/raid1/www/Hosts/bankrupt/TCRAP_Public/130104.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, January 4, 2013, Vol. 16, No. 3
Headlines
A U S T R A L I A
MULSANNE RESOURCES: Liquidators Seek Probe Vs. Tinkler, Directors
C H I N A
COUNTRY GARDEN: S&P Rates 'BB-' ICR on Senior Unsecured Notes
KAISA GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
KAISA GROUP: S&P Gives 'B+' Long-Term Issuer Credit Rating
WINSWAY COKING: Moody's Cuts 'B2' CFR; Outlook Negative
H O N G K O N G
ELITE CHAIN: Members' Final Meeting Set for Jan. 22
FIRST VIEW: Commences Wind-Up Proceedings
GLOBAL CONTAINER: Members' Final Meeting Set for Jan. 22
GOOD MERIT: Commences Wind-Up Proceedings
HAECO ATE: Members' Final Meeting Set for Jan. 22
HAYDEN LAKE: Creditors' Proofs of Debt Due Jan. 11
HENISON LIMITED: Creditors' Proofs of Debt Due Jan. 21
HK INTERNATIONAL: Members' Final Meeting Set for Jan. 22
HSIN CHONG: Members' Final General Meeting Set for Jan. 25
INNOVATIONS LIMITED: Members' Final Meeting Set for Jan. 25
JC NO. 1: Philip Brendan Gilligan Steps Down as Liquidator
JET UNIVERSE: Members' Final Meeting Set for Jan. 30
JOYFUL FALCON: Contributories' Final Meeting Set for Jan. 23
JUNGHANS ASIA: Annual Meetings Set for Jan. 9
KAI-YIN LO: Annual Meetings Set for Jan. 9
KAM FUNG: Creditors' Proofs of Debt Due Jan. 31
KIND TREND: Members' Final Meeting Set for Jan. 22
KING LIFE: Commences Wind-Up Proceedings
LIFE IN: Creditors' Proofs of Debt Due Jan. 18
LECO WATCH: Chan Yui Hang Appointed as Liquidator
LOVE.CHARITY FOUNDATION: Man Yun Wah Steps Down as Liquidator
PIONEER VENTURES: Annual Meetings Set for Jan. 9
TIME SUCCESS: Annual Meetings Set for Jan. 9
WORLD ENTERPRISES: Creditors' Proofs of Debt Due Jan. 7
I N D I A
CITY CAT: CARE Reaffirms 'CARE BB+' Rating on INR8cr LT Loan
FARADAY ELECTRICALS: CARE Reaffirms 'BB+' Rating on INR3cr Loan
KINGFISHER AIRLINES: Must Be Revived for Workers, Singh Says
KINGFISHER AIRLINES: Etihad Likely to Decide on Deal in 10 Days
LIPI BOILERS: CARE Rates INR4cr LT Loan at 'CARE BB'
MEDISOL LIFESCIENCE: CARE Rates INR10.34cr Loans at 'CARE D'
NAVJEEVAN HATCHERIES: CARE Rates INR11.7cr LT Loan at 'CARE BB'
NV DISTILLERIES: CARE Rates INR108.42cr LT Loan at 'CARE C'
RLJ CONCAST: CARE Assigns 'CARE C' Rating to INR8.59cr LT Loan
SATYAM COMPUTER: Ex-Directors Win Dismissal of U.S. Fraud Lawsuit
SCL INFRATECH: CARE Reaffirms 'D' Rating on INR31cr LT Loan
SEA BLUE: CARE Assigns 'CARE BB-' Rating to INR5.5cr LT Loan
SWATHY SMART: CARE Rates INR36cr LT Loan at 'CARE BB'
TRANSLINE TECHNOLOGIES: CARE Rates INR10cr LT Loan at 'CARE BB+'
VARDAAN EXPORTS: CARE Assigns 'CARE B+' Rating to INR1.17cr Loan
I N D O N E S I A
BUMI RESOURCES: Swings to $632 Million Loss on Derivative Trades
N E W Z E A L A N D
PITANGO INNOVATIVE: In Receivership, 25 Jobs at Risk
P H I L I P P I N E S
RB TAGAYTAY: PDIC to Continue Processing Depositors' Claims
X X X X X X X X
* Fitch 2013 Outlook for APAC Econ. Teleconferences Set for Jan 8
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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MULSANNE RESOURCES: Liquidators Seek Probe Vs. Tinkler, Directors
-----------------------------------------------------------------
Paddy Manning at The Sydney Morning Herald reports that
liquidators of Nathan Tinkler's Mulsanne Resources have applied
to examine the former billionnaire and three associates in the
New South Wales Supreme Court.
According to SMH, junior coal explorer Blackwood Corporation,
which last November succeeded in appointing liquidators Ferrier
Hodgson to wind up Mulsanne over a AUD28.4 million debt, told the
stock exchange Jan. 2 that it had applied to the Supreme Court to
issue public examination summonses on Mr. Tinkler, fellow
directors Troy Palmer and Matthew Keen and former company
secretary Aimee Hyde. The application was filed on Dec. 31, 2012.
The report recalls that Mulsanne agreed last July to take up
95 million shares in a Blackwood placement at 30 cents a share --
then a 50% premium to the prevailing share price -- to fund
Blackwood's exploration campaign. The share placement would have
given Mr. Tinkler a 34% stake in Blackwood. But Blackwood shares
slumped last year and the company's shares last traded at
12 cents.
SMH relates that Mulsanne did not go ahead with the placement and
Blackwood applied for the company to be wound up. According to
the report, Ferrier Hodgson's report on the affairs of Mulsanne,
which has been filed with the corporate regulator, shows the
shelf company has no assets and concludes further investigation
is required including into the possibility of insolvent trading.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, smh.com.au related that former billionaire
Nathan Tinkler's legal battles continue, with the ATO confirming
it will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts. Two of
Mr. Tinkler's companies, Mulsanne Resources and Patinack Farm
Administration, are in liquidation and another, TGHA Aviation, is
in receivership. The ATO has also filed wind-up proceedings
against Queen St Capital.
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C H I N A
=========
COUNTRY GARDEN: S&P Rates 'BB-' ICR on Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue
rating and its 'cnBB+' Greater China regional scale rating to a
proposed issue of 10-year U.S.-dollar-denominated senior
unsecured notes by Country Garden Holdings Co. Ltd. (BB/Stable/--
; cnBBB-/--). The ratings are subject to S&P's review of the
final issuance documentation. The company will use the proceeds
from the proposed issuance to refinance its existing debt and for
general corporate purposes.
The issue rating on Country Garden's proposed notes is one notch
lower than the corporate credit rating to reflect S&P's opinion
that offshore noteholders would be materially disadvantaged,
compared with onshore creditors, in the event of default. In
S&P's view, the company's ratio of priority borrowings to total
assets will remain above the notching threshold of 15% for
speculative-grade debt.
The rating on Country Garden, a Chinese real estate developer,
reflects the company's sales concentration in Guangdong province
and its exposure to market risk in third- and fourth-tier cities
where the depth of the market and sensitivity to economic cycles
may not support a large supply. The rating also reflects S&P's
negative outlook for the Chinese property sector and the
continued challenging operating conditions for the next six to 12
months. These risks are tempered by the company's strong track
record in Guangdong province, its large scale and low-cost land
bank as well as improving execution.
The stable outlook reflects S&P's expectation that Country
Garden's sales are likely to remain resilient over the next six
to 12 months despite an ongoing market correction in China. We
estimate the company's contracted sales at more than 40 billion
Chinese renminbi and a moderate growth in total borrowings in the
next 12 months. We believe that Country Garden will maintain
adequate liquidity while pursuing growth," S&P said.
KAISA GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has revised to stable from negative the
outlook of Kaisa Group Holdings Ltd.'s B1 corporate family and
senior unsecured debt ratings.
At the same time Moody's has affirmed the B1 ratings and has
assigned a B1 senior unsecured debt rating to Kaisa's proposed
USD notes issuance.
The proceeds from the proposed notes will be used mainly to
prepay debt.
RATINGS RATIONALE
"The stable outlook reflects Kaisa's improved sales execution in
the last 12 months. This positive development provides good
liquidity support to the company's property development
business," says Franco Leung, a Moody's Assistant Vice President
and Analyst.
Kaisa reported contract sales of RMB17.3 billion for 2012,
exceeding its 2012 sales target of RMB16.5 billion. This growth
represents a 13% increase in dollar sales and an 18% rise in
gross floor area on a year-on-year basis.
China's residential property market has stabilized and will
support the sales growth of developers with the right product
offerings. Moody's expects that the momentum in Kaisa's sales
growth will continue and that it will report a higher level of
contract sales in the next 12 months based on the projects
available for sale in 2013.
The stable outlook also reflects Kaisa's ability to maintain a
reasonable profit margin while it grows its sales. Moody's
expects adjusted EBITDA margin will be around 25-30% in the next
12 months.
With the issuance of the proposed USD notes, Kaisa will use the
proceeds to prepay US$120 million of the 13.5% exchangeable term
loan and the RMB2 billion senior guaranteed bonds, both due in
2014.
"Because the proceeds from the proposed notes will be primarily
used to prepay existing debt, Kaisa's credit metrics will not be
affected by the issuance. Hence, its credit profile will continue
to support the B1 rating level," adds Mr. Leung, also the Lead
Analyst for Kaisa.
After the issuance, Kaisa's debt leverage -- as measured by
adjusted debt to total capitalization -- will be around 50%-55%
in the next 12-18 months, while interest coverage will remain
around 2.5x-3x. Such debt and interest coverage levels will
remain comparable to those of its B1 rated peers.
The proposed USD notes will also improve the company's debt
maturity profile. Kaisa has about RMB4.3 billion in offshore debt
maturing in 2014 and about RMB4.1 billion maturing in 2015. The
notes will lengthen its debt maturity and reduce the debt falling
due in 2014.
Kaisa's B1 corporate family rating continues to reflect its track
record in developing property projects in major Chinese cities,
such as Shenzhen. The rating also takes into account Kaisa's
ability to purchase land at a low cost for redevelopment projects
in Guangdong province, which is its home base. In addition, its
presence in cities beyond its home turf is developing.
On the other hand, the rating is constrained by the company's
rapid expansion, which has increased its execution risk and debt
in the past few years.
Downward rating pressure could emerge if: (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises further as a result of aggressive land
acquisitions; (3) there is a material decline in profitability to
the extent that EBITDA margin falls below 20%-25%; (4) its credit
metrics weaken such that adjusted debt/capitalization exceeds 55%
and EBITDA/interest falls below 2.5x-3.0x; or (5) its liquidity
weakens, with its cash slipping below 5% of total assets.
Upgrade pressure on the ratings is limited, given that the
company is developing its scale and track record of disciplined
land acquisitions and expansion.
However, over the medium term, Kaisa's ratings could be upgraded
if it: (1) demonstrates discipline in acquiring land; (2)
generates stable growth in its sales; (3) improves its interest
coverage position to more than 3.5x and debt leverage to below
50%-55%; and (4) maintains adequate liquidity, with unrestricted
cash of more than 10% of total assets.
The principal methodology used in rating Kaisa was the Global
Homebuilding Industry Methodology, published March 2009.
Kaisa Group Holdings Ltd. is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. As of June 2012, the company was 62.4% owned by
the founder and his family members. As of June 2012, Kaisa had a
land bank of around 23.9 million square meters in gross floor
area located in the Pearl River and Yangtze River deltas, Bohai
Rim, and central and western China.
KAISA GROUP: S&P Gives 'B+' Long-Term Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Kaisa Group Holdings Ltd. (B+/Negative/--;
cnBB-/--). The rating is subject to S&P's review of the final
issuance documentation.
S&P do not notch down the issue rating from the issuer rating on
Kaisa because the company has improved its debt structure by
reducing the structural subordination risk on its offshore debt.
S&P expect the company to maintain its priority debt at less than
15% of total assets over the next 12 months. The ratio was below
this downgrade threshold in 2010 and 2011.
The rating on Kaisa reflects S&P's view of the company's
aggressive debt-funded expansion, weakening profitability, and
limited consistency in financial management. The company's
increasing operating scale, low-cost land bank, and improving
execution in new markets temper the above weaknesses. S&P expect
Kaisa to mainly use proceeds from the proposed notes issue to
refinance its existing offshore debt. The issuance will increase
the company's borrowings slightly. However, a modest improvement
in Kaisa's debt maturity profile offsets the weakness.
The negative outlook on the rating on Kaisa reflects the
company's aggressive debt-funded expansion and uncertainty over
its property sales for the next 12 months. S&P expect home
purchase restrictions to affect sales of key projects, such as
the urban redevelopment projects in Shenzhen. S&P anticipate that
Kaisa's cash flow protection will be strained over the next 12
months, as reflected in credit metrics that are weak for the
rating.
WINSWAY COKING: Moody's Cuts 'B2' CFR; Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded Winsway Coking Coal
Holdings Limited's corporate family rating to B2 from B1 and
senior unsecured bond rating to B3 from B2.
The ratings outlook is negative.
This action concludes the ratings review that commenced on 4
October 2012.
Ratings Rationale
"The downgrades reflect Moody's expectation that Winsway will
report a substantial operating loss for 2012, owing to weak
coking coal prices in the second half of 2012 and the sluggish
ramp up of its Canadian subsidiary," says Alan Gao, a Moody's
Vice President and Senior Analyst.
The spot price of coking coal dropped below US$140 per metric ton
in September 2012 from US$200-US$220 in the first half of 2012,
before it recovered mildly to around US$160 per metric ton in the
fourth quarter, according to brokerage firm Freight Investors
Services.
Consequently, Moody's expects Winsway's unit gross profit to drop
sharply to below US$20 per metric ton in 2012 from US$234 per
metric ton in 2011.
In addition, the ramp up of the company's Canadian subsidiary,
Grand Cache Corporation (GCC), remains slow. Management has
indicated that GCC's current cash production cost is still above
the break-even level. Moreover, GCC's coal sales could be
disrupted by the berth damage in Westshore Port, the largest
terminal handling coal exports in North America.
On December 7, 2012, a large bulk carrier docked at Westshore
Terminals Bank destroyed a coal conveyor system. The incident has
put the berth out of service for an indefinite period of time,
affected around 60% the port's ability to export coal, and
disrupted deliveries to customers.
"The downgrades also highlight concerns over the deterioration in
Winsway's liquidity position and the sustainability of its
current business model during a prolonged commodity down cycle,"
adds Gao.
Winsway's liquidity profile worsened in the second half of 2012
after it aggressively built up its coal inventory level.
Moody's expects the company's total cash/short-term debt
(including bills payable) coverage ratio to drop below 70% at the
end of 2012, from 85% as of June 2012 and 174% as of end-2011.
Still, Moody's believes that Winsway can manage its liquidity
position because it has good access to banking facilities,
especially from domestic banks.
Moreover, Winsway aims to reduce its exposure to the highly
volatile coal trading business and diversify its revenue base
into other commodity logistics services. In 2013, the company
expects to start providing logistics services to clients mining
iron ore in Mongolia.
However, these efforts will result in minuscule contributions to
profit because the coal trading business will continue to account
for the bulk of company's revenue stream. Hence, the recovery in
Winsway's earnings will hinge on the performance of coking coal
prices in 2013 and its business model will remain subject to
commodity risk.
The rating outlook could revert to stable if: 1) Winsway improves
its EBITDA margin to 10%-12% on a sustainable basis by
successfully managing price risks; 2) it maintains adequate
liquidity by managing working capital and maintaining bank
facilities; and 3) GCC achieves a production ramp-up that is
economically sustainable.
On the other hand, the ratings could be further downgraded if
Winsway's financial profile worsens such that: 1) it posts
continuous operating losses due to a prolonged weakness in coking
coal prices; 2) liquidity deteriorates substantially because of
an aggressive inventory build-up or weaker access to banking
facilities; 3) the ramp-up of GCC's operations is delayed further
and it needs new capital support from Winsway; or 4) the
company's major shareholders decrease their ownership.
Any material change in Mongolian regulations for coal exports
that adversely affects Winsway's coal sourcing would also be
negative for the ratings.
Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Winsway Coking Coal Holdings Limited 's core industry and
believes Winsway Coking Coal Holdings Limited's ratings are
comparable to those of other issuers with similar credit risk.
Winsway Coking Coal is one of the largest suppliers of coking
coal in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated supply chain for coking
coal in China. It listed on the Hong Kong Stock Exchange in
October 2010, and is 49.7% owned by its founder and CEO Wang
Xingchun.
================
H O N G K O N G
================
ELITE CHAIN: Members' Final Meeting Set for Jan. 22
---------------------------------------------------
Members of Elite Chain Development Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 22,
2013, at 9:30 a.m., at 17/F, Kam Sang Building, 255 Des Voeux
Road Central, Sheung Wan, in Hong Kong.
At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
FIRST VIEW: Commences Wind-Up Proceedings
-----------------------------------------
Members of First View Investment Limited, on Dec. 19, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lee King Yue
72-76/F, Two International Finance Centre
8 Finance Street
Central, Hong Kong
GLOBAL CONTAINER: Members' Final Meeting Set for Jan. 22
--------------------------------------------------------
Members of Global Container Line (Hong Kong) Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 22, 2013, at 10:00 a.m., at 17/F, Kam Sang Building, 255 Des
Voeux Road Central, Sheung Wan, in Hong Kong.
At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
GOOD MERIT: Commences Wind-Up Proceedings
-----------------------------------------
Members of Good Merit International Limited, on Dec. 14, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ho Man Kit Horace
Kong Sze Man Simone
Unit 511, 5th Floor, Tower 1
Silvercord, Hong Kong
HAECO ATE: Members' Final Meeting Set for Jan. 22
-------------------------------------------------
Members of Haeco Ate Component Service Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 22, 2013, at 10:00 a.m., at 80 South Perimeter Road, Hong
Kong, International Airport, at Lantau, in Hong Kong.
At the meeting, Mark Hayman and Tang Kwok Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
HAYDEN LAKE: Creditors' Proofs of Debt Due Jan. 11
--------------------------------------------------
Creditors of Hayden Lake Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Jan.
11, 2013, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Dec. 7, 2012.
The company's liquidators are:
Li Chi Chung
Tang Yam Lun Alan
83 Des Voeux Road
Central, Hong Kong
HENISON LIMITED: Creditors' Proofs of Debt Due Jan. 21
------------------------------------------------------
Creditors of Henison Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Jan. 21, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 17, 2012.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark, 15 Queen's Road
Central, Hong Kong
HK INTERNATIONAL: Members' Final Meeting Set for Jan. 22
--------------------------------------------------------
Members of Hong Kong International Airport Services Limited,
which is in members' voluntary liquidation, will hold their final
meeting on Jan. 22, 2013, 10:00 a.m., 33rd Floor, One Pacific
Place, at 88 Queensway, in Hong Kong.
At the meeting, Martin James Murray and Liu Sui Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
HSIN CHONG: Members' Final General Meeting Set for Jan. 25
----------------------------------------------------------
Members of Hsin Chong Real Estate Agency Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Jan. 25, 2013, at 11:30 a.m., at 12/F, No. 3 Lockhart
Road, Wanchai, in Hong Kong.
At the meeting, Chang Shuk Chien Leslie, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
INNOVATIONS LIMITED: Members' Final Meeting Set for Jan. 25
-----------------------------------------------------------
Members of Innovations Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 25, 2013, at
2:30 p.m., at Unit D, 12th Floor, Seabright Plaza, at 9-23 Shell
Street, in Hong Kong.
At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
JC NO. 1: Philip Brendan Gilligan Steps Down as Liquidator
----------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of JC No. 1
(HK) Limited on Dec. 10, 2012.
JET UNIVERSE: Members' Final Meeting Set for Jan. 30
----------------------------------------------------
Members of Jet Universe International Limited, which is in
members' voluntary liquidation, will hold their final meeting on
Jan. 30, 2013, at 3:00 p.m., at Room 608, 6/F, Dominion Centre,
at 43-59 Queen's Road East, Wanchai, in Hong Kong.
At the meeting, Chan Sek Kwan Rays, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
JOYFUL FALCON: Contributories' Final Meeting Set for Jan. 23
------------------------------------------------------------
Contributories of Joyful Falcon Limited, which is in members'
voluntary liquidation, will hold their final meeting on Jan. 23,
2013, at 2:30 p.m., at 25/F, Tern Centre Tower I, 237 Queen's
Road, Central, in Hong Kong.
At the meeting, Ho Mo Han Miranda and Au Wai Keung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
JUNGHANS ASIA: Annual Meetings Set for Jan. 9
---------------------------------------------
Creditors and members of Junghans Asia Limited will hold their
annual meetings on Jan. 9, 2013, at 9:30 a.m., and 10:00 a.m.,
respectively at 8th Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.
At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
KAI-YIN LO: Annual Meetings Set for Jan. 9
------------------------------------------
Creditors and members of Kai-Yin Lo Limited will hold their
annual meetings on Jan. 9, 2013, at 2:00 p.m., and 2:30 p.m.,
respectively at 8th Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.
At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
KAM FUNG: Creditors' Proofs of Debt Due Jan. 31
-----------------------------------------------
Creditors of Kam Fung Land Investment Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 31, 2013, to be included in the company's
dividend distribution.
The company's liquidators are:
Ng Shing Kit
Ng Chi Chiu
10/F, Dawning House
145-6 Connaught Road
Central, Hong Kong
KIND TREND: Members' Final Meeting Set for Jan. 22
--------------------------------------------------
Members of Kind Trend Limited, which is in members' voluntary
liquidation, will hold their final meeting on Jan. 22, 2013, at
Units 2201-2, 308 Des Voeux Road Central, in Hong Kong.
At the meeting, Chan Che Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
KING LIFE: Commences Wind-Up Proceedings
----------------------------------------
Members of King Life Limited, on Dec. 10, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Kong Chung Kau
Room M202, Haleson Building
1 Jubilee Street
Central, Hong Kong
LIFE IN: Creditors' Proofs of Debt Due Jan. 18
----------------------------------------------
Creditors of Life In Harmony Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 18, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 17, 2012.
The company's liquidator is:
Tsang Yuet Mei
22nd Floor, Shum Tower
268 Des Voeux Road
Central, Hong Kong
LECO WATCH: Chan Yui Hang Appointed as Liquidator
-------------------------------------------------
Chan Yui Hang on Dec. 14, 2012, was appointed as liquidator of
Leco Watch Case Manufactory Limited.
The liquidator may be reached at:
Chan Yui Hang
Room 1703, 17/F
Landmark Norht
39 Lung Sum Avenue, Sheung Shui
New Territories, Hong Kong
LOVE.CHARITY FOUNDATION: Man Yun Wah Steps Down as Liquidator
-------------------------------------------------------------
Man Yun Wah stepped down as liquidator of Love.Charity Foundation
Limited on Nov. 30, 2012.
PIONEER VENTURES: Annual Meetings Set for Jan. 9
------------------------------------------------
Creditors and members of Pioneer Ventures Limited will hold their
annual meetings on Jan. 9, 2013, at 8:30 a.m., and 9:00 a.m.,
respectively at 8th Floor, Prince's Building, at 10 Chater Road,
Central, in Hong Kong.
At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
TIME SUCCESS: Annual Meetings Set for Jan. 9
--------------------------------------------
Creditors and members of Time Success Industrial Limited will
hold their annual meetings on Jan. 9, 2013, at 10:30 a.m., and
11:00 a.m., respectively at 8th Floor, Prince's Building, at 10
Chater Road, Central, in Hong Kong.
At the meeting, Fergal Power and Edward Middleton, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
WORLD ENTERPRISES: Creditors' Proofs of Debt Due Jan. 7
-------------------------------------------------------
Creditors of The World Enterprises Holdings Limited, which is in
liquidation, are required to file their proofs of debt by Jan. 7,
2013, to be included in the company's dividend distribution.
The company's liquidators are:
Li Man Wai
Tsang Lai Fun
Room 902, 9/F
Fu Fai Commercial Centre
27 Hillier Street
Sheung Wan, Hong Kong
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I N D I A
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CITY CAT: CARE Reaffirms 'CARE BB+' Rating on INR8cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of City
Cat Overseas Chemicals Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Fund-based 8.00 CARE BB+ Reaffirmed
Bank Facilities
Short-term Non-fund Based 0.60 CARE A4+ Reaffirmed
Rating Rationale
The ratings continue to remain constrained by the small size of
operations of City Cat Overseas Chemicals Ltd, low profitability
due to the trading nature of its operations, susceptibility
of its profit margins to volatility in the prices of
chemicals/fluctuations in foreign exchange rates and depressed
demand scenario with regards to the primary export market.
Furthermore, geographically concentrated customer/supplier
profile and stiff competitive nature of the industry also act as
the constraining factors.
The ratings continue to derive strength from the experience of
the promoters of CCOCL in the chemical trading business and
diversified product portfolio.
The ability of CCOCL to maintain its profitability margins amidst
increasing competition, depressed demand scenario with regards to
its primary export market, volatile chemical prices and
fluctuating foreign exchange rates is the key rating sensitivity.
City Cat Overseas Chemicals Ltd promoted by Ms. Swati Walawalkar,
Mr. Anil Prabhu and Ms. Uma Agarwal, commenced operations in the
year 1985 as a partnership concern and was later converted into a
closely-held public limited company. CCOCL is a part of the City
Cat group of companies (all of them are merchant exporters).
CCOCL is engaged in the trading of various types of chemicals
such as various varieties of dyes (reactive dyes, direct dyes,
acid dyes and basic dyes), organic pigments, inorganic pigments,
fluorescent pigments, food colours and textile auxiliaries.
The company procures its supplies both domestically
(approximately 26% in FY12 [refers to the period April 1 to
March 31] and the rest through imports. CCOCL is a merchant
exporter with 98% of the revenue contributed by export sales
during FY12.
FARADAY ELECTRICALS: CARE Reaffirms 'BB+' Rating on INR3cr Loan
---------------------------------------------------------------
CARE reaffirms/revises the rating assigned to the bank facilities
of Faraday Electricals Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 3.00 CARE BB+ Reaffirmed
Long-term/Short-term Bank 5.50 CARE BB+/CARE A4
Facilities Revised from
CARE BB+/CARE A4+
Short-term Bank Facilities 1.45 CARE A4 Revised
From CARE A4+
Rating Rationale
The revision in the short-term rating is primarily driven by a
decline in the total operating income and deterioration in the
liquidity position of Faraday Electricals Pvt Ltd marked by an
elongation in the working capital cycle owing to an increase in
the collection period.
The ratings continue to be constrained by the small scale of
operations of FEPL, relatively low bargaining power vis-…-vis its
large customers and a weak liquidity position owing to the
working capital intensive nature of its operations. Furthermore,
a highly fragmented and a competitive nature of the electrical
equipment industry also continue to constrain the ratings.
The ratings, however, continue to derive benefits from the
promoters' vast experience in the manufacturing of the electrical
equipment, their long-standing association with the major
clientele and a presence of the price-escalation clause for the
major raw materials in most the government contracts.
FEPL's ability to increase its scale of operations by securing
more orders in a highly competitive electrical equipment industry
as well as an improvement in the liquidity position, remain the
key rating sensitivities.
FEPL, incorporated in August 1980 by Mr S K Saboo, is a small-
sized company engaged mainly in the manufacturing and supply of a
wide range of the electrical products used in the power
transmission such as the high-voltage isolators up to 400kv, the
horn gap fuse, the drop-out fuse and the transmission line
hardware. These products are used in transmission lines for the
electricity supply. FEPL operates from its sole manufacturing
facility located in Jaipur and its major clientele include the
central utility players, the state electricity boards and various
Engineering, Procurement & Construction (EPC) contractors.
FEPL is a part of the 'Faraday Group' which includes other group
companies such as Engineers Enterprises (rated 'CARE BB', 'CARE
A4'), Abhinav Industries and Hi-tech Industries. All these
group companies are engaged into the manufacturing and trading of
the electrical equipments mainly used for the power transmission.
KINGFISHER AIRLINES: Must Be Revived for Workers, Singh Says
------------------------------------------------------------
The Economic Times reports that Civil Aviation Minister Ajit
Singh said Kingfisher Airlines Ltd. should present a satisfactory
operating plan to the Directorate General of Civil Aviation
(DGCA) and work on its rescue plans for the sake of its
employees, stakeholders and passengers.
He also pointed out that the airline has not renewed its license
which expired on Dec. 31, 2012, the report says.
"They don't have a (SOP) license today [Jan. 2], if they decide
to operate today then the rule says, they don't have to go
through paperwork which a new operator has to. All they have to
present a satisfactory operating plan to the Directorate General
of Civil Aviation who would ensure financial stability before
being allowed to fly," the report quotes Mr. Singh as saying.
The report relates that Mr. Singh said the airline should revive
of the sake of its employees, banks, stakeholders and passengers.
"If they don't fly again, there will be co-lateral damage," Mr.
Singh said.
As per official estimates, the report notes, the co-lateral
damage could be on banks (which have lent the airline close to
INR7,000 crore), airports around India which are owed over INR250
crore and oil companies which also not been paid by the now
defunct airline.
The cash strapped airline, according to ET, ceased operations on
October 20 last year after it failed to pay employees salaries
for close to eight months. The airline has about 4,000 employees
on its rolls.
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 AIRLINES: Etihad Likely to Decide on Deal in 10 Days
---------------------------------------------------------------
The Economic Times reports that Abu Dhabi-based airline Etihad
might announce an India investment within the next 10 days, a top
civil aviation ministry source said on Wednesday.
ET relates that the ministry source added that Etihad has not yet
decided whether it will invest in Jet Airways or the debt-laden
Kingfisher Airlines that has not taken to the skies since October
last year and also has an expired air operating permit.
"Etihad is likely to decide on an investment in either Jet
Airways or Kingfisher Airlines in their next board meeting," ET's
source added. There were unconfirmed reports of an Etihad board
meet likely to take place next week to announce the equity
partnership with an Indian carrier, the report notes.
According to the report, sources said James Hogan, Etihad's CEO
and the person who is widely believed to be driving the
negotiations, is on leave until January 4 and things would move
once he is back in action.
"A deal is possible within next 10 days, there are a number of
agreements to be signed as part of it," the ministry source, as
cited by ET, said.
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.
LIPI BOILERS: CARE Rates INR4cr LT Loan at 'CARE BB'
----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Lipi Boilers Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 4 CARE B Assigned
Short-term Bank Facilities 6 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Lipi Boilers
Limited are mainly constrained on account of a high contingent
liability in the form of a corporate guarantee extended to the
bank facility of a group concern having a weak credit profile,
concentration of order book in the sugar industry, competition
from more established players and susceptibility of the company's
margin to the input cost which is intensified in the absence of
the price-escalation clause in the contract. The ratings,
however, are underpinned by healthy order book status, increasing
scale of operations due to synergies with the group's established
presence in the sugar sector.
The ability of the company to reduce its contingent liability and
improve its profitability and the scale of operations by
effectively managing fluctuations in raw material prices, is the
key rating sensitivity.
Incorporated in the year 1974 as a private limited company, Lipi
Boilers Limited was promoted by Mr. J P Mukhrji to manufacture
industrial boilers. LBL was acquired by Delhi-based
Uttam Group in the year 1992. The Uttam Group has diversified
business interests and it provides a wide range of products and
services to the industry verticals, including sugar, power,
engineering, cement and construction. LBL is engaged in the
manufacturing of boilers with design, fabrication and complete
installation. The company also provides services of enhancing and
upgrading capacities of existing boilers. LBL primarily
manufactures boilers and auxiliaries for the sugar sector which
is contributing 90% of its operating income for the last three
years ended FY12.
MEDISOL LIFESCIENCE: CARE Rates INR10.34cr Loans at 'CARE D'
------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Medisol
Lifescience Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.64 CARE D Revised from
CARE B
Short-term Bank Facilities 1.70 CARE D Revised from
CARE A4
Rating Rationale
The revision in ratings assigned to the bank facilities of
Medisol Lifescience Pvt Ltd primarily factors in the instances of
delay in servicing of its debt obligations.
Medisol Lifescience Pvt Ltd, incorporated in January 2009, was
promoted by Mr Bhogilal L Patel with the objective to undertake a
manufacturing of the pharmaceutical aerosol dosage form
i.e. the pressurized metered dose inhalers (MDI) for the
treatment of the respiratory diseases, such as asthma and chronic
obstructive pulmonary diseases (COPD).
In July 2011, MLPL had completed its project of manufacturing of
the MDI, with a total annual capacity to manufacture 401.76 lakh
MDIs and an incurred cost of INR14.94 crore towards the same
which was funded through the equity contribution of INR2 crore, a
term loan of INR7 crore and a balance through an unsecured loan.
MLPL plans to sell the MDIs through a contract manufacturing
model in India as well as the nonregulated markets of Africa and
Asia.
NAVJEEVAN HATCHERIES: CARE Rates INR11.7cr LT Loan at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Navjeevan
Hatcheries Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 11.70 CARE BB Assigned
Rating Rationale
The rating assigned to the bank facilities of Navjeevan
Hatcheries Private Limited is constrained by competition from
more established integrated players in the poultry industry,
inherent risk in the poultry business in terms of disease
outbreaks and financial risk profile marked by low profit margin
and high gearing. The rating also factors in the susceptibility
of margins to volatility in realization rates of hatching eggs
(HE) and day-old chick (DOC) characterized by the seasonal nature
of business and contingent liability in the form of bank
guarantee extended to the bank facilities of a group concern.
The rating, however, is underpinned by the long-standing
experience of the promoters in the poultry and related business,
integration through breeder farming, hatching and poultry farming
resulting in enhanced value addition. The ability of the company
to increase the scale of operations, improve margins and reduce
its contingent liability is the key rating sensitivity.
CARE has taken a consolidated view on NHPL and its group
companies while arriving at the rating.
Navjeevan Hatcheries Private Limited is a part of the Aurangabad-
based R J group which is promoted by Mr. Raghvendra Joshi and
engaged in the diversified agro-related businesses such as
poultry, neem-based pesticides, granulated-mixed fertilizers and
biotechnology. NHPL commenced its operations in the year 1998 in
order to support the group's activity in poultry industry along
with the flagship company of the group Khadkeshwara Hatcheries
Private Limited (KHPL; rated 'CARE BB+'). NHPL has integrated
business spanning across breeder farming, hatchery and poultry
farming and operates via own and third-party (contract farming)
units in the state of Maharashtra.
NHPL purchases parent DOCs, which are sent to the company's
breeder farms that have annual capacity to rear around 240,000
parent birds. The hatchery units of the company have a combined
annual capacity of hatching around 12 million eggs. The company
also has rented capacity of 500,000 birds (contract farming).
NV DISTILLERIES: CARE Rates INR108.42cr LT Loan at 'CARE C'
-----------------------------------------------------------
CARE assigns 'CARE C'' rating to the bank facilities of NV
Distilleries Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 108.42 CARE C Assigned
Rating Rationale
The rating takes into consideration the stressed liquidity
position resulting in irregularity in debt servicing in the past.
Furthermore, the rating is also constrained by weak financial
risk profile marked by low current ratio, high gearing levels and
weak debt coverage indicators, exposure to changes in the state
policies regarding pricing and sales, working capital intensive
nature of operations and volatility in the raw material prices.
The rating somewhat draws comfort from the experienced promoters,
strategic location and high entry barrier in the industry.
Going forward, the ability of the company to manage its working
capital, improve its financial discipline and profitability
margins along with decline in leverage levels would be the key
rating sensitivities.
NVDL, promoted by Mr Ashok Jain and Mr Sameer Goyal, was
incorporated in 1998. The company has a grain based distillery in
Ambala (Haryana), with 75 KL per day capacity plant. The
commercial production was commenced in November 2008 along with a
captive power generation plant (2.5MW). NVDL realizes revenue
primarily from sale of extra neutral alcohol (ENA), Indian
Made Foreign Liquor facilities (capacity-48 lakh cases per annum)
and Country Liquor (capacity-48 lakh cases per annum). The
company also carries out bottling operations for M/s. Pernod
Ricard India Private Ltd for production of their brands.
In FY12 (refers to the period April 2011 to March 2012), NVDL
registered total income of INR208.18 crore and PAT of INR10.49
crore. As per the provisional results in H1FY13, the company
earned total income of INR110.06 crore and profit before tax of
INR5.63 crore.
RLJ CONCAST: CARE Assigns 'CARE C' Rating to INR8.59cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of RLJ
Concast Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.59 CARE C Assigned
Rating Rationale
The rating assigned to the bank facilities of RLJ Concast Limited
is primarily constrained by its small scale of operation coupled
with customer concentration risk, raw material price volatility,
low capacity utilization and cyclicality of the steel industry.
The rating is further constrained by working capital intensive
nature of operations and cash flow mismatches due to delay in the
commencement of operations leading to irregularities in debt
servicing in the past.
The rating, however, does factor in the experience of the
promoters of RLJ with demonstrated funding support, and moderate
financial risk profile marked by increasing total operating
income and moderate capital structure.
Going forward, the ability of RLJ to increase its scale of
operations and profitability margins and improvement in the
liquidity position would be the key rating sensitivities.
RLJ Concast Ltd. was incorporated in March 2008 for manufacturing
sponge iron by Mr. Arun Jain (aged 48 years) and his brother Mr
Ajit Jain (aged 50 years). The manufacturing facility of the
company is located in Chunar (near Varanasi in Uttar Pradesh) and
the commercial production of the company started in January 2010.
The installed capacity is of 60,000 tons per annum (TPA). It
has two kilns of 30,000 TPA capacities each. The major raw
materials required for production of sponge iron are iron ore,
coal and limestone. Iron ore is available from Barbil Mines, Joda
Mines and Keonjhar Mines (not owned or leased by the company) in
the state of Orissa and DEF grade non-coking coal from Chandasi
Mandi, respectively. The unit caters to the demand of induction
furnaces located in the states of Uttar Pradesh, Rajasthan,
Punjab and Haryana. These furnaces are at present purchasing
sponge iron from various sponge iron manufacturing units located
at Rourkela, Raipur, Raigarh, Ramgarh, Raniganj, etc.
SATYAM COMPUTER: Ex-Directors Win Dismissal of U.S. Fraud Lawsuit
-----------------------------------------------------------------
David Glovin & Bob Van Voris at Bloomberg News report that former
Satyam Computer (SCS) Services Ltd. directors won dismissal of
civil claims in a U.S. lawsuit over a $1 billion accounting
fraud.
According to Bloomberg, U.S. District Judge Barbara Jones in
New York on Jan. 3 dismissed claims against former members of
Satyam's audit committee and other directors, citing insufficient
allegations in the complaint. The ruling in the class-action, or
group, lawsuit involved only the former board members, and not
other defendants in the case, the report notes.
Most allegations in the complaint "concern an intricate and well
concealed fraud perpetrated by a very small group of insiders and
only reinforce the inference" that some former board members
"were themselves victims of the fraud," Judge Jones said in a
71-page ruling cited by Bloomberg.
Bloomberg recalls that Satyam has been embroiled in India's
biggest corporate fraud probe. Former Chairman Ramalinga Raju
disclosed in January 2009 that he overstated assets by more than
$1 billion. In 2011, the company agreed to pay $125 million to
settle a U.S. shareholder lawsuit over alleged securities
violations. Other defendants in the lawsuit have also reached
settlements.
About Mahindra Satyam
Headquartered in Secunderabad, India, Mahindra Satyam
(PINK:SAYCY) -- http://www.mahindrasatyam.net/-- formerly known
as Satyam Computer Services Limited, is information,
communications and technology (ICT) Company providing business
consulting, information technology and communication services.
The Company is powered by a pool of information technology (IT)
and consulting professionals across enterprise solutions, client
relationship management, business intelligence, business process
quality, operations management, engineering solutions, digital
convergence, product lifecycle management, and infrastructure
management services. The Company is a part of the Mahindra Group,
a global industrial conglomerate in India.
SCL INFRATECH: CARE Reaffirms 'D' Rating on INR31cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
SCL Infratech Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 31 CARE D Reaffirmed
Long-term/Short-term Bank 260 CARE D/CARE D
Facilities Reaffirmed
Long-term Bank Facilities (Term Loan) Withdrawn
Short-term Bank Facilities (Term Loan) Withdrawn
Short-term Bank Facilities (Standby
Line of Credit) Withdrawn
Rating Rationale
The ratings continue to take into account the strain on the
liquidity position of SCL Infratech Ltd. and consequent delays in
servicing of debt obligations. The company has fully repaid
Long-term Loan, Short-term Loan and Short-term Standby Line of
Credit in full and there is no outstanding under the said
facility.
SCL was started by Mr. D. V. Naidu as a partnership firm under
the name of Srinivasa Construction in 1981. It was incorporated
as private limited company in June 1990 and was later converted
into a public limited company in June 1997. Furthermore, the name
of the company was changed to "SCL Infratech Ltd" from "Srinivasa
Construction Ltd" on October 24, 2008. Based in Hyderabad, the
company is engaged in construction of irrigation projects and
hydro power projects.
During FY12, the company achieved total income of INR192.70 crore
with PAT of INR7.90 crore.
SEA BLUE: CARE Assigns 'CARE BB-' Rating to INR5.5cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sea Blue Shipyard Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 5.55 CARE BB- Assigned
Short-term Bank Facilities 2.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Sea Blue Shipyard
Limited are constrained by a small scale of its operations,
fluctuating profitability inherent to cyclical nature of ship-
building industry and deteriorating operating cycle on account of
working capital intensive nature of business. The ratings,
however, derive strength from the vast experience of the
promoters in the ship building and repairing industry, increased
scale of operations with favorable capital structure, established
business relations with key customers and diversified revenue
stream.
The ability of the company to improve its profit margins and
ability to manage its working capital effectively will be the key
rating sensitivity.
SBSL, incorporated in December 2003, is a shipyard engaged in
shipbuilding and ship repairing activities. SBSL has its yard,
located at Vypin in Kerala, having necessary infrastructure
facilities like wharfs, slipways and workshop for undertaking
ship repairs, ship building and other engineering fabrication and
maintenance projects.
SBSL has three licensed slipways capable of hauling up vessels up
to 3,000 DWT (Dead Weight Tonnage). It also has berthing
facilities for ships up to 115m length. This apart, SBSL provides
afloat repairs of medium-sized vessels and also shelter to
vessels during offseason especially to those vessels plying
between Kochi and Lakshadweep Islands. In the absence of own dry
dock; SBSL is
presently utilizing the dry dock facility of Cochin Port Trust,
in case its own capacity is fully utilized, on request subject to
the availability.
SWATHY SMART: CARE Rates INR36cr LT Loan at 'CARE BB'
-----------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Swathy Smart Cards Hi-Tech Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 36.00 CARE BB+ Assigned
Short-term Bank Facilities 2.50 CARE A4+ Assigned
Long/Short-term Bank 27.35 CARE BB+/CARE A4+
Facilities Assigned
Rating Rationale
The ratings are primarily constrained by the limited track record
and relatively small scale of operations of Swathy Smart Cards
Hi-Tech Private Limited. The ratings also factor in the
operational risks involved in the execution of government-
sponsored projects, working capital intensive nature of
operations caused by the elongated working capital cycle and
leveraged capital structure. However, these constraints are
partially offset by the experience of the promoter in executing
government projects and good order book position of SSHPL
providing revenue visibility in the medium term.
Going forward, the ability of SSHPL to secure new work orders on
a consistent basis in a competitive environment, to successfully
execute on-going projects in a timely manner and prudent working
capital management in light of the growing scale of operations
would be the key rating sensitivities.
Swathy Smart cards Hi-Tech Private Limited provides services in
the e-governance space offering data enrolment, data management
and card issuance for various government sponsored projects such
as unique identification [being implemented by Unique
Identification Authority of India (UIDAI) - an agency of the
Government of India] and National Population Register (NPR) as
well as distribution of Iris cameras. The company was
incorporated in the year 2009 by Mr. M. Sekar, who is the
Managing Director of the company. SSHPL is a closely-held company
with Mrs S. Vijayalakshmi (wife of Mr Sekar) as another director.
TRANSLINE TECHNOLOGIES: CARE Rates INR10cr LT Loan at 'CARE BB+'
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Transline Technologies Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10 CARE BB+ Assigned
Short-term Bank Facilities 25 CARE A4+ Assigned
Rating Rationale
The ratings are constrained by the low profitability margins,
relatively new operations in the biometrics system
implementation, intense competition and high working capital
utilization. The ratings, however, draw comfort from the
experienced promoters and management team, established
relationship with reputed clients and distributors and
comfortable financial profile. Going forward, the ability of
Transline Technologies Pvt Ltd to improve its profitability and
maintain overall gearing along with effective working capital
management would be the key rating sensitivities.
Transline Technologies Pvt Ltd (erstwhile Transline India
Business Solution Pvt Ltd) was established in 2001. TTPL is a
closely-held company of Mr. Arun Gupta along with his family
holding 43.76%. Another 36.55% is held by RKG Enterprises Pvt
Ltd, which is an investment company promoted by Mr. Arun Gupta.
TTPL was initially involved in providing System Integration,
Enterprise Solutions, Data Centre Solutions, LAN/WAN Solutions,
Security Solutions. It later diversified into distribution of IT
hardware products which include desktops, laptops, printers, UPS,
etc.
VARDAAN EXPORTS: CARE Assigns 'CARE B+' Rating to INR1.17cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vardaan Exports.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 1.17 CARE B+ Assigned
Long-term/Short-term 12 CARE B+/CARE A4
Bank Facilities Assigned
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo changes in case of a 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 Vardaan Exports
are primarily constrained by its short track record of operations
along with a weak financial risk profile characterized by low and
declining profitability margins, leveraged capital structure and
weak liquidity indicators. The ratings are further constrained
due to VEX's exposure to fluctuation in raw material prices and
monsoon-dependant operations along with its presence in the
highly fragmented agro industry characterized by a high level of
government regulation. The above constraints are partially offset
by the strengths derived from its growing scale of operations and
resourceful promoters along with its presence in a favorable
location.
Going forward, the firm's ability to improve its profit margins,
capital structure and ability to manage raw material price
volatility are the key sensitivities.
Vardaan Exports is a partnership firm incorporated in April 2009
and promoted by Mr. Jai Bhagwan Bansal and Ms. Poonam Garg (both
are family friends). The firm is engaged in milling, processing
and trading of basmati and non-basmati rice with an installed
capacity of 52,560 metric ton per annum (MTPA). VEX commenced
commercial production in September 2009. VEX procures paddy from
local grain markets through commission agents and sells its
product under the brand name of Satkar, Dulhan and Palki mainly
in Northern India viz Haryana, Himachal, Delhi, Rajasthan and
Uttar Pradesh through commission agents. VEX also exports to
Dubai and Saudi Arabia and the export contribution to total
operating income is less than 1.5% in last two financial years
(FY11 and FY12).
=================
I N D O N E S I A
=================
BUMI RESOURCES: Swings to $632 Million Loss on Derivative Trades
----------------------------------------------------------------
Elisabeth Behrmann at Bloomberg News reports that PT Bumi
Resources (BUMI), the coal company at the heart of a dispute
between Indonesia's Bakrie Group and Nathaniel Rothschild, swung
to a loss in the first nine months after a $422 million loss on
derivatives transactions.
According to Bloomberg, Bumi Resources said in statement that the
company had a net loss of $632 million in the nine months to
Sept. 30, compared with profit of $175 million a year earlier.
The statement didn't give details of the derivatives deals, which
showed a $125 million gain a year earlier, the report notes.
Bloomberg relates that the loss comes as a South Jakarta court
investigates Bumi Resources's financial accounts back to 2010
after revelations from its largest shareholder Bumi Plc (BUMI)
that it was examining "potential financial and other
irregularities" at Bumi Resources. Bloomberg says Bumi Plc,
created in a $3 billion deal in 2010 by Rothschild and the
Bakries, is seeking to separate itself from the Bakries and Bumi
Resources, the company said last month.
Bumi Resources has slumped 72% in the past 12 months amid the
dispute between Rothschild and the Bakries, a family- owned
empire with investments from palm oil to property, says
Bloomberg.
Bumi Resources sales in the nine months slipped 3.1% to
$2.77 billion in the period and coal prices declined 18 percent
in the nine months to Sept. 30 after sluggish global demand,
Bloomberg adds.
About Bumi Resources
PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities. It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold. The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2012, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Indonesia-based coal mining
company PT Bumi Resources Tbk. to 'B+' from 'BB-'. "At the same
time, we lowered the issue rating on the company's guaranteed
senior unsecured notes to 'B+' from 'BB-'. We also lowered our
long-term ASEAN regional scale rating on Bumi Resources to
'axBB-' from 'axBB'. We then placed all of the ratings on
CreditWatch with negative implications," S&P said.
Standard & Poor's downgraded Bumi Resources following an
announcement that a 29% shareholder in the company, Bumi PLC (not
rated), is investigating potential financial and other
irregularities at its Indonesian operations, especially in
relation to Bumi Resources.
The TCR-AP also reported on Oct. 1, 2012, that Moody's Investors
Service has revised the outlook on PT Bumi Resources Tbk's B1
corporate family and senior secured bond ratings to negative from
stable.
"The negative outlook reflects Moody's concern that the lingering
corporate governance issues at Bumi Resources will impact its
ability to refinance its scheduled loan maturities of over USD300
million in 2013," says Simon Wong, a Moody's Vice President and
Senior Analyst.
====================
N E W Z E A L A N D
====================
PITANGO INNOVATIVE: In Receivership, 25 Jobs at Risk
----------------------------------------------------
Radio New Zealand News reports that Pitango Innovative Cuisine
has been placed in receivership with the potential loss of up to
25 jobs.
Pitango Innovative Cuisine makes organic soups, risottos, curries
and pasta meals which are sold in supermarkets nationwide,
according to Radio New Zealand News.
The report relates that the company won the award for Best
Business Operating Internationally under $10 million at the 2009
New Zealand International Business Awards.
Radio New Zealand News relates that it is in receivership along
with parent company Australian-based Gourmet Food Holdings.
In a statement, receivers Ferrier Hodgson say they placed the
companies into receivership after failing to find a buyer, the
report says.
The report notes that the receivers said they are working with
employees, customers and suppliers to determine whether
operations can continue.
Pitango Innovative Cuisine is an Auckland-based food
manufacturer.
=====================
P H I L I P P I N E S
=====================
RB TAGAYTAY: PDIC to Continue Processing Depositors' Claims
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that it will continue to receive and process deposit insurance
claims from depositors of the closed Rural Bank of Tagaytay
(Cavite), Inc. at the PDIC office located at SSS Bldg., 6782
Ayala Avenue corner V.A. Rufino Street, Makati City.
The state deposit insurer has already concluded the claims
settlement operations (CSO) for RB Tagaytay held at the bank's
head office located at 322 Gen. Emilio Aguinaldo Highway, Brgy.
Maitim 2nd, Tagaytay City, Cavite from Nov. 14 to 28, 2012.
As of Nov. 30, 2012, PDIC has yet to receive deposit insurance
claims for 1,294 accounts, or 44% of the total number of accounts
of 2,943. Earlier, PDIC had sent notices of payment amounting to
PHP1.16 million involving 952 accounts with balances of PHP10,000
and below and covered by the waiver of the requisite filing of
claims. Meanwhile, during the onsite claims settlement operations
at the bank's premises, PDIC has paid a total of PHP98.63 million
for 671 accounts.
In filing their deposit insurance claims, RB Tagaytay depositors
are advised to proceed to the PDIC Claims Counter located at 4th
Floor of the PDIC office.
When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Forms and Claim
Status Sheets, original and photocopy of the evidence of deposit,
and original and photocopy of two (2) valid photo-bearing IDs
with signature of the depositor. Depositors may also file their
claims through mail and enclose the same set of document
requirements.
Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement. Claimants who
are not the signatories in the bank records are required to
submit an original copy of a notarized Special Power of Attorney
of the depositor or parent of a minor depositor.
The procedures and requirements for filing deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph. The Claim
Form, Claim Status Sheet, and format of the Special Power of
Attorney may also be downloaded from the PDIC website.
In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed RB Tagaytay
is on Sept. 22, 2014. After said date, PDIC, as Deposit Insurer,
shall no longer accept any deposit insurance claim.
The Bangko Sentral's Monetary Board placed the Rural Bank of
Tagaytay City Inc. under the receivership of the state-run
Philippine Deposit Insurance Corp. on Sept. 20, 2012.
RB Tagaytay City, which is controlled by the Velazco family, had
PHP304.9 million in deposits owned by 3,105 depositors as of end-
June 2012, according to the PDIC.
===============
X X X X X X X X
===============
* Fitch 2013 Outlook for APAC Econ. Teleconferences Set for Jan 8
-----------------------------------------------------------------
Fitch Ratings will hold two separate teleconferences for market
participants and media representatives on January 8, Tuesday, to
discuss the 2013 challenges facing sovereigns across the Asia-
Pacific region.
China's investment-led growth is running into constraints, making
rebalancing towards consumption imperative for the new
leadership.
Japan's credit profile is under pressure from high and rising
government indebtedness, but the recent landslide election
victory by the Liberal Democratic Party is likely to make policy
implementation easier. In Korea, the presidential election win by
Park Geun-hye is unlikely to affect its sovereign ratings, but
the country faces rising income inequality and an ageing
population.
The two teleconferences will be hosted by Andrew Colquhoun, Head
of Asia-Pacific Sovereigns. He will kick off the discussion with
a short briefing, followed by a Q&A session with callers.
Participants are requested to register in advance.
Please note different times, conference ID numbers, and
registration links for the two calls. Dial-in numbers are the
same for both teleconferences.
Media teleconference, 11:30 a.m. Hong Kong/Singapore time,
Jan. 8, 2013
- Conference ID #82674393
- Pre-register online:
http://fitchratings.nyws.com/fitchteleconf_jan8media
- Enquiries: Leslie Tan (leslie.tan@fitchratings.com, +65 6796
7234), Wai-lun Wan (wailun.wan@fitchratings.com, +852 2263
9935)
Market participants teleconference, 4:00 p.m. Hong Kong/Singapore
time, Jan. 8, 2013
- Conference ID #82676403
- Pre-register online:
http://fitchratings.nyws.com/fitchteleconf_jan8investors
- Enquiries: Maggie Tang (maggie.tang@fitchratings.com,
+852 2263 9898)
Participants are advised to call at least 10 minutes before the
start time. Dial-in numbers for both teleconferences are:
* International Dial-In Number: + 61288236760
Local Dial-In Number(s):
Belgium, Brussels +32 24012264
Canada, Toronto +1 4166286611
China, Domestic Domestic 8008700816
China, Domestic Domestic 4006988166
France, Paris +33 172254080
Germany, Berlin +49 3022153188
Hong Kong +852 27598661
India, Mumbai +91 2230985868
Ireland, Dublin +353 15060679
Japan, Domestic Domestic 0120941637
Japan, Tokyo +81 345808343
Korea (South), Seoul +82 264903507
Macau +853 62625215
Malaysia, Kuala Lumpur +60 377249586
Netherlands, Amsterdam +31 207091049
New Zealand, Auckland +64 98876904
Singapore +65 67226342
Spain, Madrid +34 911147400
Switzerland, Geneva +41 225803855
Taiwan, Taipei +886 226507828
United Kingdom, London +44 2033645165
United States, New York +1 6465689929
Vietnam, Hanoi +84 438012036
Vietnam, Ho Chi Minh +84 838012036
** International Toll Free Dial-in Number(s):
Australia 1800354715
Austria 0800296101
Belgium 080073590
Canada 18884473085
China, China Telecom 108002640084
China, China Unicom 108006400084
France 0800916748
Germany 08001821244
Hong Kong 800968831
India 180030106600
India 0008006103116
India, Bharti Airtel access 0008006105026
Indonesia 00180306130660
Ireland 1800556432
Italy 800870537
Japan 00531250068
Korea (South) 0079861360703
Malaysia 1800812564
Mexico 0018005146729
Netherlands 08000224523
New Zealand 0800452569
Philippines 180011100434
Singapore 8006162236
South Africa 0800998026
Spain 900996480
Switzerland 0800562703
Taiwan 00801615152
Thailand 00180061360689
United Arab Emirates 8000174259
United Kingdom 08082347860
United States 18662421388
Vietnam 18004809
A replay will be available at www.fitchratings.com shortly after
the teleconferences.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AACL HOLDINGS LT AAY 39.61 -4.66
AAT CORP LTD AAT 32.50 -13.46
AAT CORP LTD AAT 32.50 -13.46
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BECTON PROPERTY BEC 267.47 -15.73
BIRON APPAREL LT BIC 19.71 -2.22
BOWEN ENERGY LTD BWN 10.06 -1.19
CLARITY OSS LTD CYO 28.67 -8.42
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 12.09 -1.29
HAOMA MINING NL HAO 25.26 -27.35
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 ORNDC 10.91 -0.31
QUICKFLIX LTD QFX 15.84 -1.91
REDBANK ENERGY L AEJ 295.35 -13.08
RENISON CONSOLID RSN 10.50 -9.23
RENISON CONSO-PP RSNCL 10.50 -9.23
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 60.12 -61.63
STERLING PLANTAT SBI 37.84 -10.78
CHINA
ANHUI GUOTONG-A 600444 70.61 -3.64
BAOCHENG INVESTM 600892 42.73 -3.58
CHANG JIANG-A 520 1,387.12 -64.68
CHENGDU UNION-A 693 26.99 -26.74
CHIFENG JILONG-A 600988 14.83 -3.52
CHINA KEJIAN-A 35 61.36 -211.36
DONGXIN ELECTR-A 600691 13.31 -35.40
HEBEI BAOSHUO -A 600155 107.75 -89.29
HUASU HOLDINGS-A 509 84.22 -18.79
HUBEI MAIYA CO-A 971 133.45 -1.85
HULUDAO ZINC-A 751 1,025.01 -104.94
HUNAN TIANYI-A 908 62.99 -4.40
JILIN PHARMACE-A 545 31.52 -6.57
JINCHENG PAPER-A 820 113.20 -102.79
QINGDAO YELLOW 600579 163.31 -103.32
SHANDONG HELON-A 677 726.23 -199.92
SHANG BROAD-A 600608 38.89 -11.05
SHANXI GUANLU-A 831 263.65 -38.86
SHENZ CHINA BI-A 17 28.69 -271.45
SHENZ CHINA BI-B 200017 28.69 -271.45
SHENZ INTL ENT-A 56 260.84 -53.74
SHENZ INTL ENT-B 200056 260.84 -53.74
SHIJIAZHUANG D-A 958 211.99 -123.23
SICHUAN GOLDEN 600678 71.51 -107.85
TAIYUAN TIANLO-A 600234 65.61 -14.45
TIANJIN GLOBAL-A 600800 134.90 -2.42
TIANJIN MARINE 600751 49.95 -92.48
TIANJIN MARINE-B 900938 49.95 -92.48
TIBET SUMMIT I-A 600338 91.79 -14.79
TOPSUN SCIENCE-A 600771 125.72 -115.82
WUHAN BOILER-B 200770 173.56 -191.42
WUHAN GUOYAO-A 600421 10.41 -27.07
WUHAN XIANGLON-A 600769 168.96 -5.24
XIAMEN OVERSEA-A 600870 274.55 -133.44
XIAN HONGSHENG-A 600817 95.47 -241.46
XINJIANG CHALK-A 972 667.59 -46.89
YANBIAN SHIXIA-A 600462 106.82 -136.87
YIBIN PAPER IN-A 600793 127.35 -4.70
YUEYANG HENGLI-A 622 34.87 -25.93
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.92 -45.22
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CROSBY CAPITAL 8088 22.66 -12.05
FIRST NTUL FOODS 1076 17.52 -56.24
FU JI FOOD & CAT 1175 73.43 -389.20
GRANDE HLDG 186 255.10 -208.18
MELCOLOT LTD 8198 36.29 -86.21
MITSUMARU EAST K 2358 22.77 -20.63
PALADIN LTD 495 173.10 -13.20
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 38.67 -23.83
SUNLINK INTL HLD 2336 17.79 -36.13
SURFACE MOUNT SMT 64.14 -29.40
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 187.46 -3.73
ARGO PANTES ARGO 154.01 -3.12
ARPENI PRATAMA APOL 416.73 -206.52
ASIA PACIFIC POLY 371.81 -836.19
JAKARTA KYOEI ST JKSW 29.81 -41.48
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
RENUKA COALINDO SQMI 15.30 -0.51
SEKAR BUMI TBK SKBM 18.90 -0.90
SUMALINDO LESTAR SULI 166.28 -18.26
TOKO GUNUNG AGUN TKGA 13.22 -1.15
TOKO GUNUNG-RTS TKGA/R 13.22 -1.15
UNITEX TBK UNTX 15.58 -20.80
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
GUJARAT STATE FI GSF 10.26 -303.64
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 123.83 -517.57
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
JOG ENGINEERING VMJ 50.08 -10.08
JYOTHY CONSUMER JYOC 69.07 -31.72
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
KM SUGAR MILLS KMSM 19.14 -0.47
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 50.66 -70.76
MADRAS FERTILIZE MDF 158.91 -64.91
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 76.23 -31.89
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 354.99 -105.00
RELIANCE MED-SLB RMW/S 354.99 -105.00
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 14.42 -73.93
SADHANA NITRO SNC 16.74 -0.58
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
SITI CABLE NETWO SCNL 110.69 -14.26
SOPAF SPA SSZ 153.76 -24.22
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STATE TRADING CO STC 1,279.23 -219.37
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 - PP SPADVPP 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
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
JAPAN
DDS INC 3782 19.54 -1.03
FUJITSU COMP LTD 6719 388.54 -11.97
HARAKOSAN CO 8894 193.09 -4.52
HIMAWARI HD 8738 288.37 -50.80
ISHII HYOKI CO 6336 144.19 -23.48
KANMONKAI CO LTD 3372 55.07 -3.19
MISONOZA THEATRI 9664 64.39 -5.55
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
T&C HOLDINGS INC 3832 12.42 -2.66
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 42.96 -73.74
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
CORENTEC CO LTD 104540 27.48 -4.53
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
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 45.56 -16.24
LFE CORP BHD LFE 39.08 -0.85
PETROL ONE RESOU PORB 51.39 -4.00
PUNCAK NIA HLD B PNH 4,315.38 -21.35
SILVER BIRD GROU SBG 44.30 -30.68
SUMATEC RESOURCE SMTC 201.52 -2.77
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
ALLIED FARMERS ALF 27.12 -2.16
NZF GROUP LTD NZF 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 24.36 -0.25
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 176.29 -5.33
SINGAPORE
ADVANCE SCT LTD ASCT 48.74 -2.27
CEFC INTL LTD SUNE 12.67 -0.90
HL GLOBAL ENTERP HLGE 83.35 -5.01
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TRANSCU GROUP LT TSCU 19.86 -1.38
TT INTERNATIONAL TTI 231.48 -88.02
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
ANANDA DEV PCL ANAN 283.54 -3.55
ANANDA DEVELOP-F ANAN/F 283.54 -3.55
ANANDA DEVE-NVDR ANAN-R 283.54 -3.55
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 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 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 83.61 -7.85
M LINK ASIA-FOR MLINK/F 83.61 -7.85
M LINK ASIA-NVDR MLINK-R 83.61 -7.85
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 11.83 -0.91
PONGSAAP PCL PSAAP/F 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
SHUN THAI RUBBER STHAI 19.89 -0.59
SHUN THAI RUBB-F STHAI/F 19.89 -0.59
SHUN THAI RUBB-N STHAI-R 19.89 -0.59
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 30.90 -0.22
BEHAVIOR TECH-EC 2341O 30.90 -0.22
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
POWERCHIP SEM-EC 5346S 2,036.01 -52.74
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., Washington, D.C., 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 2013. 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$775 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 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***