/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130528.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, May 28, 2013, Vol. 16, No. 104 Headlines A U S T R A L I A AUSTRALIAN-CANADIAN OIL: Incurs $364K Net Loss in 2012 AUTODOM LIMITED: Slash Up to 15% of Jobs in Victoria, SA BABCOCK & BROWN: Deloitte Seeks Buyers for Unit, Loan Account BECTON PROPERTY: Hits Back at Olney-Fraser Board Seat Bid BILLABONG INT'L: Sells Off Canadian Stores; Still in Trading Halt CHECK-IN.COM.AU: Placed in Voluntary Liquidation LEHMAN BROTHERS: Australia Unit Wins Approval for Creditors' Vote * AUSTRALIA: Labels Crumble Despite Getting Big Taxpayer Handouts C H I N A CHINA LOGISTICS: Reports $185K Net Income in 1st Quarter CHINA PROPERTIES: S&P Assigns 'B-' CCR; Outlook Stable CHINA SHEN: Gets NYSE MKT Delisting Notice for Non-Compliance * Macao Banks' Rapid China Growth Alters Risk Profiles I N D I A AGGARWAL RICE: CARE Rates INR24.79cr Loan at 'CARE B' AISHWARYA TELECOM: CARE Assigns 'C' Rating to INR7.74cr Loans AMIT CONSTRUCTIONS: CARE Rates INR1.25cr LT Loan at 'CARE B+' COCKSURE FROZEN: CARE Rates INR9.66cr LT Loan at 'CARE C' CRACKERS INDIA: CARE Rates INR49cr LT Loan at 'CARE B' JAHANVI ISPAT: CARE Rates INR6.05cr Loan at 'CARE B+' KC SOCIAL: CARE Assigns 'D' Ratings to INR22.89cr Loans PAYORITE PRINT: CARE Assigns 'D' Ratings to INR6.32cr Loans PHOSPHATE COMPANY: CARE Rates INR18cr LT Loan at 'CARE B+' PRONOBANANDA MODERN: CARE Rates INR13.06cr Loan at 'CARE B' ROYAL APPLIANCES: CARE Assigns 'D' Ratings to INR10.32cr Loans N E W Z E A L A N D ALLIED FARMERS: Unit Receives Liquidation Notice SOUTH CANTERBURY FINANCE: Shareholders Mailout Cost NZ$4,719 P H I L I P P I N E S PRUDENTIALIFE PLANS: Insurance Commissioner Defers Liquidation X X X X X X X X * APAC Structured Finance Ratings Broadly Stable in 2012 * BOND PRICING: For the Week May 20 to May 24, 2013 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN-CANADIAN OIL: Incurs $364K Net Loss in 2012 ------------------------------------------------------ Australian-Canadian Oil Royalties Ltd. filed on May 22, 2013, Amendment No. 1 to its Annual Report on Form 20-F for the fiscal year ended Dec. 31, 2012, originally filed with the Securities and Exchange Commission on May 16, 2013, for the purpose of: (i) revising a table in Item 9.A of the Form 20-F, (ii) making certain revisions to the financial statements included in the Form 20-F, and (iii) furnishing the Interactive Data. KWCO, P.C., in Odessa, Texas, expressed substantial doubt about Australian-Canadian Oil's ability to continue as a going concern, citing the Company's recurring losses from operations and its limited capital resources. The Company reported a net loss of US$346,085 on US$90,353 of revenues in 2012, compared with a net loss of US$$262,283 on US$125,726 of revenues in 2011. The Company's balance sheet at Dec. 31, 2012, showed US$10.6 million in total assets, US$3.7 million in total current liabilities, and stockholders' equity of US$6.9 million. A copy of the Form 20-F/A (Amendment No. 1) is available at: http://is.gd/k4QVP6 Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. is principally engaged in the exploration, development and production of oil, natural gas, and natural gas liquids in Australia. In addition, the Company has acquired and sold Overriding Royalty Interest ("ORRI") on production in Australia. The Company previously held ORRI on natural gas production in the United States, however it has not received any material revenues from these ORRIs since 2009. AUTODOM LIMITED: Slash Up to 15% of Jobs in Victoria, SA -------------------------------------------------------- Sarah Martin at The Australian reports that Autodom Limited has shed up to 15 per cent of its workforce in Victoria and South Australia since carmakers Holden and Ford took control of the company in November. Autodom and its subsidiaries are in liquidation but the group's assets are being operated by receivers McGrathNicol to ensure ongoing supply of components for the carmakers, the report says. About 70 staff are understood to have been stood down from across the group, according to the report. The Australian says the redundancies come after an 11th-hour deal struck late last year whereby Holden and Ford took over the company's AUD6.5 million debt to become Autodom's secured creditor and stave off closure. According to The Australian, McGrathNicol manager Keith Crawford said his first responsibility was to Holden and Ford as the secured creditors, and he was seeking to restructure the company. "We think that a restructured business is capable of being profitable, which means it is either saleable because it is profitable or its tradeable because it is profitable; either way it is good for the stakeholders involved," the report quotes Mr. Crawford as saying. "If we shut the business . . . there would be no prospect of a return to unsecured creditors." Because the company is in liquidation, redundancy payments are covered by the federal government through its Fair Entitlements Guarantee program. These are understood to have totalled about AUD2 million of payouts of the total AUD20 million in employee liabilities. Unsecured creditors are owed about AUD8 million. Mr. Crawford said he was trying to find a buyer for the company, which earlier this month acquired fuel tank manufacturer CMI Fuel Systems, through subsidiary AiAutomotive, The Australian adds. About Autodom Limited Based in Australia, Autodom Limited (ASX:AIE) -- http://autodom.com.au/-- engages in automotive component manufacturing, trades and painting of automotive componentry. The Company manufactures automotive components at two manufacturing plants: one in South Australia and one in Victoria. The Company operates in one segment, Automotive. DAIR manufactured items found in locally made vehicles include rear bumper assemblies, foot brakes, clutch mechanisms, hood hinges, parking brakes and car jacks. Keith Crawford and Rob Kirman of McGrathNicol were appointed as Receivers and Managers over Autodom Limited and its subsidiaries by secured creditors. The appointment occurred after Autodom's Directors appointed Voluntary Administrators on Nov. 3, 2012. Control of Autodom's business and assets now rests with the Receivers. Autodom's subsidiaries include AiDAIR Dandenong Pty Limited, AiAutomotive Pty Limited, AiDAIR New Gisborne Pty Limited, Henderson Components Pty Limited, Motive Energy Pty Limited ABN, and AiAutomotive (Victoria) Pty Limited ABN. As reported in the Troubled Company Reporter - Asia Pacific on Nov. 6, 2012, SmartCompany said the administrators were called in after the company shut its doors in early November, with the high cost of redundancy payments a key reason behind the beleaguered auto component manufacturer's collapse. Autodom's major creditors are the National Australia Bank, which is a secured creditor, and car companies General Motors Holden, Ford and Toyota, SmartCompany disclosed. BABCOCK & BROWN: Deloitte Seeks Buyers for Unit, Loan Account ------------------------------------------------------------- Dissolve.com.au reports that Deloitte Australia is seeking expressions of interest for Babcock & Brown International Pty Ltd. (BBIPL), the subsidiary of Babcock & Brown Ltd. (BBL). The search also includes a sale of Babcock & Brown's loan account. BBL is BBIPL's main shareholder by owning 100 percent of the A class shares of BBIPL. The shares represent about 99.8 percent ownership of the subsidiary. The total assets of BBIPL are in $1.5 billion excess and the subsidiary got loans and owed debt in excess worth $5.7 billion. BBIPL has an unsecured loan account and is subordinated behind the project and secured debt with a book value of about $849 million. Expressions of interest are due to be submitted on June 7, 2013. In order for the interested parties to get more information regarding the assets, they need to pre-qualify themselves. About Babcock & Brown Headquartered in Sydney, Australia, Babcock & Brown Limited was a global alternative asset manager specializing in the origination and management of asset in sectors, where the company has a franchise and proven track record, and where there are opportunities to add scale, infrastructure, air operating leasing and selected real estate. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 13, 2009, Babcock & Brown appointed voluntary administrators after investors in the company's subordinated notes listed in New Zealand voted against a special resolution to restructure the terms of the notes. Under the special resolution, the company's equity and subordinated note holders won't receive any return. Babcock & Brown appointed David Lombe and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary Administrators. The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd creditors voted to liquidate the company's assets. Deloitte said the vote empowers it to investigate matters surrounding the collapse of the group, including potential conflicts of interest between the boards of Babcock & Brown and affiliated company Babcock & Brown International Pty. Ltd. which held most of the group's assets. BECTON PROPERTY: Hits Back at Olney-Fraser Board Seat Bid --------------------------------------------------------- Business Spectator reports that the lending constortium for the failed Becton Property Group Ltd has threatened to put the group into administration if corporate raider Mariner Corporation Ltd continues its push to elect its boss Darren Olney-Fraser to the board. Goldman Sachs and Fortress Investment Group put Becton Property Group into receivership in February, after refusing to grant it a further extension on its debt, which had blown out to $25 million, according to Business Spectator. The report relates that in an update to the Australian Securities Exchange, Mariner Corporation said it had advised its directors not to continue to push for the meeting to elect Mr. Olney-Fraser, which was initially called for 8 February, about two weeks before Becton was put into KordaMentha's hands. The current tilt to elect the Corporation Chief Executive Officer comes after a failed bid in October, the report recalls. Mariner Corporation, the report discloses, said an administration would not be in shareholders' interests so it would no longer press directors to call the meeting. "As this is not in the interests of Becton shareholders, or Mariner's shareholders, Mariner has advised the Becton directors that, while it does not withdraw its 8 February 2013 requisition at this stage, it does not press the directors to call the meeting pending further advice from Mariner," the report quoted Corporation as saying. The report notes that Goldman Sachs/Fortress had advised Mariner Corporation that it would put Becton into administration if "Mr. Mariner continues to press for a shareholder meeting to elect Mr Olney-Fraser to the Becton board". Marnier Corporation Chairman Don Christie sits on the Becton board. The report relays that Mariner Corporation said in the update that it wanted Mr. Olney-Fraser on the board "so the Becton board could meet its minimum number of directors and quorum requirements, and to improve the prospects of the Becton board bringing Becton out of receivership." When Becton was put into receivership, receiver Mark Korda said the move mainly affected the ownership and control of Becton, not its business operations, the report relays. Last month, Mariner Corporation renegotiated the terms of its loan over its Becton stake, winning a three month extension, the report recalls. Under the revised terms, the $600,000 loan will be charged over Mariner Corporation shares, instead of Becton, and extended for three months until September 30, the report adds. BILLABONG INT'L: Sells Off Canadian Stores; Still in Trading Halt ----------------------------------------------------------------- Patrick Stafford at SmartCompany reports that Billabong has started selling its Canadian stores, in a move which suggests the troubled surfwear company doesn't expect any private equity sale to include the current full line-up of retail outlets. SmartCompany says Billabong remains in a trading halt while it continues due diligence discussions with private equity suitors, although the length of the suspension has left some commentators puzzled. "The fact these guys are taking so long in terms of their due diligence is probably indicative of what both companies want," the report quotes Bentleys partner and retail expert David Gordon as saying. According to SmartCompany, a new report from The Australian suggests the business has started selling off its Canadian stores, including the West 49 chain which the company purchased for a massive AUD91 million in 2010. The sale of the Canadian stores is also reported to include six Billabong branded locations, 18 trading under the Amnesia brand, and two others under the Element brand, SmartCompany adds. SMH reported last month that the company's path to redemption got tougher after the surfwear group downgraded earnings guidance and said a AUD537 million loss for the half-year put it in breach of debt covenants. The breach led its banks to seek a secured charge over most of the business, SMH related. DealBook said Billabong has fallen on difficult times because of changing consumer tastes and the financial crisis. It has closed stores and sold assets as part of an effort to restructure the company. Based in Australia, Billabong International Limited (ASX:BBG) -- http://www.billabongbiz.com/-- is engaged in the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware, and the licensing of its trademarks to specified regions of the world. CHECK-IN.COM.AU: Placed in Voluntary Liquidation ------------------------------------------------ Martin Kelly at Travel Trends reports that popular Australian accommodation website Check-in.com.au -- which claims to have taken one million bookings since it was founded in 2002 -- was placed in voluntary liquidation and is no longer processing new bookings. Travel Trends relates that an e-mail sent to the industry said there'll be a creditor's meeting in June and told hoteliers that if they are holding "future bookings to please contact the guest to arrange direct booking and payment. "For a refund to be issued, please advise the guest to submit a claim to their credit card provider . . . if their credit card provider is unable to assist in providing the guest with a refund, the guest should contact the liquidator, Holzman Associates for further assistance," the e-mail said. According to the report, liquidator Manfred Holzman said he'd been only given the job and declined to comment on the number and nature of creditors. LEHMAN BROTHERS: Australia Unit Wins Approval for Creditors' Vote ----------------------------------------------------------------- Joe Schneider, writing for Bloomberg News, reports that Lehman Brothers Australia's liquidator won court approval for a creditors' vote on a proposed claims settlement giving them as much as about half of what they're owed. John Sheahan, a lawyer for PPB Advisory, the liquidator, said creditors will be paid between 33 Australian cents and 49.9 cents for each dollar of debt in the local currency, according to the report. U.S. insurers agreed to pay $45 million and Australian insurers A$3 million ($2.9 million) to fund the settlement, Mr. Sheahan said at a hearing in federal court in Sydney. The meeting of creditors will be held June 19, with a request for final approval from the court for the settlement scheduled for June 27, according to the report. Lehman Brothers Australia appointed a voluntary administrator under the country's bankruptcy laws on Sept. 26, 2008, after Lehman Brothers Holdings Inc. filed for bankruptcy protection. 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. HoulihanLokey 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. * AUSTRALIA: Labels Crumble Despite Getting Big Taxpayer Handouts ----------------------------------------------------------------- Business Day reports that the fashion industry's latest high- profile victim Lisa Ho pocketed nearly $200,000 in taxpayer subsidies before collapsing and jeans queen Bettina Liano was given $300,000 in innovation grants after going into voluntary administration, records show. Another well-known women's fashion chain, Ojay, took $20,000 in government handouts just months before its financial woes tipped it into administration in September, according to Business Day. The report relates that the taxpayer subsidies were part of a six- year $112.5 million federal government program to "drive innovation and renewal" in the textile and clothing industry. An A-list of fashion labels applied for, and were given, $22.5 million last financial year, despite the severe retail downturn forcing many high-profile players to pack up their designer dress racks and head for the door, the report notes. Fashion brand Lisa Ho collapsed this month. The report discloses that Midway through last year the loss-making business was given a $188,731 grant. Ms. Liano's venture went into voluntary administration in July 2011, the report recalls. During the previous financial year she applied for $297,526 in Building Innovation Capability grants from the Department of Innovation's AusIndustry body, the report adds. ========= C H I N A ========= CHINA LOGISTICS: Reports $185K Net Income in 1st Quarter -------------------------------------------------------- China Logistics Group, Inc., reported net income of $185,185 on $3.40 million of sales for the three months ended March 31, 2013, compared with net income of $559,265 on $5.37 million of sales for the same period last year. The Company's balance sheet at March 31, 2013, showed $3.97 million in total assets, $3.87 million in total Liabilities, and stockholders' equity of $101,593. "The Company has an accumulated deficit of approximately $20,231,516 at March 31, 2013, and a working capital deficit of approximately $306,000 at December 31, 2012. During the three months ended March 31, 2013, the Company used cash in operating activities of $95,000. The Company has incurred net income of $185,185 and $559,265 for the three months ended March 31, 2013, and 2012, respectively. The Company's ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and to obtain any necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The outcome of these matters cannot be predicted at this time. These matters raise substantial doubt about the ability of the Company to continue as a going concern." A copy of the Form 10-Q is available at http://is.gd/994Cbs Shanghai, China-based China Logistics Group, Inc., is a Florida corporation and was incorporated on March 19, 1999, under the name of ValuSALES.com, Inc. The Company changed its name to Video Without Boundaries, Inc., on Nov. 16, 2001. On Aug. 31, 2006, the Company changed its name from Video Without Boundaries, Inc., to MediaReady, Inc., and on Feb. 14, 2008, the Company changed its name from MediaReady, Inc.. to China Logistics Group, Inc. On Dec. 31, 2007, it entered into an acquisition agreement with Shandong Jiajia International Freight and Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu and Wei Chen, through which it acquired a 51% interest in Shandong Jiajia. The transaction was accounted for as a capital transaction, implemented through a reverse recapitalization. Shandong Jiajia, formed in 1999 as a Chinese limited liability company, is an international freight forwarder and logistics management company. Shandong Jiajia acts as an agent for international freight and shipping companies. Shandong Jiajia sells cargo space and arranges land, maritime, and air international transportation for clients seeking to import or export merchandise from or into China. Headquartered in Qingdao, Shandong Jiajia has branches in Shanghai, Xiamen, Lianyungang and Tianjin with additional sales office in Rizhao. CHINA PROPERTIES: S&P Assigns 'B-' CCR; Outlook Stable ------------------------------------------------------ Standard & Poor's Ratings Services said that it had assigned its 'B-' long-term corporate credit rating to China Properties Group Ltd. The outlook is stable. S&P also assigned its 'cnB' Greater China regional scale rating to the China-based property developer. At the same time, S&P assigned its 'B-' long-term issue rating and 'cnB' Greater China regional scale rating to the company's proposed issue of U.S. dollar-denominated senior unsecured notes. The rating on the notes is subject to S&P's review of the final issuance documentation. "The rating on China Properties reflects the company's very limited number of projects, significant execution risks, and weak liquidity," said Standard & Poor's credit analyst Bei Fu. "China Properties' fully-paid and low-cost land bank, and support from its largest shareholder temper these weaknesses." We view China Properties' business risk profile as "vulnerable" and its financial risk profile as "highly leveraged." We assess the company's management and governance as "weak." China Properties is likely to continue to face execution risks in the coming two years because it has yet to prove its capability to execute its business strategy as planned. The company's financial performance is likely to remain volatile and weak over the next 12 months at least, in line with that of peers that S&P rates at a similar level. The weakness is attributable to China Properties' very limited number of projects available for sale and completion each year. S&P believes financial support from China Properties' largest shareholder will continue to support the company's financial risk profile. China Properties has a low-cost land bank, some of which is in prime locations. According to S&P's calculation, the company's average land costs are reasonable, at less than 10% of its average selling price. In S&P's base-case scenario, it anticipates that China Properties' contract sales will increase to Hong Kong dollar (HK$) 1.5 billion-HK$3.0 billion in 2013 as more properties become ready for sale. The company's EBITDA margin is likely to dip to about 20% from 22.7% in 2012. S&P expects total debt to rise to HK$6 billion-HK$7 billion as of Dec. 31, 2013, to fund construction and delivery, compared with HK$5.9 billion at the end of 2012. S&P assess China Properties' liquidity as "weak," as defined in S&P's criteria. S&P estimates that the company's liquidity sources will not be sufficient to cover its liquidity uses in the next 12 months. "The stable outlook reflects our expectation that China Properties will improve its property sales in the next 12 months and that the company's largest shareholder will continue to support China Properties' weak financial performance," said Ms. Fu. S&P could lower the rating if China Properties is unable to meet its operational or financial obligations. This could happen if: (1) shareholder support for the company weakens; (2) China Properties cannot refinance its short-term debt; or (3) the company fails to improve its property sales. S&P could raise the rating if China Properties materially improves its property sales execution and financial leverage. CHINA SHEN: Gets NYSE MKT Delisting Notice for Non-Compliance ------------------------------------------------------------- China Shen Zhou Mining & Resources, Inc. on May 23 disclosed that the Company received a delisting notice from the staff of NYSE Regulation, Inc. on behalf of NYSE MKT LLC indicating that the Company had failed to demonstrate its ability to regain compliance with Sections 1003(a) (iv) of the Exchange's Company Guide. Section 1003(a)(iv) of the Company Guide applies if a listed company has sustained losses that are substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature. The Notice further stated that the Company is not in compliance with Sections 134 and 1101 of the Company Guide for not filing its annual report on Form 10-K for the fiscal year ended December 31, 2012. Additionally, the Company is not in compliance with Sections 134 and 1101 of the Company Guide for not filing its quarterly report on Form 10-Q for the quarter ended March 31, 2013. As previously disclosed, on October 24, 2012, the Company received a letter from the Exchange advising that the Company was not in compliance with Section 1003(a)(iv) of the Company Guide. Also, on April 22, 2013, the Company disclosed it received a letter from the Exchange advising that the Company was not in compliance with Sections 134 and 1101 of the Company guide for failure to file its annual report on Form 10-K for the fiscal year ended December 31, 2012. As previously disclosed, with respect to the Original Notice, the Company submitted a plan to regain compliance on November 30, 2012, which the Exchange accepted on January 11, 2013. On April 24, 2013, the Company submitted a request for an extension of the period for compliance under the Original Plan to October 24, 2013. On May 1, 2013, the Company submitted an additional compliance plan with respect to the Late Filer Notice. After a review of the information provided by the Company, the Exchange determined that the Company had not made progress consistent with the Original Plan and failed to present a reasonable basis to conclude that the Company could regain compliance with the Exchange's continued listing standards by the requested date of October 24, 2013, and that the Exchange would (1) deny the Extension Request, (2) reject the Late Filer Plan, and (3) move to delist the Company's securities from the Exchange. As such, the Exchange intends to strike the Company's stock from the Exchange by filing a delisting application with the Securities and Exchange Commission pursuant to Section 1009(d) of the Company Guide. The Company does not intend to appeal the Exchange's decision. The Company's stock is subject to immediate delisting proceedings. Upon delisting, there can be no assurance that a trading market will ever resume. About China Shen Zhou Mining & Resources, Inc. Through its subsidiaries, China Shen Zhou Mining & Resources, Inc. (NYSE MKT:SHZ)-- http://www.chinaszmg.com-- is engaged in the exploration, development, mining, and processing of fluorite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite extraction and processing in Jingde County, Anhui Province; (c) zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (d) zinc/copper exploration, mining and processing in Xinjiang. * Macao Banks' Rapid China Growth Alters Risk Profiles ------------------------------------------------------ Fitch Ratings says in a new report that Macao banks could see their risk profiles weaken as their exposure to China continues to climb. The agency expects credit growth to accelerate to 30% in 2013 (2012: 26%), primarily led by China-related trade financing. Generally the Chinese exposures are driven by parent referrals and associated risk is adequately mitigated with collateral and parental guarantees. Because the Macao regulator's rules and guidelines are not geared towards building forward-looking risk buffers, management of the more China-biased risk profile relies strongly on individual banks' risk appetite and risk- monitoring practices. Macao banks' exposures to China are likely to grow further, given increasing interconnectivity between the two banking systems and economies. Macao's mainland exposure was 16% of total assets at end-2012 based on official data, but indirect lending is understated in the calculation. Fitch believes that Macao banks' actual mainland exposure (including direct and indirect lending) relative to total assets is almost the same size as that of Hong Kong banks (2012: 25%). Over 70% of Macao's foreign-owned banking system assets relate to Chinese parents. Macao banks are also exposed to China's risk through its lending to the gaming sector, whose revenues are mainly supported by mainland Chinese tourists. Direct lending to the gaming sector is limited (2012: 4% of total assets) as Chinese parents prohibit direct lending to casinos. However, lending to gaming operators for working capital and related industries such as hotel and construction is equally sizable as mortgages at 10% of total assets at end-2012. Credit risk of mortgage lending is mitigated by adequate household debt servicing capacity and moderate loan- to-deposit ratio, which averaged at 62% in 2012 in Macao, compared with 56% in Hong Kong. Fitch expects the system-wide regulatory capital ratio to fall from 2012's 14.6% due to further loan growth and weaker profit. Volume-driven profit growth is likely to offset inflationary cost pressure while loan impairment charges will rise as non-performing loans are unsustainably low (2012: 0.2% of total loans). Fitch assesses the current capital level as moderate considering the system's high potential volatility. The report, 'Macao Banks: Steady Growth on Light Regulation - China Linkages Dominate Risk Profiles; Prominent Gaming and Property Exposures', is available at www.fitchratings.com. ========= I N D I A ========= AGGARWAL RICE: CARE Rates INR24.79cr Loan at 'CARE B' ----------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Aggarwal Rice Mills. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 24.79 CARE B Assigned The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of the withdrawal of the capital or the unsecured loans brought in by the partners, in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Aggarwal Rice Mills (ARM) is constrained by its modest scale of operations, weak financial risk profile marked by thin profitability margins, highly leveraged capital structure and stressed debt coverage indicators, presence in a highly fragmented and competitive industry, with seasonal availability of paddy resulting in working capital intensive operations, and its constitution as a partnership firm with inherent risk of the withdrawal of capital. The rating, however, derives strength from the long-standing experience of the partners and management in the industry, and the presence of the firm proximity to major paddy cultivation area, resulting in an easy access to raw material procurement. The ability of the firm to scale up its operations and improve its profitability with improvement in its overall financial risk profile is the key rating sensitivity. Aggarwal Rice Mill was started in 2001 as a partnership firm and managed by Mr. Ashok Kumar Aggarwal along with three other partners. Mr. Ashok Kumar Aggarwal has an experience of more than 25 years in rice milling and processing industry, and other partners have an experience of around two decades in the rice processing. The firm is engaged in the milling and processing of rice, broken rice and rice bran at its processing unit located at Gurdaspur, which is one of the major paddy cultivation regions in Punjab. Currently, the firm has paddy de-husking capacity of 4 Metric Tonne per Hour (MTPH). During FY12 (refers to the period April to March), ARM reported a total operating income of INR36.21 crore (FY11: INR34.44 crore) and a PAT of INR0.33 crore (FY11: INR0.31 crore). AISHWARYA TELECOM: CARE Assigns 'C' Rating to INR7.74cr Loans ------------------------------------------------------------- CARE assigns 'CARE C/CARE A4' ratings to the bank facilities of Aishwarya Telecom Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.74 CARE C Assigned Short-term Bank Facilities 4.50 CARE A4 Assigned Long/Short-term Bank 6.00 CARE C/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Aishwarya Telecom Limited (ATL) are constrained by the liquidity issues being faced by the company due to delayed receivables primarily from telecom clients, sharp decline in the revenue and deterioration in profitability margins in the last two financial years. The ability of the company to recover long outstanding receivables, successfully execute projects in the defence segment and reduce dependence on the telecom sector going forward are the key rating sensitivities. Aishwarya Telecom Limited was promoted by Mr G. Rama Manohar Reddy as a partnership firm by the name Advanced Electronics & Communications System. ATL was formed by taking over the business of the said partnership firm and was incorporated as Aishwarya Telecom Private Limited in 1995, and was subsequently converted into a Public Limited Company in 2005 with a change in name to Aishwarya Telecom Limited. ATL manufactures products for telephone service providers, defence, cable TV operators and railways. The products include RF power meters, data testers, fiber optic test equipments and cable fault locators. The company's manufacturing unit is situated in Hyderabad, Andhra Pradesh. ATL's clientele include among others, Bharat Sanchar Nigam Limited (BSNL), Tata Tele Services, Bharati Telenet, MTNL and other public & defence organizations in India. During FY13 (refers to the period April 1 to March 31), ATL reported profit after tax of INR0.84 crore on a total income of INR25.03 crore. AMIT CONSTRUCTIONS: CARE Rates INR1.25cr LT Loan at 'CARE B+' ------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Amit Constructions. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 1.25 CARE B+ Assigned Long/Short-term Bank 6.00 CARE B+/CARE A4 Facilities Assigned The ratings assigned by CARE are based on the capital deployed by the proprietor and the financial strength of the firm at present. The ratings may undergo change in case of the withdrawal of capital or the unsecured loans brought in by the proprietor in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Amit Constructions (ACT) are primarily constrained on account of the limited revenue visibility owing to the modest order book position of ACT and its presence in the highly competitive construction industry. The ratings are further constrained on account of its constitution as a proprietorship firm, customer and geographical concentration risk with majority of the projects being executed in Rajasthan and its proposed debt-funded capex program. The ratings, however, favorably take into account the vast experience of the proprietor in the construction industry, its longstanding association with government bodies and financial risk profile marked by moderate profitability, comfortable solvency position and moderate liquidity position. Improvement in the scale of operations through geographical diversification and improvement in the profitability margins are the key rating sensitivities. Kota (Rajasthan)-based ACT was formed in 1994 as a proprietorship concern by Mr. Amit Rohada. ACT is engaged in the business of civil construction contract works with major focus on construction of roads, canals and railway tracks. ACT has executed contract works for various government organizations in the past and is a recognized 'AA' class (highest on the scale of AA to E) approved government contractor for the Government of Rajasthan (GoR). During FY12 (refers to the period April 1 to March 31), ACT reported a total income of INR9.42 crore (FY11: INR8.67 crore) with a PAT of INR0.52 crore (FY11: INR0.45 crore). As per the provisional results of FY13, ACT has achieved a total operating income of INR18.83 crore. COCKSURE FROZEN: CARE Rates INR9.66cr LT Loan at 'CARE C' --------------------------------------------------------- CARE assigns 'CARE C' rating to the bank facilities of Cocksure Frozen Foods Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 9.66 CARE C Assigned Rating Rationale The rating assigned to the bank facilities of Cocksure Frozen Foods Private Limited is constrained by strained financial risk profile marked by small scale of operations, along with weak profitability, solvency and liquidity position, limited experience of promoters in food processing business, competition from other units, tender driven nature of business, and perishable nature of raw material and finished goods resulting in high wastage. The above weaknesses largely offset the strengths derived from adequate availability of the raw materials, with favorable climatic conditions, and various incentives available from the government. An improvement in the overall financial risk profile is the key rating sensitivity. CRACKERS INDIA: CARE Rates INR49cr LT Loan at 'CARE B' ------------------------------------------------------ CARE assigns 'CARE B' rating to the bank facilities of Crackers India Infrastructure Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 49 CARE B Assigned Rating Rationale The ratings assigned to the bank facilities of Crackers India Infrastructure Ltd are primarily constrained due to low occupancy of hotels, on-going project risk, cyclicality and seasonality associated with the hotel industry, intense competition and subdued industry outlook. The above-mentioned constraints are partially offset by the experience of the promoters and the locational advantage of the existing and the proposed hotel. Ability to improve its scale of operations and profitability margins and ability to complete the envisaged project on time without any cost or time overrun and derive benefits therefrom, are the key rating sensitivities. Crackers India Infrastructure Ltd. was incorporated in October 1999 by Mr Srinibash Sahoo and his wife Mrs Suprasanna Sahoo of Odisha. CIIL is a part of The World Group of Odisha, having interest in hospitality, retail, iron & steel, mining, transportation, etc. Until June 2012, CIIL mostly garnered revenue from its retail division (in addition to the hotels division) comprising of four shopping malls namely "The World" located at Bhubaneswar, Berhampur, Dhenknal & Cuttack in Odisha. The malls sold apparels, home furnishing items, electronics and groceries. Its retail division also consisted of five "The World Grains" FMCG counters located at Bhubaneswar and Dhenknal in Odisha. Since July 2012, CIIL de-merged its retail wing into a separate entity by the name of The World Retails Pvt. Ltd. Presently, CIIL generates its revenue from its two hotels, namely The World Barbil in Barbil, Odisha and The World Backwaters in Thaneermokkam, Kerala having an accommodation of 25 and 30 rooms respectively. While The World Barbil was constructed, The World Backwaters was purchased in FY12. The company is also in the process of setting-up another hotel, The World Bhubaneswar. The project is in the initial stage of implementation and the same is likely to start commercial operation from March 2014. As per the audited results of FY12 (refers to the period April 1 to March 31), CIIL reported PBILDT and PAT of INR2.6 crore (INR2.5 crore in FY11) and INR0.5 crore (INR0.5 crore in FY11), respectively, on a total income of INR27.8 crore (INR24.9 crore in FY11). JAHANVI ISPAT: CARE Rates INR6.05cr Loan at 'CARE B+' ----------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Jahanvi Ispat Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.05 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Jahanvi Ispat Pvt Ltd is primarily constrained on account of its limited track record, low profit margins, modest capital structure and weak liquidity. The rating is further constrained on account of the customer concentration risk, susceptibility to volatility in raw material prices, modest scale of operations in competitive and cyclical steel industry. The rating, however, draws strength from the experience of the promoters in steel trading business albeit relatively naive in the manufacturing segment. The ability of JIPL to improve its overall financial risk profile with increase in the scale of operations and profitability are the key rating sensitivities. JIPL was incorporated in January 2009 by Mr Pramod Gupta and Mrs Deepti Gupta to undertake manufacturing of Mild Steel (MS) Ingots. The commercial operations commenced from October 2010. JIPL operates from its sole manufacturing facility in Raisen (Madhya Pradesh) with total installed capacity of 28,000 Metric Tonnes Per Annum (MTPA) as on March 31, 2013. JIPL also has associate firms namely Salasar Steel & Profile Industries (SSPI) and Rohit Steel & Profile Industries (RSPI) which are in the business of trading of steel products. During FY12 (refers to the period April 1 to March 31), JIPL reported a total operating income of INR34.62 crore (FY11: INR11.96 crore) and PAT of INR0.06 crore (FY11: INR0.04 crore). During FY13 (provisional), JIPL registered a total income of INR46.47 crore and PAT of INR0.14 crore. KC SOCIAL: CARE Assigns 'D' Ratings to INR22.89cr Loans ------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of KC Social Welfare Trust (REGD). Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 21.39 CARE D Assigned Short-term Bank Facilities 1.50 CARE D Assigned Rating Rationale The ratings take into account the ongoing delays in debt servicing due to the stressed liquidity position of KC Social Welfare Trust (KSWT). K.C. Social Welfare Trust is a not-for-profit organization established in 1999 by Mr. Prem Pal Gandhi and his family members with an objective of providing educational services. Currently, the trust is running one campus having five colleges and one school under the brand name of 'K.C Group of Institutions' in Nawanshahar, Punjab. The first academic session of the college started in 1999-2000. The institutions are offering courses in the field of management, engineering, polytechnic, hotel management, teaching, science, animation & media technology and commerce. KSWT has a total strength of 4,297 and 1,024 students in colleges and school, respectively, as on March 31, 2013. For FY12 (refers to the period April 1 to March 31), KSWT achieved a total operating income of INR24.04 crore with a surplus of INR1.02 crore as against total operating income of INR20.26 crore and a deficit of INR1.38 crore in FY11. PAYORITE PRINT: CARE Assigns 'D' Ratings to INR6.32cr Loans ----------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Payorite Print Media Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.42 CARE D Assigned Long/Short term Bank 0.90 CARE D Assigned Facilities Rating Rationale The ratings assigned to the bank facilities of Payorite Print Media Private Limited (PPMPL) are constrained on account of the ongoing delays in servicing of interest and installment of its term loan due to stressed liquidity position. Udaipur (Rajasthan) based PPMPL was formed in 1998 and promoted by Mr. Ashish Bapna, Mr. Manish Indrawat and Mr. Sanjay Kothari. PPMPL is primarily a printing house for multiple products like brochures, leaflets, magazines, labels, banners etc. PPMPL does various types of printing viz. commercial printing, magazine printing, label and packaging, outdoor publicity and special effect printing for both private as well as government clients. It covers all types of functions related to pre-press and post-press (binding, lamination, etc) activity. PPMPL has its printing unit set up in Udaipur and Jaipur. During FY12 (refers to the period April 1 to March 31), PPMPL reported a total income of INR9.14 crore (FY11: INR9.54 crore) with a net profit of Rs -0.56 crore (FY11: INR0.20 crore). As per the provisional results for FY13, PPMPL has reported total operating income of INR10.51 crore. PHOSPHATE COMPANY: CARE Rates INR18cr LT Loan at 'CARE B+' ---------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of The Phosphate Company Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 18 CARE B+ Assigned Short-term Bank Facilities 22.2 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of The Phosphate Company Limited are primarily constrained due to its small scale of operations with geographical concentration risk, high leverage ratios, susceptibility of margins to volatility in raw material prices, presence in the highly regulated industry and working capital intensive operations. The above-mentioned constraints are partially offset by the experience of the promoters and the company's established brand image and marketing network. The ability of TPCL to improve its scale of operations and profitability margins, along with managing working capital effectively and the government policies towards the fertilizer industry clubbed with timely release of the subsidy, are the key rating sensitivities. The Phosphate Company Limited was incorporated in February 1949 by Mr. S.N. Bangur and his friend Mr. B.M. Khaitan of Kolkata to manufacture Single Super Phosphate (SSP), a phosphatic fertilizer. TPCL's manufacturing unit is located in Hooghly, West Bengal, and has a total installed capacity of 120,000 MTPA of SSP. TPCL sells its finished products under the brand name of "Laxmi". The product is sold by the company to wholesalers and retailers, who sell the same to the farmers. Currently, TPCL is in the process of modernization of its Granular SSP plant. As per the audited results of FY12 (refers to the period April 1 to March 31), TPCL reported PBILDT and PAT of INR5.98 crore (INR1.76 crore in FY11) and INR1.60 crore (INR0.01 crore in FY11), respectively, on a total operating income of INR75 crore (INR47.59 crore in FY11). Furthermore, as per provisional FY13 results, the company achieved a total operating income of INR63 crore. PRONOBANANDA MODERN: CARE Rates INR13.06cr Loan at 'CARE B' ----------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Pronobananda Modern Rice Mill. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank 13.06 CARE B Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of (PMRM) is constrained by the partnership nature of the constitution small scale of operation high working capital intensity and exposure to vagaries of nature high gearing level highly fragmented nature with intense competition and regulated industry. The above constraints are partially offset by experienced partners and proximity to raw material sources. The ability of the firm to increase the scale of operations, along with increase in the profitability margins and manage its working capital effectively, shall remain the key rating sensitivity. Pronobananda Modern Rice Mill, set up in the year 2004 is a Dinajpur-based (West Bengal) partnership firm. It is engaged in the processing and milling of rice with two factory units (Unit I and II), both located in Dinajpur, having an aggregate installed capacity of 43,200 metric tonne per annum (MTPA). PMRM has enhanced its installed capacity to 72,000 MTPA, in the month of February 2013, in view of growing demand of rice. The enhanced capacity has already been commissioned and is expected to commence production from April 2013. Apart from local paddy growers, PMRM procures paddy from Orissa and Uttar Pradesh, and sells rice in the state of West Bengal, Bihar, Nagaland, Gujarat and Delhi. As per the audited results of FY12 (refers to the period April 1, 2011 to March 31, 2012), PMRM reported a PBILDT and PAT of INR1.7 crore (INR0.9 crore in FY11) and INR0.2 crore (INR0.1 crore in FY11), respectively on a total income of INR21.2 crore (INR11.1 crore in FY11). Furthermore, the firm has achieved a turnover of INR26.3 crore during 11MFY13. ROYAL APPLIANCES: CARE Assigns 'D' Ratings to INR10.32cr Loans -------------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Royal Appliances. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.77 CARE D Assigned Short-term Bank Facilities 3.55 CARE D Assigned The ratings assigned by CARE are based on the capital deployed by the proprietor and the financial strength of the entity at present. The ratings may undergo change in case of withdrawal of the capital or the unsecured loans brought in by the proprietor in addition to the financial performance and other relevant factors. Rating Rationale The ratings factor in the instances of delays in the debt servicing along with regular overdrawal in the Cash Credit account of Royal Appliances (ROYAL) due to delay in receiving payments from the customers. Royal Appliances is a proprietary firm set up in 1987 by Mr. Suresh Agarwal. ROYAL is engaged in manufacturing of pressure cookers and other kitchen appliances, with total installed capacity to manufacture nine lakh units per annum. The manufacturing facility of the firm is located at Sonepat, Haryana. The firm derives half of its revenue by selling under its own brand 'Tempo', and other half comes from selling to reputed Original Equipment Manufacturers (OEMs) like Sunflame Enterprises Private Limited, Bajaj Electricals Ltd and Usha Shriram Enterprises Pvt. Ltd. During FY12 (refers to the period April 1 to March 31), ROYAL had reported a total operating income of INR22.3 crore (as against INR20.9 crore in FY11) and PAT of INR0.2 crore (as against PAT of INR0.2 crore in FY11). Furthermore, as per the provisional results for FY13, the entity has achieved total operating income of INR20 crore. ==================== N E W Z E A L A N D ==================== ALLIED FARMERS: Unit Receives Liquidation Notice ------------------------------------------------ Allied Farmers Rural Limited, a wholly owned subsidiary of Allied Farmers Limited, has been served with a liquidation notice from Inland Revenue for NZ$4.2 million. "On Feb. 25, 2013, AFRL announced that it had received a statutory demand from the Commissioner of Inland Revenue (IRD) for outstanding debts totaling $3.7 million," the company said in a statement. "Since that time AFRL has been in discussions with the IRD on a proposal to satisfy the amount outstanding to IRD. However, AFRL was served with a liquidation notice by the IRD for NZ$4.2 million. "It appears that the notice was filed with the High Court some time ago -- May 1, 2013 -- without AFRL being advised or served, which is surprising given that AFRL understands the statutory demand had expired by that date. "AFRL will be seeking legal advice to clarify the matter, but in the meantime continues its discussions with IRD, and remains hopeful of achieving a settlement with the IRD before the hearing which is set down for 23 July 2013." Allied Farmers Rural Limited forms part of the Allied Group over which Crown Asset Management Limited (CAML) has first ranking security, and is subject of the liquidation notice. NZ Farmers Livestock Ltd does not form part of this CAML security group, and is therefore not affected by this demand from the IRD or any enforcement action that may be taken by CAML. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprise livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. nzherald.co.nz said the future of Allied Farmers is in doubt after its accounts revealed it needs to sell property, collect money owed to it, and reach an agreement with its rural creditors in order to survive as a going concern. The rural services business, which acquired the assets of Hanover and United Finance in December 2009, revealed its position in half-year accounts filed to the NZX on March 26, 2012. Allied Farmers Limited reported an unaudited loss of NZ$14.1 million for the year ended June 30, 2012, compared with NZ$40.9 million in 2011. A significant part of this loss, NZ$10.3 million (last year NZ$34.1 million), largely relates to the further impairment of assets acquired from Hanover and United Finance. Also included were NZ$0.7 million costs related to the disposal of the rural merchandise business. SOUTH CANTERBURY FINANCE: Shareholders Mailout Cost NZ$4,719 ------------------------------------------------------------ Emma Bailey at Stuff.co.nz reports that the High Court has ruled that South Canterbury Finance (SCF) liquidators do not have to send 3,141 preference shareholders, who are owed NZ$120 million, six-monthly reports. The reports cost NZ$4,719 for each mailout, Stuff.co.nz relates. Stuff.co.nz notes that Judge D I Gendall exempted liquidators John Fisk and David Bridgeman from sending out the six-monthly liquidators' reports required by the Companies Act. On August 31, 2010, SCF was placed in receivership. The receivership has been completed and SCF is now being liquidated and absorbed into FCS Loans. Preference shareholders are not likely to recover any of the 120 million $1 preference shares owed to them. "Weighing up all these matters, I am of the view that the costs of supplying six-monthly reports by the applicant liquidators to the 3,141 preference shareholders, likely initially to attract a direct cash cost of NZ$4,719.16, is out of proportion to any benefit those preference shareholders will receive from the reports being mailed out to them," Judge Gendall said. "If what is suggested in the present application is adopted, any particular shareholder who wishes to view the six-monthly report can do so by searching either the website of the Registrar of Companies or the PricewaterhouseCoopers website. "Due to the insolvency of the company, there is little or no prospect of any preference shareholders receiving any dividends in the liquidation. This is because any funds received will simply go towards payment of creditors and there will be nothing left for preference shareholders," Judge Gendall, as cited by Stuff.co.nz, said. The liquidators will mail all the preference shareholders explaining the exemption, the report says. "The liquidation of this company is complex and could take considerable time. With the present application the applicant liquidators simply seek orders to save considerable and avoidable mailout costs in the liquidation," Judge Gendall said. 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. ===================== P H I L I P P I N E S ===================== PRUDENTIALIFE PLANS: Insurance Commissioner Defers Liquidation -------------------------------------------------------------- Leila B. Salaverria at Philippine Daily Inquirer reports that Insurance Commissioner Emmanuel Dooc has deferred the liquidation of the troubled preneed firm Prudentialife Plans Inc. on the request of some plan holders themselves. In a hearing at the House of Representatives on May 21, plan holders who formed the Prudentialife Warriors called on the Insurance Commission to defer the liquidation process because they wanted more time to study the firm's records. According to the report, Prudentialife Warrior member Eleuteria Buhay said they had yet to peruse the actuarial report of the firm. They want to know what assets and liabilities the firm has so they would be sure to get the maximum amount they could from the failed company. "If we liquidate the firm, how will we safeguard our interests? We do not have documents in our possession so that we can check if we would be able to get the maximum amount that we are supposed to receive from the liquidation process," the Inquirer quotes Mr. Buhay as saying. The Inquirer notes that the Insurance Commission wants to go ahead and liquidate the failed preneed company. Under the liquidation plan, the Inquirer relates, some PHP8 billion in trust funds is to be divided among 300,000 holders of educational, pension and memorial plans. The trust funds consist of cash and noncash assets, but the latter would have to be sold first. But the plan holders are expected to receive only a portion of the principal amount they paid for, and this would depend on the kind of plan they hold. Educational plan holders could get back an average of only 20 percent; pension plan holders, around 43 percent; and memorial plan holders, 80 percent. As the trust fund is being distributed, the Insurance Commission intends to file insolvency proceedings in a regular court to run after the other corporate assets of Prudentialife, including those held by its subsidiaries, the Inquirer relays. Prudential Life Plans Inc. -- http://www.prudentialife.com/-- is a pre-need company. The company offers life, pension and education plans. It has diversified into financial services, non-life insurance, memorialization, real estate and travel and leisure. In September 2012, Prudentialife Plans Inc. was placed in receivership by the Insurance Commission, which says the continuance of the business would be "hazardous to its present and future planholders." "The Insurance Commission has decided that the conservatorship of PPI be now terminated. We find that the only remaining option under the law is to declare PPI under receivership," Insurance Commissioner Emmanuel Dooc said in a directive dated Sept. 19, 2012. "Since there is no clear intention on the part of the stockholders of PPI to infuse additional capital or to submit infusion plan to cure the company's huge financial deficiencies, it is now very clear that PPI will remain insolvent. "The Insurance Commission hereby orders PPI to desist from transacting further business," the regulator said. The commission said PPI's proposal for rehabilitating the company, as well as proposals filed by a group of planholders known as the Batiles Group and a pre-need company called Loyola Plans Consolidated Inc., were "not exhaustive enough." =============== X X X X X X X X =============== * APAC Structured Finance Ratings Broadly Stable in 2012 -------------------------------------------------------- Fitch Ratings says that Asia-Pacific (APAC) structured finance (SF) tranches remained largely stable in 2012, with over 95% of tranches maintaining their ratings or being paid in full (PIF), compared with 89% in 2011. As in previous years most downgrades (92.8%) were to Japanese transactions, three quarters of which were CMBS. Ratings from two credit-linked notes referencing a Japanese government bond were also downgraded following a similar action on Japan's Local Currency Issuer Default Rating. All impairments (downgrades to 'CCsf' or 'Csf') in 2012 came from the 'CCCsf' category and were concentrated in Japanese CMBS which contributed to eight of the nine impairments. The remaining impairment was a New Zealand non- conforming RMBS tranche. Downgrades outnumbered upgrades for the fifth consecutive year, the ratio being 2:1 in 2012. However, the number of downgrades declined sharply to 28 in 2012 from 66 in 2011 and from the peak of 143 in 2009. This reflects a stabilising trend in the sector. Upgrades remain limited due to the fact that 52% of Fitch's APAC SF rated tranches are rated 'AAAsf'. The Outlook for APAC SF remains largely Stable. Negative Outlooks are limited to three Japanese CMBS tranches and two New Zealand non-conforming RMBS tranches. Distressed ratings ('CCCsf' or below), which are expected to contribute to rating volatility, are isolated in Japanese CMBS and Australian and New Zealand non- conforming RMBS. The report, '2012 Asia-Pacific Structured Finance Transition and Default Study and Outlook', is available on www.fitchratings.com. * BOND PRICING: For the Week May 20 to May 24, 2013 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- MIDWEST VANADIUM 11.50 2/15/2018 USD 65.75 MIDWEST VANADIUM 11.50 2/15/2018 USD 64.22 NEW S WALES TREA 0.50 9/14/2022 AUD 71.16 NEW S WALES TREA 0.50 10/7/2022 AUD 70.96 NEW S WALES TREA 0.50 10/28/2022 AUD 70.77 NEW S WALES TREA 0.50 11/18/2022 AUD 70.58 NEW S WALES TREA 0.50 12/16/2022 AUD 71.23 NEW S WALES TREA 0.50 2/2/2023 AUD 70.81 NEW S WALES TREA 0.50 3/30/2023 AUD 70.31 TREAS CORP VICT 0.50 8/25/2022 AUD 72.60 TREAS CORP VICT 0.50 3/3/2023 AUD 71.77 TREAS CORP VICT 0.50 11/12/2030 AUD 51.02 CHINA ----- CHINA GOVT BOND 4.86 8/10/2014 CNY 102.30 CHINA GOVT BOND 1.64 12/15/2033 CNY 69.57 INDIA ----- CORE PROJECTS 7.00 5/7/2015 USD 50.50 COROMANDEL INTL 9.00 7/23/2016 INR 16.14 DR REDDY'S LABOR 9.25 3/24/2014 INR 5.02 GRAMEEN FIN SERV 14.05 6/7/2016 INR 55.18 JCT LTD 2.50 4/8/2011 USD 20.00 MASCON GLOBAL LT 2.00 12/28/2012 USD 10.00 PRAKASH IND LTD 5.63 10/17/2014 USD 68.41 PRAKASH IND LTD 5.25 4/30/2015 USD 63.48 PUNJAB INFRA DB 0.40 10/15/2024 INR 33.49 PUNJAB INFRA DB 0.40 10/15/2025 INR 30.56 PUNJAB INFRA DB 0.40 10/15/2026 INR 27.93 PUNJAB INFRA DB 0.40 10/15/2027 INR 25.54 PUNJAB INFRA DB 0.40 10/15/2028 INR 23.40 PUNJAB INFRA DB 0.40 10/15/2029 INR 21.47 PUNJAB INFRA DB 0.40 10/15/2030 INR 19.73 PUNJAB INFRA DB 0.40 10/15/2031 INR 18.17 PUNJAB INFRA DB 0.40 10/15/2032 INR 16.75 PUNJAB INFRA DB 0.40 10/15/2033 INR 15.47 PYRAMID SAIMIRA 1.75 7/4/2012 USD 1.00 REI AGRO 5.50 11/13/2014 USD 70.03 REI AGRO 5.50 11/13/2014 USD 70.03 SHIV-VANI OIL 5.00 8/17/2015 USD 34.64 SUZLON ENERGY LT 7.50 10/11/2012 USD 65.13 SUZLON ENERGY LT 5.00 4/13/2016 USD 50.93 JAPAN ----- AVANSTRATE INC 1.94 11/5/2013 JPY 59.60 EBARA CORP 1.30 9/30/2013 JPY 100.41 ELPIDA MEMORY 2.03 3/22/2012 JPY 9.00 ELPIDA MEMORY 2.10 11/29/2012 JPY 9.00 ELPIDA MEMORY 2.29 12/7/2012 JPY 9.00 ELPIDA MEMORY 0.50 10/26/2015 JPY 9.50 JAPAN ATOMIC PWR 1.28 9/25/2020 JPY 69.58 JPN EXP HLD/DEBT 0.50 9/17/2038 JPY 69.59 JPN EXP HLD/DEBT 0.50 3/18/2039 JPY 69.54 KADOKAWA HLDGS 1.00 12/18/2014 JPY 126.55 MALAYSIA -------- AMAN SUKUK 4.25 3/8/2028 MYR 4.14 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 7/15/2006 USD 22.75 BAYAN TELECOMMUN 13.50 7/15/2006 USD 22.75 SINGAPORE --------- BAKRIE TELECOM 11.50 5/7/2015 USD 38.33 BAKRIE TELECOM 11.50 5/7/2015 USD 40.00 BLD INVESTMENT 8.63 3/23/2015 USD 69.00 BLUE OCEAN 11.00 6/28/2012 USD 38.00 BLUE OCEAN 11.00 6/28/2012 USD 38.00 CAPITAMALLS ASIA 2.15 1/21/2014 SGD 99.92 CAPITAMALLS ASIA 3.80 1/12/2022 SGD 102.13 DAVOMAS INTL FIN 11.00 12/8/2014 USD 14.63 DAVOMAS INTL FIN 11.00 12/8/2014 USD 14.63 F&N TREASURY PTE 2.48 3/28/2016 SGD 100.62 F&N TREASURY PTE 3.15 3/28/2018 SGD 101.85 INDO INFRASTRUCT 2.00 7/30/2049 USD 1.88 SOUTH KOREA ----------- CHEJU REGION DEV 3.00 12/29/2034 KRW 69.42 EXP-IMP BK KOREA 0.50 9/28/2016 BRL 74.81 EXP-IMP BK KOREA 0.50 10/27/2016 BRL 74.59 EXP-IMP BK KOREA 0.50 11/28/2016 BRL 74.22 EXP-IMP BK KOREA 0.50 12/22/2016 BRL 69.68 EXP-IMP BK KOREA 0.50 10/23/2017 TRY 73.06 EXP-IMP BK KOREA 0.50 11/21/2017 BRL 67.98 EXP-IMP BK KOREA 0.50 12/22/2017 TRY 73.01 EXP-IMP BK KOREA 0.50 12/22/2017 BRL 67.44 SRI LANKA --------- SRI LANKA GOVT 6.20 8/1/2020 LKR 74.66 SRI LANKA GOVT 7.00 10/1/2023 LKR 67.38 SRI LANKA GOVT 5.35 3/1/2026 LKR 56.82 SRI LANKA GOVT 8.00 1/1/2032 LKR 69.67 THAILAND -------- G STEEL 3.00 10/4/2015 USD 8.25 MDX PUBLIC CO 4.75 9/17/2003 USD 16.25 ********* 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 ***