/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121227.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 Thursday, December 27, 2012, Vol. 15, No. 256 Headlines A U S T R A L I A GUNNS LTD: Receivers Say Sale Fund to Help Settle Some Debts C H I N A CHISEN ELECTRIC: Obtains RMB200 Million Loan From Chaowei Power CHINA PEDIATRIC: Incurs $3.6-Mil. Net Loss in Third Quarter CITIC TRUST: Misses Payment After Steelmaker Default Loan COUNTRY GARDEN: Moody's Changes Outlook on Ba3 Rating to Positive VELATEL GLOBAL: Secures $12 Million Funding From Ironridge H O N G K O N G ACCELLENT INSURANCE: Court to Hear Wind-Up Petition on Jan. 16 CHONG LUEN: Court to Hear Wind-Up Petition on Jan. 23 CHUN WAH: Court to Hear Wind-Up Petition on Feb. 6 COMPACT CONST: Creditors to Get HK$250,000 Recovery on Claims GOLDGOOD PROPERTIES: Creditors Get 1.0083% Recovery on Claims GOLDRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 6 GUARDIAN TRUST: Court to Hear Wind-Up Petition on Jan. 23 INARI INVESTMENT: Court to Hear Wind-Up Petition on Jan. 16 INTELLIGENT (HK): Court to Hear Wind-Up Petition on Feb. 20 LANDWIDE LIMITED: Creditors Get 100% Recovery on Claims NORMET INDUSTRIES: Court to Hear Wind-Up Petition on Jan. 16 SUCCESS HERO: Court to Hear Wind-Up Petition on Feb. 6 TAI YUEN: Court to Hear Wind-Up Petition on Jan. 9 TINSON INTERNATIONAL: Creditors to Get 1.6973% Recovery on Claims WINBO INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 6 I N D I A A B CHEM: CARE Assigns 'BB+' Rating to INR2.97cr LT Loans ACER GRANITO: CARE Reaffirms 'CARE BB' Rating to INR13.89cr Loan ADHUNIK NIRYAT: CARE Assigns 'CARE BB-' Rating to INR3cr Loan HOTEL ORBIT: CARE Assigns 'CARE BB' Rating to INR12.75cr Loan KANODIA ALLOY: CARE Assigns 'CARE BB' Rating to INR6cr LT Loan M.N. AGRO: CARE Rates INR7.12cr LT Loan at 'CARE BB' RADHAKISAN PULSES: CARE Reaffirms 'BB-' Rating on INR15cr Loan SITARAM MAHARAJ: CARE Assigns 'CARE B' Rating to INR57.66cr Loan I N D O N E S I A BERLIAN LAJU: Fitch Withdraws Junk Rating $400-Mil. Notes J A P A N ELPIDA MEMORY: Micron Wins Japan's FTC Nod on Purchase N E W Z E A L A N D ROSS ASSET: Liquidators Face Fresh Pitfalls Over Missing Funds ST LAURENCE: Receivers Set Final Payment to Investors in March S I N G A P O R E PLD GG5: Creditors' Proofs of Debt Due Jan. 19 PLD GG7: Creditors' Proofs of Debt Due Jan. 19 PLD GG8: Creditors' Proofs of Debt Due Jan. 19 PLD GG9: Creditors' Proofs of Debt Due Jan. 19 PLD NAMYANGJU: Creditors' Proofs of Debt Due Jan. 19 - - - - - ================= A U S T R A L I A ================= GUNNS LTD: Receivers Say Sale Fund to Help Settle Some Debts ------------------------------------------------------------ ABC News reports that the receivers of Gunns Ltd said money from the sale of major assets will help to settle some of its debts. ABC News relates that a Sydney-based company has purchased hardwood sawmills in Tasmania and South Australia from Gunns. According to the report, Gunns' receivers said the money from the sales will help to pay its secured creditors but numerous local unsecured creditors say there is no hope of them recovering what they are owed. About Gunns Limited Based in Launceston, Australia, Gunns Limited (ASX:GNS) -- http://www.gunns.com.au/-- was an hardwood and softwood forest products company. It operated within three segments: Forest products, Timber products and Other activities. Gunns has about 645 employees in Tasmania, Victoria, South Australia and Western Australia. On Sept. 25, 2012, the directors of Gunns Limited and its 35 entities, and the responsible entity of Gunns Plantations Limited appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB Advisory as Voluntary Administrators. KordaMentha has also been appointed Receivers and Managers. ========= C H I N A ========= CHISEN ELECTRIC: Obtains RMB200 Million Loan From Chaowei Power --------------------------------------------------------------- Chisen Electric Jiangsu Co., Ltd. -- a 98%-owned subsidiary of Zhejiang Chisen Electric Co., Ltd., a wholly-owned subsidiary of Fast More Limited, a wholly-owned subsidiary of Chisen Electric Corporation -- executed an entrusted loan agreement with Chaowei Power Holdings Limited and CITIC Trust Co., Ltd., pursuant to which the Lender will loan to Chisen Jiangsu RMB200 million at an interest rate of 8% per annum for a term of three years (until Dec. 16, 2015) for general working capital purposes. Interest is payable by the Borrower quarterly or upon early repayment of the loan. Borrower will repay not less than 25%, 50% and 75% of the outstanding principal under the loan on or before the expiration of the 27th, 30th and 33rd months from the Effective Date, with balance repayable in full upon expiration of the loan. After release of the first installment of the loan to the Borrower, the Borrower can, by advance written notice, repay all or part of the loan. Borrower and ZCEC will assume joint and several obligations regarding the repayment of the principal and interest of the loan. Upon receipt of interest or principal, the Lending Agent will pay the same amount to the Lender within two business days after deduction of an agreed fee to be charged by the Lending Agent. In addition to the joint and several repayment obligations assumed by the Borrower and ZCEC, the full repayment of the loan, the interest and the relevant expenses shall be secured by: (a) a pledge of 98% equity interest in the Borrower by ZCEC for a term commencing from the date of approval of that pledge by the competent governmental authority up to the expiration of the limitation period for action by the Lending Agent under the Loan Agreement and a joint payment agreement, (b) a pledge of 100% equity interest in ZCEC by Fast. About Chisen Electric Headquartered in Changxing, Zhejiang Province, The People's Republic of China, Chisen Electric Corporation produces and sells sealed lead-acid motive batteries, also known as valve regulated lead-acid motive batteries (VRLA batteries) in China's personal transportation device market. * * * As reported in the TCR on July 5, 2012, Mazars CPA Limited, in Hong Kong, expressed substantial doubt about Chisen Electric's ability to continue as a going concern, following the Company's results for the year ended March 31, 2012. The independent auditors noted that the Company had a negative working capital as of March 31, 2012, and incurred loss for the year then ended. The Company's balance sheet at Sept. 30, 2012, showed $229.8 million in total assets, $243.9 million in total liabilities, and stockholders' deficit of $14.1 million. CHINA PEDIATRIC: Incurs $3.6-Mil. Net Loss in Third Quarter ----------------------------------------------------------- China Pediatric Pharmaceuticals, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $3.6 million on $2.0 million of sales, net of rebates, for the three months ended Sept. 30, 2012, compared with a net loss of $4.5 million on $6.5 million of sales, net of rebates, for the same period last year. For the nine months ended Sept. 30, 2012, the Company reported a net loss of $5.8 million on $13.0 million of sales, net of rebates, as compared with a net loss of $731,814 on $19.9 million of sales, net of rebates, for the same period of 2011. The Company's balance sheet at Sept. 30, 2012, showed $16.5 million in total assets, $1.6 million in total liabilities, and stockholders' equity of $14.9 million. "As shown in the accompanying consolidated financial statements, the Company incurred a net loss of $3,580,461 and $4,509,657 for the three months ended Sept. 30, 2012, and 2011; incurred a net loss of $5,818,013 and $731,814 for the nine months ended Sept. 30, 2012, and 2011. Further, the Company had accumulated deficit of $3,200,599 as at Sept. 30, 2012. These create an uncertainty about the Company's ability to continue as a going concern. In this regard, the Company's Chairman has issued a letter of undertaking that he will provide financial support to the Company." A copy of the Form 10-Q is available at http://is.gd/nyxCMb Headquartered in Xi'an, Shaanxi Province, PRC, China Pediatric Pharmaceuticals, Inc., is engaged in the business of manufacturing and marketing of over-the-counter and prescription pharmaceutical products for the Chinese marketplace as treatment for a variety of disease and conditions. CITIC TRUST: Misses Payment After Steelmaker Default Loan --------------------------------------------------------- Bloomberg News reports that Citic Trust Co., a unit of China's biggest state-owned investment company, missed a bi-annual payment to investors in one of its products after a steel company missed interest payments on the underlying loan. Citic Trust said in a statement that a sustained fall in steel prices and losses sustained by Yichang Three Gorges Quantong Coated and Galvanized Plate Co. caused the company to miss CNY74.6 million ($12 million) in interest payments. As a result, Citic Trust won't be able to pay investors the latest installment of the trust product payment that was due Dec. 20, the trust company said. Trusts, which target people with at least CNY1 million to invest, have grown to account for more than a quarter of China's estimated $3.35 trillion in lending outside the banking system, according to an Oct. 16 UBS AG report obtained by Bloomberg. More loosely regulated than banks because they don't hold deposits, trusts have lured investors with promises of high returns, and invest in everything from metals to real estate, as well as make loans. Citic Trust said Yichang raised CNY1.33 billion in January 2012 via the trust product sold by Citic Trust and used the money to buy raw materials. The underlying loan now faces the risk of default, it said. Based in Beijing, China, CITIC Trust Co., Ltd., manages medium and long-term trust funds to provide infrastructure financing. The trust company is a subsidiary of state-owned investment company Citic Group Corp. COUNTRY GARDEN: Moody's Changes Outlook on Ba3 Rating to Positive ----------------------------------------------------------------- Moody's Investors Service has changed to positive from stable, the outlook for the corporate family and senior unsecured debt ratings of Country Garden Holdings Company Limited. Moody's has also affirmed both ratings. Ratings Rationale "The positive outlook reflects Country Garden's strong pre-sales performance in the past year. Moody's believes the company can sustain its sales momentum, given China's stabilizing property market in the next 12-18 months," says Lina Choi, a Moody's Vice President and Senior Analyst. Country Garden achieved its full year target of RMB43 billion as of December 4, 2012. The company's efficient turnover business model is particularly sensitive to favorable market conditions, which facilitate price stability and strong sales volume. "The change in outlook also reflects Country Garden's efficient business model, specifically, its turnover of inventory, which is one of the quickest amongst Ba-rated developers" adds Choi, who is also the Lead Analyst for Country Garden. As of June 30, 2012, the firm's ratio of inventory (including completed and work-in-progress) to recognized sales was at 1.4x on a last-12 months' basis, a level which is lower than the 1.5x -- 2.5x for its rated peers. "Moody's expects Country Garden to achieve solid sales in the next 12 months, which would continue to strengthen its liquidity and operating cash flow and result in a stronger credit profile when compared with its Ba3 peers," says Ms. Choi. Moody's also expects Country Garden's EBITDA/interest to be at 3.5x and its adjusted debt/total capitalization to be at 54%, over the next 12-18 months. The company's Ba3 rating continues to reflect its large size, good experience in suburban property development in China's Guangdong Province, and its strong sales execution. Its business model aims at developing affordable housing with value-added services in integrated townships to meet the needs of the growing middle-class, a segment of the market which supports long-term demand for property, and which in turn, supports Country Garden's business growth. The company's average selling price of around RMB6,150 for the first 11 months of 2012, and its focus on mass-market products enable it to achieve its sales targets. Country Garden's rating is also supported by its large and low- cost land bank, which offers pricing flexibility, and which is a significant advantage in a down market. This flexibility is seen in its consistent sales performance in good business years (2007, 2009-10) and in more difficult times (2008 and 2011). However, the current Ba3 rating is constrained by Country Garden's rapid growth model, moderately high debt leverage, and reliance on sales contributions from Guangdong Province. Nonetheless, the company's liquidity position is strong. Its cash balance of RMB13.7 billion as of June 30, 2012 covers sufficiently its short-term debt of RMB7.1 billion. Upward rating pressure could emerge if Country Garden achieves the following: (1) it meets its sales targets; (2) it maintains a prudent approach to acquiring land; (3) its profit margins are between 25% and 30%; and (4) its EBITDA/interest exceeds 4.0x. On the other hand, a change in the outlook to stable from positive could occur if Country Garden: (1) is unable to sustain its solid sales track record due to new regulations or adverse market conditions; (2) posts lower profit margins; or (3) adopts an aggressive land acquisition strategy, which in turn, has a negative effect on its liquidity and credit profile. The principal methodology used in rating Country Garden was the Global Homebuilding Industry Methodology published in March 2009. Country Garden Holdings Company Limited, founded in 1997 and listed on the Hong Kong Stock Exchange, is a leading Chinese integrated property developer. As of June 2012, it had a sizeable land bank of 54.8 million square meters in attributable gross floor area. It also owns and operates 29 hotels with a total of 8,882 rooms as of June 2012. The hotels are located mainly in China's Guangdong province, and support its development of townships. VELATEL GLOBAL: Secures $12 Million Funding From Ironridge ---------------------------------------------------------- VelaTel Global Communications, formerly known as China Tel Group Inc., has closed a $12 million stock purchase agreement with Ironridge Technology Co., an institutional investor in the telecommunications sector. Proceeds will be used to fund VelaTel's acquisition of China Motion Telecom (HK) Limited. Ironridge is initiating payment of $600,000 for the initial 10% down payment called for under VelaTel's agreement to acquire 100% of the equity interest of China Motion. VelaTel projects that the remaining proceeds of Ironridge's equity funding will be sufficient for VelaTel to: -- pay the remaining balance to acquire China Motion. -- complete deployment and launch of VelaTel's wireless broadband networks in Croatia and Montenegro. -- other strategic purposes on projects under development. The acquisition of China Motion furthers several of VelaTel's long term strategic goals: -- China Motion's access to wholesale voice and data services using the wireless network resources of incumbent carriers allows VelaTel to deploy its projects in mainland China at a fraction of the capital expenditures originally budgeted. -- China Motion's experience and personnel in sales and marketing, customer service and billing solutions provides a platform to serve VelaTel's wireless broadband networks worldwide. -- The acquisition creates tremendous synergies with VelaTel's Europe based subsidiary Zapna, which also focusses on long distance and roaming solutions that cater particularly to the frequent international traveler. "I am very impressed with the operational experience of China Motion," commented Ironridge managing director John Kirkland. "We are grateful for the opportunity to facilitate VelaTel's acquisition of the leading mobile virtual network operator in Hong Kong, and the synergies it can create for VelaTel in mainland China, South America and Europe." Under the Ironridge funding contract, VelaTel will sell Ironridge preferred shares valued at $10,000 per share, which are convertible into VelaTel's publicly traded Series A Common Stock at a fixed conversion price of $0.20 per share. Funding is subject to customary equity conditions and Ironridge is entitled to non-cumulative dividends and an embedded derivative liability upon early redemption or conversion as defined in the contract. VelaTel also agreed to file a customary registration statement to allow resale of the shares upon conversion. "We are very grateful to Ironridge for the continued support they have shown VelaTel," stated VelaTel's President Colin Tay. "Ironridge recently completed payment of more than $1.3 million to our most important vendors under their liability for equity (LIFE) program. They have now broadened their support by not only increasing the size of their investment, but structuring it in a manner that allows us flexibility to use the proceeds wherever they are needed most. We also appreciate the efforts of Mr. Luo Hongye, our lead partner in China as CEO of our VN Tech division and a co-founder of ZTE Corporation. Mr. Luo, as a leader in the telecom and green energy fields in China, was instrumental in bringing VelaTel and Ironridge together in this transaction." Additional information about the transaction is available at: http://is.gd/b5aBpk 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 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 Sept. 30, 2012, showed $21.55 million in total assets, $26.54 million in total liabilities and a $4.99 million total stockholders' deficiency. ================ H O N G K O N G ================ ACCELLENT INSURANCE: Court to Hear Wind-Up Petition on Jan. 16 -------------------------------------------------------------- A petition to wind up the operations of Accellent Insurance Brokers Limited will be heard before the High Court of Hong Kong on Jan. 16, 2013, at 9:30 a.m. Zurich International Life Limited filed the petition against the company. The Petitioner's Solicitors are: Fairbairn Catley Low & Kong 23rd Floor, Shui On Centre Nos. 6-8 Harbour Road Hong Kong CHONG LUEN: Court to Hear Wind-Up Petition on Jan. 23 ----------------------------------------------------- A petition to wind up the operations of Chong Luen Hing Garments Limited will be heard before the High Court of Hong Kong on Jan. 23, 2013, at 9:30 a.m. The Petitioner's Solicitors are: Michael Cheuk, Wong & Kee Rooms 407-410, 4th Floor Tower Two, Lippo Centre No. 89 Queensway, Hong Kong CHUN WAH: Court to Hear Wind-Up Petition on Feb. 6 -------------------------------------------------- A petition to wind up the operations of Chun Wah (Asia) Limited will be heard before the High Court of Hong Kong on Feb. 6, 2013, at 9:30 a.m. Hang Seng Bank (China) Limited filed the petition against the company. The Petitioner's Solicitors are: Messrs. Li, Kwok & Law Room 403, 4th Floor Wing On House 71 Des Voeux Road Central, Hong Kong COMPACT CONST: Creditors to Get HK$250,000 Recovery on Claims ------------------------------------------------------------- Compact Construction Engineering Company Limited, which is in liquidation, will today, Dec. 27, 2012, declare the first and final dividend to its creditors. The company will pay HK$250,000 for ordinary claims. The company's liquidator is: Leung King Wai William 11th Floor, Beautiful Group Tower 77 Connaught Road Central, Hong Kong GOLDGOOD PROPERTIES: Creditors Get 1.0083% Recovery on Claims ------------------------------------------------------------- Goldgood Properties Limited, which is in creditors' voluntary liquidation, will declare the final dividend to its creditors on Dec. 28, 2012. The company will pay 1.0083% for ordinary claims. The company's liquidators are: Cosimo Borrelli G Jacqueline Fangonil Walsh Level 17, Tower 1 Admiralty Centre 18 Harcourt Road, Hong Kong GOLDRITE LIMITED: Court to Hear Wind-Up Petition on Feb. 6 ---------------------------------------------------------- A petition to wind up the operations of Goldrite Limited will be heard before the High Court of Hong Kong on Feb. 6, 2013, at 9:30 a.m. The Petitioner's Solicitors are: Wong Yuen Chi & Co 14th Floor, Wings Building 110-116 Queen's Road Central, Hong Kong GUARDIAN TRUST: Court to Hear Wind-Up Petition on Jan. 23 --------------------------------------------------------- A petition to wind up the operations of Guardian Trust Company (Asia) Limited will be heard before the High Court of Hong Kong on Jan. 23, 2013, at 9:30 a.m. The Government Counsel is: Manda Cheng Department of Justice Rm. 2401, 24/F Tower 1, Admiralty Centre 18 Harcourt Road, Queensway Hong Kong INARI INVESTMENT: Court to Hear Wind-Up Petition on Jan. 16 ----------------------------------------------------------- A petition to wind up the operations of Inari Investment Co., Limited will be heard before the High Court of Hong Kong on Jan. 16, 2013, at 9:30 a.m. Woo Yan Fat filed the petition against the company. The Petitioner's Solicitors are: Rebecca V.I. Ho & Co Unit 1203, 12th Floor Bonham Trade Centre 50-54 Bonham Strand Sheung Wan INTELLIGENT (HK): Court to Hear Wind-Up Petition on Feb. 20 ----------------------------------------------------------- A petition to wind up the operations of Intelligent (Hong Kong) Electronics Limited will be heard before the High Court of Hong Kong on Feb. 20, 2013, at 9:30 a.m. Chu Yik Kan filed the petition against the company. The Petitioner's Solicitors are: P.C. Woo & Co 12/F, Prince's Building No. 10 Chater Road Central, Hong Kong LANDWIDE LIMITED: Creditors Get 100% Recovery on Claims ------------------------------------------------------- Landwide Limited, which is in creditors' voluntary liquidation, declared dividend to its creditors on Dec. 21, 2012. The company paid 100% for preferential claims. The company's liquidator is: Osman Mohammed Arab 29/F, Caroline Centre Lee Gardens Two 28 Yun Ping Road Hong Kong NORMET INDUSTRIES: Court to Hear Wind-Up Petition on Jan. 16 ------------------------------------------------------------ A petition to wind up the operations of Normet Industries Limited will be heard before the High Court of Hong Kong on Jan. 16, 2013, at 9:30 a.m. Westford Trade Services Limited filed the petition against the company. The Petitioner's Solicitors are: Hart Giles 1401 China Insurance Group Building 141 Des Voeux Road Central, Hong Kong SUCCESS HERO: Court to Hear Wind-Up Petition on Feb. 6 ------------------------------------------------------ A petition to wind up the operations of Success Hero Investments Limited will be heard before the High Court of Hong Kong on Feb. 6, 2013, at 9:30 a.m. Chu Chi Mei filed the petition against the company. TAI YUEN: Court to Hear Wind-Up Petition on Jan. 9 -------------------------------------------------- A petition to wind up the operations of Tai Yuen Riding Centre Company Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. Tsang Chiu Hung Victor filed the petition against the company. The Petitioner's Solicitors are: Gary Lau & Partners Unit 701, 7th Floor Golden Centre 188 Des Voeux Road Central, Hong Kong TINSON INTERNATIONAL: Creditors to Get 1.6973% Recovery on Claims ----------------------------------------------------------------- Tinson International Limited, which is in creditors' voluntary liquidation, will declare the final dividend to its creditors on Dec. 28, 2012. The company will pay 1.6973% for ordinary claims. The company's liquidators are: Cosimo Borrelli G Jacqueline Fangonil Walsh Level 17, Tower 1 Admiralty Centre 18 Harcourt Road, Hong Kong WINBO INDUSTRIES: Court to Hear Wind-Up Petition on Feb. 6 ---------------------------------------------------------- A petition to wind up the operations of Winbo Industries (H.K.) Limited will be heard before the High Court of Hong Kong on Feb. 6, 2013, at 9:30 a.m. The Petitioner's Solicitors are: Wong Yuen Chi & Co 14th Floor, Wings Building 110-116 Queen's Road Central, Hong Kong ========= I N D I A ========= A B CHEM: CARE Assigns 'BB+' Rating to INR2.97cr LT Loans --------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of A B Chem India. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.97 CARE BB+ Assigned Short-term Bank Facilities 30.00 CARE A4+ Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of A B CHEM INDIA are primarily constrained by low capacity utilization of its manufacturing business along with declining PBIDT margins and susceptibility to foreign currency fluctuations. The ratings are further constrained due to vulnerability of sales to agro- climatic conditions and by its presence in a highly fragmented and competitive insecticide and pesticide industry. The above constraints are partially offset by the strengths derived from experienced promoters of ABCI, diversified revenue streams, moderate financial risk profile and fiscal benefits available to it by virtue of its location of manufacturing facility in a tax- free zone. Going forward, the firm's ability to increase its scale of operation while maintaining its profitability margins and manage foreign currency fluctuations in its trading business are the key rating sensitivities. ABCI was incorporated as a partnership firm in 2007. The current partners are Mr. Bishnu Kumar, Mr. Deepak Goyal, Mrs Renu Jindal and Mr. Umang Jindal (nephew of Mr. Deepak Goyal) having a profit share of 20%, 20%, 40% and 20%, respectively. The firm is engaged in the manufacturing of pesticides, insecticides and crop saving material and has its manufacturing facilities in Sambha, Jammu. In addition, ABCI is also engaged in high seas trading whereby it imports crude palm oil (CPO) from Singapore and sells to domestic oil refining companies. ABCI directly sells pesticides to institutional customers and to dealers. The sales to dealership is affected through the marketing network of its group company, G H Crop Science Private Limited (GHCS), which has pesticides dealership network of over 200 dealers, in northern Indian states of Punjab, Haryana, Uttar Pradesh, and Uttarakhand. The partners of ABCI have other business interests in solvent extraction, cattle feed, real estate, etc. ACER GRANITO: CARE Reaffirms 'CARE BB' Rating to INR13.89cr Loan ---------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Acer Granito Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 13.89 CARE BB Reaffirmed Long-term/Short-term Bank 2.65 CARE BB/CARE A4 Facilities Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Acer Granito Private Limited continue to remain constrained on account of its modest financial risk profile marked by thin profitability margins, leveraged capital structure and moderately stressed liquidity position. The ratings further continue to remain constrained on account of volatile raw material and fuel (Liquefied Natural Gas) prices and its presence in the highly competitive tile industry which is characterized by low entry barriers. The above constraints are partially offset by benefits derived from the vast experience of the promoters in the ceramic industry and its medium-term revenue visibility by the way of sales offtake agreement with a leading tile manufacturer. Improvement in the overall financial risk profile with better profitability, rationalization of debt levels and the ability to increase its market presence in light of increasing competition in the sector are the key rating sensitivities. Incorporated in April 2008, AGPL is promoted by two promoter directors, namely, Mr. Dinesh A. Patel and Mr. Ashvin R. Savsani having vast experience in ceramic glazed tiles and vitrified tiles manufacturing business through their various group concerns. AGPL's manufacturing facility is located in the ceramic hub of Morbi in Gujarat and has an installed capacity of 2,200,000 square meters per annum (smpa). AGPL sells its products under the brand name "Acer". As against a net profit of INR0.38 crore on a total operating income of INR48.38 crore in FY11 (refers to the period April 1 to March 31), AGPL reported a net profit of INR0.49 crore on a total operating income of INR47.37 crore during FY12. During H1FY13 AGPL generated revenue of INR21.69 crore. ADHUNIK NIRYAT: CARE Assigns 'CARE BB-' Rating to INR3cr Loan ------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Adhunik Niryat Ispat Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.00 CARE BB- Assigned Short-term Bank Facilities 14.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Adhunik Niryat Ispat Ltd. are primarily constrained by its fluctuating total operating income coupled with thin profitability margins. The ratings are further constrained by susceptibility of its margins to foreign exchange fluctuation risk and fortunes linked to power and power equipment industry. The ratings, however, take comfort from the experience of the promoters of ANIL and moderate capital structure and operating cycle. Going forward, the ability of ANIL to increase its scale of operations while improving its profitability margins in light of foreign currency fluctuation risk shall be key rating sensitivity. Adhunik Niryat Ispat Ltd was incorporated in 1996 as a public limited company (closely held) and is promoted by Mr. Rakesh Singhal, Mr. Mukesh Singhal, and Mr. Pramod Gupta. The company is engaged in the trading of Cold Rolled Grain Oriented (CRGO) electrical steel strips and Cold Rolled Non-Grain Oriented (CRNO) electrical steel strips. CRGO has its application in the manufacturing of transformers and CRNO has its application in manufacturing of electric motors, generators or any rotating equipment, etc. The company imports of CRGO and CRNO from Russia, Japan, Europe and USA and sells them in domestic market (covering mainly North India) through its own network and also through consignment agents. The company sells CRGO strips to transformer manufacturing companies in Haryana, Uttarakhand, Uttar Pradesh, Delhi and Rajasthan who primarily sell their end product (transformers) to State Distribution Utilities. For FY12 (refers to the period April 1 to March 31), ANIL achieved total operating income of INR62.90 crore with PBILDT and PAT of INR1.19 crore and INR0.19 crore, respectively. HOTEL ORBIT: CARE Assigns 'CARE BB' Rating to INR12.75cr Loan ------------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Hotel Orbit. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 12.75 CARE BB Assigned Rating Rationale The rating for Hotel Orbit is constrained by its initial stage and small scale of operation, competition from other hotels and constitution of the entity being a proprietorship firm. However, the rating derives strength from experience of the proprietor in hotel industry and favorable location of the hotel. Going forward, the ability of Hotel Orbit's to achieve the projected Average room revenue (ARR) and occupancy would remain the key rating sensitivities. Hotel Orbit is a proprietorship firm with Mr. Hira Lal Mahajan as proprietor of the firm. During Q4FY12 (refers to the period April 1 to March 31), the firm had set-up a 36 rooms hotel with conference hall and restaurant at Industrial Area, Chandigarh. The firm has commenced commercial operations at the hotel property from January 1, 2012 onwards. The total project cost for the hotel was INR19 crore funded through debt of INR12.75 crore and remaining through proprietor's capital and unsecured loans. During the first three months of operations during FY12, Hotel Orbit reported a total operating income of INR0.6 crore and net profit of INR0.2 crore. KANODIA ALLOY: CARE Assigns 'CARE BB' Rating to INR6cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Kanodia Alloy Steel Corporation. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6 CARE BB Assigned The rating assigned by CARE is based on capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or infusion of fund in the form of unsecured loans brought in by the partners in addition to the financial performance and other business-related factors. Rating Rationale The rating assigned to the bank facilities of Kanodia Alloy Steel Corporation is constrained by its low profitability inherent to trading business, dependence on Rashtriya Ispat Nigam Ltd as major supplier, highly competitive & fragmented industry and cyclicality of steel industry. Constitution of KASC as a partnership firm with inherent risk of withdrawal of capital further constrains the rating. The rating, however, is underpinned by the experience of the promoters in the Iron and Steel industry, increased scale of operation in the last three years, moderate capital structure and competitive advantage in by virtue of being an authorized dealer of RINL. The ability of the firm to improve its profitability and capital structure is the key rating sensitivity. KASC was formed as a partnership firm in April 1993 by Mr. Shiv Ratan Kanodia, Mr. Manoj Kumar Kanodia and Mr. Raj kumar Kanodia. Mr. Raj Kumar retired from the firm and the partnership was reconstituted with Mrs Sarita Kanodia as a partner on April 1, 2002. The firm, based in Bangalore, Karnataka, is engaged in the wholesale and retail trading of iron and steel products like mild carbon, alloy and stainless steel in different grades, shapes and sizes like steel rounds, squares, wire rods, TMT bars, angles, channels, beams, blooms, billets, etc. These products are being used mostly in automobile, textiles, construction and engineering industries. The firm is an authorized dealer of Rashtriya Ispat Nigam Limited since 1995 and the Dealership Agreement is renewable annually. During FY12 (refers to the period April 1 to March 31), KASC reported a total operating income of INR68.65 crore (FY11- INR58.93 crore) and PAT of INR0.46 crore (FY11- INR0.34 crore). M.N. AGRO: CARE Rates INR7.12cr LT Loan at 'CARE BB' ---------------------------------------------------- CARE assigned "CARE BB" rating to the bank facilities of M.N. Agro Industries. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.12 CARE BB Assigned The rating assigned by CARE is based on capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or infusion of fund in the form of unsecured loans brought in by the partners in addition to the financial performance and other business-related factors. Rating Rationale The rating assigned to the bank facilities of M.N. Agro Industries is constrained by its modest scale of operations in a highly fragmented and competitive industry, seasonal availability of paddy resulting in working capital intensive nature of the business and project implementation risk. The rating is further constrained by impact of changes in the government regulations in terms of Minimum Support Price (MSP) for raw material and constitution of the entity as a partnership concern. The rating, however, derives strength from the experience of the partners in the industry, presence in major paddy cultivation area resulting in easy access to raw material, diversified client base, growth in the total operating income and moderate capital structure of the firm. The ability of the firm to timely complete its ongoing project without any time and cost overrun and to stabilize its operations while managing volatility associated with the prices is the key rating sensitivity. M.N. Agro Industries started in 2001 as a proprietorship concern by Mr. K. Mohammed Nasrulla, who has 40 years of experience in the rice milling industry. Later in 2011, MNAI was converted into a partnership firm with Mr. K.Mohammed Nasrulla, Mr. N.Mohammed Naeemulla, and Mrs Nazia Noor as partners. The firm is engaged in milling and processing of rice at its rice milling unit located at Gargeshwari, Mysore Dist, Karnataka with an installed capacity of 65Tons Per Day (TPD) during FY12 (refers to the period April 1 to March 31). The product (Rice) is sold in the markets directly to dealers/retailers and also through agents under the brand namely Bison and Kiwi. During FY12 (refers to the period April 1 to March 31), MNAI reported a total operating income of INR52.78 crore (FY11- INR42.62 crore) and a PAT of INR1.26 crore (FY11- INR0.84 crore). RADHAKISAN PULSES: CARE Reaffirms 'BB-' Rating on INR15cr Loan -------------------------------------------------------------- CARE reaffirms 'CARE BB-' rating assigned to the bank facilities of Radhakisan Pulses. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15 CARE BB- Reaffirmed The rating assigned by CARE is based on the capital deployed by the proprietor and the financial strength of the entity at present. The rating may undergo change in case of withdrawal of capital or the unsecured loans brought in by the proprietor in addition to the financial performance and other relevant factors. Rating Rationale The rating continues to be primarily constrained by the modest scale of operation of Radhakisan Pulses along with its financial risk profile marked by low profitability and leveraged capital structure. Furthermore, the rating continues to factor in the proprietorship constitution of the entity and presence in a highly competitive & fragmented agro-processing industry which is exposed to commodity price fluctuation risk. The rating, however, continues to be underpinned by the benefit derived from experienced promoters, established relationship with customer & suppliers and steady growth in operations over the years. The ability of RP to improve the overall financial risk profile and managing working capital cycle efficiently are the key rating sensitivities. Radhakisan Pulses is a proprietorship firm established in 1997 by Mr. Vishal Mundhadha for trading and processing of Arhar (toor) dal and its quality-based variants like Toor tukadi, Toor chunni and Toor mukni (low-quality Toor). RP's main business is processing of Toor dal with trading business contributing to only 0.5% to the total sales [as per provisional FY12 (refers to the period from April 1 - March 31)]. RP has a sister concern by the name of Janak Ginning and Pressing [proprietorship firm of Mr. Bharat Mundhadha (younger brother of Mr. Vishal Mundhadha)] having a turnover of INR20 crore with PAT of INR0.15 crore in FY12. RP has three processing units (one owned and two leased from family-owned firms) located at Malkapur, Buldhana and each of these units has a De-husking machine and a Sortex machine. During the process of cleaning, splitting, polishing and sorting, various quality-based variants i.e. Toor chunni, Toor Mukni and Toor Tukdi are obtained as by-products. RP's raw material procurement is mainly domestic with nearly 1.5% imports from Singapore, during FY12. In the domestic market, the firm procures from the 'Mandis' of Buldhana, Jalna and Mumbai through large number of brokers. The firm's sales are entirely domestic through the agents located in Maharashtra, Madhya Pradesh, Chennai and Gujarat. SITARAM MAHARAJ: CARE Assigns 'CARE B' Rating to INR57.66cr Loan ---------------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Sitaram Maharaj Sakhar Karkhana (Khardi) Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 57.66 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of Sitaram Maharaj Sakhar Karkhana (Khardi) Ltd is constrained by delayed commencement of commercial operations of the sugar plant despite successful erection of the same, relatively small scale of operations, non-achievement of financial closure for working capital facilities, reduced sugarcane acreage in Maharashtra region leading to scarcity of sugarcane for crushing and weak financial risk profile. The rating also factors in the cyclicality and agro-climatic risks associated with the sugar industry along with the highly regulated nature of the industry. The rating, however, derives strength from the track record of the promoter in the sugar industry, experienced & qualified management and favorable location of the plant. The ability of SMSKL to operate the sugar and co-generation plant efficiently, procurement of cane at the envisaged prices and maintaining profitability are the key rating sensitivities. Sitaram Maharaj Sakhar Karkhan (khardi) Ltd was incorporated by Mr. Baban Sonawale under the guidance of Mr. Kalyanrao Kale on May 24, 1999 to undertake manufacturing of sugar and sugar- related activities at Khardi village in Pandhrapur Taluka. However, the company did not undertake any business activity till October 2010 due to lack of funds and regulatory approvals. Post fund tie-ups and receiving all necessary approvals, in the year 2010, the promoters started setting up a partially integrated sugar manufacturing facility with an installed capacity of 2,500 TCD (Tonnes crushed per day) and bagasse-based cogeneration plant with an installed capacity of 10 MW. Post captive consumption, the surplus power will be sold to Maharashtra State Electricity Distribution Co. Ltd. The company has entered into a Power Purchase Agreement (PPA) with MSEDCL for the sale of electricity. The partially integrated cane processing plant has been setup with a project cost of INR81.80 crore funded in the debt to equity ratio of 2.39:1. Erection of the sugar plant completed on October 30, 2012, and subsequent trial runs of the manufacturing facilities carried out. However, the commissioning of the sugar plant delayed on account of ongoing dispute of sugarcane pricing and subsequent delay in procurement of sugarcane. ================= I N D O N E S I A ================= BERLIAN LAJU: Fitch Withdraws Junk Rating $400-Mil. Notes --------------------------------------------------------- Fitch Ratings has withdrawn Indonesia-based shipping company PT Berlian Laju Tanker Tbk's Long-Term Foreign and Local Currency Issuer Default Ratings of 'RD' respectively. The 'C' rating on its USD400m notes due 2014 has also been withdrawn. Fitch has withdrawn the ratings due to insufficient information, particularly with BLT's current debt restructuring process. Fitch will no longer provide ratings or analytical coverage of this issuer. ========= J A P A N ========= ELPIDA MEMORY: Micron Wins Japan's FTC Nod on Purchase ------------------------------------------------------ RTTNews.com reports that Micron Technology, Inc. said Friday that the Japan Fair Trade Commission has cleared Micron's previously announced acquisition of Elpida Memory, Inc. Clearance under Japan's Act on Prohibition of Private Monopolization and Maintenance of Fair Trade (Act No. 54 of April 14, 1947) satisfies one of the conditions necessary for consummation of the deal, the report says. RTTNews.com relates that the deal has already cleared premerger review in the United States, Czech Republic and Korea. According to the report, the closing of the deal remains subject to other conditions -- including approval by Elpida creditors, the Tokyo District Court and regulatory approvals in other countries -- and is expected to be completed in the first half of calendar 2013. RTTNews.com notes that Elpida's proposed reorganization plan was submitted to the Tokyo District Court on Aug. 21, 2012, and the Tokyo District Court's approved the submission of Elpida's proposed reorganization plan to creditors on Oct. 31, 2012. In July, the report recalls, Micron agreed to buy and support Elpida for a total consideration of JPY200 billion or US$2.5 billion. About Elpida Memory Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a Japan-based company principally engaged in the development, design, manufacture and sale of semiconductor products, with a focus on dynamic random access memory (DRAM) silicon chips. The main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile RAM and XDR DRAM, among others. The Company distributes its products to both domestic and overseas markets, including the United States, Europe, Singapore, Taiwan, Hong Kong and others. The company has eight subsidiaries and two associated companies. After semiconductor prices plunged, Japan's largest maker of DRAM chips filed for bankruptcy in February with liabilities of 448 billion yen ($5.6 billion) after losing money for five quarters. Elpida Memory and its subsidiary, Akita Elpida Memory, Inc., filed for corporate reorganization proceedings in Tokyo District Court on Feb. 27, 2012. The Tokyo District Court immediately rendered a temporary restraining order to restrain creditors from demanding repayment of debt or exercising their rights with respect to the company's assets absent prior court order. Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo Court as Supervisor and Examiner in the case. Elpida Memory Inc. sought the U.S. bankruptcy court's recognition of its reorganization proceedings currently pending in Tokyo District Court, Eight Civil Division. Yuko Sakamoto, as foreign representative, filed a Chapter 15 petition (Bankr. D. Del. Case No. 12-10947) for Elpida on March 19, 2012. ==================== N E W Z E A L A N D ==================== ROSS ASSET: Liquidators Face Fresh Pitfalls Over Missing Funds -------------------------------------------------------------- BusinessDesk reports that PricewaterhouseCoopers' John Fisk and David Bridgman have found another pitfall as they try to untangle the mess surrounding Ross Asset Management which may make it more difficult to try and recovery the missing investor funds. The High Court in Wellington appointed Messrs. Fisk and Bridgman as liquidators of Ross Asset Management last week and the pair have found that about 40% of all stocks identified are held in an individual client's name, according to their first report obtained by BusinessDesk. That means that any recovery from those specific assets may not be available to the wider pool of investors, BusinessDesk says. "We are working with the advisors and respective investors concerned to determine entitlements to these investments with the assistances of our legal counsel," BusinessDesk quotes the liquidators as saying. According to BusinessDesk, the duo was initially installed as receivers and managers of the operation that Mr. Fisk has previously described as having the hallmarks of a Ponzi scheme. Some 1,720 investor accounts show investments totalling NZ$449.6 million, though the liquidators have only been able to identify NZ$10.5 million of assets, the report notes. "The records of the Ross Group are not of sufficient standard to immediately and accurately identify all assets and accordingly the schedule of such assets continues to change as the identification process continues and new assets are located and accurate information is obtained," the PwC report said. BusinessDesk relates that Messrs. Fisk and Bridgman said they have been approached by a number of investors with queries about the impact of the receiverships on their tax situation, and they expect to have an update next year. The liquidators back setting up a committee of Ross group creditors to represent those people owed by the fund manager, and are holding a vote to select up to seven members to join the group to represent those interests. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers partners John Fisk and David Bridgman as Receivers and Managers to Ross Asset Management Limited and nine other associated entities following application by the Financial Markets Authority. The associated entities are: * Bevis Marks Corporation Limited; * Dagger Nominees Limited; * McIntosh Asset Management Limited; * Mercury Asset Management Limited; * Ross Investment Management Limited; * Ross Unit Trusts Management Limited; * United Asset Management Limited; * Chapman Ross Trust; * Woburn Ross Trust; * Ace Investments Limited or Ace Investment Trust Limited or Ace Investment Trust; * Vivian Investments Limited; and * Ross Units Trusts Limited. The Receivers and Managers have also been appointed to Wellington investment adviser David Robert Gilmore Ross personally. Mr. Fisk said they have identified investments of nearly NZ$450 million held on behalf of more than 900 investors across 1,720 individual accounts. The High Court in mid-December ordered John Fisk and David Bridgman be appointed liquidators of these companies: -- Ross Asset Management Limited (In Receivership); -- Bevis Marks Corporation Limited (In Receivership); -- McIntosh Asset Management Limited (In Receivership); and -- Mercury Asset Management Limited (In Receivership). ST LAURENCE: Receivers Set Final Payment to Investors in March -------------------------------------------------------------- Paul McBeth at BusinessDesk reports that the receivership of St Laurence Limited will probably wrap up with the last repayment to investors in March next year though nothing will have emerged from former boss Kevin Podmore's bankruptcy and his $20 million personal guarantee. BusinessDesk says receivers Barry Jordan and David Vance of Deloitte are working to dispose of the firm's last loan over a recycling operation in New South Wales, though they didn't get anything substantial from the guarantee made by Mr. Podmore and backed by three of his companies, according to their latest report. "While we have made some minor recoveries from one liquidation, we have not factored into our realisation estimate any recovery from Mr Podmore's bankruptcy," the receivers' report, as cited by BusinessDesk, said. According to BusinessDesk, Messrs. Jordan and Vance expect to pay 2c in the dollar to investors in March next year in a final distribution to some 9,431 debenture holders who put NZ$212 million into the lender. That distribution will take the total repayments to about 16c in the dollar since the receivership in 2008, on top of the 10c investors managed to get from St Laurence's abandoned moratorium, BusinessDesk relates. That's the lower end of the 15-22c range they had originally expected and means there won't be any distribution for some NZ$43 million of accrued interest or any amounts available for unsecured creditors including the capital note holders, according to BusinessDesk. About St Laurence Ltd Headquartered in Wellington, New Zealand, St Laurence Limited -- http://www.stlaurence.co.nz/st_laurence.php-- is a property- based funds management and finance company with over NZ$1.2 billion in assets under management. Since 1995, it has been developing and promoting investments, lending to property borrowers, and managing its property assets and investments for its investors. * * * On April 29, 2010, St. Laurence Limited was placed into receivership, owing 9,000 investors NZ$245 million. The company's trustee, Perpetual Trust appointed Barry Jordan and David Vance of Deloitte as receivers of St. Laurence and some of its subsidiaries. The receivership does not include the companies which are the managers of The National Property Trust, Irongate Property Limited and its proportionate ownership schemes and syndicates. ================= S I N G A P O R E ================= PLD GG5: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------- Creditors of PLD GG5 Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 PLD GG7: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------- Creditors of PLD GG7 Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 PLD GG8: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------- Creditors of PLD GG8 Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 PLD GG9: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------- Creditors of PLD GG9 Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 PLD NAMYANGJU: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------------- Creditors of PLD Namyangju Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 ********* 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 ***