/raid1/www/Hosts/bankrupt/TCRAP_Public/130111.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 11, 2013, Vol. 16, No. 8
Headlines
A U S T R A L I A
AMERICAN CLUB: Appoints RMG Partners as Administrators
NINE ENTERTAINMENT: Moody's Assigns '(P)Ba2' Corp. Family Rating
C H I N A
SEARCHMEDIA HOLDINGS: US$5.9-Mil. Profit for 1st 9 Mos. of 2012
SHIMAO PROPERTY: Fitch Assigns Final 'BB' Rating on US$800M Notes
H O N G K O N G
ADVANCE NEW: Heung Sai Kit Steps Down as Liquidator
ASIATIC ASSOCIATES: Commences Wind-Up Proceedings
ASIATIC PARTNERS: Commences Wind-Up Proceedings
CITIC LOGISTICS: Commences Wind-Up Proceedings
CONSUMERS CHOICE: Placed Under Voluntary Wind-Up Proceedings
DORCAS FAMILY: Creditors' Proofs of Debt Due Feb. 5
EASTRISE LIMITED: Creditors' Proofs of Debt Due Feb. 4
EVER RESOURCES: Creditors' Proofs of Debt Due Feb. 4
GOOD FORTUNE: Creditors' Proofs of Debt Due Feb. 4
GUI JIANG: Commences Wind-Up Proceedings
HARVEST MANAGEMENT: Creditors' Proofs of Debt Due Feb. 4
HARVEST PARADISE: Creditors' Proofs of Debt Due Feb. 5
SENIOR GOLFERS: Siu Fai Ho Samson Appointed as Liquidator
S.T.S. SPORT: Placed Under Voluntary Wind-Up Proceedings
S.T.S. HEADWEAR: Placed Under Voluntary Wind-Up Proceedings
TDA INTERIORS: Creditors' Meeting Set for Jan. 15
TSIKELE CAPITAL: To Shut Two Hedge Funds After Losses
TWIN BONUS: Creditors' Proofs of Debt Due Feb. 4
UNITED OILS: Creditors' Proofs of Debt Due Feb. 4
VISTA CITY: Members' Final Meeting Set for Jan. 29
WING ON: Creditors' Proofs of Debt Due Jan. 29
YDS ENGINEERING: Members' Final Meeting Set for Jan. 29
YEL KOREA: Lam and Boswell Step Down as Liquidators
YORKVILLE ADVISORS: Commences Wind-Up Proceedings
ZHAN MEDIA: Chan Chak Ming Steps Down as Liquidator
* Hilco Opens Hong Kong Office for Asset Disposition Services
I N D I A
BHARAT BARREL: CRISIL Assigns 'B+' Rating to INR55MM Loans
EMERALD INDUSTRIES: CRISIL Cuts Ratings on INR150.5MM Loan to 'D'
GIAN JYOTI: Delays in Loan Payment Cues CRISIL Junk Rating
GOBIND SUGAR: CRISIL Assigns 'B-' Rating to INR748MM Cash Credit
GREENDIAM EXIM: Delay in Loan Payment Cues CRISIL Junk Ratings
KAIZEN COLD: CRISIL Assigns 'B+' Rating to INR100MM Loans
KANNAPPAN TEXTILE: CRISIL Cuts Rating on INR113.5MM Loans to 'B-'
KESHAVA FABRICS: CRISIL Hikes Rating on INR96MM Loans to 'B+'
KINGFISHER AIRLINES: Employees Move to Court Over Salary Dues
KINGFISHER AIRLINES: To Revive With Parent's Funds, Mallya Says
NORTH EASTERN: Delay in Loan Payment Cues CRISIL Junk Ratings
NORTH EASTERN EDUCARE: CRISIL Rates INR144.2MM Loan at 'CRISIL D'
PURE MILK: CRISIL Cuts Rating on INR341.2MM Loans to 'CRISIL B+'
SHRI GAJANAN: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
SIGMA TOWNSHIP: CRISIL Assigns 'D' Rating to INR200MM Loans
SRI RAMANI: CRISIL Assigns 'B' Rating to INR120MM Term Loan
S T P LTD: CRISIL Cuts Rating on INR150MM Loan at 'CRISIL B+'
I N D O N E S I A
INDIKA ENERGY: Moody's Affirms 'B1' CFR; Outlook Stable
J A P A N
OLYMPUS CORP: Unit Files for Special Liquidation
N E W Z E A L A N D
ROSS ASSET: Collapse May Spark Changes in Financial Markets Law
P H I L I P P I N E S
EXPORT AND INDUSTRY: PDIC Says Rehab Facing Serious Challenges
S I N G A P O R E
ONSYS ENERGY: Faces Liquidation Over $17-Mil. Debt
T A I W A N
UNION INSURANCE: Fitch Raises IFS Rating From 'BB+'
X X X X X X X X
* Moody's Says Asian Liquidity Stress Index Up 28.6% in December
* Moody's Sees Stable Performance of Structured Finance Deals
* Large Companies with Insolvent Balance Sheets
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A U S T R A L I A
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AMERICAN CLUB: Appoints RMG Partners as Administrators
------------------------------------------------------
SmartCompany reports that The American Club, an exclusive private
"members only" business club which aimed to foster closer
relations between Australia and America, has collapsed into
administration owing AUD500,000 to creditors.
Murray Godfrey and David Iannuzzi of RMG Partners have been
appointed as administrators of The American Club which was
founded in 1947, the report discloses.
SmartCompany notes that the club was launched by the then
American Ambassador Robert Butler, who told members at the launch
of the club it would promote a "clearer understanding" between
the citizens of Australia and the United States.
At its peak, The American Club had 1,000 members who paid $750 a
year to make use of the club's luxurious headquarters on Sydney's
Macquarie Street with sweeping views over Sydney Harbour,
according to SmartCompany.
Mr. Iannuzzi told SmartCompany that The American Club owes around
AUD500,000 to creditors including AUD200,000 to the Commonwealth
Bank and around AUD250,000 to other creditors including the
club's landlord, trade creditors such as printers and the
Australian Taxation Office.
According to the report, Mr. Iannuzzi said the drop in membership
numbers and high rent at Macquarie Street were the factors behind
its collapse.
SmartCompany relates that Mr. Iannuzzi said the club is still in
operation and trading and expects the club to be handed back to
its members after the second meeting of creditors when it will
amalgamate with another club.
"All going to plan it is envisaged that the proposal put forward
by the president of the club will be accepted and the club will
continue to survive and the administrators will step aside and
hand back the club to the members," the report quotes
Mr. Iannuzzi as saying.
NINE ENTERTAINMENT: Moody's Assigns '(P)Ba2' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
corporate family rating to Nine Entertainment Co Holdings
Limited. At the same time, Moody's has assigned a provisional
(P)Ba2 senior secured rating to proposed US$ Term Loan Facilities
(equivalent to around AU$800 million) to be entered into by Nine
Entertainment Group Pty Ltd and Nine Entertainment (Delaware)
Corporation, 100% owned and guaranteed subsidiaries of NEC.
This is the first time that Moody's has assigned ratings to NEC.
The outlook on the ratings is stable.
The assignment of a definitive corporate family rating is subject
to the successful completion of a Scheme of Arrangement ("the
Scheme"), currently underway, under which all outstanding third-
party debt will be terminated as part of a capital restructure.
The assignment of a definitive rating to the senior secured loan
facilities is subject to review of the final documentation and to
successful close of the transaction. The proceeds of the issuance
will be used to repay existing indebtedness as part of the Scheme
and to provide working capital.
Ratings Rationale
"NEC's (P)Ba2 rating reflects its strong operating profile
combined with a moderately conservative financial profile post
implementation of the Scheme", says Maurice O'Connell, a Moody's
Vice President -- Senior Analyst. "The company's strong operating
profile is driven by its national scale operations which provide
it with a good ability to withstand and absorb localised weak
operating conditions or sporadic market disruptions, across its
entire network," Mr. O'Connell adds.
"At the same time NEC has a solid track record of strong audience
and revenue share as well as a good degree of diversification
across different advertising channels", Mr. O'Connell says,
adding "Nevertheless NEC faces strong competition from other Free
to Air networks which could impact on margins depending on the
success of future content." "We expect growth in advertising
revenue over the next 1-2 years to be slow and gradual."
Post re-capitalisation following successful completion of the
Scheme, NEC will exhibit a conservative financial profile, but
appropriate for a potentially volatile earnings platform.
Following re-capitalisation, Moody's expects the company's
adjusted gross Debt/EBITDA to be around 3.5 times in FY2013. With
no plans for dividends in the near term and manageable capex, the
ratio should gradually improve. Also driving the rating is NEC's
liquidity profile which Moody's considers to be strong post
execution of the 7-year term loan.
The rating considers the strengthened business profile following
the recent sale of ACP magazines business which was subject to a
structural decline in the magazine advertising market. The rating
additionally considers the earnings diversification provided by
NEC's Events and Digital operations.
Finally, the rating also considers a degree of uncertainty around
the future capital structure due to the complex shareholder
structure and the potential for the capital structure to change
following a possible IPO in the next 18-24 months.
The stable rating outlook reflects the solid liquidity and
Moody's expectation that NEC will continue its focus on
maintaining conservative financial leverage to cushion any
adverse industry developments.
Ratings could be downgraded if debt-to-EBITDA ratios are
sustained above 4.25x (including Moody's standard adjustments)
which could be due to operating weakness, acquisitions or cash
distributions to shareholders. Failure to maintain good liquidity
including a comfortable cushion to financial covenants to absorb
a cyclical downturn in revenue could also result in a downgrade.
Ratings could be upgraded if the company will operate in a
financially prudent manner consistent with a higher rating,
including maintaining debt-to-EBITDA ratio below 2.5x, and free
cash flow-to-debt ratio in the low double digit range or above on
a consistent basis.
The principal methodology used in rating Nine Entertainment Co
Holdings Limited, Nine Entertainment Group Pty Ltd and Nine
Entertainment (Delaware) Corporation was the Global Broadcast and
Advertising Related Industry Methodology published in May 2012.
NEC is an Australian commercial television network based in
Sydney with free-to-air coverage throughout Australia.
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C H I N A
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SEARCHMEDIA HOLDINGS: US$5.9-Mil. Profit for 1st 9 Mos. of 2012
---------------------------------------------------------------
Tiger Media, Inc., formerly known as SearchMedia Holdings
Limited, reported profit attributable to shareholders of US$5.99
million on US$27.28 million of advertising service revenues for
the nine months ended Sept. 30, 2012, compared with profit
attributable to shareholders of US$1.06 million on US$45.53
million of advertising service revenues for the same period
during the prior year.
The Company's balance sheet at Sept. 30, 2012, showed US$39.88
million in total assets, US$35.41 million in total liabilities,
and US$3.49 million in total shareholders' equity.
Peter W.H. Tan, chief executive officer of Tiger Media remarked,
"The results of the nine months of 2012 shows a trend of
decreased revenue for the Company as we focus on improving the
margins and the bottom line and continue to streamline our
business by closing unprofitable offices and divesting certain
subsidiaries and eliminating the underlying earnout liability in
order to pursue more accretive concession opportunities. These
actions however, resulted in reduced performance in the first
nine month of 2012. Going forward, we believe that we will create
significant shareholder value through strategic, long term
proprietary concessions with prominent partners. We have
additional potential concessions and acquisition opportunities in
our pipeline and we expect additional announcements shortly."
A copy of the press release is available for free at:
http://is.gd/I4nNS2
About SearchMedia
SearchMedia is a leading 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 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 approximately $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.
SHIMAO PROPERTY: Fitch Assigns Final 'BB' Rating on US$800M Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Hong Kong-based Shimao Property
Holdings Limited's ('BB'/Stable) seven-year USD800 million notes
a final rating of 'BB'.
The assignment of the final rating follows the receipt of
documents conforming to information
already received. The final rating is in line with the expected
rating assigned on Jan. 7, 2013.
The ratings reflect Shimao's concentration in property sales and
industry wide regulatory risks as well as its large and well-
located land bank of 38.8 million sqm (as at 30 June 2012) across
China and the company's proven track record in property
development.
Management's focus on maintaining both ample liquidity and ready
access to various funding channels further supports its ratings.
The company continues to have strong support from over 20 onshore
and offshore banks.
Contracted sales increased significantly in 2012 as overall
market conditions improved. Shimao also successfully adjusted its
residential property development mix to focus on first-time home
buyers and upgraded the quality of its housing stock.
Shimao also has one of the highest recurring rental income
streams and the highest rental income-to-EBITDA ratio among
Chinese property companies rated by Fitch. Its recurring rental
income from investment properties is derived from its 64%-owned
Shanghai Shimao unit. Management expects to continue investing in
commercial/retail properties and hotels. Fitch believes the
investment portfolio will offer additional financial flexibility
for the group if required.
The ratings are constrained by the company's concentration in
property sales, which contributed over 90% of its 2011 revenue,
as well as by regulatory risks in the Chinese property market.
The Stable Outlook reflects Fitch's expectation that Shimao will
maintain a stable operating performance and prudent financial
policies in the short- to medium-term. The agency expects Shimao
to continue to meet its contracted sales target in 2013.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- continued weakening of the operating environment, leading
to EBITDA margin erosion below 25%
-- aggressive debt-funded expansion leading to net debt-to-
inventory exceeding 45%-50%
-- acquiring land above 30% of current average selling price
-- Tightening liquidity due to a sustained fall in free cash
flows, or weakened access to financing channels
Positive: Positive rating action is not expected over the next 12
to 18 months due to the industry's highly cyclical and inherently
volatile cash flows, as well as high regulatory risks in the
Chinese property sector.
================
H O N G K O N G
================
ADVANCE NEW: Heung Sai Kit Steps Down as Liquidator
---------------------------------------------------
Heung Sai Kit stepped down as liquidator of Advance New
Technology Limited on Dec. 28, 2012.
ASIATIC ASSOCIATES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Asiatic Associates Limited, on Dec. 24, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Victor Robert Lew
22nd Floor, Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
ASIATIC PARTNERS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Asiatic Partners Limited, on Dec. 24, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Victor Robert Lew
22nd Floor, Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
CITIC LOGISTICS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Citic Logistics (International) Company Limited, on
Dec. 27, 2012, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidators are:
Yeung Lui Ming (Edmund)
Ho Kwok Leung Glen
35th Floor, One Pacific Place
88 Queensway, Hong Kong
CONSUMERS CHOICE: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Dec. 18, 2012,
creditors of Consumers Choice Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Andrew Philip Burgin
Unit B, 16/F, W Square
314-324 Hennessy Road
Wanchai, Hong Kong
DORCAS FAMILY: Creditors' Proofs of Debt Due Feb. 5
---------------------------------------------------
Creditors of Dorcas Family Ministry Hong Kong Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Feb. 5, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Dec. 21, 2012.
The company's liquidator is:
Alfred Yau Hong Ho
Room 1303, 13/F
Kowloon Building
555 Nathan Road
Kowloon, Hong Kong
EASTRISE LIMITED: Creditors' Proofs of Debt Due Feb. 4
------------------------------------------------------
Creditors of Eastrise Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
EVER RESOURCES: Creditors' Proofs of Debt Due Feb. 4
----------------------------------------------------
Creditors of Ever Resources Oils & Fats Industries Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
GOOD FORTUNE: Creditors' Proofs of Debt Due Feb. 4
--------------------------------------------------
Creditors of Good Fortune Oils & Fats Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
GUI JIANG: Commences Wind-Up Proceedings
----------------------------------------
Members of Gui Jiang Finance Limited, on Dec. 21, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Yuen Tat Tong
1902, 19/F, New Victory House
93-103 Wing Lok Street
Sheungwan, Hong Kong
HARVEST MANAGEMENT: Creditors' Proofs of Debt Due Feb. 4
--------------------------------------------------------
Creditors of Harvest Management Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
HARVEST PARADISE: Creditors' Proofs of Debt Due Feb. 5
------------------------------------------------------
Creditors of Harvest Paradise Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 5, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
SENIOR GOLFERS: Siu Fai Ho Samson Appointed as Liquidator
---------------------------------------------------------
Siu Fai Ho Samson on Jan. 4, 2013, was appointed as liquidator of
Senior Golfers Alliance (Hong Kong) Limited.
The liquidator may be reached at:
Siu Fai Ho Samson
Flat 4, 19/F, Blk B
Scenery Garden, 21-29 Sui Wo Road
Shatin, NT
S.T.S. SPORT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Dec. 18, 2012,
creditors of S.T.S. Sport Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Andrew Philip Burgin
Unit B, 16/F, W Square
314-324 Hennessy Road
Wanchai, Hong Kong
S.T.S. HEADWEAR: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on Dec. 18, 2012,
creditors of S.T.S. Headwear Limited resolved to voluntarily wind
up the company's operations.
The company's liquidator is:
Andrew Philip Burgin
Unit B, 16/F, W Square
314-324 Hennessy Road
Wanchai, Hong Kong
TDA INTERIORS: Creditors' Meeting Set for Jan. 15
-------------------------------------------------
Creditors of TDA Interiors Hong Kong Limited will hold their
meeting on Jan. 15, 2013, at 11:00 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of
the Ordinance.
The meeting will be held at Room 607, The Boys' & Girls' Club
Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong.
TSIKELE CAPITAL: To Shut Two Hedge Funds After Losses
-----------------------------------------------------
Bei Hu at Bloomberg News reports that Triskele Capital Management
Ltd., with more than $600 million assets at its peak, decided to
close its two hedge funds after investment losses and investor
redemptions, said Chief Investment Officer Tsuyoshi Shiba.
According to Bloomberg, Mr. Shiba said Triskele, based in Hong
Kong, recently notified investors of the decision after assets
shrank to about $132 million. The Triskele China Fund, which
invests in equities, lost about 9% last year, Mr. Shiba said. It
has not been decided whether the management company will be
closed down, he added.
Bloomberg notes that politics-driven markets have made it harder
for fundamental stock-pickers to make money and investors cut
equity holdings in favor of the fixed-income market, forcing some
Asian managers to shut hedge funds. About 860 hedge funds closed
globally last year, the highest since the 2008 financial crisis,
Bloomberg relates citing Singapore-based data provider
Eurekahedge Pte.
"The China fund did not do that good in the past two years,"
Mr. Shiba told Bloomberg in a telephone interview. "We had some
negative return last year so some investors lost patience."
Bloomberg relates Mr. Shiba said Triskele also decided to close
the about $12 million Triskele CB Fund, even as it generated
positive return, because of its small size.
Triskele China fund, which started trading in late May 2007,
mainly invests in companies with growth potential in Hong Kong,
China and Taiwan, the document showed. It returned 52% in 2007,
38% in 2009 and had only two annual losses in its history,
including a 9.6% decline in 2011, according to the marketing
document and data compiled by Bloomberg.
The fund lost 10.5% in the first 11 months of last year,
according to data compiled by Bloomberg. The fund's assets
declined 73% from the late July 2011 peak of $606 million to
$164 million by November, the Bloomberg data showed.
The fund was hurt by its investments in yuan- and foreign-
currency-denominated shares listed in China in the last two
years, Mr. Shiba told Bloomberg. Investors also favored fixed-
income securities over stocks, he added.
The Triskele CB Fund, which invests in convertible securities
sold by companies in Asia outside of Japan, returned 4% in the
first 10 months last year, according to Bloomberg data.
TWIN BONUS: Creditors' Proofs of Debt Due Feb. 4
------------------------------------------------
Creditors of Twin Bonus Edible Oil Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
UNITED OILS: Creditors' Proofs of Debt Due Feb. 4
-------------------------------------------------
Creditors of United Oils & Fats Limited, 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 commenced wind-up proceedings on Dec. 28, 2012.
The company's liquidator is:
Lim Yi Ping
12/F, The Lee Gardens
33 Hysan Avenue, Causeway Bay
Hong Kong
VISTA CITY: Members' Final Meeting Set for Jan. 29
--------------------------------------------------
Member of Vista City Limited will hold their final meeting on
Jan. 29, 2013, at 11:00 a.m., at 25/F, Wing On Centre, at 111
Connaught Road Central, in Hong Kong.
At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
WING ON: Creditors' Proofs of Debt Due Jan. 29
----------------------------------------------
Creditors of Wing On Shing Shipyard Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Jan. 29, 2013, to be included in the company's dividend
distribution.
The company's liquidator is:
Tsang Kam Chuen
12th Floor, Grand Building
15-18 Connaught Road
Central, Hong Kong
YDS ENGINEERING: Members' Final Meeting Set for Jan. 29
-------------------------------------------------------
Member of YDS Engineering Limited will hold their final meeting
on Jan. 29, 2013, at 10:00 a.m., at 9/F, Tung Ning Building, 249-
253 Des Voeux Road Central, in Hong Kong.
At the meeting, Chan Shu Kin and Chow Chi Tong, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
YEL KOREA: Lam and Boswell Step Down as Liquidators
---------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Yel Korea (HK) Limited on Dec. 24, 2012.
YORKVILLE ADVISORS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Yorkville Advisors HK Limited, on Dec. 18, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Philip Brendan Gilligan
7th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
ZHAN MEDIA: Chan Chak Ming Steps Down as Liquidator
---------------------------------------------------
Chan Chak Ming stepped down as liquidator of Zhan Media Limited
on Dec. 18, 2012.
* Hilco Opens Hong Kong Office for Asset Disposition Services
-------------------------------------------------------------
Hilco Trading, LLC on Jan. 9 announced the opening of its Hong
Kong office providing asset valuation and disposition services
through China. Francis Yau, a 25+ year industry veteran has been
named CEO-HilcoBid Hong Kong Ltd. He will be responsible for
managing the Greater China Region for Hilco.
The new HilcoBid office will provide industrial asset disposition
services through auctions and negotiated sales, online capital
asset redeployment services, and a complete platform of asset
appraisal services throughout the greater China region, including
Hong Kong, mainland China and Taiwan.
Jeffrey B. Hecktman, Chairman and CEO of Hilco Trading, said of
the new Hong Kong office, "We are fortunate to have Francis Yau
representing Hilco in one of the world's most important economic
regions. His team ensures that Hilco is now well-positioned to
provide customers throughout the Asia-Pacific region with the
highest quality asset valuation, repositioning and disposition
services, and fast response to their needs."
Hilco had been doing business in the Asia-Pacific region for many
years. However, the opening of a full-service HilcoBid office in
Singapore early in 2011 marked the beginning of an initiative to
establish a region-wide physical presence. In February, 2012, a
second HilcoBid office was opened in Bangkok, Thailand. Supanit
Chaiyawat, a 15-year asset disposition and valuation industry
veteran formerly with DoveBid, was named CEO-HilcoBid Thailand.
Also in 2012, Hilco opened an office in Sydney, Australia.
"Our presence in Asia, combined with operations in the United
States, Canada, Mexico, Central and South America, and Europe,
enables Hilco to provide a truly global platform that is
unmatched in our industry," added Mr. Hecktman.
Francis Yau began his career with the Henry Butcher Company in
1986 as Business Manager. He became a director in 1989 and
remained with the company until 2000, when he joined DoveBid as
Director of Auction and Valuation Services.
During his career, Mr. Yau has amassed deep and broad experience
in valuing and monetizing capital assets in several key
industries, including electronics, paper, bio-pharma and mining.
He has worked with leading companies in each of these sectors,
including Nokia, Motorola, Thompson, Unilever, P&G, JDSU,
Philips, Merck, Charles River, Taiwan Formosa and Ricoh.
Commenting on the opening of the HilcoBid new office, Mr. Yau
said, "I am pleased to be part of the Hilco organization and look
forward to a long and productive relationship. Companies with
manufacturing operations in the greater China region now have
direct access to the world's most experienced capital asset
appraisal practice and the most advanced 24/7/365 online auction
and asset redeployment platform to manage and sell their surplus
capital assets."
About Hilco(R) Trading, LLC
Hilco -- http://www.hilcotrading.com-- is a closely-held,
diversified financial and operational services firm. Its
principal competency is valuing and monetizing business assets,
including retail, consumer and industrial inventory, machinery
and equipment, real estate, accounts receivable and intellectual
property.
Through an integrated platform of more than 20 business units,
Hilco helps companies and their professional advisors derive the
maximum value for said assets through appraisals, asset
disposition and acquisition services, private equity investments,
advisory and consulting services. Hilco serves retailers,
wholesalers, distributors and manufacturers, directly and through
their lenders, investors and advisors, which can include private
equity firms, hedge funds, investment banks, law firms,
turnaround professionals, accounting professionals, bankruptcy
trustees and receivers.
=========
I N D I A
=========
BHARAT BARREL: CRISIL Assigns 'B+' Rating to INR55MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Bharat Barrel and Drum Manufacturing
Company Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Short-Term 20 CRISIL A4
Bank Loan Facility
Proposed Long-Term 25 CRISIL B+/Stable
Bank Loan Facility
Bank Guarantee 40 CRISIL A4
Cash Credit 30 CRISIL B+/Stable
The ratings reflect Bharat Barrel's low operating efficiencies,
as reflected in its low profitability and capacity utilisation,
modest scale of operations, and exposure to intense competition
in the barrel and drum manufacturing industry. These rating
weaknesses are partially offset by Bharat Barrel's longstanding
industry experience of over six decades.
Outlook: Stable
CRISIL believes that Bharat Barrel will maintain its credit risk
profile, backed by its longstanding presence in the barrel and
drums manufacturing business. The outlook may be revised to
'Positive' in case of significant improvement in revenues or
operating income through improved capacity utilisation and
operating efficiencies, leading to improved cash flows from
barrel manufacturing operations. Conversely, the outlook may be
revised to 'Negative' in case Bharat Barrel's reports less-than-
expected profitability or undertakes any large, debt-funded
capital expenditure plans or exposure to group companies, or if
its working capital management deteriorates, leading to
deterioration in its overall financial risk profile, especially
its liquidity.
About Bharat Barrel
Bharat Barrel, incorporated in 1951, manufactures steel barrels
and bitumen drums. The company also manufactures barrels and
drums on job work for oil refineries. In addition to barrel
business, Bharat Barrel also owns various properties other than
for barrel business. Bharat Barrel is owned by two families; the
Jalan family owns 94 per cent of the company's shares while the
Goenka family owns the remainder. The day-to-day operations are
looked after by its director, Mr. Sanjeev Goenka.
EMERALD INDUSTRIES: CRISIL Cuts Ratings on INR150.5MM Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Emerald Industries to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 18 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 47 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Proposed Long-Term 26.4 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B-/Stable')
Term Loan 65.5 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Working Capital 11.6 CRISIL D (Downgraded from
Term Loan 'CRISIL B-/Stable')
The rating downgrade reflects instances of delay by Emerald in
repayment of its term loans. There have been delays of more than
30 days in repayments. The delays have been caused because of
insufficient cash accruals. Emerald generated cash accruals of
around INR17 million in 2011-12 (refers to financial year, April
1 to March 31), which were insufficient to meet its term debt
obligations of around INR26 million during the year.
Emerald also has a weak financial risk profile, marked by a small
net worth, high gearing, weak debt protection metrics, and weak
liquidity. Moreover, it has a small scale of operations, and low
revenue visibility because of lack of any sizable contracts.
However, Emerald benefits from its partners' extensive industry
experience and the healthy demand prospects for the construction
sector in India.
About Emerald Industries
Set up in 1974 by its managing partner Mr. Anil Bhansali and his
brothers, Emerald is currently engaged in mining and extraction
of stone boulders, supply of crushed stone aggregates, and site
preparation and road development activities. The firm has four
leased stone quarries, along with four stone-crushing units in
Gwalior (Madhya Pradesh). Emerald also has a stone-crushing unit
in Rajasthan.
GIAN JYOTI: Delays in Loan Payment Cues CRISIL Junk Rating
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Gian Jyoti Educational Society. The ratings reflect
instances of delays by GJE in servicing its debt; the delays have
been caused by the society's weak liquidity owing to delay in
commencement of operations of its Gyan Jyoti Integrated Campus.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 175 CRISIL D
GJES has a modest scale of operations and is exposed to risks
related to student occupancy levels for the fresh batches and new
courses at its institutes, and regulatory risks associated with
educational institutions. GJES will continue to benefit over the
medium term from the diversified profile of educational courses
offered by the institutes it runs.
GJES was established in 1974 by Mr. J.S. Bedi. The society has
established three educational institutions in Mohali and Shambhu
Kalan in Punjab. The society established its first institution,
Gyan Jyoti Public School, in 1974. Mr. J.S. Bedi oversees the day
to day operations of the society. The society has two higher
education institutes, namely, Gyan Jyoti Institute of Management
and Technology located in Mohali and Gyan Jyoti Integrated Campus
located in Shambu Kalan.
GJES reported a surplus of INR 11.2 million on net income of INR
88.4 million for 2011-12 (refers to financial year, April 1 to
March 31) , against a surplus of INR10.8 million on net income of
INR71.7 million for 2010-11.
GOBIND SUGAR: CRISIL Assigns 'B-' Rating to INR748MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Gobind Sugar Mills Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4
Cash Credit 748 CRISIL B-/Stable
The ratings reflect GSML's weak financial risk profile because of
significant losses in the past two years and weak liquidity
because of large working capital requirements,; the ratings also
factor in the company's exposure to risks related to erratic
rainfall and to unfavourable government regulations. These rating
weaknesses are partially offset by GSML's long-standing presence
of six decades in the sugar industry.
For arriving at the ratings, CRISIL has treated GSML's redeemable
preference share capital of INR500 million issued after January
2012 as neither debt nor equity. This is because these preference
shares are subscribed by the promoters, and have a residual
maturity beyond five years with a built-in clause allowing
flexibility in paying dividends
Outlook: Stable
CRISIL believes that GSML will continue to benefit over the
medium term from its long-standing presence in the sugar market
in Uttar Pradesh. CRISIL, however, also believes that GSML's
financial flexibility and financial risk profile will remain
constrained by the company's weak capital structure and very low
profitability, over the same period. The outlook may be revised
to 'Positive' in case GSML registers significant improvement in
its operating profitability, leading to higher-than-expected
accruals and improvement in its debt protection metrics, or
benefits from significant infusion of equity capital by its
promoters, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if GSML
continues to incur losses because of high input cost or if the
company undertakes any significant debt-funded capital
expenditure programme, leading to further weakening of its
financial risk profile, particularly its liquidity.
About Gobind Sugar
GSML, incorporated in 1952, manufactures sugar and its by-
products, molasses and bagassee. The company, based in Lakhimpur
(Uttar Pradesh), is currently a part of Adventz group of
companies (Zuari group), which has interests across varied
industries such as agriculture, engineering and infrastructure,
real estate, consumer durables and fittings, freight wagon
supply, and financial services.
GREENDIAM EXIM: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Greendiam Exim Pvt Ltd to 'CRISIL D' from 'CRISIL BB+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 250 CRISIL D (Downgraded from
'CRISIL BB+/Stable')
The rating downgrade reflects instances of delay by GEPL in
meeting its interest obligations, and the company's continuously
overdrawn bank lines for more than 30 days, on account of weak
liquidity. GEPL has discontinued its distribution business since
October 2012, and the bank funds are being repaid as and when the
debtors are being realised.
GEPL was set up as a private limited company in 2003 by Mr.
Champat Sanghvi. In February 2011, the company took up the
distributorship of ITC Ltd for Ahmedabad (Gujarat). GEPL also has
distributorships of other products such as Reebok shoes, and for
Veola (Bajaj) group.
KAIZEN COLD: CRISIL Assigns 'B+' Rating to INR100MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kaizen Cold Formed Steel Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 30 CRISIL B+/Stable
Bank Loan Facility
Buyer Credit Limit 50 CRISIL A4
Cash Credit 70 CRISIL B+/Stable
The ratings reflect KSPL's small scale of, and working-capital-
intensive, operations, and its below-average financial risk
profile, marked by a highly leveraged capital structure. These
rating weaknesses are partially offset by the benefits that KSPL
derives from its promoters' experience in trading in steel
products and its established relationship with its key supplier.
Outlook: Stable
CRISIL believes that KSPL will continue to benefit over the
medium term from its established relationship with its key
supplier. The outlook may be revised to 'Positive' if the company
records considerable increase in revenues and profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in KSPL's cash accruals or significant debt-funded
capital expenditure, resulting in deterioration in the company's
financial risk profile, or if its working capital management
deteriorates, leading to stretched liquidity.
About Kaizen Cold
Set up in 2009, KSPL trades in steel products. The company's day-
to-day operations are managed by Mr. Raghav Saraf and his brother
Mr. Rahul Saraf.
KSPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR206 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR316 million for 2010-11.
KANNAPPAN TEXTILE: CRISIL Cuts Rating on INR113.5MM Loans to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kannappan Textile Mill Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35.00 CRISIL B-/Stable
(Downgraded from
CRISIL BB-/Stable)
Bank Guarantee 5.00 CRISIL A4 (Downgraded from
CRISIL A4+)
Letter of Credit 10.00 CRISIL A4(Downgraded from
CRISIL A4+)
Long-Term Loan 78.50 CRISIL B-/Stable
(Downgraded from
CRISIL BB-/Stable)
The downgrade reflects the expected pressure on KTML's liquidity
as a result of the company's expected insufficient cash accruals
vis-a-vis its term debt obligations. CRISIL believes that KTML
will depend on increased debt to fund its working capital
requirements, and timely funding support from its promoters to
meet its funding requirements, over the medium term. KTML's cash
accruals are expected to be weak on account of the company's
muted revenue performance and constrained operating margin over
the medium term.
The ratings continue to reflect KTML's below-average financial
risk profile, marked by a high gearing and weak debt protection
metrics, susceptibility to volatility in raw material prices, and
average scale of operations. These rating weaknesses are
partially offset by the benefits that KTML derives from its
promoters' extensive industry experience.
Outlook: Stable
CRISIL believes that KTML will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
significantly higher-than-expected cash accruals, resulting from
better-than-expected turnover and profitability, and displays
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case KTML's financial risk profile
weakens further, as a result of lower-than-expected cash
accruals, or larger-than-expected working capital requirement or
debt-funded capital expenditure, or in the event of delay in
funding support from its promoters.
KTML commenced commercial operations in April 2008. It
manufactures polyester cotton blended yarn; its manufacturing
unit is in Madurai (Tamil Nadu).
KESHAVA FABRICS: CRISIL Hikes Rating on INR96MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Keshava Fabrics Pvt Ltd's (part of Keshava group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming the rating on
its short-term bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50.00 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Letter of Credit 10.00 CRISIL A4 (Reaffirmed)
Bank Guarantee 6.70 CRISIL A4 (Reaffirmed)
Long-Term Loan 46.00 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that Keshava group's
liquidity will continue to improve over the medium term, driven
by improvement in the group's working capital management and
stabilisation of the capital expenditure (capex) programme it
completed recently. Improvement in working capital management is
driven primarily by improved debtor collection, particularly from
government authorities. The group is currently able to collect
receivables from government within 30 days, as compared to a
collection period of up to three months a year ago. This has
resulted in easing of the average bank limit utilisation of the
company as well. Given the improvement in working capital
management and absence of any debt-funded capex plan, the Keshava
group's liquidity is expected to continue to improve over the
medium term.
The rating reflects the Keshava group's small scale of
operations, its average financial risk profile, marked by a small
net worth, and the vulnerability of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the company's established regional presence
in the polypropylene (PP) non-woven fabrics and plastic
disposable syringes market, aided by promoter's long-standing
industry experience, its diverse product portfolio of non-woven
fabrics, and its healthy customer relationships.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Keshava Medi Devices Pvt Ltd and KFPL,
together referred to as the Keshava group. This is because both
entities are in the same line of business, share common
management, and have operational linkages.
Outlook: Stable
CRISIL believes that the Keshava group will continue to benefit
from its promoters' long-standing industry experience over the
medium term. The outlook may be revised to 'Positive' if the
group's financial risk profile improves significantly, due to
significantly larger-than-expected cash accruals and efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' if the group's cash accruals decline, of if the
group undertakes a large, debt-funded capex programme, or in case
it has larger-than-expected working capital requirements, leading
to significant deterioration in its financial risk profile.
About the Group
The Keshava group primarily manufactures PP fabrics and
disposable syringes. The promoters of the group, Mrs. Tanikonda
Latha and Mr. Tanikonda Kesavulu Naidu, have around two decades
of experience in similar lines of business.
KINGFISHER AIRLINES: Employees Move to Court Over Salary Dues
-------------------------------------------------------------
The Times of India reports that employees of the grounded
Kingfisher Airlines on Wednesday, January 9, decided to drag the
management to court for payment of salary dues of well over eight
months.
Some employees even plan to ask the airline to shut down and sell
its assets and clear their dues as they say their hardships are
reaching levels that drove an engineer's wife to suicide late
last year, TOI relates.
According to the report, there is also growing anger among senior
level employees against the government for refusing to act
against the airline last January when a Directorate General of
Civil Aviation (DGCA) financial audit had found the nearly
bankrupt airline a fit case for closure due to safety fears.
"Instead of acting against Kingfisher and stopping it from piling
up more dues towards employees, airports and other vendors, the
ministry sacked the DG who had recommended closure of the airline
last January itself," fumed a senior pilot who has Rs 50-60 lakh
salary dues from the airline, TOI relays.
S C Misra, chief coordinator of the airline's Delhi engineering
base, said the employees will now petition the president, prime
minister and aviation ministry about their plight, TOI reports.
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.
According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reports.
KINGFISHER AIRLINES: To Revive With Parent's Funds, Mallya Says
---------------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd., the Indian carrier that stopped flying in October
because of a cash crunch, plans to restart services with funds
from parent UB Group, according to an e-mail Chairman Vijay
Mallya sent to employees.
The airline will resume flights this year with seven aircraft,
before increasing its fleet to 21 within four months, Mallya said
in the e-mailed letter obtained by Bloomberg. UB Group,
controlled by Mallya and India's biggest liquor maker, and
associates have committed INR6.5 billion ($119 million) to fund
the carrier's revival plan, he said in the letter.
Bloomberg notes that Kingfisher has been seeking cash for more
than two years and was in talks with possible investors such as
Etihad Airways PJSC for its revival. The airline lost its
operating license on Jan. 1 after failing to provide a funding
plan to the regulator.
The Bangalore, India-based carrier has two years to seek the
renewal of its license, according to the letter cited by
Bloomberg.
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.
According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reports.
NORTH EASTERN: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of North Eastern Knowledge Foundation. The rating
reflects instances of delay by NEKF in servicing its debt; the
delays have been caused by the trust's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 265.00 CRISIL D
NEKF also has a weak financial risk profile, marked by high
gearing, and its revenue profile is susceptible to risks related
to its limited track record in the education sector and
regulatory risks associated with educational institutions.
However, NEKF is expected to benefit from the healthy demand
prospects of the education sector in India.
NEKF, registered under Indian Trust Act, commenced operations in
July 2012. The trust has been awarded university status under
Kaziranga University, and offers graduate and postgraduate
educational programmes. NEKF is promoted by the Jorhat (Assam)-
based Khetan and Kolkata (West Bengal)-based Goel group.
NORTH EASTERN EDUCARE: CRISIL Rates INR144.2MM Loan at 'CRISIL D'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of North Eastern Educare & Research Pvt Ltd (NEER). The
rating reflects instances of delay by NEER in servicing its debt;
the delays have been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 144.20 CRISIL D
NEER also has a weak financial risk profile, marked by high
gearing, and its revenue profile is susceptible to risks related
to the limited track record of Kaziranga University in North East
India. However, NEER benefits from the healthy demand prospects
of the education sector and its association with Kaziranga
University.
NEER, promoted by the Khetan and Goel group, provides boarding
facilities to students enrolled in Kaziranga University. The
facilities include accommodation, cafeteria, pharmacy, and
transport. The company commenced operations in August 2012.
PURE MILK: CRISIL Cuts Rating on INR341.2MM Loans to 'CRISIL B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Pure Milk Products Pvt Ltd to 'CRISIL B+/Negative' from 'CRISIL
BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 300 CRISIL B+/Negative
(Downgraded from
'CRISIL BB-/Stable')
Term Loan 41.2 CRISIL B+/Negative
(Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects deterioration in PMPL's financial risk
profile over the past year. The company has weak liquidity, as
indicated by its frequently overdrawn cash credit limit. Its
financial risk profile is below average, marked by moderately
high gearing and a modest net worth of 1.96 times and INR197
million, respectively, as on March 31, 2012. CRISIL believes that
PMPL's financial risk profile will remain below average over the
medium term because of significant debt-funded capital
expenditure plans. These rating weaknesses are partially offset
by the extensive experience of PMPL's promoters in processing
milk and manufacturing milk products. The company's business risk
profile is also supported by its entry into high-yielding value-
added products such as butter milk, curd, lassi, and paneer,
which is likely to result in higher cash accruals over the medium
term.
Outlook: Negative
CRISIL believes that PMPL's financial risk profile will remain
constrained over the medium term on account of its large working
capital requirements and high debt-funded capital expenditure
(capex). The rating may be downgraded in case of higher-than-
expected debt-funded capex or significant pressure on PMPPL's
profitability, leading to weakening in its overall capital
structure. Conversely, the outlook may be revised to 'Stable' in
case of more-than-expected improvement in the company's scale of
operations and cash accruals along with improved working capital
management, leading to improvement in its capital structure and
debt protection metrics.
About Pure Milk
PMPL was originally established in 1989 as a partnership firm,
and was reconstituted as a private limited company. It was
acquired by its current management, Mr. Charanjit Singh and his
wife, in 1993. PMPL processes milk at its plant in Ludhiana
(Punjab), which has capacity of 0.4 million litres per day.
SHRI GAJANAN: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Shri Gajanan Food Industries (SGFI; part of
the Gajanan group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable
The rating reflects the Gajanan group's modest scale of
operations and moderate financial risk profile, marked by modest
networth and subdued debt protection metrics. These rating
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive experience in the rice
milling industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shri Gajanan Rice Mills (SGRM) and
SGFI. This is because these two entities, together referred to as
the Gajanan group, are in the same business and share the same
management team.
Outlook: Stable
CRISIL believes that the Gajanan group will continue to benefit
over the medium term from its promoters' extensive experience in
the rice milling industry. The outlook may be revised to
'Positive' in case the group achieves significant and sustained
improvement in its revenues and margins, while it maintains its
capital structure. Conversely, the outlook may be revised to
'Negative' in case the Gajanan group registers significant
decline in its revenues or margins, or undertakes a larger-than-
expected debt-funded capital expenditure programme, resulting in
weakening in its financial risk profile.
About the Group
SGRM was established as a proprietorship concern in 1994 by Mr.
Deepak Urade. It is in the rice milling business. SGFI was
established as a proprietorship concern in 2007 by Mr. Sharad
Urade. It is also in the rice milling business. The Gajanan
group's manufacturing facilities are at Brahmapuri in District
Chandrapur (Maharashtra).
The Gajanan group reported a profit after tax (PAT) of INR1.8
million on net sales of INR525.2 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR1.3
million on net sales of INR424.4 million for 2010-11.
SIGMA TOWNSHIP: CRISIL Assigns 'D' Rating to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D rating to the long-term bank
facilities of Sigma Township Pvt Ltd. The rating reflects
instances of delay by STPL in meeting its interest obligations;
the delays have been caused by the company's weak liquidity.
STPL's liquidity is constrained by project-related time and cost
overruns.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 20 CRISIL D
Bank Loan Facility
Term Loan 180 CRISIL D
STPL is also exposed to risks associated with the funding and
implementation of its on-going project and to cyclicality
inherent in the hospitality industry. However, the company
benefits from the healthy growth prospects of its hotel project,
because of the locational advantages of the same and the strong
brand name of Fortune Park Hotels Ltd (FPHL).
About Sigma Township
STPL, a private limited company, is currently setting up a 64-
room, three-star hotel at Meerut (Uttar Pradesh). STPL is part of
the SAAMAG group of companies, which has been involved in the
ship breaking, commercial, and real estate sectors since 1994.
STPL has a marketing and management tie-up with FPHL for the
hotel. STPL is promoted by Mr. Pramod Pandey and his brother, Mr.
Dinesh Pandey.
SRI RAMANI: CRISIL Assigns 'B' Rating to INR120MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Ramani Resorts and Hotels Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 120 CRISIL B/Stable
The rating reflects SRRH's exposure to risks related to
implementation and commercialisation of its hotel project, and
below-average financial risk profile constrained by its small
scale of operations and large debt-funded capital expenditure
(capex) plans. These rating weaknesses are partially offset by
the experience of its management in the construction business and
the favourable location of its hotel.
Outlook: Stable
CRISIL believes that SRRH will complete its ongoing hotel project
without any significant time or cost overrun. The outlook may be
revised to 'Positive' if SRRH generates more-than-expected cash
accruals, most likely driven by earlier-than-expected completion
of the project or healthy occupancy after inauguration of the
hotel. Conversely, the outlook may be revised to 'Negative' if
the firm faces a time or cost overrun in its project or if it
undertakes a larger-than-expected debt-funded capex programme,
thereby weakening its financial risk profile. A downturn in the
economy or any force majeure event impacting the hospitality
sector may also result in the outlook being revised to
'Negative'.
Incorporated in 2011 and based in Chennai (Tamil Nadu), SRRH is
operating a 23-room serviced apartment in Alwarpet, Chennai. The
firm is currently developing a 40-room, three-star hotel in
Suchindram (Tamil Nadu). It is promoted by Mr. P Shanmugham and
his wife Mrs. Ambujam Kalavathy.
For 2011-12 (refers to financial year, April 1 to March 31), SRRH
reported a profit after tax of INR0.3 million on net sales of
INR7.6 million.
S T P LTD: CRISIL Cuts Rating on INR150MM Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S T P
Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150.0 CRISIL B+/Stable(Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 100.0 CRISIL A4 (Downgrade from
'CRISIL A4+')
Bank Guarantee 20.0 CRISIL A4 (Downgrade from
'CRISIL A4+')
The rating downgrade reflects decline in the firm's operating
profitability to 4.4 times in 2011-12 from 7.1 per cent in 2010-
11 along with a flattish growth in turnover of the company to
INR1.34 billion in 2011-12 (refers to financial year, April 1 to
March 31) from INR1.27 billion in the previous year. The
operating margin of STP has remained vulnerable to volatility in
foreign exchange as STP derives 47% of its total revenues from
trading of APP (Atactic polypropylene) membrane, which is
imported from Saudi Arabia and Egypt. Apart from APP, the company
also imports other products like sheets of fiber glass. High
amount of imports exposes the profitability of the company to
fluctuations in foreign exchange. The rating downgrade also
reflects the deterioration in financial risk profile of the
company as the gearing has increased from 1.70 times in 2011-12
from 1.45 times in the previous year. Also, the gearing of the
company is expected to remain above 1.6 times as the company is
undertaking capex in Kosi Katwan, Uttar Pradesh and Goa for
setting up a APP membrane manufacturing plant and PU
manufacturing plant, respectively.
The rating continues to reflect the benefits that STP derives
from its diverse customer profile and its promoters' extensive
industry experience.
For arriving at the ratings, CRISIL has knocked-off INR90.8
million from STP's net worth as on March 31st, 2012 because of
sticky nature of overdue/disputed debtors, claims receivables,
and loans and advances extended by the company. CRISIL believes
that timeframe of recovery of these balances is uncertain as most
of the balances have been outstanding/under legal dispute over
the last 4-5 years. The net worth, gearing and other financial
ratios mentioned in the report have been arrived at after
factoring in the aforementioned adjustment.
Outlook: Stable
CRISIL believes that STP will maintain its credit risk profile
over the medium term on the back of a stable business profile
marked by its wide geographical coverage and an established
customer base. The outlook may be revised to 'Positive' if the
company reports substantial growth in its business volumes and
profitability, while it maintains a healthy capital structure, or
if there is any recovery of overdue/disputed debtors, claims
receivables, and loans and advances. Conversely, the outlook may
be revised to 'Negative' if STP reports deterioration in its
financial risk profile because of larger-than-expected, debt-
funded capital expenditure or because of losses or low
profitability, or in case any further exposure materialises
towards overdue/disputed debtors, claims receivables, and loans
and advances.
About S T P Ltd
STP, part of the Turner Morrison group, has three business
verticals: waterproofing products, corrosion protection products,
and construction chemicals. The company manufactures construction
chemicals at its facility in Goa, bituminous products in Chennai
(Tamil Nadu), and coal tar products in Jamshedpur (Jharkhand).
Its customers include the Indian Railways, and companies such as
the Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd,
Indian Oil Corporation Ltd, and Larsen & Toubro Ltd.
STP reported a profit after tax (PAT) of INR15.4 million on net
sales of INR1.35 billion for 2011-12, against a PAT of INR33.1
million on net sales of INR1.4 billion for 2010-11.
=================
I N D O N E S I A
=================
INDIKA ENERGY: Moody's Affirms 'B1' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
and guaranteed senior secured ratings of PT Indika Energy Tbk.
The ratings outlook is stable.
At the same time, Moody's has also assigned a provisional (P)B1
rating with a stable outlook to the proposed 10-year USD senior
notes to be issued by Indika's wholly owned subsidiary, Indo
Energy Finance II B.V.
The notes will be unconditionally guaranteed by Indika as well as
by its wholly owned subsidiaries, PT Indika Inti Corpindo
(unrated) and the Tripatra Entities (unrated).
Moody's will remove the provisional rating status of the senior
notes upon completion of the issuance and satisfactory review of
the final documentation.
RATINGS RATIONALE
"The affirmation of Indika's ratings is based on Moody's
expectation that the company's credit profile will stay within
the parameters of its B1 rating, because of its plan to
substantially reduce capex in 2013 and 2014 to preserve capital
and liquidity, during the current down-cycle in coal prices,"
says Simon Wong, a Moody's Vice President and Senior Analyst.
"Furthermore, Indika's debt maturity profile is expected to
improve upon the successful issuance of the proposed 10-year, USD
senior notes, as the proceeds will be largely used to refinance
its debt," adds Mr. Wong, also the Lead Analyst for Indika.
In addition, the terms of the proposed notes largely mirror the
terms of the company's senior notes -- also rated B1 --- due in
2018.
While the proposed issuance will improve Indika's debt maturity
profile, it will reduce its interest coverage ratio to around
1.8x-2.4x in 2013-14, from 2.5x in 2012, due to the higher level
of outstanding debt post bond issuance, and the lower expected
dividends from its key affiliate, PT Kideco Jaya Agung (unrated).
Moody's believes that Kideco's dividend payout to Indika could
fall by more than 50% in FY2014 from FY2012 if coal prices remain
at $90-$95 per ton for the next two years. The dividends provide
crucial support to Indika's debt-servicing ability and the
company's rating was largely predicated on the receipt of
Kideco's recurring and stable dividends.
Nonetheless, Moody's has affirmed Indika's B1 ratings because of
the company's improved liquidity and debt maturity profile upon
the successful issuance of the proposed senior notes.
"Moreover, Indika has diversified its sources of operating cash
flow to reduce its reliance on dividends from Kideco in the
medium-to long-term, through its acquisitions of subsidiaries
over the past two years. However, challenges remain, as these
subsidiaries ---- Petrosea Tbk PT (unrated), PT Mitrabahtera
Segara Sejati Tbk (MBSS, unrated) and PT Multi Tambangjaya Utama
(MTU, unrated) -- are tied to the current downturn in the coal
industry," says Wong.
Petrosea, MBSS and Tripatra have significant contractual
backlogs, underpinning the prospects for healthy cash flow
generation.
However, Petrosea could see some of its contracted volumes for
2013 and 2014 deferred to the future. This situation may be
partly mitigated by the redeployment of some of its mining
equipment to MTU, on the expectation that MTU goes ahead with its
planned increase in production levels.
"Indika's significant cash on hand of $338 million as of 30
September 2012 and well-spread-out debt maturity profile also
mitigate any liquidity concerns over the near-to medium-term,"
says Mr. Wong.
The stable outlook reflects the expectation that Indika will
execute its business strategy as planned and maintain its
competitiveness in the next 12 to 18 months.
Upward ratings pressure is limited in the near-to medium-term as
deleveraging will be challenging in the current environment for
coal prices. However, upward pressure could develop over time if
1) Indika increases its stake in Kideco to more than 50%; or 2)
Indika improves its financial leverage, such that its total
debt/EBITDA (including dividends from associates) falls below
2.5x, and EBIT/interest exceeds 3.5x.
Negative ratings pressure could emerge if 1) Indika receives
significantly less dividend income from Kideco; 2) Tripatra,
Petrosea, and MBSS fail to win tenders and contracts as forecast;
3) the relationship between Indika and its principal South Korean
partner, Samtan Co Ltd (unrated) deteriorates; 4) there is
evidence of a cash leakage; and 5) Tripatra or Kideco lose orders
because of political or economic instability in Indonesia.
Specific indicators Moody's would look for include total
debt/EBITDA (including dividends from associates) above 4.0x and
EBIT/interest falling below 2.0x-2.5x.
PT Indika Energy Tbk'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 PT Indika Energy Tbk's core industry and believes PT
Indika Energy Tbk's ratings are comparable to those of other
issuers with similar credit risk.
PT Indika Energy Tbk is a listed integrated energy group based in
Indonesia. Its principal investment is a 46% stake in PT Kideco
Jaya Agung which is Indonesia's third-largest domestic coal
producer by tonnage. In addition, Indika is involved in the
engineering, procurement and construction (EPC) and operating and
maintenance (O&M) businesses through its wholly owned subsidiary,
Tripatra. In May 2012, Indika acquired an 85% stake in PT Multi
Tambang Jaya Utama, a thermal and coking coal produer based in
Central Kalimantan. In March 2012, Indika acquired 60% of a
greenfield coal asset, PT Mitra Energi Agung located in East
Kalimantan. Indika also acquired a 51% stake in PT Mitrabahtera
Segara Sejati Tbk, an Indonesian coal transport and logistics
services company, in April 2011.
=========
J A P A N
=========
OLYMPUS CORP: Unit Files for Special Liquidation
------------------------------------------------
Jiji Press reports that Olympus Corp. subsidiary Humalabo filed
for special liquidation with the Tokyo District Court on Dec. 26,
according to Tokyo Shoko Research Ltd. The Tokyo-based unit left
liabilities of about JPY5.55 billion, the report discloses.
Jiji Press notes Olympus, a major precision equipment maker,
reportedly acquired three companies, including Humalabo, at
prices much higher than their respective justifiable values. The
company is said to have used the excess funds to conceal huge
investment losses, the report says.
In December, Jiji Press recalls, the court approved the start of
special liquidation procedures for the other two companies.
Humalabo distributes health food and cosmetics.
About Olympus Corp.
Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products. As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.
As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March 2012, a shortfall
largely tied to a loss cover-up at the camera and medical
equipment maker that hammered Japan's corporate-governance image.
Japan Today said the firm attributed the loss to a scandal that
sparked lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.
====================
N E W Z E A L A N D
====================
ROSS ASSET: Collapse May Spark Changes in Financial Markets Law
---------------------------------------------------------------
Hamish Rutherford at stuff.co.nz reports that the collapse of
suspected Ponzi scheme Ross Asset Management could prompt changes
to legislation which treats Kiwis with NZ$500,000 to invest the
same as banks or professional investors.
stuff.co.nz relates that parliament is expected to pass the
Financial Markets Conduct Bill later this year, which, Commerce
Minister Craig Foss said, was "critical to restoring investor
confidence in New Zealand's financial markets".
But an investor lobby has criticized the bill because it will
offer lower protections to investors with NZ$500,000 by
categorizing them as "wholesale," the report relays.
The report says this maintains the status quo, putting the
investors in the same category as institutional investors, even
if they have no experience of financial markets. They are
afforded lesser protection because the law treats them as savvy.
According to the report, Financial Markets Authority (FMA) chief
executive Sean Hughes conceded the wholesale investors definition
may have helped Ross Asset Management, a suspected Ponzi scheme,
avoid scrutiny. The regulator was likely to push for changes in
the definition, the report relays.
stuff.co.nz states that the FMA had no intelligence on executive
chairman David Ross before his financial adviser authorization.
Little existed in his application to indicate he was a risk.
"The material we had for authorization is what I'd call benign,
given the fact that his business statement said 90% of his
clients were wholesale," the report quotes Mr. Hughes as saying.
"Automatically, in terms of our risk profiling, he slipped down
the radar, because we thought, 'well, generally speaking the law
assumes that wholesale investors can look after themselves.'"
In late October, stuff.co.nz recalls, the FMA raided Ross'
offices on The Terrace, after investors complained that they
could not get access to their money. Of the almost $450 million,
the 900-odd Ross clients believed was being managed on their
behalf, little over $11 million have been established as
existing.
Because of Ross' failure, Mr. Hughes said the FMA wanted to
review the settings for the definitions of who would be treated
as a wholesale investor. "We may have got that [definition]
wrong," Mr. Hughes, as cited by stuff.co.nz, said.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:
* Bevis Marks Corporation Limited;
* Dagger Nominees Limited;
* McIntosh Asset Management Limited;
* Mercury Asset Management Limited;
* Ross Investment Management Limited;
* Ross Unit Trusts Management Limited;
* United Asset Management Limited;
* Chapman Ross Trust;
* Woburn Ross Trust;
* Ace Investments Limited or Ace Investment Trust Limited or
Ace Investment Trust;
* Vivian Investments Limited; and
* Ross Units Trusts Limited.
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:
-- Ross Asset Management Limited (In Receivership);
-- Bevis Marks Corporation Limited (In Receivership);
-- McIntosh Asset Management Limited (In Receivership); and
-- Mercury Asset Management Limited (In Receivership).
=====================
P H I L I P P I N E S
=====================
EXPORT AND INDUSTRY: PDIC Says Rehab Facing Serious Challenges
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) disclosed
that the rehabilitation of the closed Export and Industry Bank
(EIB) is faced with serious challenges since the requirements of
stockholders and strategic third party investors for the
rehabilitation of the bank have not been met.
EIB's major stockholders raised the need for the consent of 100%
of the creditors and depositors with uninsured deposits before
they give their green light to the bank's rehabilitation. The
inability to obtain the required consents is a critical factor in
the rehabilitation of EIB. The strategic third party investors
interested in acquiring the bank also expressed their concern on
the large percentage of non-consenting depositors and creditors.
After numerous meetings with the depositors in various areas
nationwide to explain the requirements for the rehabilitation of
EIB, PDIC received the consent of only 48% of the bank's
creditors and uninsured depositors. Even after extending the
deadline for submission of consents twice, the number of consents
received vis-…-vis total number of creditors and uninsured
depositors has not significantly changed.
The stockholders also expressed concern on legal issues arising
from claims on assets of EIB by parties other than the bank's
depositors and creditors as of the date of the closure of the
bank. The group of companies composed of Forum Holdings
Corporation, East Asia Oil Company, Inc., Pacific Concorde
Corporation, Mizpah Holdings, Inc., and Pacific Rehouse
Corporation which is owned by William Gatchalian filed with the
Court of Appeals a petition with Prayer for Issuance of Temporary
Restraining Order (TRO) and/or Preliminary Injunction to prevent
the rehabilitation of EIB. PDIC received said petition on
November 22, 2012. This was after the case the said group of
companies filed with the Makati Regional Trial Court was denied
on October 19, 2012. Based on EIB's records, it does not have any
liability to these companies as of the date of closure of the
bank.
PDIC Executive Vice President Cristina Q. Orbeta said that given
recent developments, "The road to the rehabilitation of EIB is
getting more and more difficult." She said that they will have a
meeting with stockholders and the interested investors to
reassess the situation and determine what options, if any, may be
taken to move the transaction forward. She emphasized that the
role of PDIC in the bank's rehabilitation process is just to
facilitate the coordination among all the concerned parties. The
decision on whether to proceed with the transaction, given recent
developments, is really with the stockholders, the interested
investors, the uninsured depositors and other creditors.
"The results of the meeting with stockholders and the interested
investors will be the basis for the decision of the PDIC Board on
the matter," Ms. Orbeta said.
Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names. Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.
As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com related that Bangko Sentral ng
Pilipinas placed EIB under receivership on April 26, 2012. The
Monetary Board cited the bank's "inability to meet obligations as
they becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors." The
PDIC took over the Export & Industry Bank on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.
=================
S I N G A P O R E
=================
ONSYS ENERGY: Faces Liquidation Over $17-Mil. Debt
--------------------------------------------------
Ship & Bunker News, citing Platts, reports that Onsys Energy Pte
Ltd is facing liquidation after legal action was brought against
it last month by TH KMG Singapore who is owed around $17 million
by the bunker company.
Citing documents from the Singapore Supreme Court, TH KMG was
said to be "very concerned about the state of the company
[Onsys], its operations as well as the conduct of its directors,"
Ship & Bunker News relates.
A previous ruling on the matter had ordered Onsys to pay TH KMG
the full sum owing as well as interest of 5.33% per annum from
August 9, 2012, until all payments plus interest are made in
full, the report notes.
Onsys is also facing legal claims from "at least five other
parties," according to the documents, namely, Scandinavian
Bunkering (Singapore) Pte Ltd, GSM Maritime Pte Ltd., Golden Star
Marine Pte Ltd., Pegasus Maritime (Singapore) Pte Ltd, and
Raiffeisen Bank International AG, Singapore Branch, Ship & Bunker
News adds.
According to the report, one of Onsys' debtors told Platts that
KPMG Services, the firm's appointed liquidator, had notified it
by letter that it should formally make any claims for monies owed
by the company.
The court documents also noted that Onsys appeared to be planning
to cease operations completely by the end of December and had
been in the process of terminating staff positions during that
month, Ship & Bunker News reports.
Based in Singapore, Onsys Energy Pte Ltd provides marine fuel
supply services.
===========
T A I W A N
===========
UNION INSURANCE: Fitch Raises IFS Rating From 'BB+'
---------------------------------------------------
Fitch Ratings has upgraded Taiwan-based Union Insurance Company's
Insurance Financial Strength (IFS) Rating to 'BBB' from 'BB+' and
its National IFS Rating to 'A+(twn)' from 'A-(twn)'. The Outlook
is Stable.
The upgrade reflects demonstrated stability in Union's
underwriting performance and its consistently strong
capitalisation since its largest shareholder Won Won Group took a
controlling stake in the company in 2007. The Won Won Group is
committed to support the company through the refocusing of its
business to achieve a more sustainable profitability profile. The
Won Won Group completed several capital injections into Union,
totalling TWD1.9bn between 2008 and 2010, and now owns 66.7% of
the company. It also drove a series of reforms, including a
reorganisation of the board to include independent Directors, IT
infrastructure re-engineering, and the establishment of an
actuarial databank. This has largely addressed Fitch's previous
concerns over the change in the shareholder structure.
The company's restructuring to increase business with favorable
loss experiences (such as in commercial motor) has helped contain
its combined ratio at around 100% between 2008 and 9M12, except
in 2010 due to a number of unusually large-loss events. Union
would have reported small underwriting profits in 2011 and 9M12
if the impact of compulsory motor insurance were excluded.
Union's statutory risk-based capital ratio was sound at above
300% at end-H112, compared with the regulatory minimum of 200%.
Its capital position provides a strong buffer against adverse
reserve developments, particularly in view of its low
underwriting leverage with net written premiums to adjusted
shareholders' surplus (including shareholders' fund and claims
equalisation reserve) at around 1x between 2008 and 9M12.
Investments remain prudent and liquid, with cash and cash
equivalents accounting for 57% of invested assets at end-Q312,
comfortably supporting insurance claims. Fixed-income portfolios
are of sound credit quality (mainly government bonds), while
equity exposures are manageable at 8% of total investments or 11%
of its equity at end-Q312.
The rating is constrained by Union's still weak profitability as
a result of persistently low interest rates in Taiwan and its
moderate business scale. A further upgrade in the near term is
unlikely, in Fitch's view. Union's annualised investment yields
were below 2% between 2010 and 9M12, partly reflecting its
conservative asset allocation. The company's return on average
equity was low at 1.7% in 9M12 and -1.4% in 2011, respectively.
Key rating triggers that could lead to a rating upgrade include
an improvement in insurance underwriting performance with a
combined ratio consistently below 100%, containment of large
losses and continued prudent capitalisation, given Taiwan's
susceptibility to catastrophe risks such as typhoons,
earthquakes, and flood.
Conversely, substantial underwriting losses or poor investment
performance resulting in a fall in its statutory capital ratio to
below 250% on a sustained basis are key factors for a downgrade.
===============
X X X X X X X X
===============
* Moody's Says Asian Liquidity Stress Index Up 28.6% in December
----------------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) rose just one percentage point to 28.6% in
December from 27.6% in November.
The index, which rises when speculative-grade liquidity appears
to decrease, was also up from 9.3% in December 2011, but far from
its record high of 37% in 4Q2008, the height of the global
financial crisis.
The index rose in December as one company moved to the SGL-4
category, which is the lowest speculative-grade liquidity score.
The number of companies in the index remained unchanged from
November at 105.
"At the same time, the continued high level of companies with a
score of SGL-4 reflects a range of concerns, including looming
debt maturities for issuers which do not have confirmed
refinancing plans, or do not have access to committed undrawn
bank facilities," says Laura Acres, a Moody's Senior Vice
President.
"For other issuers, a tailing-off of commodity prices has
resulted in weaker projected cash flows, which mean that they may
have to raise debt to fund planned capital expenditure instead,"
says Acres.
Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index."
The liquidity sub-index for Chinese speculative-grade and Chinese
property companies both remained unchanged in December, at 31.4%
and 31.3% respectively. The number of property companies with a
score of SGL-4 remained at 10.
However, there are just 32 issuers in the Chinese sub-index, so
movement by one company will move the sub-index by 3.13%. The
sub-index for Indonesian companies also remained unchanged for
the third consecutive month at 12% in December.
December was also a quiet month for new issuance, with only Hong
Kong-based conglomerate CITIC Pacific Limited (Ba1 negative)
launching a US$250 million tap on its US$750 million October
deal.
Early indications further suggest that January may prove a bumper
month in respect of bond issuance. Three Chinese property
developers, Country Garden Holdings Company Limited (Ba3
positive), Kaisa Group Holdings Ltd (B1 stable) and Shimao
Property Holdings Limited (Ba3 stable) have each successfully
closed bond deals with material oversubscription within the first
few days of the month.
There were two corporate family rating downgrades in December and
no upgrades, which meant that 4Q2012 was the sixth consecutive
quarter where downgrades exceed upgrades.
However, there has been a growing number of positive rating
actions in the past three quarters, so the ratio of downgrades to
upgrades is falling and stands at 1.3x, which is its lowest level
since 2Q2011.
The net amount of high-yield debt Moody's rates in Asia rose
slightly in December to US$45.1 billion from US$44.9 billion in
November. The increase was because of CITIC Pacific's tapping of
the bond market for US$250 million.
* Moody's Sees Stable Performance of Structured Finance Deals
-------------------------------------------------------------
Moody's Investors Service says the performance of structured
finance transactions in Asia will be largely stable in 2013.
A just-released report titled, "Asian Structured Finance: 2013
Outlook," details Moody's expectations for the performance of
Korean asset-backed securities (ABS) and residential mortgage-
backed securities (RMBS), Singapore commercial mortgage-backed
securities (CMBS), Asia (ex-Japan) synthetic balance-sheet
collateral loan obligations (CLOs), and Asia (ex-Japan) covered
bonds in 2013.
The credit quality of receivables in new and existing Korean
credit card and auto loan transactions will remain stable.
Korea's economic fundamentals have improved since the 2008 global
financial crisis. Moody's expects overall continuity in the
current economic policies when the newly elected president, Park
Geun Hye, takes office in February.
"Similarly, the credit quality of residential mortgage loans in
new and existing RMBS transactions will remain unchanged and
stable in 2013, as low loan-to-value ratios and an increase in
the number of fixed-rate loans will offset the adverse effects
from high household debt and declining property prices," says Joe
Wong, a Moody's Assistant Vice President and Analyst.
For CMBS transactions in Singapore, Moody's believes that new
deals will have similar features -- such as high quality
properties, low loan-to-value ratios, and high debt-service
coverage ratios -- that are present in existing transactions.
"On the other hand, an uncertain outlook for the global economy
coupled with Singapore's slowing GDP growth will restrain the
increase in property prices in 2013," says Marie Lam, a Moody's
Vice President and Senior Credit Officer.
New balance sheet CLOs in Asia (ex-Japan) will also have features
similar to transactions in 2011 and 2012.
Country risk exposures will remain diversified in the reference
pools. Also, the utilization of conservative credit-default-swap
structures, such as long loss determination periods, improved
loss estimation methods, and conservative replenishment criteria,
will continue. The outlook for the underlying reference pools is
also stable.
With regard to covered bonds in Asia (ex-Japan), Moody's notes
that the framework for the market is still developing.
"There has been strong interest from market participants across
the region, with some developments in legal, regulatory and
market activities, as covered bonds are seen as alternative
funding tools," says Jerome Cheng, a Moody's Vice President and
Senior Credit Officer.
Moody's expects Singapore's regulatory authority to publish
guidelines for covered bonds soon, while economies such as
Malaysia, India and Hong Kong are studying the feasibility of
introducing covered bonds to their markets. Each of these
jurisdictions is likely to adopt a similar approach as Korea to
facilitate the development of covered bonds.
* 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 ***