/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130326.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 Tuesday, March 26, 2013, Vol. 16, No. 60 Headlines A U S T R A L I A DAINTREE ECO-LODGE: NAB Appoints KMPG as Receivers VIKING GROUP: Former Chief Faces AUD86-Mil. Fraud Case C H I N A CHINA EDUCATION: Gets SEC Letter Over Auditor Non-Compliance H O N G K O N G CHINA PROGRESS: Members' Final Meeting Set for April 19 CHIPNUTS TECHNOLOGY: Wardell and Ip Step Down as Liquidators CODE AGRICULTURE: Court to Hear Wind-Up Petition on April 10 COMMERCIAL CITY: Commences Wind-Up Proceedings CONTEMPORARY INTERNATIONAL: Court Enters Wind-Up Order COSMOS PEACE: Members' Final Meeting Set for April 23 CW ENTERPRISES: Creditors' Proofs of Debt Due April 15 DE RODEO: Creditors' Proofs of Debt Due April 2 DIFC GLOBAL: Creditors' Proofs of Debt Due April 15 DIODES ZETEX: Members' Final Meeting Set for April 18 ELITE BRILLIANT: Court to Hear Wind-Up Petition on April 10 EMP-DAIWA CAPITAL: Lam and Boswell Step Down as Liquidators EVERGROW INT'L: Court to Hear Wind-Up Petition on April 10 EVERSHINE JEWELLERY: Court Enters Wind-Up Order EXCEL PROPERTIES: Cheng Seng Chong Steps Down as Liquidator LEHMAN BROTHERS: Suit Over $1.4-Bil. Assured Guaranty Fee Cut I N D I A BHAIRAAV LIFESTYLES: ICRA Rates INR20cr Loan at '[ICRA]B+' CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loans DEVIPRASAD CONSTRUCTIONS: ICRA Puts 'D' Ratings on INR27cr Loans GIOVANI FASHION: ICRA Assigns 'D' Rating to INR14cr Loans GK INDUSTRIAL: ICRA Cuts Rating on INR42.24cr LT Loan to 'D' IRIS HEALTH: ICRA Cuts Rating on INR27.7cr Loan to '[ICRA]D' MA SARSINSA: ICRA Assigns 'B+' Ratings to INR24cr Loans MP ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR29cr Loans NSHM ACADEMY: ICRA Assigns 'D' Rating to INR46.79cr Term Loans RAJPAL ABHIKARAN: ICRA Reaffirms 'B' Rating on INR10cr Loans RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17cr Loans SHARE MICROFIN: ICRA Upgrades Rating on INR253.18CR Loans to 'C' SUZLON ENERGY: Sells $650MM Bonds Overseas as Part of Debt Recast J A P A N CITIGROUP GLOBAL: Moody's Withdraws (P)Ba1 Rating on Jr. Notes N E W Z E A L A N D BLUE CHIP: Directors May Walk Away From Case HANOVER FINANCE: Trust to Sell Waiheke Island Property Again JASONS TRAVEL: In Talks With Banks After Loan Covenant Breach SOUTH CANTERBURY: Receivers to Wrap Up Their Administration S I N G A P O R E ACCORD DEVELOPMENT: Creditors' Proofs of Debt Due April 5 ALTUS TECHNOLOGIES: Creditors' Meeting Set for April 4 AMAZON TIMBER: Creditors' Proofs of Debt Due April 5 INK COAT: Creditors' Proofs of Debt Due April 5 INTERNATIONAL ACADEMY: Creditors' Proofs of Debt Due April 22 S R I L A N K A SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings X X X X X X X X * BOND PRICING: For the Week March 18 to March 22, 2013 - - - - - ================= A U S T R A L I A ================= DAINTREE ECO-LODGE: NAB Appoints KMPG as Receivers -------------------------------------------------- Jessica Tasman-Jones at Spa Opportunities reports that Daintree Eco-Lodge & Spa has been placed in receivership by major creditor the National Australia Bank. Daintree Eco-Lodge & Spa, which is a scenic 90 minute drive north of Cairns International Airport, was last year the only Australian winner in the World Travel Awards 2012, and includes 15 tree-house style accommodations, Aboriginal inspired spa therapies and an al fresco restaurant. The philosophy of the resort's spa is harmony with nature, essence in nurture and respect of culture. The report says negotiations over the past two years to sell the business -- including its rare parcel of freehold rainforest -- have fallen through with several potential buyers. According to the report, owners Terry and Cathy Maloney said they had poured AUD3.6 million into an indigenous employment programme that was successfully completed by more than 100 trainees. They said they were disappointed approaches to the federal and state government to cover costs of the programme had not been successful, the report relays. Around 20 staff had been told their entitlements by KPMG following the receivership, which happened on March 4, according to the report. KPMG has said it would be business as usual for the company while receivers and managers undertake an urgent assessment of the company's financial position and devise a strategy to move matters forward, the report adds. Daintree Eco-Lodge & Spa is an Australian spa that has operated in Cairns for 18 years. VIKING GROUP: Former Chief Faces AUD86-Mil. Fraud Case ------------------------------------------------------ Cara Waters at SmartCompany reports that the former head of collapsed trucking company the Viking Group has been accused of being involved in an AUD86 million fraud and of having strong links to outlaw bikie gangs which could help him flee the country. SmartCompany relates that Steve Iliopoulos, 51, appeared in the Melbourne Magistrates Court on March 21 and was charged with three counts of obtaining a financial advantage by deception that relate to AUD33.55 million and one count of attempting to obtain a financial advantage by deception of AUD53 million, SmartCompany says. Mr. Iliopoulos headed up the Viking Group of more than 20 companies, which operated a number of heavy haulage, transport and service businesses. It had 300 staff and collapsed in 2011. He now operates Bronco Transport and police claim Mr. Iliopoulos used false information to fleece the Commonwealth Bank for AUD12.15 million on one occasion, AUD17.4 million on another occasion, then another AUD4 million and AUD30 million, the report discloses. SmartCompany reports that police said Mr. Iliopoulos also entered into negotiations with Westpac where he attempted to obtain a further AUD53 million. According to SmartCompany, police claim at the time of the Viking Group's collapse, in excess of 500 pieces of commercially hired plant and equipment including trucks and trailers were in the possession or control of Mr. Iliopoulos and he went with a group of family, associates and members of the Comancheros to stop police recovering the property. Police also argued they feared for the safety of witnesses in the case and that they have detailed eyewitness evidence of Mr. Iliopoulos being in possession of knuckle-dusters, knives and a taser, the report relates. Magistrate Peter Reardon refused bail and remanded Mr. Iliopoulos to reappear for a committal mention hearing in July, adds SmartCompany. ========= C H I N A ========= CHINA EDUCATION: Gets SEC Letter Over Auditor Non-Compliance ------------------------------------------------------------ China Education Alliance, Inc. on March 21 disclosed that it has received a letter from the Securities and Exchange Commission regarding the non-compliance of its former auditor. On March 16, 2013, China Education Alliance received a letter from the Securities and Exchange Commission dated March 15, 2013 informing the Company that the Chief Accountant of the Commission had received a PCAOB Form 3 report issued by the Company's former independent accountant, Sherb & Co., LLP stating that it had notified the Company on February 14, 2013 that Sherb was not in technical compliance with the concurring partner rotation rules of Auditing Standard No. 7 and consequently, Sherb's audit report dated April 12, 2011 on the financial statements for the years ended December 31, 2010 and 2009 could not be relied upon. China Education Alliance never received the Sherb Letter or any notification from Sherb -- at any time during or after Sherb's engagement as the Company's independent accountant -- of Sherb's non-compliance. However, upon written request, the Company obtained a copy of the Sherb Letter dated January 31, 2013 on March 20, 2013. The Sherb Letter stated that Sherb was not in technical compliance with the concurring partner rotation rules of the PCAOB on certain prior audit and review engagements that they performed. The engagements affected were the audit for the year ended December 31, 2010 and the reviews for the interim periods ended March 31, 2010, June 30, 2010, September 30, 2010, March 31, 2011, June 30, 2011 and September 30, 2011. As a result of the foregoing, Sherb stated that the Company may no longer place reliance on their audit report and review for such periods. China Education Alliance's Board of Directors and management continue to believe that the affected audit and reviewed reports fairly present, in all material aspects, the Company's financial condition and results of operations as of the end of and for the periods presented. The audit for the year ended December 31, 2011 was performed by Baker Tilly Hong Kong, a member of the Baker Tilly International accountancy and business advisory network. The Company will take whatever action necessary on behalf of its shareholders to rectify Sherb's non-compliance and default. About China Education China Education Alliance, Inc. -- http://www.chinaeducationalliance.com-- is a China-based education resource and services company. ================ H O N G K O N G ================ CHINA PROGRESS: Members' Final Meeting Set for April 19 ------------------------------------------------------- Members of China Progress Limited will hold their final meeting on April 19, 2013, at 10:00 a.m., at Suites 1708-10, The Gateway, Tower I, 25 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Lam Chung Wah David, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHIPNUTS TECHNOLOGY: Wardell and Ip Step Down as Liquidators ------------------------------------------------------------ James Wardell and Jackson Ip stepped down as liquidators of Chipnuts Technology (HK) Limited on Feb. 28, 2013. CODE AGRICULTURE: Court to Hear Wind-Up Petition on April 10 ------------------------------------------------------------ A petition to wind up the operations of Code Agriculture (Holdings) Limited will be heard before the High Court of Hong Kong on April 10, 2013, at 9:30 a.m. Zhang Wei Bing filed the petition against the company on Feb. 19, 2013. The Petitioner's solicitors are: Gall Room 302, 3rd Floor Dina House, Ruttonjee Centre 11 Duddell Street Central, Hong Kong COMMERCIAL CITY: Commences Wind-Up Proceedings ---------------------------------------------- Members of Commercial City Ltd, on Feb. 28, 2013, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Liu Lai Man Chan Wai Kum Level 13, 1 Queen's Road Central, Hong Kong CONTEMPORARY INTERNATIONAL: Court Enters Wind-Up Order ------------------------------------------------------ The High Court of Hong Kong entered an order on March 6, 2013, to wind up the operations of Contemporary International Limited. The official receiver is Teresa S W Wong. COSMOS PEACE: Members' Final Meeting Set for April 23 ----------------------------------------------------- Members of Cosmos Peace Development Limited will hold their final meeting on April 23, 2013, at 11:00 a.m., at Room 10, 12/F, 118 Connaught Road, West, in Hong Kong. At the meeting, Li Chit Sang, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CW ENTERPRISES: Creditors' Proofs of Debt Due April 15 ------------------------------------------------------ Creditors of CW Enterprises Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 15, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 1, 2013. The company's liquidators are: Natalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong DE RODEO: Creditors' Proofs of Debt Due April 2 ----------------------------------------------- Creditors of De Rodeo Catering Limited, which is in compulsory liquidation, are required to file their proofs of debt by April 2, 2013, to be included in the company's dividend distribution. The company's liquidator is: Chen Yung Ngai Kenneth c/o Zhonglei Specialist Advisory Services Limited Suites 313-317, 3/F Shui On Centre 6-8 Harbour Road, Wanchai Hong Kong DIFC GLOBAL: Creditors' Proofs of Debt Due April 15 --------------------------------------------------- Creditors of DIFC Global Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 15, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 8, 2013. The company's liquidators are: Natalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong DIODES ZETEX: Members' Final Meeting Set for April 18 ----------------------------------------------------- Members of Diodes Zetex Hong Kong Limited will hold their final general meeting on April 18, 2013, at 11:00 a.m., at 15/F, Luk Hop Industrial Building, 8 Luk Hop Street Sanpokong Kowloon, in Hong Kong. At the meeting, Ho Man Kit Kong Sau Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ELITE BRILLIANT: Court to Hear Wind-Up Petition on April 10 ----------------------------------------------------------- A petition to wind up the operations of Elite Brilliant Limited will be heard before the High Court of Hong Kong on April 10, 2013, at 9:30 a.m. Toptip Holding Pte Ltd filed the petition against the company on Jan. 29, 2013. The Petitioner's solicitors are: Messrs. Kennedys 11th Floor, Hong Kong Club Building 3A Chater Road Central, Hong Kong EMP-DAIWA CAPITAL: Lam and Boswell Step Down as Liquidators ------------------------------------------------------------ Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of EMP-Daiwa Capital Asia Limited on March 11, 2013. EVERGROW INT'L: Court to Hear Wind-Up Petition on April 10 ---------------------------------------------------------- A petition to wind up the operations of Evergrow International Limited will be heard before the High Court of Hong Kong on April 10, 2013, at 9:30 a.m. Lam Hoi Tung filed the petition against the company on Feb. 6, 2013. EVERSHINE JEWELLERY: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on March 6, 2013, to wind up the operations of Evershine Jewellery Factory Limited. The official receiver is Teresa S W Wong. EXCEL PROPERTIES: Cheng Seng Chong Steps Down as Liquidator ----------------------------------------------------------- Cheng Seng Chong Edward stepped down as liquidator of Excel Properties Limited on March 5, 2013. LEHMAN BROTHERS: Suit Over $1.4-Bil. Assured Guaranty Fee Cut ------------------------------------------------------------- Eric Hornbeck of BankruptcyLaw360 reported that a New York state judge limited which contracts Lehman Brothers Holdings Inc.'s bankrupt British subsidiary can challenge as it tries to collect a $1.4 billion fee from monoline insurer Assured Guaranty Ltd. for terminating mortgage-linked securities transactions early. According to the BLaw360 report, Judge Marcy Friedman said the Lehman subsidiary Lehman Brothers International (Europe) can continue with its allegations that Assured Guaranty didn't act in good faith when it terminated 28 contracts in July 2009, but similar allegations over nine contracts terminated in December 2008 didn't hold muster. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. Lehman made its first payment of $22.5 billion to creditors in April 2012 and a second payment of $10.2 billion on Oct. 1. A third distribution is set for around March 30, 2013. The brokerage is yet to make a first distribution to non-customers. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. ========= I N D I A ========= BHAIRAAV LIFESTYLES: ICRA Rates INR20cr Loan at '[ICRA]B+' ---------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B+' to the INR20 Crore Term Loan facilities of Bhairaav Lifestyles. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loan 20.00 [ICRA]B+ (Assigned) The rating factors in the track record of the group in real estate development along with low execution risk as the construction is in the final stage of completion. The rating however, is constrained by the uncertainty in the near and medium term over sales of offices which would impact the debt servicing capacity of the firm and large group outlay over near to medium term on other ensued projects which might lead to withdrawals from the partner's capital impacting the capital structure. Additionally, ICRA also notes current oversupply in commercial space developed in Navi Mumbai area which could lower the expected realizations from sale. Nonetheless, option for low space offices opens scope for varied businesses to enter the corporate park. Bhairaav Group was founded in 1969 by Chairman Mr. Madan Jain as manufacturers and exporters of fashion garments. After 3 decades in this business, the group chose to enter the real estate segment in the late 90s. The textile business was closed down completely in 2008. The group has undertaken and completed various real estate development projects in Mumbai. Activities of the Group are managed by Mr. Madan Jain who is the Chairman and his two sons Mr. Viivek M.Jain who is the MD of the group, and Mr. Akkshay Jain who is the Director. M/S Bhairaav Lifestyles was formed in the year 2005 under which the group has undertaken the commercial project of an 18-storied structure -- The Corporate Park at Vashi as a joint venture with SSD Buildtech. CENTURY 21: ICRA Reaffirms 'B' Rating on INR58cr Term Loans ----------------------------------------------------------- ICRA has reaffirmed the long term rating of '[ICRA]B' for the INR58 crore bank facilities of Century 21 Town Planners Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loans 58.00 [ICRA]B reaffirmed The rating reaffirmation takes into account the stretched liquidity of the company as reflected by limited cushion between CTPL's rental inflows and debt repayment obligations and the revenue concentration risks arising out of operating a single property. The rating is also constrained by the risk which may arise in case of any delays by the lessees in meeting their monthly lease rental payments which can put pressure on the cash flows of the company. The rating, however, draws comfort from long experience of CTPL's promoters in the business; attractive location of the mall; its full occupancy levels and reputed tenant profile. Going forward, the ability of the company to maintain adequate cover between its lease payments and repayment obligations will remain the key rating sensitivity. Century 21 Town Planners Private Limited has been promoted by Mr. Gurjeet Singh Chhabra who has been involved in real estate development in and around Indore. Currently the group has two operational malls under the companies CTPL and M.P. Entertainment and Developers Private Limited. Apart from these malls, another group company named Ria Hotels Private Limited has leased out 80,000 sq ft land to Bestech Hospitalities Pvt. Ltd. Century 21 Town Planners Private Limited is currently operating a mall (C-21 Mall) at Agra Bombar Road (A.B. Road), Indore (Madhya Pradesh) with a gross leasable area of 3.5 lakh square feet. The mall is fully leased out and some of the tenants are - More Mega Store, Reliance Trendz, Rituwears Satyam Cineplex, Mom & Me, Tommy Hilfiger, U.S. Polo, Wills Lifestyle, Arrow, United Colours of Benetton, Levis, Wrangler, Pepe, Nike, Reebok, Adidas etc. In FY 2012, the company reported a net loss of INR0.10 crore on an operating income of INR16.14 crore. DEVIPRASAD CONSTRUCTIONS: ICRA Puts 'D' Ratings on INR27cr Loans ---------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]D' and a short term rating of '[ICRA]D' to INR15 crore term loan, INR5 cash credit facilities, INR6.5 crore bank guarantee limits and INR0.50 crore unallocated loans of Deviprasad Constructions Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loan 15.00 [ICRA]D assigned Cash Credit/Overdraft 5.00 [ICRA]D assigned Non Fund Based (BG) 6.50 [ICRA]D assigned Unallocated 0.50 [ICRA]D/[ICRA]D assigned The assigned rating reflects delays on debt servicing by the company in the past primarily on account of delay in receiving payments from customers. DCPL's financial risk profile is characterized by high gearing driven by working capital borrowings, subdued debt coverage indicators and stretched liquidity as reflected in overdrawings from the cash credit (CC) account. The rating is constrained by the modest scale of operations of the firm, poor revenue visibility given the less than average order book revenue multiple, the risk of geographical and customer concentration and vulnerability of the margins to fluctuations in raw material prices owing to the fixed price nature of contracts. ICRA however notes the established track record of the company of over twenty five years in the construction sector which has resulted in developing strong relationship with customers. Deviprasad Construction, a construction company, was established by Mr. K. Vasudeva Shetty at Kaup, Karnataka in the year 1984 as a proprietorship concern. Initially, the entity undertook only civil contruction work and mainly focused on contracts from private bodies. In 1995, the entity was converted into a private limited company. Since then, the main focus of the company remains construction of buildings, apartments, layouts & office complexes for government agencies in Karnataka. Karnataka Housing Board is the largest client of DCPL, accounting for ~90% of the turnover for FY11 & FY12. Recent Results For the financial year 2011-12(provisional), the Company's net profit stood at INR1.46 crore on an operating income of INR46.57 crore, against net profit of INR0.76 crore on operating income of INR26.82 crore for the financial year 2010-11. GIOVANI FASHION: ICRA Assigns 'D' Rating to INR14cr Loans --------------------------------------------------------- The ratings of '[ICRA]D' have been assigned to the INR14.00 crore bank facilities of Giovani Fashion Limited both on the long term and short term scale. The ratings primarily reflect the tight liquidity position of the company resulting in delays in debt servicing. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit 8.00 [ICRA]D assigned Term Loans 1.50 [ICRA]D assigned Letter of Credit 1.50 [ICRA]D assigned Unallocated Limits 3.00 [ICRA]D assigned The ratings are further constrained by the modest financial risk profile of GFL as reflected in its moderate scale; low profitability margins; high gearing levels; thin debt protection metrics and high working capital requirements resulting in limited liquidity cushion on limits. Further ICRA notes that the company is likely to have high funding requirements over the near to medium term for expanding its network of own exclusive brand outlets which would keep its credit metrics and liquidity stretched. The ratings are further constrained by the high competition in the formal garments business with the presence of many large global and Indian branded players and exposure to seasonality and risk of product obsolescence due to changing customer preferences. The ratings however favorably factor in the long experience of the promoters in men and women formal wear; presence of the company in the branded segment with a reasonably well known brand "Giovani" and the favorable demand outlook for premium segment garments in India because of growing brand consciousness; improved affluence and spending levels of consumers. Giovani Fashion Limited was incorporated in June 2006 and is engaged in the retail sales of men and women formal garments under the brand name of "Giovani". The promoters namely the Dhir Group, have been involved in this line of business since 1978 through their other group companies namely Dhir International Private Limited (DIPL) and Dhir Global Industria Private Limited (DGIPL) which are into manufacturing and export of garments. Giovani is an Italian brand name and was bought by Mr. M.K. Dhir the promoter and director of the Dhir Group, in the year 2000. In 8M 2012-13 (provisional) the company reported net profit after tax (PAT) of INR0.86 crore on a turnover of INR36.37 crore against net profit after tax of INR0.49 crore on a turnover of INR53.88 crore in 2011-12. GK INDUSTRIAL: ICRA Cuts Rating on INR42.24cr LT Loan to 'D' ------------------------------------------------------------ ICRA has downgraded the long term rating assigned to the INR42.24 crore (earlier INR77 crore) long term fund based limits of GK Industrial Park Private Limited from '[ICRA]BB+' to '[ICRA]D'. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Long term, Term Loans 42.24 [ICRA]D, revised The rating revision factors in the modest incremental bookings achieved in the past two years and the resultant reduction in cash inflows and delays in debt servicing. The low booking status is primarily due to the lower-than-anticipated off-take from the SME units around Trichy which are largely focused on undertaking fabrication activities for Bharat Heavy Electricals Limited Trichy, who are the primary target customers, due to challenging macroeconomic conditions. The continuing net losses and large repayment commitments have led to weak coverage indicators and stressed liquidity position. The rating, nevertheless, factors in the presence of IL&FS as the key stakeholder; completion of land acquisition and receipt of all major approvals; and, the presence of a reputed multinational entity as the anchor buyer. Going forward, ICRA expects the debt servicing capability of the company to be inadequate in the near term and any improvement of GKIPL's credit profile would be largely contingent on its ability to achieve bookings for the sizeable quantum of unsold land stock and also on the development of common infrastructure offerings without further delays. GKIPPL is a Special Purpose Vehicle (SPV) incorporated in December 2007 to develop an industrial park over 620 acres of land at Siruganur village, 25 kilometres from Tiruchirappalli (Trichy) in Tamil Nadu. Infrastructure Finance and Leasing Company Limited, through various group companies holds the majority (85.42%) stake in the company by way of equity and fully and compulsorily convertible preference shares. The balance equity stake (14.59%) is held by the promoter, Mr. K.G Muralidharan, a second-generation entrepreneur who earlier served as the President of BHEL Small Scale Industries Association and who originally conceptualized the project. IRIS HEALTH: ICRA Cuts Rating on INR27.7cr Loan to '[ICRA]D' ------------------------------------------------------------ ICRA has revised the long term rating assigned to the INR27.70 crore term loan of Iris Health Services Limited from '[ICRA]B+' to '[ICRA]D'. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loan 27.70 Revised downwards to [ICRA]D The revision in rating primarily takes into account the recent delay made by the company in servicing its debt in a timely manner. The rating also takes into account the considerable delay in commissioning of the project by more than a year and the consequent capital cost overrun. This coupled with a change in the project scope, has led to a substantial increase in the overall project outlay from INR43.08 crore to INR70.17 crore. The delay in commissioning of the project as envisaged earlier led to a cash flow mismatch for IHSL, resulting in a consequent delay in servicing debt as per terms. The rating also takes into consideration the existence of established hospitals within close proximity of the project site that increases demand risks, however, the same is mitigated to an extent by the high demand of health care services and the presence of well known doctors in the hospital. The rating factors in the vast experience and network of the key management of the company in the health care industry with the past track record of the management in successfully developing hospital projects of similar scale in Kolkata, and the reputation of the promoters (Fort & Poddar Groups) in developing large real estate projects in Kolkata. Iris Health Services Ltd has been promoted by the Fort group and the Poddar group of Kolkata to set up a 180 bed secondary care hospital on Raja S.C. Mullick Road near Garia in South Kolkata. The total budgeted project cost was enhanced to INR70.17 crore which was funded by INR29.47 crore of equity and INR40.70 crore debt. The hospital commenced operations in January 2013. MA SARSINSA: ICRA Assigns 'B+' Ratings to INR24cr Loans ------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B+' to the INR15.0 crore fund based limits and INR9.0 crore term loans of Ma Sarsinsa Steels Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Fund Based Limits 15.00 [ICRA]B+ (Assigned) Term Loans 9.00 [ICRA]B+ (Assigned) The assigned rating takes into account MSSPL's relatively moderate scale of operations, limited track record of the manufacturing facility, which is in nascent stages of operations and increase in company's gearing to 1.88 times as on March 31, 2012 following the debt funded capex towards the Cold Rolled (CR) Strips manufacturing facility. The rating also takes into consideration MSSPL's presence in highly fragmented and competitive industry and its exposure to volatility in raw material prices. However, the rating takes comfort from MSSPL's experienced management, its long presence in the CR Strips industry, and the completion of capex towards the manufacturing facility of the CR Strips, which has led to significant increase in MSSPL's operating income during the current year. Ma Sarsinsa Steels Private Limited was originally incorporated in 1991 by Late Mr. Shri Kishan Bindal as a private limited company under the name Sarsinsa Steels Private Limited to carry on trading of CR Strips. The name of the company was later changed to Ma Sarsinsa Steels Private Limited in 2009. The promoters have an experience of more than 2 decades in the CR Strips trading business. The manufacturing plant started commercial operations in January 2012. The company reported a net profit after tax of INR0.11 crore on an operating income of INR15.94 crore during FY2012 as against a profit after tax of INR0.05 crore on an operating income of INR10.05 crore during FY2011. MP ENTERTAINMENT: ICRA Reaffirms 'B' Rating on INR29cr Loans ------------------------------------------------------------ ICRA has reaffirmed the long term rating of '[ICRA]B' for the INR29 crore bank facilities of M. P. Entertainment and Developers Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loans 28.00 [ICRA]B reaffirmed Bank Guarantee 1.00 [ICRA]B reaffirmed The rating reaffirmation takes into account the continued liquidity pressure as reflected by limited cushion between MPED's rental inflows and debt repayment obligations and the revenue concentration risks arising out of operating a single property. The rating is also constrained by the risk which may arise in case of any delays by the lessees in meeting their monthly lease rental payments which can put pressure on the cash flows of the company. The rating, however, draws comfort from long experience of MPED's promoters in the business; attractive location of the mall; it's almost full occupancy levels (92% of the leasable area has been leased out) and reputed tenant profile. Going forward, the ability of the company to maintain adequate cover between its lease payments and repayment obligations will remain the key rating sensitivity. M.P. Entertainment and Developers Private Limited has been promoted by Mr. Gurjeet Singh Chhabra who has been involved in real estate development in and around Indore. Currently the group has two operational malls under the companies Century 21 Town Planners Private Limited and MPED. Apart from these malls, another group company, Ria Hotels Private Limited has leased out 80,000 square feet land to Bestech Hospitalities Pvt. Ltd. MPED is currently operating a shopping mall at Agra Bombar Road (A.B. Road), Indore with a gross leasable area of 2.5 lakh square feet. Till date, the company has leased out 92% area to reputed tenants such as Easy Day Market (Bharti Walmart), Globus, Club Mahindra, Numero Uno, Fashion @ Big bazaar (Pantaloon Retail),McDonalds, Monte Carlo, Nirulas, Bata, Peter England, KFC etc. In FY 2012, the company reported a net loss of INR3.39 crore on an operating income of INR5.72 crore. NSHM ACADEMY: ICRA Assigns 'D' Rating to INR46.79cr Term Loans -------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]D' to the INR46.79 crore term loan of NSHM Academy. The rating primarily takes into account NSHMA's recent delays in timely servicing of debt obligations. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loans 46.79 [ICRA]D assigned The rating also takes into account a weak financial profile of the Trust marked by a net deficit in FY 2012, high gearing level and average debt protection metrics. The net deficit in FY 2012 was primarily due to high interest cost of the Trust. The large debt obligation relative to its operating profits is also likely to exert pressure on the liquidity position of the Trust at least in the short to medium term. The admission in various colleges of the Trust also moderated in the academic session 2012-13, particularly in the recently established engineering college, operations of which is yet to stabilize. The rating also takes into account the diverse courses offered by the Trust, which attract a wider set of students and the positive demand outlook for the education sector. NSHM Academy is a charitable trust established to impart higher education in India. The trust currently manages four colleges, which were set up in 1998 and are located in Durgapur, West Bengal. The colleges offers undergraduate and post graduate courses in the field of Hotel Management, Engineering, Management and other degree courses. The current intake capacity is around 1055 students. The group also has presence in Kolkata, West Bengal, where the campus was established in 2006-07 under HCG Charitable Trust. The Trust offers undergraduate and post graduate courses in the field of Pharmacy, Management, Media and other degree courses. Recent Results As per the provisional results, the Trust reported a net surplus of INR3.10 crore on an operating income of INR21.17 crore during the first nine months of the financial year (FY) 2012-13. In FY 2012, NSHMA reported a net deficit of INR2.80 crore on an operating income (OI) of INR24.74 crore as against a net surplus of INR2.87 crore on an OI of INR23.63 crore in FY 2011. RAJPAL ABHIKARAN: ICRA Reaffirms 'B' Rating on INR10cr Loans ------------------------------------------------------------ ICRA has reaffirmed '[ICRA]B' rating to the INR10.0 crore, bank facilities of Rajpal Abhikaran Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit Facilities 2.5 [ICRA]B reaffirmed Fund Based Facilities 7.5 [ICRA]B reaffirmed The rating reaffirmation factors in the established track record of operations of the dealership, the long experience of its promoters in the auto dealership business as well as their established relationship with Toyota. The rating continues to be, however, constrained by the weak financial risk profile of the company characterized by very high gearing and inadequate debt coverage indicators, as well as the thin profit margins involved in the dealership business. In ICRA's view, RAPL's ability to increase its scale of operations amid the increasing competitive intensity and its ability to improve its financial risk profile would remain key rating sensitivities going forward. Company Profile Incorporated in 1999, Rajpal Abhikaran Private Limited has been operating as a Toyota Kirloskar Motors Pvt. Ltd. dealership since January 2000. The company has a sales showroom cum service workshop located in Indore. The promoters of the company are highly experienced in the field of automobiles and have been engaged in automobiles related business for the past three decades. As a result of successful running of the operations in Indore, the promoters have also been awarded with Toyota's dealerships at Bhopal (2005) and Ratlam (2010). Recent Results In 9m 2012-13, RAPL recorded an operating income of INR74.3 crore. RIA HOTELS: ICRA Reaffirms 'B-' Rating on INR17cr Loans ------------------------------------------------------- ICRA has reaffirmed the long term rating of '[ICRA]B-' for an enhanced amount of INR17.00 crore term loans of Ria Hotels Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Term Loans 17.00 [ICRA]B- reaffirmed (enhanced from 10.00) The rating reaffirmation takes into account the limited cushion between RHPL's rental inflows and debt repayment obligations, the revenue concentration risk arising out of operating a single property, and the tight liquidity position of the company. The rating is also constrained by the risk which may arise in case of any delays by the lessee in meeting their monthly lease rental payments which can put pressure on the cash flows of the company. However, the recent arrangement between the directors and RHPL; wherein the directors' share of lease rental would be used to meet the debt obligation requirements of RHPL, should ease the pressure on the cash flows to some extent. Further, any deficit in lease rentals is also met by way of principal/interest payments from loans extended to group companies. The rating also takes comfort from the long experience of the promoters and the low possibility of lessee vacating the land given that it has developed a hotel under the "Radisson" brand. Ria Hotel Private Limited has been promoted by Mr. Gurdeep Singh Chabra who has been involved in real estate development in and around Indore. RHPL has leased out ~80,000 sq. ft. land to Bestech Hospitalities Private Limited which in turn has developed a 5-star Raddison Hotel on the same. The group also has two operational malls under the companies Century 21 Town Planners Pvt. Ltd. (C21) and M.P. Entertainment and Developers Pvt. Ltd. Both these malls are located on A.B. Road, Indore (Madhya Pradesh). SHARE MICROFIN: ICRA Upgrades Rating on INR253.18CR Loans to 'C' ---------------------------------------------------------------- ICRA has upgraded the ratings assigned to the Non Convertible Debenture programme and the INR128.18 crore bank lines of Share Microfin Limited from '[ICRA]D' to '[ICRA]C'. ICRA has reaffirmed the rating assigned to the INR1.93 crore bank line (which was not restructured by the lenders) of SML at [ICRA]D. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Long term NCD programme 25 Upgraded from [ICRA]D to [ICRA]C Long Term Subordinated 100 Upgraded from [ICRA]D to Debt/NCD programme [ICRA]C Long Term Bank Limits 128.18 Upgraded from [ICRA]D to [ICRA]C Long Term Bank Limits 1.93 Retained at [ICRA]D (not restructured) The upgrade in ratings of SML factors its timely servicing of debt as per the revised CDR* terms w.e.f April 2011 to all lenders who joined the CDR or restructured as per CDR terms bilaterally, good collection efficiency in non AP states (99% in the YTD 2012-13), approval by the CDR cell to allow additional funding to SML, which would help the company to maintain its non AP portfolio at current levels and sustain operations in the short term. The rating reaffirmation at [ICRA]D on the one specific bank line is account of the continuing delay on the line as one of the lenders neither joined CDR nor restructured bilaterally. Therefore there is a deficit in payment on original terms of payments, which ICRA treats as default. SML had a total portfolio of INR2,049 crore outstanding as on December 31, 2012, of which INR1,037 was concentrated in AP (50.6% of the total book). Since the entire AP portfolio is delinquent and the company has not received any bank funding for the last 2 years and, the company has been making incremental disbursements out of collections from non AP book and consequently the disbursement levels have come down from over INR600 crore a month in Sep-2010 to around INR100 crore per month in the current financial year. With less than 50% of the book contributing to the income the company reported operating profit of INR8.18 crore for the period ended December 31, 2012 by making overall operations sustainable on account of lower operating expense and moderately high recovery rates in non-AP states. However, high provisions on account of entire delinquent AP book, the company has reported losses in 2011-12 and 2012-13 and thus, SML's net worth has turned negative (SML reported a negative net-worth of INR124 crore as on Dec-12). However, the company was able to report regulatory capital adequacy ratio (CRAR) of 15.4% as on December 31, 2012 as RBI gave a special dispensation to AP based MFIs to add back 100% of the provisions made for AP book to Tier 1 capital for calculation CRAR in FY13, This add back of provisions would progressively come down by 20% each financial year and the company may have to convert the Optionally Convertible Cumulative Preference Shares (OCCRPS) into equity to meet regulatory CRAR FY2014 onwards till the company is able to improve its internal capital generation or mobilize external capital. Nevertheless, economic capitalization levels are expected to remain poor in the medium term and the company would be able to generate approximately INR150-200 crore of internal capital over the next three years (FY14-FY16) if it were to maintain current levels of non AP book. However, if there is any improvement in recoveries from the AP portfolio, the economic capitalisation levels may improve. The company would need additional debts to be able to sustain operations and repay its debts over the 7 year stipulated period. Earlier, SML was admitted to Corporate Debt Restructuring (CDR) Cell and the CDR package was approved in June 2011 which approved a reduction in interest rate and increase in repayment period, along with a moratorium of 1 year in principal servicing starting April 1, 2011. Instrument Amount Rating Action Long term NCD programme INR50 crore INR25 crore Upgraded from [ICRA]D to [ICRA]C Long Term Subordinated Debt/NCD programme INR100 crore INR100 crore Upgraded from [ICRA]D to [ICRA]C Long Term Bank Limits INR128.18 crore Upgraded from [ICRA]D to [ICRA]C Long Term Bank Limits ( not restructured) INR1.93 crore Retained at [ICRA]D SHARE Microfin Limited was founded by Mr. Udaia Kumar in the year 1999-2000 as public limited company. It became a registered Non Banking Finance Company in 2000 and was the first Microfinance Institution (MFI) to obtain a NBFC (Non Deposit taking) license. SML is engaged in micro finance lending activities. SML serves 36.27 lakh members across 19 Indian states as on Dec-12. For the 9 Months period ended Dec 2012, SML reported a loss of INR838 crore on an asset base of INR2,122 crore vis-�-vis loss of INR255 crore on an asset base of INR2,188 in FY2012. The company fully provided for the delinquent AP book in 9M, 2012-13. Consequently reported networth as on December 2012 was negative at INR124 crore. SUZLON ENERGY: Sells $650MM Bonds Overseas as Part of Debt Recast ----------------------------------------------------------------- The Financial Express reports that Suzlon Energy will raise $650 million via five-year dollar-denominated bonds as part of the company's debt restructuring package. The proceeds of the bond issue will be used to repay a maturing dollar loan. In January this year, the Financial Express recalls, the Pune- headquartered wind energy firm was able to convince bankers to allow it to recast its debt. The consortium of 19 banks had approved the INR11,500-crore loan bailout package. According to the report, the debt-laden company is looking to refinance a loan of about $650 million. However, given that its finances are in a shambles, the bond issue is being backed by State Bank of India (SBI) and other lenders. While SBI has an exposure of around INR3,500 crore, IDBI Bank has lent the firm around INR1,700 crore, Bank of Baroda INR1,000 crore and Indian Overseas Bank INR1,000 crore. Some of the other lenders to the group with smaller exposures include ICICI Bank, Axis Bank and Yes Bank, the report relays. The Financial Express says the debt restructuring was approved after bondholders rejected a request by the company to extend the deadline for repaying foreign currency convertible bonds (FCCB) worth $221 million due in October 2012. Suzlon has forex facilities with SBI and 11 other banks across the geographies where it operates of around $650 million. These loans are due to mature over the next year or so and lenders believe it might be better to refinance the amount with a single-bullet payment instead of making staggered payments, the report ads. About Suzlon Energy Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) -- http://www.suzlon.com/-- is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs) of a range of capacities and its components. Its operations relate sale of WTGs and allied activities, including sale/sub-lease of land, infrastructure development income; sale of gear boxes, and sale of foundry and forging components. Others primarily include power generation operations. ========= J A P A N ========= CITIGROUP GLOBAL: Moody's Withdraws (P)Ba1 Rating on Jr. Notes -------------------------------------------------------------- Moody's Japan K.K. has withdrawn the following ratings on Citigroup Japan Holdings Corp. and Citigroup Global Markets Japan Inc. for its own business reasons. Complete list of ratings withdrawn: Citigroup Japan Holdings Corp. (CJH) - Long-term issuer rating (foreign currency): Baa3 Citigroup Global Markets Japan Inc. (CGMJ) - Long-term issuer rating (foreign currency): Baa3 - Senior unsecured debt rating (domestic currency): Baa3 - Senior unsecured Medium Term Note Program rating (foreign currency): (P)Baa3 - Subordinate Medium Term Note Program rating (foreign currency): (P)Ba1 - Junior Subordinate Medium Term Note Program rating (foreign currency): (P)Ba1 - Short-term issuer rating (foreign currency): Prime-3 - Commercial Paper rating (domestic currency): Prime-3 Ratings Rationale: Moody's has withdrawn the rating for its own business reasons. The ratings withdrawal does not reflect any change in the two companies' creditworthiness. Citigroup Japan Holdings Corp., headquartered in Tokyo, is a wholly owned subsidiary of Citigroup Inc. Citigroup Global Markets Japan Inc., a wholesale brokerage firm, is a wholly owned subsidiary of Citigroup Japan Holdings Corp. ==================== N E W Z E A L A N D ==================== BLUE CHIP: Directors May Walk Away From Case -------------------------------------------- stuff.co.nz reports that former Cabinet ministers Wyatt Creech and John Luxton, lawyer Jock Irvine and founder Mark Bryers are likely to walk away from the collapse of Blue Chip unless a funder can be found to back action against them. The four are among a group of directors targeted in two separate lawsuits alleging reckless trading during their time at the helm of the failed property investment scheme, the report says. stuff.co.nz relates that Blue Chip's liquidators said around 1,200 people are still owed up to NZ$120 million over the 2008 collapse. Their last hope of getting any compensation for their losses is action against the directors, but that door is likely to close next month when a court extension expires, according to the report. stuff.co.nz says liquidators Meltzer Mason Heath is bringing one of the lawsuits, and early this year told the court that it had not been able to find litigation funding. The liquidators said there was no money in the Blue Chip pot from day one, stuff.co.nz relates. "The position hasn't changed," the report quotes principal Arron Heath as saying. "We've been trying for three to four years, and we have approached most of the major players." stuff.co.nz notes that the other action is being driven by Auckland barristers Paul Dale and Daniel Grove, who successfully took a case to the Supreme Court on behalf of 235 Blue Chip victims which resulted in settlements with the developers of apartment buildings they had invested in. According to stuff.co.nz, the High Court is managing the two director actions together because of their similarity, and has given the Dale/Grove camp a 60-day extension until mid-April. MMH estimates legal action would cost between NZ$2.5 million to NZ$3 million and involve a four to six-week trial, the report adds. About Blue Chip NZ Blue Chip New Zealand Ltd. is a financial services company with offices throughout New Zealand. It is a subsidiary of Blue Chip Financial Solutions Limited, now known as Northern Crest Investments. Northern Crest operates in two divisions: financial services and leasing services. The financial services division is engaged in the provision of financial structuring services and investment product to a variety of clients. The leasing activities division is engaged in rental of residential property. * * * As reported by the Troubled Company Reporter-Asia Pacific on April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary liquidation, joining 20 other Blue Chip companies that are now being wound up. Northern Crest Investments, the last surviving business of Mark Bryers' failed Blue Chip group, also went into liquidation in June 2011. HANOVER FINANCE: Trust to Sell Waiheke Island Property Again ------------------------------------------------------------ The New Zealand Herald reports that a trust connected to former Hanover Finance boss Mark Hotchin is again trying to sell its luxury Waiheke Island property and doesn't have a fixed price in mind. The Herald says Mr. Hotchin is a beneficiary of the trustee company that owns the property, Boat Shed Bay, which is being offered for sale after more than a year off the market. According to the Herald, Matthew Smith, of Ray White Waiheke Island, said he and the director of the trustee company had held discussions with Mr. Hotchin about the sale. "We do have conversations from time to time to get advice on marketing and so forth because he knows the property better than anyone else," the report quotes Mr. Smith as saying. He confirmed the Financial Markets Authority had no freeze "whatsoever" on the property, which includes a five-bedroom home in 4ha grounds and just over 100 meter of beachfront, the report relays. The Herald notes that Mr. Hotchin is one of six Hanover directors and promoters who are being sued by the FMA over what it alleges are misleading or untrue statements made in finance company prospectuses. About Hanover Finance Hanover Finance Limited -- http://www.hanover.co.nz/-- was New Zealand's third-largest privately-owned finance company with total assets of NZ$796 million at December 31, 2007. The company was established in 1984 to provide finance to the rural sector and began lending to property developers and investors in 1995. The loan portfolio has been gradually downsized since 2006 as a result of a more cautious approach to lending in the face of retail funding constraints. Hanover Finance's investors in December 2008 voted in favor of the company's Debt Restructure Proposals, including a plan to fully repay NZ$552.6 million principal it owes over five years. However, Hanover Finance said in November 2009 it is no longer likely to fully repay investors under a debt restructuring plan due to a deterioration in the commercial property development market, a TCR-AP report on Nov. 12, 2009, said. In December 2009, investors agreed to swap their Hanover interests for shares in Allied Farmers Ltd. The Serious Fraud Office commenced an investigation into the affairs of Hanover Finance Ltd in September 2010 after considering complaints received from the Securities Commission, Allied Farmers and others. The Financial Markets Authority, on March 30, 2012, filed civil proceedings against directors and promoters of Hanover Finance Ltd, Hanover Capital Ltd, and United Finance Ltd. Proceedings under the Securities Act have been filed against Mark Hotchin, Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and Dennis Broit. They relate to statements made in the December 2007 prospectuses, subsequent advertising, and the March 2008 prospectus extension certificate. JASONS TRAVEL: In Talks With Banks After Loan Covenant Breach ------------------------------------------------------------- BusinessDesk reports that Jasons Travel Media Limited, which announced the departures of its chief executive and a director in the past two months, is in talks with its banks after breaching lending covenants and forecasting an annual loss. According to the report, the Auckland-based company is bracing for a pretax loss in the year ending March 31, which will breach its interest cover and debt to earnings before interest, tax, depreciation and amortisation covenants, and has asked ANZ New Zealand for a waiver. As at September 30, Jasons had NZ$2.3 million in borrowings falling due in the following 12 months, and NZ$1.9 million in financial liabilities maturing beyond that timeframe. As a ratio to Jason's total equity, the company's gearing rose to 191% as at September 30 from 108% six months earlier. "Jasons has tackled its balance sheet with rigour and paid down relatively large amounts of debt during a time of global economic uncertainty while at the same time implementing a number of changes designed to better serve its customers and meet client expectations," the report quotes John Sandford as saying. "We're focused on rebuilding the company's position as a profitable, successful company based on our position as a trusted source of travel information." BusinessDesk relates that the company blamed Australian sales that were well behind budget as the main cause for the downturn, and will "significantly" scale back its operations across the Tasman, including job cuts. The New Zealand operation was slightly behind budget, though Jasons will have to account for non-cash adjustments in the period and increased accruals for bad debts on both sides of the Tasman, the report adds. Jasons Travel Media Limited (NZE:JTM) is a New Zealand-based media company, engaged in multi-media publishing business specializing in travel and tourism. The Company produces and distributes tourist information in the form of accommodation guides, maps and directories via print and online media. SOUTH CANTERBURY: Receivers to Wrap Up Their Administration ----------------------------------------------------------- The National Business Review reports that the receivers for failed Timaru lender South Canterbury Finance will wrap up their administration at the end of the month, having clawed back $774.4 million in the two and a half year administration. McGrathNicol's Kerryn Downey and William Black handed over the remnants of the empire of deceased business Allan Hubbard to Crown Asset Management last year, and remained in office to wind up one more transaction, according to their latest report on the receivership, according to The National Business Review. The report relates that has since been concluded and the receivership is expected to distribute the last of the surplus cash and complete the administration by March 31. The National Business Review recalls that since South Canterbury was tipped into receivership in August 2010 until February 28 of this year, the receivers have reduced the amount owing to the Crown by $774.4 million; though that includes $92.1 million Crown Asset Management valued the residual assets at when taking them on to its books. The report notes that the government unit acquired $81.7 million in gross loans at a value of $77.3 million, and had written them down to $67.7 million by the end of June last year. It also took on $14.1 million in unlisted property shares and property and forestry assets, the report relates. The report says that Finance Minister Bill English set up the Crown Asset Management unit to take control of the remaining assets from failed lenders that called on the deposit guarantee as a means to cap costs. The unit expects to realize $75.5 million in the 2012-13 year from loans and receipts and $12.8 million from asset sales, the report adds. About South Canterbury Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the provision of financial services. The Company's principal activities were borrowing funds from public and institutional investors and on lending those funds to the business, plant and equipment, property, rural and consumer sectors. It typically advanced funds by means of hire purchase, floor plans, leasing of plant, vehicles and equipment, personal loans, business term loans and revolving credit facilities, mortgages against property, and other financial instruments, including consumer loan insurance. On Aug. 31, 2010, Trustees Executors Limited, as trustee for South Canterbury Finance charging group, appointed Kerryn Downey and William Black of McGrathNicol as receivers of the charging group's secured assets. "As Trustee, we have had South Canterbury Finance under heightened surveillance since 2008. As part of that, SCF was granted a Trustee waiver in February 2010 to allow it time to recapitalize. Unfortunately, the Company's Directors have advised us that they have not been successful with respect to a recapitalization and requested us to appoint a receiver. At this point we, as Trustee, agree that it is the best interests of debenture, deposit and bond holders to do that," said Yogesh Mody, Southern Regional Manager for Trustees Executors Limited. The New Zealand government repaid South Canterbury's 35,000 depositors and stockholders NZ$1.6 billion under the Crown retail deposit guarantee scheme. ================= S I N G A P O R E ================= ACCORD DEVELOPMENT: Creditors' Proofs of Debt Due April 5 --------------------------------------------------------- Creditors of Accord Development Pte Ltd are required to file their proofs of debt by April 5, 2013, to be included in the company's dividend distribution. The company's liquidator is: The Official Receiver The URA Centre East Wing 45 Maxwell Road #06-11 Singapore 069118 ALTUS TECHNOLOGIES: Creditors' Meeting Set for April 4 ------------------------------------------------------ Altus Technologies Pte Ltd, which is in creditors' voluntary liquidation, will hold a meeting for its creditors on April 4, 2013, at 9:30 a.m., at 108 Robinson Road, Level 11, The Finexis Building, in Singapore 068900. Agenda of the meeting include: a. to deliberate on the next course of action with regard to the unauthorised forex contracts; b. discuss other business. The company's liquidator is: Tay Swee Sze c/o Tay Swee Sze & Associates 78 South Bridge Road #04-01 TKH Building Singapore 058708 AMAZON TIMBER: Creditors' Proofs of Debt Due April 5 ---------------------------------------------------- Creditors of Amazon Timber Agency (Pte) Ltd are required to file their proofs of debt by April 5, 2013, to be included in the company's dividend distribution. The company's liquidator is: The Official Receiver The URA Centre East Wing 45 Maxwell Road #06-11 Singapore 069118 INK COAT: Creditors' Proofs of Debt Due April 5 ----------------------------------------------- Creditors of Ink Coat (Asia) Pte Ltd are required to file their proofs of debt by April 5, 2013, to be included in the company's dividend distribution. The company's liquidator is: The Official Receiver The URA Centre East Wing 45 Maxwell Road #06-11 Singapore 069118 INTERNATIONAL ACADEMY: Creditors' Proofs of Debt Due April 22 ------------------------------------------------------------- Creditors of The International Academy of Osteopathy Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by April 22, 2013, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ================ S R I L A N K A ================ SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed Sri Lanka Telecom PLC's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-'. The agency also affirmed SLT's National Long-Term Rating at 'AAA(lka)'. The Outlook is Stable. Key Rating Drivers Strong market position: SLT's ratings reflect its market-leading position in Sri Lanka's fixed-line services underpinned by its monopoly in wireline and fixed-broadband. They also reflect its number two position in mobile and its evolving share in paid-TV, making the company one of two 'quadruple-play' providers in the country. SLT's ratings benefit from its strong balance sheet with low funds flow from operations (FFO) adjusted net leverage of 0.64x at end-2012. Sovereign constraints: SLT's IDRs are constrained by Sri Lanka's IDRs, due to the government directly and indirectly holding a majority stake in SLT. Malaysia's Usaha Tegas - which owns 44.9% of SLT - does not have any special provisions in its shareholder agreement to dilute the government's significant influence over SLT. Therefore any future changes to Sri Lanka's IDRs will lead to a corresponding change to SLT's IDRs. Revenue grows, margins fall: SLT's revenue grew 10% in 2012, driven by strong growth in mobile and broadband operations, which was partly offset by weak performance in its fixed-wireless segment. Revenue growth was also supported by a sharp weakening in the exchange rate in early 2012, which increased SLT's foreign currency revenue in local currency terms. Operating EBITDAR margins fell to 31.9% in 2012 from 33.3% in 2011, due to increased competition and cost inflation. Fitch expects moderate pressure on SLT's EBITDAR margins to continue in 2013, particularly if domestic energy tariffs increase. Network investments rise: SLT will continue to invest heavily in the expansion of its broadband and mobile infrastructure in 2013 and 2014, with capex/revenue expected to increase to about 42% in 2013 (2012: 33%). This includes SLT's plans to provide broadband at speeds of over 20Mbps to over 90% of its wireline subscriber base by end-2014. This is likely to turn free cash flow (after capex and dividends) negative in 2013 and result in higher financial leverage. However, Fitch does not expect negative rating action given SLT's ample rating headroom. Strong liquidity: SLT's liquidity is strong in both local and foreign currencies. Its cash reserves (end-2012: in excess of LKR4.9bn) continue to exceed current maturities. SLT also has high FFO coverage of interest costs and operating lease rentals (end- 2012: 14.3x), partly due to most of its debt (which includes long- term vendor financing) being denominated in foreign currency. SLT's annual foreign currency earnings are sufficient to cover interest and principal payments on its foreign currency debt through to 2015. Rating Sensitivities Negative: Future developments that may individually, or collectively, lead to negative rating action include: - A downgrade in Sri Lanka's IDRs will result in a corresponding action on SLT's IDRs. However, the sovereign is currently on Stable Outlook, indicating that no such rating change is expected over a one- to two-year period. - FFO-adjusted net leverage increasing above 2.5x on a sustained basis. Fitch currently expects FFO- adjusted leverage to remain below 1.5x in the medium term. Positive: Future developments that may individually or collectively lead to a positive rating action include: - An upgrade in the sovereign IDRs is likely to lead to a corresponding upgrade in SLT's IDRs. However, the sovereign is currently on Stable Outlook, indicating that no such rating change is expected over a one- to two-year period - As the ratings are currently constrained by government ownership, the weakening of links with the sovereign could result in SLT's Local Currency IDR being upgraded above Sri Lanka's Local Currency IDR. However, SLT's Foreign Currency IDR will remain constrained by the Country Ceiling of 'BB-' =============== X X X X X X X X =============== * BOND PRICING: For the Week March 18 to March 22, 2013 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 04/19/22 AUD 72.75 MIDWEST VANADIUM 11.50 02/15/18 USD 61.41 MIDWEST VANADIUM 11.50 02/15/18 USD 61.00 NEW S WALES TREA 0.50 09/14/22 AUD 67.95 NEW S WALES TREA 0.50 10/07/22 AUD 67.74 NEW S WALES TREA 0.50 10/28/22 AUD 67.56 NEW S WALES TREA 0.50 11/18/22 AUD 67.35 NEW S WALES TREA 0.50 12/16/22 AUD 68.49 NEW S WALES TREA 0.50 02/02/23 AUD 68.05 NEW S WALES TREA 0.50 03/30/23 AUD 67.55 TREAS CORP VICT 0.50 08/25/22 AUD 70.56 TREAS CORP VICT 0.50 03/03/23 AUD 68.89 TREAS CORP VICT 0.50 11/12/30 AUD 47.62 CHINA ----- CHINA GOVT BOND 4.86 08/10/14 CNY 102.52 CHINA GOVT BOND 1.64 12/15/33 CNY 67.95 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 34.85 CORE PROJECTS 7.00 05/07/15 USD 50.34 DR REDDY'S LABOR 9.25 03/24/14 INR 5.00 JCT LTD 2.50 04/08/11 USD 20.00 MASCON GLOBAL LT 2.00 12/28/12 USD 10.00 PRAKASH IND LTD 5.63 10/17/14 USD 68.90 PRAKASH IND LTD 5.25 04/30/15 USD 69.34 PUNJAB INFRA DB 0.40 10/15/24 INR 31.83 PUNJAB INFRA DB 0.40 10/15/25 INR 28.94 PUNJAB INFRA DB 0.40 10/15/26 INR 26.34 PUNJAB INFRA DB 0.40 10/15/27 INR 24.00 PUNJAB INFRA DB 0.40 10/15/28 INR 21.91 PUNJAB INFRA DB 0.40 10/15/29 INR 20.06 PUNJAB INFRA DB 0.40 10/15/30 INR 18.39 PUNJAB INFRA DB 0.40 10/15/31 INR 16.90 PUNJAB INFRA DB 0.40 10/15/32 INR 15.55 PUNJAB INFRA DB 0.40 10/15/33 INR 14.34 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO 5.50 11/13/14 USD 70.37 REI AGRO 5.50 11/13/14 USD 70.37 RELIGARE FINVEST 11.75 02/08/15 INR 4.35 SHIV-VANI OIL 5.00 08/17/15 USD 39.23 SREI INFRA FIN 8.90 03/22/22 INR 28.48 SUZLON ENERGY LT 7.50 10/11/12 USD 65.13 SUZLON ENERGY LT 5.00 04/13/16 USD 50.78 JAPAN ----- EBARA CORP 1.30 09/30/13 JPY 99.97 ELPIDA MEMORY 2.03 03/22/12 JPY 9.13 ELPIDA MEMORY 2.10 11/29/12 JPY 9.13 ELPIDA MEMORY 2.29 12/07/12 JPY 9.13 JPN EXP HLD/DEBT 0.50 09/17/38 JPY 69.33 JPN EXP HLD/DEBT 0.50 03/18/39 JPY 69.04 KADOKAWA HLDGS 1.00 12/18/14 JPY 113.87 SHARP CORP 2.07 03/19/19 JPY 73.75 SHARP CORP 1.60 09/13/19 JPY 73.00 TOKYO ELEC POWER 1.96 07/29/30 JPY 73.13 TOKYO ELEC POWER 2.37 05/28/40 JPY 69.25 MALAYSIA -------- AMAN SUKUK 4.25 03/08/28 MYR 4.21 DUTALAND BHD 7.00 04/11/13 MYR 1.02 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/49 USD 22.63 BAYAN TELECOMMUN 13.50 07/15/49 USD 22.63 SINGAPORE --------- BAKRIE TELECOM 11.50 05/07/15 USD 50.36 BAKRIE TELECOM 11.50 05/07/15 USD 47.00 BLD INVESTMENT 8.63 03/23/15 USD 68.50 BLUE OCEAN 11.00 06/28/12 USD 36.13 BLUE OCEAN 11.00 06/28/12 USD 36.13 CAPITAMALLS ASIA 2.15 01/21/14 SGD 99.91 CAPITAMALLS ASIA 3.80 01/12/22 SGD 101.01 DAVOMAS INTL FIN 11.00 12/08/14 USD 29.38 DAVOMAS INTL FIN 11.00 12/08/14 USD 29.38 F&N TREASURY PTE 2.48 03/28/16 SGD 100.58 INDO INFRASTRUCT 2.00 07/30/49 USD 2.00 SOUTH KOREA ----------- CHEJU REGION DEV 3.00 12/29/34 KRW 69.05 EXP-IMP BK KOREA 0.50 08/10/16 BRL 74.81 EXP-IMP BK KOREA 0.50 09/28/16 BRL 73.94 EXP-IMP BK KOREA 0.50 10/27/16 BRL 73.41 EXP-IMP BK KOREA 0.50 11/28/16 BRL 72.84 EXP-IMP BK KOREA 0.50 12/22/16 BRL 72.66 EXP-IMP BK KOREA 0.50 10/23/17 TRY 70.76 EXP-IMP BK KOREA 0.50 11/21/17 BRL 66.89 EXP-IMP BK KOREA 0.50 12/22/17 BRL 66.44 EXP-IMP BK KOREA 0.50 12/22/17 TRY 69.70 SINBO 14TH ABS 8.00 02/02/15 KRW 30.17 SINBO 3RD ABS 9.00 07/27/15 KRW 30.29 SRI LANKA --------- SRI LANKA GOVT 6.20 08/01/20 LKR 73.31 SRI LANKA GOVT 7.00 10/01/23 LKR 67.82 SRI LANKA GOVT 5.35 03/01/26 LKR 56.26 SRI LANKA GOVT 9.00 07/01/28 LKR 75.00 SRI LANKA GOVT 8.00 01/01/32 LKR 67.77 SRI LANKA GOVT 9.00 01/10/32 LKR 73.71 THAILAND -------- BANGKOK LAND 4.50 10/13/03 USD 6.38 G STEEL 3.00 10/04/15 USD 8.13 MDX PUBLIC CO 4.75 09/17/03 USD 4.00 ********* 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, Julie Anne L. Toledo, 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 ***