/raid1/www/Hosts/bankrupt/TCRAP_Public/120404.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
Wednesday, April 4, 2012, Vol. 15, No. 68
Headlines
A U S T R A L I A
GAME GROUP: Aussie Looks for Buyer as Parent Dodge Administration
MY ATM HOLDINGS: Creditors Accept Trident Bailout Offer
MYBETSHOP PTY: Ferrier Hodgson Appointed as Liquidators
PEGASUS ORCHARDS: Goes Into Liquidation; 13 Staff Lose Jobs
C H I N A
SHANDONG HELON: Default May Send Shockwave to China's Bond Market
SINO-FOREST CORP: May Sell Mangakahia Forest as Firm Restructures
H O N G K O N G
ASIA TROPICAL: Creditors' Proofs of Debt Due May 2
BEST GLORY: Creditors' Proofs of Debt Due April 30
BRIDISCO (HK): Final Meetings Set for April 30
BUNHOI HOUSEHOLD: Creditors' Proofs of Debt Due April 30
CHARTER ADVANCE: Creditors' Proofs of Debt Due May 2
CHARTER (HK): Creditors' Proofs of Debt Due April 30
CHUN YIP: Creditors' Proofs of Debt Due May 2
COSFA HK: Hok and Boswell Step Down as Liquidators
CROSS-STRAIT PEACEFUL: Tan Siu Lin Steps Down as Liquidator
DELIGHTED GLORY: Creditors' Proofs of Debt Due April 20
DIRECT FASHION: Placed Under Voluntary Wind-Up Proceedings
EVERTEAM TRADING: Power and Cowley Appointed as Liquidators
GIANT ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings
GLADLY DEVELOPMENT: Creditors' Proofs of Debt Due April 30
GOLDEN THEME: Creditors' Proofs of Debt Due May 2
GRAND LINKER: Placed Under Voluntary Wind-Up Proceedings
HCT METAL: Creditors' Proofs of Debt Due May 2
HELLENIC TRADE: Seng and Lo Step Down as Liquidators
ISUTA CHINA: Liu and Yen Step Down as Liquidators
ISUTA GLOBAL: Liu and Yen Step Down as Liquidators
SUI RICH: Court to Hear Wind-Up Petition on May 16
TAT SHING: Court Enters Wind-Up Order
TELINGS INTERNATIONAL: Court to Hear Wind-Up Petition on May 9
VIEW BRIGHT: Court to Hear Wind-Up Petition on April 18
VINS DE FRANCE: Court Enters Wind-Up Order
YICK SUN: Court Enters Wind-Up Order
I N D I A
ARCHIDPLY INDUSTRIES: ICRA Lifts Rating on INR14.87cr Loan to B-
ASHOKA DRUGS: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Loan
CAPITAL POWER: Fitch Affirms 'BB(ind)' National Long-Term Rating
EMMVEE SOLAR: ICRA Assigns '[ICRA]BB+' Rating to INR11.5cr Loan
HIRANMAYI CHEMICAL: CRISIL Rates INR90MM Loans 'CRISIL D'
HI-RISE BUILDING: CRISIL Assigns 'B' Rating to INR230MM Loans
JRE VALVES: CRISIL Assigns 'CRISIL B' Rating to INR44.7MM Loan
NJA INDUSTRIES: CRISIL Assigns 'CRISIL B' Rating to INR8.9MM Loan
POOMEX CLOTHING: CRISIL Assigns 'BB+' Rating to INR143.5MM Loans
RUSHABH INVESTMENTS: ICRA Cuts Rating on INR28cr Loan to 'B-'
SAMMAN LAL: ICRA Assigns '[ICRA]BB' Rating to INR3.6cr Loan
SHREE SAI: CRISIL Assigns 'BB+' Rating to INR200MM Longterm Loan
STORK FERRO: Fitch Lowers National Long-Term Rating to 'D'
UJALA PUMPS: CRISIL Cuts Rating on INR110MM Loan to 'CRISIL D'
VARDHAMAN AXLES: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'
VISHAL BUILDERS: CRISIL Assigns 'B' Rating to INR9.5MM Loan
I N D O N E S I A
ADARO INDONESIA: Moody's Says Results No Impact on 'Ba1' Ratings
BANK DANAMON: Fitch Puts Low-B IDRs on Rating Watch Positive
J A P A N
OLYMPUS CORP: Gets Capital Offers from Sony, Fujifilm and Terumo
K O R E A
DAIWA SECURITIES: Fitch Assigns 'B' Support Rating Floor
DAIWA SECURITIES: Moody's Rates Sub. Medium Term Note '(P)Ba1'
INDUSTRIAL BANK OF KOREA: Moody's Outlook on Debt Rating Positive
SK HYNIX: Preliminary Bid on Elpida Won't Affect Ratings
N E W Z E A L A N D
CORONET PEAK: Investors' Funds in RSM Law's Mortgages at Risk
CRAFAR FARMS: OIO Submits New Recommendation on Chinese Bid
HANOVER FINANCE: FMA Files Civil Proceedings Against Directors
RIVER FARM: In Liquidation; BNZ Likely to Miss Out on Repayment
S I N G A P O R E
LEE HONG: Court Enters Wind-Up Order
LEHMAN BROTHERS: Creditors' Proofs of Debt Due April 30
LERNOUT & HAUSPIE: Creditors' Proofs of Debt Due April 16
LINCOLN BUSINESS: Court Enters Wind-Up Order
SINGAPHIL METALS: Court Enters Wind-Up Order
SIN YONG: Creditors Get 14.78706% Recovery on Claims
S R I L A N K A
HATTON NATIONAL: Moody's Assigns 'B1/B2' Deposit Ratings
V I E T N A M
* VIETNAM: Number of Troubled SMEs Rises as Banks Unable to Help
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
GAME GROUP: Aussie Looks for Buyer as Parent Dodge Administration
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Game Group has
escaped administration but the fate of its Australian stores is
still unknown as the local managing director scrambles to find a
buyer.
SmartCompany says Game Group has been rescued from administration
by private investment firm OpCapita, which specialises in
turnaround operations in the retail sector. Under the terms of
the agreement, SmartCompany notes, Game's UK operations will be
sold to OpCapita's Baker Acquisitions, and all stores will remain
open.
However, the fate of Australian stores remains unknown, the
report says. PWC confirmed it has not been appointed by the
local division as a part of any sales process, according to
SmartCompany.
Game Group operates 95 Australian stores, all of which continue
to trade. SmartCompany relates that local managing director Paul
Yardley has told the Australian Financial Review the company is
still searching for funds.
"Australian sales for the fiscal year ended down 4%," the report
quotes Mr. Yardley as saying. "But GFK numbers for the video
games market showed it was down by mid-teens for the year. So
while going backwards is something a business never aspires to do
in revenue, in the context, gaining market share is a strong
result."
"We are in close contact with the administrators in the UK . . .
but ultimately it's for the local management team to select that
partner and financier."
The new deal with OpCapita only applies to the UK business,
leaving the Australian business without a buyer so far, the
report adds.
About Game Group
Based in United Kingdom, The GAME Group plc (LON:GMG) --
http://www.gamegroup.plc.uk/-- through its subsidiaries,
operates as a specialist retailer of PC and video game products.
The company provides consoles, computer software, accessories,
peripherals, and video games.
MJA Jervis and SD Maddison have been appointed as Joint
Administrators of The GAME Group plc, Game Stores Group Limited,
Gameplay (GB) Limited, Game (Stores) Limited, Games Station
Limited, Game (Retail) Limited and Gamestation Limited on
March 26, 2012, to manage their affairs, business and property as
their agents and without personal liability.
MY ATM HOLDINGS: Creditors Accept Trident Bailout Offer
-------------------------------------------------------
Meredith Booth at AdelaideNow reports that Perth-based equity
firm Trident Capital has offered My ATM Holdings creditors
AUD750,000 in cash for the listed shell of the failed company in
a deal expected to return 15c in the dollar.
According to the report, creditors have accepted the offer which
administrator KordaMentha said "provides a greater estimated
return" than a rival proposal or a possible liquidation, for
creditors of the failed former Port Adelaide Football Club
sponsor.
AdelaideNow relates that the deal would pay KordaMentha and debts
owed to secured creditors and employees leaving AUD270,000 to
unsecured creditors owed an estimated AUD1.752 million.
Under the My ATM Holdings deal, the report notes, Trident wants
to consolidate existing My ATM shares from 214.4 million to 21.4
million and convert any debt to equity before undertaking a
capital raising of AUD2.85 million at 0.5c a share.
Pending approvals including a shareholder vote on May 17, Trident
hopes to reinstate My ATM on the Australian Securities Exchange
on July 20 with AUD2 million cash in the bank and 360 million in
shares, AdelaideNow relays.
The recapitalised My ATM would operate under the same industry
group with the same principal activities as before - the sale and
deployment of ATMs, according to AdelaideNow.
About My ATM Holdings
Adelaide-based My ATM Holdings Limited (ASX:MYA) sells and
manages automatic teller machines, or ATMs.
My ATM Holdings entered administration in December 2011 with
debts of more than AUD4 million.
KordaMentha has been appointed as voluntary administrator to take
control of the company's assets, including those of its wholly
owned subsidiaries, Aussie ATM's Pty Limited and MyATM Pty
Limited.
MYBETSHOP PTY: Ferrier Hodgson Appointed as Liquidators
-------------------------------------------------------
Members of MyBetShop Pty Limited, on March 30, 2012, appointed
Max Christopher Donnelly and Robyn Louise Duggan of Ferrier
Hodgson as liquidators.
"We now control the Company's operations and are assessing the
Company's financial position. The Company's director has been
requested to prepare a statement about the Company's business,
property, affairs and financial circumstances as at the date of
our appointment," the liquidators said in a statement.
A meeting of creditors will be held pursuant to section 497(1) of
the Corporations Act 2001 at the offices of Ferrier Hodgson,
Level 13, Grosvenor Place, 225 George Street, in Sydney NSW on
April 13, 2012, at 10:00 a.m.
PEGASUS ORCHARDS: Goes Into Liquidation; 13 Staff Lose Jobs
-----------------------------------------------------------
Jennifer Crawley at themercury.com.au reports that Pegasus
Orchards, one of Tasmania's largest apricot orchards, has gone
into liquidation.
According to the report, liquidators were appointed last week to
Pegasus Orchards in the Coal River Valley which has 40,000
established trees.
However, Richmond orchardist Heather Chong of Que Orchards, who
leased the land to Pegasus, has taken back control of the orchard
and intends to continue the operation, themercury.com.au relates.
Australian Securities and Investments Commission spokeswoman
Danielle McInerney confirmed liquidators BRI Ferrier had been
appointed on March 13, themercury.com.au says. Six permanent
staff were laid off at the orchard last week.
According to themercury.com.au, BRI Ferrier accountant Peter
Krejci said he was collecting company records before finalising
information regarding assets and liabilities.
His report to creditors and employees will be sent this week, the
report notes.
themercury.com.au relates that Mr. Krejci said 10 employees
across both sites had entitlements owing.
Pegasus Orchards Pty Ltd is one of Tasmania's largest apricot
orchards.
=========
C H I N A
=========
SHANDONG HELON: Default May Send Shockwave to China's Bond Market
-----------------------------------------------------------------
Reuters reports that China's fledgling corporate debt market will
face a watershed moment next month, when Shandong Helon Co Ltd
may become the first company in the brief history of the
country's bond market to default on its obligations.
According to the news agency, analysts said a default by Shandong
Helon, which has CNY400 million (US$63.43 million) in commercial
paper maturing on April 15, would send shockwaves through China's
bond market, pushing up yields on lower-rated corporate paper.
But in the long run, many market participants believe a default
would aid the development of China's bond market, where investors
today widely assume that the government will always step in with
a bailout, says Reuters.
Reuters notes that default would force investors to start taking
credit risk seriously.
"Hopefully it will be a wake-up call to investors as to how they
are pricing risk, because before they weren't pricing risk," the
report quotes Fraser Howie, chief executive of brokerage CLSA in
Singapore and co-author of a book on China's financial system,
"Red Capitalism", as saying.
A Chinese bond trader at a foreign bank in Shanghai agreed. "We
don't really have a credit risk culture," the trader told
Reuters.
In September, Reuters recalls, the stock exchange reprimanded
Helon after a probe by the securities regulator revealed
CNY523 million in irregular guarantees by Helon to its
subsidiaries, more than 50% of its net assets, that the company
had not disclosed.
Reuters relates that in December, Helon announced adjustments to
its financial statements from 2008 to 2011, showing combined
losses of CNY1.37 billion from 2008 through the third quarter of
2011, twice as much as previously reported.
Shareholder's equity was revised down to negative CNY246 million
from CNY516 million. As of March 23, the company had overdue
loans totaling CNY879 million, equal to 557% of net assets,
Reuters discloses.
According to Reuters, the company issued CNY400 million in short-
term commercial paper in April 2011. The bonds, which carried a
5.8% coupon, were rated A-1 by China Lianhe Credit Rating Co.,
Ltd., a major domestic agency, while the company itself was rated
A+.
After a series of downgrades, the company's paper, which matures
on April 15, is rated C, and the company's long-term rating is
CCC. The bonds currently yield 77.8%.
Court Accepts Unit's Bankruptcy Application
Separately, Reuters reports that Shandong announced that its
subsidiary, a Shandong-based fiber company, has received a
verdict from People's Court of Wenshang County, Shandong
Province, according to which the subsidiary's bankruptcy
application was accepted.
About Shandong Helon
Shandong Helon Co., Ltd is principally engaged in production and
distribution of textile products. The Company provides viscose
staple fibers, viscose filaments, cotton pulp, canvas, tire cord
fabrics and non-woven fabrics, among others. The Company also
involves in production of magnesium salt and generation of
electric power. It distributes its products in domestic and
overseas markets.
SINO-FOREST CORP: May Sell Mangakahia Forest as Firm Restructures
-----------------------------------------------------------------
Paul McBeth at Businessdesk reports that about 11,000 hectares of
Northland forestry may be end up on the block as Sino-Forest
Corp., which owns the block through a Hong Kong investment
vehicle, seeks a buyer for its assets after filing for bankruptcy
protection last week.
Businessdesk relates that the Toronto Stock Exchange-listed
company is seeking to sell its assets, which include the
Mangakahia Forest through its majority stake in Hong Kong
Exchange-listed Greenheart Group, after reaching a deal with
about 40% of its noteholders.
Sino Forest's creditors stand to acquire the assets if a buyer
can't be found, according to Businessdesk.
That may cut out shareholders in Sino-Forest, including Richard
Chandler Corp, which holds about 19% of the forestry company, the
report notes.
Last year, Businessdesk recalls, Sino-Forest sold the Mangakahia
Forest, which was once owned by Carter Holt Harvey, to subsidiary
Greenheart Group for US$77 million. Greenheart also owns forestry
assets in Suriname.
In response to the Sino-Forest announcement, Businessdesk
relates, Greenheart said it was too early to speculate on the
outcome of the Sino-Forest sale or restructure.
================
H O N G K O N G
================
ASIA TROPICAL: Creditors' Proofs of Debt Due May 2
--------------------------------------------------
Creditors of Asia Tropical Forest Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 2, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 30, 2012.
The company's liquidator is:
Descheemaeker Vianney Francois Regis Marie Joseph
Room 1205, 12/F
Manulife Provident Funds Place
No. 345 Nathan Road
Kowloon
BEST GLORY: Creditors' Proofs of Debt Due April 30
--------------------------------------------------
Creditors of Best Glory Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 21, 2012.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
BRIDISCO (HK): Final Meetings Set for April 30
----------------------------------------------
Creditors and contributories of Bridisco (Hong Kong) Limited will
hold their final meetings on April 30, 2012, at 3:00 p.m., at the
office of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, Central, in Hong Kong.
At the meeting, Roderick John Sutton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
BUNHOI HOUSEHOLD: Creditors' Proofs of Debt Due April 30
--------------------------------------------------------
Creditors of Bunhoi Household Manufactory Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by April 30, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 27, 2012.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
CHARTER ADVANCE: Creditors' Proofs of Debt Due May 2
----------------------------------------------------
Creditors of Charter Advance Properties Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 2, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 30, 2012.
The company's liquidator is:
Ng Sik Pui
Room 1205, 12/F
Manulife Provident Funds Place
No. 345 Nathan Road
Kowloon
CHARTER (HK): Creditors' Proofs of Debt Due April 30
----------------------------------------------------
Creditors of Charter (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 22, 2012.
The company's liquidator is:
Poon Ching Wah
Room 902, 9th Floor
Bank Centre, 636 Nathan Road
Kowloon, Hong Kong
CHUN YIP: Creditors' Proofs of Debt Due May 2
---------------------------------------------
Creditors of Chun Yip Bullion Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 2, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 26, 2012.
The company's liquidator is:
Yeung Lup Kwan Eddie
C4, 7/F, Greenville Gardens
16 Shiu Fai Terrace
Hong Kong
COSFA HK: Hok and Boswell Step Down as Liquidators
--------------------------------------------------
Rainier Hok Hung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Cosfa Hong Kong Limited on March 26, 2012.
CROSS-STRAIT PEACEFUL: Tan Siu Lin Steps Down as Liquidator
-----------------------------------------------------------
Tan Siu Lin stepped down as liquidator of Cross-Strait Peaceful
Development Federation Limited on March 20, 2012.
DELIGHTED GLORY: Creditors' Proofs of Debt Due April 20
-------------------------------------------------------
Creditors of Delighted Glory Engineering Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 20, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 20, 2012.
The company's liquidator is:
Cheng Alexander Chiu Wang
Room 810, Argyle Centre
688 Nathan Road
Kowloon
DIRECT FASHION: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on March 20, 2012,
creditors of Direct Fashion Sourcing Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
John Robert Lees
Mat Ng
20/F, Henley Building
5 Queen's Road
Central, Hong Kong
EVERTEAM TRADING: Power and Cowley Appointed as Liquidators
----------------------------------------------------------
Messrs. Fergal Power and Patrick Cowley on March 19, 2012, were
appointed as liquidators of Everteam Trading Limited.
The liquidators may be reached at:
Messrs. Fergal Power
Patrick Cowley
8th Floor, Price's Building
10 Chater Road
Central, Hong Kong
GIANT ELECTRONICS: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on March 22, 2012,
creditors of Giant Electronics Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Kennic Lai Hang Lui
Yuen Tsz Chun Frank
5th Floor, Ho Lee Commercial Building
38-44 D'Aguilar Street
Central, Hong Kong
GLADLY DEVELOPMENT: Creditors' Proofs of Debt Due April 30
----------------------------------------------------------
Creditors of Gladly Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 21, 2012.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
GOLDEN THEME: Creditors' Proofs of Debt Due May 2
-------------------------------------------------
Creditors of Golden Theme Investments Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 2, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 23, 2012.
The company's liquidator is:
Sung Mi Yin Mella
Suite No. A, 11th Floor
Ritz Plaza, 122 Austin Road
Tsimshatsui, Kowloo
Hong Kong
GRAND LINKER: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on March 19, 2012,
creditors of Grand Linker (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Yan Tat Wah
5/F, Dah Sing Life Building
99-105 Des Voeux Road
Central, Hong Kong
HCT METAL: Creditors' Proofs of Debt Due May 2
----------------------------------------------
Creditors of HCT Metal Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 2, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 20, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
HELLENIC TRADE: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Hellenic Trade Services Limited on March 24, 2012.
ISUTA CHINA: Liu and Yen Step Down as Liquidators
-------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Isuta China Co Limited on March 20, 2012.
ISUTA GLOBAL: Liu and Yen Step Down as Liquidators
--------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Isuta Global Co Limited on March 20, 2012.
SUI RICH: Court to Hear Wind-Up Petition on May 16
--------------------------------------------------
A petition to wind up the operations of Sui Rich Esat HK Co
Limited will be heard before the High Court of Hong Kong on
May 16, 2012, at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on March 14, 2012.
The Petitioner's solicitors are:
Gallant Y.T. Ho & Co
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong
TAT SHING: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Tat Shing (Hong Kong) Clothing
Limited.
The official Receiver is Teresa S W Wong.
TELINGS INTERNATIONAL: Court to Hear Wind-Up Petition on May 9
--------------------------------------------------------------
A petition to wind up the operations of Telings International
Hong Kong Limited will be heard before the High Court of Hong
Kong on May 9, 2012, at 9:30 a.m.
John Ho filed the petition against the company on March 7, 2012.
The Petitioner's solicitors are:
John Ho & Tsui, Solicitors
Rooms 1508-09, Melbourne Plaza
33 Queen's Road
Central, Hong Kong
VIEW BRIGHT: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------
A petition to wind up the operations of View Bright Limited will
be heard before the High Court of Hong Kong on April 18, 2012, at
9:30 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on March 23, 2012.
The Petitioner's solicitors are:
Ho Chi Sum
Senior Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, Hong Kong
VINS DE FRANCE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Vins De France Corporation Limited.
The official Receiver is Teresa S W Wong.
YICK SUN: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 21, 2012,
to wind up the operations of Yick Sun Motors Limited.
The official Receiver is Teresa S W Wong.
=========
I N D I A
=========
ARCHIDPLY INDUSTRIES: ICRA Lifts Rating on INR14.87cr Loan to B-
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR14.87 crore term
loan and INR36.85 crore cash credit facilities of Archidply
Industries Limited to '[ICRA] B-' from '[ICRA] D'. ICRA has also
assigned the '[ICRA] A4' rating to the INR26.25 crore, non-fund-
based, bank facilities of APIL.
The rating revision takes into account the timely servicing of
debt facilities during the past six months. The rating is
constrained by APIL's low profitability & poor cash flows from
operations, high working capital intensive nature of operations,
weak debt coverage metrics and moderate scale of operations. The
rating also reflects high competitive pressures, including that
from the un-organised sector, and exposure to the volatility in
wood prices. The capacity expansions by major Engineered Wood
Product (EWP) manufacturers, upgradation of manufacturing
facilities by tier-II EWP producers and increasing imports from
China & Far East countries have further increased the competitive
intensity. The rating, however, favorably factors in the
promoters established track record in the EWP industry and APIL's
diversified product portfolio and large liquid investments for
meeting the incremental working capital required for scaling up
the business.
Incorporated in 1995, by Mr. Deen Dayal Daga, APIL is a medium
sized company, which is in the business of manufacturing and
marketing of Wood panel products. APIL has its manufacturing
facilities located at Chintamani in Karnataka and at Rudrapur in
Uttaranchal with a total installed capacity of 83 and 54 lac sq
mt each of plywood and decorative laminates respectively as on
December 2011. During the nine month period ended Dec. 31, 2012,
APIL recorded a net profit of INR0.5 crore on a net sale of
INR120 crore.
ASHOKA DRUGS: ICRA Assigns '[ICRA]BB-' Rating to INR8cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating for the INR8.0 crore bank
facilities of Ashoka Drugs & Chemicals. The long-term rating has
also been assigned a "stable" outlook.
The assigned rating takes into account the firm's healthy growth
in revenue over the past few years on the back of robust demand
for its product from the laminate and plywood segment. The
ratings are, however, constrained by the firm's weak financial
risk profile characterized by high gearing and weak debt coverage
indicators as well its dependence on a single product. The
profitability of the firm remains exposed to fluctuation in raw
material price i.e. methanol. ADC's ability to manage its
financial risk profile as well as increase its scale of
operations would be the key rating sensitivities going forward.
Ashoka Drugs & Chemicals was set-up in 2002 as a partnership firm
with initial capacity of 14000 MT/annum of formaldehyde. The firm
was taken over by its current promoter Mr. Manish Aggarwal in
2005-06. Subsequently, in November, 2011, the firm was converted
from a proprietorship firm into a partnership firm. The firm's
plant is located in Dera Bassi (near Patiala, Punjab). Currently,
the firm has capacity to manufacture 45000 MT/annum of
formaldehyde (single stream plant).
Recent Results:
In Apr-Nov 2011-12, ADC recorded an operating income of INR23.1
Crore. The firm recorded an operating profit before depreciation,
interest and tax of INR0.7 Crore and Profit after Tax (PAT) of
INR0.2 Crore.
CAPITAL POWER: Fitch Affirms 'BB(ind)' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has revised India-based Capital Power
Infrastructure Ltd.'s Outlook to Stable from Positive while
affirming its National Long-Term rating at 'Fitch BB(ind)'.
The Outlook revision reflects CPIL's higher-than-expected net
financial leverage (net debt/operating EBITDA) of 4.1x at end-
FY11 (financial year ending March, FY10: 0.88x), along with a
significant decline in its revenue by 79% yoy to INR439m in FY11
due to a small order book size of INR430m.
The deterioration in financial leverage was led by increased
working capital debt of INR397.9m (FY10: INR158.9m) due to a rise
in receivable days to 435 in FY11 from 62 in FY10. The latter
was due to delayed payments from its customers, which are mainly
state power utilities (SPUs) and state electricity boards (SEBs),
on account of delayed execution of projects. Fitch expects
working capital requirements to remain high in the short to
medium term due to its dealings with SPUs and SEBs, which shall
keep its net financial leverage at moderate levels, though lower
than FY11 levels.
The ratings are constrained by CPIL's stretched liquidity
position, as reflected by interest coverage (operating
EBITDA/gross interest expense) of 1.6x in FY11 (FY10: 4.2x).
The ratings also reflect tender-based nature of business,
impacting revenue visibility, and continual concentration risk as
90% of its current order book pertains to a few SPUs and SEBs.
Counterparty credit risk from SPUs and SEBs, which have weak
credit profiles, is mitigated by the ultimate coverage of CPIL's
turnkey services under the Government of India's sponsored
schemes and over 10 years of experience of its sponsors in
dealing with SPUs through its group companies.
The ratings, however, benefit from moderate order book size of
INR2,480m as on Dec. 15, 2012, imparting revenue visibility over
next two years. Fitch notes that CPIL's ability to obtain direct
orders from SPUs and SEBs from FY10 onwards resulted in better
operating margins of 21.6% in FY11 and 8.2% in FY10. This is
compared with margins of 3.2% in FY09, when company operated as a
subcontractor for private contractors.
The ratings may be downgraded if there is a decline in revenue or
any increase in working capital intensity leading to interest
coverage falling below 1.5x. Conversely, an increase in revenue
while maintaining healthy profitability margins with interest
coverage above 2.5x on a sustained basis would lead to a ratings
upgrade.
Formerly Capital Power Infrastructure Private Limited, CPIL
provides material, erection, testing and commissioning services
in the power transmission and distribution sectors. It was
incorporated in 2008.
Fitch has also affirmed CPIL's following instruments:
-- INR350m fund-based working capital limits (reduced from
INR400m): affirmed at 'Fitch BB(ind)/Fitch A4+(ind)'
-- INR600m non-fund-based working capital limits (reduced from
INR900m): affirmed at 'Fitch BB(ind)/Fitch A4+(ind)'
EMMVEE SOLAR: ICRA Assigns '[ICRA]BB+' Rating to INR11.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' and a short-
term rating of '[ICRA]A4+' to the fund based limits and non-fund
based limits of Emmvee Solar Systems Private Limited aggregating
to INR11.50 crore and INR13.51 crore respectively. The long-term
rating has a stable outlook.
The ratings are constrained by the relatively modest size of
operations of the company at present, exposure of its
profitability to movement in raw material prices that has led to
fluctuations in operating profitability in the past and high
working capital intensity in the business owing to high
receivable period leading to subdued fund flow from operations.
The company has witnessed under-absorption of its overheads in
the past due to low capacity utilisation levels caused by
teething problems at new manufacturing site (commissioned during
FY 2010) and delays in launch of new product range which has also
impacted its profitability levels in the past.
The ratings however favorably take into account the company's
established position as one of the leading players in the
domestic solar water heater industry along with a strong presence
in Southern India supported by an established dealer network and
the presence of SolarCAP AS of Denmark (a leading global water
heater manufacturer) as an equity partner. Though the company's
capacity utilisation levels have been low in FY 2010 and FY 2011,
healthy improvement in the same for the current fiscal along with
increased proportion of new range higher-margin products has led
to improvement in revenue size and profitability levels of the
company. The company's revenue growth is also expected to be
boosted by the MNRE subsidy scheme launched in April 2011 wherein
30% or 60% (depending on the location of the usage) of the
capital cost would be reimbursed to the customer.Company Profile
Emmvee Solar Systems Private Limited was incorporated in the year
1992 as a partnership firm by the promoter, Mr. D.V. Manjunatha,
and subsequently converted into a private limited firm after four
years of incorporation. The company is involved in the
manufacture of solar water heater systems ranging from 100 to
5000 LPD (Litres per Day). The company sells its products mainly
under the brand names of 'Solarizer' and 'Tufguard'. In FY 2010,
the company shifted its entire operations to its present location
at Dabaspet (near Bangalore) and scaled up its manufacturing
capacity from 35 lakh LPD to 62.5 lakh LPD.
In March 2007, SolarCAP AS of Denmark acquired 50% equity stake
of the company from the domestic promoters. As per the
arrangement, the company's Toughened Glass Unit (for toughening
of glass) and Photovoltaic Module Manufacturing Unit,
commissioned in September 2005 and June 2006 respectively, were
hived off into a separate entity called Emmvee Toughened Glass
and Photovoltaics Pvt Ltd (later renamed Emmvee Photovoltaic
Power Pvt Ltd; rated at [ICRA]BBB (stable) / [ICRA]A3+) with
effect from 1st April 2007 through slump sale mode.
For FY 2011, the company reported net losses of INR1.02 crore on
an operating income of INR44.16 crore. During 9-month period of
FY 2012, the company has reported Profit after Tax (PAT) of
INR1.90 crore on an operating income of INR45.30 crore.
HIRANMAYI CHEMICAL: CRISIL Rates INR90MM Loans 'CRISIL D'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Hiranmayi Chemical Industries Pvt Ltd. The rating reflects
instances of delay by HCIPL in servicing its debt; the delays
have been caused by HCIPL's weak liquidity because of the initial
stage of the company's operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 25 CRISIL D
Term Loan 65 CRISIL D
HCIPL is also exposed to risks related to project stabilisation
during the initial stage of its operations. The company, however,
benefits from revenue visibility because of its offtake agreement
with its key customers.
About Hiranmayi Chemical
HCIPL, incorporated in 2009, is promoted by Mr. V G Reddy. The
company has a manufacturing facility of ground calcium carbonate
(GCC), with annual installed capacity of 25,000 tonnes in Nellore
(Andhra Pradesh). The plant has been operational since February
2012; it manufactures coated GCC power of 12 microns, which is
used in the manufacture of polyvinyl chloride pipes and in the
paint and paper industry.
HI-RISE BUILDING: CRISIL Assigns 'B' Rating to INR230MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Hi-Rise Building Materials.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B/Stable
Proposed Long-Term 140 CRISIL B/Stable
Bank Loan Facility
The rating reflects Hi-rise's weak liquidity, because of high
working capital requirements, and below-average financial risk
profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the established track record
of the firm's promoter in the timber trading business.
Outlook: Stable
CRISIL believes that Hi-rise will maintain its credit profile
over the medium term, on the back of expected growth in the
construction sector and the promoter's extensive experience in
the timber trading business. The outlook may be revised to
'Positive' if the firm reduces its working capital requirements,
primarily by managing inventory better, and thereby improving its
liquidity. Conversely the outlook may be revised to 'Negative' in
case Hi-rise reports deterioration in its profitability or
significant increase in its working capital.
About Hi-Rise Building
Hi-rise was set up in 2007 as a proprietorship held by Mr. Ch.
Rajesh. The Hyderabad (Andhra Pradesh) based firm trades in
building materials, focusing mainly on timber and marble. Most of
Hi-Rise's sales are made to end-users including builders, and
contractors; the firm purchases timber primarily from domestic
traders and marble from traders and occasionally from miners in
Rajasthan.
Hi-rise reported a profit after tax (PAT) of INR1.1 million on
net sales of INR216.7 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR1.1 million on
net sales of INR229.5 million for 2009-10.
JRE VALVES: CRISIL Assigns 'CRISIL B' Rating to INR44.7MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of JRE Valves & Pumps Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 44.7 CRISIL B/Stable
Proposed Long-Term 6.4 CRISIL B/Stable
Bank Loan Facility
Letter of Credit 10 CRISIL A4
Bank Guarantee 3 CRISIL A4
Export Packing Credit 37.5 CRISIL A4
The ratings reflect JRE's small scale operations with high
geographical and customer concentration, large working capital
requirements leading to weak liquidity, and susceptibility to
volatility in raw material prices and in foreign exchange rates.
These rating weaknesses are partially offset by JRE's moderate
financial risk profile, marked by moderate gearing and debt
protection metrics, and the extensive industry experience of the
company's promoters.
Outlook: Stable
CRISIL believes that JRE will continue to benefit from the
extensive experience of its promoters in the foundry industry,
over the medium term. The outlook may be revised to 'Positive' if
JRE significantly scales up its revenues, while it maintains its
profitability, leading to higher-than-expected cash accruals with
consequent improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' in case JRE reports further
deterioration in its financial risk profile, particularly its
liquidity, because of larger-than-expected working capital
requirements, lower cash accruals, or if it undertakes a larger-
than-expected capital expenditure programme.
About JRE Valves
JRE, set up in 2004, is a joint venture between Mr. V S Jayabal
and leading German industrial valves and pumps manufacturer,
Klaus Union GmBH (Klaus). JRE's unit near Coimbatore (Tamil Nadu)
has capacity to manufacture around 1200 tonnes of castings per
annum; it also has a small machining capacity to manufacture
valve sub-assemblies. The company derives almost its entire
revenues from exports, mainly to Germany, where around 25 per
cent of its revenues are generated from sale of castings to
Klaus. JRE's promoters are planning to double the company's
castings capacity by setting up a new unit in 2012-13 (refers to
financial year, April 1 to March 31).
JRE reported a net profit of INR13 million on an operating income
of INR162 million for 2010-11, against a profit after tax of INR7
million on an operating income of INR122 million for 2009-10.
NJA INDUSTRIES: CRISIL Assigns 'CRISIL B' Rating to INR8.9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of NJA Industries Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 8.9 CRISIL B-/Stable
Proposed Cash 25 CRISIL B-/Stable
Credit Limit
Proposed Bill 15 CRISIL A4
Discounting Facility
Proposed Bank Guarantee 7.5 CRISIL A4
Bank Guarantee 20 CRISIL A4
Cash Credit 50 CRISIL B-/Stable
The rating reflects NJA's below-average financial risk profile
marked by small net worth, high gearing and average debt
protection metrics, small scale of operations in the lamination
core and transformer industry and high customer concentration.
These rating weaknesses are partially offset by NJA's promoters'
extensive experience in the lamination core and transformer
industry.
Outlook: Stable
CRISIL believes that NJA will maintain its business risk profile,
supported by its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if NJA substantially
increases its scale of operations, without material deterioration
of its financial risk profile, or if the company significantly
improves its profitability. Conversely, the outlook maybe revised
to 'Negative' if NJA's working capital borrowings are more than
expected, there is a sustained decline in sales or profitability
or if it undertakes larger-than-expected, debt-funded, capital
expenditure (capex) programme, thereby adversely impacting its
business and financial risk profiles.
About NJA Industries
NJA was incorporated in 2009 with the merger of NJA Industries
and Jyoti Trading Company. NJA primarily manufactures lamination
core for low-rated transformers. The company started
manufacturing distribution transformers (10 kilovolt-amperes) in
April 2011 on jobwork basis, with capacity of 1500 to 2000
transformers per month. It commenced production with its own raw
material in October 2011, after it received orders for 8000
transformers from Pashchim Gujarat Vij Co Ltd (6000
transformers), Dakshin Gujarat Vij Co Ltd (1025 transformers),
and Madhya Gujarat Vij Co Ltd (975 transformers).
NJA reported PAT of INR2.5 million on net sales of INR155.5
million for 2010-11 (refers to financial year, April 1 to March
31) as against PAT of INR2.6 million on net sales of INR124.3
million for 2009-10.
POOMEX CLOTHING: CRISIL Assigns 'BB+' Rating to INR143.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Poomex Clothing Company.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 113.5 CRISIL BB+/Stable
Cash Credit 4 CRISIL BB+/Stable
Proposed Cash Credit 26 CRISIL BB+/Stable
Limit
The rating reflects PCC's healthy financial risk profile driven
steady operating cash flows, low gearing, and healthy debt
protection metrics, and the firm's established market position in
the innerwear industry in South India. These rating strengths are
partially offset by PCC's small scale of operations with presence
restricted to South India and exposure to intense competition in
the domestic innerwear industry.
Outlook: Stable
CRISIL believes that PCC will continue to benefit over the medium
term from its established position in the innerwear segment in
South India and its healthy operating margin. The outlook may be
revised to 'Positive' if the firm reports a substantial and
sustained improvement in its revenues and profitability margins
from the current levels. Conversely, the outlook may be revised
to 'Negative' if PCC reports lower-than-expected revenues and
profitability, or if the debt funding in its project is larger
than expected, leading to deterioration in its financial risk
profile.
About Poomex Clothing
PCC, set up in 2002, is a partnership firm based in Tirupur
(Tamilnadu). The partners of the firm are Mr. K. Rangasamy, his
wife Mrs. R. Rathinambal and their sons Mr. R. Durai Arun and
Mr.R. Saran. Mr. Rangasamy manages its day-to-day operations. The
firm manufactures innerwear and sells its products under the
brand name, Poomex. PCC currently markets its products through
distributors in Tamil Nadu, Andhra Pradesh, and Karnataka. The
firm is planning to set up a spinning unit at Dharapuram (about
50 kilometers from Tirupur) at an estimated cost of INR220
million as a backward integration initiative. The unit is
expected to become functional by January 2013, with capacity of
8640 spindles to be utilised in its innerwear unit.
PCC reported a profit after tax (PAT) of INR37.6 million on net
sales of INR434 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR27.4 million on net
sales of INR320 million for 2009-10.
RUSHABH INVESTMENTS: ICRA Cuts Rating on INR28cr Loan to 'B-'
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR28.0 crore term
loan and INR4.0 crore cash credit facilities of Rushabh
Investments Private Limited from '[ICRA]BB-' to '[ICRA]B-'. ICRA
has also reaffirmed the rating assigned to the INR14.0 crore non
fund based facilities of RIPL as '[ICRA]A4'.
The rating revision reflects worsening liquidity profile on back
of delays in commercialization of its smart card facility, part
of its debt funded capex done in FY11 and FY12. The company has
also amalgamated loss making group company with retrospective
effect from FY10 resulting in deterioration in capital structure.
The ratings continue to derive comfort from the established
relations of the company with major telecom companies in domestic
and exports market for prepaid scratch cards and financial
backing from the promoter group. ICRA also take note of favorable
demand prospects for smart card industry in domestic market
though would require specific vendor approval from key customers.
Further, RIPL has sizeable investments in group companies whose
value has diminished considerably (based on current market
prices) resulting in low return indicators though these are
funded through unsecured loan from promoters only.
ICRA notes that there have been delays in servicing of some
borrowings by the company - these according to the management are
due to unresolved commercial disputes with the lenders.
RIPL, promoted by Mumbai based Ajmera group, is engaged in
manufacturing of prepaid scratch cards for telecom operators,
smart cards, self-adhesive labels and induction sealing wads
since 2005. RIPL's plant is located at Sanaswadi Industrial Area,
Pune.
SAMMAN LAL: ICRA Assigns '[ICRA]BB' Rating to INR3.6cr Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' with a
stable outlook to the INR3.60 crore fund based bank facilities of
Samman Lal Sher Singh Papers Private Limited. Additionally, SLSSP
has rating outstanding of '[ICRA]BB' for INR14.40 crores fund
based limits.
The rating factors in the intensely competitive nature of the
paper trading industry and SLSSP's modest scale of operations,
which along with the inherent nature of the distribution business
has resulted in thin profitability margins for the company. The
rating is also constrained by supplier concentration risk as 60%
of SLSSP's paper is procured from a single supplier namely Khanna
Paper Mills Limited. ICRA notes that this concentration risk is
mitigated to some extent with the fact that the company is
diversifying its portfolio by increasing the purchase volumes
from other manufacturers which is reflected in the decreasing
proportion of SLSSP's purchases from KPML to 60% in FY11 from
~90% in FY09. The rating draws comfort from fall in gearing
levels in FY 2011 following equity infusion by promoters (0.46
times as on March 31st, 2011 to 1.28 times as on March 31st,
2010), SLSSP's experienced management, its long track record in
the paper trading business and its diversified customer base.
About Samman Lal
SLSSP was incorporated in 2005. Prior to this, the business was
conducted through a partnership firm named M/s Samman Lal Sher
Singh Jain. The partnership firm has been in the paper trading
industry since 1960. SLSSP is a closely held company with entire
shareholding with promoters and group companies and their
friends/relatives. The company is managed by two friends namely
Mr. Sangeet Jain and Mr. Mukul Jain. SLSSP is involved in
wholesale trading of paper and duplex board. The company has the
distributorship of paper manufacturing companies like Khanna
Paper Mills Limited (KPML), Murli Industries Limited, Three M
Paper Manufacturing Co. P. Ltd and Bindlas Duplex Limited.
Currently, about 60% of the paper procured by SLSSP is from KPML
which has been reduced from 90% in FY 2009.
Recent Results:
As per the audited results, SLSSP reported a net profit of
INR0.46 crore on an operating income of Rs.118.68 crore for the
year ended March 31, 2011 as against a net profit of INR0.36
crore on an operating income of INR107.48 crore for the year
ended March 31, 2010.
SHREE SAI: CRISIL Assigns 'BB+' Rating to INR200MM Longterm Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Shree Sai Industries Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 200 CRISIL BB+/Stable
Bank Loan Facility
Cash Credit 50 CRISIL BB+/Stable
Letter of Credit 150 CRISIL A4+
The ratings reflect SSIPL's strong market position supported by
established relations with suppliers and customers, and above-
average financial risk profile, marked by a moderate capital
structure. These rating strengths are partially offset by SSIPL's
large working capital requirements and vulnerability to
volatility in steel prices.
Outlook: Stable
CRISIL believes that SSIPL will maintain its conservative
financial policy marked by low debt levels, over the medium term.
The outlook may be revised to 'Positive' if there is considerable
improvement in the company's business risk profile, driven by
increase in sales and profitability and better inventory
management. Conversely, the outlook may be revised to 'Negative'
if SSIPL contracts more-than-expected debt to fund the growing
working capital requirements, thereby leading to weakening in its
financial risk profile.
About Shree Sai
SSIPL was set up in 1981 by Mr. Jayprakash Vyas. The company
trades in steel products, primarily steel plates. SSIPL imports
about 50 per cent of its requirements from Russia, Singapore, and
Malaysia, and the balance is procured through local traders. The
company sells the products through agents/traders in Mumbai
(Maharashtra) and Ahmedabad (Gujarat). In addition, SSIPL also
sells a small amount directly to industries that use steel
plates.
For 2010-11 (refers to financial year, April 1 to March 31),
SSIPL reported a profit after tax (PAT) of INR8.0 million on an
operating income of INR2.06 billion, as against a PAT of INR7.8
million on net sales of INR1.81 billion for 2009-10.
STORK FERRO: Fitch Lowers National Long-Term Rating to 'D'
----------------------------------------------------------
Fitch Ratings has downgraded India's Stork Ferro and Mineral
Industries Pvt. Ltd.'s National Long-Term rating to 'Fitch
D(ind)' from 'Fitch C(ind)'.
The downgrade reflects SFMIPL's continued defaults on term loan
repayments, amounting to INR24m, over the period of September
2011 to February 2012. This is because the company's ferro
alloys project began commercial operations in June 2011 after a
delay of more than a year.
Positive guidelines include timely repayments of SFMIPL's term
loan liabilities for two consecutive quarters.
Established in November 2006, SFMIPL is a 100%-owned subsidiary
of Stork Holding G.m.b.H, Austria. The former has an arc furnace
for ferro alloy manufacturing in Balasore (India), and plans to
set up a new furnace by June 2012 at the same site. Total cost
for the latter is expected at INR558.3m, to be funded by 36.3 %
equity and 63.7% debt.
Fitch has also downgraded SFMIPL's bank loan ratings, as follows:
-- INR221.4m long-term loans: downgraded to 'Fitch D(ind)' from
'Fitch C(ind)'
-- INR160m fund-based working capital limits: downgraded to
'Fitch D(ind)'from Fitch C(ind)'
-- INR60m non-fund-based limits: downgraded to 'Fitch D(ind)'
from 'Fitch A4(ind)'
UJALA PUMPS: CRISIL Cuts Rating on INR110MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ujala
Pumps Pvt Ltd (part of the Ujala group) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 210.0 CRISIL D
Cash Credit Limit 210.0 CRISIL B/Stable
Rupee Term Loan 110.0 CRISIL D
Term Loan 120.0 CRISIL B/Stable
Letter of Credit 130.0 CRISIL D
The downgrade reflects the instances of delay by Ujala Pumps in
servicing its term debt obligations; the company's monthly term
loan installment of INR0.9 million due as on February 29, 2012
remained unpaid as on March 21, 2012. The delays have been caused
by Ujala Pumps' weakened liquidity because of a stretch in its
working capital cycle.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Ujala Pumps and Ujala Sales Pvt Ltd
(Ujala Sales). This is because the two companies, together
referred to as the Ujala group, have common promoters and
management, and are in the same line of business, with strong
business and financial linkages. Ujala Pumps sells a significant
proportion of its products to Ujala Sales, and has also given a
corporate guarantee of INR35 million for the loans contracted by
Ujala Sales.
The Ujala group also has a weak financial risk profile, marked by
a small net worth, a high gearing, and below-average debt
protection metrics; moreover, it also has large working capital
requirements, and is exposed to intense competition and pricing
pressures in the pump industry. The Ujala group, however,
benefits from its established distribution network.
About the Group
Ujala Pumps, set up in 1992 by the Gupta family of Rajasthan,
manufactures water-lifting pumps that are used primarily for
domestic and agricultural purposes. The company has its
manufacturing facility in Bhiwadi (Rajasthan), with annual
capacity of over 0.2 million pumps. It has undertaken a capex
programme of INR180 million to increase its annual capacity to
0.6 million pumps. Ujala Pumps sells a significant proportion of
its production to Ujala Sales, which trades in generator sets and
water pumps. The Ujala group has a presence primarily in northern
India, which includes New Delhi, Rajasthan, Uttar Pradesh, and
Punjab.
The Ujala group reported an estimated profit after tax (PAT) of
INR5.9 million on net sales of INR1.0 billion for 2010-11,
against a PAT of INR20.8 million on net sales of INR1.2 billion
for 2009-10.
VARDHAMAN AXLES: CRISIL Rates INR50MM Cash Credit at 'CRISIL BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Vardhaman Axles & Wheels Pvt Ltd (part of
the Vardhaman group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 25 CRISIL A4+
Cash Credit 50 CRISIL BB-/Stable
The ratings reflect the extensive industry experience of the
Vardhaman group's promoters, partly integrated operations, and
moderate gearing and comfortable debt protection metrics. These
rating strengths are partially offset by the Vardhaman group's
modest scale of operations marked by low capacity utilisation and
stretched liquidity of group company, Rishabh Sponge Ltd,
resulting from large working capital requirements.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VAPL and RSL, collectively referred to
as the Vardhaman group. The consolidated approach is because
there are significant operational and funding linkages between
the two companies. Furthermore, VAPL holds about 36.7 per cent
state in RSL.
Outlook: Stable
CRISIL believes that the Vardhaman group will benefit over the
medium term from the extensive experience of its promoters and
partly integrated operations. The outlook may be revised to
'Positive' in case of significant ramp-up in the operations of
RSL and VAPL's manufacturing units, along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of adverse impact on operations on account of
regulatory issues associated with iron ore or in the event of
pressure on liquidity on account of lower-than-expected cash
accruals or larger-than-expected incremental working capital
requirements or debt-funded capital expenditure.
About Vardhaman Axles
Incorporated in 1999, VAPL undertakes machining work for Steel
Authority of India Ltd's Durgapur (West Bengal) steel plant.
Later, RSL was incorporated in 2002 to manufacture sponge iron.
Currently, this unit has a capacity of about 300 tonnes per day
(tpd; 90,000 tonnes per annum [tpa]). During 2005-06, the group
set up an iron ore crushing unit to convert iron ore lumps in
sized iron ore (to improve the profit margins of the group). This
unit has a capacity of 200 tpd (60,000 tpa) and was set up under
VAPL.
The Vardhaman group reported a profit after tax (PAT) of INR6.6
million on net sales of INR1028.9 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR8.3
million on net sales of INR685.9 million for 2009-10.
VISHAL BUILDERS: CRISIL Assigns 'B' Rating to INR9.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vishal Builders.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Short-Term 45.5 CRISIL A4
Bank Loan Facility
Proposed Long-Term 9.5 CRISIL B/Stable
Bank Loan Facility
Bank Guarantee 14.5 CRISIL A4
Cash Credit 30.5 CRISIL B/Stable
The ratings continue to reflect VB's below-average financial risk
profile marked by a weak capital structure, exposure to risks
related to the tender-based nature of its business in the
intensely competitive construction industry, and working-capital-
intensive operations. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
civil construction industry.
Outlook: Stable
CRISIL believes that VB will continue to benefit from its
partners' extensive experience in the construction industry, over
the near to medium term. The outlook may be revised to 'Positive'
if the firm improves its working capital cycle and scales up its
operations. Conversely, the outlook may be revised to 'Negative'
if VB reports further stretch in its working capital cycle
leading to a weakening in its liquidity, or in case the firm
undertakes any significant debt-funded capital expenditure
programme.
About Vishal Builders
VB, set up in 1971 as a partnership concern, undertakes civil
construction activity. The firm, based in Raipur (Chhattisgarh),
undertakes contracts from various government agencies as well as
private players in and around Raipur. It has a class A5
certification under Public Works Department, Chhattisgarh and
Chhattisgarh Housing Board. VB is managed by Mr. Vikas Gawri and
his family.
VB reported net profit of INR5 million on net sales of INR142
million for 2010-11 (refers to financial year, April 1 to
March 31), as against net profit of INR2.4 million on net sales
of INR96 million for 2009-10.
=================
I N D O N E S I A
=================
ADARO INDONESIA: Moody's Says Results No Impact on 'Ba1' Ratings
----------------------------------------------------------------
Moody's Investors Service says Adaro Indonesia's full-year
results for 2011 were generally in line with Moody's expectations
and have no immediate impact on the company's Ba1 issuer and bond
ratings or stable outlook.
"The combination of strong sales volume growth of 11% and higher
average selling prices of 26.3% in 2011 outpaced rising
production cash costs, underpinning Adaro's strong operating cash
flow generation," says Simon Wong, a Vice President and Senior
Analyst at Moody's.
Net revenue for Adaro grew 40.4% to US$3.4 billion, while
reported EBITDA increased 77.8% to US$1.2 billion. Coal
production grew 13% to 47.67 million tonnes (MT), benefiting from
the continued ramp-up of the Wara mine, which accounted for 11.3%
of Adaro's total production compared with 6.0% in 2010.
Moody's considers that Wara will be the key driver to production
growth as the Tutupan mine's output is plateauing. But, the
blended average selling price will likely decline as the
proportion of Wara's production to total output increases due to
its lower caloric value.
"Despite the higher level of debt as of end-2011 to fund Adaro
and the wider Adaro Energy group's capex and acquisitions,
Adaro's reported debt/EBITDA ratio declined to 1.3x from 1.5x,
benefiting from higher EBITDA," adds Mr. Wong, Moody's lead
analyst for Adaro.
The company drew down a total of US$570 million during 2011 from
its US$500 million amortizing revolving credit facility and its
US$750 million 10-year term loan facility.
Adaro is the principal cash flow generator of Adaro Energy and
plays a key role in Adaro Energy's vertical integration strategy.
Adaro has been a borrower of record and funds have been channeled
through Adaro Energy to the wider group for acquisitions as well
as for prepayment of services. Loan extended to Adaro Energy
increased US$560 million to US$733 million during 2011 and
expected to be repaid through dividend received from
subsidiaries, including Adaro.
"While Moody's notes Adaro Energy's continued efforts to
diversify its production base and products sold, most of its
projects and investments are in the initial exploration phase or
in development, and will take time and substantial upfront
investment to produce meaningful cash flow," adds Mr. Wong.
Adaro Energy made three acquisitions in South Sumatra in 2011,
totaling US$311.5 million, and comprising two greenfield coal
projects and an integrated coal logistics service provider.
Although future operating cash flows from the greenfield projects
will not be directly accessible by the lenders of Adaro, such
investments are expected to be captured under Adaro Energy's
guarantee to Adaro's loan and bond creditors.
"Looking ahead, Adaro's 2012 EBITDA margin is likely to come
under moderate pressure due to rising fuel prices, slight
increases in strip ratios and softer thermal coal prices," adds
Mr. Wong. That said, Adaro is reducing fuel price risk by
entering into hedging agreements, and it has locked in 80% of its
first-quarter 2012 fuel requirements.
Adaro Indonesia is one of the largest single-site coal producers
in the southern hemisphere and one of the world's largest sub-
bituminous coal companies. It exports approximately 77.4% of its
products to Southeast Asia, the US and Europe, while the rest is
for the domestic market. It is wholly owned by Adaro Energy, an
integrated energy group, listed on the Indonesia Stock Exchange.
BANK DANAMON: Fitch Puts Low-B IDRs on Rating Watch Positive
------------------------------------------------------------
Fitch Ratings has placed PT Bank Danamon Indonesia Tbk on Rating
Watch Positive (RWP), following the proposed acquisition of
Temasek Holdings' 67.4% stake in Danamon by DBS Group Holdings.
The RWP reflects Fitch's expectations that Danamon's risk profile
will improve on likely support from new controlling shareholder,
DBSGH, based on DBS's credit strength, if the takeover is
successful. Fitch expects Danamon's Long-Term Issuer Default
Rating (IDR) to be upgraded to 'BBB', the same level as
Indonesia's Country Ceiling, from 'BB+'. The RWP will be
resolved once the announced transaction is completed and the
agency assesses the potential extraordinary support that DBSGH
could provide to Danamon.
Fitch will assess the impact on DBS of the transaction, together
with its expanding exposure to high- growth Asian markets, in the
bank's upcoming rating review. DBSGH's core Tier 1 capital
adequacy ratio (excluding hybrids) is estimated to stay above
10%, even if Danamon's minority shareholders were to fully take
up the general offer. This is due to a concurrent increase in
DBSGH's equity base, which would offset the potential goodwill of
up to SGD5.6bn and Danamon's risk-weighted assets. The announced
purchase will be undertaken through a share swap agreement with
Temasek, valued at SGD6.2bn.
The ensuing tender offer to Danamon's minority shareholders will
be paid in cash, amounting up to SGD2.9bn and DBSGH intends to
finance most of this with external borrowings. A full take-up by
minority shareholders would raise DBSGH's double leverage ratio
up to 124% from around 100%, although the ratio could turn out to
be lower, depending on the take-up rate of the general offer.
The takeover is in line with DBS's pan-Asian franchise expansion
to lift revenue contribution from south and south-east Asia
(excluding Singapore) closer to its 30% medium-term target,
compared with 7% in 2011.
Danamon is Indonesia's sixth-largest bank, with IDR142trn
(USD16bn) of assets at end-2011. Meanwhile, DBS -- presently
29.5%-owned by the Singapore government via Temasek -- is the
largest of the three Singapore banking groups by assets, at
SGD341bn (USD262bn).
Danamon's full list of rating actions:
-- Long-Term Foreign-Currency IDR of 'BB+' placed on RWP
-- Short-Term Foreign-Currency IDR of 'B' placed on RWP
-- National Long-Term Rating of 'AA+(idn)' placed on RWP
-- Support Rating of '3' placed on RWP
-- Viability Rating affirmed at 'bb+'
The list of DBS's ratings is as follows:
-- Long-Term Foreign-Currency IDR 'AA-'; Outlook Stable
-- Short-Term Foreign-Currency IDR 'F1+'
-- Viability Rating 'aa-'
-- Support Rating '1'
-- Support Rating Floor 'A-'
=========
J A P A N
=========
OLYMPUS CORP: Gets Capital Offers from Sony, Fujifilm and Terumo
----------------------------------------------------------------
Bloomberg News reports that Olympus Corp. said it received
capital alliance offers from companies including Sony Corp.,
Fujifilm Holdings Corp. and Terumo Corp.
Olympus got offers from "more than three" potential partners and
may decide as early as next month whether to form an alliance,
President-designate Hiroyuki Sasa told Bloomberg in an interview
at its headquarters in Tokyo on Monday. The company plans to
release its business plan as early as May, Mr. Sasa told
Bloomberg.
Bloomberg says Mr. Sasa, who has been nominated to replace
President Shuichi Takayama, is trying to restore confidence from
investors after a US$1.7 billion cover-up of losses was revealed
in October. Olympus said in February it may seek an alliance to
bolster capital eroded by restating securities reports, Bloomberg
recalls.
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.
=========
K O R E A
=========
DAIWA SECURITIES: Fitch Assigns 'B' Support Rating Floor
--------------------------------------------------------
Fitch Ratings has assigned Daiwa Securities Co. Ltd. Long-Term
Foreign and Local Currency Issuer Default Ratings (IDR) of
'BBB+'. The Rating Outlook is Stable. The assignment follows
its merger with Daiwa Securities Capital Markets Co. Ltd.) on
April 1, 2012.
At the same time, Fitch has withdrawn the ratings of DSCM as it
has ceased to exist due to the merger. All ratings of the
parent, Daiwa Securities Group Inc., have been affirmed.
Daiwa's IDRs are driven by its Viability Rating (VR), which
reflects its strong franchise as the second largest securities
group in Japan, conservative business strategy, as well as its
adequate risk management and capitalisation. However, ongoing
weak profitability of the wholesale operation that was inherited
from DSCM is placing pressure on the ratings.
The merger concludes the consolidation of Daiwa's retail business
with DSCM's wholesale operations undertaken since mid-2011. The
former has been DSGI's prime source of revenue and profit. By
product, investment trusts have been the largest contributor. On
the other hand, the wholesale operation in Japan and overseas has
dragged down DSGI's overall profitability. The main overseas
operation has been detached from DSCM following the transfer of
the ownership of overseas subsidiaries to another DSGI subsidiary
in January 2012.
The merger is expected to reduce duplication of middle and back-
office functions, as well as enabling DSGI to utilise resources
more efficiently. Fitch expects that DSGI is likely to post a
marginal net income in the year ending March 2013 (FYE13)
following expected net losses for FYE12, due to redundancies at
and closure of some overseas branches.
Daiwa inherited the obligations of DSCM, which is by far the
largest subsidiary of DSGI in terms of assets and liabilities.
As DSGI has been overseeing the group's risk management, the
merger is unlikely to lead to a change in policies, including
that for liquidity. DSGI's liquidity is adequate with liquid
assets around twice as high its debt repayable for the coming
year.
Since April 2011, DSGI has been categorised as a "financial
conglomerate" and is subject to the regulatory supervision
including capital adequacy. DSGI's Tier 1 ratio, under the
standardised approach within the so-called Basel 2.5 framework,
at end-December 2011 was 22.7%, excluding hybrid Tier 1 capital.
Its high capitalisation is the first line of defence against
future losses, considering DSGI's already weak profitability.
The prospects of positive rating action are limited in the near
term, while negative rating action may be considered should
external pressures on its business model continue to mount,
including from instability in global and domestic financial
markets leading to unsuccessful re-positioning and persistent
unprofitability.
Daiwa
-- Long-Term Foreign- and Local-Currency IDRs assigned at
'BBB+'; Outlook Stable
-- Short-Term Foreign- and Local-Currency IDRs assigned at 'F2'
-- Viability Rating assigned at 'bbb+'
-- Support Rating assigned at '4'
-- Support Rating Floor assigned at 'B'
-- Senior unsecured debt assigned at 'BBB+'
DSGI
-- Long-Term Foreign- and Local-Currency IDRs affirmed at
'BBB+'; Outlook Stable
-- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F2'
-- Viability Rating affirmed at 'bbb+'
-- Support Rating affirmed at '5'
-- Support Rating Floor affirmed at 'No Floor'
-- Senior unsecured debt affirmed at 'BBB+'
DSCM
-- Long-Term Foreign- and Local-Currency IDRs of 'BBB+';
Outlook Stable withdrawn
-- Short-Term Foreign- and Local-Currency IDRs of 'F2'
withdrawn
-- Viability Rating of 'bbb+' withdrawn
-- Support Rating of '4' withdrawn
-- Support Rating Floor of 'B' withdrawn
-- Senior unsecured debt of 'BBB+' withdrawn
DAIWA SECURITIES: Moody's Rates Sub. Medium Term Note '(P)Ba1'
--------------------------------------------------------------
Moody's Japan K.K. has affirmed the Baa3 senior unsecured debt
rating of Daiwa Securities Group Inc. and the Baa2 issuer rating
of Daiwa Securities Co. Ltd.
It has also withdrawn all the ratings of Daiwa Securities Capital
Markets Co. Ltd. because of a corporate reorganization.
At the same time, Moody's has assigned a Baa2 long-term rating
and Prime-2 short-term ratings to Daiwa Securities.
The rating outlook for Daiwa Securities Group and Daiwa
Securities are negative.
Ratings Rationale
The rating affirmation and rating assignment are in response to
the merger of two operating companies, Daiwa Securities and Daiwa
Capital Markets, under the holding company as of 1 April 2012.
Daiwa Securities is the surviving entity and Daiwa Capital
Markets was dissolved.
Therefore, the ratings withdrawal does not reflect a change in
the creditworthiness of Daiwa Capital Markets.
The merger of Daiwa Securities and Daiwa Capital Markets is
credit positive for Daiwa Securities Group since it could reduce
the overall operating expenses by streamlining overlapping
operations.
Daiwa Securities' rating reflects its position as the second-
largest domestic retail franchise in terms of market share,
steady increase in retail customer base, improving resilience to
the domestic market downturn, and adequate liquidity and capital
base. However, its financials and profitability remain sensitive
to the volatility of domestic stock market.
The rating also incorporates Moody's expectation that the
company's profitability from the wholesale business will remain
under pressure and its earnings will remain volatile, given the
weak economic recovery in Japan and the uncertainty in the global
financial markets.
Daiwa has been suffering from earnings deterioration over the
last several quarters, reflected by the weak operating
performance of its wholesale business, and the company has been
making drastic cost cuts, mainly overseas.
Daiwa aims to reduce its costs by approximately JPY60 billion by
FY2014, mainly through the reduction of overseas employees (500
employees), as well as IT-related expenses. The merger of the two
operating entities is also in line with the current management
strategy to reduce inefficiencies.
Still, Moody's is concerned that further deterioration in the
operating environment may partially offset the positive effects
of these initiatives.
The negative outlook reflects Moody's concerns that the prolonged
weakness in the global financial markets and intensifying
competition in the domestic retail business may prevent Daiwa
from achieving meaningful recovery of bottom line profits,
despite attaining its targeted cost reductions.
Further negative pressures on the ratings could emerge if Daiwa
fails to achieve meaningful cost reductions to stabilize earnings
within a reasonable timeframe or should operating revenues fail
to recover from their currently depressed levels.
The ratings outlook may return to stable if Daiwa turns
profitable as a result of targeted expense-management
initiatives.
The following ratings were assigned:
Daiwa Securities Co. Ltd.
Senior Unsecured debt rating (domestic currency): Baa2
Senior Unsecured Medium Term Note Program rating (domestic
currency): (P) Baa2
Subordinate Medium Term Note Program rating (domestic currency):
(P)Baa3
Commercial Paper rating (foreign currency): Prime-2
Other Short Term rating (domestic currency): (P)Prime-2
The following ratings were affirmed:
Daiwa Securities Group Inc.
Senior Unsecured debt rating (domestic and foreign currency):
Baa3
Senior Unsecured Shelf rating (domestic currency): (P)Baa3
Senior Unsecured Medium Term Note Program rating (domestic
currency): (P)Baa3
Subordinate Medium Term Note Program rating (domestic currency):
(P)Ba1
Daiwa Securities Co. Ltd.
Long-term issuer rating: Baa2
Short-term issuer rating: Prime-2
The following ratings were withdrawn:
Daiwa Securities Capital Markets Co. Ltd.
Long-term issuer rating: Baa2
Short-term issuer rating: Prime-2
Senior Unsecured debt rating (domestic currency): Baa2
Senior Unsecured Shelf rating (domestic currency):(P)Baa2
Senior Unsecured Medium Term Note Program rating (domestic
currency): (P) Baa2
Subordinate Medium Term Note Program rating (domestic currency):
(P)Baa3
Commercial Paper rating (foreign currency): Prime-2
Other Short Term rating (domestic currency): (P)Prime-2
The principal methodologies used in rating Daiwa Securities
Group, Daiwa Securities, and Daiwa Capital Markets were the
Global Securities Industry Methodology published on September 30,
2010, and available on www.moodys.co.jp.
Daiwa Securities Group Inc. is a leading securities group in
Japan and a holding company. Its principal shareholdings include
Daiwa Securities Co. Ltd.
INDUSTRIAL BANK OF KOREA: Moody's Outlook on Debt Rating Positive
-----------------------------------------------------------------
Moody's Investors Service has revised the outlook for the foreign
currency long-term senior unsecured debt ratings of six Korean
Government-related financial institutions to positive from
stable.
The six entities are: Export-Import Bank of Korea, Industrial
Bank of Korea, Korea Finance Corporation, Korea Housing Finance
Corporation, Korea Development Bank, and Korea Student Aid
Foundation.
The rating actions follow Moody's revision of the outlook for
Korea's sovereign ratings to positive from stable on 2 April
2012. Please see the related press release for more information
on sovereign issues.
Ratings Rationale
The outlook for the foreign currency long-term senior unsecured
debt ratings of the six institutions was revised to positive as
Moody's expects the government to support these entities in a
timely manner, if needed, given their strong linkage with the
government.
These entities are not only important policy arms of the
government, but also benefit from certain forms of explicit
government support. KEXIM, IBK, KoFC, and KHFC benefit from their
individual charters, which hold the government legally
responsible for replenishing deficits if their reserves are
insufficient to cover their annual losses. Although the deficit
replenishment clause is not as strong as a payment guarantee in
terms of certainty for debt repayment, Moody's takes comfort from
the fact that the government has already preemptively provided
them with capital to maintain capital adequacy.
For KOSAF, the government continues to provide guarantees for
most of its debt, which would significantly increase the
government's incentive to support unguaranteed debt instruments
due to the reputation risk to the government.
For KDB, the outlook on its A1 long-term foreign currency senior
unsecured debt is revised to positive, as Article 18-2 (1) of the
KDB Act requires the government to provide explicit guarantees
for the debt within the limit set by the National Assembly at the
point that the government sells any share in KDB Financial Group,
parent of KDB. However, its deposits continue to have a negative
outlook, reflecting the potential privatization of the bank,
since deposits would not benefit from these explicit guarantees
that would be triggered by a privatization.
REPOSITIONING OR ASSIGNMENT OF BASELINE CREDIT ASSESSMENT
Moody's has repositioned the stand-alone baseline credit
assessment (BCA) of KEXIM to 11(Ba1) from 7(A3) as it better
reflects its standalone credit profile. Moody's has also assigned
an 11(Ba1) BCA to both KHFC and KoFC to enhance the overall
transparency of their ratings as the two institutions had not
previously been assigned BCAs.
The BCAs reflect the intrinsic financial strengths of the three
institutions. These strengths include ordinary and ongoing
support from the government, but do not incorporate any form of
external extraordinary support which the institutions may
receive. The BCA indicates Moody's opinion on the likelihood of
these entities requiring extraordinary support.
In deciding BCAs for the three institutions, Moody's applied the
overall analytical framework explained in the Finance Company
Global Rating Methodology (March 2012) as a reference. In
addition, Moody's considered other benefits that these
institutions are currently enjoying. For example, these
institutions enjoy very good access to the debt capital markets
due to their reputation as government agencies. Nonetheless, as
wholesale funded entities without a deposit franchise, their
intrinsic liquidity is modest and this is a factor that
negatively affects their BCAs.
Moody's repositioned KEXIM's BCA, as its previous BCA of A3
incorporated the likelihood of extraordinary support from the
government. Therefore, the main drivers of its Ba1 BCA are modest
levels of profitability which have been relatively stable through
credit cycles, good asset quality, high credit concentration risk
and a reliance on wholesale funding. Moreover, KEXIM's relatively
weak earnings have meant that it has required frequent capital
injections from the government to support its balance sheet
growth. While Moody's views this positively from the perspective
of government support, this periodic need for external capital
injections is a factor that weighs negatively on the BCA.
The Ba1 BCA for KHFC also reflects modest levels of
profitability, the good quality of its mortgage assets, the
inherent challenges of hedging the embedded interest rate risk in
its loan book and a reliance on wholesale funding.
KoFC's BCA reflects relatively high asset weighting in equities
and its reliance on wholesale funding, offset by its relatively
strong capital cushion.
Moody's does not assign a BCA for KOSAF, as most of its debt
carries a government guarantee and its financials are so weak
that it is hard to measure its standalone credit profile.
The resultant ratings and actions are listed below:
KEXIM -- The ratings whose outlook was revised to positive are:
foreign currency long-term senior unsecured debt of A1; and
foreign currency long-term senior unsecured MTNs/senior unsecured
shelf of (P)A1/(P)A1. Its BCA was repositioned to Ba1 from A3.
All other ratings were unaffected: foreign currency commercial
paper of Prime-1.
IBK -- The ratings whose outlook was revised to positive are:
foreign currency long-term senior unsecured debt/deposit of
A1/A1, and foreign currency long-term senior
unsecured/subordinated/junior subordinated MTNs of
(P)A1/(P)A2/(P)A2. The D+ BFSR, mapping to a BCA of baa3, was
unaffected and continues to carry a stable outlook. The rating on
the foreign currency short-term deposit/commercial paper of
Prime-1/Prime-1 was affirmed.
KDB -- The ratings whose outlook was revised to positive are:
foreign currency long-term senior unsecured debt/senior unsecured
MTN/ senior unsecured shelf of A1/(P)A1/(P)A1. The ratings whose
outlook remains negative due to privatization risks are: local
and foreign currency long-term deposits of A1. The D BFSR,
mapping to a BCA of ba2, was unaffected and continues to carry a
stable outlook. All other ratings were unaffected: foreign and
local currency short-term deposits of Prime-1, and foreign
currency commercial paper of Prime-1.
KoFC -- The ratings whose outlook was revised to positive are:
foreign currency long-term issuer of A1, foreign currency long-
term senior unsecured debt/senior unsecured MTN of A1/(P)A1. A
BCA of Ba1 was assigned. All other ratings were unaffected:
foreign currency short-term issuer/commercial paper of Prime-
1/Prime-1.
KHFC -- The rating whose outlook was revised to positive is the
foreign currency long-term issuer rating of A1. A BCA of Ba1 was
assigned. The foreign currency short-term issuer rating of Prime-
1 was unaffected.
KOSAF -- The rating whose outlook was revised to positive is the
foreign currency long-term issuer rating of A1. The foreign
currency short-term issuer rating of Prime-1 was unaffected.
Principal Methodologies
The principal methodologies used in rating IBK and KDB were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: Global Methodology published in March 2012.
The principal methodology used in rating KEXIM, KoFC, KHFC, and
KOSAF was Government-Related Issuers: Methodology Update
published in July 2010.
All 6 entities are headquartered in Seoul. Below are details of
their assets as of September 30, 2011:
KEXIM: KRW54.1 trillion (US$45.9 billion)
IBK: KRW150.9 trillion (US$127.9 billion)
KDB: KRW153.1 trillion (US$130 billion) on consolidated basis
KOSAF: KRW6.6 trillion (US$5.6 billion)
KHFC: KRW4.9 trillion (US$4.2 billion)
KoFC: KRW64.2 trillion (US$54.5 billion) on unconsolidated
basis
SK HYNIX: Preliminary Bid on Elpida Won't Affect Ratings
--------------------------------------------------------
Fitch Ratings says there is no immediate rating impact on SK
Hynix from its preliminary bid for Japan-based Elpida Memory,
Inc., which filed for bankruptcy protection in February 2012.
While a debt-funded acquisition of Elpida is likely to be
negative for Hynix's credit quality, there are too many
uncertainties surrounding the transaction for Fitch to take any
rating actions at this stage.
Hynix has made a preliminary bid for the acquisition of Elpida on
March 30, 2012 and will decide whether to submit a binding bid in
May 2012 after due diligence. Micron Technology, the fourth
largest dynamic random access memory (DRAM) maker, and Toshiba
Corporation (Toshiba, 'BBB-'/Stable) are also reported to have
joined the bidding for Elpida despite the absence of any official
statements by both companies.
Fitch believes that the acquisition will weigh negatively on the
credit profile of the ultimate buyer given Elpida's weakness.
However, it is difficult to assess the potential impact on the
credit ratings at the moment as key factors, such as the likely
winner, the acquisition structure and price are still unknown.
Elpida has suffered from a weak cost structure due to its
inferior technology compared with top-tier makers amid a
substantial fall in DRAM prices, as well as the appreciation of
the Japanese yen.
Of the three potential bidders, Fitch believes that Hynix has the
most efficient cost structure. However, it is uncertain if the
Japanese government would allow this acquisition by a Korean
rival.
In the case of Toshiba, which currently does not have any DRAM
operations, Fitch believes that the company may encounter the
same challenges that had beset Elpida, such as lack of
technological competence and an expensive Japanese yen. Despite
the benefits of additional diversification the potential
acquisition could weaken the company's credit profile in the
short- to medium-term.
====================
N E W Z E A L A N D
====================
CORONET PEAK: Investors' Funds in RSM Law's Mortgages at Risk
-------------------------------------------------------------
The Southland Times reports that investors' funds have been put
at risk through a NZ$4.78 million investment by a Timaru law firm
in Coronet Peak Hotel and Strikebowl bowling alley near
Queenstown.
Liquidation proceedings have been brought against Coronet Peak
Hotel and Strikebowl bowling alley at Arthurs Point, which owe
NZ$4.785 million to 232 investors in RSM Law's contributory
mortgages, the report says.
The risk to investors will be if the assets have to be sold and
sell for less than investors are owed, according to The Southland
Times.
The report notes that liquidation proceedings against Coronet
Alpine Ltd in the High Court at Timaru were adjourned until
April 17. The action was brought by IRD over unpaid tax, but the
company is said to be in settlement negotiations, the report
relays.
The Southland Times relates that a letter sent to investors by
RSM Law said the hotel complex was in financial difficulty and
that interest payments were not fully made in February. As a
consequence investors would not receive full payments, the report
relays.
According to the report, RSM Law practice manager Greg O'Brien
said he was not concerned about the liquidation proceedings.
"I am not concerned, why would I be? The assets are secured by
first mortgages," the report quotes Mr. O'Brien as saying. "If a
borrower from our nominee company is not making interest payments
we have the right to take legal action."
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 26, 2011, Otago Daily Times said the company behind Coronet
Peak Hotel has been placed in liquidation, with the February 22
Canterbury earthquake described as the "death of the business."
The three-star hotel, with 75 guest rooms, was operated by
Coronet Peak Hotel Ltd, which the Companies Office has flagged as
"in liquidation." It also contains a restaurant, two bars and a
Strike Bowl bowling alley.
CRAFAR FARMS: OIO Submits New Recommendation on Chinese Bid
-----------------------------------------------------------
Fairfax NZ News reports that a fresh recommendation on a Chinese
bid for the Crafar Farms has been sent to ministers for a
decision.
Fairfax NZ relates that after initially saying a renewed
recommendation would take only days, the Overseas Investment
Office (OIO) has finally said that it has come up with a fresh
view for ministers to consider, more than six weeks after its
original decision was overturned.
It's understood the recommendation was sent to delegated
ministers Maurice Williamson and Jonathan Coleman on March 29.
"The minister has received the recommendation and will give it
careful consideration," the quotes a spokesman for Mr. Coleman as
saying. "He needs to consult with his colleague Maurice
Williamson. At this stage there is no indication of specifically
how long this process will take."
Fairfax recalls that the OIO earlier approved the bid by Shanghai
Pengxin for the 16 Crafar Farms. Their approval was accepted by
ministers but the deal was overturned by a High Court ruling in
February.
That ruling, according to Fairfax, required the OIO to renew its
consideration of the bid, a process which has taken weeks as it
canvassed aspects of its decision with the Crown Law office and
took in to consideration submissions from both Shanghai Pengxin
and rival bidders the Crafar Farms Purchase Group, led by Sir
Michael Fay.
The OIO would not say what its new recommendation to ministers
said, Fairfax notes.
As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate. Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history. The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares. They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.
The TCR-AP, citing The National Business Review, reported on
Feb. 20 that the government was ordered by the high court to
reconsider its decision to allow the sale of the Crafar farms to
a subsidiary of Shanghai Pengxin. Ministers approved the sale of
the 16 Crafar farms to Shanghai Pengxin late in January,
conditional on a deal being struck with Landcorp to run the
farms, according to NBR.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.
The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.
HANOVER FINANCE: FMA Files Civil Proceedings Against Directors
--------------------------------------------------------------
The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.
Proceedings under the Securities Act have been filed against Mark
Hotchin, Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon
and Dennis Broit. They relate to statements made in the December
2007 prospectuses, subsequent advertising, and the March 2008
prospectus extension certificate.
FMA is seeking declarations, pecuniary penalty orders and
compensation for investors who made investments during the period
Dec. 7, 2007 to July 22, 2008. During this period, new
investments and reinvestments totalled NZ$35 million.
The Serious Fraud Office investigation into matters relating to
the Hanover Group is continuing.
About Hanover Finance Limited
Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.
Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.
In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.
The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.
RIVER FARM: In Liquidation; BNZ Likely to Miss Out on Repayment
---------------------------------------------------------------
The Marlborough Express reports that the liquidator of River Farm
Vineyards and River Farm Wines said the only creditor most likely
to miss out on repayment in the liquidation is the companies'
bank.
The report notes that Marlborough District Councillor David Dew
put two companies -- River Farm Vineyards and River Farm Wines --
into liquidation voluntarily two weeks ago. A further company,
River Farm Wine Holdings, was a shell company, Mr. Dew said, so
it "can just stay there".
According to the report, Mr. Dew said he had decided to exit the
wine business some time ago and had been winding down stock and
vineyards owned. Because of other commitments he had handed over
the process of completing this to PricewaterhouseCoopers, which
would administer and market what was left to sell, mainly two
vineyards. Mr. Dew said the vineyards were being managed and the
grapes in this year's harvest had been sold, the Express relates.
The Express relates that Richard Longman, from liquidator
PriceWaterhouseCoopers, said there was not a lot owing to
unsecured creditors because the winding up had been managed over
a long period of time.
"Secured creditors are the primary ones that will miss out . . .
it's the bank," the report quotes Mr. Dew as saying.
The Bank of New Zealand is the only bank listed as a creditor in
the liquidators' first report on Mr. Dew's companies, the report
discloses.
The Express relates that Mr. Longman said the liquidators had
cast the net widely, and no more creditors had come forward so
far, although the claim time would be open till about April 23.
Mr. Longman said the main assets of the two companies were two
vineyards and about 40,000 litres of bulk wine, the report adds.
River Farm crafts limited release distinctive Marlborough wines
from selected vineyards.
=================
S I N G A P O R E
=================
LEE HONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of Lee Hong Electrical Engineering Pte
Ltd's.
UES Holdings Pte Ltd (formerly known as United Engineers
(Singapore) Private Limited) filed the petition against the
company.
The company's liquidator is:
The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
LEHMAN BROTHERS: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
Creditors of Lehman Brothers Singapore Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Chay Fook Yuen
Bob Yap Cheng Ghee
Tay Puay Cheng
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
LERNOUT & HAUSPIE: Creditors' Proofs of Debt Due April 16
---------------------------------------------------------
Creditors of Lernout & Hauspie Asia Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 16, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
LINCOLN BUSINESS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of Lincoln Business School Pte Ltd's.
Worldwide Academic Education (S) Pte Ltd filed the petition
against the company.
The company's liquidator is:
The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
SINGAPHIL METALS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of Singaphil Metals (S) Pte Ltd's.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SIN YONG: Creditors Get 14.78706% Recovery on Claims
----------------------------------------------
Sin Yong Contractor Pte Ltd declared the first and final dividend
on March 26, 2012.
The company paid 14.78706% to the received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
================
S R I L A N K A
================
HATTON NATIONAL: Moody's Assigns 'B1/B2' Deposit Ratings
--------------------------------------------------------
Moody's Investors Service has assigned following debt and deposit
ratings to Hatton National Bank, with a stable outlook.
The detailed ratings assigned are:
Local currency deposits: B1/NP
Foreign currency deposits: B2/NP
Foreign currency senior unsecured debt: B1
Foreign currency Issuer rating: B1
Moody's has also assigned E+ bank financial strength rating
(BFSR), mapping to a baseline credit assessment (BCA) of b1, with
a stable outlook.
This is the first assignment of international ratings for HNB.
These ratings and outlooks take into account the balance of
strengths and weaknesses characterizing HNB's credit profile on a
standalone basis, as well as Moody's assumptions on the
probability of government support in times of stress, which
Moody's assesses as moderate. At E+ / b1, Moody's support
assumption does not result in any rating uplift.
HNB's business model is geared towards lending to corporates and
small and medium-sized enterprises, though it has a diversified
portfolio of retail clients and products. Its credit profile is
characterized by a significant domestic franchise, with a market
share of approximately 10% and an extensive network of branches
and ATMS distributed throughout the country. From this platform,
HNB has steadily generated strong profitability while building
and maintaining above-average capitalization levels relative to
other similarly-rated banks rated in the Asia-Pacific region. At
the same time, the bank is inherently vulnerable to the
cyclicality typically associated with emerging markets, which
exposes it to periodic asset quality pressure, as evidenced by
its non-performing loan record. Also, for a bank exposed to such
risk, Moody's considers its provision coverage to be low.
Although net interest margins were under pressure during 2011,
they remained high at nearly 5%. HNB also reported a relatively
strong pre-provision income level of 3.7% and a return on average
risk-weighted assets of 2.6% in 2011. Going forward, Moody's
expects HNB's strong profitability to continue as a result of the
investments it has made in recent years to expand its reach
through the country by materially increasing its branches and
ATMs. This should also help improve its efficiency (cost to
income) ratio, which currently stands at a relatively high level
of close to 60%.
At 13% of risk-weighted assets, HNB's core Tier 1 capitalization
levels at end-2011 would allow it to sustain an adverse downside
scenario, and the banks' continued profitability level and
internal capital generation policy should contribute to safely
maintain capital above 10% going forward, even when assuming a
20% risk-weighted asset growth.
On the other hand, the bank's standalone rating of b1 takes into
account the high level of non-performing loans, which is only
partly offset by the bank's elaborate risk management framework.
HNB's asset quality indicators compare weakly to its Asia-pacific
peers in the same rating category. Gross non-performing loans are
high at 4.56%, whereas provision coverage is low at 49%.
Although the bank has implemented risk management processes,
which include clearly laid out limits and controls established on
the basis of forward-looking internal ratings and dynamic risk-
return analysis, the asset quality indicators could rapidly
deteriorate in a cyclical downturn given the rapid credit growth
during 2010 and 2011. The unavoidable rapid increase provisioning
that would result when considering the low base from which these
provisions would start would pressure the banks profits.
HNB's rating outlook could be lowered if the core Tier 1 capital
ratios drop to below 10% and net NPL ratio exceeds 2.5%. If the
profitability drops to under 1.5% of risk-weighted assets and
weighs on internal capital generation, then the ratings would be
under pressure.
To be upgraded, HNB will need a combination of two factors: a
demonstrated resilience of its core financial ratios over time;
and an upgrade of the government rating against which it would
otherwise be constrained.
The foreign currency senior unsecured debt rating of B1 factors
in the moderate level of systemic support from the government,
which is also rated B1 for foreign currency debt. As part of
Moody's joint default analysis model, Moody's considers Sri Lanka
to be a medium support country. In assessing the probability and
likelihood of external support, Moody's took into account the
systemic importance of the bank, as well as the willingness and
capacity of the government to provide support, including the non-
fiscal measures that could be deployed to support a bank, if
needed.
Established in 1888 and headquartered in Colombo, HNB had assets
of LKR388.59 billion at end-December 2011.
Principal Methodologies
The principal methodologies used in rating HNB were Bank
Financial Strength Ratings: Global Methodology published in
February 2007 and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.
=============
V I E T N A M
=============
* VIETNAM: Number of Troubled SMEs Rises as Banks Unable to Help
----------------------------------------------------------------
Viet Nam News reports that the number of small and medium-sized
businesses to dissolve and cease operation has increased rapidly
due to economic difficulties.
The problem was discussed during a briefing of the Ministry of
Planning and Investment (MPI) on March 28, the news agency
relates.
Viet Nam News relates that a State Bank of Viet Nam
representative acknowledged the importance of businesses to the
country's economic development and their link to the health of
banks.
The bank could do little to help ailing businesses, however, the
report notes.
According to the report, Lam Nguyen Khoi, deputy director of the
HCM City Department of Planning and Investment, told participants
that in the city alone, 931 enterprises had asked to stop
operations, 529 of which already completed administrative
procedures for dissolution, 23.8% up over the same period last
year.
In addition, some 5,012 firms sent in notices to cease operations
to the HCM City Taxation Department, with 462 asking to have
dealings suspended only temporarily, a 4.6-time increase, the
news agency relates.
It is reported that dissolved businesses are mostly involved in
the trade, construction, tourism and transport sectors, Viet Nam
News adds.
Viet Nam News relates that Deputy Director of the Ha Noi
Department of Planning and Investment Nguyen Van Tu said the
department had not yet compiled final statistics on the number of
companies to be dissolved, but that the number asking to be
dissolved would continue to increase.
The number of businesses dissolved rose by 6% against the same
period last year while the number of businesses having already
completed administrative procedures increased by 57%, the report
discloses.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
*********
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 ***