------------------------------------ANTARA News reports that Industry Minister MS Hidayat said theIndonesian government is planning to inject around IDR5.1 trillionin funds to PT Dirgantara Indonesia."It (the plan) is still under process," the news agency quotesMr. Hidayat as saying.According to ANTARA, the proposed capital injection will come inthe form of state capital placement in which the government willturn the state aircraft maker's debts into state capital.Mr. Hidayat said he had submitted a proposal for capital injectionto the House of Representatives Commission VI and the FinanceMinistry was currently studying the proposal, ANTARA relates."PT DI must be restructured first to make it bankable so it cancarry out production without past burden," Mr. Hidayat said.He expressed optimism that if the company had been restructured itwould be able to produce commercial planes which had highcompetitive edge, ANTARA News adds.As reported in the Troubled Company Reporter-Asia Pacific onDec. 15, 2009, The Jakarta Post said PT Dirgantara Indonesia wasseeking to restructure debts related to loans obtained under theInvestment Account Fund and Subsidiary Loan Agreement. PT DIpresident director Budiman Sales said its unpaid debts under theSLA and RDI facilities totaled IDR1.6 trillion. The company wouldpropose that the government convert the debt to equity in thealready 100-percent state owned company, Mr. Sales added. About Dirgantara IndonesiaPT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/-- is an Indonesian aerospace company in Asia with core competence inaircraft design, development and manufacture of civilian andmilitary regional commuter aircraft. In its production line,Dirgantara Indonesia has delivered more than 300 units ofaircraft and helicopters, defense system, aircraft componentsand other services.According to press reports, the company was not able to fullyrecover from the 1998 Asian financial crisis, and has soughtgovernment help to turn its business around. It has urged thegovernment to support the industry by purchasing aircraft fromPT DI, and is currently marketing its products to neighboringcountries in the region.As reported by the Troubled Company Reporter-Asia Pacific onSept. 7, 2007, the commercial court declared DirgantaraIndonesia bankrupt at the request of some of the aircraftmaker's dismissed workers, in a bid to extract retirement funds.The court declared victory of the claim of Dirgantara IndonesiaEmployees' Communication Forum Trade Union by affirmingbankruptcy of the company, the TCR-AP reported, citing ArifMinardi, general chairman of the trade union as saying.On Oct. 29, 2007, the TCR-AP reported that the IndonesianSupreme Court accepted an appeal filed by PT DirgantaraIndonesia over the Commercial Court's bankruptcy ruling.Supreme Court Judge Mariana Sutadi Mariana said the appeal wasaccepted because the former employees had no legal right to filean insolvency petition against a public company wholly owned bythe government, The Jakarta Post related. Under the existingbankruptcy law, the finance minister is the only party that isallowed to take a state-owned company to the bankruptcy court,the report explains.PT BANK PAN: Fitch Affirms Issuer Default Rating at 'BB'--------------------------------------------------------Fitch Ratings has revised PT Bank Pan Indonesia Tbk's Outlook toStable from Positive and affirmed its Long-Term Foreign CurrencyIssuer Default Rating (IDR) at 'BB'.The Outlook revision to Stable reflects Panin's weakening assetquality due to higher non-performing loans (NPLs) than Fitch'sexpectations as a result of aggressive corporate lending and lowerprovisioning compared with peers. However, the bank's ratingsremain underpinned by its satisfactory capital position andstronger profitability achieved in 2010.Its NPLs rose to 4.4% of total loans at end-2010 (2009: 3.2%)while special mention and structured loans dropped to 3.1% and5.1%, respectively (7% and 7.2%). Although reduced by rapid loangrowth, its total capital adequacy ratio (CAR) of 18.4% at end-2010 (23.9%) was far above the regulatory minimum of 8%. ItsTier 1 CAR was 16.1% at end-2010 (20.6%). Fitch believes that thebank's relatively satisfactory capital position should providesufficient buffer against an increase in NPLs. Due to its focus onsecured lending, Panin's provision cover was low at 65.8% of NPLsat end-2010, compared with 88.9% at end-2009 and the peer averageof 150% at end-2010.Panin was established in 1971 by the Gunawan family, who remainsin control of the bank through a 44.68% stake held by PT PaninFinancial Tbk. ANZ acquired a 29% stake in 1999, which was raisedto 38.2% in 2009.Panin's full rating breakdown: -- Long-Term Foreign Currency IDR affirmed at 'BB'; Outlook revised to Stable from Positive -- National Long-term Rating affirmed at 'AA(idn)'; Outlook Stable -- Individual Rating affirmed at 'C/D' -- Support Rating affirmed at '3' -- Senior rupiah-denominated debt affirmed at 'AA(idn)' -- Subordinated rupiah-denominated debt issued in 2008 with no deferral clauses affirmed at 'AA-(idn)' -- Subordinated rupiah-denominated debt issued in 2010 with deferral clauses affirmed at 'A+(idn)'=========K O R E A=========KUMHO ASIANA: Seeks to Sell Unit's Express Bus Division-------------------------------------------------------Yonhap News reports that Kumho Asiana Group said Tuesday it is intalks with its creditors to spin off and sell the express busdivision of Kumho Industrial Co. to improve its financialstructure."As part of efforts to improve our financial health, we are intalks with our creditors to sell the division," an official atKumho Asiana Group told Yonhap. "However, details of the salehave yet to be determined."Kumho Industrial, the construction arm of Kumho Asiana Group, hastwo business divisions, a construction unit and an express busunit.As reported in the Troubled Company Reporter-Asia Pacific onFeb. 17, 2011, Korea Development Bank is seeking to sell 37.6%stake in Korea Express in a bid to wrap up the restructuring ofthe group. Last year, KDB, a state-run lender, took over DaewooEngineering & Construction Co. in an effort to speed up thenormalization of the conglomerate, which is under a creditors-leddebt rescheduling program.Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,that it plans to raise KRW1.3 trillion from asset sales to helprepay debt stemming from the 2006 takeover of Daewoo Engineering.The group has already sold assets and lost control of units,including Daewoo Engineering, Kumho Industrial Co., and Kumho TireCo. to creditors. About Kumho AsianaEstablished in 1946, Kumho Asiana Group is a large South Koreanconglomerate, with subsidiaries in the automotive, industry,leisure, logistic, chemical and airline fields. The group isheadquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,Jongno-gu, Seoul, South Korea.KUMHO ASIANA: Samsung SDS Joins POSCO in Korea Express Stake Bid----------------------------------------------------------------Yonhap News reports that Samsung SDS Co., an informationtechnology service unit of South Korea's largest industrial group,said Thursday that it will partner with steel giant POSCO to bidfor a stake in Korea Express.Yonhap relates that Samsung SDS will join the consortium of POSCOto buy a 5% stake in Korea Express, it said in a regulatoryfiling. The financial terms were not disclosed, Yonhap notes.Meanwhile, The Korea Times reports that creditors of Korea Expressare likely to pick the preferred bidder next week to acquire thelogistics firm in their efforts to wrap up the delayed deal asearly as August.Korea Times, citing industry sources, says creditors led by KoreaDevelopment Bank concluded that they will end the bidding Mondayand notified the three preliminary bidders - POSCO, CJ Group andLotte Group.The creditors intend to name the preferred bidder within threedays, which puts the sale on track for completion in late Augustor early September, Korea Times adds.As reported in the Troubled Company Reporter-Asia Pacific onFeb. 17, 2011, Korea Development Bank is seeking to sell its 37.6%stake in Korea Express in a bid to wrap up the restructuring ofthe group. Last year, KDB, a state-run lender, took over DaewooEngineering & Construction Co. in an effort to speed up thenormalization of the conglomerate, which is under a creditors-leddebt rescheduling program.Bloomberg News reported that Kumho Asiana Group said Jan. 5, 2010,that it plans to raise KRW1.3 trillion from asset sales to helprepay debt stemming from the 2006 takeover of Daewoo Engineering.The group has already sold assets and lost control of units,including Daewoo Engineering, Kumho Industrial Co., and Kumho TireCo. to creditors.Korea Express Co., Ltd. provides land and marine transportation,and logistics services. The company also operates stevedoring,distribution, and warehousing businesses that serve domestic andinternational customer needs. The company is part of the KumhoAsiana Group. About Kumho AsianaEstablished in 1946, Kumho Asiana Group is a large South Koreanconglomerate, with subsidiaries in the automotive, industry,leisure, logistic, chemical and airline fields. The group isheadquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,Jongno-gu, Seoul, South Korea.====================N E W Z E A L A N D====================PIKE RIVER: Receiver Shows Concern Over Liquidation---------------------------------------------------9news reports that Pike River Coal Ltd receiver said that moves bycontractors to have the company placed into receivership could bedetrimental to the value received from the sale of the mine.The West Coast mine has been closed since explosions rippedthrough it last November killing 29 men, 9news recalls. PikeRiver Coal was placed in receivership after the tragedy, and nowthe Pike River contractors and suppliers group, whose members areowed $NZ5 million ($A3.85 million) by the company, are to file acourt action to have the company placed into liquidation,according to 9news.9news says that Mr. Fisk said he had been discussing the prospectof liquidation with the contractors for a couple of months.However, 9news notes, liquidation would not change anything aboutthe process the receivers were going through to realize PikeRiver's assets. It also would not make any more money availableor change the timing of when unsecured creditors might get paid,Mr. Fisk told RadioNZ, the report relates. About Pike RiverPike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is a New Zealand-based coal mining company. The Company, along withits subsidiaries, is primarily engaged in the exploration,evaluation, development and production of coal. It operates acoal mine that lies under the Paparoa Ranges.Pike River Coal Ltd, the company that operates the coal mine where29 miners died in a series of explosions in November 2010, wasplaced into receivership in December 2010. New Zealand Oil & Gas,the company's largest shareholder, appointed accountantsPricewaterhouseCoopers as receivers. The company owed NZ$80million to secured creditors BNZ and NZ Oil & Gas. Pike Riveralso owed another estimated NZ$10 million to NZ$15 million tocontractors, including some of the men who lost their lives in thedisaster.===============X X X X X X X X===============* Large Companies with Insolvent Balance Sheets----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------AUSTRALIAARASOR INTERNATI ARR 19.21 -26.51ARTURUS CAPITAL AKW 12.27 -0.43ARTURUS CAPITA-N AKWN 12.27 -0.43ASTON RESOURCES AZT 469.54 -7.49AUSTAR UNITED AUN 679.40 -250.96AUSTRALIAN ZI-PP AZCCA 77.74 -2.57AUSTRALIAN ZIRC AZC 77.74 -2.57AUTRON CORP LTD AAT 32.50 -13.46AUTRON CORP LTD AAT 32.50 -13.46BCD RESOURCES OP BCO 27.90 -79.33BCD RESOURCES-PP BCOCC 27.90 -79.33BECTON PROPERTY BEC 369.83 -26.80BIRON APPAREL LT BIC 19.71 -2.22CENTRO PROPERTIE CNP 15,483.4 -349.73CHEMEQ LTD CMQ 25.19 -24.25COMPASS HOTEL GR CXH 88.33 -1.08JAMES HARDIE-CDI JHX 1,971.80 -450.10JAMES HARDIE NV JHXCC 1,971.80 -450.10MACQUARIE ATLAS MQA 1,894.75 -230.50MAVERICK DRILLIN MAD 24.66 -1.30MISSION NEWENER MBT 20.38 -44.05NATURAL FUEL LTD NFL 19.38 -121.51NEXTDC LTD NXT 17.46 -0.14ORION GOLD NL ORN 11.60 -10.91POWERLAN LTD PWR 28.30 -3.64REDBANK ENERGY L AEJ 3,564.36 -383.39RIVERCITY MOTORW RCY 386.88 -809.14SCIGEN LTD-CUFS SIE 65.56 -38.80SHELL VILLAGES A SVC 13.47 -1.66STIRLING RESOURC SRE 31.19 -0.62TAKORADI LTD TKG 13.99 -0.41VERTICON GROUP VGP 10.08 -29.12VIEW RESOURCES L VRE 12.47 -31.06YANGHAO INTERNAT YHL 44.32 -54.68CHINABAOCHENG INVESTM 600892 30.32 -4.51CHENGDE DALU -B 200160 29.42 -3.92CHENGDU UNION-A 693 34.23 -11.72CHINA FASHION CFH 10.11 -0.76CHINA KEJIAN-A 35 95.09 -182.83CONTEL CORP LTD CTEL 59.31 -46.86CONTEL CORP-RT CTELR 59.31 -46.86DONGGUAN FANGD-A 600656 34.84 -41.32DONGXIN ELECTR-A 600691 15.96 -19.92GUANGDONG ORIE-A 600988 12.78 -5.53GUANGDONG SUNR-A 30 111.22 0.00GUANGDONG SUNR-B 200030 111.22 0.00GUANGXIA YINCH-A 557 19.01 -42.85HEBEI BAOSHUO -A 600155 132.22 -401.91HEBEI JINNIU C-A 600722 246.19 -48.05HUASU HOLDINGS-A 509 90.78 -4.91HUNAN ANPLAS CO 156 45.29 -45.53JILIN PHARMACE-A 545 35.52 -6.20JINCHENG PAPER-A 820 212.09 -116.17MUDAN AUTOMOBI-H 8188 29.41 -1.38QINGDAO YELLOW 600579 219.72 -6.53SHANG BROAD-A 600608 50.03 -9.23SHANG HONGSHENG 600817 15.87 -286.48SHANXI LEAD IN-A 673 23.94 -0.60SHENZ CHINA BI-A 17 20.97 -266.50SHENZ CHINA BI-B 200017 20.97 -266.50SHENZ INTL ENT-A 56 233.81 -22.28SHENZ INTL ENT-B 200056 233.81 -22.28SHENZHEN DAWNC-A 863 26.00 -157.48SHENZHEN KONDA-A 48 116.99 -7.20SHENZHEN ZERO-A 7 42.69 -5.05SHIJIAZHUANG D-A 958 227.37 -68.82SICHUAN DIRECT-A 757 95.94 -166.82SICHUAN GOLDEN 600678 209.26 -82.69TAIYUAN TIANLO-A 600234 52.85 -27.82TIANJIN MARINE 600751 114.38 -61.31TIANJIN MARINE-B 900938 114.38 -61.31TOPSUN SCIENCE-A 600771 171.85 -115.05WUHAN BOILER-B 200770 272.46 -141.76WUHAN GUOYAO-A 600421 11.05 -27.01WUHAN LINUO SOLA 600885 107.30 -0.72XIAMEN OVERSEA-A 600870 225.63 -137.22YANBIAN SHIXIA-A 600462 204.34 -11.55YANTAI YUANCHE-A 600766 67.22 -5.72YUEYANG HENGLI-A 622 38.46 -19.46YUNNAN MALONG-A 600792 133.04 -61.60ZHANGJIAJIE TO-A 430 31.65 -3.43HONG KONGASIA TELEMEDIA L 376 16.62 -5.37BUILDMORE INTL 108 16.19 -50.25CHINA HEALTHCARE 673 44.13 -4.49CHINA OCEAN SHIP 651 454.18 -13.94CHINA PACKAGING 572 18.18 -16.83CMMB VISION HOLD 471 37.41 -10.99COSMO INTL 1000 120 83.56 -37.93DORE HOLDINGS LT 628 25.44 -5.34EGANAGOLDPFEIL 48 557.89 -132.86FULBOND HLDGS 1041 117.50 -6.87GUOJIN RESOURCES 630 18.21 -17.00MELCOLOT LTD 8198 56.90 -46.99MITSUMARU EAST K 2358 30.04 -15.37NGAI LIK INDL 332 22.70 -9.69PALADIN LTD 495 149.78 -11.62PCCW LTD 8 6,192.51 -78.22PROVIEW INTL HLD 334 314.87 -294.85SINO RESOURCES G 223 10.01 -41.90SMART UNION GP 2700 32.14 -40.01TACK HSIN HLDG 611 27.70 -53.62TONIC IND HLDGS 978 67.67 -37.85INDONESIAARPENI PRATAMA APOL 666.87 -31.20ASIA PACIFIC POLY 485.51 -861.80ERATEX DJAJA ERTX 11.72 -23.99HANSON INTERNATI MYRX 15.31 -12.34HANSON INT-PREF MYRXP 15.31 -12.34JAKARTA KYOEI ST JKSW 32.30 -42.35MITRA INTERNATIO MIRA 970.13 -256.04MITRA RAJASA-RTS MIRA-R2 970.13 -256.04MULIA INDUSTRIND MLIA 504.77 -54.04PANASIA FILAMENT PAFI 37.96 -15.94PANCA WIRATAMA PWSI 31.51 -39.11SMARTFREN TELECO FREN 499.34 -13.31SURABAYA AGUNG SAIP 248.01 -94.93TOKO GUNUNG AGUN TKGA 11.65 -0.30UNITEX TBK UNTX 18.22 -17.81INDIAARTSON ENGR ART 23.87 -0.60ASHAPURA MINECHE ASMN 191.87 -68.03ASHIMA LTD ASHM 63.23 -48.94ATV PROJECTS ATV 60.46 -55.04BALAJI DISTILLER BLD 66.32 -25.40BELLARY STEELS BSAL 451.68 -108.50BHAGHEERATHA ENG BGEL 22.65 -28.20CAMBRIDGE SOLUTI CAMB 149.58 -56.66CANTABIL RETAIL CANT 55.23 -8.54CFL CAPITAL FIN CEATF 15.35 -46.89COMPUTERSKILL CPS 14.90 -7.56CORE HEALTHCARE CPAR 185.36 -241.91DCM FINANCIAL SE DCMFS 17.10 -9.46DFL INFRASTRUCTU DLFI 42.74 -6.49DIGJAM LTD DGJM 99.41 -22.59DUNCANS INDUS DAI 133.65 -205.38FIBERWEB INDIA FWB 12.23 -16.21GANESH BENZOPLST GBP 48.95 -22.44GEM SPINNERS LTD GEMS 16.44 -1.53GLOBAL BOARDS GLB 14.98 -7.51GSL INDIA LTD GSL 29.86 -42.42HARYANA STEEL HYSA 10.83 -5.91HENKEL INDIA LTD HNKL 102.05 -10.24HIMACHAL FUTURIS HMFC 406.63 -210.98HINDUSTAN PHOTO HPHT 74.44 -1,519.11HINDUSTAN SYNTEX HSYN 15.20 -3.81HMT LTD HMT 142.67 -386.80ICDS ICDS 13.30 -6.17INTEGRAT FINANCE IFC 49.83 -51.32JAYKAY ENTERPRIS JEL 13.51 -3.03JCT ELECTRONICS JCTE 122.54 -50.00JD ORGOCHEM LTD JDO 10.46 -1.60JENSON & NIC LTD JN 17.91 -84.78JIK INDUS LTD KFS 20.63 -5.62JOG ENGINEERING VMJ 50.08 -10.08KALYANPUR CEMENT KCEM 33.31 -30.53KERALA AYURVEDA KRAP 13.99 -1.18KIDUJA INDIA KDJ 17.15 -2.28KINGFISHER AIR KAIR 1,883.62 -661.89KINGFISHER A-SLB KAIR/S 1,883.62 -661.89KITPLY INDS LTD KIT 48.42 -24.51LLOYDS FINANCE LYDF 21.65 -11.39LLOYDS STEEL IND LYDS 510.00 -48.98LML LTD LML 65.26 -56.77MAHA RASHTRA APE MHAC 24.13 -14.27MILLENNIUM BEER MLB 52.23 -5.22MILTON PLASTICS MILT 18.65 -52.29MTZ POLYFILMS LT TBE 31.94 -2.57NICCO CORP LTD NICC 75.56 -6.49NICCO UCO ALLIAN NICU 32.23 -71.91NK INDUS LTD NKI 49.04 -4.95NUCHEM LTD NUC 24.72 -1.60ORIENT PRESS LTD OP 16.70 -0.09PANCHMAHAL STEEL PMS 51.02 -0.33PARASRAMPUR SYN PPS 99.06 -307.14PAREKH PLATINUM PKPL 61.08 -88.85PEACOCK INDS LTD PCOK 11.40 -14.40PIRAMAL LIFE SC PLSL 45.82 -32.69QUADRANT TELEVEN QDTV 188.57 -116.81RAJ AGRO MILLS RAM 10.21 -0.61RATHI ISPAT LTD RTIS 44.56 -3.93REMI METALS GUJA RMM 102.64 -5.29RENOWNED AUTO PR RAP 14.12 -1.25ROLLATAINERS LTD RLT 22.97 -22.24ROYAL CUSHION RCVP 20.62 -75.53SCOOTERS INDIA SCTR 18.63 -6.88SEN PET INDIA LT SPEN 12.99 -25.24SHAH ALLOYS LTD SA 212.81 -9.74SHALIMAR WIRES SWRI 24.87 -51.77SHAMKEN COTSYN SHC 23.13 -6.17SHAMKEN MULTIFAB SHM 60.55 -13.26SHAMKEN SPINNERS SSP 42.18 -16.76SHREE GANESH FOR SGFO 44.50 -2.89SHREE RAMA MULTI SRMT 64.03 -44.99SIDDHARTHA TUBES SDT 76.98 -12.45SOUTHERN PETROCH SPET 1,584.27 -4.80SQL STAR INTL SQL 11.69 -1.14STI INDIA LTD STIB 30.87 -10.59TAMILNADU TELE TNT 12.82 -5.15TATA TELESERVICE TTLS 1,311.30 -138.25TATA TELE-SLB TTLS/S 1,311.30 -138.25TRIUMPH INTL OXIF 58.46 -14.18TRIVENI GLASS TRSG 24.55 -8.57TUTICORIN ALKALI TACF 14.15 -11.20UNIFLEX CABLES UFC 45.05 -0.90UNIFLEX CABLES UFCZ 45.05 -0.90UNIMERS INDIA LT HDU 18.08 -5.86UNITED BREWERIES UB 2,652.00 -242.53UNIWORTH LTD WW 161.65 -143.41USHA INDIA LTD USHA 12.06 -54.51VENTURA TEXTILES VRTL 15.19 -0.99VENUS SUGAR LTD VS 11.06 -1.08WIRE AND WIRELES WNW 115.34 -34.49JAPANARRK CORP 7873 1,221.45 -37.80C&I HOLDINGS 9609 32.82 -39.23CROWD GATE CO 2140 11.63 -4.29KFE JAPAN CO LTD 3061 17.86 -2.27L CREATE CO LTD 3247 42.34 -9.15LCA HOLDINGS COR 4798 55.65 -3.28NIS GROUP CO LTD 8571 477.70 -75.44PROPERST CO LTD 3236 305.90 -330.20SHIOMI HOLDINGS 2414 201.19 -33.62S-POOL INC 2471 18.11 -0.41KOREAAJU MEDIA SOL-PF 44775 13.82 -1.25DAISHIN INFO 20180 740.50 -158.45KUKDONG CORP 5320 53.07 -1.85KUMHO INDUS-PFD 2995 5,837.32 -967.28KUMHO INDUSTRIAL 2990 5,837.32 -967.28ORICOM INC 10470 82.65 -40.04SAMT CO LTD 31330 200.83 -152.09SEOUL MUTL SAVIN 16560 874.79 -34.13SUNGJEE CONSTRUC 5980 114.91 -83.19TONG YANG MAGIC 23020 355.15 -25.77YOUILENSYS CORP 38720 166.70 -12.34MALAYSIABANENG HOLDINGS BANE 50.30 -3.48HAISAN RESOURCES HRB 64.66 -0.15HO HUP CONSTR CO HO 67.48 -8.90JPK HOLDINGS BHD JPK 20.34 -0.50LUSTER INDUSTRIE LSTI 22.93 -3.18MITHRIL BHD MITH 29.69 -0.27NGIU KEE CO-BHD NKC 14.81 -12.42TRACOMA HOLDINGS TRAH 57.09 -24.60VTI VINTAGE BHD VTI 15.71 -1.28PHILIPPINESCYBER BAY CORP CYBR 14.16 -92.96EAST ASIA POWER PWR 31.58 -185.31FIL ESTATE CORP FC 40.29 -14.05FILSYN CORP A FYN 23.37 -11.33FILSYN CORP. B FYNB 23.37 -11.33GOTESCO LAND-A GO 21.76 -19.21GOTESCO LAND-B GOB 21.76 -19.21PICOP RESOURCES PCP 105.66 -23.33STENIEL MFG STN 20.43 -15.89UNIWIDE HOLDINGS UW 50.36 -57.19VICTORIAS MILL VMC 164.26 -18.20SINGAPOREADV SYSTEMS AUTO ASA 18.93 -11.69ADVANCE SCT LTD ASCT 25.29 -10.05HL GLOBAL ENTERP HLGE 93.13 -13.57JAPAN LAND LTD JAL 203.24 -14.68LINDETEVES-JACOB LJ 20.64 -6.07NEW LAKESIDE NLH 19.34 -5.25SUNMOON FOOD COM SMOON 17.25 -15.34TT INTERNATIONAL TTI 266.39 -59.41THAILANDABICO HLDGS-F ABICO/F 15.28 -4.40ABICO HOLDINGS ABICO 15.28 -4.40ABICO HOLD-NVDR ABICO-R 15.28 -4.40ASCON CONSTR-NVD ASCON-R 59.78 -3.37ASCON CONSTRUCT ASCON 59.78 -3.37ASCON CONSTRU-FO ASCON/F 59.78 -3.37BANGKOK RUBBER BRC 97.98 -81.80BANGKOK RUBBER-F BRC/F 97.98 -81.80BANGKOK RUB-NVDR BRC-R 97.98 -81.80CALIFORNIA W-NVD CAWOW-R 36.95 -7.36CALIFORNIA WO-FO CAWOW/F 36.95 -7.36CALIFORNIA WOW X CAWOW 36.95 -7.36CIRCUIT ELEC PCL CIRKIT 16.79 -96.30CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30DATAMAT PCL DTM 12.69 -6.13DATAMAT PCL-NVDR DTM-R 12.69 -6.13DATAMAT PLC-F DTM/F 12.69 -6.13ITV PCL ITV 37.14 -110.85ITV PCL-FOREIGN ITV/F 37.14 -110.85ITV PCL-NVDR ITV-R 37.14 -110.85K-TECH CONSTRUCT KTECH 38.87 -46.47K-TECH CONSTRUCT KTECH/F 38.87 -46.47K-TECH CONTRU-R KTECH-R 38.87 -46.47KUANG PEI SAN POMPUI 17.70 -12.74KUANG PEI SAN-F POMPUI/F 17.70 -12.74KUANG PEI-NVDR POMPUI-R 17.70 -12.74PATKOL PCL PATKL 52.89 -30.64PATKOL PCL-FORGN PATKL/F 52.89 -30.64PATKOL PCL-NVDR PATKL-R 52.89 -30.64PICNIC CORP-NVDR PICNI-R 101.18 -175.61PICNIC CORPORATI PICNI 101.18 -175.61PICNIC CORPORATI PICNI/F 101.18 -175.61PONGSAAP PCL PSAAP/F 24.61 -10.99PONGSAAP PCL PSAAP 24.61 -10.99PONGSAAP PCL-NVD PSAAP-R 24.61 -10.99SAHAMITR PRESS-F SMPC/F 21.99 -4.01SAHAMITR PRESSUR SMPC 21.99 -4.01SAHAMITR PR-NVDR SMPC-R 21.99 -4.01SUNWOOD INDS PCL SUN 19.86 -13.03SUNWOOD INDS-F SUN/F 19.86 -13.03SUNWOOD INDS-NVD SUN-R 19.86 -13.03THAI-DENMARK PCL DMARK 15.72 -10.10THAI-DENMARK-F DMARK/F 15.72 -10.10THAI-DENMARK-NVD DMARK-R 15.72 -10.10THAI-GERMAN PR-F TGPRO/F 55.31 -8.54THAI-GERMAN PRO TGPRO 55.31 -8.54THAI-GERMAN-NVDR TGPRO-R 55.31 -8.54TRANG SEAFOOD TRS 13.90 -3.59TRANG SEAFOOD-F TRS/F 13.90 -3.59TRANG SFD-NVDR TRS-R 13.90 -3.59TT&T PCL TTNT 656.18 -194.61TT&T PCL-NVDR TTNT-R 656.18 -194.61TT&T PUBLIC CO-F TTNT/F 656.18 -194.61TAIWANCHIEN TAI CEMENT 1107 214.12 -49.02HELIX TECH-EC 2479T 23.39 -24.12HELIX TECH-EC IS 2479U 23.39 -24.12HELIX TECHNOL-EC 2479S 23.39 -24.12TAIWAN KOL-E CRT 1606U 507.21 -147.14TAIWAN KOLIN-EN 1606V 507.21 -147.14TAIWAN KOLIN-ENT 1606W 507.21 -147.14VERTEX PREC-ENTL 5318T 42.24 -5.08VERTEX PRECISION 5318 42.24 -5.08 *********Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements email@example.com's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore 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 NTroubled 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, Psyche A. Castillon, Ivy B. Magdadaro,Frauline S. Abangan, and Peter A. Chapman, Editors.Copyright 2011. All rights reserved. ISSN: 1520-9482.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto 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 samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactChristopher Beard at 240/629-3300. *** End of Transmission ***


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Summer in Sydney is fantastic. Bright skies, hot days and scores of beaches to choose from. Last weekend I took advantage of the brilliant weather and headed down to Bronte beach in Sydney's Eastern suburbs. Unfortunately, on this day, an east coast low had pushed the surf up, and the beach was closed because of a dangerous rip. Luckily, Bronte is blessed with an ocean pool, and on days like this it can be brilliant fun! With a big surf, the waves crash into the side of the pool. You can stand on the edge of the pool and hold onto a chain. It's a lot of fun but pretty hard to describe in words, so here is a picture:
So, why am I carrying on about beaches and surf on a recruitment agency blog? Here is the story. A guy – let's call him Eugene – who was obviously not a regular beach goer, was enjoying the big surf at the rope. In between sets, he turned and shouted over the roaring surf to the gathered crowd on the other side of the pool:
Eugene: Mate, can you please check my phone? Mate: What???! Eugene: [moving his hand up to his face] My phone.....can you find my phone? Mate: Oh… Where is it? Eugene: What????! Mate: Where is it?? Eugene: Under the towel. Mate: Got it! You have a missed call. Eugene: What's the number???? Mate: [raising his fingers to demonstrate the number to Eugene and the rest of the crowd] Oh, four, one, three, five… Eugene: Hold on mate…
The written word doesn't really do justice to the ridiculous nature of this conversation. Big surf, crashing waves, a crowd and someone checking their mobile. Just another example of where checking your phone is really inappropriate. There are plenty of posts on mobile phone etiquette, but here a few tips on how to use your mobile phone when job searching;
- Make sure your voicemail message is simple and easily understood. Avoid novelty messages and having no voicemail at all.
- Make sure your phone is turned off when you go to interview. It's an obvious one, but many people forget. Then if you know you have turned it off, check it. Again.
- For the love of God, don't actually answer the phone in the interview. Don't!
- Do not put your phone on the table when you are in an interview. It is perceived as invading the space of the interviewer and sends a message that the phone has undue importance.
...and finally, don't ask your mate to check your phone while wearing your ill fitting board shorts in front of 300 people while a raging surf crashes around you!

subset: commoncrawl


text:
Networking: How to get your black belt in business success
Do you want to build a network of useful contacts in order to kick-start your career but dont know how? Are you aware of the crucial importance of networking but lack the know-how to get started? Or do you think networking entails just pitching up at a cocktail party and handing out your business cards? If any of the above, this book is for you!


text: Our professional in-house content writing team has the creativity and skill needed to create the right content for you or your business, whether you need web-pages, articles, blog posts, or social media posts. Please fill out the form below, providing as much detail as you can. Once you submit the form, we will get back to you within 2 business days with additional questions and/or an offer.


text:
Useful links
Macmillan Cancer Research
Cancer Research
Helen Rollason Cancer Support Centre
Contact us
Ramsay hospitals offers a range of screening and diagnostic procedures at a time convenient to you, and also offers treatment for some of the most common types of cancer. We offer the support of multi-disciplinary teams who will be working together to ensure you get the care which is right for you.
If you would like to discuss possible tests or treatment contact us.


text:
N I'm drinking this invention I call "do-it-fluid" I had a bottle of vodka that was 3/4th empty, so I put in 1/4th rum, 1/4th tequila, 1/4th whisky... it's definitely the worst idea ever..
Half Baked? Au contraire, Ben and Jerry, I was fully baked when I ate that whole pint of ice cream.
No i'm not calming down the girl at white castle did not need to see the picture of my dick on your phone.
Mom's drinking. Just asked her if she was good to walk back to the condo. She seemed unsure until she remembered she brought the GPS. We are 2 blocks from the condo.
I'm going as Jenn Sterger if she answered Favre's calls and ended up in a trash can. If I don't get laid tonight I'm going to be pissed
How did your new apartment party go last night?
I'm really happy i have a bigger bathroom to puke in.
The low-flow toilet at my office cannot handle the intensity of this hangover.
I'm in a dress, surrounded by Republicans, and the bartender just told me he's "out of Jack Daniels" in a very accusatory tone. Shit, is it only 8 PM?
I wonder if there will ever be a day where I don't find lisps really really hilarious.
sometimes i really wish you were a nugget.
my mom just left...time to break out that water bottle of wine that I sewed into my teddy bear
Used my jumper cables as a bottle opener last night. Really pleased with my problem solving skills.
community service is like the breakfast club... except we're all the criminal.
So I have the professor convinced that the textbook will take another week to deliver. that should give me enough time to replace the cash i spent on strippers.


text: www.lilypadpicnic.com Toggle search bar MY CART ( ) Special Event Tickets Pontoon Boat Rides Tickets Meal tickets Brunch Adult Child (10 and under) Picnic Adult Child (10 and under) No Meal tickets About Us Lilypad Merchandise Donation Search... Search Submit SELECT A CATEGORY CLOSE MENU Meal Tickets Nav Menu 3 Nav Menu 4 Nav Menu 5 Nav Menu 6 Nav Menu 7 Nav Menu 8 Home > Tickets > Meal tickets > Picnic > Child (10 and under) > Saturday Picnic Lunch - Child Alternative Views: Our Price: $25.00 Product Code: SPLC1 Sandwich: Burger Hot dog Vegetarian Bratwurst Sausage Second Sandwich: None Vegetarian [Add $5.00] Burger [Add $5.00] Bratwurst Sausage [Add $5.00] Veggie hot dog [Add $5.00] Hot dog [Add $5.00] Qty: Description 10th Annual Lilypad Picnic Celebration10:00 - 4:30 This ticket includes lunch*********PLEASE ADD THE NAMES OF ALL ATTENDEES IN THE COMMENTS BOX, FOR NAME TAGS**Sandwich options are BURGER, BRAT, HOT DOG or VEGETARIAN. VEGETARIAN is faux hot dog or pulled pork made from jackfruit and BBQ sauce**Meal includes:Chips Pickles Cheese Sweet & Sour cold Baked beans Nappa cabbage salad Mac n cheese Drinks: Water LemonadePlease be sure to check the "Second Sandwich" option as well. Additional sandwiches are $5.


text:
Hilary MARSHALL
ArmsBarry of six sable and argent, on a pale ermine three horse shoes palewise Or.
CrestA man in armour affronté holding in the dexter hand a javelin, supporting with his sinister hand a flagstaff ppr. holding a banner sable charged with two horseshoes Or.
MottoCARPE DIEN (seize the day)
The horseshoes reflect the origin of the surname, which suggests ' one who tends horses'. The small escutcheon on the lozenge is used as a difference to indicate a widow bearing her paternal arms. Hilary Marshall (maiden name) is included within the limitations of the grant of 1899, which extended to include the descendants of the grantee's uncle, her great-great-grandfather, William Marshall of Patterdale Hall Westmorland.
Granted13th May 1899
Located in: Members


text:
Chaucer at the Court of Edward III - Early compositional Study / Study for the Figure of Milton and two Designs for Tombstones
Accession number: 1906P680
Pencil with iron gall ink on paper.
Width: 185 mm
Height: 254 mm
In 1845 Ford Madox Brown was in Rome having brought his wife to a gentler climate for health reasons. Inspired by competitions back in England to redecorate the Houses of Parliament in a medieval style, and the nineteenth-century Northern Italian tradition of venerating literary figures, Brown came up with the idea of painting a triptych in honour of English poetry. The original design was to have a central scene of Chaucer reading to Edward III and his Court and two side wings filled with the figures and names of famous British poets. In the end the wings were abandoned as the project had become to big to complete. This is one of two very early compositional studies for the central panel at the Birmingham Museum and Art Gallery. Many of the figures in this early drawing appear in the final painting and it is interesting to see how soon Brown had settled on a composition. On the back of the drawing is a sketch for the figure of Milton for the left wing and two tomb designs which are likely to be designs for the headstone of his wife Elizabeth who died in 1846 shortly after Brown made this drawing.LM
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text:
|Youth Glynnhorn
|Real Name
|Youth Glynnhorn
|Voice (Japanese)
|Tetsuya Kakihara
|Voice (Italian)
|Paola Majano
|Voice (Thai)
|Pakkapoom Limmanasathaporn
|First Appearance
|Ep 1
|Battle Statistics
|Preferred Color
|Key Cards
|The ThunderEmperorDragon Siegwurm
The StarEmperorDragon Meteorwurm
The SunDragonDeity Rising-Apollodragon
|The StarEmperorDragon Meteorwurm
The SunDragonDeity Rising-Apollodragon
Youth Glynnhorn (ユース・グリンホルン) is a character in the anime and manga series Battle Spirits Brave.
Youth has blue hair that spikes up on the side, and blue eyes. He wears an orange hair band. He has a blue sleeveless shirt and white and blue pants He wears brown boots and fingerless gloves, and has an orange band on each arm.
Youth comes off as distant and serious as first. He also has a brash and impulsive side. He hates mazoku, and is very vocal about it. But later on in the series, he became trusting to the mazoku.
Youth is the pilot of the Sophia. He has a strong hatred towards mazoku, particularly Geraid, because of an event in his childhood.
When Dan first arrived in the future, he was treated as the savior of humanity, especially by Mai and Clackey. Only Youth lacked faith in him, especially seeing Dan's defeat at Barone's hands. When he tried to confront the others about this, no one would take his side. Clackey challenged Youth to a battle, to show him what Dan went through each time he battled. Youth lost the battle, and began to feel some sympathy toward Dan.
After learning about the 12 Zodiac X-rares, which could prevent the Earth's reset, Youth lashed out at Dan, blaming him for being the indirect cause of all the future's problems. He ran off, deciding to resign from piloting. Mai followed after him. She told Youth about Zungurii and how he became strong by always watching Dan. She suggested to Youth to try the same. Youth chose to return after this.
On the Sophia's way to Oct, Youth met Rugain, a young mazoku, in a neutral zone. Rugain assured that he wasn't there to cause conflict, and talked to Youth about his deck. He convinced Youth to stick with using red, when he had doubts about it. After that, he and Rugain remained good friends.
Youth got his chance to have a serious battle on the quest to find the 12 Zodiac X-rares. His opponent was a woman named Olga, who would only give them The WaterCarrierDeity Aqua-Elysion if he could defeat her. He overcame his worry and was able to win.
After Dan is badly injured by Duc, and the X-rares they'd collected thus far were stolen, Youth began to feel incompetent. He decided to battle Duc himself, despite his comrades' objections. Youth was defeated, and felt ashamed for his failure.
When Suzuri came to the Sophia, he helped to cheer Youth up, who was now further traumatized by the knowledge that mazoku and humans were the same species. He gave a new card to Youth, who would help Dan test his new deck. Dan defeated Youth, but Youth was determined to beat Dan someday.
While searching for the X-rares, the Sophia traveled to Youth's hometown in Australia. There, he met his childhood friend Karen. It was revealed that the two watched their parents be murdered by mazoku, which was ordered by Geraid. While there, they were able to gain The BullDragonDeity Dragonic-Taurus.
While on Oct, Youth and Mai encountered an injured Geraid, who had been abandoned by Zazie. Youth wanted to use this chance to take revenge, but chose not to. When Dan heard of this later, he was proud of Youth's decision.
When Dan planned to battle Zazie, he first had a practice battle with Youth. During the match, Youth used a Brave spirit for the first time. Dan encouraged him to keep using Braves. He explained that he planned to return to the past when the conflict was resolved, and entrusted the future to Youth.
Before Dan went out for his final battle with Barone, Youth approached him. He requested one last battle with Dan, before he returned to his own era. This was never fulfilled, because Dan, who became the trigger, didn't return from battle.
In the epilogue, he's seen dressed in a uniform similar to Kazan's. He likely got a promotion.
Youth uses a red deck. It is very similar to Dan's in the previous season.
Battle Stats:
|Single battle
|Single battle
|Single battle
|Single battle
|Single battle
Battle Spirits Brave anime
Battle Spirits Brave X manga