/raid1/www/Hosts/bankrupt/TCRAP_Public/121109.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 9, 2012, Vol. 15, No. 224
Headlines
A U S T R A L I A
AUTODOM LIMITED: Workers Back at Work at Victorian Sites
GOOD IMPRESSIONS: Creditors Vote to Liquidate Sheetfed Firm
RETAIL ADVENTURES: Owes Trade Creditors AUD96.9 Million
STUDIO CITY: Moody's Assigns '(P)B2' Corporate Family Rating
TRILOGY 2008-1LD: Moody's Cuts Rating on Class B Certs to 'Caa3'
C H I N A
CHINA TEL GROUP: Unregistered Securities Sales Exceed Threshold
LDK SOLAR: Names New CEO, Appoints 5 Additional Directors
H O N G K O N G
ACE WINNER: Commences Wind-Up Proceedings
CITIZENS TRADE: Briscoe and Meng Step Down as Liquidators
DELFI PARALLELS: Creditors' Proofs of Debt Due Dec. 4
ENOUGH NOW: Ngan Lin Chun Esther Steps Down as Liquidator
EXCELLENT INVESTMENT: Court Enters Wind-Up Order
FLYING UNICORN: Creditors' Proofs of Debt Due Dec. 3
GEMDALE INT'L: Moody's Assigns 'Ba3' Rating to New Senior Bonds
HIGH SPEED: First Meetings Slated for Nov. 22
HK WISDOM: Commences Wind-Up Proceedings
KONG SANG: Court to Hear Wind-Up Petition on Dec. 19
KWOK BUN: Court to Hear Wind-Up Petition on Dec. 19
LANDPAC COMPACTION: Members' Final Meeting Set for Dec. 4
MORGAN STANLEY: Creditors' Proofs of Debt Due Dec. 3
READY GAIN: Court Enters Wind-Up Order
RICH DRAGON: Court Enters Wind-Up Order
ROTARY CLUB: Creditors' Proofs of Debt Due Nov. 19
SINCERITY FOUNDATION: Members' Final Meeting Set for Dec. 3
SPEEDFORM CONSTRUCTION: First Meetings Slated for Nov. 15
STREAM SOLUTIONS: Creditors' Proofs of Debt Due Nov. 23
TRUSTY ASIA: Court to Hear Wind-Up Petition on Nov. 28
SUN LEADER: Creditors' Proofs of Debt Due Dec. 21
I N D I A
ALANKIT ASSIGNMENTS: CRISIL Cuts Rating on INR1.33BB Loans to 'D'
BUDHIA AGENCIES: CRISIL Ups Rating on INR132.5MM Loans to 'B+'
CAUVERY IRON: Fitch Cuts Rating on INR1,180-Mil. Loans to 'D'
ETHIX CLOTHING: CRISIL Raises Rating on INR90MM Loan to 'B+'
INDERJIT FORGING: CRISIL Places 'B-' Rating on INR52MM Loans
KINGFISHER AIR: Q2 Loss Widens to INR7.53BB; Revenue Drops 87%
KINGFISHER AIR: Should Raise $1 Billion of Capital, Lender Says
NEWA TECHNOCITY: CRISIL Assigns 'B' Rating to INR1.25BB Loans
OSIAN'S DWELLINGS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+'
PRESSMACH INFRA: CRISIL Cuts Rating on INR275MM Loans to 'B'
RADHE RENEWABLE: CRISIL Assigns 'B+' Rating to INR140MM Loans
R.C. JEWELLERS: CRISIL Assigns 'B+' Rating to INR150MM Loans
SOVA ISPAT: CRISIL Upgrades Rating on INR1.59BB Loans to 'BB+'
VENUS GARMENTS: CRISIL Upgrades Rating on INR979.1MM Loan to 'B-'
K O R E A
KOREA RAILROAD: S&P Assesses Stand-alone Credit Profile at 'bb-'
N E W Z E A L A N D
MATARIKI GROUP: Owes NZ$11.2MM, Receivers Report Shows
S I N G A P O R E
GLOBAL A&T: Moody's Affirms 'B1' CFR; Rates New Notes '(P)B1'
GLOBAL A&T: S&P Rates $625MM Six-Year Senior Unsecured Notes 'B'
QUEEN'S AVENUE: Court Enters Wind-Up Order
RGM GROUP: Court Enters Wind-Up Order
SHENG DING: Creditors' Proofs of Debt Due Dec. 2
SUNBON (SINGAPORE): Creditors' Proofs of Debt Due Nov. 29
YON-ZIAN TEXTILES: Creditors' Proofs of Debt Due Nov. 23
T A I W A N
BANK SINOPAC: Fitch Affirms 'BB+' Support Rating Floor
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
AUTODOM LIMITED: Workers Back at Work at Victorian Sites
--------------------------------------------------------
Australian Associated Press reports that work has resumed at
troubled auto parts maker Autodom Ltd's Victorian sites, shoring
up a supply of components to Ford.
According to the report, AMWU assistant Victorian state secretary
Leigh Diehm said Australian Manufacturing Workers Union members
met the company's newly appointed receivers upon returning to
work at on Wednesday, November 7.
AAP relates that Mr. Diehm said Autodom's 170 Victorian workers
were back at work indefinitely. But with the receivers' work
just beginning, it was unclear when the group's 400 employees
across Victoria and South Australia would know if their jobs were
secure long term, the report relays.
"The receivers have only been appointed [on Nov. 7] so they've
still got a hell of a lot of work to do," Mr. Diehm told AAP.
"We're not out of the woods yet."
Mr. Diehn, as cited by AAP, said the receivers will look to
restructure the Autodom group and may split it up into individual
companies with a view to selling them, a move the union supports.
Autodom's South Australian operations resumed on Tuesday,
November 6, averting a shutdown of local car-maker Holden, AAP
notes.
According to the AAP, Ford and Holden have guaranteed Autodom's
debts after talks with the company, its administrators, and
banks.
The report says both the car producers had faced a shutdown due
to parts shortages after Autodom closed its seven factories and
stood down 400 workers last week.
Upon taking charge of the group on November 6, receivers Keith
Crawford and Rob Kirman of McGrathNicol said they were confident
there would be minimal disruption to both Ford's operations in
Melbourne and Holden's assembly line in Adelaide, AAP reports.
About Autodom Limited
Based in Australia, Autodom Limited (ASX:AIE) --
http://autodom.com.au/-- engages in automotive component
manufacturing, trades and painting of automotive componentry.
The Company manufactures automotive components at two
manufacturing plants: one in South Australia and one in Victoria.
The Company operates in one segment, Automotive. DAIR
manufactured items found in locally made vehicles include rear
bumper assemblies, foot brakes, clutch mechanisms, hood hinges,
parking brakes and car jacks.
Keith Crawford and Rob Kirman of McGrathNicol were appointed as
Receivers and Managers over Autodom Limited and its subsidiaries
by secured creditors. This appointment occurred after Autodom's
Directors appointed Voluntary Administrators on Nov. 3, 2012.
Control of Autodom's business and assets now rests with the
Receivers.
Autodom's subsidiaries include AiDAIR Dandenong Pty Limited,
AiAutomotive Pty Limited, AiDAIR New Gisborne Pty Limited,
Henderson Components Pty Limited, Motive Energy Pty Limited ABN,
and AiAutomotive (Victoria) Pty Limited ABN.
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2012, SmartCompany said the administrators were called in
after the company shut its doors in early November, with the high
cost of redundancy payments a key reason behind the beleaguered
auto component manufacturer's collapse.
Autodom's major creditors are the National Australia Bank, which
is a secured creditor, and car companies General Motors Holden,
Ford and Toyota, SmartCompany disclosed.
GOOD IMPRESSIONS: Creditors Vote to Liquidate Sheetfed Firm
-----------------------------------------------------------
Nick Bendel at ProPrint reports that creditors of Good
Impressions have liquated the failed Sydney sheetfed house and
questioned the link with Sydney Allen Printers.
Good Impressions entered administration in March with more than
$1.2 million of debt, but was able to continue trading after
director Peter Edwards agreed to a Deed of Company Arrangement.
Good Impressions and print business Sydney Allen then came to a
"handshake deal" in August to merge, Mr. Edwards told ProPrint at
that time.
ProPrint says the deed obliged Mr. Edwards to pay AUD650,000 over
the course of 18 monthly installments starting from July, but
administrator John Vouris of Lawler Partners related at last
week's creditors meeting that he had not received any money after
the initial payment.
The creditors, therefore, accepted Mr. Vouris' recommendation to
wind up the company and appoint him liquidator, ProPrint notes.
ProPrint reports that it remains unknown what, if any, impact the
liquidation will have on the relationship between Good
Impressions and Sydney Allen.
According to the report, Mr. Vouris said he had been unable to
investigate the relationship between the companies while the Deed
of Company Arrangement operated, but would now try to find out
the nature of the relationship and whether any assets could be
recovered.
The liquidation means that Good Impressions staff can now apply
to the Federal government for their entitlements under the
General Employee Entitlements and Redundancy Scheme, ProPrint
adds.
Good Impressions went into voluntary administration in March this
year. John Vouris and Bradley Tonks at Lawler Partners were
appointed on March 5, 2012. Major shareholder Peter Edwards
told ProPrint "a lack of volume [had] caused a cash crisis" that
had contributed to debts of more than AUD1.2 million.
RETAIL ADVENTURES: Owes Trade Creditors AUD96.9 Million
-------------------------------------------------------
SmartCompany reports that Jan Cameron's Retail Adventures lost
AUD114 million over the past three years and owed trade creditors
AUD96.9 million when it went into voluntary administration this
month, according to a report by administrators Deloitte at a
creditors' meeting on November 7.
SmartCompany relates that Ms. Cameron, who founded Kathmandu,
told creditors ongoing operating losses over the past three years
and excessive operating costs made her place the company into
administration. But she also said she wants to buy the business
back either outright or through a deed of company arrangement,
the report relays.
Ms. Cameron is a secured creditor of Retail Adventures, while
there are 1,700 unsecured trade creditors and 318 landlords,
SmartCompany discloses.
SmartCompany notes Ms. Cameron will continue to run 238 of the
discount chain's stores, which include Sam's Warehouse and Crazy
Clark's stores under a license agreed with the administrators
Deloitte, while 32 Go-Lo, Crazy Clark's and Chickenfeed stores
will close.
According to the report, Vaughan Strawbridge, partner at
Deloitte, received criticism from creditors at the meeting for
the licensing scheme which the administrators have used to placed
Retail Adventures in a new holding group.
This holding group, known as DSG, licenses the Retail Adventures
name and associated brands from the administrators so it can
continue trading while at the same time the management or other
parties can consider coming up with a scheme of their own to put
the company back in business, the report says.
SmartCompany relates that DSG is in negotiation to buy stock to
keep the remaining stores open over Christmas. However,
creditors and suppliers questioned the scheme, saying they are
unsure how they'll get a return under the structure.
SmartCompany adds that Mr. Strawbridge told creditors he could
offer no guarantees or indemnities and suppliers had to come to
their own conclusions about their relationship with DSG.
About Retail Adventures
Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.
Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig have been appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.
Mr. Strawbridge said a license agreement is in place between
Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for
them to manage the 238 Crazy Clark's and Sam's Warehouse stores.
STUDIO CITY: Moody's Assigns '(P)B2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)B2 corporate family rating to Studio City Finance Limited.
At the same time, Moody's has assigned a provisional (P)B3 bond
rating to the proposed US$ bonds to be issued by Studio City
Finance Limited.
The bonds will be guaranteed by the issuer's existing and future
restricted subsidiaries.
The ratings outlook is stable.
The provisional status of the ratings will be removed upon
completion of the bond issuance with all satisfactory terms and
conditions met.
A reassessment of the ratings would be needed if the bonds fail
to proceed as planned.
Ratings Rationale
"The (P)B2 corporate family rating reflects Studio City Finance's
start-up nature, including its exposure to a high level of
development risk and execution risk," says Kaven Tsang, a Moody's
Vice President and Senior Analyst.
"Its financial profile in the next 3 years will remain very weak,
given its lack of cash flow generation and heavy incurrence of
debt. But its risk and financial profiles will improve rapidly as
the Studio City project progresses and when the casino begins
full operations in 2015," says Tsang, also Moody's lead analyst
for Studio City Finance.
"Therefore, construction on time and within budget -- and
realization of the company's business plan -- will be the key
rating drivers in the near-to-medium term," adds Tsang.
Studio City Finance is also exposed to the evolving nature of the
gaming market in Macau, where there is the expectation that
increasing number of customers, mainly from China, will make up
for the rise in supply of gambling facilities.
But, because of these dynamics, proof of the success of Studio
City project's operations will depend on the start of its
operations and its ability to build a stable customer base.
Moody's draw some comfort from Studio City Finance's ability to
execute because of the experience and expertise of its majority
shareholder, Melco Crown Entertainment, which has successfully
ramped up its City of Dreams project.
Moody's expects Melco Crown Entertainment could help Studio City
Finance to manage the risks incurred during the construction and
ramp-up phases. Thus, the B2 rating factors in the benefits that
Studio City Finance would gain from its parent and affiliate.
Moody's draws further comfort that the Studio City project will
be fully funded after the issuer's injection of new equity and/or
subordinated loans from shareholders, the completion of the
proposed bond issuance and the establishment of banking
facilities.
Studio City Finance's key financial metrics should improve
materially once the casino is completed and generates cash flow
for de-leveraging. But, until then, its rating will be
constrained.
Studio City Finance's bond rating is notched down to B3,
reflecting structural and legal subordination.
The value of Studio City's secured project loan will stay at over
45% of the company's total tangible assets at their peak.
However, Moody's considers the one-notch downgrade of the bond
rating from the corporate family rating is appropriate, as the
ratio will run down below 30% as the secured loans amortize over
time.
The rating outlook is stable, reflecting Moody's expectation that
the company can successfully manage the construction and
operation risks associated with the Studio City project. The
stable outlook also reflects anticipated favorable developments
in Macau's gaming market in the medium term.
The ratings are unlikely to be upgraded in the near-to-medium
term, or at least until the Studio City project is completed and
the company has established a track record of successful
operations.
On the other hand, the ratings may come under downward pressure
should there be a material deterioration in the liquidity and
financial profiles of the Studio City project. This may emerge if
1) there is material delay in the completion of the project, or
cost overruns appear, resulting in the need to take on additional
debt, or there is a significant erosion of its contingency
reserves, or 2) the ramp-up in operations and/or revenue
generation upon completion is materially below expectations.
The principal methodology used in these ratings was Moody's
Global Gaming Methodology, published in December 2009.
Studio City Finance Limited is a holding company incorporated in
the British Virgin Islands. Through its 100%-owned subsidiary --
Studio City Company Limited -- it develops and operates the
Studio City project, an Asian-focused integrated gaming and
entertainment resort, located at Cotai in Macau. Total investment
for the project is estimated at around $2.95 billion, and the
project is expected to open in 2015.
Studio City Finance is 60% owned by Melco Crown Entertainment Ltd
(unrated) and 40% by New Cotai, LLC, a private equity firm.
TRILOGY 2008-1LD: Moody's Cuts Rating on Class B Certs to 'Caa3'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued by Trilogy 2008-1LD Trust.
Trilogy's collateral pool consists of Australian residential
mortgages, originated by Collins Securities Pty Limited and
Pioneer Mortgage Services Pty Limited. All the loans are low or
no documentation loans.
Details of the rating actions follow:
Issuer: Trilogy 2008-1LD Trust
AUDA10.93M Class A Note Certificate, Downgraded to B1 (sf);
previously on Oct 29, 2012 Baa1 (sf) Placed Under Review for
Possible Downgrade
AUD2.17M Class B Note Certificate, Downgraded to Caa3 (sf);
previously on Oct 29, 2012 B3 (sf) Placed Under Review for
Possible Downgrade
Ratings Rationale
The downgrades are a result of the increase in delinquencies that
has led to the deterioration of cash flow from the collateral
pool.
The Class A and B notes are now backed by a non-granular pool of
16 mortgage loans, according to the most recent information from
the servicers. Two of the loans have been in arrears for over one
year. In the last five months, three more loans have become
delinquent.
The delinquent loans are in various stages of the collection
process. All loans are insured by Genworth Financial Mortgage
Insurance Pty Ltd (IFSR A1, on review for downgrade).
In addition, about 72% of the loans are still in their interest-
only periods. Together with the increased delinquencies,
collections are now insufficient to cover all the required
payments and the trust has accordingly drawn on the reserve fund.
Moody's does not expect any immediate improvement in the
collection amount as most interest-only periods will only expire
in 2018. The margins on the notes are also due to step up in
December 2012, thereby placing further pressure on the cash flows
in this transaction.
Moody's ran various scenarios on the amount of delinquent loans
and the likelihood of receiving insurance claims from the
mortgage insurer. Class A notes are likely to suffer an interest
default if additional loans go into arrears. But their principal
should be well protected by the subordination provided by the
Class B notes. Hence, they are downgraded to B1 (sf).
The action on the Class B notes reflects Moody's consideration
of: (a) potential claim reductions or rejections by the mortgage
insurer, and (b) the increased risk of low or no documentation
loans being challenged in court in cases of negligent
origination.
Class B notes are likely to suffer both interest and principal
losses, even though all the loans are insured by Genworth. Hence,
Moody's downgraded the Class B notes to Caa3 (sf).
The methodologies used in this rating were "Moody's Approach to
Rating Australian RMBS" published in May 2012, and "Approach for
Evaluating Lender's Mortgage Insurance in Australian RMBS"
published in October 2012.
=========
C H I N A
=========
CHINA TEL GROUP: Unregistered Securities Sales Exceed Threshold
---------------------------------------------------------------
Since its most recent report filed on any of Forms 8-K, 10-K or
10-Q, VelaTel Global Communications, Inc., formerly known as
China Tel Group Inc. has made sales of unregistered securities,
namely shares of the Company's Series A common stock and warrants
granting the holder a right to acquire Shares. The aggregate
number of Shares sold exceeds 5% of the total number of Shares
issued and outstanding as of the Company's latest filed Report,
on Form 10-K filed on Sept. 20, 2012.
On Sept. 20, 2012, the Company had issued 2,097,848 Shares and
2,097,848 Warrants to each of James Shaw, Steven O. Smith and Ann
Stowell in partial payment of a line of credit promissory note in
favor of Weal Group, Inc., and partially assigned to James Shaw,
Steven O. Smith and Ann Stowell. The prior Form 8-K erroneously
stated that this sale of Shares resulted in principal reduction
of $144,731 in notes payable of the Company, and payment of
accrued interest of $13,236. Instead, the reported sale of
Shares resulted in principal reduction of $150,000 in notes
payable of the Company, and payment of accrued interest of
$7,967.
On Sept. 27, 2012, the Company issued 1,062,802 Shares and
1,062,802 Warrants to Isaac Organization, Inc., in partial
payment of a promissory note in the amount of $500,000 due June
30, 2012. Each Warrant grants the holder the right to buy one
Share, has an exercise price of $0.0207, and has an exercise term
of three years. This sale of Shares resulted in a principal
reduction of $22,000 in notes payable of the Company, and payment
of $0 of accrued interest. Also on Sept. 27, 2012, the Company
and Isaac entered into an amendment of the same promissory note
whereby the allocation of a previous partial payment between
principal and interest was revised, such that the issuance on
Sept. 13, 2012, of 1,153,961 Shares and 1,153,961 Warrants
previously reported on Form 8-K filed Sept. 14, 2012, resulted in
a principal reduction of $31,849 in notes payable of the Company
and payment of $0 of accrued interest, instead of $5,000
principal reduction and $26,849 of accrued interest previously
reported. There was no change in the total value of the Shares
or Warrants previously issued as a result of this amendment of
the promissory note.
On Oct. 4, 2012, the Company issued 714,286 Shares to Frost &
Sullivan in full payment for professional services rendered to
the Company pursuant to an independent contractor agreement for
investor relations and public relations services between the
Company and Frost & Sullivan. This sale of Shares resulted in a
reduction of $15,000 in accounts payable of the Company.
On Oct. 22, 2012, the Company issued 5,331,505 Shares and
5,331,505 Warrants to Weal Group, Inc., in partial payment of a
line of credit promissory note of up to $1,052,631 in favor of
Weal Group, Inc. Each Warrant grants the holder the right to buy
one Share, has an exercise price of $0.01708, and has an exercise
term of three years. This sale of Shares resulted in a principal
reduction of $91,062 in notes payable of the Company, and payment
of $0 of accrued interest.
On Oct. 22, 2012, the Company issued 2,883,669 Shares and
2,883,669 Warrants to David S. McEwen in partial payment of a
line of credit promissory note of up to $1,052,631 in favor of
David S. McEwen. Each Warrant grants the holder the right to buy
one Share, has an exercise price of $0.01708, and has an exercise
term of three years. This sale of Shares resulted in a principal
reduction of $49,253 in notes payable of the Company, and payment
of $0 of accrued interest.
On Oct. 9, 2012, the Company issued 4,800,000 Shares to Ironridge
Global IV, Ltd. The Third Issuance was pursuant to an Order for
Approval of Stipulation for Settlement of Claims between the
Company and Ironridge, in settlement of $1,367,693 of accounts
payable of the Company which Ironridge had purchased from certain
creditors of the Company, in an amount equal to the Assigned
Accounts, plus fees and costs.
Ironridge demonstrated to the Company's satisfaction that it was
entitled to an Additional Issuance, and that following the Third
Issuance Ironridge will own less than 9.99% of the total shares
then outstanding.
As of Oct. 22, 2012, and immediately following the issuances
described above, the Company has 58,247,115 shares of its Series
A common stock outstanding, with a par value of $0.001, and
10,000,000 shares of its Series B common stock outstanding, with
a par value of $0.001.
About China Tel
Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services. Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services. ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.
After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern. The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.
The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.
The Company's balance sheet at June 30, 2012, showed
$15.91 million in total assets, $20.01 million in total
liabilities and a $4.09 million total stockholders' deficiency.
LDK SOLAR: Names New CEO, Appoints 5 Additional Directors
---------------------------------------------------------
LDK Solar Co., Ltd., said that Xingxue Tong has been appointed
Chief Executive Officer of LDK Solar, effective immediately.
Xiaofeng Peng will continue to serve as Chairman of the Board of
the Company. Mr. Tong currently serves as President, Chief
Operating Officer and a director of LDK Solar.
"In light of the continued challenging environment for solar
companies, I have determined that I can best serve the company by
focusing my time on guiding LDK Solar's strategic direction and
developing partner and other key relationships," stated Xiaofeng
Peng, Chairman of LDK Solar. "I am confident that during his
tenure at LDK Solar, Xingxue has developed in-depth operational
expertise that will be valuable in the role of CEO and will
ensure a smooth transition. We believe that by separating the
roles of the Chairman and CEO, along with adding additional
highly experienced members to the Board, we will enhance our
corporate governance and better position the Company."
"I am pleased to assume the role of CEO and look forward to
working with Chairman Peng and the team on navigating the near-
term industry challenges while continuing to build a foundation
for growth for LDK Solar," said Xingxue Tong, President and CEO
of LDK Solar.
Mr. Tong joined LDK Solar in January 2007. Mr. Tong has over 15
years of experience in managing operations of companies in the
solar industry, and is a senior engineer at the professor level.
Prior to joining LDK Solar, Mr. Tong served as general manager
for south-east Asia business development at GT Solar in the
United States. He was the executive president of commerce at CSI
in 2004 and served as vice general manager of an affiliate of
Tianwei Yingli from 1999 to 2004. Mr. Tong received an executive
Master of Business Administration degree from the Cheung Kong
Graduate School of Business in 2011, a diploma in industrial
economic management from Renmin University of China in 1988 and a
diploma in English from Hebei University in 1998.
The Company also announced the appointment of Mr. Ceng Wang, Mr.
Shian Wu, Mr. Zhibin Liu, Mr. Hongjiang Yao and Mr. Xuezhi Liu to
its board of directors. The board of directors has designated
Mr. Wang and Mr. Wu independent directors.
The nominating and corporate governance committees of the board
of directors of LDK Solar consist of the following four
directors: Dr. Maurice Ngai, Dr. Junwu Liang, Mr. Xiaofeng Peng,
and Mr. Zhibin Liu.
There is no change to the composition of the audit committee and
compensation committee of the board of directors of LDK Solar.
Mr. Ceng Wang currently serves as the chief strategic advisor of
China Shenfei Group, with extensive experience in corporate
restructuring, merger and acquisition and investment and
financing. Prior to that, Mr. Wang served as the president and
CEO of China Shenfei Group from April 2010 to March 2012. Mr.
Wang has held various management positions at Pudong Development
Bank and Bank of China. Mr. Wang has also served as the
financial consultant of the People's Government of Xinyu, Jiangxi
since November 2010. In addition, he has provided training
services to the senior management of various foreign commercial
banks based in China, and served as an industry expert and
project consultant to foreign investment banks.
Mr. Shian Wu currently serves as the president of Jiangxi Yuzhou
Scientific and Technological Institute. In addition, Mr. Wu has
been teaching at Jiangxi University of Finance and Economics
since 1982, when he graduated from the school with a bachelor's
degree in trading and economics. Since 1993, he has received a
special government allowance from the PRC State Council and was
awarded an honorary doctorate degree by the New York Institute of
Technology in 2005. Mr. Wu is also member of the Standing
Committee of the People's Congress of Jiangxi Province, a vice
chairman of the Education, Science, Culture and Health Committee
of the People's Congress of Jiangxi Province, a second grade
professor and a doctoral supervisor of Jiangxi University of
Finance and Economics.
Mr. Zhibin Liu has served as the chairman of the board and the
general manager of Xinyu State-owned Asset Management Co., Ltd.,
since April 2007. He received a college degree from Yichun
Normal College with a major in Chinese language and literature in
1981 and a bachelor's degree from Party School of the Central
Committee of C. P. C. with a major in economics and management.
Mr. Hongjiang Yao has served as the board secretary of Xinyu Iron
& Steel Joint Stock Company since February 2008. Prior to that,
he served as the general manager of Xinhua Joint Stock Company
from January 2000 to February 2009. Mr. Yao received a
bachelor's degree from Beijing Institute of Steel and Iron with a
major in steel rolling, and a graduate degree from Huazhong
University of Science and Technology with a major in management
science.
Mr. Xuezhi Liu currently serves as the vice president of Hi-tech
Wealth Investment and Developing Co., Ltd. Prior to that, he was
the general manager of Hainan Prefecture Hi-tech Wealth
Photovoltaic Electricity Co., Ltd., from April 2011 to March 2012
and the general manager of Zhongheng Technology (Tangshan)
Caofeidian Co., Ltd., from September 2009 to April 2011. Mr.
Xuezhi also served as the general manager of Tangshan Sub-branch
of Huatai Property and Casualty Insurance Joint Stock Co., Ltd.
from August 2006 to September 2009. He received a bachelor's
degree from Chengdu Institute of Telecommunication Engineering
with a major in electrical machinery.
Mr. Xiaofeng Peng, Chairman of LDK Solar, expressed his warmest
welcome to the new members of the LDK Solar Board. "LDK Solar's
newest board members are esteemed professionals with broad
experience in finance and technology. We are pleased to have
them serve on our Company's Board and believe that their
collective experiences will strengthen the board by providing a
more balanced composition and hence, valuable insight and
guidance from a wider perspective," Mr. Peng said.
About LDK Solar
LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.
LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.
KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern. According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011. These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.
The Company's balance sheet at June 30, 2012, showed US$6.40
billion in total assets, US$5.95 billion in total liabilities,
US$254.44 million in redeemable non-controlling interests and
US$192.17 million in total equity.
================
H O N G K O N G
================
ACE WINNER: Commences Wind-Up Proceedings
-----------------------------------------
Members of Ace Winner Development Limited, on Oct. 31, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lee King Yue
72-76/F, Two Inernational Finance Centre
8 Finance Street
Central, Hong Kong
CITIZENS TRADE: Briscoe and Meng Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Citizens Trade Services Limited on Oct. 22, 2012.
DELFI PARALLELS: Creditors' Proofs of Debt Due Dec. 4
-----------------------------------------------------
Creditors of Delfi Parallels Marketing Research and Services
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Dec. 4, 2012, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 26, 2012.
The company's liquidator is:
Wong John Wing Kit
Unit F, 7/F, CNT Tower
338 Hennessy Road
Wan Chai, Hong Kong
ENOUGH NOW: Ngan Lin Chun Esther Steps Down as Liquidator
---------------------------------------------------------
Ngan Lin Chun Esther stepped down as liquidator of Enough Now
Development Limited on Oct. 24, 2012.
EXCELLENT INVESTMENT: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 24, 2012, to
wind up the operations of Excellent Investment Limited.
The official receiver is Teresa S W Wong.
FLYING UNICORN: Creditors' Proofs of Debt Due Dec. 3
----------------------------------------------------
Creditors of Flying Unicorn International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 3, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 26, 2012.
The company's liquidator is:
Sung Mi Yin Mella
Suite No. A, 11th Floor
Ritz Plaza, 122 Austin Road
Tsimshatsui, Kowloon
Hong Kong
GEMDALE INT'L: Moody's Assigns 'Ba3' Rating to New Senior Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
rating to the proposed bonds to be issued by Gemdale
International Investment Limited.
At the same time, Moody's has affirmed Gemdale Corporation's Ba1
corporate family rating, Famous Commercial Ltd's Ba3 corporate
family rating, and Gemdale International Holding Limited's Ba3
senior unsecured bond rating.
The outlook on all ratings is stable.
The proposed bonds will be guaranteed by Famous and supported by
a Deed of Equity Interest Purchase Undertaking and a Keepwell
Deed between Famous, Gemdale Corporation and the bond trustee.
There will also be 12 months of interest reserves in an offshore
interest reserve account.
All the net proceeds will be used for debt refinancing.
Ratings Rationale
"The proposed bonds -- which will replace Famous' existing bank
loans ultimately guaranteed by Gemdale Corp -- will slightly
increase Famous' repayment risk," says Kaven Tsang, a Moody's
Vice President and Senior Analyst.
"But Moody's also expects that the amount of the new bond will be
maintained at a manageable level, such that Famous' projected
standalone credit metrics -- including total debt/total assets
not exceeding 60%-70% (after repayment of existing debt) and
EBITDA/interest not less than 1.5x -- will remain appropriate for
its B2 standalone credit profile," adds Tsang, also Moody's lead
analyst for Gemdale.
Any deviation from such expectation would pressure the ratings
and/or their outlook.
Famous' B2 standalone credit profile also considers the fact that
it is part of the Gemdale group.
"Additionally, the proposed bonds will improve Famous' funding
stability by lengthening its debt maturity profile," says Tsang.
Famous' Ba3 corporate family rating reflects its B2 standalone
credit profile and a two-notch rating uplift, based upon the
financial and operational support provided by Gemdale Corp.
The two notches of uplift incorporate (1) Gemdale Corp's 100%
ownership of Famous; (2) Gemdale Corp's track record of financial
support to Famous; and (3) the fact that all Famous' projects are
operated by Gemdale Corp, thereby offering cost efficiency and a
strong brand name.
Famous' B2 standalone credit profile further reflects its small
scale operation of 13 projects in 6 cities; its land bank of
about 3 million sqm in GFA, and annual contract sales of
approximately RMB3 billion. Furthermore, as 6 projects are in
only one city, Moody's expects a high degree of volatility in
Famous' sales performance.
Separately, Gemdale Corp's Ba1 corporate family rating reflects
its established track record in China's property market. The
company demonstrated resilience to the economic down-cycles
prevalent in both 2008 and 2011. It achieved contract sales
growth of 17% in 2008, and 9% in 2011, supported by its
established brands and wide geographic coverage of approximately
70 projects across 20 cities.
The rating also reflects Gemdale Corp's good access to funding
and flexibility in managing its funds. It is one of the few
Chinese property developers that can raise unsecured loans at the
corporate level. Such an ability provides it with the flexibility
to invest surplus liquidity in projects according to its business
plan. In addition, Gemdale Corp has widened its funding sources
by raising offshore financing through its overseas subsidiary,
Famous Commercial Ltd.
Another rating driver is Gemdale Corp's strong liquidity, as
evidenced by its high level of cash -- RMB19 billion as of 30
June 2012 -- which more than covers its short-term debt
obligations of RMB12 billion.
Gemdale Corp also exhibits a cautious approach to land
acquisitions. It has a land bank of around 19 million square
meters, which is small relative to most of its Ba-rated peers.
However, this land bank is adequate for its development over the
next five years.
Moreover, Gemdale Corp has a stable management team. Four of the
six executive directors on its board, including the chairman and
the CEO, have been working in the company for around 20 years.
Famous' stable rating outlook reflects Moody's expectation that
it will stay well managed by Gemdale Corp, which provides
financial and operational support.
Famous' ratings could come under downward pressure if it (1)
fails to execute its business plan, such that sales and operating
cash flow generation are weaker than anticipated; and/or (2)
materially accelerates development and executes an aggressive
land acquisition plan, such that debt leverage increase with
total debt/total assets exceeding 65%-70%, and EBITDA/interest
dropping below 1x-1.5x on a sustained basis.
An increase in refinancing pressure due to more than 40% of its
total debt maturing in one year will also pressure the rating.
Additionally, any evidence of a weakening in the support from
Gemdale Corp to Famous, or a deterioration in Gemdale Corp's own
credit profile could also be negative for the ratings.
On the other hand, upward rating pressure on Famous could emerge
if it can (1) successfully implement its business plan; (2)
improve its scale and diversity to reduce sales and earnings
volatility; and (3) improve its credit profile.
Credit metrics which Moody's would consider for an upgrade for
Famous include an improvement in its financial profile with its
total debt/total assets falling below 50% and EBITDA/interest
rising above 3x on a sustained basis.
The principal methodology used in rating Gemdale Corporation, and
Famous Commercial Ltd was the Global Homebuilding Industry
Methodology published in March 2009.
Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It was founded
in 1988 and listed on the Shanghai Stock Exchange in 2001.
Incorporated in Hong Kong in 1995, Famous Commercial Ltd is a
wholly-owned subsidiary of Gemdale Corporation. It was initially
established as a sales office in Hong Kong to sell Gemdale's
property projects to overseas customers. It was eventually
developed as an offshore holding company, housing some of
Gemdale's property projects in China. It also serves as a funding
vehicle in the overseas market.
HIGH SPEED: First Meetings Slated for Nov. 22
---------------------------------------------
Creditors and contributories of High Speed Metal & Plastic
Products Manufacturing Company Limited will hold their first
meetings on Nov. 22, 2012, at 10:30 a.m., and 11:00 a.m.,
respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.
At the meeting, Teresa S W Wong, the official receiver &
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.
HK WISDOM: Commences Wind-Up Proceedings
----------------------------------------
Members of Hong Kong Wisdom Holding Limited, on Oct. 20, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lam Tin Faat
Unit 2105, 21/F
Exchange Tower
33 Wang Chiu Road
Kowloon Bay, Hong Kong
KONG SANG: Court to Hear Wind-Up Petition on Dec. 19
----------------------------------------------------
A petition to wind up the operations of Kong Sang Engineering
Limited will be heard before the High Court of Hong Kong on
Dec. 19, 2012, at 9:30 a.m.
So Kwok Leung Siman filed the petition against the company on
Oct. 17, 2012.
KWOK BUN: Court to Hear Wind-Up Petition on Dec. 19
---------------------------------------------------
A petition to wind up the operations of Kwok Bun Engineering
Limited will be heard before the High Court of Hong Kong on
Dec. 19, 2012, at 9:30 a.m.
So Kwok Leung Siman filed the petition against the company on
Oct. 17, 2012.
LANDPAC COMPACTION: Members' Final Meeting Set for Dec. 4
---------------------------------------------------------
Members of Landpac Compaction H.K. Limited will hold their final
general meeting on Dec. 4, 2012, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Ngai Kit Fong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
MORGAN STANLEY: Creditors' Proofs of Debt Due Dec. 3
----------------------------------------------------
Creditors of Morgan Stanley Hong Kong Finance Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 3, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 19, 2012.
The company's liquidators are:
Stephen Briscoe
Wong Teck Meng
602 The Chinese Bank Building
61-65 Des Voeux Road
Central, Hong Kong
READY GAIN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Oct. 24, 2012, to
wind up the operations of Ready Gain Industrial Limited.
The official receiver is Teresa S W Wong.
RICH DRAGON: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 24, 2012, to
wind up the operations of Rich Dragon Engineering Limited.
The official receiver is Teresa S W Wong.
ROTARY CLUB: Creditors' Proofs of Debt Due Nov. 19
--------------------------------------------------
Creditors of Rotary Club of Shatin Community Service Fund
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Nov. 19, 2012, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on Oct. 19, 2012.
The company's liquidator is:
Tam Anthony Chun Hung
7-D, Alpine Court, 12 Kotewall
Mid-Levels, Hong Kong
SINCERITY FOUNDATION: Members' Final Meeting Set for Dec. 3
-----------------------------------------------------------
Members of Sincerity Foundation Co., Limited will hold their
final meeting on Dec. 3, 2012, at 3:00 p.m., at Unit 311, My
Loft, at No. 9 Hoi Wing Road, Tuen Mun, N.T. in Hong Kong.
At the meeting, Andrew Hung Chi Yuen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SPEEDFORM CONSTRUCTION: First Meetings Slated for Nov. 15
---------------------------------------------------------
Creditors and contributories of Speedform Construction Co.
Limited will hold their first meetings on Nov. 15, 2012, at
10:30 a.m., and 11:00 a.m., respectively at the Official
Receiver's Office, 10th Floor, Queensway Government Offices,
66 Queensway, in Hong Kong.
At the meeting, Teresa S W Wong, the official receiver &
provisional liquidator, will give a report on the company's wind-
up proceedings and property disposal.
STREAM SOLUTIONS: Creditors' Proofs of Debt Due Nov. 23
-------------------------------------------------------
Creditors of Stream Solutions Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 23, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 24, 2012.
The company's liquidators are:
Chan Chi Ho
Lau Wai Fung
Rm 1403, 3 Sugar Street
Hong Kong
TRUSTY ASIA: Court to Hear Wind-Up Petition on Nov. 28
------------------------------------------------------
A petition to wind up the operations of Trusty Asia Group Limited
will be heard before the High Court of Hong Kong on Nov. 28,
2012, at 9:30 a.m.
Golden Capital International Industrial Limited filed the
petition against the company on Sept. 21, 2012.
The Petitioner's solicitors are:
Messrs. Kelvin Cheung & Co
Unit 101, 1st Floor, Hong Kong Trade Centre
161-167 Des Voeux Road
Central, Hong Kong
SUN LEADER: Creditors' Proofs of Debt Due Dec. 21
-------------------------------------------------
Creditors of Sun Leader Industrial Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 21, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 22, 2012.
The company's liquidator is:
Lau Wing Ling
Unit C, 16/F
Chinaweal Centre
414-424 Jaffe Road
Wanchai, Hong Kong
=========
I N D I A
=========
ALANKIT ASSIGNMENTS: CRISIL Cuts Rating on INR1.33BB Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Alankit Assignments Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BBB-
/Stable/CRISIL A3'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 224.4 CRISIL D (Downgraded from
'CRISIL A3')
Cash Credit 72.5 CRISIL D (Downgraded from
'CRISIL BBB-/Stable')
Long-Term Loan 540 CRISIL D (Downgraded from
'CRISIL BBB-/Stable')
Proposed Bank Guarantee 350 CRISIL D (Downgraded from
'CRISIL A3')
Proposed Cash Credit 150 CRISIL D (Downgraded from
Limit 'CRISIL BBB-/Stable')
The downgrade reflects instances of delay by Alankit in servicing
its term debt; the delays have been caused by the company's weak
liquidity, due to cash flows being tied up as earnest money
deposits with various agencies and less-than-expected revenues
generated on the unique identification number (UID) project.
Based on discussions with Alankit's current management, CRISIL
believes that Alankit is currently in delay on its long-term loan
principal payments. The company is in the process of arranging
funds to make good the outstanding debt payments; however, the
visibility on the timing of the availability of funds remains
low.
Alankit has a modest market position in the retail equity broking
business and its scale of operations is small. It is also exposed
to demand, operational and implementation risks in the e-
governance segment.
About Alankit Assignments
Incorporated in 1991, Alankit is registered with Securities
Exchange Board of India as a broker with National Stock Exchange
of India Ltd, Bombay Stock Exchange Ltd, and Multi Commodity
Exchange. Alankit also offers other financial services such as
registrar and transfer agent, depository initial public offering
distribution, debt market distribution, and currency futures
segment, wealth management, and distribution of financial
products.
Alankit started offering various e-governance services such as
tax information network, e-return, central recordkeeping agency,
and national skill registry, and has set up numerous facilitation
centres. The company ventured into the UID project and has
invested around INR904 million (Rs.540 million debt-funded) in
UID equipment.
Alankit reported a net loss of INR26.5 million on total income of
INR958 million for 2011-12 (refers to financial year, April 1 to
March 31), as compared to a profit after tax (PAT) of INR178
million on total income of INR865 million for 2010-11.
BUDHIA AGENCIES: CRISIL Ups Rating on INR132.5MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Budhia Agencies Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 127.5 CRISIL B+/Stable (Assigned)
Working Capital 5.0 CRISIL B+/Stable (Assigned)
Demand Loan
The rating reflects BAPL's below-average financial risk profile,
marked by a weak capital structure and below-average debt
protection metrics, and exposure to intense competition in the
automobile dealership industry. These rating weaknesses are
partially offset by the extensive experience of BAPL's promoters
in the automobile dealership industry.
Outlook: Stable
CRISIL believes that BAPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its healthy relationship with its principal, Tata Motors Ltd
(TML; rated CRISIL AA-/Positive/CRISIL A1+). The outlook may be
revised to 'Positive' if BAPL reports improvement in its revenues
and capital structure, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company reports significant decline in its revenues and
profitability, or undertakes any large, debt-funded capital
expenditure programme, thereby adversely affecting its financial
risk profile.
About Budhia Agencies
BAPL was set up in 2002 by Mr. Rahul Budhia and his family in
Ranchi (Jharkhand). The company is a dealer of TML's medium
commercial vehicles. BAPL commenced Nano Exclusive Dealership for
TML's Nano cars in June 2012. BAPL has its operations spread
across 11 districts of Jharkhand, with three showrooms, eight
sales outlets, and three service centres.
BAPL reported, on a provisional basis, a profit after tax (PAT)
of INR0.4 million on net sales of INR603 million in 2011-12,
against a PAT of INR2.6 million on net sales of INR635 million
for 2010-11.
CAUVERY IRON: Fitch Cuts Rating on INR1,180-Mil. Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Cauvery Iron & Steel (India) Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1050.0 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 150.0 CRISIL D (Downgraded from
'CRISIL A4+')
Term Loan 1600.0 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade reflects instances of delay by CISL in
servicing its term debt repayment obligations; the delays in term
loan repayment have been caused by the company's weak liquidity.
CISL also has below-average financial risk profile marked by high
gearing and below-average debt protection metrics. These rating
weaknesses are partially offset by its promoters' extensive
experience in the steel industry and its healthy operating
efficiencies.
Incorporated in 1991 and promoted by Mr. Ashok Guptaa, CISL has
fully integrated steel plant with manufacturing capacities of
sponge iron~300 tonnes per day (tpd), billets & TMT bars -400 tpd
each and captive coal-based power plant with a capacity of 15
mega-watts (MW). The company was started as a trader in steel
products and eventually constructed steel plant in 2010-11.
ETHIX CLOTHING: CRISIL Raises Rating on INR90MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on Ethix Clothing's long-term bank
loan facilities to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects EC's improved business risk profile,
driven by healthy year-on-year revenue growth of 74 per cent in
2011-12 (refers to financial year, April 1 to March 31), leading
to larger-than-expected cash accruals. However, the company's
working capital limits continue to be extensively utilised. EC's
revenues are expected to increase over the medium term, driven by
expansion of its retail network and geographical reach. The
rating upgrade also factors in CRISIL's belief that EC will
continue to get need-based financial support from the partners'
in the form of unsecured loans, over the medium term. EC's cash
accruals are expected to remain adequate to meet its term debt
servicing obligations over the medium term.
The rating also reflects EC's average financial risk profile,
marked by high gearing, small net worth, moderate debt protection
metrics, and the working-capital-intensive nature of its
operations. These rating weaknesses are partially offset by the
extensive industry experience of EC's partners and established
relationship with principals, supported by integrated operations
in the retail value chain, leading to healthy revenue growth.
Outlook: Stable
CRISIL believes that EC will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' in case of higher-than-expected accruals or
significant infusion of capital, leading to improvement in the
company's financial risk profile and its liquidity. Conversely,
the outlook may be revised to 'Negative' if the firm's financial
risk profile deteriorates, most likely because of larger-than-
expected working capital requirements or lower-than-expected cash
accruals.
About Ethix Clothing
EC was set up in 2005 as a partnership firm by Mr. Dharmesh
Kishore Gathani and Mr. Avaneesh H Mishra. The firm is engaged in
wholesale distributorship and retail sales of branded ready-made
garments. It is the sole dealer for Pepe Jeans, Wrangler, US
Polo, Puma, and Flying Machine in Maharashtra and Goa.
For 2011-12, EC reported a net profit of INR8.8 million on net
sales of INR306.8 million, as against a net profit of INR4.9
million on net sales of INR175.5 million for 2010-11.
INDERJIT FORGING: CRISIL Places 'B-' Rating on INR52MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of Inderjit Forging Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 14.3 CRISIL B-/Stable (Assigned)
Proposed Long-Term 2.7 CRISIL B-/Stable (Assigned)
Bank Loan Facility
Cash Credit 35 CRISIL B-/Stable (Assigned)
Letter of Credit 15 CRISIL A4 (Assigned)
The ratings reflect IFPL's stretched liquidity on account of
large working capital requirements, weak financial risk profile
marked by high gearing, and weak debt protection metrics, and
small scale of operations in fragmented industry. These rating
weaknesses are partially offset by the extensive industry
experience in IFPL's promoters and the financial support that the
company receives from them.
Outlook: Stable
CRISIL believes that IFPL will continue to benefit over the
medium term from its strong track record in the metal forging
industry. CRISIL, however, believes that the company's financial
risk profile and liquidity will remain constrained by working-
capital-intensive operations. The outlook may be revised to
'Positive' if IFPL's working capital management improves, leading
to improvement in its company's financial flexibility.
Conversely, the outlook may be revised to 'Negative' if IFPL's
financial risk profile and liquidity deteriorates significantly
because of large borrowings for capital expenditure or working
capital requirements.
IFPL was set up in 1987 by Mr. S Inderjit Singh Anand; it is
currently being managed by his son, Mr. Bhupinder Singh Anand.
The Ludhiana (Punjab)-based company is involved in the business
of forging automotive parts and manufacturing tractor parts.
IFPL has reported a Profit After Tax (PAT) of INR 1.3 million on
net sales of INR171.2 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR1.3 million on
net sales of INR153.8 million for 2010-11.
KINGFISHER AIR: Q2 Loss Widens to INR7.53BB; Revenue Drops 87%
--------------------------------------------------------------
Anirban Chowdhury and Saurabh Chaturvedi at The Wall Street
Journal report that Kingfisher Airlines Ltd. on Thursday posted a
wider net loss for the three months ended in September, as
revenue plunged amid a sizable cut in daily flights prior to a
halt in the Indian carrier's operations.
The Journal discloses that the airline's net loss swelled to
INR7.53 billion (US$138.9 million) for the company's fiscal
second quarter, from INR4.68 billion a year earlier. Revenue
tumbled 87% to INR2 billion.
Expenditures fell 77% to INR4.55 billion, as Kingfisher operated
fewer flights and many employees left the company, the Journal
reports.
According to the Journal, the airline's revenue has dropped as it
has slashed the number of its daily flights to about 100 from 400
last year. In recent months, it operated only 10-12 planes prior
to the suspension of its operations, down from 64 last year.
As of June 30, the Journal says, Kingfisher had piled up losses
of $1.9 billion and owed $2.5 billion to banks, suppliers and
majority shareholders, according to aviation consultant CAPA-
Centre for Aviation.
The Journal notes that the aviation regulator suspended
Kingfisher's flying license on Oct. 20 because the airline failed
to provide a plan to revive its operations.
The report relates that B.K. Ramadhyani & Co., which audited the
company, said Kingfisher's ability to remain viable depends on
the restoration of its flying license, an infusion of funds and a
restructuring of the company's debt.
In a written statement, the Journal adds, Kingfisher said it is
"in discussions with various stakeholders to ensure that there
are no future disruptions." The company added that it "expects to
resume operations in the near future."
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
KINGFISHER AIR: Should Raise $1 Billion of Capital, Lender Says
---------------------------------------------------------------
Karthikeyan Sundaram and Malavika Sharma at Bloomberg News report
that Kingfisher Airlines Ltd.'s largest lender said the cash-
strapped Indian carrier should raise at least $1 billion of fresh
capital, stepping up pressure on Chairman Vijay Mallya to deliver
on promises of new investment.
"We are slightly disappointed at the pace at which the capital-
raising plan is going," Bloomberg quotes State Bank of India
Chairman Pratip Chaudhuri as saying. "The company has been
assuring us that they have been working hard for it, but we would
like to see some tangible evidence."
Kingfisher, which halted flights about five weeks ago needs to
raise new funds this month, capital-raising plan is going," State
Bank of India Chairman Pratip Chaudhuri said, without saying how
much, Bloomberg reports.
Bloomberg relates that Mr. Chaudhuri declined to give a timeframe
for when the Bangalore-based company needs the full $1 billion.
The airline separately reported a wider net loss of 7.54 billion
rupees (US$139 million) for the quarter ended September,
Bloomberg discloses.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
NEWA TECHNOCITY: CRISIL Assigns 'B' Rating to INR1.25BB Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Newa Technocity (India) Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1250 CRISIL B/Stable (Assigned)
The rating reflects NTPL's exposure to risks associated with the
company's ongoing project and to inherent cyclicality in the
Indian real estate industry. These rating weaknesses are
partially offset by the extensive experience of NTPL's promoters
in the real estate business and support from other entities of
the promoter.
Outlook: Stable
CRISIL believes that NTPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
real estate business. The outlook may be revised to 'Positive' if
the company generates higher-than-expected cash flows from
operations, driven by accelerated execution of its projects and
improved flow of advances. Conversely, the outlook may be revised
to 'Negative' if NTPL reports significantly lower-than-expected
cash flow from operations, either because of subdued response to
its project or lower-than-envisaged flow of advances, impacting
its debt servicing ability.
About Newa Technocity
Newa Technocity (India) Private Limited was incorporated in
December 2009. The company is undertaking a real estate project
with a total construction area of 1.77 million sq. ft. at Airoli,
Navi Mumbai. NTPL is a part of Newa group which has interests in
real estate development, edible oil marketing and automobile
service centre franchising. The Newa group was founded by Mr.
Mithubhai Mav. Mr. Mav looks after the day to day operations of
the group.
OSIAN'S DWELLINGS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility Osian's Dwellings Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 100 CRISIL B+/Stable (Assigned)
The rating reflects ODPL's exposure to significant risks
associated with its on-going residential real estate project and
susceptibility of its revenues and earnings to cyclicality
inherent in real estate industry. These rating weaknesses are
partially offset by the promoters' extensive experience in the
real estate industry.
Outlook: Stable
CRISIL believes that ODPL will maintain a stable business risk
profile on the back of extensive experience of the promoters in
the real estate sector. The outlook may be revised to 'Positive'
if the customer response to the project is significantly better
than expected leading to higher cash flow generation and
improvement in financial risk profile. The outlook shall be
revised to 'Negative' if cash flow from operations are
significantly below expectations, either due to subdued response
to the project or lower than envisaged flow of advances,
significantly affecting its debt servicing ability.
ODPL was setup in 2008 by Mr. Ganesh Kumar Gupta and Mr. Sarvesh
Agarwal. ODPL is undertaking development of a residential
complex, 'Osian's Dwellings,' in Bhiwandi (Thane, Maharashtra).
The aggregate built-up area of the project is 5.25 lakh sq. ft.
The project is expected to be complete by April 2015.
PRESSMACH INFRA: CRISIL Cuts Rating on INR275MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pressmach Infrastructure Pvt Ltd (part of the Pressmach group) to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 25 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 136 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Long-Term 103 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
Term Loan 36 CRISIL B/Stable(Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects the expected pressure on the
Pressmach group's liquidity, driven by its weak cash accruals and
reduction in bank lines. The group's bank lines have been reduced
during 2012-13 (refers to financial year, April 1 to March 31) to
INR136 million, as against about INR200 million in the previous
year. However, the Pressmach group's operations remain working-
capital-intensive, driven by its high debtor levels. The group's
debtors have remained higher than 100 days, at the end of each of
the past two financial years. Consequently, its average month-end
bank limit utilisation has been about 98.6 per cent over the 12
months ended August 31, 2012. The Pressmach group's liquidity
will remain constrained over the medium term because of its large
loan repayment obligations and substantial working capital
requirements.
The ratings reflect the Pressmach group's working-capital-
intensive nature of operations and below-average financial risk
profile, marked by a small net worth. These rating weaknesses are
partially offset by the benefits that the Pressmach group is
expected to derive from the healthy growth prospects for the
niche pre-fabricated shelter segment.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PIPL and Press Mach. This is because
both the entities, together referred to as the Pressmach group,
have common promoters and significant financial linkages.
Outlook: Stable
CRISIL believes that the Pressmach group will continue to benefit
over the medium term from its established position in the pre-
fabricated shelter segment. The outlook may be revised to
'Positive' in case of a sustained improvement in the group's
working capital management, marked by efficient receivables
collection along with significantly better-than-expected cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of further pressure on the Pressmach group's liquidity,
resulting from lower-than-anticipated cash accruals or larger-
than-expected working capital requirements or capital
expenditure.
About the Group
Incorporated in 2010, PIPL is engaged in erection of pre-
fabricated shelters. Its group entity, Pressmach, set up in 1984,
is also engaged in the same line of business.
The Pressmach group reported a profit after tax (PAT) of INR17.6
million on net sales of INR658.0 million for 2011-12, as against
a PAT of INR50.2 million on net sales of INR658.3 million for
2010-11.
RADHE RENEWABLE: CRISIL Assigns 'B+' Rating to INR140MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Radhe Renewable Energy Development Pvt
Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 10 CRISIL B+/Stable (Assigned)
Bank Guarantee 10 CRISIL A4 (Assigned)
Cash Credit 130 CRISIL B+/Stable (Assigned)
The ratings reflect RREDPL's marginal scale of operations, large
working capital requirements, and presence in the competitive
market due to availability of alternative fuels to producer gas
(output). These rating strengths are partially offset by RREDPL's
established position and its promoter's extensive experience in
the gasifiers industry.
Outlook: Stable
CRISIL believes that RREDPL will maintain a stable credit risk
profile, backed by its established position in the gasifiers
industry and extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company is able to
improve its cash accruals significantly while improving its
capital structure, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
its financial risk profile deteriorates due to less-than-expected
cash accruals, if there is deterioration in the working capital
management, or in case an increase in fungibility with associate
entities has an adverse impact on RREDPL's financial risk
profile.
About Radhe Renewable
RREDPL, promoted by Dr. Shailesh Makadia, was set up in the early
1990s as a proprietorship firm. It was reconstituted as a
partnership firm in 1998 and was later incorporated in 2004. The
company primarily manufactures biomass- and coal-based gasifiers,
apart from electro static precipitators and hot air generators.
For 2010-11 (refers to financial year, April 1 to March 31),
RREDPL reported a PAT of INR1.0 million on net sales of INR197.4
million, as against a PAT of INR11.5 million on net sales of
INR282.6 million for 2009-10.
R.C. JEWELLERS: CRISIL Assigns 'B+' Rating to INR150MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R.C. Jewellers Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash 100 CRISIL B+/Stable (Assigned)
Credit Limit
Proposed Bank 650 CRISIL A4 (Assigned)
Guarantee
Bank Guarantee 200 CRISIL A4 (Assigned)
Cash Credit 50 CRISIL B+/Stable (Assigned)
The ratings reflect RCJPL's average financial risk profile,
marked by average debt protection metrics and high total outside
liabilities to tangible net worth ratio, constrained financial
flexibility and exposure to intense competition in the jewellery
industry. These rating weaknesses are partially offset by the
extensive experience of RCJPL's promoter in the gems and
jewellery industry, and the funding support it gets from its
promoter.
Outlook: Stable
CRISIL believes that RCJPL will maintain its business risk
profile, supported by promoter's industry experience, over the
medium term. However, the company's financial flexibility is
expected to remain constrained by its working-capital-intensive
operations over the medium term. The outlook may be revised to
'Positive' if RCJPL stabilises operations at its new showrooms
without adversely affecting its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability deteriorates steeply or if it undertakes
a large, debt-funded capital expenditure programme, thereby
weakening its debt protection metrics.
RCJPL was established in 2001 by Mr. Arun Soni. The company
operates two showrooms for gold, silver and diamond-studded
jewellery in the National Capital Region (NCR).
For 2010-11 (refers to financial year, April 1 to March 31),
RCJPL reported a profit after tax (PAT) of INR16.80 million on
net sales of INR960.95 million; the company reported a PAT of
INR12.04 million on net sales of INR1039.48 million for 2009-
10.For 2011-12,the company is expected to report sales of
INR865.5 million on provisional basis.
SOVA ISPAT: CRISIL Upgrades Rating on INR1.59BB Loans to 'BB+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sova Ispat Ltd (part of the Shyam Steel group) to 'CRISIL
BB+/Stable' from 'CRISIL BB-/Negative', and has reaffirmed its
rating on the company's short-term facilities at 'CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 750 CRISIL BB+/Stable (Upgraded
Short-Term Rating from 'CRISIL BB-/Negative')
Letter of credit & 297.5 CRISIL A4+
Bank Guarantee
Long-Term Loan 826.8 CRISIL BB+/Stable(Upgraded
Short-Term Rating from 'CRISIL BB-/Negative')
Proposed Long-Term 15.7 CRISIL BB+/Stable(Upgraded
Short-Term Rating from 'CRISIL BB-/Negative')
Bank Loan Facility
The rating upgrade reflects the benefits that the Shyam Steel
group derives from the improved synergies between group
companies, SIL and Shyam Steel Industries Ltd, as a result of
increased integration of their operations. The upgrade also takes
into account the expected improvement in the Shyam Steel group's
financial risk profile, particularly its debt protection metrics
and liquidity. Timely commencement of operations at the group's
power plant, and of production from its captive coal block, will
result in improved profitability and accruals. CRISIL believes
that the Shyam Steel group will sustain its established market
position, and benefit from the strong business synergies between
the group companies, over the medium term.
The ratings reflect the Shyam Steel group's established market
position, marked by its promoter's extensive industry experience
and established clientele base. The ratings also reflect the
expected improvement in the group's operating efficiencies,
driven by the integrated nature of operations, and its
comfortable capital structure. These rating strengths are
partially offset by the Shyam Steel group's large working capital
requirements, and exposure to risks associated with stabilisation
of its backward integration projects and cyclicality in the steel
industry.
For arriving at its ratings, CRISIL has now combined the business
and financial risk profiles of SIL, SSIL, and Shyamsteel Energy
Ltd. This is because these entities, together referred to as the
Shyam Steel group, are in the same line of business, have intra-
group transactions and operational linkages, and a common
management team. Furthermore, SIL is indirectly a subsidiary of
SSIL.
Outlook: Stable
CRISIL believes that the Shyam Steel group's business risk
profile will remain stable over the medium term driven by its
established customer base and improving operational integration.
The outlook may be revised to 'Positive' if the integration
results in significant increase in the group's cash accruals.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes a larger-than-expected, debt-funded, capital
expenditure programme, adversely affecting its financial risk
profile, or if its profitability is lower than expected.
About the Group
SSIL, incorporated in March 2002, is a secondary steel producer
based in West Bengal. The company, promoted by Mr. Shyam Sunder
Beriwala (chairman), has its manufacturing facilities at Durgapur
and Howrah (both in West Bengal). SEL is a wholly owned
subsidiary of SSIL and is an investment arm for SIL.
Incorporated in 2003, SIL manufactures sponge iron and has a
cement grinding unit in Mejia (West Bengal). In January 2011, the
company was acquired by SSIL. Recently, SIL has set up a
ferroalloy and captive power plant unit at the same facilities.
VENUS GARMENTS: CRISIL Upgrades Rating on INR979.1MM Loan to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Venus Garments (India) Ltd to 'CRISIL B-/Stable' from 'CRISIL
C', while reaffirming its rating on the company's short-term
facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 450 CRISIL A4 (Reaffirmed)
Letter of credit & 110 CRISIL A4 (Reaffirmed)
Bank Guarantee
Term Loan 979.1 CRISIL B-/Stable (Upgraded
from CRISIL C)
The upgrade reflects timely debt servicing by VGIL over the 12
months ended September 30, 2012, and the absence of large, debt-
funded, capital expenditure (capex) plans. The upgrade also
factors in the closure of the derivative deals which VGIL had
entered into in 2007-08 (refers to financial year, April 1 to
March 31), which is expected to improve the company's financial
risk profile.
The ratings reflect VGIL's weak financial risk profile, marked by
a negative net worth on account of derivative losses incurred on
deals entered in 2007-08, high gearing, weak debt protection
metrics, and large working capital requirements. The ratings also
reflect the susceptibility of the company's operating margin to
volatility in rupee-dollar exchange rates. These rating
weaknesses are partially offset by the extensive experience of
VGIL's promoters in the garment manufacturing business and its
established client base.
Outlook: Stable
CRISIL believes that VGIL will continue to benefit over the
medium term from its promoters' extensive experience in the
garment manufacturing industry. The outlook may be revised to
'Positive' if the company reports a significant improvement in
its turnover and profitability, resulting in higher-than-expected
cash accruals, or if its promoters infuse substantial capital,
leading to an improvement in its financial risk profile,
particularly its capital structure. Conversely, the outlook may
be revised to 'Negative' if VGIL's profitability is lower than
anticipated, and it has larger-than-expected working capital
requirements and debt-funded capex, leading to weakening in its
financial risk profile, particularly its liquidity.
About Venus Garments
Incorporated in 1999, VGIL is engaged in manufacturing and
exporting ready-made garments. The company's products include
polo shirts, T-shirts, jogging suits, sweat shirts, thermal wear,
and sweaters, which are mainly exported to the US, Europe,
Mexico, Canada, and other countries.
=========
K O R E A
=========
KOREA RAILROAD: S&P Assesses Stand-alone Credit Profile at 'bb-'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'A+' rating to
Korea-based national railroad operator Korea Railroad Corp.'s
(KORAIL: A+/Stable/A-1) Swiss Franc (CHF)-denominated 300 million
senior unsecured bonds due Nov. 16, 2018.
Standard & Poor's raised its long-term foreign currency rating on
KORAIL to 'A+' from 'A' on Sept. 17, 2012, after raising its
long-term foreign and local currency credit ratings on the
Republic of Korea to 'A+' and 'AA-' from 'A' and 'A+'. "The
ratings on KORAIL reflect our opinion that there is an 'extremely
high' likelihood that the government would provide KORAIL with
timely and sufficient extraordinary support if the company were
to suffer financial distress," S&P said.
"We assess the stand-alone credit profile (SACP) for KORAIL to be
'bb-'. The SACP reflects KORAIL's 'satisfactory' business risk
profile, which we base on its monopoly in national railroad
operations. The SACP also reflects KORAIL's weak profitability as
a result of operating losses in conventional rail network
operations and freight services and its 'highly leveraged'
financial risk profile on the grounds of continued weak cash flow
and significant investments in noncore businesses such as
property development," S&P said.
"The stable outlook reflects our expectation that KORAIL's very
important role for and integral link to the government will
attract continued government support for the entity," S&P said.
"The rating on KORAIL could come under pressure if the company's
policy role or link to the government weaken, such as if the
government reduces its stake in the company or the SACP for the
company deteriorates to below 'bb-', potentially as a result of a
further significant financial burden related to the company's
Yongsan International Business District Project in Seoul. Also,
we would lower our ratings on KORAIL if we were to lower our
ratings on the Republic of Korea," S&P said.
====================
N E W Z E A L A N D
====================
MATARIKI GROUP: Owes NZ$11.2MM, Receivers Report Shows
------------------------------------------------------
Claire Rogers at stuff.co.nz reports that failed Hawke's Bay
winery and vineyard Matariki Group owes creditors, including the
Government, about NZ$11.2 million, according to the receiver's
first reports.
The companies in the Group, Matariki Wines -- which produced the
award-winning Matariki wines -- and Stony Bay Wines -- which
owned the vineyard and the winery and supplied the grapes, were
put into receivership in September.
The winery and vineyard are now on the market.
According to stuff.co.nz, the first reports on the two companies
by receiver PricewaterhouseCoopers show secured and unsecured
creditors are together owed about NZ$11.2 million, more than the
NZ$10.3 million originally estimated.
First secured creditor Rabobank is owed NZ$8.7 million and Crown
Asset Management -- the government entity set up to handle South
Canterbury Finance's loans after its collapse -- is the second-
ranked secured creditor, owed NZ$2.2 million, stuff.co.nz
discloses.
Preferential creditors and creditors with claims on the Personal
Property Securities Register include the Inland Revenue
Department, owed an estimated $47,000 and employees, who were
owed $48,000 by the companies when they went into receivership,.
Unsecured creditors are owed about $136,000, according to the
receiver's first reports cited by stuff.co.nz.
According to stuff.co.nz, Pwc partner John Fisk said it was
unlikely unsecured creditors would be paid.
He doubted the amount owed by the Group would increase
dramatically, the report says.
A number of parties had expressed interest in buying the
business. The winery and vineyard could be sold together or
separately, Mr. Fisk, as cited by stuff.co.nz, said.
Matariki was established in 1981, when its directors John -- a
former junior All Black --and Rosemary O'Connor returned to New
Zealand after studying wine in Europe. The company is owned by
O'Connor Family Holdings, according to the Companies Office.
=================
S I N G A P O R E
=================
GLOBAL A&T: Moody's Affirms 'B1' CFR; Rates New Notes '(P)B1'
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Global A&T Electronics Limited (GATE) and assigned a
provisional (P)B1 rating to its proposed USD625 million first
lien senior secured notes due 2018.
Moody's has also affirmed the B2 rating for GATE's existing
second lien facilities totaling USD543 million due 2015.
The ratings outlook remains stable.
The company will use cash, combined with proceeds from the notes
and its drawing under a new USD125 million first lien first out
secured revolving credit facility (unrated), to refinance the
entire amount outstanding under the existing senior secured term-
loan facility of USD589.6 million and senior secured revolving
credit facility of USD146.5 million, both of which are rated Ba3.
These ratings remain unchanged and will be withdrawn following
the completion of the refinancing transaction.
The provisional rating on the proposed notes reflects Moody's
opinion of the transaction only. Upon a conclusive review of the
final documentation, Moody's will assign definitive ratings to
the notes.
Ratings affirmed:
* Corporate family rating at B1 with stable outlook
* USD237.5 million second lien secured fixed rate loan due 2015
at B2
* USD305.5million PIK senior second lien secured floating rate
loan due 2015 at B2
Rating assigned:
* Provisional USD625 million first lien senior secured notes at
(P)B1 due 2018
Ratings to be withdrawn upon the completion of the refinancing:
* USD150 million first lien senior secured revolving credit
facility due 2013 at Ba3
* USD589.6 million first lien senior secured term loan due 2014
at Ba3
The B1 corporate family rating continues to reflect the company's
high leverage, which constrains its financial flexibility and its
ability to withstand cyclicality and changes to the competitive
environment. Moody's expects last twelve months ending 30
September 2012 debt/EBITDA to be around 5.1x (Moody's adjusted
and pro forma for the pending refinancing).
The rating also incorporates the cyclicality associated with the
company's exposure to the outsourced semiconductor assembly and
test (OSAT) industry and intense competition. GATE's margins and
operating cash flow are sensitive even to slight changes in sales
and utilization, reflecting its test-centric business model,
which implies high capital intensity and operating leverage and a
relatively concentrated customer base.
In addition, the company's exposure to raw materials --
particularly gold, which represents around 15% of total cost of
sales -- can adversely impact profitability. GATE's high
debt/capitalization of 75% and weak balance sheet, as evidenced
by goodwill and intangibles comprising around 37% of total
assets, also constrain the rating.
On the other hand, the rating is supported by GATE's position as
the sixth-largest player globally in the OSAT business and its
steps to improve its business mix by increasing mixed-signal
logic products and expanding analog segments, while reducing its
reliance on the memory sector.
The rating also benefits from the company's ability to adjust
capital expenditures, while maintaining its market positions, as
evidenced through the last cycle. Moody's expects GATE to record
positive free cash flow through 2014, supported by modest capital
expenditure of about USD100 million.
The stable outlook reflects Moody's expectation that GATE will
maintain EBITDA margins above 28%, EBITDA/interest of 2.5-3.0x
and adjusted debt/EBITDA of around 4.7x in 2013.
The P(B1) rating of the proposed senior notes is underpinned by
the guarantee from GATE's main operating subsidiaries in
Singapore, Thailand and Taiwan, and will be effectively secured
on a first-priority basis by substantially all of the shares and
assets of the group, and will rank ahead of the existing second
lien obligations.
Not all of the note guarantees and security interests will be
granted at the time of the issuance of the proposed notes but are
intended to be granted, after certain local law and requirements
are satisfied, and within a 4-6 month time period after issue.
However, Moody's understands that the Intercreditor Agreement
between the first lien note holders and existing second lien
lenders, which will be in place at the time of issue, already
provides for these liens and the status of ranking. This
Intercreditor Agreement is expected to support enforceability
rights for the note holders.
Furthermore, while the proposed senior notes will share the first
priority ranking with regards to the collateral with the first
out secured revolving credit facility, the latter has priority
for repayment in foreclosure or bankruptcy, insolvency or a
similar event. As a result, the proposed senior notes are
effectively subordinated to any debt under the first out secured
revolving credit facility.
The P(B1) rating of the proposed notes therefore reflects the
collateral weakness, subordination in right of payment to the
revolving credit facility but acknowledges their ranking ahead of
the second lien obligations.
The ratings could be pressured, if the challenging operating
environment causes order trends to weaken, such that GATE's
adjusted debt/EBITDA rises above 5.25x on a sustained basis or
(CFO-dividends)/capex falls below 120%. Negative free cash flows
and/or shareholder enhancement activities would also pressure the
ratings.
Upward rating pressure is limited in view of the cyclical nature
of GATE's business and its high leverage.
The principal methodology used in rating GATE was the Global
Semiconductor Industry Methodology published in November 2009.
Global A&T Electronics Ltd (GATE) is the holding company of
United Test and Assembly Center Ltd (UTAC), a provider of
semiconductor assembly and test services with manufacturing
facilities in Singapore, Taiwan, Thailand and China. UTAC was
privatized through a leverage buy-out by a private equity group
led by TPG Capital and Affinity Equity Partners in October 2007.
GLOBAL A&T: S&P Rates $625MM Six-Year Senior Unsecured Notes 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating to a proposed issue of US$625 million six-year
senior secured notes by Singapore-based Global A&T Electronics
Ltd. (GATE: B/Positive/--). "Our rating is subject to our review
of the final issuance documentation. GATE intends to use the
proceeds from the notes to refinance existing debt," S&P said.
"In accordance with our criteria, we have equalized the rating on
the proposed issue with our long-term corporate credit rating on
GATE. We estimate the company's ratio of priority debt and other
liabilities to total assets at 14% as of June 30, 2012, which is
below our notching threshold of 15%. We calculate GATE's total
assets after deducting goodwill in excess of 10% of total
assets," S&P said.
"GATE is likely to maintain its ratio of priority liabilities to
total assets at less than 15% in 2012 and 2013 despite a decline
in total assets. We anticipate that the company's total assets
will decline in value because its rate of depreciation (about
US$190 million per year) will exceed that of its capital
expenditure (about US$100 million) and free cash flow generation.
Further, we expect GATE to pay off a proposed revolver using
funds from internal sources, thus reducing the outstanding
priority liabilities," S&P said.
"The issue rating reflects the proposed notes' senior secured
status and guarantees from GATE's key operating subsidiaries. The
rating also reflects our view that a proposed US$125 million
revolver facility is senior to the proposed notes even though
they both share the same collateral. This is because the revolver
will ensure priority for payment in the event of liquidation. The
rating on the proposed notes also reflects structural
subordination because GATE operates through an operating
subsidiary/holding company structure. We consider the outstanding
debt at subsidiaries, current taxes, and third party liabilities
for non-guarantors as priority liabilities," S&P said.
"Most of GATE's key operating subsidiaries in Singapore,
Thailand, and Taiwan guarantee the proposed issue with liens on
their operating assets; none of the company's China-based
subsidiaries provides any guarantees or liens. We assume that
GATE will complete the legal processes associated with the
guarantees and liens in a reasonable time, such that noteholders'
recovery prospects would not be undermined in the event of
liquidation," S&P said.
"We did not assign a recovery rating to the proposed notes
because GATE has been gradually diversifying outside Singapore,
into markets and jurisdictions where Standard & Poor's does not
assign recovery ratings. The company has been expanding revenues
and operations in China, Thailand, and Taiwan, where Standard &
Poor's has yet to review the bankruptcy regimes," S&P said.
"We expect GATE to continue to move its operations to lower-cost
regions. The Singapore operations contribute about 30% of the
company's properties, plants, and equipment by value, and less
than 30% of its revenues and EBITDA," S&P said.
QUEEN'S AVENUE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 19, 2012, to
wind up Queen's Avenue Tampines Pte Ltd's operations.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118
RGM GROUP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Oct. 23, 2012, to
wind up RGM Group Pte Ltd's operations.
Media Development Authority of Singapore filed the petition
against the company.
The company's liquidators are:
Sim Guan Seng
Goh Yeow Kiang Victor
Messrs Baker Tilly TFW LLP
15 Beach Road #03-10
Beach Centre
Singapore 189677
SHENG DING: Creditors' Proofs of Debt Due Dec. 2
------------------------------------------------
Creditors of Sheng Ding Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 2,
2012, to be included in the company's dividend distribution.
The company's liquidator is:
Hidetoshi Yoshizawa
c/o 28 Gul Way
Jurong Industrial Estate
Singapore 629198
SUNBON (SINGAPORE): Creditors' Proofs of Debt Due Nov. 29
---------------------------------------------------------
Creditors of Sunbon (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 29, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Abuthahir Abdul Gafoor
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
YON-ZIAN TEXTILES: Creditors' Proofs of Debt Due Nov. 23
--------------------------------------------------------
Creditors of Yon-Zian Textiles & Trading Co Pte Ltd
f.k.a. Hamamas (S) Pte Ltd (Defunct) and Yon Zian Body Care
Pte Ltd (Defunct), are required to file their proofs of debt by
Nov. 23, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===========
T A I W A N
===========
BANK SINOPAC: Fitch Affirms 'BB+' Support Rating Floor
------------------------------------------------------
Fitch Ratings has upgraded Taiwan-based SinoPac Financial
Holdings' Long-Term Issuer Default Rating (IDR) to 'BBB' from
'BBB-', and Viability Rating to 'bbb' from 'bbb-'. The Outlook
is Stable. The agency has also affirmed SPH's principal
subsidiary, Bank SinoPac, at 'BBB' with Stable Outlook.
The upgrade follows Fitch's re-assessment of SPH's credit profile
and the group's structure. Under the agency's new criteria
'Rating FI Subsidiaries and Holding Companies', SPH's Long-Rerm
ratings and Viability Rating are equalised with those of BSP,
based on the close linkage between the two under the Financial
Holding Company Act and modest leverage at the holding parent.
Moreover, the group's IDR is mainly driven by the financial
strength of BSP, which accounted for 91% of the group's
consolidated assets at end-Q212.
SPH's IDR and Viability Rating reflect the group's consolidated
credit profile and, on a standalone basis, its modest leverage
with a double leverage ratio of 109.48% at end- H112. BSP's IDRs
and Viability Rating reflect its stable banking franchise and
improved core earnings with a return on equity of annualised
10.6% in H112, versus 3.5% in 2011. They also factor in the
bank's comparably moderate internal capital generation in Asia
Pacific. The Stable Outlook of both entities underlines Fitch's
expectation that the consolidated group will maintain its current
credit profile amid an increasingly challenging economic
environment.
Positive rating action on BSP and the group may result from a
significant and sustainable improvement in risk-adjusted core
earnings and strengthening of capitalisation. Negative rating
action may result from significant asset quality deterioration
and weakening capitalisation arising from aggressive growth in
corporate finance, particularly in association with China. BSP's
concentration on property-related exposures may also undermine
its ratings if the property market in Taiwan reverses markedly.
Founded in 2002, SPH is a medium-sized bank holding company with
consolidated assets of TWD1.32trn at end-H112. It provides
diversified financial services through its two major
subsidiaries, BSP and SPS, and five small subsidiaries in other
financial sectors. BSP has 129 branches and commanded a 3.57%
market share in deposits at end-H112. Taiwan-based conglomerate,
Yong Foong Yu Group and its majority owner, Show Chung Ho,
through his investment vehicles, are the group's largest
shareholders and controls six out of 12 board seats.
For further information, see rating affirmation commentary for
SPH and BSP on 2 October 2012 on www.fitchratings.com.
The rating actions are as follows:
BSP:
-- Long-Term IDR: affirmed at 'BBB'; Outlook Stable
-- Short-Term IDR: affirmed at 'F2'
-- National Long-Term rating: affirmed at 'A+(twn)'; Outlook
Stable
-- National Short-Term rating: affirmed at 'F1+(twn)'
-- Viability Rating: affirmed at 'bbb'
-- Support Rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB+'
SPH:
-- Long-Term IDR: upgraded to 'BBB' from 'BBB-'; Outlook Stable
-- Short-Term IDR: upgraded to 'F2' from 'F3'
-- National Long-Term rating: upgraded to 'A+(twn)' from
'A(twn)'; Outlook Stable
-- National Short-Term rating: upgraded to 'F1+(twn)' from
'F1(twn)'
-- Viability Rating: upgraded to 'bbb' from 'bbb-'
-- Support Rating: affirmed at '5'
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 11.58 -2.08
MACQUARIE ATLAS MQA 1,618.82 -941.02
MISSION NEWENER MBT 22.05 -27.72
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 101.62 -19.93
STERLING BIOFUEL SBI 31.12 -7.52
CHINA
ANHUI GUOTONG-A 600444 68.75 -3.62
BAOCHENG INVESTM 600892 43.58 -3.69
CHANG JIANG-A 520 1,412.23 -34.77
CHENGDE DALU -B 200160 35.08 -6.23
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 66.74 -211.15
CONTEL CORP LTD CTEL 56.09 -14.27
DONGXIN ELECTR-A 600691 12.55 -32.52
GUANGDONG ORIE-A 600988 14.90 -3.96
GUANGXIA YINCH-A 557 50.01 -43.40
HEBEI BAOSHUO -A 600155 96.92 -82.96
HEBEI JINNIU C-A 600722 235.37 -87.11
HUASU HOLDINGS-A 509 82.75 -17.69
HULUDAO ZINC-A 751 1,156.17 -23.29
HUNAN TIANYI-A 908 62.60 -2.60
JILIN PHARMACE-A 545 30.62 -6.29
JINCHENG PAPER-A 820 109.56 -102.63
QINGDAO YELLOW 600579 197.77 -67.23
SHANDONG DACHE-A 600882 202.38 -17.37
SHANDONG HELON-A 677 744.39 -185.49
SHANG BROAD-A 600608 42.10 -9.12
SHANXI GUANLU-A 831 293.26 -22.96
SHENZ CHINA BI-A 17 22.32 -267.45
SHENZ CHINA BI-B 200017 22.32 -267.45
SHENZ INTL ENT-A 56 269.35 -48.30
SHENZ INTL ENT-B 200056 269.35 -48.30
SHIJIAZHUANG D-A 958 198.77 -118.66
SICHUAN GOLDEN 600678 145.99 -95.15
TAIYUAN TIANLO-A 600234 66.34 -12.60
TIANJIN MARINE 600751 70.78 -89.40
TIANJIN MARINE-B 900938 70.78 -89.40
TIBET SUMMIT I-A 600338 83.03 -10.94
TOPSUN SCIENCE-A 600771 125.34 -111.50
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 104.94 -25.18
XIAMEN OVERSEA-A 600870 269.06 -133.94
XIAN HONGSHENG-A 600817 15.72 -276.16
XINJIANG CHALK-A 972 672.72 -24.08
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUYUE INTERNATI YYUE 102.82 -9.02
YUEYANG HENGLI-A 622 33.31 -25.77
ZHEJIANG GENUINE 156 47.53 -21.44
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.51 -47.88
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 31.27 -28.33
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 67.80 -28.72
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 195.46 -0.74
ARPENI PRATAMA APOL 431.45 -194.55
ASIA PACIFIC POLY 369.69 -833.16
JAKARTA KYOEI ST JKSW 30.22 -42.19
MATAHARI DEPT LPPF 254.86 -270.94
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.93 -21.52
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 11.11 -20.32
SUMALINDO LESTAR SULI 172.87 -10.96
TOKO GUNUNG AGUN TKGA 12.02 -1.03
UNITEX TBK UNTX 15.41 -19.99
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 17.08 -0.35
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA - RTS SPADVR 16.81 -13.07
SUN PHARMA ADV SPADV 16.81 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CEREBRIX CORP 2444 10.44 -2.32
GOYO FOODS INDUS 2230 14.77 -0.60
HIMAWARI HD 8738 283.82 -50.87
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 63.24 -2.65
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
ORIENT PREGEN IN 60910 19.33 -0.09
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.70 -7.41
SILVER BIRD GROU SBG 44.30 -30.68
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
NZF GROUP LTD NZF NZ Equity 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.62 -102.98
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 23.93 -0.12
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 16.02 -10.79
HL GLOBAL ENTERP HLGE 81.65 -3.82
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 80.04 -27.77
M LINK ASIA-FOR MLINK/F 80.04 -27.77
M LINK ASIA-NVDR MLINK-R 80.04 -27.77
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***