/raid1/www/Hosts/bankrupt/TCRAP_Public/120203.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, February 3, 2012, Vol. 15, No. 25
Headlines
A U S T R A L I A
CRITERION GROUP: In Receivership, Takes Orders to Clear Stock
* AUSTRALIA: Risks Losing Car Manufacturers, Ex-Premier Warns
C H I N A
CHINA MEDICAL: S&P Cuts Corp. Credit Rating From 'B+' to 'SD'
H O N G K O N G
SUNLINK MANAGEMENT: Creditors' Proofs of Debt Due Feb. 20
TOP GRADE: Members' Final Meeting Set for Feb. 28
TRAVEL 3000: Members' Final General Meeting Set for Feb. 25
WELLYOUNG ASIA: Members' Final General Meeting Set for Feb. 27
YENKU LIMITED: Creditors' Proofs of Debt Due Feb. 20
I N D I A
ACTIF CORP: Fitch Migrates 'BB+' Nat'l LT Rating to Non-Monitored
ALKA FIBERS: CARE Assigns 'CARE B+' Rating to INR10cr LT Loan
AMI LIFESCIENCES: CARE Puts 'CARE BB+' Rating on INR10.68cr Loan
ANCHOR MALLS: Fitch Affirms Nat'l Long Term Rating at 'B+'
AQUA PLUMBINGS: CARE Rates INR31cr LT Loan at 'CARE BB+'
DHIMANT TRADING: CARE Puts 'CARE B+' Rating on INR8cr LT Loan
GOYAL ENERGY: Fitch Affirms National Long-Term Rating at 'B+'
HANSA METALLICS: Fitch Puts Rating on INR200 Mil. Loan at 'BB'
MASTERMIND TRADE: CARE Rates INR6cr LT Loan at 'CARE BB'
MOODS HOSPITALITY: Fitch Migrates 'B' Rating to Non-Monitored
M P K STEELS: Fitch Assigns 'B+' Nat'l. Long-Term Rating
PARAM EXPORTS: CARE Assigns 'CARE BB+' Rating to INR1.15cr Loan
SAVEETHA INSTITUTE: CARE Rates INR34.36cr Loan at 'CARE BB+'
SILVERTON PULP: CARE Puts 'CARE BB' Rating on INR19.72cr Loan
SURESH ANGADI: Fitch Migrates Nat'l. LT Rating to Non-Monitored
SWATI PROCON: CARE Rates INR30.96cr LT Loan at 'CARE BB+'
TEXACO SYNTHETICS: CARE Places 'CARE B+' Rating on INR4.06cr Loan
J A P A N
DAIWA SECURITIES: To Slash Up to 500 Jobs in Asia, Europe
SONY CORP: Expects Full-Year Loss to Widen to JPY220 Billion
SUNSHINE TRUST: S&P Affirms 'BB+' Rating on Class D
N E W Z E A L A N D
CAREYS BOATYARD: High Court to Hear Wind Up Bid on Feb. 21
SANITARIUM HEALTH: Suspends Weet-Bix Operations; To Cut 36 Jobs
TAWARA LAND: SCF Unlikely to Recoup NZ$14.5MM Claim
P H I L I P P I N E S
BANCO FILIPINO: Appeals court orders BSP to Reopen Bank
LEGACY BANK: Owner's Fugitive Partner Arrested Over Scam
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
CRITERION GROUP: In Receivership, Takes Orders to Clear Stock
-------------------------------------------------------------
Patrick Avenell at Current.com.au reports that Criterion Group
Australia has been placed in receivership.
The company's senior management has now congregated to begin
winding down the company, according to Current.com.au.
The report notes that an unnamed employee of the Criterion Group
said that the company is still taking orders as it looks to clear
the remaining stock.
The report relates that Current.com.au was told that in "around
four weeks," the Criterion Group would be completely gone from
the market.
Based in Moorebank, in Sydney's southwest, Criterion Group
specialised in AV and IT furniture and installations. Founded in
1964, the Group expanded into New Zealand.
* AUSTRALIA: Risks Losing Car Manufacturers, Ex-Premier Warns
-------------------------------------------------------------
The Sydney Morning Herald reports that Australia could be down to
just one car manufacturer within the next few years, former
Victorian premier Jeff Kennett has warned, saying local players
will continue to struggle against declining productivity and a
rising currency.
SMH relates that Mr. Kennett is the latest high-profile figure to
question the economic value of the billions in subsidies directed
at the sector, after local producer Toyota announced 350 job cuts
at its Altona factory in south-west Melbourne last week.
As premier of Victoria during the 1990s, Mr. Kennett negotiated
with Toyota over the expansion of its Altona plant, the report
says.
But Mr. Kennett said the combination of a historically high
Australian dollar, the high cost base of local producers, and
changing consumer trends had put local manufacturing under
pressure, relates SMH.
=========
C H I N A
=========
CHINA MEDICAL: S&P Cuts Corp. Credit Rating From 'B+' to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on China Medical Technologies Inc. to
'SD' from 'B+'. "At the same time, we lowered our debt rating on
the $150 million convertible bond due Dec. 15, 2016, to 'D' from
'B+'. We also lowered our Greater China credit scale rating on
CMED to 'SD' from 'cnBB' and on the convertible bond to 'D' from
'cnBB'," S&P said.
"The downgrade follows confirmation that CMED did not make the
semi-annual interest payment on its 6.25% $150 million
convertible bond due December 2016; the coupon payment was due on
Dec. 15, 2011," said Standard & Poor's credit analyst Joe Poon.
"The company also failed to make the interest payment within the
30-day applicable grace period ended Jan. 14, 2012. We also note
the absence of remediation concerning the missed payment," S&P
said.
"We lowered the corporate credit rating on CMED to 'SD' rather
than 'D' because the company has paid the interest and principal
on other issues," said Mr. Poon. "In accordance with our
criteria, we lowered the debt rating to 'D' because the company
has not paid the coupon within a five-day grace period."
"According to CMED's unaudited results for the second quarter of
the fiscal year ended Sept. 30, 2011, announced on Nov. 18, 2011,
the company has about $206.5 million in cash and cash equivalents
and total debt of $412.2 million (consisting of convertible bonds
due 2016 and 2013, and short-term debt of about $16.7 million).
We estimate that most of the cash is held in China," S&P said.
"We will lower the corporate credit rating to 'D' from 'SD' if:
(1) CMED fails to pay the next semi-annual interest on Feb. 15,
2012, on its US$276 million 4.0% convertible bond due 2013; or
(2) the company files for bankruptcy," S&P said.
"We are uncertain why CMED did not make the coupon payment, given
that it appears to have sufficient capacity to do so.
Nevertheless, we note that on Dec. 13, 2011, the company
announced its intention to restructure its debt to strengthen its
balance sheet," S&P said.
"We may withdraw the ratings on CMED if we cannot receive
adequate, timely, or reliable information on the company's
activities, finances, or liquidity," S&P said.
================
H O N G K O N G
================
SUNLINK MANAGEMENT: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------------
Creditors of Sunlink Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 18, 2012.
The company's liquidator is:
Yan Tat Wah
5/F, Dah Sing Life Building
99-105 Des Voeux Road
Central, Hong Kong
TOP GRADE: Members' Final Meeting Set for Feb. 28
-------------------------------------------------
Members of Top Grade Corporation Limited will hold their final
meeting on Feb. 28, 2012, at 12:00 p.m., at Rm. 1032 Beverly
Commercial Centre, at 87-105 Chatham Road, Tsimshatsui, in
Kowloon.
At the meeting, Chan Ting Chun, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
TRAVEL 3000: Members' Final General Meeting Set for Feb. 25
-----------------------------------------------------------
Members of Travel 3000 Limited will hold their final general
meeting on Feb. 25, 2012, at 10:00 a.m., at the Registered Office
at Unit 901, 9th Floor, Omega Plaza, at 32 Dundas Street,
Kowloon, in Hong Kong.
At the meeting, Lau Chung Sun, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WELLYOUNG ASIA: Members' Final General Meeting Set for Feb. 27
--------------------------------------------------------------
Members of Wellyoung Asia Limited will hold their final general
meeting on Feb. 27, 2012, at 10:00 a.m., at 6/F, Greenwich
Centre, at 260 King's Road, North Point, in Hong Kong.
At the meeting, Ng Kin Yung Tony, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
YENKU LIMITED: Creditors' Proofs of Debt Due Feb. 20
----------------------------------------------------
Creditors of Yenku Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Jan. 18, 2012.
The company's liquidator is:
Ko Chi Keung
5/F, Dah Sing Life Building
99-105 Des Voeux Road
Central, Hong Kong
=========
I N D I A
=========
ACTIF CORP: Fitch Migrates 'BB+' Nat'l LT Rating to Non-Monitored
-----------------------------------------------------------------
Fitch Ratings has migrated India-based Actif Corporation
Limited's National Long-Term rating of 'Fitch BB+(ind)'/Rating
Watch Negative (RWN) to the "Non-Monitored" category. The rating
will now appear as 'Fitch BB+(ind)nm' on the agency's website.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Actif. The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".
Fitch has also classified Actif's following bank loan ratings as
non-monitored:
-- INR1,926m long-term loans: migrated to 'Fitch BB+(ind)nm'
from 'Fitch BB+(ind)'/RWN
-- INR320m cash credit limits: migrated to 'Fitch BB+(ind)nm'
from 'Fitch BB+(ind)'/RWN
-- INR25m non-fund based limits: migrated to 'Fitch A4+(ind)nm'
from 'Fitch A4+(ind)'/RWN
ALKA FIBERS: CARE Assigns 'CARE B+' Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Alka Fibers Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10.00 CARE B+ Assigned
Short-term Bank Facilities 10.00 CARE A4 Assigned
Rating Rationale
The ratings are constrained on account of the relatively short
track record and modest scale of operations of Alka Fibers
Private Limited, thin profitability due to its presence in a
highly fragmented and competitive trading business wherein value
addition is limited and susceptibility of its margins to
fluctuations in traded goods price and foreign exchange rate. The
ratings are further constrained by the high working capital
intensity and exposure to geographical and customer
concentration.
The above constraints far offset the benefits derived from the
experience of the promoters in trading business and advantage of
being present in a textile hub.
Ability of AFPL to increase the scale of its operations while
simultaneously managing risks associated with fluctuation in
traded goods prices and effective management of working capital
are the key rating sensitivities.
About Alka Fibers
Alka Fibers Pvt Ltd, a Surat-based trading entity, was
incorporated on March 6, 2009 by Mr. Jignesh Bhavsar and Mr.
Devang Pandya. AFPL is mainly engaged in trading of Viscose
Filament Yarn, Jari Yarn and Grey Fabric which finds application
in textile industry. During FY11 (refers to period from April 1
to March 31), AFPL earned 39%, 44% and 17% revenue from VFY, jari
yarn and grey fabrics respectively.
During FY11, AFPL earned a PAT of INR0.66 crore on a total
operating income of INR197.12 crore as against a PAT of INR0.12
crore on a total operating income of INR43.44 crore in FY10.
AMI LIFESCIENCES: CARE Puts 'CARE BB+' Rating on INR10.68cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of AMI Lifesciences Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10.68 CARE BB+ Assigned
Long-term/Short-term Bank 7.15 CARE BB+/CARE A4
Facilities Assigned
Short-term Bank Facilities 7.00 CARE A4 Assigned
Rating Rationale
The ratings are primarily constrained on account of the small
scale of business operations of Ami Lifesciences Pvt. Ltd., weak
liquidity position, moderately leveraged capital structure and
susceptibility of operating margins to raw material price and
foreign exchange fluctuations. The rating is further constrained
on account of intense competition faced by ALPL in the Active
Pharmaceutical Ingredient (API) segment.
These constraints outweigh the benefits derived from the
promoters' experience in the pharmaceutical industry, diversified
product mix covering several therapeutic segments and
reputed customer base along with WHO-GMP certified manufacturing
facilities.
ALPL's ability to maintain revenue growth with addition of new
products and geographical diversification coupled with
improvement in profitability margins and liquidity position are
the key rating sensitivities.
About AMI Lifesciences
AMI Lifesciences Pvt. Ltd. was incorporated in March 1994 as Sun
Scope Laboratories Pvt. Ltd. and subsequently the name of the
company was changed to ALPL in June 2006. ALPL promoted by Mr
Girish Chovatia, is engaged into the business of manufacturing
Active Pharmaceutical Ingredients (APIs) across various
therapeutic segments such as respiratory, musculoskeletal,
genitourinary system, cardiovascular diseases, anti-allergic and
central nervous system. ALPL supplies its APIs to various
domestic formulators (mainly private pharmaceutical companies)
and also sells its products internationally by exporting to
destinations such as US, Europe, Vietnam, Indonesia and
Philippines from its WHO-GMP certified manufacturing facility
located in Vadodara (Gujarat) with an installed capacity of 300
MTPA of APIs.
ANCHOR MALLS: Fitch Affirms Nat'l Long Term Rating at 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed India's Anchor Malls' National Long-
Term rating at 'Fitch B+(ind)'. The Outlook is Stable. Anchor's
INR2,450m term loan has also been affirmed at 'Fitch B+(ind)'.
The ratings are based on the corporate guarantee provided by Agre
Developers Limited for Anchor's entire secured debt. The
guarantee had been earlier extended by Future Realtors India Pvt
Ltd. Following a merger into ADL in January 2011, ADL is now
responsible for FRIPL's liabilities (including contingent
liabilities) and assets.
The Biyani family (key shareholders of Pantaloon Retail India Ltd
(PRIL, 'Fitch A-(ind)'/Stable)) and Biyani family-promoted
companies hold a 43.63% stake in ADL. Anchor's ratings factor in
the strong linkages between Anchor and other PRIL related
entities.
Anchor owns 47,650 sq. ft. of land in Chennai and plans to
develop a commercial building of 150,000 sq. ft.; the development
will comprise retail space of 90,000 sq. ft. and office space of
60,000 sq. ft. However, construction of the mall has yet to
commence, and the ratings are constrained by this factor, as well
as by the fact that Anchor still depends on other Future group
companies for its debt servicing.
As the ratings are mainly based on the corporate guarantee given
by ADL, Anchor's rating will continue to be based on the credit
profile of the guarantor, and a weakening of the linkage between
Anchor and ADL would be a negative rating trigger. Positive
rating triggers include commencement of mall operations and
strong cash flow generation.
ADL is involved in the maintaining, operating, and managing of
malls, and other real estate properties. In the financial year
ended March 2011 (FY11), ADL revenues were INR1,046.57m,
operating EBITDA margin was 12.9%, interest coverage was 33.2x,
and total debt/operating EBITDA was 2.2x.
AQUA PLUMBINGS: CARE Rates INR31cr LT Loan at 'CARE BB+'
--------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Aqua
Plumbings Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 31.00 CARE BB+ Assigned
Rating Rationale
The rating of Aqua Plumbings Private Limited is mainly
constrained on account of predominantly debt-funded modernization
cum capacity expansion project and presence in the highly
competitive faucet manufacturing industry. The rating is further
constrained due to linkages with volatile real estate sector and
susceptibility of profit margins to fluctuation in prices of raw
materials and foreign exchange risk.
The above constraints are partially offset by the benefits
derived from the vast experience of the promoters in the faucets
manufacturing industry, moderate financial risk profile marked by
moderate profitability margins, low gearing and moderate
liquidity position and well- established distribution network and
established brand name.
APPL's ability to complete the ongoing modernization-cum-capacity
expansion project within envisaged cost and time parameters and
increase in turnover from the enhanced production facilities are
the key rating sensitivities.
About Aqua Plumbings
APPL was incorporated in 1995 by Mr. Ashok Chaudhary and Mr
Sudhir Chaudhary to undertake the manufacturing of faucets and
bathroom fittings. APPL is operating from its sole manufacturing
plant located at Mathura. APPL has an installed capacity of 20
lakh pieces per annum (PPA) as on March 31, 2011. APPL has
developed a well-established distribution network spread across
India and it sells its products under the "Plumber" brand.
APPL is implementing a project for modernization-cum-capacity
expansion at adjacent land to its existing plant located at
Mathura with a total cost of INR22.25 crore which would be funded
with a debt equity ratio of 3.24:1. Post expansion, the
manufacturing capacity is envisaged to increase to 30
lakh PPA.
As per the audited results for FY11 (refers to the period April 1
to March 31), APPL reported a net profit of INR4.34 crore on a
total operating income of INR66.54 crore as compared to the net
profit of INR3.94 crore on a total operating income of INR55.34
crore in FY10.
As per the provisional result for H1FY12, APPL has reported the
total operating income of INR45.00 crore and the net profit of
INR2.85 crore.
DHIMANT TRADING: CARE Puts 'CARE B+' Rating on INR8cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Dhimant Trading Co.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.00 'CARE B+' Assigned
Short-term Bank Facilities 2.00 'CARE A4' Assigned
Rating Rationale
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.
The ratings are constrained by relatively small scale of
operations of Dhimant Trading Company (DTC), low profitability
margins and high gearing level. The ratings are also constrained
by supplier concentration risk, cyclical nature of the steel
industry and its constitution as a partnership firm.
The ratings factor in benefits derived from the promoter's
experience in the domestic steel business and their financial
support in the past.
The ability of DTC to improve the overall financial risk profile
with increase in the scale of operations and efficient management
of the working capital cycle are the key rating sensitivities.
About Dhimant Trading
Dhimant Trading Co., a partnership firm incorporated in 2001, was
established by Mr. Madhusudan Mehta along with Mr. Ravi Mehta.
DTC is engaged in trading of various steel products like Hot
Rolled (HR) and Cold Rolled (CR) and galvanised coils/sheets,
T.M.T. bars, Mild Steel (MS) channels and angles. The firm's
entire business operations are carried out in the domestic market
and it has been associated with Steel Authority of India Ltd.
(SAIL) as an authorized dealer for structural steels.
During FY11 (refers to April 1 to March 31), DTC reported total
operating income of INR72.78 crore and PAT of INR0.35 crore as
compared to total operating income of INR44.01 crore and PAT of
INR0.22 crore during FY10.
GOYAL ENERGY: Fitch Affirms National Long-Term Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Goyal Energy & Steel Pvt.
Ltd.'s National Long-Term rating at 'Fitch B+(ind)'. The Outlook
is Stable.
The affirmation reflects improvements in GESPL's net financial
leverage (net adjusted debt/EBITDA) to 6.2x in the financial year
ended March 2011 (FY11) from 9.6x in FY10, as its EBITDA margins
increased to 4.7% from 2.5%. This is mainly due to higher
average sales realisation per tonne of angles and channels at the
company's rolling mill compared with previous year's and also
because of partial backward integration through an ingots
manufacturing facility.
The ratings, however, remain constrained by the company's tight
liquidity position, as reflected through its continuous 100%
utilisation and occasional over-utilisation of the fund-based
limits by 0.5%-1%. The ratings are further constrained by the
price volatility risk because GESPL buys its raw materials from
the open market.
Positive rating guidelines include an improvement in GESPL's
liquidity position in the next two quarters along with the
maintenance of the current financial profile. Negative rating
guidelines include any significant debt-funded capex leading to a
decline in EBITDA margins and hence deterioration in net leverage
to 10x.
In FY11, GESPL reported revenue of INR1,222.9m (FY10:
INR1,160.4m). Its total adjusted debt increased to INR367.9m in
FY11 (FY10: INR305.0m), while free cash flow (FCF), though
improved, remained negative at INR126.5m (FY10: negative
INR135.6m). Fitch expects FCF to remain negative in FY12 mainly
due to the company's higher working capital requirements because
of increased volume of business.
Fitch has also affirmed GESPL's bank facilities as follows:
-- INR32.8m term loans: affirmed at 'Fitch B+(ind)'
-- INR395m fund-based limits (increased from INR245m): affirmed
at 'Fitch B+(ind)'
HANSA METALLICS: Fitch Puts Rating on INR200 Mil. Loan at 'BB'
--------------------------------------------------------------
Fitch Ratings has assigned India-based Hansa Metallics Limited's
additional INR200m fund-based working capital facilities 'Fitch
BB(ind)'/'Fitch A4+(ind)' ratings.
HML's outstanding ratings (including the above) are as follows:
-- National Long-Term rating: 'Fitch BB(ind)'; Outlook Stable
-- INR770m fund-based working capital facilities: 'Fitch
BB(ind)'/'Fitch A4+(ind)'
-- INR208.3m long-term loan: 'Fitch BB(ind)'
HML manufactures electric resistance welded (ERW) precision tubes
by procuring hot rolling coils and converting it to cold rolled
ERW pipes. In FY11, the company's net revenues were INR1,595.5m
(INR1,094.7m) and EBITDA margin was 14.1% (8.7%).
MASTERMIND TRADE: CARE Rates INR6cr LT Loan at 'CARE BB'
--------------------------------------------------------
CARE assigns 'CARE BB' rating to the long-term bank facilities of
Mastermind Trade In Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 6.00 CARE BB Assigned
Rating Rationale
The rating is constrained by MTPL's limited track record and
small scale of operations coupled with thin profitability margins
and leveraged capital structure on account of trading nature of
operations. The rating however draws strength from the experience
of the promoters in the trading industry, established
relationship with the customers and mitigation of price
fluctuation risk to an extent on account of back-to-back linkage
of purchases and sales.
Going forward, the ability of the company to increase its scale
of operations and achieve the envisaged profitability and
effective management of working capital shall be the key rating
sensitivities.
About Mastermind Trade
Mastermind Trade In Private Limited was promoted by Mr. Sunil
Kumar Garg in September 2006, and has been engaged in trading of
raw fabrics (grey cloth) namely cotton, polyster etc as well as
computer accessories, though on a small scale.
During FY11 (refers to the period April 1 to March 31), MTPL
achieved a total operating income of INR85.70 crore with a PAT of
INR0.07 crore. During H1FY12, the company achieved the net sales
of INR 36.34 crore and a PBT of INR0.08 crore.
MOODS HOSPITALITY: Fitch Migrates 'B' Rating to Non-Monitored
-------------------------------------------------------------
Fitch Ratings has migrated India-based Moods Hospitality Private
Limited's 'Fitch B(ind)' National Long-Term rating with a Stable
Outlook to the "Non-Monitored" category. This rating will now
appear as 'Fitch B(ind)nm' on the agency's website. MHPL's
INR117m term loans have also been migrated to 'Fitch B(ind)nm'
from 'Fitch B(ind)'.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of MHPL. The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary".
M P K STEELS: Fitch Assigns 'B+' Nat'l. Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned India's M P K Steels (I) Private
Limited a National Long-Term rating of 'Fitch B+(ind)'. The
Outlook is Stable.
MPK's ratings reflect its small scale of operations, low
profitability and intense competition in domestic structural
steel industry. Revenue grew by 77% yoy to INR657.2m in the
financial year ended March 2011 (FY11) mainly due to increased
volume and higher revenue per ton. Sales volume increased by 72%
yoy to 22,760 tonnes in FY11 (FY10: 13,231 tonnes) on the back of
capacity additions of 12,000 tonnes per annum. EBITDA margin,
however, marginally declined to 3.2% in FY11 (FY10: 3.9%) due to
increased input costs.
The ratings also factor in MPK's stretched liquidity position as
reflected by its negative cash flow from operations over FY08-
FY11 due to high working capital needs resulting in nearly full
utilization of working capital limits
The ratings are constrained by MPK's low interest coverage
(operating EBITDA/gross interest expense: 1.76x in FY11, 1.5x in
FY10) and moderate-to-high financial leverage (total adjusted net
debt/operating EBITDAR: 6.5x in FY11, 9.6x in FY10). The latter
improved from the previous year due to reduced working capital
requirement as evident from an improved net cash conversion cycle
of 65 days in FY11 (FY10: 104 days). However, the leverage is
likely to deteriorate from FY12 onwards as the company has
extended a corporate guarantee of INR150m to a group company.
The ratings are, however, supported by the decade-long experience
of MPK's founders in structural steel manufacturing through its
group companies and its continuously increasing production
capacity.
Negative rating action may result from a decline in revenues or
EBITDA margins and/or an increase in working capital requirements
leading to interest coverage falling below 1.4x. On the other
hand, a sustained and substantial increase in the size of
operations and profitability and an improvement in interest
coverage to above 1.8x may result in positive rating action.
M P K Steels commenced operations in 2008 and manufactures
structural steel products at its 27,000MT per year plant in
Jaipur (Rajasthan). By end-March 2012, the company will incur
capex of INR24.3m for debottlenecking of its manufacturing plant.
It will be funded by debt and equity in a ratio of 1.5x. However,
financial closure of debt has not been achieved yet.
Fitch has also assigned ratings to MPK's bank loans as follows:
-- INR35.32m long-term debt: assigned at 'Fitch B+(ind)'
-- INR150m fund-based working capital limits: assigned at
'Fitch B+(ind)'/'Fitch A4(ind)'
PARAM EXPORTS: CARE Assigns 'CARE BB+' Rating to INR1.15cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Param Exports.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 1.15 'CARE BB+' Assigned
Short-term Bank Facilities 14.00 'CARE A4' Assigned
Rating Rationale
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.
The ratings are constrained by relatively small scale of
operations of Param Exports with a low profitability & networth
base and stretched working capital cycle. The ratings are further
constrained due to its constitution as a partnership firm,
customer concentration risk & foreign exchange fluctuation risk
and its presence in a highly fragmented industry leading to
intense competition.
These factors far outweigh the benefit derived from experienced
management and their financial support.
The ability of Param Exports to manage the expected slowdown in
key export geographies and to improve the overall financial
profile along with efficient management of working capital cycle
are the key rating sensitivities.
About Param Exports
Param Exports, a partnership firm established in March 1991, was
promoted by Mr. Damjibhai P. Donda along with Mr. Harjibhai P.
Donda. The firm is engaged in the business of import of rough
diamond and manufacturing and selling of cut and polished
diamonds. The firm generates its revenue almost entirely from
exports while rough diamonds are mainly imported. The firm has
two diamond cutting & polishing facilities located at Bhavnagar
and Surat, both in the state of Gujarat.
SAVEETHA INSTITUTE: CARE Rates INR34.36cr Loan at 'CARE BB+'
------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Saveetha
Institute of Medical And Technical Sciences.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 34.36 CARE BB+ Assigned
Rating Rationale
The rating is mainly constrained due to uncertainty over the
Deemed University status of Saveetha University (a deemed
university operated by SIMATS) arising due to the recommendation
of Tandon's committee which could potentially impact the
flexibility to self-regulate its fee and student intake. The
rating is also constrained by its relatively small size of
operations and concentrated revenue stream. However, the rating
derives strength from the experience of the trustees in the field
of academics and medicine, long operational track record of
SIMATS and improvement in profitability in FY11(refers to the
period from April 1 to March 31) after reporting deficits for two
consecutive years.
Going forward, clarity regarding the deemed university status
would be critical to the sustainability of student enrolment and
overall financial position of SIMATS. In addition, ability of the
trust to attract/ retain quality doctoral staff and cash flow
management in the light of the intermittent nature of fee
receipts would also be the rating sensitivities.
M/s. Saveetha Institute of Medical and Technical Sciences is a
registered Trust established by Dr.N.M.Veeraiyan, a dentist by
profession in 2001. Subsequently in 2005, SIMATS was declared as
a deemed university under Sec.3A of the University Grants
Commission (UGC) in the name of 'Saveetha University'. SIMATS
runs seven educational institutes spread across two campuses in
Chennai, Tamil Nadu. Saveetha University offers academic programs
at Under-Graduate, Post-Graduate and Ph.D. Research levels in the
field of Dentistry, Medical and Health Sciences, Engineering and
Technology, Management and Law.
SILVERTON PULP: CARE Puts 'CARE BB' Rating on INR19.72cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Silverton Pulp And Papers Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 19.72 CARE BB Assigned
Short-term Bank Facilities 6.00 CARE A4
Rating Rationale
The ratings of Silverton Pulp and Papers Private Limited are
constrained by modest scale of operations in the fragmented and
cyclical nature of the paper industry marked by low entry
barriers and post implementation risk associated with the
recently completed debt-funded project. The ratings are further
constrained by volatility associated with the raw material prices
and exposure to foreign exchange fluctuation. The above
weaknesses are partially offset by the vast experience of the
promoters in the paper industry and moderately comfortable
solvency and liquidity position.
Early stabilization of the project operations and achievement of
envisaged capacity utilization levels while mitigating the raw
material volatility risk and improvement in the overall financial
risk profile are the key rating sensitivities.
Muzaffarnagar (Uttar Pradesh) based Silverton Pulp and Papers Pvt
Ltd was incorporated in February, 2005. SPPL started its
operations by taking over the part business of Silverton Papers
Ltd (SPL) which became sick in 2003 due to poor quality of
production, power shortage and other operational inefficiencies.
The sick unit was then divided into two separate units as SPPL
and SPL (rated 'CARE BB+' / 'CARE A4'). However, except for
sharing same premises both the companies do not have any business
relationship with each other.
Currently, SPPL is engaged in the manufacturing of Writing and
Printing (W&P) paper and is having the installed capacity of
8,250 Metric Tonnes Per Annum (MTPA).
During FY11 (refers to the period from April 01 to March 31),
SPPL's total operating income was INR23.73 crore (FY10: INR18.64
crore) with a PAT of INR0.31 crore (FY10: INR0.22 crore).
SURESH ANGADI: Fitch Migrates Nat'l. LT Rating to Non-Monitored
---------------------------------------------------------------
Fitch Ratings has migrated Suresh Angadi Educational Foundation's
National Long-Term rating of 'Fitch B+(ind)' with a Stable
Outlook to the "Non-Monitored" category. The rating will now
appear as 'Fitch B+(ind)nm' on the agency's website. SAEF's
INR100m bank loans have also been migrated to 'Fitch B+(ind)nm'
from 'Fitch B+(ind)'.
The ratings have been migrated to the non-monitored category due
to lack of adequate information. Fitch will no longer provide
ratings or analytical coverage of SAEF. The ratings will remain
in the non-monitored category for 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
may be reinstated and any rating action will be communicated
through a "Rating Action Commentary".
SAEF is a not-for-profit trust established in December 2008.
SWATI PROCON: CARE Rates INR30.96cr LT Loan at 'CARE BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Swati
Procon Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 30.96 CARE BB+ Assigned
Rating Rationale
The rating is primarily constrained on account of project
implementation risk associated with the residential real estate
projects of Swati Procon Private Limited and the inherent risk
associated with the real estate industry in light of the rising
interest rate scenario. The rating, however, favorably takes
into account moderately comfortable booking status in one of
its projects and the promoters' experience in the real estate
industry. Successful completion of the projects as per schedule
with timely receipt of envisaged booking advances and impact on
cash flow due to higher usage of surplus funds for projects other
than envisaged are the key rating sensitivities.
Swati Procon Private Limited, incorporated in October 2009, was
formed by taking over running business of 'M/s Shree Shyam
Builders' erstwhile sole proprietorship firm of Mr Ashok
Agarwal, who is also the promoter of SPPL, The promoter is
engaged in the real estate business since the early 1997, under
the name of Shree Shyam Builders, and had developed saleable area
of 6.38 lakh sq. ft. till Dec. 31, 2011, under various schemes in
residential and commercial segments in Ahmedabad city.
At present SPPL is executing two residential projects namely
'Swati-V' and 'Swati-Prathama' which would house 135 and 130
units of high rise residential flats respectively. Both the
projects are in Ahmedabad city and cater to the demand of middle
income group. SPPL has recently completed project named 'Swati-
IV' and sold/booked all the residential units as on December 31,
2011.
As per the audited result for FY11 (refers to the period April 1
to March 31), SPPL has reported a net profit of INR0.51 crore on
a total operating income of INR4.88 crore.
TEXACO SYNTHETICS: CARE Places 'CARE B+' Rating on INR4.06cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Texaco Synthetics Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 4.06 CARE B+ Assigned
Long-term/Short-term Bank 3.30 CARE B+/CARE A4
Facilities Assigned
Rating Rationale
The ratings assigned to the bank facilities of Texaco Synthetics
Pvt. Ltd. are mainly constrained on account of modest scale of
operations in the highly fragmented textile industry, below
average financial risk profile marked by thin profitability
margins, high gearing and stressed liquidity and debt-funded
capex. The ratings are further constrained due to working capital
intensive nature of operations and commoditized nature of product
restricting bargaining power.
The above constraints far offset the benefits derived from wide
experience of the promoters, established track record of
operations and its presence in textile cluster thereby having
easy access to raw material.
TSPL's ability to increase its scale of operations while managing
volatility associated with raw material prices, completion of the
project without any time and cost overrun and achieving
envisaged level of operations are the key rating sensitivities.
Ahmedabad base Texaco Synthetics Pvt. Ltd. was incorporated in
1988 by Mr. Pradeep Kumar Agrawal to undertake business of
manufacturing and trading of synthetic fabrics. Mr. Pradeep
Kumar Agrawal and Mrs. Rukmani Agrawal are key directors of TSPL.
Mr. Pradeep Agrawal has around 30 years of experience in the
industry while Mrs. Rukmani Agrawal has experience of
around two decades. TSPL operates from its sole manufacturing
facility located at Chhatral, near Ahmedabad where it has
installed 20 sulzer looms (automatic weaving machines) which
collectively generates around 9 lakh meters of grey fabric per
annum. TSPL is engaged in weaving of cotton fabrics, polyester
cotton fabrics and technical textile fabrics. The company mainly
manufactures grey fabric by using locally available cotton and
synthetic yarn and also undertakes processing of grey fabric to
finished fabric.
During FY11 (refer to the period April 1 to March 31), TSPL
reported a PAT of INR0.21 crore on a total operating income of
INR19.32 crore as against a PAT of INR0.30 crore on a total
income of INR15.37 crore during the corresponding period last
year.
=========
J A P A N
=========
DAIWA SECURITIES: To Slash Up to 500 Jobs in Asia, Europe
---------------------------------------------------------
Alison Tudor and Atsuko Fukase at The Wall Street Journal report
that Daiwa Securities Group Inc. stepped up its job-cutting plans
Tuesday to scale back its overseas operations in the face of a
global economic slowdown.
The Journal relates that Daiwa Securities, Japan's second-largest
securities firm by revenue, reported losses for the fourth
consecutive quarter on Tuesday and said it will lay off staff
mainly in Europe and Asia. The firm, the Journal says, plans to
eliminate an additional 200 jobs on top of 300 positions it
previously planned to cut.
The Journal notes that Daiwa is attempting to cut costs by more
than JPY60 billion (US$786 million) by the fiscal year ending
March 2014. The cuts also include closing unprofitable
businesses and reducing system expenses. The number of Daiwa's
overseas employees will shrink to 1,900 from 2,400 by the end of
the current fiscal year, according to the report.
"Business conditions will remain tough," the news agency quotes
Daiwa Chief Financial Officer Nobuyuki Iwamoto as saying at a
news conference. Mr. Iwamoto added that equity finance deals and
initial public offerings likely won't grow in number under the
current business environment, the Journal adds.
Daiwa posted a loss of JPY21.57 billion for the three months
ended Dec. 31, reversing from a net profit of JPY1.18 billion a
year earlier. Revenue fell 21% to JPY92.92 billion from
JPY118.21 billion a year earlier, the Journal discloses.
Japan-based Daiwa Securities Group Inc (TYO:8601) ---
http://www.daiwa-grp.jp/--- is a security company engaged in the
securities, investment, financing and service businesses. The
company, comprised of 46 consolidated subsidiaries and six
associated companies, is engaged in the trading and brokerage of
securities and derivatives, as well as the underwriting, sale,
offering and private offering of securities. It is also involved
in the investment trust, information service, real estate
leasing, venture capital, financing and clerical service
businesses. The company has operations in both domestic and
overseas financial markets, including Japan, North America,
Europe, Asia and Oceania. Daiwa Securities Group has a global
network.
SONY CORP: Expects Full-Year Loss to Widen to JPY220 Billion
------------------------------------------------------------
Bloomberg News reports that Sony Corp. said the company widened
its full-year net loss forecast to JPY220 billion
(US$2.9 billion) from the JPY90 billion loss predicted in
November.
That compares with the JPY147 billion average loss of 18
analysts' estimates compiled by Bloomberg. The loss in the 12
months ending in March will be the fourth in a row, a first since
the company was listed in 1958, the report says.
Sony posted a third-quarter net loss of JPY159 billion, compared
with the JPY43 billion average loss of four analysts? estimates
compiled by Bloomberg. The company, according to Bloomberg,
cited a strengthening yen against the euro, Thai floods and a
writedown from exiting a display-panel venture with Samsung
Electronics Co.
"Sony's businesses have kept going downhill. . . How Sony will
change under the new president is unclear as the entire Japanese
consumer-electronics industry is facing a challenge to show a
growth story," Bloomberg quotes Satoshi Yuzaki, a general manager
at the investment information department at Takagi Securities Co.
in Tokyo, as saying.
Bloomberg relates that the company cut sales targets for its
cameras, personal computers and PlayStation 3 game consoles, and
said its mobile- phone unit performed worse than expected. It
maintained its target for selling 20 million televisions, the
report adds.
According to Bloomberg, the TV business may lose JPY175 billion
this fiscal year, the company said in November, adding to the
JPY480 billion in losses since 2004.
Meanwhile, Bloomberg News reports that Sony on Feb. 1 named Kazuo
Hirai as chief executive officer to replace Howard Stringer
starting April 1. Sony said Wednesday Mr. Hirai will succeed Mr.
Stringer who will become chairman of the board after a
shareholders meeting in June.
About Sony Corp.
Sony Corporation (TYO:6758) -- http://www.sony.co.jp/ -- is the
ultimate parent company of the Sony Group. The company is
primarily focused on Electronics, such as audiovisual/
information technology products & components; Game, such as
PlayStation; Entertainment, such as motion pictures and music,
and Financial Services, such as insurance and banking sectors.
SUNSHINE TRUST: S&P Affirms 'BB+' Rating on Class D
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
A1, A2, B, and C asset-backed loans (ABLs) and the class D
beneficial interests issued/extended under the Sunshine Trust
asset-backed securities (ABS) transaction. All ABLs and classes
of beneficial interests are secured by a pool of consumer loan
receivables originated by Shinsei Financial Co. Ltd.
"Under this transaction, the originator entrusted a pool of
consumer loan receivables and cash with the trustee, and received
the class A1 to E beneficial interests, the subordinate
beneficial interests, and the seller's beneficial interests. The
class A1 to C beneficial interests were then transferred to
investors. In April 2011, the trustee, which borrowed the A1 to C
ABLs, fully redeemed the class A1 to C beneficial interests,
using primarily the A1 to C ABLs. On Jan. 27, 2012, the amount of
principal on the A1 ABL increased through additional borrowing
following the additional entrustment of underlying consumer loan
receivables, and the class E beneficial interests were fully
repaid through some of the additional borrowings attributed to
the A1 ABL on the same day. The A1 ABL was then divided into the
A1S ABL and A1 ABL on Jan. 31, 2012, and the amounts of the A2 to
C ABLs and the class D beneficial interests were changed on the
same day," S&P said.
The ratings reflect S&P's views primarily on the following
factors:
"The credit risk inherent in the collateral pool based on the
collateral characteristics and historical performance, as
well as the business conditions that we have forecast for the
obligors and consumer finance companies," S&P said.
The ample credit support provided via overcollateralization.
"The payment structure and cash flow mechanics that have been
established in the event that the performance of the
underlying assets deteriorates, including: (1) a default
trap, through which excess interest from the asset pool is
used to mitigate losses from the defaulted receivables; (2)
repurchase by the originator of defaulted receivables not
covered through the default trap up to a certain limit; and
(3) the establishment of early amortization triggers that
convert the transaction to a monthly pass-through turbo
structure," S&P said.
The creditworthiness of the originator in terms of
performance, including the repurchase of defaulted
receivables.
The quality and ability of the originator as a servicer for
this transaction.
The schemes that have been adopted in the event that certain
credit events involving the servicer occur in the future,
including: (1) the appointment of a backup servicer at the
outset of the transaction; (2) the establishment of
commingling risk triggers to mitigate commingling risk; and
(3) the establishment of a cash reserve to provide liquidity
support to the transaction.
The transaction's legal structure, including the entrustment
of the consumer loan receivables that has been structured to
achieve a "true sale," and the fact that the trust agreement
is not at risk of being cancelled on the ground that the
contracting parties have not fulfilled their obligations.
"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date in July
2018," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings Affirmed
Sunshine Trust
ABLs
Date of loan
Rating Amount* Interest origination O/C ratio*
A1 A (sf) JPY65.0 bil. Fixed rate April 28, 2011 63.6%
A2 BBB+ (sf) JPY42.0 bil. Fixed rate April 28, 2011 47.6%
B BBB (sf) JPY30.0 bil. Fixed rate April 28, 2011 36.1%
C BBB- (sf) JPY10.0 bil. Fixed rate April 28, 2011 32.3%
Beneficial interests
Class Rating Amount* Interest rate Date of issue
O/C ratio*
D BB+ (sf) JPY39.0 bil. Fixed rate Jan. 27, 2011
17.3%
*The amounts and overcollateralization (O/C) ratios are as of
Jan. 31, 2012.
NOTES
The basic approach to calculating the O/C ratio is as follows:
1-(A+B)/(C-D-E)
A: the rated obligations and equally ranked obligations
B: prior obligations to the rated obligations
C: underlying assets (including cash)
D: liquidity reserves
E: obligations, except for senior, mezzanine, or subordinate
obligations (seller's interest, etc.)
In the case of a master trust structure, the series base value
should be applied.
====================
N E W Z E A L A N D
====================
CAREYS BOATYARD: High Court to Hear Wind Up Bid on Feb. 21
----------------------------------------------------------
The Marlborough Express reports that the Inland Revenue has
applied to put Picton business Careys Boatyard into liquidation.
A public notice in The Marlborough Express on Friday said an
application for putting Careys Boatyard in liquidation was filed
on December 21 and would be heard in the High Court in Blenheim
on February 21.
According to The Marlborough Express, the Carey family business
was established in 1948 and was previously based on the Picton
Foreshore. A fire destroyed the original boatshed, but a new one
was built in 1982.
The boatyard was forced to move from the Marlborough District
Council-owned land in early 2005 and relocated to Westshore, near
Shakespeare Bay. It includes four boat building bays and two
slipways capable of hauling out boats up to 120 tonnes.
SANITARIUM HEALTH: Suspends Weet-Bix Operations; To Cut 36 Jobs
---------------------------------------------------------------
The New Zealand Herald reports that cereal maker Sanitarium has
indefinitely suspended Weet-Bix manufacturing operations at its
Christchurch factory as a result of damage the facility sustained
in the February 22 earthquake.
According to the report, general manager Pierre van Heerden said
36 staff at the plant had been offered redundancies as the result
of the closure.
More than 60 staff were sent home on full pay late last year when
manufacturing was suspended, and since then the company has been
running its Auckland plant overtime to supply the South Island
with Weet-Bix, the Herald says.
The Herald relates that the firm said the decision to
indefinitely halt operations was made after the company received
an engineering report on the buildings last week.
"After numerous discussions with our engineers, insurers and
Cera, it has become clear that as a result of the February 2011
earthquake the tower block [used to make Weet-Bix] has been
damaged to an extent that it puts staff safety at risk," the
report quotes Mr. van Heerden as saying.
The company said that as well as redundancy packages, affected
staff had been offered a support programme to assist them
"through the transition ahead," the Herald adds.
Sanitarium Health Food Company produces a large range of
breakfast cereals as well as a range of vegetarian products.
Sanitarium has factories in a number of locations across
Australia and New Zealand.
TAWARA LAND: SCF Unlikely to Recoup NZ$14.5MM Claim
---------------------------------------------------
Emma Bailey at Fairfax NZ News reports that South Canterbury
Finance's receivers are unlikely to get NZ$14.5 million owed from
a failed North Island farming business, Tawara Land Company.
Fairfax relates that receivers McDonald Vague were appointed to
Tawara Land Company on Dec. 3, 2010, after a demand from ANZ bank
for NZ$28.9 million.
ANZ was owed NZ$29.5 million, second secured creditor Evia Rural
Finance was owed NZ$1.89 million, and NZ$14.445 million had been
loaned from SCF's Palmerston North branch, when the receivers
came in, according to the Fairfax NZ.
Fairfax NZ notes that a report released this week by the
receivers shows SCF's outstanding balance is not likely to be
repaid.
"There have not been any distributions to date to the second and
third secured creditors -? Evia Rural Finance and South
Canterbury Finance. It is unlikely that there will be any funds
available for the second and third secured creditors,? the
receivers said in their report.
"It was discovered that Tawera Land Company Limited's former
director had taken a plough along with some small items belonging
to the company. These items were recovered and sold, realising a
total of NZ$17,184," the receivers' report said.
ANZ had fared a lot better, with only NZ$4.2 million outstanding
from the NZ$28.9 million originally owing, the report adds.
Tawera Land Company Limited ran a sizeable sheep and beef
business in the Manawatu and King Country regions.
=====================
P H I L I P P I N E S
=====================
BANCO FILIPINO: Appeals court orders BSP to Reopen Bank
-------------------------------------------------------
Jerome Aning at the Philippine Daily Inquirer reports that the
Court of Appeals on Wednesday ordered the Bangko Sentral ng
Pilipinas to reopen Banco Filipino Savings and Mortgage Bank and
to extend to it within 30 days state financial assistance worth
more than PHP25 billion.
According to the Inquirer, the appellate court's former Special
14th Division ruled that respondents BSP, Monetary Board and the
Philippine Deposit Insurance Corp. committed grave abuse of
discretion and violated BF's right to due process when they
implemented MB Resolution 372-A on March 17, 2011 which placed
the bank under receivership and barred it from continuing its
business operations in the country due to "unsound banking
practices."
"The BSP and the MB are hereby ordered to reopen Banco Filipino
Savings and Mortgage Bank and allow it to resume business in the
Philippines under the comptrollership of the BSP and the MB,
complete with viable rehabilitation plan, in order to ensure fast
and immediate recovery of the bank from the ill-effects of the
illegal closure," the appellate court said in ruling penned by
Associate Justice Agnes Reyes-Carpio, according to the report.
BF stockholders had gone to the appellate court questioning the
legality of the BSP's order to close the bank in March 2011, and
placed it under the receivership of PDIC, saying its liabilities
topped its assets by PHP8.4 billion.
The Inquire states that the BSP's policy-setting MB, in its
Resolution 372-A, supported the findings of its Integrated
Supervision Department II that the BF was unable to pay its
liabilities as they become due, had insufficient realizable
assets to meet its liabilities and could not continue in business
without involving probable losses to its depositors and
creditors.
The MB also barred BF from continuing its operations and placed
its assets and affairs under receivership, the report adds.
BF stockholders, in their petition, insisted that BF did not have
a negative net asset value and that its total assets exceeded its
liabilities by around PHP25 billion, relates the Inquirer.
In its decision, the Inquirer notes, the appellate court held
that the bank would not have been declared insolvent and
ineligible for an emergency loan had the MB exercised caution.
The appellate court noted that before the bank's closure, the
business plan agreed by the BSP, MB and BF which provided for the
grant of a PHP25-billion emergency loan, was already up for
approval, adds the Inquirer.
About Banco Filipino
Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services. It started operations on July 9,
1964.
Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.
LEGACY BANK: Owner's Fugitive Partner Arrested Over Scam
--------------------------------------------------------
Daxim L. Lucas at The Philippine Daily Inquirer reports that the
alleged partner of the alleged mastermind of the PHP14 billion
Legacy Group scam has finally been arrested after several months
of being a fugitive.
Elmar Galacio, a lawyer for the Bangko Sentral ng Pilipinas, said
Alexis Petralba, a Legacy Group executive, was arrested on Monday
night in Tagbilaran, Bohol, after "months of surveillance" by
joint police forces in Cebu and Bohol.
"Petralba has been a fugitive from justice for months now, having
evaded service of warrants of arrest against him, separately
issued by courts in Ormoc City and in Danao, Cebu, in connection
with nonbailable cases for syndicated estafa filed against him
and other Legacy officers," the report quotes Mr. Galacio, a
litigation partner for the Villaraza Cruz Marcelo & Angangco law
office (CVC Law), as saying.
According to the report, the central bank is the complainant in
the various syndicated estafa and falsification cases against
officers of the Legacy syndicate responsible for the collapse of
several Legacy rural banks after it failed to service several
billions of pesos worth of clients? deposits in 2008.
The Inquirer, citing a statement from the Villaraza law office,
relates that Mr. Petralba is known as the liaison officer and
chief implementor of the schemes designed by alleged Legacy
mastermind Celso de los Angeles, supervising the operations of
the various Legacy rural banks.
The report notes that it is stated in the various syndicated
estafa cases filed by the BSP's Office of Special Investigation
and CVC Law that the Legacy syndicate perpetrated a "systematic
misappropriation" of funds amassed from the general public
through various "deceitful schemes and promises of abnormal
returns."
This resulted in them defrauding the government, the banking
industry and the public and even sabotaged the economy, the
statement, as cited by the Inquirer, said.
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies. The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.
* * *
The Bangko Sentral ng Pilipinas in 2008 placed 13 Legacy-member
rural banks under the receivership of the Philippine Deposit
Insurance Corporation due to insolvency. The banks under
receivership are Rural Bank of Paranaque; Rural Bank of San Jose
(in Batangas); Pilipino Rural Bank (in Cebu); Rural Bank of Bais
(in Negros Oriental province); Bank of East Asia (in Cebu); First
Interstate Bank (Rural Bank of Kananga, Leyte), Inc.; Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of
Calatagan, in Batangas); San Pablo City Development Bank; Nation
Bank (in Bacolod City); Rural Bank of DARBCI (General Santos);
Bicol Development Bank (Legaspi City); and the Rural Bank of
Carmen (Cebu).
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
APN EUROPEAN PRO AEZ 563.10 -79.26
ARASOR INTERNATI ARR 19.21 -26.51
AUSTAR UNITED AUN 734.96 -173.09
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
AUTRON CORP LTD AATDA 32.50 -13.46
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 15,483.44 -349.73
CLARITY OSS LTD CYO 30.18 -12.07
MACQUARIE ATLAS MQA 1,894.75 -230.50
MISSION NEWENER MBT 39.20 -31.86
NATIONAL LEISURE NLG 154.59 -34.49
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 11.35 -4.05
REDBANK ENERGY L AEJ 377.31 -22.16
RENISON CONSOLID RSN 10.20 -22.16
RENISON CONSO-PP RSNCK 10.20 -22.16
RIVERCITY MOTORW RCY 386.88 -809.14
STERLING BIOFUEL SBI 20.58 -1.88
SVC GROUP LTD SVC 13.47 -1.66
CHINA
BAOCHENG INVESTM 600892 43.73 -3.94
CHANGJIANG PUB-A 600757 14.33 -0.07
CHENGDE DALU -B 200160 33.15 -5.30
CHENGDU UNION-A 693 32.68 -15.13
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 103.72 -192.59
CONTEL CORP LTD CTEL 59.32 -45.72
DONGXIN ELECTR-A 600691 14.82 -23.94
GUANGDONG ORIE-A 600988 15.71 -3.91
GUANGDONG SUNR-A 30 111.22 0.00
GUANGDONG SUNR-B 200030 111.22 0.00
GUANGXIA YINCH-A 557 19.49 -44.84
HEBEI BAOSHUO -A 600155 141.30 -414.58
HEBEI JINNIU C-A 600722 240.40 -64.41
HUASU HOLDINGS-A 509 94.81 -12.27
HUNAN ANPLAS CO 156 45.35 -32.70
JILIN PHARMACE-A 545 34.73 -7.31
JINCHENG PAPER-A 820 198.46 -130.71
QINGDAO YELLOW 600579 218.06 -21.01
SHANXI LEAD IN-A 673 19.29 -1.82
SHENZ CHINA BI-A 17 20.97 -266.50
SHENZ CHINA BI-B 200017 20.97 -266.50
SHENZ INTL ENT-A 56 256.62 -28.92
SHENZ INTL ENT-B 200056 256.62 -28.92
SHENZHEN DAWNC-A 863 26.83 -165.43
SHENZHEN KONDA-A 48 122.96 -7.23
SHIJIAZHUANG D-A 958 217.74 -95.97
SICHUAN DIRECT-A 757 96.63 -170.70
SICHUAN GOLDEN 600678 201.92 -115.27
TAIYUAN TIANLO-A 600234 67.43 -22.23
TIANJIN MARINE 600751 114.38 -61.31
TIANJIN MARINE-B 900938 114.38 -61.31
TIBET SUMMIT I-A 600338 85.56 -3.87
TOPSUN SCIENCE-A 600771 137.37 -85.06
WUHAN BOILER-B 200770 317.76 -162.36
WUHAN GUOYAO-A 600421 11.22 -28.07
WUHAN LINUO SOLA 600885 106.01 -9.03
XIAMEN OVERSEA-A 600870 257.06 -137.85
XIAN HONGSHENG-A 600817 15.98 -296.67
YANBIAN SHIXIA-A 600462 204.56 -22.61
YANTAI YUANCHE-A 600766 63.90 -6.36
YIBIN PAPER IN-A 600793 144.18 -2.37
YUEYANG HENGLI-A 622 37.67 -21.61
HONG KONG
BEP INTL HLDGS L 2326 11.98 -1.14
BUILDMORE INTL 108 16.57 -57.57
CHINA COMMUNICAT 8206 11.52 -27.35
CHINA HEALTHCARE 673 46.24 -3.08
CHINA NEW ENERGY 1041 110.74 -80.18
CHINA OCEAN SHIP 651 485.84 -2.95
CHINA PACKAGING 572 19.73 -16.87
CMMB VISION HOLD 471 30.68 -17.93
FIRST NTUL FOODS 1076 14.94 -56.59
FU JI FOOD & CAT 1175 73.43 -389.20
ICUBE TECHNOLOGY 139 25.54 -2.12
MELCOLOT LTD 8198 51.52 -55.33
MITSUMARU EAST K 2358 24.87 -16.51
PALADIN LTD 495 158.18 -11.60
PCCW LTD 8 6,248.35 -31.61
PROVIEW INTL HLD 334 314.87 -294.85
REORIENT GROUP 376 15.67 -14.24
SINO RESOURCES G 223 15.64 -34.61
SMART UNION GP 2700 41.81 -38.85
SUNLINK INTL HLD 2336 17.79 -36.13
SURFACE MOUNT SMT 94.71 -5.29
TACK HSIN HLDG 611 68.05 -67.58
U-RIGHT INTL HLD 627 10.86 -204.99
INDONESIA
ARPENI PRATAMA APOL 622.85 -165.10
ASIA PACIFIC POLY 429.86 -844.66
ERATEX DJAJA ERTX 11.52 -21.74
HANSON INTERNATI MYRX 33.41 -7.32
HANSON INT-PREF MYRXP 33.41 -7.32
JAKARTA KYOEI ST JKSW 30.64 -43.02
MITRA INTERNATIO MIRA 944.93 -447.48
MITRA RAJASA-RTS MIRA-R2 944.93 -447.48
MULIA INDUSTRIND MLIA 493.52 -46.89
PANASIA FILAMENT PAFI 29.64 -19.79
PANCA WIRATAMA PWSI 30.18 -37.45
TOKO GUNUNG AGUN TKGA 12.49 -0.64
UNITEX TBK UNTX 17.85 -17.89
INDIA
ALPS INDUS LTD ALPI 288.11 -7.01
AMIT SPINNING AMSP 20.43 -1.96
ARTSON ENGR ART 23.87 -0.60
ASHAPURA MINECHE ASMN 191.87 -68.03
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE SOLUTI CAMB 149.58 -56.66
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 12.15 -15.81
GANESH BENZOPLST GBP 49.24 -21.14
GEM SPINNERS LTD GEMS 14.58 -1.16
GSL INDIA LTD GSL 29.86 -42.42
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 15.20 -3.81
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JAGSON AIRLINES JGA 11.31 -0.41
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 18.05 -86.40
JIK INDUS LTD KFS 20.63 -5.62
KALYANPUR CEMENT KCEM 33.31 -30.53
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KRAP 13.97 -1.69
KIDUJA INDIA KDJ 14.85 -1.71
KINGFISHER AIR KAIR 1,935.94 -661.89
KINGFISHER A-SLB KAIR/S 1,935.94 -661.89
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 38.41 -0.45
MTZ POLYFILMS LT TBE 31.94 -2.57
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIRAMAL LIFE SC PLSL 51.20 -64.85
PREMIER SYNTHET PRS 12.55 -8.26
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 24.66 -11.51
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 106.01 -2.81
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE KRISHNA SHKP 19.89 -0.71
SHREE RAMA MULTI SRMT 62.15 -42.08
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 407.16 -200.86
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STERLING HOL RES SLHR 66.77 -2.85
STI INDIA LTD STIB 35.39 -0.54
STORE ONE RETAIL SORI 15.48 -59.09
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 19.13 -16.31
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIMERS INDIA LT HDU 18.05 -5.87
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 169.51 -155.79
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
CROWD GATE CO 2140 11.63 -4.29
DDS INC 3782 18.69 -0.08
FUJITSU COMP LTD 6719 398.22 -2.90
HIMAWARI HD 8738 412.87 -13.56
ISHII HYOKI CO 6336 201.38 -12.95
KANMONKAI CO LTD 3372 59.00 -10.08
KFE JAPAN CO LTD 3061 21.38 -0.13
L CREATE CO LTD 3247 42.34 -9.15
MEIHO ENTERPRISE 8927 76.16 -18.35
MISONOZA THEATRI 9664 71.18 -4.66
NEXT JAPAN HOLDI 2409 177.68 -5.08
NIS GROUP CO LTD NISZ 444.72 -158.85
NIS GROUP CO LTD 8571 444.72 -158.85
PROMISE CO LTD 8574 11,162.39 -661.54
PROPERST CO LTD 3236 305.90 -330.20
TOYO KNIFE CO 5964 75.99 -3.68
KOREA
DAISHIN INFO 20180 740.50 -158.45
HANIL ENGINEERIN 6440 880.70 -22.42
KUKDONG CORP 5320 53.07 -1.85
ORICOM INC 10470 82.65 -40.04
PLA CO LTD 82390 14.95 -21.43
SUNGJEE CONSTRUC 5980 114.91 -83.19
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
HAISAN RESOURCES HRB 46.16 -3.53
HO HUP CONSTR CO HO 60.04 -10.65
LUSTER INDUSTRIE LSTI 18.37 -7.57
MITHRIL BHD MITH 23.78 -5.65
NGIU KEE CO-BHD NKC 14.26 -12.73
VTI VINTAGE BHD VTI 16.92 -2.61
PHILIPPINES
CYBER BAY CORP CYBR 13.99 -95.62
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SYNERGY GRID & D SGP 236.14 -17.93
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.73 -10.70
ADVANCE SCT LTD ASCT 25.29 -10.05
HL GLOBAL ENTERP HLGE 91.74 -10.10
LINDETEVES-JACOB LJ 23.09 -11.61
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.85 -13.04
TT INTERNATIONAL TTI 233.01 -78.01
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 91.32 -113.78
BANGKOK RUBBER-F BRC/F 91.32 -113.78
BANGKOK RUB-NVDR BRC-R 91.32 -113.78
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PONGSAAP PCL PSAAP/F 13.02 -1.77
PONGSAAP PCL PSAAP 13.02 -1.77
PONGSAAP PCL-NVD PSAAP-R 13.02 -1.77
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 59.28 -0.06
TONGKAH HARBOUR THL 59.28 -0.06
TONGKAH HAR-NVDR THL-R 59.28 -0.06
TRANG SEAFOOD TRS 14.88 -5.64
TRANG SEAFOOD-F TRS/F 14.88 -5.64
TRANG SFD-NVDR TRS-R 14.88 -5.64
TT&T PCL TTNT 615.73 -210.36
TT&T PCL-NVDR TTNT-R 615.73 -210.36
TT&T PUBLIC CO-F TTNT/F 615.73 -210.36
TAIWAN
BEHAVIOR TECH CO 2341 52.48 -0.01
BEHAVIOR TECH CO 2341S 52.48 -0.01
BEHAVIOR TECH-EC 2341O 52.48 -0.01
CHIEN TAI CEMENT 1107 195.99 -57.35
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***