/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120829.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, August 29, 2012, Vol. 15, No. 172 Headlines A U S T R A L I A AUSTRALIAN PROPERTY: ASIC Starts Civil Penalty Action Vs. Execs FUEL VFX: In Administration, Cuts 100 Jobs KAGARA LTD: Administrators Put Mine Projects Up for Sale VIRAX PTY: Grant Thornton Appointed as Administrators * Moody's Says Australian Energy Legislation Credit Negative H O N G K O N G ADJECTIVE LIMITED: Kin and Agnew Step Down as Liquidators BRINGTON ENGINEERING: Court Enters Wind-Up Order CHIU KONG: Court Enters Wind-Up Order DILLINGHAM CONSTRUCTION: Members' Final Meeting Set for Sept. 24 EXCEL CONCORD: Court Enters Wind-Up Order IHC MOTION: Creditors' Proofs of Debt Due Sept. 7 JADE FIELD: Court Enters Wind-Up Order KAM YUEN: Court Enters Wind-Up Order KEEN YOUNG: Court Enters Wind-Up Order KIMBER STAR: Court Enters Wind-Up Order LUXMARK SHIPPING: Court Enters Wind-Up Order MAINFIT DEVELOPMENT: Court Enters Wind-Up Order NEW SHINE: Commences Wind-Up Proceedings POWER MAX: Court Enters Wind-Up Order ROAD KING: Moody's Downgrades CFR to 'B1'; Outlook Stable SUNTON INTERNATIONAL: Court Enters Wind-Up Order I N D I A A.S. TRANSPORT: ICRA Assigns 'BB+' Rating to INR40cr LT Loan IMECO LIMITED: Fitch Assigns 'D' National Long-Term Rating INDORE TREASURE: Inadequate Info Cues Fitch to Affirm Rating PAGRO FROZEN: Delays in Loan Payment Cues ICRA Junk Ratings RASI GRAPHICS: CARE Places 'BB+' Rating on INR2.51cr LT Loan RATHNA OFFSET: CARE Assigns 'BB+' Rating to INR2.51cr LT Loan SCIENTECH TECHNO: ICRA Cuts Rating on INR8.5cr Loan to 'BB+' SHIV STEEL: CARE Rates INR5.75cr LT Loan at 'CARE B+' TVS INTERCONNECT: Delay in Loan Payment Cues ICRA Junk Ratings VEPARSEVA HEALTHCARE: Delay in Loan Payment Cues Junk Ratings K O R E A * Moody's Upgrades 6 Korean Gov't-Related Financial Entities P H I L I P P I N E S VITARICH CORP: CA Junks Bid to Suspend Rehabilitation Process S I N G A P O R E SCA CREATIVE: Creditors Get 100% Recovery on Claims TRIO ENERGY: Court to Hear Wind-Up Petition Sept. 7 VANDA TANKERS: Creditors' Meeting Set for Aug. 31 WOLF TECHNOLOGY: Court to Hear Wind-Up Petition Sept. 7 V I E T N A M VIETNAM SHIPBUILDING: Former Execs Appeal Against Jail Sentences X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= AUSTRALIAN PROPERTY: ASIC Starts Civil Penalty Action Vs. Execs --------------------------------------------------------------- Australian Securities and Investment Commission has commenced civil penalty proceedings in the Federal Court of Australia to disqualify five former directors of Australian Property Custodian Holdings Ltd from managing corporations. ASIC will also ask the Court to impose pecuniary penalties on each director. ASIC alleges, among other things, that APCHL and its directors failed to act in the best interests of the members of the Prime Trust by: -- purporting to amend the Prime Trust constitution to provide for the payment to APCHL of a fee in the event that the units in the Prime Trust were listed on the Australian Securities Exchange (ASX); and -- directing APCHL to pay a listing fee of approximately AUD33 million out of scheme assets. APCHL is the responsible entity (trustee management company) of the Prime Retirement and Aged Care Property Trust, a managed investment scheme which owns retirement villages in Queensland, NSW and Victoria. Central to ASIC's action is the duty of officers of responsible entities to act in the best interest of the members of the scheme and to refrain from making improper use of their position as an officer to cause detriment to the members of the scheme. ASIC is seeking declarations that the directors, in their capacity as officers of APCHL (as the responsible entity of Prime Trust) breached their duties owed to members of Prime Trust. The defendants to ASIC's action are: 1. Mr. William Lionel Lewski, a former director and company secretary; 2. Mr. Mark Frederick Butler, a former director; 3. Mr. Kim Jaques, a former director; 4. Mr. Michael Richard Lewis Wooldridge, a former non- executive director; and 5. Mr. Peter Clarke, a former director. ASIC is also seeking declarations that APCHL breached it duties under the Corporations Act 2001 in exercising its powers and carrying out its duties as the responsible entity of Prime Trust. On Oct. 18, 2010, voluntary administrators were appointed to APCHL. On Nov. 23, 2011, Stirling Horne and Petr Vrescky of Lawler Draper Dillon were appointed liquidators following the creditors voting to place the company into liquidation. Approximately 9,700 investors contributed over AUD500 million in the Prime Trust. The first hearing of the matter will be on Sept. 18, 2012. On Aug. 3, 2007, the Prime Trust was listed for trade on the ASX. Prior to listing, the board of APCHL passed resolutions enabling the listing to take place. Other Relevant Proceedings Involving APCHL KordaMentha, one of the receivers and managers of APCHL, has taken over conduct of proceedings commenced by the liquidators of APCHL in the Supreme Court of Victoria. The proceedings relate to the payment of a listing fee of approximately AUD33 million by APCHL in its capacity as responsible entity of the Trust to entities associated with Mr. Lewski in 2008. The defendants to this proceeding include several former directors of APCHL, associated entities of Mr. Lewski and advisors of APCHL (including Madgwicks Lawyers). ASIC has been monitoring this proceeding. Information To Assist Investors Investors in the Prime Trust seeking information about the affairs of APCHL and the Prime Trust should contact the liquidators directly. The liquidators have posted information in relation to the administration and liquidation of APCHL and the Trust at www.lawlerdd.com.au. The offices of Lawler Draper Dillon are situated at level 12, 440 Collins Street, Melbourne Victoria, 3000. As APCHL is currently in liquidation, it is the role of the liquidators to investigate and report to creditors about the company's affairs, realise the company's assets, enquire into the failure of the company and possible offences by people involved with the company and report them to ASIC and to distribute proceeds of any realisation of the company's assets in accordance with the priorities under the Corporations Act. FUEL VFX: In Administration, Cuts 100 Jobs ------------------------------------------ The mumbrella.com.au reports that Fuel VFX has gone into administration putting 100 jobs at risk. "The company's directors have advised Jirsch Sutherland that, being independent, the company has struggled to navigate the downturn in work that is affecting many visual effects companies worldwide at the moment," the report quoted unnamed administrators as saying. The report discloses that the voluntary administration process has been called on by the directors as a way of preserving and financially restructuring the business. "In addition to the directors' financial restructuring attempts, the administrators are seeking expressions of interest in the business and assets of the company as a going concern," the administrators added, the report notes. About Fuel VFX Fuel VFX specializes in computer generated animation, motion design and post production. It is situated in Sydney. KAGARA LTD: Administrators Put Mine Projects Up for Sale -------------------------------------------------------- Australian Associated Press reports that the administrators of Kagara Ltd are trying to sell parts of the business and recapitalise the company. According to the report, Taylor Woodings has appointed PCF Capital Group to sell Kagara's north Queensland assets, which include treatment facilities and a processing centre. Rothschild Australia is handling the sale of Kagara's Admiral Bay zinc, lead and silver project in Western Australia's north, the report says. "The administrators will now run a dual-track process, marketing the assets for sale while continuing to consider any available possibilities for a restructure of the group, including through a recapitalisation via a DOCA (Deed of Company Arrangement)," Taylor Woodings said in a statement cited by AAP. Taylor Woodings has been trying to keep the company a going concern, but Kagara cannot afford to keep operating its three base metals mines, the report notes. About Kagara Ltd Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in exploration, development, and production of mineral properties in Western Australia and North Queensland. It primarily focuses on the exploration of zinc, copper, gold, lead, and nickel. Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin James Olde and Stefan Dopking of Taylor Woodings were appointed Joint and Several Administrators of Kagara Ltd and certain subsidiaries on April 29, 2012. VIRAX PTY: Grant Thornton Appointed as Administrators ----------------------------------------------------- Cara Waters at SmartCompany reports that Virax Pty Ltd has collapsed with Laurie Fitzgerald and Stephen Dixon of Grant Thornton appointed as administrators last week. SmartCompany says the company's board released a statement announcing the appointment and signalling their intention to attempt to salvage Virax. "The board will be working with the administrators to ensure all opportunities to restructure the company are explored," Virax said in a statement. Mr. Fitzgerald told SmartCompany that at this stage the administrators were looking to explore opportunities. "I'm meeting with the senior executives tomorrow with a view to working towards some deed of company arrangement," the report quotes Mr. Fitzgerald as saying. "Virax is a biotech company and so involved in research and development and, unfortunately, its revenues have not been sufficient to sustain the research going on. "Its projects and intellectual property are all long term; the real issue is to get them into a position where they can be cash generators," Mr. Fitzgerald told SmartCompany. According to SmartCompay, Mr. Fitzgerald said the major creditors are all note holders who are owed around AUD2.5 million and, in the short term, Virax has "no revenue to speak of." Virax Pty Ltd developed immunotherapies which boost the immune system to treat diseases. * Moody's Says Australian Energy Legislation Credit Negative ------------------------------------------------------------ Moody's Investors Service notes that draft changes to Australian national energy legislation, as released by the Australian Energy Market Commission (AEMC), would -- if implemented -- likely exert a negative impact on the credit profiles of the Moody's-rated regulated utility networks in Australia. However, Moody's does not expect any rating actions as a result of the draft changes. Under the draft changes, issued on August 23, a number of the prescriptive aspects of the current regulatory framework would be removed with the objective of creating greater flexibility for the regulator in setting regulated revenues for utility networks. From a credit perspective, the key draft amendments that would likely have a notable impact on the networks include the removal of sections which prescribe the mechanisms and benchmarks that must be used in determining appropriate rates of return -- and more specifically, the cost of debt -- for regulated utilities operating in Australia. Such changes include removing the direct reference to Commonwealth Government bonds with maturities of 10 years as a proxy for risk-free rates, reference to the capital asset-pricing model in setting the return on equity, and the reference to a specific corporate bond benchmark in setting the debt-risk premium for electric transmission networks. Moody's notes that while the proposed new regulatory framework has the potential to provide better cost recovery for the regulated utility sector -- especially during times when there is higher volatility in the capital markets -- such benefits are difficult to assess, given that the practical application of the new rules by the regulator remain to be time tested. Under the draft rules, the regulator will have more discretion to deviate from a proposed benchmark when setting revenue, if it believes such a benchmark does not reflect the actual prevailing cost of capital. As such, the current track record for predictability and stability in regard to the regulator's decision-making outcomes would be less certain, as prescriptive mechanisms would be replaced by a more flexible, but less prescriptive approach. The new approach would rely on the exercise of regulatory discretion within the established national energy objectives. For these reasons, Moody's believes that the overall credit implications of the draft rule changes would likely be negative. Given the consultation process that will follow the proposed changes and that more details surrounding the implementation of the rule changes will be made available, Moody's does not expect any rating actions as a result of the proposed changes. Moody's will monitor the final determination, likely to be released in November 2012 to gauge its credit impact on the regulated utilities. Moody's will also be mindful of the issuers' responses to manage the impact of the final determination within their ratings. Moody's notes the over-arching objectives in national energy legislation, which include promoting efficient investments in the national energy networks, will remain in place as governing principles for how the regulator would exercise its discretionary power under the final rules. Likewise, the "building block" framework and the regulated asset base approach as the underpinning basis for setting regulated returns are also unchanged. ================ H O N G K O N G ================ ADJECTIVE LIMITED: Kin and Agnew Step Down as Liquidators --------------------------------------------------------- Stephen Briscoe and Wong Teck Meng stepped down as liquidators of Adjective Limited on May 21, 2012. BRINGTON ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Hong Kong entered an order on Aug. 16, 2012, to wind up the operations of Brington Engineering Limited. The company's liquidator is: Mat Ng 20/F Henley Building 5 Queen's Road Central, Hong Kong CHIU KONG: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on June 28, 2012, to wind up the operations of Chiu Kong Nam Restaurant Groups Limited. The company's liquidator is Yuen Tsz Chun Frank. DILLINGHAM CONSTRUCTION: Members' Final Meeting Set for Sept. 24 ---------------------------------------------------------------- Members of Dillingham Construction (HK) Limited will hold their final meeting on Sept. 24, 2012, at 11:00 a.m., at Room D, 32/F, Lippo Centre, Tower 1, 89 Queensway, in Hong Kong. At the meeting, Chong Yiu Kam, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. EXCEL CONCORD: Court Enters Wind-Up Order ----------------------------------------- The High Court of Hong Kong entered an order on July 24, 2012, to wind up the operations of Excel Concord Limited. The company's liquidator is: Mat Ng 20/F Henley Building 5 Queen's Road Central, Hong Kong IHC MOTION: Creditors' Proofs of Debt Due Sept. 7 ------------------------------------------------- Creditors of IHC Motion Control Hong Kong Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Sept. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Aug. 16, 2012. The company's liquidator is: Hans Pieter Slappendel Unit 1001, 10/F Infinitus Plaza 199 Des Voeux Road Central, Hong Kong JADE FIELD: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Aug. 15, 2012, to wind up the operations of Jade Field Holdings Limited. The official receiver is Teresa S W Wong. KAM YUEN: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order on Aug. 15, 2012, to wind up the operations of Kam Yuen Toys Manufactory Limited. The official receiver is Teresa S W Wong. KEEN YOUNG: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Aug. 15, 2012, to wind up the operations of Keen Young Limited. The official receiver is Teresa S W Wong. KIMBER STAR: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on July 17, 2012, to wind up the operations of Kimber Star Industrial Limited. The company's liquidator is Yuen Tsz Chun Frank. LUXMARK SHIPPING: Court Enters Wind-Up Order -------------------------------------------- The High Court of Hong Kong entered an order on Aug. 15, 2012, to wind up the operations of Luxmark Shipping Limited. The official receiver is Teresa S W Wong. MAINFIT DEVELOPMENT: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on July 5, 2012, to wind up the operations of Mainfit Development Limited. The company's liquidator is Yuen Tsz Chun Frank. NEW SHINE: Commences Wind-Up Proceedings ---------------------------------------- Members of New Shine Corporation Limited, on Aug. 17, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Chiu Wai Hon Unit 201, 2/F Malaysia Building 50 Gloucester Road Wanchai, Hong Kong POWER MAX: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on July 25, 2012, to wind up the operations of Power Max International Development Limited. The company's liquidator is: Mat Ng 20/F Henley Building 5 Queen's Road Central, Hong Kong ROAD KING: Moody's Downgrades CFR to 'B1'; Outlook Stable --------------------------------------------------------- Moody's Investors Services has downgraded Road King Infrastructure Limited's corporate family and senior unsecured ratings to B1 from Ba3. The outlook for both ratings is stable. Ratings Rationale "The downgrade has been driven by Moody's concern over the ability of Road King to maintain its EBITDA margin in the range of 25% - 30% over the next 2 years; a failure to do so would in turn adversely affect its financial flexibility" says Franco Leung, a Moody's Assistant Vice President and Analyst. Road King reported an EBITDA margin of 29% in 1H 2012. But Moody's expects that the company will have to respond to mass market demand in a way that could reduce the margin to below the current level and that of its Ba3 peers. In such a situation, Road King would have to ramp up sales in a challenging environment to maintain the target EBITDA amount so as to make up for the loss in margins. A slowdown in sales that results in interest cover below 2.5x will greatly impair Road King's financial flexibility. "Moreover, Moody's does not expect the cash flow from its toll roads to increase materially in the next 12 - 18 months. In fact, such income -- which is seen as stable -- will diminish in proportion to the increasing level of revenue from its property development activities. Thus, the protection on interest coverage from its toll road cash flows will fall below Moody's expectation for the Ba3 rating," says Mr. Leung, who is also the lead analyst for Road King. Road King's B1 rating reflects its adequate level of liquidity and its cautious strategy on replenishing its land bank. At the same time, its ratings are constrained by its small scale and short track record in growing its property business. The stable outlook incorporates Road King's improved performance in contract property sales and its proactive management of debt. Upward rating pressure could emerge if Road King (1) meets its sales targets; (2) its profit margin improves consistently, such that EBITDA/ interest stays above 3x on a sustainable basis; and (3) cash receipts from its toll road businesses remain stable and continue to service a significant portion of its interest expenses. On the other hand, downward pressure could emerge if Road King (1) fails to achieve its sales target, resulting in an impairment of its liquidity position; (2) aggressively purchases land funded by debt; or (3) is unable to maintain its interest coverage above 2.0x or debt to total capitalization below 60%. The principal methodology used in rating Road King Infrastructure was the Global Homebuilding Industry Methodology published in March 2009. Established in 1994, Road King Infrastructure Limited is a Hong Kong-listed company with investments in toll roads as well as investment projects in China. SUNTON INTERNATIONAL: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Hong Kong entered an order on June 25, 2012, to wind up the operations of Sunton International Holdings Limited. The company's liquidator is Yuen Tsz Chun Frank. ========= I N D I A ========= A.S. TRANSPORT: ICRA Assigns 'BB+' Rating to INR40cr LT Loan ------------------------------------------------------------ ICRA has assigned the long-term rating of '[ICRA]BB+' to the INR32.00 crore1 fund based facilities and INR8.00 crore proposed fund based facilities of A.S. Transport Private Limited. The outlook on the long-term rating is stable. ICRA has also assigned the short-term rating of '[ICRA]A4+' to the INR1.50 crore non- fund based facilities and INR0.50 crore proposed non-fund based facilities of ASTPL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term-Fund based 32.00 [ICRA]BB+ assigned facilities Long term-Proposed 8.00 [ICRA]BB+ assigned fund based facilities Short term-Non-fund 1.50 [ICRA]A4+ assigned based facilities Short term-Proposed 0.50 [ICRA]A4+ assigned non-fund based facilities The assigned ratings factor in the three decades of promoter's experience in the business and the established relationship with key customers. The rating also considers the asset-light business model, which entails low capital expenditure. Further, the high proportion of revenues derived from the consumer staples sectors, which is relatively more resilient to economic downturn, factored into the ratings. The rating considers the weak financial profile characterized by moderately high gearing level owing to high working capital intensity and low cash accruals due to thin margins on account of high reliance on market vehicles. Further, the high customer concentration, which exposes to risk of customers shifting to other truck operators, and a moderate scale of operations, which restricts pricing flexibility in a highly fragmented market, impact the ratings. Incorporated in 1981, ASTPL is a logistics player transporting freight by trucks for various industries like FMCG companies, beverages, and building materials. The Company has presence across India through its 53 branches operates around 400 trucks out of which 17 are owned and the rest hired from small truck operators. ASTPL has a strong relationship with some of the major customers, with relationship of around 30 years with its top customer. The Company, which was initially transporting cargo for FMCG players, has diversified in the last 15 years adding cement, power and other industries. The promoter, Mr. Iqbal Rahman, Chairman of the Company, has more than 30 years of experience in the business and prior to the incorporation of ASTPL the business was run as a proprietorship. ASTPL also has plans to enter into the high margin over-dimensional cargo segment in the near term to medium turn by augmenting its fleet capacity with trailers. Recent Results For the year 2011-12, ASTPL reported a net profit of INR2.9 crore on an operating income of INR213.0 crore against a net profit of INR1.6 crore on an operating income of INR209.6 crore during 2010-11. IMECO LIMITED: Fitch Assigns 'D' National Long-Term Rating ---------------------------------------------------------- Fitch Ratings has assigned India-based IMECO Limited a National Long-Term rating of 'Fitch D(ind)'. IMECO manufactures critical parts of boiler plants and few parts of railway coaches. The ratings are constrained by IMECO's default on its fund-based limits and the devolvement of its non-fund-based limits, both in the 12 months ended July 2012, because of a significant increase in its cash cycle to 501 days in FY12 (FY11: 157 days). What Could Trigger A Rating Action? Positive: Future developments that may lead to positive rating action include timely debt servicing over the next two quarters. In FY12, revenue declined to INR329m (FY11: INR978.8m) and EBITDA margins narrowed to negative 6.1% (FY11: 1.0%) because of the significant underuse of IMECO's manufacturing plant. IMECO's manufacturing facility is located in Kharagpur (West Bengal). The company started commercial production in 1991. Fitch has also assigned ratings to IMECO's bank loans as follows: -- INR290m fund-based limits: National Long-Term 'Fitch D(ind)' -- INR109.5m non-fund-based limits: National Short-Term 'Fitch D(ind)' INDORE TREASURE: Inadequate Info Cues Fitch to Affirm Rating ------------------------------------------------------------ Fitch Ratings has migrated India-based real estate company Indore Treasure Market City Pvt Ltd's National Long-Term 'Fitch B+(ind)' rating with a Stable Outlook to the non-monitored category. This rating will now appear as 'Fitch B+(ind)nm' on the agency's website. Fitch has also migrated ITMCPL's INR1,650m term loan to National Long-Term 'Fitch B+(ind)nm' from 'Fitch B(ind)'. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of ITMCPL. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six- month period, the ratings could be reinstated and will be communicated through a rating action commentary. PAGRO FROZEN: Delays in Loan Payment Cues ICRA Junk Ratings ----------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]D' to the INR30.0 Crore1 long term fund based limits of Pagro Frozen Foods Private Limited. ICRA has also assigned a short term rating of '[ICRA]D' to the INR0.75 Crore short term non fund based limits of the company. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loan 20.00 [ICRA]D Cash Credit 10.00 [ICRA]D Crop Loan 0.75 [ICRA]D The assigned rating reflects delays in debt servicing by PFFL. PFFL's profit margins remain susceptible to seasonality of agro products. ICRA notes that the growth in revenues is expected to come from PFFL's own brand (Pagro) that would necessitate investments by the company in its distribution network besides promotion for penetration in a competitive market. Additionally, an elongated working capital cycle on account of high inventory has led to stretched liquidity position of the company. ICRA, however, notes the long experience of promoters including their past experience in running Pagro Foods Limited and the established relationships with key consumers. Pagro Frozen Foods (Pvt.) Ltd. was incorporated in 2007 for setting up an integrated vegetables processing plant in Punjab. The proposed project involves contract growing of vegetables across 10,000 acres of land and processing around 15,000 MT of vegetables to annually produce 12,000 MT of frozen vegetables and 3000 MT of French fries. These food products are proposed to be supplied to both domestic as well as export markets. PFFL is promoted by Mr. N.S. Brar and Mr. Pawaninder Singh Dhillon, who have over two decades of experience in food processing and contract farming. The promoters are also s managing a company in same business namely Pagro Foods Limited for the past eight years. They are joined by Mr. Satpal Khattar who is investing in the new company through his investment arm, Khattar Holdings Pte Limited. The commercial operations of the company started in March 2012. RASI GRAPHICS: CARE Places 'BB+' Rating on INR2.51cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Rasi Graphics Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.51 CARE BB+ Assigned Short-term Bank Facilities 0.30 CARE A4+ Assigned Rating Rationale The ratings assigned to the bank facilities of Rasi Graphics Pvt. Ltd. are primarily constrained by its relatively small scale of operations, concentration of revenues among a few clients and modest financial risk profile characterized by low profitability and cash accruals, low networth and moderately high overall gearing. The ratings are further constrained by RGPL's presence in the highly fragmented printing industry with intense competition from a large number of unorganized players. The ratings, however, derive strength from the vast experience of the promoters in the printing industry, RGPL's established operational track record and its long-standing relationship with a number of reputed clients. Going forward, the ability of the company to grow its size of operations and diversify its client base will be a key rating sensitivity. Furthermore, the ability of the company to improve and sustain its profitability amidst intense competition and any major capital expenditure in the future along with its funding mix will also be key rating sensitivities. RGPL is a Chennai-based company engaged in commercial web-offset printing, pre-press (except designing) and post-press (i.e. binding, lamination etc.) activities. RGPL was promoted by Mr. S. Bharathi and his sons Mr. B. Raj Kumar, Mr. B. Ashok Kumar and Mr. B. Suresh Kumar in the year 1993. RGPL is engaged in printing orders for Textbooks, Magazines, Newspaper Supplements, Diaries and also carries out printing orders on job-work basis (where the client provides the raw material like papers/ink etc). RGPL has installed three commercial web-offset printing machines with a combined installed capacity to print 2,400 reams/day as of July 25, 2012. The promoters also own Rathna Offset Printers (ROP; rated 'CARE BB+', 'CARE A4+'), established in 1968 and engaged in similar business of printing with an installed capacity of 1,120 reams/day. RATHNA OFFSET: CARE Assigns 'BB+' Rating to INR2.51cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Rathna Offset Printers. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.51 CARE BB+ Assigned Short-term Bank Facilities 0.15 CARE A4+ Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Rathna Offset Printers are mainly constrained by ROP being a closely-held family business with relatively small scale of operations and modest financial risk profile characterized by stagnant revenues during the past three years, low cash accruals and low networth. The ratings also factor in ROP's presence in the highly fragmented printing industry characterized by intense competition from a large number of unorganized players. The ratings, however, derive strength from the long experience of the partners in the printing industry, ROP's established operational track record of over four decades and long-standing relationship with a number of reputed clients. The ratings also favorably factor in the firm's comfortable debt-protection metrics as evidenced by the low leverage and comfortable coverage indicators. Going forward, the ability of the firm to grow its size of operations by effectively utilising capacity amidst intense competition and maintaining its healthy capital structure will be a key rating sensitivity. Additionally, any major capital expenditure in the future and its funding mix will also be a key rating sensitivity. ROP is a Chennai-based partnership firm engaged in sheet-fed offset printing, pre-press (except designing) and post-press (i.e. binding, lamination etc) activities. ROP was founded by Mr. Rajlingham along with his brothers in 1968. During 1990, the complete ownership of the firm was transferred to Mr S. Bharathi (son of Mr. Rajlingham) and his family. Presently, the day-to-day activities of the firm are managed by his sons Mr B. Raj Kumar, Mr B. Ashok Kumar and Mr B. Suresh Kumar who are equal partners in the firm. ROP is engaged in executing printing orders for Textbooks, Diaries, Magazines wrappers, Marketing kits etc. It also carries out printing orders on job-work basis (wherein the client provides the raw material like papers). ROP has 7 sheet-fed offset printing machines with a combined installed capacity to print 1,120 reams / day as of July 25, 2012. SCIENTECH TECHNO: ICRA Cuts Rating on INR8.5cr Loan to 'BB+' ------------------------------------------------------------ ICRA has revised the ratings for INR9.6 Crore bank facilities of Scientech Technologies Private Limited to "[ICRA]BB+ / [ICRA]A4+" from "[ICRA]BBB-/[ICRA]A3". The outlook on the long term rating is Stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long Term Cash Credit 8.00 Revised from ICRA]BBB- Facilities (Stable) to [ICRA]BB+ (Stable) Long Term Export Packing 0.50 Revised from [ICRA]BBB- Credit Facilities (Stable) to [ICRA]BB+ (Stable) Short Term Facilities 0.50 Revised from [ICRA]A3 (Non-fund based) to [ICRA]A4+ Short Term Facilities 0.60 Revised from [ICRA]A3 (Fund Based) to [ICRA]A4+ The rating revision takes into account significant reduction in scale of operations in 2011-12 (revenue de-growth of 16.0%) and weakness in operating margin partly due to increasing competition in the industry besides increased preference for digital oscilloscopes. The ratings also take into account the high working capital intensity of business as well as obsolescence risk as it primarily deals with analog oscilloscope devices, while the demand is increasingly shifting towards digital oscilloscope devices. The ratings, however, positively consider the long experience of the promoters in the hardware industry, the company's initiatives to diversify product offerings and its comfortable financial risk profile, characterized with comfortable capital structure and moderate coverage indicators. The ability of STPL to register growth in its operating revenues by scaling up business in education vertical amid the increasing competitive intensity in the hardware products industry as well as manage its working capital intensity would remain key rating sensitivities going forward. Recent Results The company reported Profit After Tax (PAT) of INR2.0 Crore on an Operating Income (OI) of INR37.2 Crore during 2011-12 as per provisional financials. Scientech Technologies Private Limited was set up in 1983 as a testing and measuring equipment manufacturing company, assumed full flow of operations post 2001 when the current managing director (Mr. Ambrish Kela) took over the reins subsequent to a family settlement. The company with a turnover of INR45.1 crore in 2010-11 currently has a portfolio of over 400 products in the training & measuring and technical training equipment segments. The company sells its products under brands viz. (i) Caddo: for Testing and Measuring products like Oscilloscopes, Function Generators and Power Supplies and (ii) Scientech: for other products in Education, Healthcare and Software etc. SHIV STEEL: CARE Rates INR5.75cr LT Loan at 'CARE B+' ----------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Shiv Steel Industries. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term bank facilities 5.75 'CARE B+' Assigned Short-term bank facility 2.00 'CARE A4' Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of M/s. Shiv Steel industries are primarily constrained by its moderate scale of operations coupled with short track record and its constitution as a partnership firm. The ratings are further constrained by the working capital intensive nature of operations, susceptibility to volatility in prices of raw materials & intense competition due to fragmented nature of industry. The ratings, however, derive strength from the experience of the partners, various exemptions and subsidies under government schemes and positive demand outlook for the steel pipe industry in the medium term. Ability to improve scale of operations along with improvement in profitability while managing its working capital effectively would be the key rating sensitivities. M/s. Shiv Steel Industries was formed as a partnership firm in November, 2005 by three partners; namely Shri Ratan Lal Bhati, Smt Suman Bhati and Shri Ram Niwas Bhati belonging to Guwahati, Assam for manufacturing of ERW (Electric Resistance Welded) pipes and tubes. Over the years, the partnership firm was reconstituted with subsequent admission and retirement of partners. Currently, the firm is managed by Shri Ratan Lal Bhati and Smt. Rukmani Devi Bhati and they are equal partners in the firm. The firm manufactures mild steel pipes and tubes having application in general engineering, factory shed, agricultural equipment, furniture, electronics and others. The firms manufacturing facility is located at Changsari (Assam) with an installed capacity of 12,000 metric tonnes per annum (MTPA). Apart from manufacturing, SSI is also involved in trading of tubular poles. TVS INTERCONNECT: Delay in Loan Payment Cues ICRA Junk Ratings -------------------------------------------------------------- ICRA has revised rating assigned to the INR54 crore fund based limits and INR40 crore non fund based limits of TVS Interconnect Systems Limited from '[ICRA]BB' to '[ICRA]D'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits 54 [ICRA]BB to [ICRA]D Non Fund Based Limits 40 [ICRA]BB to [ICRA]D The revision in the rating takes into account recent delays in bank account servicing by TVSICS. Besides, the rating continues to remain constrained by poor performance of various business units of TVSICS and the weak financial profile of the company characterized by losses and poor debt servicing indicators. Further, the risk profile of the company is adversely impacted by its significant repayment obligation in the near to medium term and its exposure to foreign currency fluctuation risk on account of its significant imports. However, ICRA notes that TVSICS draws support from its parent, TV Sundram Iyengar & Sons Ltd and is currently in the process of restructuring its debt profile and business model. TVSICS, established in the year 1999, is a wholly owned subsidiary of TVS Sons. Starting as a supplier of networking and telecom components, TVSICS diversified into networking and telecommunications services in the year 2003. The company is currently organized into three divisions namely, RF Components Division - mainly involved in supplying of telecom infrastructure components, Managed Services Division - engaged in providing turnkey and O&M services to passive telecom infrastructure players and telecom operators, and Networking Solutions Division - engaged in providing system integration services. Currently, the company is in the process of restructuring its business model. During the eighteen months ending March 2011 the company incurred net loss of INR70 crore on an operating income of INR131 crore. VEPARSEVA HEALTHCARE: Delay in Loan Payment Cues Junk Ratings ------------------------------------------------------------- ICRA has assigned an '[ICRA]D' rating to the INR15.79 crore term loan and INR1.50 crore proposed term loan of Veparseva Healthcare Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loan 15.79 [ICRA]D assigned Term Loan (proposed) 1.50 [ICRA]D assigned Credit Exposure Limit 0.24 [ICRA]D assigned ICRA has also assigned an '[ICRA]D' rating to the INR0.24 crore short term non fund based facility of VHPL. The assigned ratings reflect VHPL's strained liquidity position as indicated by delays in meeting term loan repayment obligations; weak financial profile as reflected by adverse capital structure and poor debt coverage indicators. The ratings also take into account the high competitive intensity in the region with quite a few multi specialty hospitals located in the vicinity. The ratings further take into account the absence of corporate tie ups and accreditation of hospital from external agencies resulting in lower occupancy levels. ICRA, however, takes note of the long experience of the promoters in healthcare sector through trading of healthcare equipments with one of the promoters being a practicing surgeon having vast experience in the field of orthopedics as well as large catchment area with hospital being located near the city centre. Veparseva Healthcare Private Limited was incorporated in June 2007 and has set up a hospital by the name of 'Saviour Hospital'. VHPL is promoted by three promoters including one practicing doctor with other two promoters being involved in trading and distribution of medical equipments. VHPL commenced providing medical services from January 2011 onwards. However the hospital has become fully operational from May 2012 and currently has 70 beds. The hospital is super specialty in nature offering tertiary care services. Recent Results: For the year ended 31st March 2012, the company reported an operating income of INR10.16 crore and profit after tax (PAT) of INR0.12 crore. ========= K O R E A ========= * Moody's Upgrades 6 Korean Gov't-Related Financial Entities ------------------------------------------------------------ Moody's Investors Service has upgraded the foreign currency long- term senior unsecured debt ratings of six Korean government- related financial institutions to Aa3 from A1. The six entities are: Export-Import Bank of Korea (KEXIM), Industrial Bank of Korea (IBK), Korea Finance Corporation (KoFC), Korea Housing Finance Corporation (KHFC), Korea Development Bank (KDB), and Korea Student Aid Foundation (KOSAF). The outlook for all the ratings is stable. The rating actions follow Moody's upgrade of Korea's sovereign ratings to Aa3 from A1 on August 27, 2012. Ratings Rationale The foreign currency long-term senior unsecured debt ratings of the six institutions were upgraded to Aa3 as Moody's expects the government to support these entities in a timely manner, in the event of need, given their strong linkage with the government. These financial institutions are important policy arms of the government and, as such, benefit from certain 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 of debt repayment, Moody's takes comfort from the fact that the government has in the past taken the initiative to provide them with capital to maintain capital adequacy. Moody's has upgraded KDB's long-term foreign currency senior unsecured debt to Aa3 from A1, 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, the parent of KDB. The rating has a stable outlook. Moody's has also upgraded KDB's local and foreign currency long- term deposits to Aa3 from A1, as the government will continue to be responsible for replenishing the bank's capital if its reserves are insufficient to cover annual losses under Article 44 of the KDB Act. The KDB Act will remain intact unless the government's stake in KDB Financial Group drops below 50%. The revised ratings 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. 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 reputational risk to the government in the event of a default by the institution. The resultant ratings and actions are listed below: KEXIM -- the foreign currency long-term senior unsecured debt of A1 upgraded to Aa3; and foreign currency long-term senior unsecured MTNs/senior unsecured shelf of (P)A1/(P)A1 upgraded to (P)Aa3/(P)Aa3. The revised ratings all carry stable outlooks. All other ratings were unaffected: foreign currency commercial paper of Prime-1, and standalone credit profile of ba1. IBK -- the foreign currency long-term senior unsecured debt/deposit of A1/A1 upgraded to Aa3/Aa3, and foreign currency long-term senior unsecured/subordinated/junior subordinated MTNs of (P)A1/(P)A2/(P)A2 upgraded to (P)Aa3/(P)A1/(P)A1. The revised ratings all carry stable outlooks. All other ratings were unaffected, and carry stable outlooks: D+ BFSR, mapping to a standalone credit profile of baa3, foreign currency short-term deposit/commercial paper of Prime-1/Prime-1. KDB -- the foreign currency long-term senior unsecured debt/senior unsecured MTN/ senior unsecured shelf of A1/(P)A1/(P)A1 upgraded to Aa3/(P)Aa3/(P)Aa3, and the local and foreign currency long-term deposits ungraded to Aa3 from A1. The revised ratings all carry stable outlooks, except the long-term deposit ratings that continue to have negative outlooks. All other ratings were unaffected: D BFSR, mapping to a standalone credit profile of ba2, foreign and local currency short-term deposits of Prime-1, and foreign currency commercial paper of Prime-1. KoFC -- the foreign currency long-term issuer of A1 upgraded to Aa3, and foreign currency long-term senior unsecured debt/senior unsecured MTN of A1/(P)A1 upgraded to Aa3/(P)Aa3. The revised ratings all carry stable outlooks. All other ratings were unaffected: foreign currency short-term issuer/commercial paper of Prime-1/Prime-1, and standalone credit profile of ba1; KHFC -- the foreign currency long-term issuer rating of A1 upgraded to Aa3. The revised rating carry stable outlook. All other ratings were unaffected: foreign currency short-term issuer rating of Prime-1, and standalone credit profile of ba1. KOSAF -- the foreign currency long-term issuer rating of A1 upgraded to Aa3. The revised rating carry stable outlook. The foreign currency short-term issuer rating of Prime-1 was unaffected. Principal Methodologies The principal methodologies used in rating IBK and KDB was Moody's Consolidated Global Bank Rating Methodology published in June 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 December 31, 2011: KEXIM: KRW55.1 trillion (USD47.6 billion); IBK: KRW186 trillion (USD161 billion); KDB: KRW149 trillion (USD129 billion) on consolidated basis; KOSAF: KRW6.2 trillion (USD5.4 billion); KoFC: KRW62.7 trillion (USD54.4 billion) on unconsolidated basis; and KHFC: KRW5.9 trillion (USD5.1 billion). ===================== P H I L I P P I N E S ===================== VITARICH CORP: CA Junks Bid to Suspend Rehabilitation Process ------------------------------------------------------------- BusinessWorld Online reports that the Court of Appeals (CA) has upheld a lower court's decision junking two foreign banks' petition to suspend the rehabilitation program of debt-laden Vitarich Corp. BusinessWorld relates that in a 20-page decision dated July 31 and penned by Associate Justice Angelita A. Gagucatan, the CA's 10th division said it "cannot give credence to charges based on mere suspicion" by Barclays Bank Plc. and Deutsche Bank AG London that Vitarich could not implement the approved rehabilitation plan. "It was merely speculative on the part of petitioner-banks to put forth the argument that Vitarich can no longer meet its obligations," the CA, as cited by BusinessWorld, said. According to the report, Barclays and Deutsche, two of the many creditors of Vitarich, asked the appeals court to review a lower court's February 2011 decision denying their petition seeking termination of the listed animal feeds producer's rehabilitation plan. BusinessWorld notes that the two banks claimed that Vitarich had "failed to achieve the desired targets or goals . . . [and] itself had admitted that it could not implement the Approved Rehabilitation Plan in accordance with its terms, conditions, restrictions or assumptions." BusinessWorld recalls that Vitarich in July 2010 had asked a lower court to modify an approved rehabilitation plan, as increases in fuel and wheat prices, stringent payment of terms due to 2008 financial crisis, and typhoons Ondoy and Pepeng in 2009 made it "extremely difficult" to pay commitments. Among the listed firm's request was to use PHP300-million insurance "to restore destroyed production service facilities and improve its laboratory"; allow infusion of money by a "White Knight"; and eventual conversion of its Marilao Plant into a mixed use residential and commercial development, BusinessWorld relays. Vitarich's petition, however, had prompted Barclays and Deutsche to ask a lower court to terminate the rehabilitation plan, but was denied, the report notes. The CA sided with the lower court, who had ruled that the two banks petition was "premature," adds BusinessWorld. About Vitarich Corp. Based in Bulacan, Philippines, Vitarich Corporation -- http://www.vitarich.com/-- is engaged in the manufacture and distribution of various poultry products such as live and dressed chicken, day-old chicks, and animal and aqua feeds. Vitarich has been under corporate rehabilitation since 2006 because of difficulties in paying off PHP3.23 billion in loans to various creditors, according to BusinessWorld Online. The company had blamed the Asian financial crisis of 1998 and the avian flu outbreak in 2003 as the reasons behind its financial woes. ================= S I N G A P O R E ================= SCA CREATIVE: Creditors Get 100% Recovery on Claims --------------------------------------------------- SCA Creative Group Pte Ltd will declare the first and final dividend on Aug. 31, 2012. The company will pay 100% and 23.8% to the received claims. The company's liquidator is: Lai Seng Kwoon c/o 8 Robinson Road #13-00 ASO Building Singapore 048544 TRIO ENERGY: Court to Hear Wind-Up Petition Sept. 7 --------------------------------------------------- A petition to wind up the operations of Trio Energy Resources Pte Ltd will be heard before the High Court of Singapore on Sept. 7, 2012, at 10:00 a.m. Chemoil International Pte Ltd filed the petition against the company on Aug. 10, 2012. The Petitioner's solicitors are: M/S Oon & Bazul LLP 36 Robinson Road #08-01/06 City House Singapore 068877 VANDA TANKERS: Creditors' Meeting Set for Aug. 31 ------------------------------------------------- Creditors of Vanda Tankers (S) Pte Ltd will hold a meeting on Aug. 31, 2012, at 4:15 p.m., at 6 Shenton Way, #32-00 DBS Building Tower Two, in Singapore 068809. At the meeting, Lim Loo Khoon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WOLF TECHNOLOGY: Court to Hear Wind-Up Petition Sept. 7 ------------------------------------------------------- A petition to wind up the operations of Wolf Technology Pte Ltd will be heard before the High Court of Singapore on Sept. 7, 2012, at 10:00 a.m. Standard Chartered Bank filed the petition against the company on Aug. 10, 2012. The Petitioner's solicitors are: Rajah & Tann LLP 9 Battery Road #25-01 Straits Trading Building Singapore 049910 ============= V I E T N A M ============= VIETNAM SHIPBUILDING: Former Execs Appeal Against Jail Sentences ---------------------------------------------------------------- Tuoitrenews reports that Vinashin Shipbuilding Industry Corp. ex- officials in appeal against sentences for losses to the state budget of VND910 billion (US$43.5-million). Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating an enormous debt of over $4.11 billion. The government later introduced reforms to get the embattled shipbuilder back on track. According to the report, the Supreme People's Court opened the hearing to consider the appeals of eight out of the nine defendants who had been sentenced by the Hai Phong city people's Court in March for "intentionally violating the State's economic management regulations, which causes serious consequences". Among the eight is Pham Thanh Binh, former Vinashin chairman, 59, who has been sentenced to 20 years in prison. The others have received sentences ranging from 10 and 19 years imprisonment, Tuoitrenews discloses. Tuoitrenews, citing the indictment, says Mr. Binh and his accomplices disregarded State laws and regulations on investment, management and use of State capital, causing a loss of VND469.5 billion in the purchase of the ship Hoa Sen ; VND316.5 billion in the Red River thermal power plant project in Nam Dinh Province; VND66.5 billion in the Cai Lan diesel thermal power plant in Quang Ninh province; VND30.4 billion in the financial lease of ship Binh Dinh Star ; and VND27.3 billion in the sale of the Bach Dang Giang vessel. Vietnam Shipbuilding Industry Group is a state-owned shipbuilding company. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 13-14, 2012 AMERICAN BANKRUPTCY INSTITUTE 9th Annual Complex Financial Restructuring Program Four Seasons Hotel, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 13-15, 2012 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Southwest Bankruptcy Conference Four Seasons Hotel, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 19-20, 2012 AMERICAN BANKRUPTCY INSTITUTE 38th Annual Lawrence P. King and Charles Seligson Workshop on Bankruptcy & Business Reorganizations New York University School of Law, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4, 2012 AMERICAN BANKRUPTCY INSTITUTE Nuts & Bolts: Bankruptcy Fundamentals for Young and New Practitioners Charles Evans Whittaker Courthouse, Kansas City, Mo. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 5, 2012 AMERICAN BANKRUPTCY INSTITUTE 32nd Annual Midwestern Bankruptcy Institute & Consumer Forum Kansas City Marriott Downtown, Kansas City, Mo. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 5, 2012 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy 2012: Views from the Bench Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 8, 2012 AMERICAN BANKRUPTCY INSTITUTE 5th Annual Chicago Consumer Bankruptcy Conference University of Chicago Gleacher Center, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 18, 2012 AMERICAN BANKRUPTCY INSTITUTE International Insolvency & Restructuring Symposium Parco dei Principi Grand Hotel & Spa, Rome, Italy Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 26, 2012 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program San Diego Marriott Marquis and Marina, San Diego, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-2, 2012 AMERICAN BANKRUPTCY INSTITUTE Corporate Restructuring Competition Wharton University of Pennsylvania, Philadelphia, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 12, 2012 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference [Location Undetermined] Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.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 ***