/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130121.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, January 21, 2013, Vol. 16, No. 14 Headlines A U S T R A L I A SPILLANE FABRICATIONS: Goes Into Administration C H I N A COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating EVERGRANDE REAL ESTATE: Share Placement No Effect on 'B1' CFR UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7% H O N G K O N G AP FAR: Members' Final Meeting Set for Feb. 14 CDP SECURITIES: Creditors' Proofs of Debt Due March 11 CMC MARKETS: Members' Final Meeting Set for Feb. 15 FANCY HERO: Members' Final Meeting Set for Feb. 18 HEP B: Creditors' Proofs of Debt Due Jan. 31 IGAI COMPANY: Annual Meetings Set for Jan. 22 INTERNATIONAL (HK): Lau Cheuk Man Steps Down as Liquidator OCEAN MATE: Creditors' Proofs of Debt Due Feb. 14 PO LAI: Placed Under Voluntary Wind-Up Proceedings PO LAI COSMETICS: Placed Under Voluntary Wind-Up Proceedings RAYNERS COMPANY: Creditors' Proofs of Debt Due March 11 REPUTEX HOLDINGS: Commences Wind-Up Proceedings RICKMANSWORTH INVESTMENTS: Creditors' Proofs of Debt Due March 11 STANDARD CHARTERED: Creditors' Proofs of Debt Due Feb. 14 SUN RISE: Members' Final Meeting Set for Feb. 14 I N D I A ANNAPOORANI YARNS: Delay in Loan Payment Cues Junk Rating CORONA STEEL: CRISIL Rates INR10MM Cash Credit at 'CRISIL B' MOUNT INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B+' R.K & SONS: ICRA Assigns 'BB+' Rating on INR1.25cr LT Loans SANGITA SALES: CRISIL Assigns 'B' Rating on INR150MM Loans to 'B' SHREE MOMAI: ICRA Assigns 'B+' Rating to INR5.50cr Loans SOUTHERN AGRIFURANE: CRISIL Ups Rating on INR320MM Credit to BB- SRI KRISHNA: ICRA Assigns '[ICRA] B' Rating to INR12.3cr Loans SSZ COMMODITIES: CRISIL Cuts Rating on INR300MM Loan to B+' VMC SYSTEMS: ICRA Cuts Rating on INR705cr on Loans to 'BB' WORLD RESORTS: ICRA Suspends 'B-' Rating Placed to INR53.6cr Loan I N D O N E S I A BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B' LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD130-Mil. Notes N E W Z E A L A N D BRIDGE AND MARINE: In Liquidation; Key Canberra Road in Limbo ZEPHYR PUBLISHING: Liquidator Says Unsec. Creditors May Not Claim - - - - - ================= A U S T R A L I A ================= SPILLANE FABRICATIONS: Goes Into Administration ----------------------------------------------- Cara Waters at SmartCompany reports that Spillane Fabrications has gone into administration in another blow to the beleaguered manufacturing sector. Terry Rose -- terry.rose@svp.com.au -- and Anne Meagher -- anne.meagher@svp.com.au -- of SV Partners were appointed as the company's administrators last week, the report says. Mr. Rose told SmartCompany that Spillane Fabrications owes the Australian Tax Office AUD100,000 and trade creditors around AUD30,000. "We are continuing to trade the business with a view of trying to put a deed of company arrangement in place," the report quotes Mr. Rose as saying. According to the report, Mr. Rose said the factor which tipped Spillane Fabrications over the edge was cash flow problems. "That's why we think a deed might be able to be worked through and also the ATO was applying some pressure to them," Mr. Rose, as cited by SmartCompany, said. "The indicators are that hopefully we will be able to trade out." SmartCompany relates that Mr. Rose said he is still investigating Spillane Fabrications' collapse. "There is always uncertainty in the industry but it is probably just too early at this stage to say," Mr. Rose told SmartCompany. A first meeting of creditors will be held on Jan. 25, 2013, the report says. Spillane Fabrication is a stainless steel manufacturing company based in Brisbane. ========= C H I N A ========= COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt ---------------------------------------------------------------- Computer Graphics International Inc. filed on Jan. 14, 2013, its annual report on Form 10-K for the fiscal year ended Sept. 30, 2012. Clement C. W. Chan & Co., in Wanchai, Hong Kong, expressed substantial doubt about Computer Graphics' ability to continue as a going concern. The independent auditors noted that the Company incurred a net loss of $1,136,813 for the year ended Sept. 30, 2012 and has accumulated losses of $841,688 at Sept. 30, 2012. The Company reported a net loss of $1.1 million on $5.8 million of sales in fiscal 2012, compared with net income of $2.8 million on $10.1 million of sales in fiscal 2011. The Company attributed the decrease in sales to the overall market decline in the current Chinese real estate industry. The Company's balance sheet at Sept. 30, 2012, showed $2.0 million in total assets, $1.3 million in total liabilities, and stockholders' equity of $700.8 million. A copy of the Form 10-K is available at http://is.gd/R5TP9v Shenzhen, China-based Computer Graphics International, Inc., is a 3D digital visual service provider founded in 2006. The Company specializes in providing one-stop-shop service and systems based on 3D image technology to domestic governments, real estate developers, game developers, the automotive industry and other commercial customers. The Company operates through its wholly- owned subsidiaries Shenzhen Digital Image Technologies Co., Limited and Guangzhou Digital Image Technologies Co., Ltd. DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its 'BB-' long-term corporate credit rating and its 'cnBB+' long-term Greater China regional scale rating to DBA Telecommunication (Asia) Holdings Ltd., a China-based manufacturer and operator of intelligent self-service payment terminals. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' long-term issue rating and 'cnBB+' rating to the company's proposed senior unsecured notes. "The rating on DBA reflects our view of the exposure of the company's intelligent self-service business to competition from alternative payment service providers and regulatory uncertainty," said Standard & Poor's credit analyst Lillian Chiou. "The execution risk in DBA's aggressive nationwide expansion plan and revenue concentration in pre-paid phone cards also weigh on the rating. The company's adequate financial buffers and good efficiency due to its integrated business model temper these risks." S&P assessed the company's business risk profile as "weak" and its financial risk profile as "significant," as S&P's criteria defines these terms. "The sustainability of DBA's intelligent self-service (ISS) business is untested, in our opinion. The ISS business faces stiff competition from substitute payment services. In addition, the ISS business is subject to high regulatory uncertainty. Nevertheless, the company is the first non-financial company licensed to provide e-payment services nationwide through its connection with the payment and settlement system of UnionPay, a bank card, in China," S&P said. DBA is exposed to revenue concentration risk in selling phone cards through its ISS business. The growth of DBA's ISS business outpaces that of its information technology (IT) business. S&P estimates that sales from phone cards will continue to comprise more than 90% of total cards sold in 2013. However, S&P expects still-strong growth in China's mobile communication demand to temper the risk. DBA's plan to increase the number of self-service payment terminals to about 50,000 across China over the next three to four years is aggressive, in S&P's opinion. However, the high flexibility in the implementation of the plan reduces the execution risk. S&P expects DBA to generate adequate profits to support the rating over the next one to two years, partly due to the IT business. S&P anticipates that government policy will support renewal demand for phone booths. "We believe DBA's low leverage provides adequate buffer for the company's planned capital expenditure and the risk of lower returns from business expansion over the next one to two years. In our base-case projection, after factoring in the proposed bond issuance, we expect the company's debt-to-EBITDA ratio to rise to about 1.8x in 2013. We estimate the ratio of funds from operations (FFO) to debt to fall to about 40.0% in 2013 from 630.1% at the end of 2012. Both ratios are likely to improve in 2014," S&P noted. "The stable outlook reflects our expectation that DBA will maintain adequate financial buffers to support its debt-funded growth strategy," said Ms. Chiou. "We anticipate high double- digit revenue growth over the next 12 months. In our base case, we also expect a healthy profit margin for DBA's IT business." S&P could lower the rating if DBA's growth and profitability are materially weaker than its expectation or if the company undertakes a more aggressive expansion plan than it anticipates. A deterioration in credit protection measures, such that debt leverage approaches 2.5x, would indicate such weakness. An upgrade is unlikely in the coming one to two years due to DBA's revenue concentration in pre-paid phone cards and the perceived threat of rapid growth for other substitute services providers. EVERGRANDE REAL ESTATE: Share Placement No Effect on 'B1' CFR ------------------------------------------------------------- Moody's Investors Service says that Evergrande Real Estate Group Limited's share placement has positive implications for its capital structure and liquidity. However, this fund raising initiative will not have an immediate impact on the company's B1 corporate family rating, B2 senior unsecured bond ratings, or their stable outlook. "The share placement announced on 17 January 2012 is credit positive, and is a prudent move by Evergrande's management to improve its debt leverage and liquidity position," says Kaven Tsang, a Moody's Vice President and Senior Analyst. The company has been growing rapidly over the past few years, supported mainly by debt. The latest share placement will enhance its equity base and balance sheet liquidity. "This funding initiative should position it more firmly at the B1 rating level," adds Mr. Tsang. The HKD4.35 billion (approximately RMB3.5 billion) in proceeds, approximately 10% of the company's total equity of RMB36.3 billion as of June 2012, will be used to fund its business development activities and debt repayments. After the placement, its adjusted debt/capitalization ratio will improve to below 60% from 64.5% as of June 2012. Meanwhile, its projected EBITDA interest coverage will remain at 3x-3.5x. Evergrande's contract sales in 2012 were RMB92.3 billion (+15% year-on-year); its 2013 target is RMB100 billion, which is an 8.3% increase from the actual sales in 2012. The equity proceeds will help support this growth targets. Nevertheless, the core driver for upward rating pressure will depend on a successful rollout of the company's business plan and demonstration of prudent financial management. The principal methodology used in this rating was the Global Homebuilding Industry Methodology published in March 2009. Evergrande Real Estate Group Limited is one of the major residential developers in China, with a standardized operating model. Founded in 1996 in Guangzhou, the company has rapidly expanded its business across the country over the past few years. As of June 2012, it had a land bank of 142 million square meters in gross floor area across 121 cities in China. UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7% ------------------------------------------------------------- In an amended Schedule 13D filing with the U.S. Securities and Exchange Commission, Himanshu H. Shah and his affiliates disclosed that, as of Jan. 15, 2013, they beneficially own 20,706,948 shares of common stock of UTStarcom Holdings Corp. representing 17.68% of the shares outstanding. Mr. Shah previously reported beneficial ownership of 19,004,034 common shares or a 12.56% equity stake as of July 11, 2012. A copy of the amended filing is available at http://is.gd/q4y4GT About UTStarcom, Inc. UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a global leader in IP-based, end-to-end networking solutions and international service and support. The Company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The Company's headquarters are currently in Alameda, California, with its research and design operations primarily in China. The Company had income of $11.77 million in 2011, following a net loss of $65.29 million in 2010, and a net loss of $225.70 million in 2009. The Company's balance sheet at Sept. 30, 2012, showed $505.93 million in total assets, $279.29 million in total liabilities and $226.64 million in total equity. ================ H O N G K O N G ================ AP FAR: Members' Final Meeting Set for Feb. 14 ---------------------------------------------- Members of AP Far East Limited will hold their final meeting on Feb. 14, 2013, at 11:00 a.m., at 7th Floor, Alexandra House, at 18 Chater Road, Central, in Hong Kong. At the meeting, Philip Brendan Gilligan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CDP SECURITIES: Creditors' Proofs of Debt Due March 11 ------------------------------------------------------ Creditors of CDP Securities Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 11, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 27, 2012. The company's liquidator is: Leung Shiu Tong 16th Floor, Jonsim Place 228 Queen's Road East, Wanchai Hong Kong CMC MARKETS: Members' Final Meeting Set for Feb. 15 --------------------------------------------------- Members of CMC Markets Asia Limited will hold their final general meeting on Feb. 15, 2013, at 10:00 a.m., at 19/F, Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, in Hong Kong. At the meeting, John Chi Wai Wong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FANCY HERO: Members' Final Meeting Set for Feb. 18 -------------------------------------------------- Members and creditors of Fancy Hero Limited will hold their final meeting on Feb. 18, 2013, at 3:00 p.m., and 3:30 p.m., respectively at Room 1705-6, 17/F, 248 Queen's Road East, Wanchai, in Hong Kong. At the meeting, Lam Yuet Ling Karen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HEP B: Creditors' Proofs of Debt Due Jan. 31 -------------------------------------------- Creditors of Hep B Alliance Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 27, 2012. The company's liquidator is: Dr. Hsu Yau Que Apt 941, Tower 5 Hong Kong Parkview 88 Tai Tam Reservoir Road, Hong Kong IGAI COMPANY: Annual Meetings Set for Jan. 22 --------------------------------------------- Contributories and creditors of Igai Company Limited will hold their annual meetings on Jan. 22, 2013, at 3:00 p.m., and 3:30 p.m., respectively at 43/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, in Hong Kong. At the meeting, Alan C W Tang, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. INTERNATIONAL (HK): Lau Cheuk Man Steps Down as Liquidator ---------------------------------------------------------- Lau Cheuk Man stepped down as liquidator of International (Hong Kong) Antique & Unique Mineral Collectors Association Limited on Jan. 4, 2013. OCEAN MATE: Creditors' Proofs of Debt Due Feb. 14 ------------------------------------------------- Creditors of Ocean Mate International Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 14, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 30, 2012. The company's liquidators are: Puen Wing Fai Lo Yeuk Ki Alice 6/F, Kwan Chart Tower 6 Tonnochy Road Wanchai, Hong Kong PO LAI: Placed Under Voluntary Wind-Up Proceedings -------------------------------------------------- At an extraordinary general meeting held on Dec. 28, 2012, creditors of Po Lai Eye Pouch Treatment Centre Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Cheung Hok Hin Alan Suen Fuk Yuen Wing United CPA Limited Suite 2302, 23rd Floor Seaview Commercial Building 21 Connaught Road West, Sheung Wan, Hong Kong PO LAI COSMETICS: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------ At an extraordinary general meeting held on Dec. 28, 2012, creditors of Po Lai Cosmetics International Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Cheung Hok Hin Alan Suen Fuk Yuen Wing United CPA Limited Suite 2302, 23rd Floor Seaview Commercial Building 21 Connaught Road West, Sheung Wan, Hong Kong RAYNERS COMPANY: Creditors' Proofs of Debt Due March 11 ------------------------------------------------------- Creditors of Rayners Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 11, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 27, 2012. The company's liquidators are: John Robert Lees Mat Ng 20/F, Henley Building 5 Queen's Road Central, Hong Kong REPUTEX HOLDINGS: Commences Wind-Up Proceedings ----------------------------------------------- Members of Reputex Holdings (HK) Limited, on Jan. 2, 2013, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: J P Walsh 2310 Dominion Centre 43-59 Queen's Road East, Hong Kong RICKMANSWORTH INVESTMENTS: Creditors' Proofs of Debt Due March 11 ----------------------------------------------------------------- Creditors of Rickmansworth Investments Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 11, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 27, 2012. The company's liquidators are: John Robert Lees Mat Ng 20/F, Henley Building 5 Queen's Road Central, Hong Kong STANDARD CHARTERED: Creditors' Proofs of Debt Due Feb. 14 --------------------------------------------------------- Creditors of Standard Chartered Real Estate Advisory Services (Hong Kong) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 14, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 31, 2012. The company's liquidators are: Lai Kar Yan (Derek) Darach E. Haughey 35/F, One Pacific Place 88 Queensway, Hong Kong SUN RISE: Members' Final Meeting Set for Feb. 14 ------------------------------------------------- Members of Sun Rise Textile Company Limited will hold their final general meeting on Feb. 14, 2013, at 10:00 a.m., at 1606, Yiu Chung House, Yiu On Estate, Ma On Shan, in N.T. At the meeting, Lau Yin Yee Angela, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= ANNAPOORANI YARNS: Delay in Loan Payment Cues Junk Rating --------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Annapoorani Yarns to 'CRISIL D' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 53.7 CRISIL D (Downgraded from 'CRISIL B-/Stable') Long-Term Loan 49.3 CRISIL D (Downgraded from 'CRISIL B-/Stable') The downgrade reflects instances of delay by Annapoorani in servicing its term loan. The delays have been caused by the firm's weak liquidity, driven by its low cash accruals and limited fund based lines to fund working capital requirements. Annapoorani has a weak financial risk profile, marked by a small net worth and weak debt protection metrics. However, the firm benefits from the established relationship with supplier and from its diversified customer profile. Incorporated in 2000 and based in Tamil Nadu (TN), Annapoorani trades in various kinds of yarn and hosiery fabric required for manufacturing garments. Annapoorani reported a profit after tax (PAT) of INR1.5 million on net sales of INR687.10 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR2.5 million on net sales of INR627.48 million for 2010-11. CORONA STEEL: CRISIL Rates INR10MM Cash Credit at 'CRISIL B' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank loan facilities of Corona Steel Industry Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Foreign Bill 20 CRISIL A4 Discounting Cash Credit 10 CRISIL B/Stable Export Packing Credit 20 CRISIL A4 The ratings reflect Corona's weak financial risk profile, large working capital requirements and susceptibility to volatility in raw material prices. These rating weaknesses are partially offset by Corona's considerable experience of its promoters in the steel fabrication industry. Outlook: Stable CRISIL believes that Corona will benefit from its promoters considerable experience in steel engineering products. The outlook may be revised to 'Positive' in case, the company shows better than expected revenue growth and records higher than expected profitability leading to improved financial risk profile. Conversely, the outlook may be revised to 'Negative' if in case of deterioration in the company's financial risk profile due to lengthening of working capital cycle or due to decline in revenues and profitability. Founded in 1978, Corona is engaged in manufacturing of wide range of steel accessories used in the road and construction industry. The company is promoted by Kolkata based Garodia family and has manufacturing facility at Belur (West Bengal). The company construction products include threaded rods, studs, tie rods, stakes, cut rebars, bolts, nuts, washers, road forms & pins and wire. MOUNT INFRA: CRISIL Cuts Rating on INR100MM Loan to 'B+' -------------------------------------------------------- CRISIL has downgraded its long term ratings on the bank loan facilities of Mount Infra Project to 'CRISIL B/Stable' from 'CRISIL B+/Stable' while reaffirming the short term ratings at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 70 CRISIL A4 (Reaffirmed) Cash Credit 100 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade in rating is driven by MIP's low revenue visibility marked by low order book position coupled with significantly higher than expected deterioration in the gearing levels and debt protection metrics over the medium term. MIP currently has an order book of INR173.8 million to be executed in the next 18 months. Furthermore, the firm has recorded revenues of only INR11.2 million for the six months ended September 30, 2012. The gearing is expected to be under pressure over the medium term as the firm will continue to depend heavily on external borrowings to fund its working capital requirements. The dependence on external facilities has increased also due to capital withdrawal of INR10.2 million by the partners from the firm and support to group companies (INR43.5 million) in the form of loans and advances during 2011-12 (refers to financial year, April 1 to March 31). The gearing has deteriorated to 10.89 times as on March 31, 2012 from nil as on March, 31, 2011. Increased dependence on external debt has resulted in deterioration in the interest coverage ratio to 1.76 times for 2011-12 as against 2.36 times for 2010-11. The interest coverage ratio is expected to be under pressure due to high expected external indebtedness over the medium term. The ratings reflect MIP's modest scale of operations, exposure to intense competition in the civil construction sector, and working-capital-intensive nature of its operations. These weaknesses are partially offset by the experience of MIP's promoters in the civil construction business. For arriving at its rating, CRISIL has treated INR95 million of interest-bearing unsecured loans extended by MIP's promoters, family and friends as neither debt nor equity. This is based on the sanction terms of the bank which stipulate that the funds will be retained in the business till the currency of the bank facilities. Outlook: Stable CRISIL believes that MIP will continue to benefit over the medium term, from promoters extensive experience in the industry. The outlook may be revised to 'Positive' if the firm reports significant growth in its revenue and profitability margins while improving its capital structure and debt protection metrics. Conversely, the outlook may be revised to 'Negative' if there is a steep decline in the firm's revenues or profitability margins or if the group extends more-than-expected support to its group concerns or if there is a significant deterioration in its capital structure on account of larger-than-expected working capital requirements. MIP was established as a partnership firm between by Mrs. Savitaben Shah and her grandson, Mr. Jimit Shah, in 2006. MIP is a civil contractor and undertakes civil construction activities, including construction of roadways and sewage and storm work drains, primarily for Brihanmumbai Municipal Corporation and Public Works Department, Mumbai. The firm is a Class A contractor for the BMC. Currently, the business activity of the firm is limited to Mumbai and Thane. The registered office of the firm is in Mumbai. MIP reported a profit after tax (PAT) of INR 0.1 million on net sales of INR199.9 million for 2011-12, as against a PAT of INR7.2 million on net sales of INR141.1 million for 2010-11. R.K & SONS: ICRA Assigns 'BB+' Rating on INR1.25cr LT Loans ----------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]BB+' to the INR1.25 crore fund based facilities of R.K & Sons; the outlook on the rating is Stable. ICRA has also assigned a short term rating of '[ICRA]A4+' to the INR12.0 crore non-fund based bank limits of RK. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term, Fund based Limits 0.75 [ICRA]BB+ (Stable), Assigned Long term, Proposed Fund 0.50 [ICRA]BB+ (Stable), based Limits assigned Short term, Non fund 12.00 [ICRA]A4+, assigned based Limits The ratings factor in the modest position of the firm in the highly competitive road construction industry and the continuing exposure to geographical and client concentration risk. The ratings also take into consideration the decline in the revenues and margins in FY 2012 due to delay in execution of some of the orders, because of issues like land acquisition, and the increase in basic raw material prices. The ratings also factor in the recent changes in the partnership though the impact on the firm's capital structure has been minimal considering the personal settlement made to the exiting partner. The ratings, nevertheless, continue to derive comfort from the long track record and experience of the promoters in the industry; relatively healthy orderbook of the firm which provides revenue visibility for the medium term; and, the adequacy of plant & equipment for scaling up its operations over the next 1-2 years. The ratings also favourably consider the traditionally healthy financial profile with high margins, low gearing and strong coverage indicators. R.K & Sons, a partnership firm formed in 1979, is a Salem-based civil construction contractor. The firm is primarily involved in the execution of road and bridge construction projects for Government agencies. The firm is a contractor registered with the Public Works Department (PWD) of Tamil Nadu and has executed various projects for clients like the Tamil Nadu Highways Department, Airports Authority of India, Corporation of Chennai, etc. The firm has the requisite management, manpower and equipment resources to execute road and bridge projects. The business was managed by Mr. R Ganesan, Mr. Thangavelu and Mr. G Ashwin Balaji (son of Mr. Ganesan). However, following the exit of Mr. Thangavelu in April 2012, Mrs. Kalavathy (wife of Mr. Ganesan) has been included as the third partner. The promoters have longstanding experience of more than three decades in the infrastructure construction segment. December 2012 SANGITA SALES: CRISIL Assigns 'B' Rating on INR150MM Loans to 'B' ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Sangita Sales Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B/Stable Proposed Long-Term 70 CRISIL B/Stable Bank Loan Facility The rating reflects SSPL's modest scale of operations and subdued financial risk profile marked by a small net worth and weak debt protection metrics. These rating weaknesses are partially offset by extensive experience of SSPL's promoters in the coal trading industry and established relationships with customers. Outlook: Stable CRISIL believes that SSPL will continue to benefit from its promoters' extensive industry experience and established relationships with customers over the medium term. The outlook may be revised to 'Positive' in case SSPL's generates a higher- than-expected growth in its revenues, while improving its profitability margins and capital structure. Conversely, the outlook may be revised to 'Negative' if the company's revenues or margins decline significantly or if the company undertakes debt- funded capital expenditure, leading to weakening of its financial risk profile. Sangita Sales Pvt. Ltd., incorporated in 1992 is engaged in domestic coal trading. The company procures coal mainly from different subsidiaries of Coal India Ltd and supplies to end users in the steel, power and various other sectors. The day-to- day operations of the Nagpur-based company are managed by Mr. Anant Kumar Agarwal, Mr. Sushil Bansal and Mr. Pradeep Bansal. SSPL reported a profit after tax (PAT) of INR1.5 million on net sales of INR596 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR0.6 million on net sales of INR240 million for 2010-11. SHREE MOMAI: ICRA Assigns 'B+' Rating to INR5.50cr Loans -------------------------------------------------------- The rating of '[ICRA]B+' has been assigned to the INR5.00 crore cash credit facility and INR0.50 crore proposed term loan of Shree Momai Engineering Works. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Cash Credit 5.00 [ICRA]B+ assigned Term Loan 0.50 [ICRA]B+ assigned The assigned rating is constrained by the relatively small scale of operations of the firm and high competitive intensity in the business owing to the low complexity of work involved. Further the rating is constrained by the high customer concentration risk of the firm with more than 50% of the revenues being derived from a single customer and absence of any firm off take arrangements as well as vulnerability of margins to adverse fluctuations in raw material prices forex rates. The rating also takes into account the high working capital intensity of operations due to high inventory days and limited bargaining power of the firm on the credit terms for raw material procurement; as well as risks associated with partnership form of business in terms of capital infusion and withdrawals. The rating however takes comfort from the long experience and track record of the promoters in the brass extrusion industry; expertise of the firm in development and customization of products in accordance with customer's requirements and long standing relationships with major customers resulting in repeat orders. Established in 1974 as a proprietorship firm, Shree Momai Engineering Works was earlier involved in casting and moulding of iron products. The firm was converted to a partnership firm in 1988 and is currently engaged in manufacturing brass extrusion rods and brass based products including cooker weight sets, sanitary fittings and water purifier pipes among others. The firm's manufacturing facility is located in Jamnagar, Gujarat and has an installed capacity of 500 MTPA. Recent Results For the year ended March 31, 2012 the firm reported an operating income of INR13.46 crore and profit after tax of INR0.35 crore as against an operating income of INR16.56 crore and profit after tax of INR0.35 crore for FY 2011. SOUTHERN AGRIFURANE: CRISIL Ups Rating on INR320MM Credit to BB- ---------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Southern Agrifurane Industries Pvt. Ltd. to 'CRISIL BB- /Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 320 CRISIL BB-/Stable (Upgraded from 'CRISIL B-/Stable') The rating upgrade reflects CRISIL's expectation of improvement in SAFL's business risk profile, driven by increased focus on production of Indian Made Foreign Liquor for its own brands as against the activities for other companies. CRISIL believes that SAFL's operating profitability is likely to be aided by the increased focus on production of IMFL for its own brands. SAFL's revenues of around INR2.3 billion during 2011-12 (refers to financial year April 1 to March 31) were marginally lower than the CRISIL's estimates. However, the operating profitability was significantly higher than CRISIL's estimates owing to its increased focus on production of premium category IMFL for its own brands. CRISIL expects SAFL's liquidity profile to improve over the medium term driven by the improved realizations from production of IMFL for its captive brands. SAFL is expected to generate adequate cash accruals to meet its maturing term debt obligations over the medium term. SAFL's financial risk profile was in line with CRISIL's expectations with a gearing of 1.03 times as on March 31, 2012. The gearing is expected to improve over the medium term aided by the repayment of its long term debt obligations coupled with improvement in its net worth levels driven by steady accretion to reserves. The company does not intend to undertake any major debt funded capital expenditure over the medium term. CRISIL's rating continues to reflect SAFL's established regional presence in the IMFL market and it's above average financial risk profile. These rating strengths are partially offset by the working capital intensive operations of SAFL and its susceptibility to adverse government regulations. Outlook: Stable CRISIL believes that SAFL will continue to benefit from its established regional presence in the IMFL segment and the healthy demand prospects for IMFL in Tamil Nadu. The outlook may be revised to 'Positive' if the company increases its scale of operations and operating profitability on a sustained basis leading to sustenance of its healthy financial risk profile. Conversely, the outlook may be revised to 'Negative' if any regulatory changes adversely impact the company's revenues and margins or if the company undertakes a larger than expected debt funded capital expenditure programme leading to deterioration in its financial risk profile. About Southern Agrifurane Southern Agrifurane Industries Pvt. Ltd. was acquired in 2002 by the Tamil Nadu based MGM group. SAFL manufactures Indian Made Foreign Liquor. For 2011-12 (refers to financial year April 1 to March 31), SAFL reported a profit after tax (PAT) of INR108.1 million on net sales of INR2.3 billion as against a net loss of INR5.6 million on net sales of 2.0 billion during 2010-11. SRI KRISHNA: ICRA Assigns '[ICRA] B' Rating to INR12.3cr Loans -------------------------------------------------------------- ICRA has assigned an '[ICRA]B' rating to the INR7.80 crore term loan and INR4.50 crore cash credit facility of Sri Krishna Nutritions (India) Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits-Term Loan 7.80 [ICRA]B assigned Fund Based Limits-Cash Credit 4.50 [ICRA]B assigned The assigned rating takes into account SKNPL's relatively small scale and limited track record of operations and substantial debt repayment obligation, which may exert pressure on the company's liquidity in the short to medium term. The rating also takes into consideration the inherent risks in the poultry and related businesses in terms of disease outbreaks, timeliness of which cannot be predicted, highly fragmented nature of the industry with low entry barriers, intense competition from a large number of players and the vulnerability of profitability to the risks of fluctuations in raw material prices. The rating, however, derives comfort from the favorable demand prospects for the domestic poultry feed industry on the back of favorable socio economic factors and the strategic location of the manufacturing unit that is in close proximity to raw material sources and key customers. SKNPL, incorporated in 2010, started its commercial production in June 2012. The company is currently engaged in the production of poultry feed with an installed capacity of 48,000 metric tonne per annum (MTPA). The manufacturing facility of the company is located at Ormanjhi, in the district of Ranchi, Jharkhand. SSZ COMMODITIES: CRISIL Cuts Rating on INR300MM Loan to B+' ----------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of SSZ Commodities Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Import Letter of 300 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') The downgrade reflects CRISIL's belief that the business risk profile of SSZ will be constrained over the medium term. The scale of operations is expected to decline in 2012-13 (refers to financial year, April 1 to March 31), with the operating income expected to decrease year-on-year by more than 20 per cent. The decline is expected on the back of slowdown in demand for steel products in the end-user sectors including infrastructure, engineering/fabrication and automobile and intense competition. The financial risk profile of SSZ will also remain weak over the medium term, primarily because of a small net worth. The company has witnessed a significant decline in the net worth to just INR8 million as on March 31, 2012, from INR20 million in the previous year, because of a net loss of INR10 million incurred in the year because of foreign exchange (forex) loss of INR37 million. The company procures more than 70 per cent of the products it trades in from outside India. In the absence of any hedging mechanism to minimise the risk due to forex rate fluctuations and high volatility in forex rates in 2011-12, the company incurred forex losses. Consequently, SSZ started hedging its forex exposure in 2012-13; however, the result of this hedging undertaken by the company will remain a key rating monitorable over the medium term. As a result of a small net worth and low profitability, the risk coverage ratio (a measure of the company's exposure to inventory, debtor risk and forex risk) and total outside liabilities to tangible net worth are expected to remain weak over the medium term. The interest coverage ratio is also expected to remain weak at less than 1.50 times over the medium term. Outlook: Stable CRISIL believes that SSZ's business and financial risk profiles will remain constrained over the medium term; however it will continue to benefit from the extensive industry experience of its promoters and diversified customer base. The outlook may be revised to 'Positive' if the company reports significantly better-than-expected growth in its revenues along with a significantly better-than-expected operating margin and cash accruals, leading to improvement in its risk coverage metrics, or if its capital structure improves due to infusion of substantial capital. Conversely, the outlook may be revised to 'Negative' if SSZ's operating margin further declines, if its cash accruals decline significantly because of any further forex losses or if its liquidity weakens due to a stretched working capital cycle. SSZ was incorporated in Mumbai in November 2009. SSZ is promoted by a group of friends Mr. Sanjay Gupta, Mr. Zaheer Lokhandwala and Mr. Mohanlal Jatia. The company is trading in steel plates and coils. VMC SYSTEMS: ICRA Cuts Rating on INR705cr on Loans to 'BB' ---------------------------------------------------------- ICRA has revised the rating assigned to the INR245 crore fund based limits, INR400 crore non-fund based limits, and INR60 crore term loan of VMC Systems Limited from '[ICRA]BBB-' to '[ICRA]BB'. The outlook on the long term rating is revised from negative to stable. ICRA has also revised the rating assigned to the INR1270 crore non-fund based limits of VMC from '[ICRA]A3' to '[ICRA]A4'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits 245 [ICRA]BB (stable outlook); revised Term Loan 60 [ICRA]BB (stable Non Fund outlook); revised Based Limits 400 [ICRA]BB (stable outlook); revised Non Fund Based Limits 1270 [ICRA]A4; revised Fund Based/ Non Fund 57 [ICRA]BB (stable Based Limits outlook)/[ICRA]A4; revised The rating assigned to INR57 crore of proposed fund based/ non fund based limits of VMC has been revised from [ICRA]BBB-/ [ICRA]A3 to [ICRA]BB/ [ICRA]A4. The revision in the ratings takes into account VMC's continued stretched liquidity position as reflected by its high fund based working capital utilization during past several months (average fund based working capital utilization during Jun-Oct'12 was 99%; average non-fund based utilization during the period was 69%). Besides, the ratings continue to remain constrained by VMC's high working capital intensity (FY12 consolidated NWC/OI of 0.51 times as per the revised provisional numbers), its substantial outstanding debtors against a single customer (Bharat Sanchar Nigam Limited , BSNL) and its significantly high dependence on short term debt which exposes it to refinancing risk. ICRA has also taken note of the uncertainties prevailing in the domestic telecom industry which has led to moderation in capital expenditure by the telecom operators. Besides, the ratings continue to remain constrained by the company's high customer and supplier concentration risk, its vulnerability to adverse foreign currency movements, and the intensely competitive nature of the industry. The ratings however, continue to favorably factor in VMC's demonstrated track record of strong growth in revenue since inception, and initiatives taken by the company during past two years to diversify geographically and operationally. ICRA also notes that the increased focus of the GoI towards indigenization of telecom/ electronic equipments should provide growth opportunities to Indian telecom equipment manufacturing companies in the medium term. VMC, incorporated in the year 1997, started its commercial operation in the year 2003. The company is mainly into the manufacturing and sales of telecommunication and power products. It follows a mixed approach of manufacturing products developed by its technology partners and also developing its own products. The company was highly concentrated towards BSNL orders and Huawei supplies till FY2010. However, during the last two years, it has taken several diversification initiatives which helped it to reduce the concentration to certain extent. During FY11, VMC generated a net profit of INR85.9 crore on consolidated operating income (OI) of INR1129.8 crore. The PAT and OI for FY12 are INR86.4 crore and INR1322.1 crore, respectively. WORLD RESORTS: ICRA Suspends 'B-' Rating Placed to INR53.6cr Loan ----------------------------------------------------------------- ICRA has suspended the '[ICRA]B-' rating assigned to the INR53.66 crore long term loans of World Resorts Limited. The suspension follows ICRAs inability to carry out a rating surveillance in the absence of the requisite information from the company. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term Fund based 53.66 [ICRA]B-/suspended limits-Term Loan According to its suspension policy, ICRA may suspend any rating outstanding if in its opinion there is insufficient information to assess such rating during the surveillance exercise. World Resorts Ltd was incorporated on April 27, 1995, by Mr. Sanjay Khan to develop a luxurious Spa and 5 Star Deluxe Hotel in Bangalore. The hotel named "The Golden Palms Hotel & Spa" is spread across 14 acres of land at Nagarur village, Dasanapura hobli off Tumkur Road on the outskirts of Bangalore. The hotel is located about 25 kms from MG Road, providing a tranquil environment in the lush foliage. The hotel has total of 150 rooms comprising of 132 deluxe rooms, 16 deluxe suites and 2 presidential suites. Destined as an ideal place for meetings and conference, the hotel has total of seven meeting rooms, comprising a ballroom that can be divided into two sections; one conference hall and two smaller spa meeting rooms that can be combined, 2 meeting rooms, and 2 board rooms. Besides for the leisure travellers, the hotel has a 70,000 square feet spa building, along with a fully equipped gymnasium. The hotel also has four restaurants and 3 bars, a 135 metres swimming pool and facilities for sports such as tennis, badminton, squash, billiards and pool. ================= I N D O N E S I A ================= BUMI RESOURCES: S&P Lowers Corporate Credit Rating to 'B' --------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on Indonesia-based thermal coal producer PT Bumi Resources Tbk. (Bumi) to 'B' from 'B+'. At the same time, Standard & Poor's lowered the rating on the company's guaranteed senior secured notes to 'B' from 'B+'. S&P also lowered its long-term ASEAN regional scale rating on Bumi to 'axB+' from 'axBB-'. The ratings remain on CreditWatch, where they were placed with negative implications on Sept. 26, 2012. "We downgraded Bumi because we expect the company's cash flow to be weaker in 2013 than we had anticipated. We expect Bumi's ratio of funds from operations to debt to be below 5% over the next 12 months," said Standard & Poor's credit analyst Vishal Kulkarni. S&P has revised its assessment of the company's financial risk profile to "highly leveraged" from "aggressive." "We lowered our forecast of Bumi's gross profit per ton of coal sold (excluding depreciation) to US$20-US$23 from US$28-US$32. We expect coal prices to remain low and the company to sell a higher volume of low-quality coal. This will more than offset a likely improvement in Bumi's cash costs from its expected lower stripping ratios (the ratio of soil removed to obtain a ton of mineral). In our base case for 2013, we expect gross coal production at Bumi's coal companies at 80 million ton, Bumi's EBITDA at US$700 million-US$800 million, its debt at above US$4.5 billion, and its cash interest costs at about US$450 million." Bumi's high interest and tax outgoings are likely to continue to erode its debt-servicing cushion. S&P anticipates that the company's funds from operations to interest coverage will average 1x-1.5x over the next two to three quarters. Nevertheless, S&P believes Bumi's inventory at the end of 2012 provides some buffer if production growth trails our expectation. S&P do not expect Bumi to meaningfully reduce debt in 2013 because the company's ability and willingness to sell assets to repay debt is untested. S&P assesses Bumi's management and governance as "weak," as defined in its criteria. S&P believes the company's financial management is very aggressive, reflected in its appetite to maintain high leverage. This weakness overshadows the satisfactory underlying operational and financial management at the coal companies, reflected in their track record of modest production growth and sustained cash flow generation. S&P expects Bumi to refinance about US$570 million debt in 2013, including about US$330 million at Bumi's subsidiary PT Bumi Resources Minerals Tbk. Of the maturing debt, US$485 million is with a single bank with which Bumi has a long-term relationship. This link will help Bumi focus its refinancing negotiations and reduce the risk of refinancing delays. S&P notes that Bumi's financial covenants restrict its ability to borrow additional debt, except to repay existing debt. "We kept the ratings on CreditWatch because Bumi could face difficulty in refinancing debt maturing in 2013," said Mr. Kulkarni. "This is because of an ongoing investigation by Bumi's 29.5% shareholder Bumi PLC into potential financial irregularities at Bumi and continued shareholder disagreements have weakened Bumi's access to capital." S&P aims to resolve the CreditWatch when Bumi refinances its debt maturities that are due in the third quarter of 2013. S&P could lower the rating if Bumi does not complete its refinancing by May 2013. LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD130-Mil. Notes --------------------------------------------------------------- Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci Tbk's ('BB-'/Stable) USD130 million 6.125% notes due 2020 final 'BB-' ratings. The new notes, issued by Theta Capital Pte. Ltd., are guaranteed by LK. The rating action 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 USD130 million bonds are issued as a tap to the existing USD273.306 million 6.125% notes due 2020. LK plans to use the issue proceeds to refinance its 9% notes falling due in 2015. This tap issue will not result in an increase in LK's net debt and therefore will not impair its current financial profile. LK's ratings are supported by Indonesia's favorable long-term demand for residential properties and healthcare services, a continued strong recurring income base, and LK's demonstrated track record in managing these businesses. What Could Trigger a Rating Action? Negative: Future developments that may, individually or collectively, lead to a negative rating action include: - Recurring EBITDA interest cover falling below 1.5x - Recurring EBITDA fixed-charge cover falling below 1.25x - Failure to pre-fund projected capex Positive: Not foreseen in the medium term due to LK's high operating exposure to the cyclical real estate sector. ==================== N E W Z E A L A N D ==================== BRIDGE AND MARINE: In Liquidation; Key Canberra Road in Limbo ------------------------------------------------------------- Kathleen Dyett at ABC News reports that a key Canberra road project could stall, amid allegations that Bridge and Marine, a new contractor at the site, owes workers large amounts of money. ABC relates that the construction union said it will conduct a protest at the ACT Government worksite on Thursday to stop work on the widening of Parkes Way. According to the report, the company was doing bridge work at the site before going into liquidation in December 2012. Several days later, ABC relates, a new company Civil Bridge and Wharf was registered with the same director as the failed company. It is expected to take over work at the site, though the ACT Government is yet to decide if that will happen, the report relays. According to ABC News, CFMEU ACT branch secretary Dean Hall said the company went into liquidation while owing money to workers and subcontractors. "We've got 100% support from [the] workers on the site that they wouldn't go back to work until we saw justice for the contractors and the workers," the report quotes Mr. Hall as saying. "We're not asking for anything special. We're just asking for people to have a bit of fairness and a bit of justice." ZEPHYR PUBLISHING: Liquidator Says Unsec. Creditors May Not Claim ----------------------------------------------------------------- Andrea Fox at Waikato Times reports that the liquidator of failed glossy Waikato lifestyle magazine Que said he expects some unsecured creditors not to bother making claims after reading his statement of the publisher's affairs. In his first report, Tauranga accountant Tom Rodewald -- tomr@rhb.co.nz -- of Rodewald Consulting, said Cambridge-based Zephyr Publishing owed unsecured trade creditors NZ$75,585. Two shareholders are also unsecured creditors for NZ$212,478, according to Waikato Times. The company's deficits before unsecured creditors and before liquidation costs are unknown, the report says. Waikato Times discloses that employee claims are estimated to total NZ$2,000 and it is estimated the Inland Revenue Department is owed NZ$20,000. According to the report, Zephyr director and shareholder Melissa Wilson had advised the reason for the company's failure was losses in the past two years. Mr. Rodewald's report said it was not yet known how much assets could realise. The report said debtors are estimated to realise NZ$10,000, and office furniture and equipment NZ$1,000, Waiktao Times notes. Waikato Times relates that Mr. Rodewald said the rights to Que magazine are for sale, and are expected to be listed on Trade Me this week. There are no secured creditors and Mr. Rodewald said he expected some unsecured creditors would not bother making a claim after seeing the figures. Mr. Rodewald believed the amount owed creditors would exceed the estimated NZ$75,585. There were 21 creditors as of late last month, with the major creditors being print companies and the magazine's landlord, Mr. Rodewald, as cited by Waikato Times, said, ********* 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 ***