/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120919.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, September 19, 2012, Vol. 15, No. 187 Headlines A U S T R A L I A ADELAIDE'S CROWN: Tropeano Buys Firm Out of Receivership BELL GROUP: Banks Take Battle to High Court NINE ENTERTAINMENT: Receivership Looms Amid Debt Covenant Test C H I N A BERKELEY COFFEE: Had $73,700 Net Loss in July 31 Quarter CHINA FISHERY: Moody's Lowers CFR to 'B1'; Outlook Negative H O N G K O N G ALEX TANG: Court to Hear Wind-Up Petition on Oct. 31 CHUN YU: Court to Hear Wind-Up Petition on Oct. 31 CHUNG PAK: Court to Hear ind-Up Petition on Oct. 31 DELUXE MALL: Court Enters Wind-Up Order EASTERN OCEAN: Court to Hear Wind-Up Petition on Oct. 17 EXCELLENT INVESTMENT: Court to Hear Wind-Up Petition on Oct. 24 FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7 GRAND YIELD: Court to Hear Wind-Up Petition on Oct. 24 INFINITI ADVANTAGE: Ho Wai Chi Steps Down as Liquidator LUEN TAT: Creditors Get 100% Recovery on Claims I N D I A CALL EXPRESS: CRISIL Rates INR550MM Term Loan at 'CRISIL B' CHANDI STEEL: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+' EDEN TRANSPORT: CRISIL Rates INR97.8MM Loan at 'CRISIL D' IDBI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance INTERNATIONAL COIL: CRISIL Cuts Rating on INR150MM Loan to 'B+' LINKSON COAL: ICRA Assigns '[ICRA]BB' Rating to INR45MM Loan KALOKHE STONE: CRISIL Assigns 'D' Rating to INR52.8MM Loans MAHESHWARI COAL: CRISIL Cuts Rating on INR146MM Loans to 'D' P&R ENGINEERING: ICRA Upgrades Rating on INR29cr Loan to 'D' SHALIMAR WORKS: CRISIL Rates INR7.5MM Cash Credit at 'CRISIL C' TRIDENT AUTO: ICRA Reaffirms 'BB' Rating on INR6.46cr Loans VINAYAK COTTON: CRISIL Assigns 'B+' Rating to INR80MM Loans I N D O N E S I A TELEKOMUNIKASI INDONESIA: Confident on Telkom Bankruptcy Appeal N E W Z E A L A N D CAIRNS GROUP: 25 Jobs Lost Following Receivership NATIONAL FINANCE: Former Director Gets 10 Months Home Detention S I N G A P O R E ARETAE ECOVENTURES: Creditors' Meetings Set for Sept. 25 DONGFANG SHIPBUILDING: Creditors' Meetings Set for Oct. 1 DONGFANG SHIPBUILDING: Creditors' Proofs of Debt Due Oct. 1 FORESIGHT TECHNOLOGIES: Court Enters Wind-Up Order INFOSEC PACIFIC: Creditors' Meetings Set for Sept. 26 X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= ADELAIDE'S CROWN: Tropeano Buys Firm Out of Receivership -------------------------------------------------------- Nicholas Jones at ToneDeaf News reports that Adelaide's Crown & Sceptre has been acquired by Tropeano Hospitality Group out of receivership. The pub went into receivership in July this year with estimated debts of more than $1 million, facing financial woes over a sharp drop in trade, the higher costs of labour, bills, liquor licensing and input costs; with liquidators Macks Advisory handling the receivership, according to ToneDeaf News. The report notes that Tropeano Hospitality Group, owner of Hindley St nightclub Red Square and string club The Palace, bought the firm for an undisclosed sum. ToneDeaf News relays that The Advertiser reported that director of the hospitality group Antony Tropeano has confirmed the sale but wouldn't go into specifics due to conditions in the contact, although it is believed the purchase price for the pub is unlikely to be enough to pay off the debt owed to secured creditors, suppliers, bands, and of course the Australian Tax Office. BELL GROUP: Banks Take Battle to High Court ------------------------------------------- Australian Associated Press reports that the banks involved in Australia's most expensive and longest-running court case are seeking to take their battle to the High Court. AAP recounts that a consortium of 20 banks including Westpac and Lloyd's TSB Bank last month lost an appeal in Western Australia's Supreme Court against a 2008 ruling that ordered them to pay about AUD1.58 billion to the liquidators of Bell Group, once controlled by fallen tycoon Alan Bond. In 199, the banks agreed to extend Bell Group's loans to allow the company to restructure and remain afloat, and in exchange were given guarantees and security over Bell Group's publishing assets, shares in Bell Resources, and other minor assets, the news agency relates. At that time, Bell Group was on the brink of insolvency, APP relates, and the banks were found by Justice Neville Owen to be liable as knowing recipients of the company's trust property. On August 17, the news agency relates, Acting Justices Malcolm Lee, Douglas Drummond, and Christopher Carr decided that Justice Owen's order would stand, save for several amendments and additions. AAP reports that Freehills partner John Vaughan, acting for the banks, said on Monday that they had filed an application for special leave to the High Court. Mr. Vaughan said the banks were confident they could make a strong case, according to AAP. About Bell Group Bell Group Limited, formerly known as Western Australian Worsted and Woollen Mills Limited, was delisted from the Australian Stock Exchange on August 21, 1991, because of liquidation. On July 22, 2003, liquidator Tony Woodings started an action in the WA Supreme Court against a group of 20 banks -- led by Westpac -- in relation to their conduct in taking mortgages over Bell Group assets in January 1990. It was alleged the banks knew or should have known that the company could not pay creditors who were owed more than AU$800 million at the time. NINE ENTERTAINMENT: Receivership Looms Amid Debt Covenant Test -------------------------------------------------------------- Darren Davidson at The Australian Media reports that the potential receivership of Nine Entertainment is now a real threat amid a critical debt covenant test for the group at the end of the month. Sources said that CVC Asia Pacific and financiers have been forced to all but abandon hope for a strategic buyer for Nine Entertainment, according to The Australian Media. Nine Entertainment is Australia's second-placed free-to-air network. ========= C H I N A ========= BERKELEY COFFEE: Had $73,700 Net Loss in July 31 Quarter -------------------------------------------------------- Berkeley Coffee & Tea, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of $73,743 on $56,172 of revenue for the three months ended July 31, 2012, compared with net income of $10,979 on $49,030 of revenue for the same period of the prior fiscal year. The Company's balance sheet at July 31, 2012, showed $4.68 million in total assets, $4.72 million in total liabilities, and a shareholders' deficit of $39,087. As reported in the TCR on Aug. 14, 2012, MaloneBailey, LLP, in Houston, Texas, expressed substantial doubt about Berkeley Coffee & Tea Inc.'s ability to continue as a going concern, following the Company's results for the fiscal year ended April 30, 2012. The independent auditors noted that the Company has suffered recurring losses from operations. A copy of the Form 10-Q is available at http://is.gd/ZQtj5D Shanghai, China-based Berkeley Coffee & Tea Inc. was incorporated on March 27, 2009, in the State of Nevada. Berkeley Coffee expects to generate revenue from the marketing and sale of green coffee beans from Yunnan, China, into the United States. It plans to sell green bean coffee grown in China directly to coffee wholesalers, coffee brokers and coffee roasters in the United States. CHINA FISHERY: Moody's Lowers CFR to 'B1'; Outlook Negative ----------------------------------------------------------- Moody's Investors Service has downgraded China Fishery Group Limited's corporate family rating and senior unsecured debt rating to B1 from Ba3. At the same time, Moody's has changed the rating outlook to negative from stable. Ratings Rationale "The downgrade reflects the increasing level of regulatory risk that China Fishery faces in its agreements to purchase fish from Russian companies in the Russian North Pacific in view of the current inquiry by the Federal Antimonopoly Service of the Russian Federation," says Alan Gao, a Moody's Vice President and Senior Analyst. On 13 September 2012, China Fishery disclosed that it had received an inquiry from the Antimonopoly Service on whether it had stakes in Russian fishery companies. The Russian authorities have strict requirements over foreign control in fishing operations. Moody's is concerned over whether the Russian authorities will interpret China Fishery's agreements to buy fish from Russian entities as actions towards establishing control over biological resources in Russian waters without government approval. Furthermore, if the authority considers that China Fishery has breached any rules, the financial implications for the company could be material, given that its Russian operations contribute more than 50% of revenue and EBITDA. The latest inquiry form the Russian authority also implies more uncertainty in China Fishery's business model which positions it at the single-B rating level. At the same time, the B1 rating continues to reflect China Fishery's long track record and leading market position in the supply of Alaska Pollock from the North Pacific to the market. It also reflects the slow improvement in its Peruvian fishmeal production division. Moody's considers that its credit ratings are constrained by (1) the weakened state of operating cash flow, as a result of a large increase in working capital; (2) increasing pressure on profit margins, due to the rising cost of vessel operations; and (3) its geographic concentration. In addition, the ratings incorporate climate risk, and the financially weak state of its parent, the Pacific Andes Group. The negative outlook reflects the unpredictability of regulatory measures in Russia and the resulting financial impact on China Fishery. Pressure for a rating downgrade would arise if (1) the Russian authorities conclude that China Fishery's supply agreements constitute actions towards acquiring control of biological resources in Russian waters without government approval; (2) China Fishery is forced to change its business model in Russia, or charged with non-compliance and consequently incurs material losses; and/or 3) the Russian authorities decide that the Pacific Andes Group or its related companies -- including China Fishery - - are engaged in activities that breach Russian regulations and therefore could face material penalties. Upgrade pressure is not likely, but the ratings outlook could return to stable if (1) the Russian authorities conclude that there are no irregularities or non-compliance issues in China Fishery's current business model and that the company does not suffer any financial loss, liquidity pressure, or loss of clients during the inquiry. The principal methodology used in rating China Fishery Group Ltd was the Global Food - Protein and Agriculture Industry Methodology published in September 2009. China Fishery Group Ltd (CFG), listed in Singapore, is engaged mainly in industrial fishery operation in North Pacific and Peruvian waters. Its catches are processed on board and frozen, packed, and delivered to market. It is 36% effectively owned by Pacific Andes International Holdings Ltd (PAI), a Hong Kong- listed integrated fish and seafood product processor. ================ H O N G K O N G ================ ALEX TANG: Court to Hear Wind-Up Petition on Oct. 31 ---------------------------------------------------- A petition to wind up the operations of Alex Tang Limited will be heard before the High Court of Hong Kong on Oct. 31, 2012, at 9:30 a.m. Global Cheer Limited filed the petition against the company on Aug. 17, 2012. The Petitioner's solicitors are: Ford, Kwan & Company Suite 3304, 33rd Floor Tower 2, Tsuen Wan New Territories CHUN YU: Court to Hear Wind-Up Petition on Oct. 31 -------------------------------------------------- A petition to wind up the operations of Chun Yu Management Company Limited will be heard before the High Court of Hong Kong on Oct. 24, 2012, at 9:30 a.m. Champion Transportation Company Limited filed the petition against the company on Aug. 21, 2012. The Petitioner's solicitors are: Y.C. Lee, Pang, Kwok & Ip 1006, Shui On Centre 6-8 Harbour Road Hong Kong CHUNG PAK: Court to Hear ind-Up Petition on Oct. 31 --------------------------------------------------- A petition to wind up the operations of Chung Pak Investment Limited will be heard before the High Court of Hong Kong on Oct. 31, 2012, at 9:30 a.m. Ip Kam Wah filed the petition against the company on Aug. 28, 2012. The Petitioner's solicitors are: Robertsons 57th Floor, The Center 99 Queen's Road Central, Hong Kong DELUXE MALL: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on May 8, 2012, to wind up the operations of Deluxe Mall Limited. The company's liquidator is Lau Siu Hung. EASTERN OCEAN: Court to Hear Wind-Up Petition on Oct. 17 -------------------------------------------------------- A petition to wind up the operations of Eastern Ocean International Co. Limited will be heard before the High Court of Hong Kong on Oct. 17, 2012, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on Aug. 9, 2012. The Petitioner's solicitors are: K.W. Ng & Co 11/F, Wings Building 110 Queen's Road Central, Hong Kong EXCELLENT INVESTMENT: Court to Hear Wind-Up Petition on Oct. 24 -------------------------------------------------------- A petition to wind up the operations of Excellent Investment (Group) Limited will be heard before the High Court of Hong Kong on Oct. 24, 2012, at 9:30 a.m. Savills (Hong Kong) Limited filed the petition against the company on Aug. 14, 2012. The Petitioner's solicitors are: Messrs. C.C. Lee & Co 6th Floor, On Lok Yuen Building No. 25 Des Voeux Road Central, Hong Kong FORTRESS COMMODITIES: Court to Hear Wind-Up Petition on Nov. 7 -------------------------------------------------------------- A petition to wind up the operations of Fortress Commodities Limited will be heard before the High Court of Hong Kong on Nov. 7, 2012, at 9:30 a.m. Cementia Trading Ag filed the petition against the company on Aug. 24, 2012. The Petitioner's solicitors are: Clyde & Co 58th Floor, Central Plaza 18 Harbour Road Wanchai, Hong Kong GRAND YIELD: Court to Hear Wind-Up Petition on Oct. 24 ------------------------------------------------------ A petition to wind up the operations of Grand Yield International Trading Limited will be heard before the High Court of Hong Kong on Oct. 24, 2012, at 9:30 a.m. Savills (Hong Kong) Limited filed the petition against the company on Aug. 14, 2012. The Petitioner's solicitors are: Messrs. C.C. Lee & Co 6th Floor, On Lok Yuen Building No. 25 Des Voeux Road Central, Hong Kong INFINITI ADVANTAGE: Ho Wai Chi Steps Down as Liquidator ------------------------------------------------------- Ho Wai Chi stepped down as liquidator of Infiniti Advantage Limited on August 23, 2012. LUEN TAT: Creditors Get 100% Recovery on Claims ----------------------------------------------- Luen Tat Watch Band Manufacturer Limited, which is in liquidation, will declare dividend to its creditors on Oct. 8, 2012. The company will pay 100% for preferential and ordinary claims. The company's liquidators are: Stephen Liu Yiu Keung David Yen Ching Wai 62nd Floor, One Island East 18 Westlands Road Island East, Hong Kong ========= I N D I A ========= CALL EXPRESS: CRISIL Rates INR550MM Term Loan at 'CRISIL B' ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Call Express Construction (India) Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Term Loan 550 CRISIL B/Stable (Assigned) The rating reflects CECPL's exposure to risks related to funding and implementation risks of its on-going real estate residential project in Chennai (Tamil Nadu), and vulnerability to economic cycles. These rating weaknesses are partially offset by the industry experience of CECPL's promoters. Outlook: Stable CRISIL believes that CECPL will continue to benefit over the medium term from its promoter's experience in real estate development in Chennai. The outlook may be revised to 'Positive' if the company reports strong growth in cash flows, most likely because of earlier-than-expected completion of projects and receipt of advances, and more-than-expected sales realisations from the ongoing residential properties. Conversely, the outlook may be revised to 'Negative' if there are significant delays in the completion of the ongoing projects or receipt of payments from customers, or in case the company undertakes a larger-than- expected debt-funded capital expenditure programme, leading to deterioration in its financial risk profile. Established in 2006, CECPL is currently developing a residential real estate project at Chennai. The company is promoted by Mr. P.K. Ramesh and Mr. S.Ravindranathan. CHANDI STEEL: ICRA Cuts Rating on INR23cr Loan to '[ICRA]B+' ------------------------------------------------------------- ICRA has revised downwards the long term rating assigned to the INR10.00 crore cash credit and INR13.80 crore bank guarantee of Chandi Steel Industries Limited, from '[ICRA]BB' to '[ICRA]B+'). ICRA has re-affirmed the short term rating assigned to the INR9.00 crore non-fund based bank facilities of CSIL at [ICRA]A4. Amount Facilities (INR cr) Ratings ---------- -------- ------- Fund Based Limits 10.00 [ICRA]B+ downgraded (Cash Credit) Non Fund Based Limits 13.80 [ICRA]B+ downgraded (Bank Guarantee) Non-Fund Based Limits 9.00 [ICRA]A4 reaffirmed (Letter of Credit & Bank Guarantee) The revision of the long term rating primarily reflect the financial difficulties being faced by Jai Balaji Industries Limited, the flagship company of the group, which could impact the group's overall liquidity position and financial flexibility. The ratings also take into consideration the weak financial profile of CSIL as reflected by the deterioration of the interest coverage ratio and high total outside liabilities to tangible net worth (TOL/TNW). The ratings continue to be impacted by the cyclicality inherent in the steel business, which is passing through a difficult phase at present, small scale of operations, which are non-integrated in nature, and exposure to high client concentration risks as more than two-third of the company's sales during 2011-12 were derived from the top five clients. The ratings, however, favorably factor in the experience of the promoters in the steel industry and the strategic location of the manufacturing unit that is in close proximity to raw material sources and key customers. CSIL, was incorporated in 1978 as Chandi Steel Industries Pvt. Ltd. by the promoters of a partnership concern, Haryana Steel Corporation. The company re-rolls semi-finished steel (mild steel alloy and non alloy billets/ ingots) into long products (mild steel alloy and non alloy bars, rounds, squares and flats). The promoters of the Jai Balaji Group purchased the company in 1993, and subsequently converted the entity to its current form in November 2003 by listing CSIL on the Calcutta Stock Exchange Association Limited. CSIL's re-rolling plant is located on Belur Road in Howrah, West Bengal, and has an effective capacity of 16,500 MTPA. Recent Results The company reported a net profit of INR0.71 crore on an operating income of INR88.49 crore in 2011-12. During the first quarter of 2012-13, the company has reported a net profit of INR1.15 crore (unaudited) on an operating income of INR16.42 crore (unaudited). EDEN TRANSPORT: CRISIL Rates INR97.8MM Loan at 'CRISIL D' --------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the term loan facility of Eden Transport Pvt Ltd. The rating reflects instances of delay by ETPL in servicing its debt; the delays were because of the company's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 97.8 CRISIL D (Assigned) ETPL also has a weak financial risk profile, owing to operating losses, and a small scale of operations. Moreover, it has a limited track record, and is exposed to risks related to its initial phase of operations. However, ETPL benefits from the large funding support it receives from its promoters. ETPL, incorporated in 2010 and promoted by Mr. Sachidanandan Rai and Mr. Niranjan Rai, provides passenger bus transport services in Bihar. At present the company has 118 buses, including 78 buses operating only within Patna city limits and 40 inter-city buses operating from Patna to cities in the Chapra and Siwan belts. IDBI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance ------------------------------------------------------------- Moody's Investors Service has assigned a Baa3 rating to IDBI Bank Limited (IDBI Bank)'s proposed issuance of long-term senior unsecured notes under its US$ 1.5 billion Medium Term Note (GMTN) program. The long-term notes will be denominated in USD and issued by the Dubai International Financial Centre (DIFC) Branch, Dubai of IDBI Bank. Ratings Rationale Moody's Investors Service has a standalone bank financial strength rating (BFSR) of D- for IDBI Bank Limited, mapping to a baseline credit assessment (BCA) of ba3 on the long-term scale. Moody's believes that the probability of systemic support for IDBI Bank is very high from the Indian government in an event of a systemic crisis. The Indian government has in the past supported Indian public sector banks, including IDBI Bank, by infusing equity and providing liquidity support when required. Therefore, the long-term local currency deposit and foreign currency senior unsecured debt ratings receive a three-notch rating uplift from its BCA. The foreign currency senior unsecured debt rating at Baa3. The bank's foreign currency deposit ratings of Baa3/P-3. The other ratings of IDBI Bank are: Senior Unsecured (foreign currency) ratings of Baa3 Senior Unsecured MTN Program (foreign currency) ratings of (P)Baa3 Long Term Bank Deposits (domestic and foreign currency) ratings of Baa3 Bank Financial Strength ratings of D- Subordinate MTN Program (foreign currency) ratings of (P)Ba1 Junior Subordinate MTN Program (foreign currency) ratings of (P)Ba2 Short Term Bank Deposits (domestic and foreign currency) ratings of P-3 IDBI Bank Ltd, DIFC Branch Senior Unsecured (foreign currency) ratings of Baa3 Senior Unsecured MTN Program (foreign currency) ratings of (P)Baa3 Subordinate MTN Program (foreign currency) ratings of (P)Ba1 Junior Subordinate MTN Program (foreign currency) ratings of (P)Ba2 The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. IDBI Bank, headquartered in Mumbai (India), had assets of INR2,908 billion at March 2012. INTERNATIONAL COIL: CRISIL Cuts Rating on INR150MM Loan to 'B+' --------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of International Coil Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISILBB+/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 38.5 CRISIL A4 (Downgraded from CRISIL A4+) Cash Credit 150.0 CRISIL B+/Stable (Downgraded from CRISIL BB+/Stable) Letter of Credit 37.5 CRISIL A4 (Downgraded from CRISIL A4+) The downgrade reflects significant deterioration in ICL's financial risk profile, particularly its liquidity. The company's liquidity has come under pressure because of its weaker-than- expected operating performance over 2010-11 (refers to financial year, April 1 to March 31) and 2011-12, and substantially increased debt levels due to large working capital requirements and capital expenditure (capex). Over the past two years, ICL's revenues grew at a subdued rate and its operating profitability declined substantially. Despite its focus on manufacturing operations, the company's business risk profile deteriorated mainly driven by lower project income (commission and balance-of-plant income) mostly because of the sluggish demand. Also, ICL's working capital cycle has been stretched, with gross current assets rising sharply to 268 days as on March 31, 2012, from 155 days as on March 31, 2010. Furthermore, over the past two years, the company had a total capex of more than INR250 million, and is still required to spend about INR190 million until the end of 2013-14. ICL's increasing working capital requirements, low cash accruals, and ongoing capex with no significant infusion of fresh funds by the promoters, have led to deterioration in the company's liquidity. CRISIL believes that ICL's liquidity will remain constrained over the medium term because of modest expected cash accruals, scheduled debt repayments, and funds required for capex. The ratings reflect ICL's average financial risk profile, marked by it average capital structure and debt protection metrics, modest scale of operations, reducing commission income impacting profitability, and working-capital-intensive operations. These weaknesses are partially offset by ICL's strong technical expertise in manufacturing heat-exchange and heat-transfer systems, and its established track record in the heating, ventilation, and air-conditioning (HVAC) industry, which has enabled the company to build a reputed clientele. Outlook: Stable CRISIL believes that ICL will continue to benefit from its established market position in the HVAC industry over the medium term. The outlook may be revised to 'Positive' if ICL increases its scale of operations and improves its profitability, leading to higher-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile, especially its liquidity, deteriorates further, most likely because of larger-than-expected working capital requirements or low cash accruals. ICL, incorporated in July 2004, is promoted by Mr. Sucha Singh and his sons, Mr. Paramjeet Singh and Mr. Amardeep Singh. ICL manufactures heat-exchange coils, heat-transfer systems, such as air-cooled fluid coolers, used for cooling all type of engines producing power, coils for refrigeration systems used in cold storage and freezing units. ICL has two manufacturing units - one near Gurgaon (Haryana), and the other at Mayapuri, New Delhi. Its operations are centred in Gurgaon (Corporate office) and its registered office in Delhi, with six sales offices across India, at Ahmedabad (Gujarat), Bengaluru (Karnataka), Chennai, Gurgaon, Jallandhar (Punjab), and Mumbai. ICL also has tie-ups with - BROAD, China, Ruhn Power and Harbin, China, for supplying cooling systems mostly to upcoming power plants in India. The company earns fixed commission on supply, as well as balance-of-plant work for the contracts undertaken by these associates. For 2011-12, ICL reported a net profit of INR24.5 million on a total operating income of INR1.05 billion, against a net profit of INR46.3 million on a total operating income of INR989 million for the previous year. LINKSON COAL: ICRA Assigns '[ICRA]BB' Rating to INR45MM Loan ------------------------------------------------------------ ICRA has assigned an '[ICRA]BB' rating to the INR45.00 crore fund-based bank facilities of Linkson Coal & Minerals Private Limited. The outlook on the long-term rating is 'stable'. ICRA has also assigned an '[ICRA]A4' rating to the INR10.00 crore short-term non-fund based bank facilities of LCMPL, which is a sub-limit of the INR45.00 crore fund-based bank facility. Amount Facilities (INR cr) Ratings ---------- -------- ------- Long-term, Fund-based 45.00 [ICRA]BB (Stable) assigned Limits Short-term, Letter of 10.00 [ICRA]A4 assigned Credit Sub- Limits The ratings take into account the long experience of the promoters in the coal trading business; healthy growth in operating income during last 3 years driven by growing domestic demand for coal and mining operations of the company, which once stabilised, are expected to improve operating profile in the medium to long term. However, the ratings are constrained by the intensely competitive nature of coal trading industry and limited value addition in trading business, both of which lead to thin profitability; aggressive capital structure and weak coverage indicators of the company; increasing working capital intensity of the business due to large credit period offered to the customers and significant client concentration risk as top five customers contribute to about 74% of the company's revenue in 2010-11. Incorporated in 1997, LCMPL is part of the Linkson Group, which is promoted by Mr. Yashwant Sangla. Linkson Group has interests in trading of coal, fabrication and galvanization of steel and mining. LCMPL is involved in trading of various grades of coal mainly in central India. Apart from coal trading, the company has also been engaged in dolomite mining in the state of Madhya Pradesh since 2011 and it has also been allocated dolomite and limestone mines in Maharashtra, which is yet to be developed by the company due to pending clearances. Recent Results As per provisional results for 2011-12, LCMPL reported a profit after tax (PAT) of Rs.3.51 crore on an operating income of INR362.05 crore as compared to a PAT of INR3.13 crore on an operating income of Rs.286.44 crore in 2010-11. KALOKHE STONE: CRISIL Assigns 'D' Rating to INR52.8MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of Kalokhe Stone Crusher. The rating reflects the instances of delay by KSC in servicing its debt; the delays have been caused by the firm's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5.0 CRISIL D (Assigned) Term Loan 47.8 CRISIL D (Assigned) KSC also has a weak financial risk profile, marked by a small net worth, a high gearing, and weak debt protection metrics, and a modest scale of operations. Moreover, the firm also has a limited track record and is exposed to risks related to the initial phase of operations. However, KSC benefits from the funding support that it receives from its promoters. KSC, established in 2010, undertakes stone crushing sub- contracting activities for companies that implement civil construction projects, mainly road projects, and real estate projects. The firm is owned by the Kalokhe family; its operations are mainly handled by Mr. Sachin Kalokhe and Mr. Sandeep Kalokhe. KSC commenced operations in July 2012. MAHESHWARI COAL: CRISIL Cuts Rating on INR146MM Loans to 'D' ------------------------------------------------------------ CRISIL has downgraded its ratings on the bank facilities of Maheshwari Coal Beneficiation and Infrastructure Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 20 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 60 CRISIL D (Downgraded from 'CRISIL B+/Stable') Term Loan 66 CRISIL D (Downgraded from 'CRISIL B+/Stable') The downgrade reflects instances of delay by MCBI in servicing the interest and principal obligations on its term loan; the delays have been caused by the company's weak liquidity. MCBI has weak liquidity because of delays in implementation of its railway siding project. The company's railway siding project was expected to become operational in August 2011; however, the same was delayed because of delays in obtaining government clearances. As on date, the government clearances are still pending. MCBI also has a weak financial risk profile, marked by a small net worth, weak debt protection metrics, and a low profitability. Moreover, the company has a small scale of operations, and is susceptible to intense competition in the coal trading business and to risks related to project implementation. However, MCBI benefits from its promoter's industry experience. About Maheshwari Coal MCBI, set up in 2006, trades in coal and undertakes washing of coal at Bilaspur (Chhattisgarh). The company is being managed by Mr. Anil Kumar Mundra. MCBI reported a profit after tax (PAT) of INR0.03 million on net sales of INR85 million for 2010-11 (refers to financial year, April 1 to March 31), against a PAT of INR0.04 million on net sales of INR67 million for 2009-10. P&R ENGINEERING: ICRA Upgrades Rating on INR29cr Loan to 'D' ------------------------------------------------------------ ICRA has upgraded ratings for Rs29 crore term loans of P&R Engineering Services Private Limited from '[ICRA]D' to '[ICRA]B- '. Amount Facilities (INR cr) Ratings ---------- -------- ------- Fund Based Limits 29.00 [ICRA]B- upgraded from [ICRA]D The revision in ratings takes into account the improvement in debt servicing by the company, improved PLF (Plant Load Factor) during the first 5 months of FY 2012-13 and also the benefit of additional revenue stream in the form of REC benefit available to the company. The rating also draws comfort from the limited demand risks due to significant energy deficit in northern India, upside potential in tariffs in the merchant route and receipt of capital subsidy (50% amounting to Rs 1.97 crores) from Ministry of New and Renewable Energy. Further, the counterparty credit risks are also significantly mitigated as the company is selling power through PTC, a financially strong entity. Rating concerns emanate from the relatively high credit risk profile of the company given the nascent stage of operations of the company's hydel project in Brenwar, J&K, weak cash accruals and the high gearing of the company. These factors have put pressure on the liquidity position of the company in the past. The rating also factors in hydrological risks as PRESPL is not covered under deemed generation clause in case of factors like shortage of water or loss of generation due to silting. Given that the revenues of the company are linked to actual unit sales, this exposes the company to risks of variable cash flows. Further, given the seasonality of power production (and hence cash flow generation), the cash flows of the company are likely to remain volatile and this may result in liquidity mismatches. Going forward, the ability of the company to meet the designed performance parameters and availability of adequate water in the catchment area will be key rating drivers. P&R Engineering Services Pvt Ltd is promoted by the P&R Group to develop, own and operate a 7.5 MW small hydro project in Jammu & Kashmir, District Budgam. This is a run of the river type scheme on Doodhganga, a tributary of Jhelum, which will utilize flows of the river to harness approximately 204m of net head. As per the provisional financials, the company has achieved an operating income of INR7.25 crore and PAT of INR0.26 crore in FY 2011-12. SHALIMAR WORKS: CRISIL Rates INR7.5MM Cash Credit at 'CRISIL C' --------------------------------------------------------------- CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to The Shalimar Works (1980) Ltd's bank facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Short-Term 271.4 CRISIL A4 (Assigned) Bank Loan Facility Bank Guarantee 271.1 CRISIL A4 (Assigned) Cash Credit 7.5 CRISIL C (Assigned) The ratings reflect delay by Shalimar Works in servicing of term debt obligations for West Bengal Industrial Development Corporation (not rated by CRISIL) and unsecured loan provided by Government of West Bengal (not rated by CRISIL) owing to weak liquidity. The company has a weak financial risk profile marked by adverse capital structure and weak debt protection metrics, and low operating efficiency. Moreover, it has a concentrated customer profile. These rating weaknesses are partially offset by the benefits which Shalimar Works may derive from its healthy pipeline of orders. Shalimar Works was established by Turner Morrison Group of Companies in late 1890s. In 1980, the erstwhile company was liquidated and its assets were acquired by the Government of West Bengal (GoWB) through incorporation of Shalimar Works under its current name. Currently, the company is wholly owned by GoWB. Shalimar Works is mainly in the business of ship-building and repairing, and it is also in the general engineering and heavy structural fabrication businesses. TRIDENT AUTO: ICRA Reaffirms 'BB' Rating on INR6.46cr Loans ----------------------------------------------------------- ICRA has re-affirmed the ratings for the INR12.06 Crore bank facilities of Trident Auto Components Private Limited at [ICRA]BB/ [ICRA]A4. The outlook on the long-term rating is "Stable." Amount Facilities (INR cr) Ratings ---------- -------- ------- Term Loans 0.46 Rating reaffirmed at [ICRA]BB (Stable) Cash Credit 6.00 Rating reaffirmed at [ICRA]BB (Stable) Bank Guarantee 0.25 Rating reaffirmed at [ICRA]A4 Bill Discounting 5.00 Rating reaffirmed at [ICRA]A4 Unallocated 0.35 [ICRA]BB (Stable); [ICRA]A4 Reaffirmed The re-affirmation of ratings takes into account Trident's steady business growth over the last few years, its demonstrated ability in terms of securing repeat orders from the Indian Railways as well as addition of new customers and consistently healthy operating profit margin (OPM) recorded over the past. However, the ratings are constrained by Trident's current moderate scale of operations with operating income of INR46.9 crore reported in 2011-12, high customer concentration risk with majority of supplies to two main customers and high working capital intensity in the business owing to long receivable cycles. Trident Auto Components Pvt. Ltd. had started its operation in the year 2000 by entering into a JV with LML Limited to manufacture shock absorbers. However, the business had to be closed down eventually due to extraneous factors. In 2006, the business was revived with manufacturing of engine components. The company's primary operations include forging, machining and fabrication of components. It manufactures and fabricates bogey frames and several structural components for the Indian Railways, besides structural components for the power plants for BHEL. At present, the company's customer portfolio mainly includes BHEL Trichy and DLW Varanasi. It has also recently started manufacturing front panel of the wagon for DLW. Further, Trident is in the process of initiating supplies to several new customers in near future. Trident currently has four manufacturing facilities located at Kanpur, two of which are owned and the other two are leased. Recent Results As per the audited financial results for the year 2011-12, Trident recorded an OI of INR46.9 Crore, Operating Profit Before Depreciation, Interest, Tax and Amortization (OPBDITA) of INR7.3 Crore and Profit after Tax (PAT) of INR2.7 Crore. VINAYAK COTTON: CRISIL Assigns 'B+' Rating to INR80MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Vinayak Cotton Mills Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B+/Stable (Assigned) Term Loan 50 CRISIL B+/Stable (Assigned) The rating reflects VCMPL's expected deterioration in financial risk profile due to large debt funded capital expenditure. The rating also reflects VCMPL's small scale, and working-capital- intensive nature, of operations and susceptibility to volatility in raw material prices. These rating weaknesses are partially offset by the benefits that VCMPL derives from the extensive experience of its promoters in the textiles industry and the funding support that it receives from them, and the company's established relations with its customers. Outlook: Stable CRISIL believes that VCMPL will continue to benefit over the medium term from its promoters' extensive experience in the textiles industry and its established relations with its customers. The outlook may be revised to 'Positive' in case the company contracts less-than-expected debt to fund its capital expenditure, leading to better-than-expected financial risk profile. Conversely, the outlook may be revised to 'Negative' in case VCMPL contracts more-than-expected debt to fund it capital expenditure programme or incremental working capital requirements, leading to weakening of its financial risk profile, particularly its liquidity. About Vinayak Cotton VCMPL, incorporated in 2002, was formed by the amalgamation of four firms: Aruna Mills, Pawan Textiles, Aruna Process, and Marudhar Dime Industries. It processes cotton textiles on job- work basis for manufacturers in Pali (Rajasthan). VCMPL reported, on provisional basis, a profit after tax (PAT) of INR1.6 million on net sales of INR170.5 million for 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR1.1 million on net sales of INR153.2 million for 2010-11. ================= I N D O N E S I A ================= TELEKOMUNIKASI INDONESIA: Confident on Telkom Bankruptcy Appeal --------------------------------------------------------------- The Jakarta Globe reports that State Enterprises Minister Dahlan Iskan is confident that state-controlled telecommunications firm Telekomunikasi Indonesia can settle a legal dispute between its mobile phone subsidiary Telkomsel and a former partner that has sought to have Telkomsel legally declared bankrupt. "Telkom can appeal to a higher court. Telkom is a big company that has qualified lawyers who are able to settle its legal problems," the report quotes Mr. Dahlan as saying. The Jakarta Globe recalls that Telkomsel management said last week that it would appeal a bankruptcy ruling issued by the Central Jakarta Commercial Court following a lawsuit initiated by former partner Prima Jaya Informatika, a distributor of mobile phone top-up vouchers and SIM cards. According to the report, Prima Jaya has accused the mobile phone operator of having failed to fulfill its contractual obligations and sought a declaration of bankruptcy against Telkomsel. The report relates that Mr. Dahlan said he had been apprised of the conflict by members of Telkom's board of directors. "I have been informed of the matter but because this is a corporate matter, I do not want to interfere and it should be settled through legal corporate means," Mr. Dahlan, as cited by The Globe, as saying. The Jakarta Globe discloses that Telkomsel and Prima Jaya established a partnership on June 1, 2011, for a period through June 2013, in which Telkomsel agreed to provide vouchers and SIM cards with a special sports theme to Prima Jaya. But in June of this year, a dispute arose when Telkomsel terminated the contract because it claimed Prima Jaya had failed to meet agreed-upon conditions. Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/-- provides local and long distance telephone service in Indonesia. Known as Telkom, the company also offers fixed wireless service, leased lines, and data transport through affiliates. ==================== N E W Z E A L A N D ==================== CAIRNS GROUP: 25 Jobs Lost Following Receivership ------------------------------------------------- stuff.co.nz reports that 25 jobs were terminated during the receivership of companies involved with Palmerston North rubbish and recycling firm Cairns Group. According to the report, PricewaterhouseCoopers is the receiver of Manawatu Transfer Station and Cairns Transport Ltd, both part of the Cairns Group which was owned by Ash Cairns. The two companies were put into receivership earlier this year to try to pay off about NZ$4 million in debt, the report says. Transfer stations in Palmerston North and Feilding were both leased by Cairns Group, stuff.co.nz relays. stuff.co.nz discloses that when PwC took control, there were eight Cairns staff at the Feilding transfer station and 32 employed at the Palmerston North station. The report relates that John Fisk from PwC said three former Cairns staff had been offered work in Feilding by the new leasee Smart Environmental, while 12 had been offered work in Palmerston North by EnviroWaste. "The rest are, unfortunately, unemployed," Mr. Fisk, as cited by stuff.co.nz, said. Almost all of Cairns Group's assets have been sold off as part of the receivership, the report notes. NATIONAL FINANCE: Former Director Gets 10 Months Home Detention --------------------------------------------------------------- stuff.co.nz reports that former National Finance director Carol Braithwaite has been sentenced to 10 months' home detention and 300 hours' community work for misleading investors. According to the report, Mr. Braithwaite was found guilty by a jury in the High Court at Auckland in late July of making an untrue statement in the failed finance company's 2005 prospectus. The case was the first finance company prosecution to be heard before a jury, rather than by a judge alone, stuff.co.nz relates. stuff.co.nz states that Justice Pamela Andrews said her starting point in sentencing Braithwaite was two years and eight months in prison, but she had given her a discount based on her good character and a letter Ms. Braithwaite sent to the court expressing remorse. Justice Andrews said Ms. Braithwaite had also received a discount because she was the sole caregiver of an autistic child, the report relays. About National Finance National Finance 2000 Ltd., whose core business was car finance, was placed in receivership in May 2006, owing 2,000 investors NZ$21 million. Trevor Allan Ludlow was the sole shareholder and a director of the company. John Gray was employed by the company as an accountant. After considering a complaint received from the Receiver, PricewaterhouseCoopers, the Serious Fraud Office determined that an investigation into the affairs the National Finance 2000 Limited may disclose serious or complex fraud. An investigation under Part One of the Serious Fraud Office Act was commenced on June 30, 2006. This was elevated to a Part Two investigation on May 8, 2007. Charges were laid against Trevor Allan Ludlow and John Gray in October 2009. ================= S I N G A P O R E ================= ARETAE ECOVENTURES: Creditors' Meetings Set for Sept. 25 -------------------------------------------------------- Aretae Ecoventures Limited, which is in creditors' voluntary liquidation, will hold a meeting for its creditors on Sept. 25, 2012, at 4:00 p.m., at 78 South Bridge Road #04-01 TKH Building, in Singapore 058708. Agenda of the meeting include: a. to receive a full statement of the company's affairs together with a List of Creditors and the estimated amount of their claims; b. to nominate Liquidator(s) or confirm members' nomination of Liquidator; c. to consider and if thought fit, appoint a Committee of Inspection for the purpose of winding up the Company; and d. discuss other business. DONGFANG SHIPBUILDING: Creditors' Meetings Set for Oct. 1 --------------------------------------------------------- Dongfang Shipbuilding (Group) Company Limited, which is in liquidation, will hold a meeting for its creditors on Oct. 1, 2012, at 11:00 a.m., at 8 Shenton Way, #17-02A, in Singapore 068811. Agenda of the meeting include the appointment of a Committee of Inspection. The company's liquidator is: Yit Chee Wah c/o FTI Consulting (Singapore) Pte Ltd #17-02A, 8 Shenton Way Singapore 068811 DONGFANG SHIPBUILDING: Creditors' Proofs of Debt Due Oct. 1 ----------------------------------------------------------- Creditors of Dongfang Shipbuilding (Group) Company Limited, which is in liquidation, are required to file their proofs of debt by Oct. 1, 2012, to be included in the company's dividend distribution. The company's liquidator is: Yit Chee Wah c/o FTI Consulting (Singapore) Pte Ltd #17-02A, 8 Shenton Way Singapore 068811 FORESIGHT TECHNOLOGIES: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Singapore entered an order on Aug. 31, 2012, to wind up Foresight Technologies (S) Pte Ltd's operations. Dbs Bank Ltd filed the petition against the company. The company's liquidator is: Messrs Mah Beng Weng c/o Charles Mah Advisory Pte Ltd 102E Pasir Panjang Road #02-03 Citilink Complex Singapore 118529 INFOSEC PACIFIC: Creditors' Meetings Set for Sept. 26 ----------------------------------------------------- Infosec Pacific Pte Ltd, which is in liquidation, will hold a meeting for its creditors on Sept. 26, 2012, at 4:00 p.m., at 21 Merchant Road #07-02 Royal Merukh S.E.A. Building, in Singapore 058267. Agenda of the meeting include: a. to update the creditors on the status of the liquidation of the Company; b. to appoint a committee of inspection, if thought fit; c. to approve the liquidators' fees and disbursements; and d. discuss other business. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o 21 Merchant Road #05-01 Royal Merukh S.E.A. Building Singapore 058267 =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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 ***