/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130107.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 Monday, January 7, 2013, Vol. 16, No. 4 Headlines A U S T R A L I A TINKLER GROUP: Tinkler Fights to Get Back $16-Mil. Jet C H I N A COUNTRY GARDEN: Moody's Assigns 'Ba3' Sr. Unsec. Debt Rating LDK SOLAR: Chinese Agency Orders Payment of RMB294MM to Supplier REDCHIP COMPANIES: Opts to Wind Down China Operations SINO-FOREST CORP: Settles Class Action Over Ernst & Young Audits TIGER MEDIA: Raises $2.1-Mil. From Exercise of Warrants H O N G K O N G MAGIC LAND: Members' Final Meeting Set for Jan. 25 MARINE ATSOURCE: Members' Final Meeting Set for Jan. 25 MARINE OPERATING: Members' Final Meeting Set for Jan. 25 MASSIVE MARINE: Members' Final Meeting Set for Jan. 25 M & H INSURANCE: Members' Final Meeting Set for Jan. 21 NATION FUNDS: Creditors' Proofs of Debt Due Jan. 21 NIELSEN BUSINESS: Lam and Boswell Step Down as Liquidators NORITZ HK: Members' Final Meeting Set for Jan. 21 OMNIUM HK: Members' Final Meeting Set for Jan. 22 OSMONICS ASIA-PACIFIC: Members' Final Meeting Set for Jan. 23 PACIFIC GOLD: Commences Wind-Up Proceedings PANDORA ASSET: Members' Final Meeting Set for Jan. 22 PENSON FINANCIAL: Members' Final Meeting Set for Jan. 21 REACH WAY: Creditors' Proofs of Debt Due Jan. 22 SOCIETY FOR WORLDWIDE: Lam and Boswell Step Down as Liquidators SOL MELIA: Chan Mei Lan Appointed as New Liquidator SUNBRIDGE COMPANY: Creditors' Proofs of Debt Due Jan. 31 STARLIGHT INDUSTRIAL: Members' Final Meeting Set for Jan. 21 TEGO GARMENTS: Members' Final Meeting Set for Jan. 22 TOPLUS INVESTMENT: Commences Wind-Up Proceedings VICTOR CROWN: Members' Final Meeting Set for Jan. 22 WEALTHY REALTY: Members' Final Meeting Set for Jan. 23 WEALTHY REALTY AGENCY: Members' Final Meeting Set for Jan. 23 YINLI TRADING: Kwan Wing Hong Steps Down as Liquidator I N D I A ANIL KUMAR: CRISIL Cuts Rating on INR40MM Loan to 'BB' J D ISPAT: CRISIL Assigns 'C' Rating to INR310MM Loans JUPAX VANIJYA: CRISIL Ups Rating on INR70MM Loans to 'BB' MANTORA AGRO: CRISIL Rates INR150MM Loan at 'CRISIL BB' MRK PIPES: Delay in Loan Payment Cues CRISIL Junk Ratings OMPRAKASH SHIVPRAKASH: CRISIL Rates INR90MM Loan at 'B+' SIGNET PRODUCTS: CRISIL Rates INR70MM Loan at 'CRISIL B' STAR PAPER: CRISIL Cuts Rating on INR190MM Loan to 'B' TIJIYA STEEL: CRISIL Rates INR120MM Loan at 'CRISIL B' VIKRAM HOSPITAL: Delay in Loan Payment Cues CRISIL Junk Ratings J A P A N ELPIDA MEMORY: Taiwan FTC OKs Merger Deal With Micron, Rexchip M O N G O L I A MONGOLIAN RESOURCES: Moody's Withdraws '(P)B3' Bond Rating N E W Z E A L A N D AORANGI SECURITIES: Investors to Fund Hubbard Case, Judge Says CAPEHORN FARMING: Pays Back Creditors Only NZ$291 S I N G A P O R E ACI COMMUNICATIONS: Court Enters Wind-Up Order CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order INFINITE LIFESTYLE: Court to Hear Wind-Up Petition Jan. 11 QBOP PTE: Creditors' Proofs of Debt Due Feb. 4 SENSEI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 16 - - - - - ================= A U S T R A L I A ================= TINKLER GROUP: Tinkler Fights to Get Back $16-Mil. Jet ------------------------------------------------------- Jennifer Sexton at The Sunday Telegraph reports that Nathan Tinkler is scrambling to refinance the US$11.9 million (AUD11.42 million) debt on his seized private jet and chopper before receivers sell them. The Sunday Telegraph notes that the embattled former billionaire lost his Dassault Falcon 900C and AgustaWestland helicopter to receivers last month after failing to make $230,000 monthly payments to a creditor. The report relates that Mr. Tinkler has told the receiver of his private company TGHA Aviation he hopes to pay out the creditor to secure both the jet and chopper. Mr. Tinkler estimated the jet to be worth $16.23 million and the helicopter $5.3 million, the report relays. But receiver Nathan Landrey of Taylor Wooding -- nathan.landrey@twcs.com.au -- told The Sunday Telegraph that regardless of Mr. Tinkler's talks with lenders, he would press ahead to list the aircraft for sale. "I can't stall the process of receivership every time a director floats that they are going to refinance," the report quotes Mr. Landrey as saying. According to The Sunday Telegraph, Mr. Tinkler has revealed in documents filed with the corporate regulator that TGHA Aviation owes GE Commercial US$11.9 million. TGHA Aviation's directors are Mr. Tinkler and his right-hand man Troy Palmer, the report discloses. The report relates that Mr. Tinkler estimated that less the debt owing to GE, the company's surplus was $9.54 million. Mr. Landrey said he had sought expressions of interest from aviation sales agents to sell the aircraft but was yet to place them with an agent, the report adds. 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. ========= C H I N A ========= COUNTRY GARDEN: Moody's Assigns 'Ba3' Sr. Unsec. Debt Rating ------------------------------------------------------------ Moody's Investors Service has assigned a Ba3 senior unsecured debt rating to the proposed USD bonds to be issued by Country Garden Holdings Company Limited. Moody's has also affirmed Country Garden's Ba3 corporate family rating. The ratings outlook is positive. The proceeds from the bond issuance will be used to refinance Country Garden's US$153 million convertible bond, as well as fund existing and new projects and general working capital requirements. Ratings Rationale "The proposed bonds will enhance Country Garden's liquidity and will improve its funding stability through lengthening its debt maturity profile" says Lina Choi, a Moody's Vice President and Senior Analyst. "The proceeds from the proposed bonds -- which will lead to an incremental rise in liquidity -- will help to prefund some of its future land payments," says Ms. Choi. Country Garden sells an average of 6 million to 7 million square meters per year, and spent about RMB8 billion in land payments in 2012. "Moody's expects Country Garden's debt leverage will remain within the Ba rating level after the proposed bond issue" says Choi. Moody's also expects EBITDA/interest to measure 3.5x and adjusted debt/total capitalization of 54% over the next 12-18 months, positioning the company in the Ba range. Country Garden'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. The Ba3 rating is also supported by the features of its business model. The latter aims at developing affordable housing with value-added services in integrated townships. This strategy meets the needs of China's growing middle class, which demonstrates long-term demand for property. The Ba3 rating has also considered Country Garden's 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 Ba3 rating is constrained by Country Garden's rapid growth, moderately high debt leverage, and reliance on sales from Guangdong Province. Nonetheless, the company's liquidity position is strong. Its cash balance of RMB13.6 billion as of June 30, 2012 covers sufficiently its short-term debt of RMB7.1 billion. The positive rating outlook reflects Country Garden's strong pre- sales performance in the past year. Moody's believes the company can sustain its sales momentum, given expectations that China's property market will stabilize in the next 12-18 months. This would in turn strengthen its liquidity and operating cash flow and result in a stronger credit profile when compared with its Ba3 peers. Upward rating pressure could emerge if Country Garden: (1) continues to deliver strong sales; (2) it maintains a prudent approach to acquiring land; (3) maintains profit margins of between 25% and 30%; and (4) it increases EBITDA/interest to 4.0x from 3.5x now. On the other hand, downward rating pressure could emerge 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. LDK SOLAR: Chinese Agency Orders Payment of RMB294MM to Supplier ---------------------------------------------------------------- LDK Solar Co., Ltd., said the China International Economic and Trade Arbitration Commission (CIETAC) stated that the wafer equipment supply contract entered into in July 2008 between LDK Solar and JYT Corporation of Beijing is valid and effective through the duration and at terms and conditions related to quantities and prices set forth therein. Under this contract, LDK Solar agreed to purchase furnaces used in the manufacturing of multicrystalline and monocrystalline ingots for installation in its manufacturing facilities in Xinyu City, China. On Dec. 25, 2012, CIETAC stated that by virtue of the arbitration proceedings, LDK will pay to JYT an amount of approximately RMB294 million as well as approximately an additional amount of RMB3.4 million to cover arbitral fees accrued as a result of this proceeding. "With regret, we were unable to take delivery of the ordered furnaces as scheduled from JYT primarily due to slower than expected industry growth and the widely available capacity of other peers," stated Xingxue Tong, President and CEO of LDK Solar. "LDK Solar is committed to innovation, quality and customer service. We have sufficient manufacturing capacity to support our valued customers and we will continue working with our vendors and customers, so that together we can overcome the challenges facing our industry," concluded Mr. Tong. About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. KPMG in Hong Kong, China, said in a May 15, 2012, audit report, there is substantial doubt on the ability of LDK Solar Co., Ltd., to continue as a going concern. According to KPMG, LDK Solar has a net working capital deficit and is restricted to incur additional debt as it has not met a financial covenant ratio under a long-term debt agreement as of Dec. 31, 2011. These conditions raise substantial doubt about the Group's ability to continue as a going concern. LDK Solar's balance sheet at Sept. 30, 2012, showed US$5.76 billion in total assets, US$5.41 billion in total liabilities, US$299.02 million in redeemable non-controlling interests and US$45.91 million in total equity. REDCHIP COMPANIES: Opts to Wind Down China Operations ----------------------------------------------------- RedChip Companies, Inc., an international small-cap research, investor relations, and media company, on Jan. 3 disclosed that it has exited the China small-cap sector and terminated its contracts with its three Chinese clients. "We made a decision to close our Beijing office months ago and wind down our China operations," stated Dave Gentry, President and CEO of RedChip. "Wall Street has, for the most part, lost confidence in the financial reporting of U.S.-listed Chinese companies. We are concerned that Big Four accounting firms were unable to detect financial fraud in companies like Sino-Forest and Longtop Financial." Mr. Gentry continued, "When multi-billion dollar funds like Paulson & Co. and The Carlyle Group, with their unlimited resources, are unable to detect fraud in their Chinese-based portfolio companies; when top-tier investment banks like Goldman Sachs are unable to detect fraud in their Chinese-client companies; then I think reasonable investors must take a step back and seriously consider whether the potential rewards outweigh the downside risks of investing in U.S.-listed Chinese companies. We simply are not willing to take the risk." "If we cannot trust the audit work of firms registered with the Public Company Accounting Oversight Board ("PCAOB"), which is the final line of defense against accounting fraud in Chinese companies listed in the U.S., as has been proven in dozens of cases over the past two years, and the Chinese regulatory authorities are not willing to work with the U.S. Securities and Exchange Commission ("SEC") and the PCAOB in helping uncover fraud and punish wrong-doers, and apparently they are not, then it is time for investors to jettison the China sector," stated Mr. Gentry. Over 50 Chinese companies have either been delisted or defaulted off the NASDAQ or NYSE over the last 24 months. Mr. Gentry also added, "Muddy Waters, GeoInvesting and Alfred Little have done a great service to investors in uncovering fraud that the biggest and 'best' accounting firms in several cases did not uncover. We should applaud their work." About RedChip Companies, Inc. RedChip Companies, an Inc. 5000 company, is an international small-cap research, investor relations, and media company headquartered in Orlando, Florida; with affiliate offices in San Francisco, Seoul, Hong Kong and Singapore. SINO-FOREST CORP: Settles Class Action Over Ernst & Young Audits ---------------------------------------------------------------- Sino-Forest Corporation on Dec. 28 issued a Notice of Proposed Settlement with Ernst & Young LLP. TO: Everyone, including non-Canadians, who acquired Sino-Forest Corporation securities (including shares and/or notes) in the primary or secondary market in any jurisdiction between March 31, 2006 and August 26, 2011 and to everyone, including non- Canadians, who has, had, could have had or may have a claim of any kind against Ernst & Young LLP, Ernst & Young Global Limited or any of its member firms and any person or entity affiliated or connected thereto, in relation to Sino-Forest, Ernst & Young's audits of Sino-Forest's financial statements and any other work performed by Ernst & Young related to Sino-Forest. Background of Sino-Forest Class Action and CCAA Proceeding In June and July of 2011, class actions were commenced in the Ontario Superior Court of Justice and the Quebec Superior Court by certain plaintiffs against Sino-Forest, its senior officers and directors, its underwriters, a consulting company, and its auditors, including Ernst & Young. In January 2012, a proposed class action was commenced against Sino-Forest and other defendants in the Southern District of New York. The actions alleged that the public filings of Sino-Forest contained false and misleading statements about Sino-Forest's assets, business, and transactions. Since that time, the litigation has been vigorously contested. On March 30, 2012, Sino-Forest obtained creditor protection under the Companies' Creditors Arrangement Act, within which proceeding the Ontario Superior Court ordered a stay of proceedings against the company and other parties, including Ernst & Young. Orders and other materials relevant to the CCAA Proceeding can be found at the CCAA Monitor's website at http://cfcanada.fticonsulting.com/sfc/(the "Monitor's Website"). On December 10, 2012, a Plan of Arrangement was approved by the court in the CCAA Proceeding. As part of this Plan of Arrangement, the court approved a framework by which the Plaintiffs may enter into settlement agreements with any of the third-party defendants to the Proceedings. The Plan expressly contemplates the Ernst & Young Settlement (as defined in the Plan), approval of which is now sought. Who Acts For the E&Y Settlement Class Koskie Minsky LLP, Siskinds LLP, and Siskinds Desmeules, sencrl represent the E&Y Settlement Class in the Proceedings. If you want to be represented by another lawyer, you may hire one to appear in court for you at your own expense. You will not have to directly pay any fees and expenses to Class Counsel. However, if this action succeeds or there is a monetary settlement, Class Counsel will seek to have their fees and expenses paid from any money obtained for the class or paid separately by the defendants. About Sino-Forest Corp. Sino-Forest Corporation -- http://www.sinoforest.com/-- is a commercial forest plantation operator in China. Its principal businesses include the ownership and management of tree plantations, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. Sino-Forest also holds a majority interest in Greenheart Group Limited, a Hong-Kong listed investment holding company with assets in Suriname (South America) and New Zealand and involved in sustainable harvesting, processing and sales of its logs and lumber to China and other markets around the world. Sino-Forest's common shares have been listed on the Toronto Stock Exchange under the symbol TRE since 1995. Sino-Forest Corporation on March 30, 2012, obtained an initial order from the Ontario Superior Court of Justice for creditor protection pursuant to the provisions of the Companies' Creditors Arrangement Act. Under the terms of the Order, FTI Consulting Canada Inc. will serve as the Court-appointed Monitor under the CCAA process and will assist the Company in implementing its restructuring plan. Gowling Lafleur Henderson LLP is acting as legal counsel to the Monitor. During the CCAA process, Sino-Forest expects its normal day-to- day operations to continue without interruption. The Company has not planned any layoffs and all trade payables are expected to remain unaffected by the CCAA proceedings. TIGER MEDIA: Raises $2.1-Mil. From Exercise of Warrants ------------------------------------------------------- Tiger Media, Inc., formerly known as SearchMedia Holdings Limited, unveiled the results of the offer to exercise warrants at a reduced exercise price, which the Company provided to its holders of Public Warrants, Insider Warrants, and Underwriter Warrants. The opportunity to exercise up to one-third of a holder's outstanding Warrants at a reduced exercise price expired at 5:00 p.m. Eastern Time on Dec. 26, 2012. The Company raised a total of $2.1 million from proceeds received as a result of the exercise of Warrants to purchase 1,709,749 of the Company's ordinary shares. In addition, pursuant to the terms of the offer, at the expiration date of the Warrants, which is Feb. 19, 2013, 3,219,596 Warrants held by participating holders, representing two times the number of Warrants exercised by those holders, will have their expiration date extended until Dec. 26, 2013, and the exercise price of such Warrants will be reduced to $2.50, with respect to the Public and Insider Warrants. Furthermore, an additional 186,000 warrants were submitted via Notice of Guaranteed Delivery. There were no Underwriter Warrants exercised. Warrants not exercised or extended will expire on Feb. 19, 2013. About SearchMedia Tiger Media, Inc., formerly known as SearchMedia Holdings Limited, is a nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in- elevator advertising networks in China. SearchMedia operates a network of high-impact billboards and one of China's largest networks of in-elevator advertisement panels in 50 cities throughout China. Additionally, SearchMedia operates a network of large-format light boxes in concourses of eleven major subway lines in Shanghai. SearchMedia's core outdoor billboard and in- elevator platforms are complemented by its subway advertising platform, which together enable it to provide a multi-platform, "one-stop shop" services for its local, national and international advertising clients. Marcum Bernstein & Pinchuk LLP, in New York, issued a "going concern" qualification on the company's consolidated financials statements for the year ended Dec. 31, 2011. The independent auditors noted that the Company has suffered recurring losses and has a working capital deficiency of roughly $31,000,000 at Dec. 31, 2011, which raises substantial doubt about its ability to continue as a going concern. Searchmedia Holdings reported a net loss of $13.45 million in 2011, a net loss of $46.63 million in 2010, and a net loss of $22.64 million in 2009. The Company's balance sheet at June 30, 2012, showed US$39.18 million in total assets, US$41.22 million in total liabilities and a US$2.04 million total shareholders' deficit. ================ H O N G K O N G ================ MAGIC LAND: Members' Final Meeting Set for Jan. 25 -------------------------------------------------- Members of Magic Land Holdings Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 25, 2013, 10:00 a.m., at 8/F, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Wing Sze Tiffany Wong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MARINE ATSOURCE: Members' Final Meeting Set for Jan. 25 ------------------------------------------------------- Members of Marine Atsource (HK) Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 25, 2013, at 10:00 a.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. MARINE OPERATING: Members' Final Meeting Set for Jan. 25 -------------------------------------------------------- Members of Marine Operating Systems (HK) Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 25, 2013, at 11:00 a.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. MASSIVE MARINE: Members' Final Meeting Set for Jan. 25 ------------------------------------------------------ Members of Massive Marine (HK) Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 25, 2013, at 12:00 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. M & H INSURANCE: Members' Final Meeting Set for Jan. 21 ------------------------------------------------------- Members of M & H Insurance Agency Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 21, 2013, 10:00 a.m., Units 3401-02, 34th Floor, AIA Tower, at 183 Electric Road, North Point, in Hong Kong. At the meeting, Mok Mun Lan Linda, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NATION FUNDS: Creditors' Proofs of Debt Due Jan. 21 --------------------------------------------------- Creditors of Nation Funds International 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. 14, 2012. The company's liquidator is: Lau Wai Yung Alice Room 2402, 24/F 101 King's Road, Fortress Hill Hong Kong NIELSEN BUSINESS: Lam and Boswell Step Down as Liquidators ---------------------------------------------------------- Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of Nielsen Business Media Asia Limited on Dec. 17, 2012. NORITZ HK: Members' Final Meeting Set for Jan. 21 ------------------------------------------------- Members of Noritz Hong Kong Holdings Company Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 21, 2013, at 10:00 a.m., at 19/F, Berverly House, Nos. 93- 107 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Iain Ferguson Bruce, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. OMNIUM HK: Members' Final Meeting Set for Jan. 22 ------------------------------------------------- Members of Omnium Hong Kong Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, at 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Betty Yeung Yuen and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. OSMONICS ASIA-PACIFIC: Members' Final Meeting Set for Jan. 23 ------------------------------------------------------------- Members of Osmonics Asia-Pacific Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 23, 2013, at 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ngai Kit Fong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PACIFIC GOLD: Commences Wind-Up Proceedings ------------------------------------------- Members of Pacific Gold Properties Limited, on Dec. 19, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Fung Kit Yee Unit B, 1/F Neich Tower, 128 Gloucester Road Wanchai, Hong Kong PANDORA ASSET: Members' Final Meeting Set for Jan. 22 ----------------------------------------------------- Members of Pandora Asset One Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, at 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. PENSON FINANCIAL: Members' Final Meeting Set for Jan. 21 -------------------------------------------------------- Members of Penson Financial Services Asia Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 21, 2013, at 11:00 a.m., at 7th Floor, Alexandra House, at 18 Chater Road, Central, in Hong Kong. At the meeting, Philip Brendan Gilligan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. REACH WAY: Creditors' Proofs of Debt Due Jan. 22 ------------------------------------------------ Creditors of Reach Way Development Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 22, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 14, 2012. The company's liquidators are: Puen Wing Fai Lo Yeuk Ki Alice 6/F, Kwan Chart Tower 6 Tonnochy Road Wanchai, Hong Kong SOCIETY FOR WORLDWIDE: Lam and Boswell Step Down as Liquidators --------------------------------------------------------------- Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of Society for Worldwide Interbank Financial Telecommunications (Far East) Limited on Dec. 10, 2012. SOL MELIA: Chan Mei Lan Appointed as New Liquidator --------------------------------------------------- Chan Mei Lan on Dec. 14, 2012, was appointed as liquidator of Sol Melia China Limited. Chan Mei Lan replaces Jacky Chung Wing Muk who stepped down as the company's liquidator. The liquidators may be reached at: Chan Mei Lan Edward Simon Middleton 8th Floor, Prince's Building 10 Chater Road Central, Hong Kong SUNBRIDGE COMPANY: Creditors' Proofs of Debt Due Jan. 31 -------------------------------------------------------- Creditors of Sunbridge 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 commenced wind-up proceedings on Dec. 13, 2012. The company's liquidator is: Lau Cheuk Man Timothy Unit 9, 17/F Citicorp Centre, 18 Whitfield Road Causeway Bay, Hong Kong STARLIGHT INDUSTRIAL: Members' Final Meeting Set for Jan. 21 ------------------------------------------------------------ Members of Starlight Industrial Limited, which is in members' voluntary liquidation, will hold their final geral meeting on Jan. 21, 2013, at 10:00 a.m., at Unit 2, 11/F, Yau Lee Centre, at 45 Hoi Yuen Road, Kwun Tong, in Kowloon. At the meeting, Tso Kwai Ping, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TEGO GARMENTS: Members' Final Meeting Set for Jan. 22 ----------------------------------------------------- Members of Tego Garments Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 22, 2013, at 10:30 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. TOPLUS INVESTMENT: Commences Wind-Up Proceedings ------------------------------------------------ Members of Toplus 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 VICTOR CROWN: Members' Final Meeting Set for Jan. 22 ---------------------------------------------------- Members of Victor Crown Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Chan Mi Har and Ying Hing Chiu, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. WEALTHY REALTY: Members' Final Meeting Set for Jan. 23 ------------------------------------------------------ Members of Wealthy Realty Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 23, 2013, at 11:00 a.m., at 19/F, Berverly House, Nos. 93-107 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Cheng Kai Tai Allen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WEALTHY REALTY AGENCY: Members' Final Meeting Set for Jan. 23 ------------------------------------------------------------- Members of Wealthy Realty Agency Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 23, 2013, at 11:45 a.m., at 19/F, Berverly House, Nos. 93-107 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Cheng Kai Tai Allen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. YINLI TRADING: Kwan Wing Hong Steps Down as Liquidator ------------------------------------------------------ Kwan Wing Hong stepped down as liquidator of Yinli Trading Limited on Dec. 16, 2012. ========= I N D I A ========= ANIL KUMAR: CRISIL Cuts Rating on INR40MM Loan to 'BB' ------------------------------------------------------ CRISIL has downgraded its rating on the long-term bank facilities of Anil Kumar and Company to 'CRISIL BB/Stable' from 'CRISIL BB+/Stable'. The rating on AKC's other facilities has been reaffirmed at 'CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 40.0 CRISIL BB/Stable (Downgraded from 'CRISIL BB+/Stable') Bank Guarantee 160.0 CRISIL A4+ (Reaffirmed) The rating downgrade reflects AKC's deteriorating business risk profile, marked by sharp decline in operating income. The company reported an operating income of INR588 million for 2011-12 (refers to financial year, April 1 to March 31), a year-on-year decline of 60 per cent over the previous year. AKC's revenues have been lower than expected primarily because of slowdown in new infrastructure orders, and delays in disbursements of funds from the Government of Uttar Pradesh. CRISIL believes that AKC's business risk profile will remain constrained over the medium term by slowdown in new infrastructure projects, which is accentuated by the firm's exposure to geographical concentration risks in its revenue profile -- the firm derives the bulk of its revenue from one state, Uttar Pradesh. Furthermore, AKC's revenue has been low at INR160 million in the eight months ended November 30, 2012. Any further deterioration in revenue in 2012-13 could affect its cash accruals, and in turn, its financial risk profile. Timeliness in order execution and in receipt of funds from the state government will, therefore, remain key rating sensitivity factors for AKC. The ratings continue to reflect the benefits that AKC derives from its partners' extensive experience in undertaking electrical and civil contracts, and AKC's moderate financial risk profile marked by moderate gearing and debt protection metrics. These rating strengths are partially offset by AKC's exposure to risks relating to modest scale of operations, geographical concentration in revenue, and to volatility in raw material prices and intense competition. Outlook: Stable CRISIL believes that AKC will continue to benefit from its partner's experience in the civil construction industry. The outlook may be revised to 'Positive' if AKC posts higher-than- expected revenue growth, coupled with increase in profitability, leading to improvement in its business risk profile. Conversely, the outlook may be revised to 'Negative' if the firm's liquidity weakens significantly because of further increase in working capital requirements. AKC was set up as a partnership firm in 1986 by Mr. Anil Kumar Gupta and Mr. Gyan Prakash Goel. The firm undertakes electrical and civil contracts for government entities, including various development authorities, primarily in Uttar Pradesh. J D ISPAT: CRISIL Assigns 'C' Rating to INR310MM Loans ------------------------------------------------------ CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank facilities of J D Ispat Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 120 CRISIL C Cash Credit 190 CRISIL C Letter of Credit 20 CRISIL A4 The ratings reflect JDIPL's constrained liquidity due to initial stage of its operations and yet-to-stabilize cash flows. The rating also reflects weak financial risk profile marked by high gearing and weak debt protection metrics, modest scale of operations in fragmented nature of the secondary steel industry and susceptibility of margins to volatility in steel prices. These rating weaknesses are partially offset by extensive experience of JDIPL's promoters in iron and steel industry. JDIPL is a private limited company engaged in manufacturing of steel ingots. The company was incorporated in 2004 by Mr. Shiv Goel & his wife Ms. Anjana Goel. The company's manufacturing unit was at Nagpur. However the company has now shifted its manufacturing facilities to Durg in Chhatisgarh and commenced commercial production from January 2012. JUPAX VANIJYA: CRISIL Ups Rating on INR70MM Loans to 'BB' --------------------------------------------------------- CRISIL has upgraded its rating on the bank facilities of Jupax Vanijya Pvt Ltd (JVPL; part of the Maruti group) to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 51.5 CRISIL BB/Stable (Upgraded from 'CRISIL BB-/Stable') Proposed Long-Term 18.5 CRISIL BB/Stable (Upgraded Bank Loan Facility from 'CRISIL BB-/Stable') The rating upgrade reflects the improvement in the Maruti group's financial risk profile, marked by a lower ratio of total outside liabilities to tangible net worth (TOLTNW) and improved liquidity on the back of infusion of funds from promoters and associates. The group's TOLTNW ratio has improved to well below 1 time as on March 31, 2012 from close to 2.5 times in the past, with the promoters infusing funds of INR108 million in 2010-11 (refers to financial year, April 1 to March 31) and 2011-12. CRISIL believes that the Maruti group will maintain its capital structure over the medium term in the absence of any major debt-funded capital expenditure (capex) and efficient working capital management. The rating reflects the extensive experience of the Maruti group's promoters in the polymer trading business, and the group's improved financial risk profile, though constrained by an inadequate interest coverage ratio. These rating strengths are partially offset by the susceptibility of the group's operating margin to fluctuations in raw material prices, and its highly working-capital-intensive operations. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of JVPL, Rateria Laminators Pvt Ltd, Hind Polyfabs Pvt Ltd, and Maruti Packagers Pvt Ltd. This is because all these companies, collectively referred to as the Maruti group, are under a common management, operate in similar lines of business, and have operational and financial linkages. Outlook: Stable CRISIL believes that the Maruti group will continue to benefit over the medium term from its promoters' extensive experience in the polymer trading industry. The outlook may be revised to 'Positive' if the Maruti group scales up its operations, and if its operating margin improves significantly. Conversely, the outlook may be revised to 'Negative' if the group's revenues decline sharply, or if it undertakes a major, debt-funded, capex programme, weakening its financial risk profile. About the Group The Maruti group commenced operations in 1996, with RLPL being appointed as the consignee stockist of GAIL (India) Ltd for eastern India. MPPL and JVPL trade in plastic granules. HPPL manufactures high-density polyethylene and polyphenylene ether bags with capacity of 100 tonnes per month. JVPL reported a profit after tax (PAT) of INR0.7 million on net sales of INR285.6 million for 2011-12 (refers to financial year, April 1 to March 31) against a PAT of INR0.6 million on net sales of INR238.1 million for 2010-11. MANTORA AGRO: CRISIL Rates INR150MM Loan at 'CRISIL BB' ------------------------------------------------------- CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank facility of Mantora Agro Industries Pvt Ltd (MAPL; part of the Mantora group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL BB/Stable The rating reflects the Mantora group's established market position in the edible oil industry in northern India, enhanced by it strong distribution channel and reputed brand. The rating also factors in the group's integrated manufacturing facilities and above average financial risk profile, marked by moderate net worth and low gearing. These rating strengths are partially offset by the vulnerability of the Mantora group's operating margin to volatility in raw material prices in an agriculture- based industry, and its exposure to government regulations and to intense competition in the highly fragmented edible oil industry. For arriving at the rating, CRISIL has combined the business and financial risk profiles of MAPL and Mantora Oil Products Ltd (rated CRISIL BB/Stable). This is because both the companies, together referred to as the Mantora group, are in a similar line of business and have significant business and financial linkages. Moreover, they share the same distribution channel and have a common management. Outlook: Stable CRISIL believes that the Mantora group will continue to benefit over the medium term from its established position in the edible oil industry. The outlook may be revised to 'Positive' if the group enhances its operating efficiencies, resulting in significantly improved profitability. Conversely, the outlook may be revised to 'Negative' if the Mantora group undertakes a major, debt-funded, capital expenditure programme, or if its working capital cycle stretches, resulting in a strain on its capital structure. The Mantora group, promoted by Mr. Jagdish Prasad Gupta and family, is engaged in the manufacture and sale of refined edible oil, vanaspati, de-oiled cakes, and soya berry. The group has a refinery capacity of 73,000 tonnes per annum (tpa; set up in 1987), vanaspati manufacturing capacity of 39,000 tpa (1995), solvent extraction capacity of 180,000 tpa (2010), and soya berry manufacturing capacity of 7500 tpa (2012), all located in Kanpur (Uttar Pradesh). The group sells its range of edible oil and vanaspati under the brands Bawarchi, Queen, Sarsona, and Sarso- active. It markets its products through its four depots located at Gorakhpur, Kanpur, Bareilly, and Agra (all in Utttar Pradesh), supported by over 100 brokers. MRK PIPES: Delay in Loan Payment Cues CRISIL Junk Ratings --------------------------------------------------------- CRISIL has assigned its 'CRISIL D' ratings to the bank facilities of MRK Pipes Ltd. The rating reflects instances of delay by MPL in servicing its debt; the delays have been caused by the company's weak liquidity, driven by its large working capital requirements. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 310 CRISIL D Letter of Credit 70 CRISIL D Bank Guarantee 50 CRISIL D Cash Credit 300 CRISIL D MPL also has a below average financial risk profile constrained by its weak debt protection metrics, and its scale of operations in the highly fragmented industry is modest. The company, however, benefits from its promoters' extensive industry experience. Incorporated in 2000, MPL is promoted by Mr. Manish Kalani, Mr. Dinesh Parasrampuria, and Mr. Rakesh Akar. The company mainly manufactures asbestos cement (AC) sheets that are used as a roofing material for factory sheds and household roofing in rural areas and AC pipes. OMPRAKASH SHIVPRAKASH: CRISIL Rates INR90MM Loan at 'B+' -------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facility of Omprakash Shivprakash. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL B+/Stable The rating reflects OS's below-average financial risk profile, marked by a weak capital structure and weak debt protection metrics, modest scale of operations, exposure to intense market competition; the rating also factors in the firm's low operating margin and the susceptibility of the same to volatility in raw material prices. These rating weaknesses are partially offset by the benefits that OS derives from its promoters' extensive experience in the cotton industry. Outlook: Stable CRISIL believes that OS will continue to benefit over the medium term from its promoters' extensive experience in the cotton industry. The outlook may be revised to 'Positive' if the firm increases its scale of operations and operating margin, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of deterioration in financial risk profile especially the debt protection metrics on account of lower accruals or more than expected financial support extended to group companies. OS was set up in 1952 by Mr. Kaluramji Ruhatiya and his family. The firm is part of the Ruhatiya group, which has been operational for the past five decades; the group operates in several other businesses such as operating dal mills, commodity trading, and cotton ginning. OS is involved in cotton yarn ginning and pressing; it also trades in cotton and processes and trades in toor dal. The firm has a ginning and pressing unit in Adilabad (Andhra Pradesh) and a dal processing unit in Akola (Maharashtra). Additionally, OS operates through ginning and pressing units (on yearly/monthly lease basis), in Akola to cater to demand in Maharashtra OS is part of the Ruhatiya group which also includes Narmada Solvex Pvt Ltd (rated, CRISIL B/ Stable), Ruhatiya Cotton and Metal Pvt Ltd (rated: CRISIL B/Stable), Ruhatiya Spinners Private Limited (rated, CRISIL B+/ Stable), Ruhatiya Agro Private Limited, Shri Vijay Industries Oil Mills and Ruhatiya Hospital. SIGNET PRODUCTS: CRISIL Rates INR70MM Loan at 'CRISIL B' -------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Signet Products Private Limited (SPPL; part of the Signet group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 20 CRISIL A4 Bank Guarantee 50 CRISIL A4 Cash Credit 70 CRISIL B/Stable The ratings reflect the Signet group's below-average financial risk profile, marked by an average capital structure and below- average debt protection metrics, modest scale of operations, and large working capital requirements. These rating weaknesses are partially offset by the extensive experience of the Signet group's promoters in the electrical installation industry, and the group's healthy order book. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of SPPL and Nipko Engineering Services Private Limited. This because these entities, together referred to as the Signet group, share the same management team, are in a similar line of business, and have fungible cash flows. Outlook: Stable CRISIL believes that the Signet group will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' in case the company registers significant improvement in its liquidity, most likely because of improvement in its cash accruals and working capital cycle, and improvement in its business risk profile on account of better-than-expected ramp up in its operations. Conversely, the outlook may be revised to 'Negative' in case the group generates lower-than-expected cash accruals or if its working capital requirements are larger than expected, leading to pressure on its liquidity. SPPL was set up in 1998 by Mr. Narendra Korde and his wife in Pune (Maharashtra). It provides end-to-end power solutions for electrical substations, and supplies and installs metering systems, current transformers, energy meters, and custom designed enclosures for commercial establishments. In 2002, the promoters established another company, namely NESPL, which is in a similar line of business. The promoters have over two decades of experience in the electrical installation industry. STAR PAPER: CRISIL Cuts Rating on INR190MM Loan to 'B' ------------------------------------------------------ CRISIL has downgraded the rating on the bank facility of Star Paper Mills Ltd to 'CRISIL B/Negative' from 'CRISIL BB- /Negative'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 190.0 CRISIL B/Negative (Downgraded from CRISIL BB-/Negative) The downgrade reflects the deterioration in SPML's business risk profile as the company reported operating losses for two consecutive years. For 2011-12 (refers to financial year, April 1 to March 31), SPML reported an operating loss of 14.1 per cent and profit-after-tax (PAT) loss of 18.2 per cent due to the increase in raw material prices and power costs, and limited availability of raw materials near the manufacturing facility. The rating also factors in CRISIL's expectation of further deterioration in SPML's financial risk profile due to its large, debt-funded capital expenditure (capex) programme and incremental working capital requirements, coupled with deterioration in its liquidity due to suppressed cash accruals. The ratings reflect SPML's weak operating efficiencies due to its susceptibility to intense industry competition, increasing costs, and expected deterioration in its financial risk profile. These rating weaknesses are partially offset by SPML's established market position in the wood-based paper segment. Outlook: Negative CRISIL believes that SPML's liquidity will remain weak over the medium term due to suppressed cash accruals, resulting from low profitability and proposed debt-funded capex. The ratings may be downgraded in case of a significant decline in SPML's profitability, or if its liquidity is not adequately supported by timely equity infusions, divestment in group company, and sale of fixed assets. Conversely, the outlook may be revised to 'Stable' if SPML reports a significant increase in profitability or larger-than-expected equity infusions to support its liquidity. Set up in 1936, SPML is an integrated pulp and paper manufacturer. The company manufactures a wide range of paper products, but mainly produces kraft paper. SPML is part of the Duncan Goenka group, headed by Mr. G P Goenka. The company's mill at Saharanpur (Uttar Pradesh) has four paper machines, with aggregate capacity of 75,000 tonnes per annum (tpa). SPML reported a net loss of INR424.0 million on net sales of INR2.3 billion for 2011-12, as against a net loss of INR101.5 million on net sales of INR2.5 billion for 2010-11. TIJIYA STEEL: CRISIL Rates INR120MM Loan at 'CRISIL B' ------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Tijiya Steel Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B/Stable Letter of Credit 60 CRISIL A4 The ratings reflect TSPL's weak liquidity due to past devolvement of its letter of credit facility. The ratings also factor in the company's relatively small market share in the fragmented thermo- mechanically-treated (TMT) steel bar industry, susceptibility of its operating margin to volatility in raw materials prices, and its working-capital-intensive operations. These rating weaknesses are partially offset by the extensive experience of TSPL's promoters in the steel industry, and its moderate financial risk profile, marked by a comfortable capital structure and moderate debt protection metrics. Outlook: Stable CRISIL believes that TSPL will continue to benefit over the medium term from its promoters' extensive experience in the steel industry. The outlook may be revised to 'Positive' if there is significant improvement in the company's liquidity, most likely because of higher-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' in case of deterioration in TSPL financial risk profile, most likely due to lower-than- expected profitability, larger-than-expected working capital requirements, or large, debt-funded, capital expenditure. Incorporated in 1994, TSPL is managed by Mr. Rajesh Poddar and Mr. Rajiv Poddar. The company manufactures TMT steel bars at its facility in Kolkata (West Bengal). It also trades in mild steel ingots, TMT bars, and allied products. TSPL reported a net profit of INR2.0 million on net sales of INR570.6 million for 2011-12 (refers to financial year, April 1 to March 31), as against a net profit of INR3.0 million on net sales of INR549.0 million for 2010-11. VIKRAM HOSPITAL: Delay in Loan Payment Cues CRISIL Junk Ratings --------------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of Vikram Hospital Pvt Ltd (Vikram Hospital; part of the Vikram group) to 'CRISIL D' from 'CRISIL B+/Negative'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 36.6 CRISIL D (Downgraded from 'CRISIL B+/Negative') Long-Term Loan 455.1 CRISIL D (Downgraded from 'CRISIL B+/Negative') Proposed Long-Term 55.1 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B+/Negative') The downgrade reflects delays by the Vikram group in servicing its term loan; the delays were due to the group's weak liquidity, marked by cash losses. The Vikram group is exposed to risks related to small scale of operations, with geographical concentration in its revenue profile. Moreover, the group has a below-average financial risk profile, marked by high gearing and weak debt protection metrics. The group, however, benefits from its established position in the tertiary health care segment in Karnataka. For arriving at the rating, CRISIL has combined the financial and business risk profiles of Vikram Hospital and its subsidiary Vikram Hospitals (Bengaluru) Pvt Ltd. This is because Vikram Hospital and VHBPL, together referred to as the Vikram group, have common promoters, operational synergies, and fungible funds, and are in the same line of business Established in 2002 by Dr. S B Vikram in Mysore (Karnataka), the Vikram group provides tertiary healthcare and other healthcare- related services. The group runs a chain of hospitals in Karnataka. For 2011-12 (refers to financial year, April 1 to March 31), the Vikram group reported a net loss of INR342 million on net sales of INR1.16 billion, as against a net loss of INR158 million on net sales of INR0.72 billion for 2010-11. ========= J A P A N ========= ELPIDA MEMORY: Taiwan FTC OKs Merger Deal With Micron, Rexchip -------------------------------------------------------------- The Central News Agency reports that Taiwan's Fair Trade Commission on Jan. 2 approved a merger of Micron, Elpida Memory Inc.; and Rexchip Electronics Corp. CNA relates that the commission said with the merger, the new entity will control the second biggest share of the global DRAM market, behind Samsung of South Korea which has a 40% share. SK Hynix Semiconductor Inc., also of South Korea, will be a close competitor, the commission, as cited by CNA, said. Rexchip is a joint venture between Elpida and Taiwanese chip maker Powerchip Technology Corp., which reached a deal with Micron in July 2012 to sell its stake in Rexchip, the news agency notes. 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. =============== M O N G O L I A =============== MONGOLIAN RESOURCES: Moody's Withdraws '(P)B3' Bond Rating ---------------------------------------------------------- Moody's Investors Service has withdrawn the provisional (P)B3 debt rating assigned to Mongolian Resources Corporation ("MRC"). Ratings Rationale Moody's has withdrawn the provisional (P)B3 rating on MRC's previously proposed USD bonds as the issuance has been postponed. The last rating action on MRC occurred on October 8, 2012 when the rating agency assigned a first-time B3 corporate family rating and a provisional (P)B3 ratings to the proposed USD bonds to be issued by the company. The principal methodology used in rating Mongolian Resources Corporation was Moody's Global Mining Industry, published in May 2009. Mongolian Resources Corporation (MRC) is an integrated iron ore producer principally engaged in operating its major mine Tayan Nuur in the Govi-Altai province of Mongolia. MRC is 70.7% owned by Euro 7 Investment, which is an investment holding company wholly owned by Mr Bazar Radnaabazar, MRC's founder and Chairman. The Trade and Development Bank of Mongolia is the second largest shareholder with an 11.0% stake. The European Bank for Reconstruction & Development has a 4.0% stake in MRC. ==================== N E W Z E A L A N D ==================== AORANGI SECURITIES: Investors to Fund Hubbard Case, Judge Says -------------------------------------------------------------- stuff.co.nz reports that Aorangi Securities investors will pay up to NZ$7,500 each court day for Jean Hubbard to defend herself against their bid to claim ownership of NZ$60 million in assets. The report says the High Court has ruled Ms. Hubbard's legal costs over a five-day hearing set down from May 20 to determine the ownership of the assets will be paid out of Aorangi Securities funds. According to the report, Justice Chisholm ruled that Ms. Hubbard's counsel would be paid NZ$5,000 per day and "there will be provision for one extra counsel at half that rate". Additionally statutory managers Grant Thornton and their legal advisers have been ordered to pay an additional NZ$9,117 on top of NZ$37,500 for wasted costs after they misplaced 72 boxes of crucial documents, the report relays. stuff.co.nz notes that the original trial was set down for October 29 last year but two weeks beforehand the statutory managers asked the court for an adjournment after they rediscovered the boxes. According to stuff.co.nz, the late Allan Hubbard had originally put the NZ$60 million into trusts for the benefit of Aorangi Securities investors to make up for a shortfall and put out a prospectus. Statutory management was imposed before these were complete and Grant Thornton subsequently unwound the transactions, with the High Court now required to determine who owns them as Jean Hubbard has claimed she now owns them, stuff.co.nz says. Stuff.co.nz relates that in his judgment Justice Chisholm said Ms. Hubbard had asked that her legal costs be met by access to the assets in dispute through the proceeding as she was the legal owner or by the statutory managers, who in turn argued unsuccessfully she fund her litigation. CAPEHORN FARMING: Pays Back Creditors Only NZ$291 ------------------------------------------------- stuff.co.nz reports that Manawatu-based Capehorn Farming has paid back creditors only NZ$291 since it was placed into liquidation 18 months ago. According to stuff.co.nz, the latest liquidation report for Capehorn Farming, released Jan. 3, showed NZ$3,664 in tax refunds had been acquired to help pay creditors left out of pocket. However, only NZ$291 had been paid, stuff.co.nz relays. stuff.co.nz recalls that Capehorn Farming was placed into receivership in late 2010, owing almost NZ$12 million. The company is 20% owned by Peter Joseph Nitschke, with relatives Mark and Helen Nitschke owning the rest. According to stuff.co.nz, no unsecured creditors were paid any money from the receivership, while secured creditors were paid only about NZ$80,000. The first liquidator's report, put together by Grant Reynolds, said no assets were left from the receivership to pay any creditors for the liquidation, stuff.co.nz notes. The report says Peter Nitschke is serving a jail term of two years and three months after pleading guilty to seven charges relating to about NZ$2.3 million that he obtained dishonestly from the business. Capehorn Farming was a family-run bull fattening company. ================= S I N G A P O R E ================= ACI COMMUNICATIONS: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on Dec. 21, 2012, to wind up the operations of ACI Communications Worldwide Pte Ltd. Radius Design and Construction Pte Ltd filed the petition against the company. The company's liquidator is: The Official Receiver Singapore, of the Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 CLEARVIEW SOLUTIONS: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Singapore entered an order on Dec. 21, 2012, to wind up the operations of Clearview Solutions Pte Ltd. Nicky Backjoo Kim filed the petition against the company. The company's liquidator is: The Official Receiver Singapore, of the Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 INFINITE LIFESTYLE: Court to Hear Wind-Up Petition Jan. 11 ---------------------------------------------------------- A petition to wind up the operations of Infinite Lifestyle (Singapore) Pte Ltd will be heard before the High Court of Singapore on Jan. 11, 2013, at 10:00 a.m. Oriental Premium Sdn Bhd filed the petition against the company on Dec. 4, 2012. The Petitioner's solicitors are: Nlc Law Asia LLP 8 Robinson Road #10-00 ASO Building Singapore 048544 QBOP PTE: Creditors' Proofs of Debt Due Feb. 4 ---------------------------------------------- Creditors of Qbop Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 4, 2013, to be included in the company's dividend distribution. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 SENSEI INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 16 ----------------------------------------------------------- Creditors of Sensei International Singapore Pte Ltd, which is in creditors' voluntary liquidation, are required to file their proofs of debt by Jan. 16, 2013, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ********* 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 ***