/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120102.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, January 2, 2012, Vol. 15, No. 1 Headlines A U S T R A L I A GASP CLOTHING: Faces Liquidation Bid Over Unpaid Bills WIMCO PROPERTIES: Placed in Creditors' Liquidation C H I N A COUNTRY GARDEN: Investments No Impact on Ba3 CFR, Moody's Says H O N G K O N G EURO ASIA: Court Enters Wind-Up Order EVERBEST TECHNOLOGY: Court Enters Wind-Up Order HUNG FUNG: Court to Hear Wind-Up Petition on Feb. 15 KWAN WING: Court Enters Wind-Up Order KWOK DO: Choi and Wu Appointed as Liquidators LABEVIS LIMITED: Court to Hear Wind-Up Petition on Feb. 1 MAX PROPER: Court to Hear Wind-Up Petition on Feb. 1 POWER HK: Court to Hear Wind-Up Petition on Jan. 18 RICH SOURCE: Creditors' Proofs of Debt Due Jan. 9 SHING HING: Court to Hear Wind-Up Petition on Feb. 1 SUNNY TECH: Creditors' Proofs of Debt Due Jan. 18 THERMOPOWER INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 8 U-WAI INVESTMENT: Court to Hear Wind-Up Petition on Feb. 15 WAI TAT: Creditors' Proofs of Debt Due Jan. 12 WEGA INTERNATIONAL: Court Enters Wind-Up Order I N D I A AMARAVATHI SRI: Fitch Lowers Rating on Two Loan Classes to 'D' ANKLESHWAR ROTARY: ICRA Assigns [ICRA]BB- rating to INR7.5cr Loan BERAR FINANCE: Fitch Migrates Rating on INR120 Mil. Loan to 'BB+' BRAHMAPUTRA IRON: ICRA Cuts Rating on INR4.8cr Loan to '[ICRA]D' DIABETES THYROID: ICRA Reaffirms '[ICRA]BB+' Long-Term Bank Rating DIGVIJAY CONSTRUCTION: ICRA Reaffirms '[ICRA]BB' Fund Based Rating EPOCH ELECTRONICA: Weak Liquidity Prompts Fitch's Low-B Rating LOVELY ESTATES: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan M.D. FROZEN: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+' SAGAR GRANDHI: ICRA Assigns '[ICRA]BB' Rating to INR2.0cr LT Loan SARA SOULE: ICRA Assigns '[ICRA]BB' Rating to INR16.8cr Term Loan SHAKTI POLYWEAVE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating SHRI GOVINDARAJA: ICRA Cuts Rating on INR59.97cr Loan to '[ICRA]D' SURYAVANSHI SPINNING: ICRA Reaffirms '[ICRA]BB+' Long Term Rating WEARIT GLOBAL: Fitch Affirms Rating on Two Loans at Low-B J A P A N ACOM CO.: Moody's Withdraws 'Ba3' Issuer & Unsecured Debt Ratings OLYMPUS CORP: Plans to Double Number of Outside Directors ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests S I N G A P O R E BORDERS PTE: Creditors' Proofs of Debt Due Jan. 31 CELESTIAL NUTRIFOODS: Court Enters Wind-Up Order CPD OILWELL: Court to Hear Wind-Up Petition Jan. 13 DANO INTERNATIONAL: Creditors' Meetings Set for Jan. 9 DBS VICKERS: Creditors' Proofs of Debt Due Jan. 30 - - - - - ================= A U S T R A L I A ================= GASP CLOTHING: Faces Liquidation Bid Over Unpaid Bills ------------------------------------------------------ Hamish Heard at Sunday Herald Sun reports that fashion retailer Gasp Clothing Australia is facing liquidation after a logistics company applied to the Supreme Court to have it wound up over unpaid bills. Australian Air Express, a partnership of Qantas and Australia Post, is pursuing the company over a AUD16,729 debt for courier services provided to Gasp Jeans Chadstone, an entity of Gasp Jeans Australia, the Herald Sun reports. But the retailer, which gained international attention after an email catfight with a disgruntled customer went viral in September, has denied it is in financial strife, the report says. According to the report, Gasp general manager Eddie Yilmaz said Gasp's finances had "never been better." The Herald Sun relates that Mr. Yilmaz claimed Gasp had been overcharged by AAE and was withholding payment pending the outcome of a VCAT hearing challenging the validity of the invoice. "While the assertions are that the company is in financial difficulty, it is not the case, it is the opposite," the report quotes Mr. Yilmaz as saying. "We've never been in a better financial position than today and we've got several new sites planned for 2012." He said the company expected AAE's application to have Gasp liquidated would be struck out because the writ named Gasp Jeans Australia instead of Gasp Jeans Chadstone, the report adds. GASP -- http://www.gaspjeans.com.au/-- is a fashion retailer. WIMCO PROPERTIES: Placed in Creditors' Liquidation -------------------------------------------------- Mark Bode at Sunshine Coast Daily reports that Wimco Properties Pty Ltd. is being wound up with debts of at least AUD1.4 million. According to the report, liquidator Paul Nogueira -- paul.nogueira@worrells.net.au -- from Worrells Solvency and Forensic Accountants, advised the Australian Securities and Investments Commission last Thursday that he had been appointed to the creditors' voluntary winding up of Wimco Properties. Sunshine Coast real estate heavyweight Loren Wimhurst of Next Property Group and her husband, David, are Wimco's sole directors, Sunshine Coast Daily discloses. Citing Mr. Nogueira's report to creditors, Sunshine Coast Daily discloses that Wimco's liabilities are listed at more than AUD1.4 million -- although there may be more creditor claims. Sunshine Daily Coast says Anthony Gorman, who successfully sued Wimco in October for more than AUD80,000 in unpaid commissions but had not received the money, is one of the three unsecured creditors listed on Worrells' creditors report. They are owed AUD252,000 in total. The sole secured creditor is National Australia Bank, which is owed AUD1.16 million, the report adds. ========= C H I N A ========= COUNTRY GARDEN: Investments No Impact on Ba3 CFR, Moody's Says -------------------------------------------------------------- Moody's Investors Service sees no immediate impact on Country Garden Holdings Company Limited's Ba3 corporate family and senior unsecured debt ratings from its potential property investments in Malaysia. The ratings outlook is stable. The company recently said that it is entering into an agreement with Malaysia Land Properties Sdn Bhd to form a joint venture, in which it plans to own 55%. It plans to invest in land-use rights for the development of some residential and ancillary commercial properties in Malaysia. Country Garden is still conducting due diligence and has not finalized its investment. If it proceeds with the investment, the newly formed company will be fully consolidated into its accounts. "This is the first time that Country Garden has extended its investments outside China and therefore may face some execution risk. However, the current amount of committed investment is likely to be small and manageable, given its strong balance sheet and liquidity profile," says Ken Chan, a Moody's Vice President. "Despite the challenging operating environment in 2011, the company is one of the few rated developers that has reported pre- sales close to its fiscal year target of RMB43 billion," he adds. The company reported unrestricted cash of RMB7.8 billion in first- half 2011, boosted by its issuance of senior notes worth US$900 million earlier this year. This along with the pre-sales proceeds in the second half of 2011 will allow it to cover its land premium payments and maturing debt obligations over the next 12 months. The principal methodology used in rating Country Garden Holdings was the Global Homebuilding Industry Methodology published in March 2009. Founded in 1997 in China, Country Garden Holdings Co. Ltd. is one of the country's leading integrated property developers. It listed on the Hong Kong stock exchange in April 2007. ================ H O N G K O N G ================ EURO ASIA: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Dec. 14, 2011, to wind up the operations of Euro Asia International Limited trading as Professional Engineering Co. The official receiver is Teresa S W Wong. EVERBEST TECHNOLOGY: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on Dec. 14, 2011, to wind up the operations of Everbest Technology Enterprise Company Limited. The official receiver is Teresa S W Wong. HUNG FUNG: Court to Hear Wind-Up Petition on Feb. 15 ---------------------------------------------------- A petition to wind up the operations of Hung Fung Enterprises Holdings Limited will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on Dec. 5, 2011. The Petitioner's solicitors are: Messrs. Wat & Co 11th Floor, On Lok Yuen Building Nos. 25, 27 & 27A Des Voeux Road Central, Hong Kong KWAN WING: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Dec. 14, 2011, to wind up the operations of Kwan Wing Project Management Limited. The official receiver is Teresa S W Wong. KWOK DO: Choi and Wu Appointed as Liquidators --------------------------------------------- Messrs. Choi Man On and Wu Shek Chun Wilfred said in notice dated Dec. 23, 2011, they have been appointed by the High Court of Hong Kong on Jan. 4, 2008, as liquidators of Kwok Do Industries Limited. The liquidators may be reached at: Messrs. Choi Man On Wu Shek Chun Wilfred 29/F, Wing On Centre 111 Connaught Road Central, Hong Kong LABEVIS LIMITED: Court to Hear Wind-Up Petition on Feb. 1 --------------------------------------------------------- A petition to wind up the operations of Labevis Limited will be heard before the High Court of Hong Kong on Feb. 1, 2012, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on Nov. 29, 2011. The Petitioner's solicitors are: Tsang, Chan & Wong 16th Floor, Wing On House No. 71 Des Voeux Road Central, Hong Kong MAX PROPER: Court to Hear Wind-Up Petition on Feb. 1 ---------------------------------------------------- A petition to wind up the operations of Max Proper International Limited will be heard before the High Court of Hong Kong on Feb. 1, 2012, at 9:30 a.m. Wong Mei Chu filed the petition against the company on Nov. 30, 2011. POWER HK: Court to Hear Wind-Up Petition on Jan. 18 --------------------------------------------------- A petition to wind up the operations of Power Hong Kong Limited will be heard before the High Court of Hong Kong on Jan. 18, 2012, at 9:30 a.m. The Petitioner's solicitors are: Jimmie K.S. Wong & Partners 3/F, Double Building 22 Stanley Street Central, Hong Kong RICH SOURCE: Creditors' Proofs of Debt Due Jan. 9 ------------------------------------------------- Creditors of Rich Source Engineering Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 9, 2012, to be included in the company's dividend distribution. The company's liquidators are: Edward S Middleton Jacky CW Muk 8th Floor, Prince's Building 10 Chater Road Central, Hong Kong SHING HING: Court to Hear Wind-Up Petition on Feb. 1 ---------------------------------------------------- A petition to wind up the operations of Shing Hing Sanitary Company Limited will be heard before the High Court of Hong Kong on Feb. 1, 2012, at 9:30 a.m. The Petitioner's solicitors are: Chu & Lau Unit A, 33rd Floor United Centre No. 95 Queensway Hong Kong SUNNY TECH: Creditors' Proofs of Debt Due Jan. 18 ------------------------------------------------- Creditors of Sunny Tech (Far East) Industrial Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 18, 2012, to be included in the company's dividend distribution. The company's liquidator is: Lau Siu Hung Rooms 1909-10 Nun Fung Tower 173 Des Voeux Road Central, Hong Kong THERMOPOWER INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 8 ---------------------------------------------------------------- A petition to wind up the operations of Thermopower Industries Limited will be heard before the High Court of Hong Kong on Feb. 8, 2012, at 9:30 a.m. DBS Bank (Hong Kong) Limited filed the petition against the company on Dec. 1, 2011. The Petitioner's solicitors are: Chu & Lau Unit A, 33rd Floor United Centre No. 95 Queensway Hong Kong U-WAI INVESTMENT: Court to Hear Wind-Up Petition on Feb. 15 ----------------------------------------------------------- A petition to wind up the operations of U-Wai Investment Company Limited will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. Lucky Hing Shing Estate Company Limited filed the petition against the company on Dec. 13, 2011. The Petitioner's solicitors are: Messrs. Tai, Tang & Chong Rooms 605-606, 6th Floor Wing On House No. 71 Des Voeux Road Central, Hong Kong WAI TAT: Creditors' Proofs of Debt Due Jan. 12 ---------------------------------------------- Creditors of Wai Tat Engineering Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 12, 2012, to be included in the company's dividend distribution. The company's liquidator is: Osman Mohammed Arab 29/F, Caroline Centre Lee Gardens Two 28 Yun Ping Road Hong Kong WEGA INTERNATIONAL: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Hong Kong entered an order on Dec. 14, 2011, to wind up the operations of Wega International Limited. The official receiver is Teresa S W Wong. ========= I N D I A ========= AMARAVATHI SRI: Fitch Lowers Rating on Two Loan Classes to 'D' -------------------------------------------------------------- Fitch Ratings has downgraded India-based Amaravathi Sri Venkatesa Paper Mills Limited's National Long-Term rating to 'Fitch D(ind)' from 'Fitch B+(ind)'. The downgrade reflects delays in servicing debt obligations by ASVPM with respect to its term loans. The downgrade also reflects the company's stretched liquidity position following reduced cash flows from operations, and the consequent full utilization of working capital and ad hoc limits availed over and above the regular open cash credit limit of INR40 million in the past one year. The ratings may be upgraded if the company demonstrates, over two quarters, regularity in the utilization of fund-based working capital from banks and in servicing obligations with respect to its term loans. ASVPM, located in Tamil Nadu, manufactures newsprint as well as writing and printing paper in the recycled paper-based segment. At FYE11, the company reported a sales turnover of INR883.5 million (FYE10: INR804.5 million) with an EBITDA of INR49 million (INR35.6 million) at an EBITDA margin of 5.6% (4.4%). Debt level at FYE11 was INR203 million (FYE10: INR211.7 million). Fitch has also downgraded ASVPM's bank facilities as follows: -- INR118.6m term loans: downgraded to 'Fitch D(ind)' from 'Fitch B+(ind)' -- INR57.5m fund-based working capital limit: downgraded to 'Fitch D(ind)' from 'Fitch B+(ind)'/ 'Fitch A4(ind)' -- INR102.5m non-fund based facilities: downgraded to 'Fitch D(ind)' from 'Fitch A4(ind)' ANKLESHWAR ROTARY: ICRA Assigns [ICRA]BB- rating to INR7.5cr Loan ----------------------------------------------------------------- ICRA has assigned an '[ICRA]BB-' rating to the INR7.50 Crore bank facilities of Ankleshwar Rotary Education Society. The outlook for the rating is stable. The rating takes into account the limited track record of the institute; its small scale of operations limiting financial flexibility; high competition faced by it from numerous educational institutes and the high business risk profile marked by faculty attrition risk; and regulatory risk for approvals and accreditations. Further, the financial profile of the society is expected to be characterized by stretched capital structure and coverage indicators over the medium term, owing to the planned debt-funded capital expenditure, start-up nature of operations and mismatch in timelines that exist for fee receipts and servicing of debt obligations for such institutes. The rating is however supported by the reputed promoter group; inherent predictability of revenues associated with the engineering college and the fact that the engineering college is operating under Gujarat Technical University (GTU) and is approved by All India Council for Technical Education (AICTE) for its courses. Further, the rating draws comfort from the fact that significant portion of the equity contribution for the project has already been contributed through donations and the bank term loan required has been tied up thereby reducing the funding risk. The ratings have also positively considered the satisfactory occupancy level for the first year of operations and the favorable environment and positive demand prospects for engineering colleges in India and particularly in Gujarat. Going forward, the rating would remain sensitive to the ability of the society to manage the costs and successfully establish the infrastructure required to position itself as a centre of educational excellence and meet competitive pressures. About Ankleshwar Rotary Ankleshwar Rotary Education Society was incorporated as a society in 2000 in Bharuch, Gujarat. ARES is promoted by the Rotary Club of Ankleshwar (established on 5th October 1977), which is actively involved in community and vocational services. The Club promoted Ankleshwar Rotary Education Society with the main objective of promoting education in the Bharuch District. ARES has established Shroff S.R. Rotary Institute of Chemical Technology (SRICT) which offers graduation courses in different streams of engineering like Chemical Engineering, Mechanical Engineering, Chemical Technology and Environment Science & Technology. BERAR FINANCE: Fitch Migrates Rating on INR120 Mil. Loan to 'BB+' ----------------------------------------------------------------- Fitch Ratings has migrated the 'Fitch BB+(ind)' rating on India- based Berar Finance Limited's INR120 million bank loans to the non-monitored category. The rating has been migrated to the non-monitored category due to lack of adequate information and Fitch will no longer provide rating or analytical coverage of Berar. The rating will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the rating could be reviewed and will be communicated through a Rating Action Commentary. BRAHMAPUTRA IRON: ICRA Cuts Rating on INR4.8cr Loan to '[ICRA]D' ---------------------------------------------------------------- ICRA has revised downwards the long term rating assigned to the INR 4.8 crore fund-based bank limits of Brahmaputra Iron & Steel Company Private Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has also revised downwards the short term rating assigned to the INR0.7 crore fund-based bank limits and the INR 3 crore non-fund based bank limits of BISCO from '[ICRA]A4' to '[ICRA]D.' The ratings factors in BISCO's recent delays in servicing of its debt obligations, low operating margins which keeps the coverage indicators depressed and the high working capital intensity of the business, which exerts pressure on the liquidity position of the business. ICRA notes that BISCO has extended support to its group companies in the form of interest-free loans, which depresses its return on capital employed (ROCE), and also large corporate guarantees, which adversely impacts the financial risk profile of the company. The ratings are however supported by the long experience of the promoters in the steel industry, location of BISCO's plant in close proximity to its raw material supplier, which ensures timely availability of raw material and reduces freight cost and the improvement in capital structure with the gearing standing at a comfortable level of 0.87 time as on March 31, 2011. About Brahmaputra Iron Incorporated in 1987, BISCO has been promoted by the Jaiswal Group of Assam and has been primarily engaged in the manufacture of TMT bars and MS rods. Its manufacturing facility is located at Guwahati, Assam, with an annual capacity of 24,840 tons. The company is also involved in conversion jobs for SAIL. The TMT bars produced by the company are sold in the north-eastern parts of the country through a network of dealers under the brand name of "BISCON". Recent Results: In FY11, BISCO reported an operating income (OI) of Rs 24.36 crore and net profit after tax (PAT) of Rs 1.01 crore as against an OI of INR26.82 crore and PAT of Rs 0.95 crore in FY10. DIABETES THYROID: ICRA Reaffirms '[ICRA]BB+' Long-Term Bank Rating ------------------------------------------------------------------ ICRA has reaffirmed "[ICRA]BB+" rating to the Rs6.90 crore long- term fund based bank facilities of Diabetes Thyroid Hormone Research Institute Private Limited. The outlook on the long term rating continues to remain stable. The rating reaffirmation takes into account the healthy growth in revenue and operating profits demonstrated by the institute during last year following the shifting to a newer premises and offering of allied medical services such as pharmacy and health packages. While the operating profitability margins witnessed a marginal decline following the increased contribution from lower margin pharmacy business, the net profits were lower on account of higher capital related charges (interest and depreciation) owing to debt funded expansion at new premises. Steady revenues, profits and accruals coupled with debt repayments and accretion to net worth resulted in a marginal improvement in capital structure, however at 2.78X, the gearing of the institute continues to remain high. Notwithstanding the high gearing, higher margins from the consulting and clinical trial revenues have resulted in satisfactory debt coverage indicators. The rating continues to derive comfort from the involvement of Dr Sunil M Jain, who apart from being the main consultant of the institute, is also a promoter of the institute; however relatively low presence of second line of management and consultants in the institute for business continuity is a constraining factor. The rating also derives comfort from the established presence of the institute in treatment of diabetes and related diseases; strong growth in revenue and profits driven by clinical trial activities; positive outlook on diabetes related clinical trials in India and demonstrated track record of the profitable operations of the institute. While assigning the rating ICRA has also taken a note of the institute's sole dependence on single facility at Indore, which poses geographical concentration risks; and reputational risks involved in clinical trials business. The rating continues to remain constrained on account of limited financial flexibility of the institute owing to high dependence on funding support from its promoters. Going forward, given the ballooning debt repayments, the ability of the institute to improve its revenue and profitability, will remain crucial for its debt servicing and hence are going to be the key rating sensitivities in future. The company has not firmed up any major capital expenditure programme, the scale of any future capital expenditure programme and funding thereof will also be a key rating sensitivity. About Diabetes Thyroid Diabetes Thyroid Hormone Research Institute Private Limited was initially incorporated as M.P. Finlease Private Limited in May 1996 and during December 2004, the business of the company was changed from financing activities to medical consultation activities and its name was changed to Diabetes Thyroid Hormone Research Institute Private Limited. The Institute is promoted and driven by Dr Sunil M Jain and is dedicated towards Diagnosis and treatment of Thyroid and other Hormonal Disorders. From FY 2006-07 onwards, it started conducting Clinical Drug Trials (Phase II and Phase III), and during FY 2011 almost 50% of the revenues during were derived from clinical trial activities. For the year FY 2010-11, the institute reported an Operating Income (OI) of Rs 8.39 crore and a net profit of Rs 0.71 crore; as against an OI of Rs 4.87 crore and net profit of Rs 1.77 crore in previous year. DIGVIJAY CONSTRUCTION: ICRA Reaffirms '[ICRA]BB' Fund Based Rating ------------------------------------------------------------------ ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned to the INR24 crore Fund Based bank facilities (enhanced from INR15 crore) of Digvijay Construction Pvt. Ltd. ICRA has also reaffirmed the short term rating of '[ICRA]A4' assigned to the INR. 15 crore Non-Fund Based bank facilities (enhanced from INR10 crore) of DCPL. The outlook assigned to the long term rating is stable. The ratings reaffirmation takes into account the revenue visibility arising from the healthy order book position comprising; healthy operating margins and the experience of the promoters of DCPL. The positives are partly offset by DCPL's decline in operating income on account of delay in commencement of key contracts; high concentration of revenues from road sector with the top 3 clients contributing to -86% of OI for FY2011. The ratings are further constrained by the increase in working capital requirement during the year on account of increase in inventory days and high gearing of 1.99x as on March 31, 2011. Going forward, the ability of the company to scale -up its operations through timely execution of contracts while maintaining the healthy operating margins will be key rating sensitivities. Digvijay Construction Private Limited was established in the year 1989 by Mr. Digvijaysingh G. Padheria to undertake civil construction work such as road construction, dams, canal lining and other similar works, in the state of Gujarat. Over the last three years, the company has focussed solely on road construction work with majority of its revenue being contributed by Roads & Buildings divisions of the Government of Gujarat. DCPL has its main office in Gandhinagar, Gujarat and is a registered "AA" class contractor with Government of Gujarat. The unexecuted order book of DCPL as on 31st October, 2011 stood at INR125 crore. EPOCH ELECTRONICA: Weak Liquidity Prompts Fitch's Low-B Rating -------------------------------------------------------------- Fitch Ratings has assigned India-based Epoch Electronica Limited a National Long-Term rating of 'Fitch B+(ind)'. The Outlook is Stable. The ratings reflect Epoch's weak liquidity as demonstrated by its high working capital utilization, which totalled around 98% over the last six months to November 2011. The ratings also reflect its small scale of operations as reflected in total revenue of INR221 million for FY11 (year end March), intense competition in the uninterrupted power supply (UPS) industry. In addition, the ratings factor in the company's weak EBITDA margins of 5%-7% and low EBITDA interest coverage (EBITDA/gross interest expense) of 1.5x-1.7x in the last four years (FY08-FY11). Positively, the ratings reflect the experience of the company founders of more than three decades in the industry and Epoch's diversified customer base spanning electricity authorities, financial institutions and the education sector. Positive rating guidelines include a sustained improvement in its interest coverage to above 2.95x. Conversely, a decline in interest coverage below 1.5x on a sustained basis may result in negative rating action. Epoch, incorporated in 1981, is primarily engaged in the manufacturing of off-line, on-line and line interactive UPS. The company is also into trading of UPS, battery, software and computer peripherals. For FY11, manufacturing contributed around 52% of total revenue, while the remaining 48% was generated from trading. Epoch's bank loans are rated as follows: -- Fund-based limits of INR45m: 'Fitch B+(ind)' -- Non-fund based limits of INR30m: 'Fitch A4(ind)' LOVELY ESTATES: ICRA Assigns '[ICRA]B' Rating to INR10cr Term Loan ------------------------------------------------------------------ ICRA has assigned the long term rating of '[ICRA]B' to the INR10 crore term loan programme of Lovely Estates. The rating is constrained by the firm's small scale of operations as reflected in operating income of INR2.66 crore in FY2010-11, highly leveraged capital structure, cash flow sensitivity to interest rate fluctuations, high dependency of debt servicing on rental inflows from single customer; hence any delay in payment of lease rentals by the tenant could strain timely debt servicing. ICRA notes that the current interest rates, occupancy and rental levels are just sufficient to cover the loan repayments with no cushion in event of any increase in interest rates, expenses, taxes or any delay in rental collections. The rating also factors in low occupancy risk and location advantage of the project. Moderate rentals, lease tenure of 5 years, no significant lease expiry in the medium term, almost full occupancy, long standing relationship with the single tenant Hewett Packard and significant investment by the tenant in fit- outs somewhat mitigates occupancy risk. The rating also favorably factors in the location advantage of the Salarpuria G R Tech Park at Whitefield, Bangalore which enables good connectivity to some of the main commercial and residential parts of the city. Lovely Estates is a partnership firm set up in 2009 with the purpose of lease rental discounting. The firm bought 72,561 square feet of land from Salarpuria in the 1st Floor in Wing A & B of Akash Block of Salarpuria G R Tech Park at Whitefield, Bangalore. The purchase was funded through a term loan of Rs 13.50 crore from Vijaya Bank eventually converted into a lease rental discounting (LRD) loan tied to the rentals from the area. The loan is repayable in 96 monthly installments starting from May 2010 and last installment in April 2018. The space was occupied by Hewett Packard (HP); rentals were transferred to the firm from March 2010 (lock in period till March 2013) and EMI of the LRD loan commenced from May 2010. In September 2011 the company bought 42,310 square feet of leasable area on the 2nd floor in Wing B occupied by HP, funded through term loan of INR7.50 crore from HDFC Bank eventually converted into a lease rental discounting (LRD) loan tied to the rentals from the area. The loan is repayable in 96 monthly installments starting from Sep 2011 and last installment in August 2019. The rentals were transferred to the firm in Sep 2011 (lock in period till March 2013) and EMI of LRD loan commenced from Sep 2011. Recent results: For FY2010-11, the company has reported an operating income of INR12.66 crore and PAT of INR2.38 crore. M.D. FROZEN: ICRA Upgrades Rating on INR15cr Loan to '[ICRA]BB+' ---------------------------------------------------------------- ICRA has upgraded the rating assigned to the INR15.00 crore, bank lines of M.D. Frozen Food Exports to '[ICRA]BB+' from '[ICRA]BB'. The outlook for the assigned rating is 'stable'. The upgrade reflects healthy profitability of the company (OPM of -20% and NPM of 15.45% in FY11) along with high export sales of its meat products (67.4% of operating income in FY11). The rating continues to derive comfort from the significant experience (over 20 years) of the promoters in the frozen food export business; the established relationships of the company with its overseas clients and the favorable location of its facilities, which ensures easy accessibility to raw materials. The rating also takes comfort from the commencement of operations of the company's rendering unit that is likely to lead to further growth in operating income and profitability. The rating is, however, constrained by the modest scale of operations of MDF; intense competition in the meat export industry; vulnerability to fluctuations in foreign exchange rates; volatility in raw material prices; susceptibility to changes in regulations and exposure to event risks such as disease out-break. The rating also factors in the significant working capital requirements of the business, resulting in high working capital borrowings (INR6.49 crore in FY11) and gearing levels of 1.20 times in FY11. In ICRA's view, the key rating sensitivities would be improvements in working capital intensity and debt levels. About M.D. Frozen M.D. Frozen Food Exports, a partnership firm formed in 1992, is engaged in processing and export of frozen meat to various countries in Africa, Asia and the Middle East. MDF purchases raw meat from various local butchers and government-run slaughter houses. The meat is then processed at its facilities in Ghaziabad (Uttar Pradesh). MDF also processes meat on a contractual basis for its group concern, MD Frozen Food Exports Private Limited. The firm is currently operating a processing unit (set up in FY10) with chiller capacity of 220 MT, blast freezer capacity of 96 MT and plate freezer capacity of 16 MT. In FY11, the company completed construction of its rendering unit in Ghaziabad which commenced operations in September 2011. Recent Results: In the financial year ending March 31, 2011, M.D. Frozen Food Exports (MDF) registered an operating income of INR36.18 crore and profit after tax (PAT) of INR5.59 crore. SAGAR GRANDHI: ICRA Assigns '[ICRA]BB' Rating to INR2.0cr LT Loan ----------------------------------------------------------------- ICRA has assigned long term rating of '[ICRA]BB' to long term fund based facilities of INR2.0 crore (enhanced from INR14.0 crore to INR16.0 crore) of Sagar Grandhi Exports Private Limited. ICRA has also assigned short term rating of '[ICRA]A4' to INR18.0 crore fund based facilities (enhanced from INR18.5 crore to INR36.5 crore) of SGEPL. The long term rating carries stable outlook. SGEPL also has long term rating outstanding of '[ICRA]BB' on Rs. 14.0 crore fund based facilities and INR1.5 crore non fund based facilities and short term rating outstanding of '[ICRA]A4') on INR18.5 crore fund based facilities and INR3.0 crore non fund based facilities. The long term rating carries stable outlook. The ratings take into account the medium scale of operations of the company, long standing experience of the promoters in the sea food export business and favorable shift in product portfolio from scampi to vannamei as the major product. However, vannamei culture being in nascent stage in India, there are enhanced risks of diseases and climate risks. The ratings consider the weak financial profile of the company characterized by high gearing and working capital intensity, which may be stretched further in the medium term due to aggressive debt funded capital expenditure plans of the Company. The sea food industry remains vulnerable to movement in anti dumping duty (ADD) imposed on Indian exporters and the inherent risks like susceptibility to diseases, climate change risks, fluctuation in exchange rate movements and adverse change in government policies. About Sagar Grandhi Sagar Grandhi is a medium sized processor and exporter of seafood from India. Main products exported include Shrimps, Prawns, Squid, Snails, and Crab. The company was promoted by the Mr. G. Venkateswara Rao in the early 1980's. The business is now managed by two of his sons-Mr. G Balaji, the current Managing Director and Mr. G Chella Rao, Executive Director. The company has a seafood processing factory with a capacity of -4,000 tpa, in Singarayakonda, in the coastal belt of Andhra Pradesh. The Company is also planning to add a second plant in 2011-12, with a capacity to process 10,000 tpa. The company sources its raw material, both from the sea and from farms in the AP coastal belt, through its purchase centers. SARA SOULE: ICRA Assigns '[ICRA]BB' Rating to INR16.8cr Term Loan ----------------------------------------------------------------- ICRA has assigned '[ICRA]BB' rating to INR 16.80 crore term loan and INR 57.25 crore working capital limits of Sara Soule Private Limited. The outlook on the long term rating is stable. The ratings favourably factor the established position of SSPL in the export market, its professional management, market diversification and healthy revenue growth. The ratings however are constrained by the moderate scale of operations, low profitability, high gearing level and negative fund flow from operations. The ratings are further constrained by the competitive pressure in the export market, with increasing competition from various domestic and international players. The ratings are also constrained due to large receivables from few parties that have been outstanding for long period. About Sara Soule Sara Soule Private Limited was promoted by Mr. Kayum R Dhanani in 2001 for manufacturing of shoe soles. The company entered into shoe production in 2005. As on date, the company has a capacity of around 6000 pairs of shoes per day with manufacturing facilities spread across Karnataka. SSPL has made a smooth transition from being a sole manufacturer to a shoe manufacturer (Almost 80% of revenue in 2010-11 was obtained from sale of shoes). Lately the company commissioned a leather accessories manufacturing facility & also opened its first store for shoes which is retailing under the brand 'Ruosh'. In the year 2010-11, the company earned almost 90% of its revenue through exports. Recent Results: For the financial year 2010-11, the Company's net profit stood at INR4 crore on an operating income of INR137.6 crore, against net profit of INR2.5 crore on operating income of INR91.7 crore for the financial year 2009-10. SHAKTI POLYWEAVE: ICRA Reaffirms '[ICRA]BB' Term Loan Rating ------------------------------------------------------------ ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned to INR2.38 crore term loans (reduced from INR2.62 crore) and INR20.00 crore (enhanced from 15.00 crore) fund based limits of Shakti Polyweave Pvt Ltd. The outlook on the long term rating is stable. ICRA has also reaffirmed the short term rating of '[ICRA]A4' assigned to the INR9.31 crore (enhanced from INR7.00 crore) short term non fund based facilities of SPPL. The reaffirmation of ratings, factor in the limited financial flexibility given the high gearing level and negative cash flow from operations. The ratings also take into account the susceptibility of profitability to foreign exchange rate fluctuation risk, since a large part of the revenue of the company is being contributed by export sales, and to volatility in major raw material price, given the absence of bargaining power for raw material procurement following nearly monopoly position of Poly Propylene suppliers. ICRA also notes that continuation of the deteriorating market conditions in key export markets can exert pressure on operating income and profit margins. The ratings however continue to factor in the long experience of the promoters in this line of business, established relationship with customers in key export markets and steady increase in operating income during last four years supported by healthy plant capacity utilization levels. About Shakti Polyweave Founded in December 1997, Shakti Polyweave Pvt Ltd was promoted by Mr Hanskumar Agarwal and their family members for manufacturing and marketing of woven sacks. The plant was set up as an export oriented unit at GIDC Estate, Dholka, approximately 50 km from Ahmedabad and is in close proximity to Mundra & Pipavav ports and has a manufacturing capacity of 5200 MTPA. Recent Results: During FY 2011 the company reported net profit of INR1.95 Cr on an operating income of INR84.74 Cr. as against net profit of INR0.82 Cr on an operating income of INR71.72 Cr during FY 2010. SHRI GOVINDARAJA: ICRA Cuts Rating on INR59.97cr Loan to '[ICRA]D' ------------------------------------------------------------------ ICRA has downgraded the rating outstanding on INR59.97 crore term loan facility and INR26.00 crore fund based facility of Shri Govindaraja Mills Limited, from '[ICRA]C' to '[ICRA]D'. ICRA has also downgraded the rating outstanding on fund based facility of INR12.00 crore and non-fund based facility of INR12.25 crore of SGML, from '[ICRA]A4' to '[ICRA]D.' The ratings downgrade reflects the delays in debt servicing by SGML due to tight liquidity conditions. The liquidity was constrained on account of major term loan repayments falling due in current fiscal and adverse market conditions in the spinning industry characterized by steep decline in yarn realization, which coupled with high cost inventory procured by the Company in 2010- 11 have adversely impacted the margins. The Company's financial profile is characterized by high gearing and stretched coverage indicators and is also constrained by limited pricing flexibility on account of fragmented nature of industry and high fuel expenses due to power shortage in Tamil Nadu. ICRA also takes note of the significant experience of the promoters in the spinning industry, benefits from economies of scale in cotton procurement as part of the larger "Sri Jayavilas Group" and presence in finer count/value added yarn segment ensuring better margins. SGML enjoys diversified customer base with high exposure to domestic market, which has relatively robust demand compared to export markets. About Shri Govindaraja SGML, incorporated in 1980, is primarily engaged in the manufacture of cotton yarn. The Company has an installed capacity of 105,264 spindles and 1,920 rotors (as on March 31, 2010) across its two spinning units at Aruppukottai (near Madurai in Tamil Nadu). The Company also has a small presence in fabric weaving (at around 4 per cent of revenues), with an installed capacity of 15 looms (as on March 31, 2010). SGML has wind turbine generators (with installed capacity of 4.65 MW) in Tamil Nadu, to help control power costs to some extent. SGML produces 100 per cent grey cotton yarn ranging from 2s to 160s counts with over 60 per cent of yarn revenues (in 2009-10) derived from the fine/ superfine count (60s and above counts) category. The Company also has a good presence in the value-added domain through products such as gassed, high-twisted and compact spun yarn, with the same contributing around 15 per cent to total yarn revenues in 2009-10. Around 20 per cent of the Company's yarn business is presently derived from export revenues, primarily to Korea (constituting around 50 per cent of exports). SGML is part of the Sri Jayavilas Group (founded by Late Mr. Sathu T. Ramasamy Naicker), based in Aruppukottai, which has a presence across yarn spinning as well as passenger and cargo transportation. SGML is set up under the Shri Govindaraja Group, which was established by Mr. T.R. Varadarajan (son of Late Mr. Sathu T. Ramasamy Naicker) and is managed by his son Mr. T.R.V. Ram Kumar at present. The Shri Govindaraja Group comprises five other entities besides SGML, all of which are engaged in yarn spinning (cotton/ polyester/ viscose). SGML is closely held by the group's promoters/ promoters' family. SURYAVANSHI SPINNING: ICRA Reaffirms '[ICRA]BB+' Long Term Rating ----------------------------------------------------------------- ICRA has re-affirmed the '[ICRA]BB+' rating assigned to INR86.16 crore long term fund based and non-fund based facilities of Suryavanshi Spinning Mills Ltd. ICRA has also re-affirmed the short term rating at '[ICRA]A4+' to INR31.25 crore short term non- fund based facilities of SVSML. The outlook on the long-term rating is Stable. The reaffirmation of ratings takes into account the increase in operating income by 54% during FY 11 backed by healthy demand and steep rise in yarn realizations, improved operational efficiency due to resolution of labour issues, integrated nature of operations of SVSML coupled with its diversified product portfolio comprising of blended, synthetic and cotton yarn along with garments and significant experience of the promoters in manufacturing of yarn. The strong farmer base which SVSML developed over a period of time is considered as a positive. The rating is however constrained by SVSML's high inventory of 106 days as on March 31, 2011, the consequent losses incurred during H1 FY 12 on account of steep decline in cotton yarn, lint prices post peak procurement season in April 2011 and the stretched liquidity situation on account of cash loss of INR5.41 cr in H1 FY 12. The ratings continue to take into account high competitive intensity primarily due to fragmented nature of the industry, dependence of operational performance on power situation in the state as it is unviable to operate on generator for long hours. About Suryavanshi Spinning Suryavanshi Spinning Mills Ltd was established in 1978 and is engaged in the production of yarn and garments. It has an installed capacity of 98,288 spindles in case of yarn and 21 lakh pieces in case of garments. SVSML has three spinning units at Bhongir (AP), Aliabad (AP) and Rajna (MP). Out of the 98,288 spindles, 32,976 spindles produce blended (P/C) and synthetic - both polyester and poly viscose. The remaining 65,312 are used for production of cotton yarn. WEARIT GLOBAL: Fitch Affirms Rating on Two Loans at Low-B --------------------------------------------------------- Fitch Ratings has affirmed India-based Wearit Global Limited's National Long-Term Rating at 'Fitch B-(ind)'. The Outlook is Stable. The ratings continue to be constrained by WGL's tight liquidity position due to its continued financial support to a group company -- Ritspin Synthetic Ltd. WGL had a cash balance of INR3 million in the financial year ended March 2011 (FY10: INR3.8 million). The ratings also reflect delays in commencement of operations of WGL's recently acquired spinning unit and increased working capital requirements because of higher volume of business. At end-FY11, WGL acquired a spinning unit with an installed capacity of 25,776 spindles in INR292.5 million, and additional refurbishment capex of around INR273.4 million would be incurred in FY12 to commence the unit. The ratings are further constrained by WGL's weak credit profile, characterized by its low interest coverage of 1.5x in FY11 (FY10: 1.1x) and decreased-though-high net adjusted leverage (net adjusted debt/operating EBITDAR) of 9.3x (15.5x). The improvement in leverage is attributed to the company's EBITDA margin improving to 6.5% in FY11 from 4.9% in FY10 along with an increase in revenue to INR1,249.9 million from INR704.3 million because of higher volume of business and better average sales realisation per tonne. However, WGL reported a negative free cash flow (FCF) of INR159.5m in FY11 because of higher working capital requirements and planned capex programme. Fitch expects FCF stay negative in FY12 due to the ongoing capex programme. Negative rating guidelines include a decline in WGL's operating margins along with interest coverage falling below 1x. Fitch has also affirmed WGL's bank facilities as follows: -- INR420m term loans (enhanced from INR50m): affirmed at 'Fitch B-(ind)' -- INR140m cash credit limits (enhanced from INR40m): affirmed at 'Fitch B-(ind)' -- INR250m fund-based facilities for packing credits (enhanced from INR50m): affirmed at 'Fitch A4(ind)' -- INR50m non-fund based facilities: affirmed at 'Fitch A4(ind)' ========= J A P A N ========= ACOM CO.: Moody's Withdraws 'Ba3' Issuer & Unsecured Debt Ratings ----------------------------------------------------------------- Moody's Japan K.K. has withdrawn the Ba3 long-term issuer and senior unsecured debt ratings with negative outlook on ACOM Co., Ltd. for its own business reasons. Rating Rationale This action does not reflect a change in the company's creditworthiness. On December 13, 2011, Moody's Japan K.K. announced that they would realign coverage in Japan to enhance its ability to meet investor needs. Please also refer to the Moody's Japan K.K. press release, titled Moody's Japan Increases Focus on Japanese Cross-Border and Global Credits and Moody's Withdrawal Policy at www.moodys.co.jp. The principal methodologies used in this rating were "Analyzing the Credit Risks of Finance Companies: Rating Methodology", published on September 30, 2010, and available on www.moodys.co.jp. ACOM Co. Ltd., headquartered in Tokyo, is a major Japanese consumer finance company, with consolidated assets of around JPY1.3 trillion as of September 30, 2011. OLYMPUS CORP: Plans to Double Number of Outside Directors --------------------------------------------------------- Kyodo News reports that sources said Olympus Corp. is planning to double the number of outside directors to constitute as much as half of its board to help reinforce oversight of management. According to the news agency, sources said the step is a response to the current board's failure to prevent the coverup of massive investment losses, a scheme that certain board members, including former Chairman and President Tsuyoshi Kikukawa, actually orchestrated. Kyodo relates that Olympus' board has 11 members, including three outside directors. But the camera and medical equipment maker plans to add five or six outside members who have no ties to the company and who are well-versed in corporate governance and compliance issues, including lawyers and financial industry executives, the report notes. Kyodo's sources said the three current outside directors are expected to be replaced. Sources said Olympus will present a list of candidates for its new board, including outside directors, to its management reform committee of external experts, and seek its approval before presenting it at an extraordinary shareholders' meeting to be convened in March or April, according to Kyodo. Securities Investment Scandal The Troubled Company Reporter-Asia Pacific reported on Nov. 9, 2011, that Block & Leviton LLP, a Boston-based law firm representing investors seeking to recover money lost due to investment fraud, said it is investigating possible securities fraud claims involving Olympus Corp. On Oct. 14, 2011, Olympus's Board of Directors fired the Company's then-President and Chief Executive Officer, Michael Woodford, after Mr. Woodford attempted to force an inquiry into Olympus's acquisition of British medical device maker Gyrus in 2008. At issue were the $687.0 million in advisory fees paid to a relatively obscure financial firm in relation to the acquisition. The fees were approximately one-third of the $2.0 billion acquisition price, which is almost 30 times higher than normal. On Nov. 8, 2011, the Company admitted to an accounting cover-up, stating that the advisory fees paid in connection with the Gyrus deal and other acquisitions were used to hide steep investment losses that began in approximately 1990. Speaking at a press conference, the Company's President, Shuichi Takayama, confessed that "[w]e have conducted extremely improper accounting" and that "[o]ur previous statements were in error." The Company's admission, released just prior to the opening of trading on the Tokyo Stock Exchange, where Olympus's common stock is traded, sent shares spiraling downward by 29% over the prior day's close to JPY734 (or $9.40). The Company's American Depository Receipts also plummeted on the news, losing 31% compared to the prior day's close of $13.72. Since mid-October when Mr. Woodward's allegations first surfaced, the Company's stock has lost approximately 70% of its market value. Amidst the growing accounting scandal that could be one of the largest in corporate history, the TSE has indicated that the Company's shares could be de-listed. In addition, the Japanese Securities and Exchange Surveillance Commission is said to be investigating along with the U.S. Federal Bureau of Investigation, and the U.S. Securities and Exchange Commission. About Olympus Corp. Based in Japan, Olympus Corporation (TYO:7733) -- http://www.olympus-global.com/-- manufactures and sells medical products, life and industrial products, imaging products, information communication products and other products. As of March 31, 2011, the Company has 188 subsidiaries and 11 associated companies. ORSO ABS: Moody's Withdraws 'C' Ratings on JPY6.4-Bil. Interests ---------------------------------------------------------------- Moody's Japan K.K. has withdrawn the C (sf) ratings on the Class D and E Beneficial Interests issued by Orso ABS Funding Trust 1 -- SFFC for business reasons. Deal Name: Orso ABS Funding Trust 1 -- SFFC JPY2.8 billion Class D Beneficial Interests, Withdrawn the C (sf); previously on 30 June 2010, downgraded to C (sf) from Caa2 (sf). JPY3.6 billion Class E Beneficial Interests, Withdrawn the C (sf); previously on 30 June 2010, downgraded to C (sf) from Caa3 (sf). Class: Class D Beneficial Interests / Class E Beneficial Interests Issue Amount: JPY2.8 billion/JPY3.6 billion Dividend: Floating Entrustment Date: 21 September 2007 Final Maturity Date: 25 September 2012 Underlying Asset: Real estate-backed loan receivables Initial Servicer: SFCG Co., Ltd. Originator: SF Fudosan Credit Co., Limited (Currently, the Originator is Real Estate Credit Ltd.) Rating Rationale Moody's Japan K.K. has withdrawn the credit ratings for its own business reasons. The Class A through C Beneficial Interests issued by Orso ABS Funding Trust 1 -- SFFC were fully redeemed. ================= S I N G A P O R E ================= BORDERS PTE: Creditors' Proofs of Debt Due Jan. 31 -------------------------------------------------- Creditors of Borders Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2012, to be included in the company's dividend distribution. The company's liquidator is: Timothy James Reid c/o Ferrier Hodgson 8 Robinson Road #12-00 ASO Building Singapore 048544 CELESTIAL NUTRIFOODS: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Singapore entered an order on Dec. 2, 2011, to wind up the operations of Celestial Nutrifoods Limited. BNY Corporate Trustee Services Limited filed the petition against the company. The company's liquidator is: Mr Yit Chee Wah of FTI Consulting (Singapore) Pte Ltd 8 Shenton Way #17-02A Singapore 068811 CPD OILWELL: Court to Hear Wind-Up Petition Jan. 13 --------------------------------------------------- A petition to wind up the operations of CPD Oilwell International Pte Ltd will be heard before the High Court of Singapore on Jan. 13, 2012, at 10:00 a.m. GD Marine Engineering & Trading Pte Ltd filed the petition against the company on Nov. 2, 2011. The Petitioner's solicitor is: Messrs Haridass Ho & Partners 24 Raffles Place #18-00 Clifford Centre Singapore 048621 DANO INTERNATIONAL: Creditors' Meetings Set for Jan. 9 ------------------------------------------------------ Creditors and non-trade creditors of Dano International Pte Ltd, which is under judicial management, will hold their meetings on Jan. 9, 2012, at 2:00 p.m., and 2:30 p.m., respectively at 400 Orchard Road #05-05 Orchard Towers, in Singapore 238875. Agenda of the meeting includes: a. to approve Statement of Proposals dated 21 October 2011; and b. to approve the Scheme of Arrangement dated 21 October 2011. The company's judicial manager is: Goh Boon Kok 1 Claymore Drive #08-11 Orchard Towers (Rear Block) Singapore 229594 DBS VICKERS: Creditors' Proofs of Debt Due Jan. 30 -------------------------------------------------- Creditors of DBS Vickers Securities Online Holdings Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Jan. 30, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***