/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130717.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 Wednesday, July 17, 2013, Vol. 16, No. 140 Headlines A U S T R A L I A ARAB BANK: Fitch Affirms Viability Rating at 'bb+' BYRON BAY: Rinoldi Group Buys Firm For Undisclosed Price IMPALA TRUST NO. 1: S&P Raises Rating on Class E Notes to BBB LM INVESTMENT: Trustee Asks Founder to Pay Back AUD17MM Loan NK COLLINS: Sawmill Shuts Door; 200 Jobs at Risks QUEENSLAND MEDIA: BRI Ferrier Appointed as Administrators C H I N A AMERICAN ORIENTAL: Incurs $21.1-Mil. Net Loss in First Quarter I N D I A ANASWARA OFFSET: CARE Assigns 'BB' Rating to INR4.13cr Loan EDUCOMP INFRA: CARE Cuts Rating on INR105cr Loan to 'D' HIMACHAL FUTURISTIC: CARE Ups Rating on INR315.92cr Loan to 'BB' J J HI TECH: CARE Assigns 'B+' Rating to INR7.47cr LT Loan JANANI EXPORTS: CARE Assigns 'BB' Rating to INR10cr LT Loan MAGNUM VINIMAY: CARE Assigns 'B+' Rating to INR4.9cr Loan SANTOSHI BARRIER: CARE Reaffirms 'B+' Rating on INR7.24cr Loan SANTOSHI POLYMERS: CARE Assigns 'BB-' Rating to INR5.5cr Loan SATYAM DEVELOPERS: CARE Assigns 'BB-' Rating to INR50cr Loan SUPER SPINNING: CARE Reaffirms 'BB' Rating on INR35.99cr Loan I N D O N E S I A MERPATI NUSANTARA: Put Up For Sale to Save Airline J A P A N * Fitch Sees Mixed Rating Actions for Japanese SF in Q213 N E W Z E A L A N D GENEVA FINANCE: Obtains NZ$27.5MM Loan to Repay Debenture Holders S R I L A N K A ETI FINANCE: Fitch Withdraws 'CC' National Long-Term Rating S O U T H K O R E A MAGNACHIP SEMICONDUCTOR: Moody's Rates $225M Notes Issuance (P)B1 MAGNACHIP SEMICONDUCTOR: S&P Assigns 'BB-' Rating to $225MM Notes * Moody's Outlook on Singapore's Banking Sector is Negative X X X X X X X X * APAC SF Ratings and Outlooks Mostly Stable in Q213, Fitch Says * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= ARAB BANK: Fitch Affirms Viability Rating at 'bb+' -------------------------------------------------- Fitch Ratings has placed Arab Bank Australia Limited's (ABAL) Long-Term and Short-Term Issuer Default Ratings (IDR) and Support Rating on Rating Watch Negative (RWN). KEY RATING DRIVERS - IDRS & SUPPORT RATING The RWN on ABAL's IDRs and Support Rating reflects the rating action taken on ABAL's parent, Jordan-based Arab Bank Plc ('A- '/RWN) on July 11, 2013. ABAL's Long- and Short-Term IDRs and Support Rating reflect its status as a core subsidiary of its parent. Both share the same brand name and strategy, and maintain a close working relationship. The group is well placed to provide support and keeps a very liquid balance sheet, given the small size of ABAL relative to its parent. ABAL made up just 2.5% of the group's total assets at end-2012. RATING SENSITIVITIES - IDRS & SUPPORT RATING ABAL's IDRs would be downgraded if Arab Bank plc's IDRs were downgraded, or if there were a change in Fitch's view of ABAL's role as a core subsidiary of Arab Bank plc. ABAL's Support Rating could also be downgraded as a result of a change in assumptions around the propensity or ability of Arab Bank plc to provide timely support to ABAL. KEY RATING DRIVERS - VR ABAL's VR reflects the bank's small franchise in a highly competitive market which, combined with sizeable loan impairment charges and relatively moderate operating efficiency has impacted operating profitability. Its VR also takes into consideration ABAL's improved - but still relatively fragile - asset quality, strengthened funding position, continuing ample liquidity, and strong regulatory capital ratios. ABAL conducted a strategic review in 2012, resulting in improvements in the bank's risk management framework. These changes should strengthen future asset quality. Impaired loans declined during 2012 but its impaired loan ratio is still weaker than that of regional peers. In addition, ABAL's profitability has also been challenged by modest revenue generation. Loan volumes have fallen in the past two years, reflecting a highly competitive market and an active reduction of higher risk loans. The roll-off of higher risk loans is largely complete, which may result in modest loan growth through H213. Nevertheless, Fitch expects operating revenue generation to remain under pressure. More efficient cost management and improved asset quality are likely to be the main contributors to stronger profitability. ABAL's adequate liquidity and capital position continue to underpin the bank's VR. The bank's funding position improved partly on the back of the loan book decline. However, the quality of the deposits has improved given the shift from current account deposits to term-deposits with maturities exceeding 90 days. Fitch expects this trend of improvement in the funding mix to continue. RATING SENSITIVITIES - VR ABAL's VR is sensitive to the development of the bank's asset quality, recurrent profitability and funding position. Some positive trends in the past 12 months have underpinned the bank's current VR. However, an upgrade in its VR is unlikely given the level of single name credit concentration and low profitability. ABAL's VR could be downgraded if the level of impaired loans were to increase and its funding, liquidity and capital positions were to deteriorate. The rating actions are: Arab Bank Australia Limited: Long-term IDR: 'A-', on Rating Watch Negative; Short-term IDR: 'F1', on Rating Watch Negative; Viability Rating affirmed at 'bb+'; and Support Rating: '1', on Rating Watch Negative. BYRON BAY: Rinoldi Group Buys Firm For Undisclosed Price -------------------------------------------------------- Jenny Rogers at goldcoast.com.au reports that Rinoldi Group, Australia's oldest pasta manufacturing company, has snapped up the Byron Bay Cookie Company. goldcoast.com.au says Rinoldi Group, which has been manufacturing pasta since 1878, now plans to grow the iconic gourmet biscuit maker in both Australia and export markets. Receivers PwC had been appointed to the Byron Bay Cookie Company in March, a week after the company was forced into administration with debts of around AUD7 million, according to the report. goldcoast.com.au notes that the Australian Tax Office tried to wind the company up over AUD1.7 million in unpaid taxes and superannuation payments. According to the report, the sale of the biscuit company comes as liquidator John Vouris, of Lawler Partners, said he had issued letters of demand to a current and former director of Byron Bay Cookie Company for alleged insolvent trading. The report relates that Mr. Vouris said he was waiting on advice from receivers about the sale of the business to determine what would be available to cover outstanding claims from creditors. PwC partner Derrick Vickers said the sale included all trademarks, land and buildings, plant, equipment and recipes, adds goldcoast.com.au. goldcoast.com.au relates that Mr. Vickers said the purchase was expected to be completed on July 22. He refused to disclose the sale price but said the company was happy with the final price, the report notes. About Byron Bay Byron Bay Cookie Company biscuits are well known on a string of Australian airlines through its partnership with Qantas, Virgin, Tiger and Strategic Airlines. National Australia Bank, one of the major secured creditors, stepped in on March 15 and appointed Derrick Vickers and Michael Fung from PricewaterhouseCoopers in Brisbane to take over control of the gourmet biscuit company. The company's manufacturing arm was only placed in voluntary administration on March 6, 2013, after the tax office began wind- up action. John Vouris and Brad Tonks of the business recovery team at Lawler Partners in Sydney, were appointed voluntary administrators. It listed debt of more than AUD10 million to creditors. IMPALA TRUST NO. 1: S&P Raises Rating on Class E Notes to BBB ------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on the class B, class C, class D, and class E notes issued by Perpetual Trustee Co. Ltd. as trustee of IMPALA Trust No. 1 - Sub Series 2010-1 and IMPALA Trust No. 1 - Sub Series 2011-1. At the same time, S&P affirmed its 'AAA (sf)' ratings on each transaction's class A notes. The notes of each transaction are backed by a pool of auto- and equipment-backed finance leases, commercial hire-purchase agreements, goods mortgages, and practice loans offered to health and accounting industry participants that were originated by Investec Professional Finance Pty Ltd. The underlying assets of the trusts have performed strongly over the life of the transactions, with low levels of arrears. As of May 31, 2013, the cumulative net losses of IMPALA Trust No.1 - Sub Series 2010-1 were approximately 0.34% of the original portfolio balance and those of IMPALA Trust No.1 - Sub Series 2011-1 were approximately 0.26%. Net losses for both transactions have been fully covered by excess spread. Furthermore, there has been a build up of credit support to the notes due to the amortization of the asset pools and the transactions' initial sequential payment structures. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com REGULATORY DISCLOSURES Please refer to the initial rating report for any additional regulatory disclosures that may apply to a transaction. RATINGS RAISED IMPALA Trust No. 1 - Sub Series 2010-1 Class Rating to Rating from B AAA (sf) AA (sf) C AA (sf) A (sf) D A (sf) BBB (sf) E A (sf) BB (sf) IMPALA Trust No. 1 - Sub Series 2011-1 Class Rating to Rating from B AAA (sf) AA (sf) C AA (sf) A (sf) D A (sf) BBB (sf) E BBB (sf) BB (sf) RATINGS AFFIRMED IMPALA Trust No. 1 - Sub Series 2010-1 Class Rating A AAA (sf) IMPALA Trust No. 1 - Sub Series 2011-1 Class Rating A AAA (sf) LM INVESTMENT: Trustee Asks Founder to Pay Back AUD17MM Loan ------------------------------------------------------------ Larry Schlesinger at Property Observer reports that receivers from McGrathNicol have been appointed to the AUD326 million LM First Mortgage Income Fund, one of the funds that formed part of collapsed Gold Coast-based fund manager and property developer, LM Investment Management (LMIM). At the same time trustee of another fund, the AUD400 million LM Managed Performance Fund, are demanding that group founder Peter Drake pay back more than AUD17 million in loans, Property Observer relates citing the Australian Financial Review. It follows LMIM administrators John Park and Ginette Muller from FTI Consulting revealing in April that the business had lent Mr. Drake AUD17 million, the report says. According to the report, McGrath Nicol were appointed receivers to the LM First Mortgage Income Fun by investment bank Deutsche Bank, with the AFR calling it a "pre-emptive action" ahead of July 15 court battle over control over the fund. Deutsche Bank has provided a line of credit facility worth AUD25 million to the fund, the report notes. New Zealand Herald reported that voluntary administrators have been appointed to LM Investment Management, a beleaguered Australian firm that controlled a frozen mortage fund which New Zealanders had more than NZ$100 million tied up in. LM directors on March 19, 2013, appointed John Park and Ginette Muller of FTI Consulting as voluntary administrators, blaming the move on liquidity problems caused by a smear campaign. LM is the responsible entity of these registered managed investment schemes: -- LM Cash Performance Fund; -- LM First Mortgage Income Fund; -- LM Currency Protected Australian Income Fund; -- LM Institutional Currency Protected Australian Income Fund; -- LM Australian Income; -- LM Australian Structured Products Fund; and -- The Australian Retirement Living Fund. LM also operates the unregistered LM Managed Performance Fund. The Supreme Court of Queensland in April appointed KordaMentha and its affiliate firm Calibre Capital as joint trustees of the AUD350 million Gold Coast-based LM Managed Performance Fund (LMPF). NK COLLINS: Sawmill Shuts Door; 200 Jobs at Risks ------------------------------------------------- Derek Barry at The Chronicle reports that Mitchell workers face an uncertain future as the town's only sawmill, NK Collins, closes its doors this week. The Chronicle relates that Toowoomba-based owners NK Collins have appointed accountants SV Partners as liquidators to consider the fate of its 200-strong workforce and seven sawmills. According to the report, Mitchell mill manager Neil Campbell said he had yet to hear from the liquidator but was told the news by the Collins family last week. Fourteen employees in Mitchell as well as six more in Surat are affected when the mills close, the report relays. The Chronicle adds that Mr. Campbell said their cypress was mostly sent to Melbourne for making verandah posts. "We did have an export market to the US but that ended because of the high Aussie dollar," the report quotes Mr. Campbell as saying. "Melbourne is the only market keeping it alive." Mr. Campbell said NK Collins had owned the mill since 1990, according to the report. QUEENSLAND MEDIA: BRI Ferrier Appointed as Administrators --------------------------------------------------------- Sam Burgess at ABC News reports that the media union says it is concerned about financial problems at Queensland Media Holdings. ABC says the company, which owns newspapers in Mackay and Toowoomba and an online publication in Rockhampton, is in the hands of administrators BRI Ferrier. A spokesman for the company said the papers will continue to publish as normal, the report relates. According to the report, Media Entertainment and Arts Alliance (MEAA) organiser Linda Grinter said the possible loss of the publications is a blow to regional journalism. "We're always concerned about a loss of media diversity, especially in regional Queensland where there's not very often new publications starting up," the report quotes Ms. Grinter as saying. "We were pretty happy that a new publication and a new media company were setting up a new organisation." ABC relates that Ms. Grinter said employees are not sure of where they stand with the company. "They're really just a bit concerned about what's going to happen in their future because of the appointment of a liquidator for Queensland Media Holdings," Ms. Grinter, as cited by ABC, said. "They want to know they will be looked after in that process and paid their proper entitlements." ========= C H I N A ========= AMERICAN ORIENTAL: Incurs $21.1-Mil. Net Loss in First Quarter -------------------------------------------------------------- American Oriental Bioengineering, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of $21.1 million on $21.0 million of revenues for the three months ended March 31, 2013, compared with a net loss of $17.2 million on $25.7 million of revenues for the same period last year. The Company's balance sheet at March 31, 2013, showed $423.7 million in total assets, $116.0 million in total liabilities, and shareholders' equity of $307.7 million. As reported in the TCR on June 14, 2013, Weinberg & Company, P.A., in Los Angeles, California, in their report on the Company's financial statements for the year ended Dec. 31, 2012, raised substantial doubt about American Oriental's ability to continue as a going concern. The independent auditors noted that the Company has suffered recurring losses and utilized significant cash in operations. "In addition, at Dec. 31, 2012, the Company had a working capital deficiency and its convertible notes were in default." A copy of the Form 10-Q is available at http://is.gd/8KDs9C Beijing, China-based American Oriental Bioengineering, Inc., is a fully integrated pharmaceutical company dedicated to improving health through the development, manufacture, commercialization and distribution of a broad range of pharmaceutical and healthcare products in the People's Republic of China. ========= I N D I A ========= ANASWARA OFFSET: CARE Assigns 'BB' Rating to INR4.13cr Loan ----------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Anaswara Offset Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 4.13 CARE BB Assigned Short-term Bank Facilities 0.19 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Anaswara Offset Pvt Ltd are primarily constrained by its relatively small scale of operations and modest financial risk profile characterized by low profitability and cash accruals, low net-worth and moderately high overall gearing. The ratings are further constrained by AOPL's presence in the highly fragmented printing industry with intense competition from a large number of unorganized players. The ratings, however, derive strength from the vast experience of the promoters in the printing industry, AOPL's established operational track record of nearly three decades and its long- standing relationship with a number of reputed clients. Going forward, the ability of the company to grow its size of operations, improve and sustain its profitability amidst intense competition will be the key rating sensitivity. Additionally, any major capital expenditure in the future along with its funding mix will also be a key rating sensitivity. AOPL, a Kochi -based company was originally established as Anaswara Printing and Publishing, a partnership firm in 1982, by three individuals, viz Mr VA Mathew, Mr O Venugopal and Mr PJ Thomas (former colleagues at a leading newspaper company). The firm was converted into a private limited company in 1997 and renamed as Anaswara Offset Private Limited. AOPL is engaged in pre-press, printing and post-press activities. AOPL caters to printing orders for periodicals & magazines, books, mailers, leaflets, catalogues, folders, brochures etc from advertising agencies, publishers, the Kerala state government and public as well as private companies. AOPL has its printing and post-press facilities located at Cochin, Kerala. The company has a two sheet-fed, single-colour offset machines with a combined capacity of 14,000 impressions per hour (iph) and three sheet-fed multi-colours offset machines with a combined installed capacity of 33,000 iph. During FY12 (refers to the period April 01 to March 31), AOPL had registered a PAT of INR0.02 crore on a total income of INR12.84 crore. During FY13, the company has registered a profit before tax of INR0.80 crore on a total income of INR15.94 crore on provisional basis. EDUCOMP INFRA: CARE Cuts Rating on INR105cr Loan to 'D' ------------------------------------------------------- CARE revises the ratings assigned to the NCD issue of Educomp Infrastructure & School Management Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Non-Convertible 105 CARE D Revised from Debentures (NCD)* CARE C (SO) * Backed by unconditional and irrevocable corporate guarantee from Educomp Solutions Ltd (ESL) Rating Rationale The revision in the rating takes into consideration the ongoing delays by the company in the servicing of its interest obligations on account of the poor financial performance of Educomp Infrastructure & School Management Limited during FY13 (refers to the period April 1 to March 31), yielding lower-than-envisaged cash flows and the inability of ESL to support EISML's debt repayments completely due to the liquidity issues faced by ESL. Going forward, the company has plans to restructure its debt levels and has approached Corporate Debt Restructuring (CDR) Forum for the same. Furthermore, the ability to improve its financial risk profile and receive adequate support from ESL would remain the key rating sensitivities. Educomp Infrastructure & School Management Limited was promoted in September 2006 by ESL with an objective of developing quality schools across the country. The company has 51 schools operational as on March 31, 2013, all across India. ESL, which holds 83.38% stake in EISML, is one of India's largest providers of technology-based education products and services for the K-12 education. EISML was promoted by Mr. Shantanu Prakash, who has a wide experience in the field of education technology and pedagogy. During FY13, EISML registered a total income of INR142 crore with a net loss INR33 crore as against total income of INR103 crore with a PAT of INR21 crore during FY12. HIMACHAL FUTURISTIC: CARE Ups Rating on INR315.92cr Loan to 'BB' ---------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Himachal Futuristic Communications Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 315.92 CARE BB Revised from CARE B Short-term Bank Facilities 170.00 CARE A4 Reaffirmed Rating Rationale The revisions in the ratings take into account the recent improvement in the performance of the company in FY13 (refers to the period April 1 to March 31) characterised by the increased revenue & profitability and improvement in debt service parameters. Furthermore, the ratings continue to draw comfort from the highly experienced management team, track record of operations and improved business prospects. The ratings, however, are constrained by the revenue concentration risk, short track record of profitable operations and regulatory aspects governing the telecom sector. Going forward, the continuation of profitable scale-up of operations and maintenance of the financial discipline shall remain the key rating sensitivities. Himachal Futuristic Communications Limited was incorporated in 1987 and is engaged inthe manufacturing of telecom equipments, cables and provides turnkey services.Themanufacturing facilities of the company are located in Solan, Himachal Pradesh (H.P), and Salcete, Goa. The facility at H.P manufactures telecom equipment in Optical, Wireless, and Wireline technologies while the Goa facility manufactures fiber optic cable. Under the turnkey services, HFCL has executed various projects in the field of Satellite & Radio Communication, CDMAMobile networks, Optical Transport Networks and Spectrum Management solution. The company also provides and implements projects for complete cell site infrastructure for mobile operators and has worked for various Private and Government operators including the major GSM vendors in India. HFCL reported a total operation income of INR606.7 crore (PY: INR264.6 crore) and net profit of INR54.8 crore (Rs. 11.4 crore) in FY13. J J HI TECH: CARE Assigns 'B+' Rating to INR7.47cr LT Loan ---------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of J J Hi Tech Foods Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.47 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of J J Hi Tech Foods Private Limited is constrained by the implementation risk associated with the ongoing debt-funded capex, seasonal availability of paddy, resulting into working capital intensive nature of operations and impact of changes in the government regulations in terms of Minimum Support Price (MSP). The rating, however, is underpinned by the experienced management, support from the government in the form of subsidies, statutory clearances and financial closure achieved for the ongoing project. The ability of the company to complete its ongoing project without any cost or time overrun and the ability to achieve the envisaged sales and profitability are the key rating sensitivities. J J Hi Tech Foods Private Limited was incorporated on November 2011, and promoted by Mr. Ravi and Ms. Parvathi for setting up a rice mill with an installed capacity of 36,000 Metric Tonne Per Annum (MTPA). The company is engaged in the milling and processing of rice. The company is currently in the process of constructing its unit and the total project cost is INR10.49 crore, which is being funded through a bank term loan to the tune INR5 crore and remaining through equity of around INR5.18 crore, and subsidy from the state government under the Ministry of Food Processing Industries to the tune of INR0.30 crore. The commercial operations of the company are expected to start from September 2013. JANANI EXPORTS: CARE Assigns 'BB' Rating to INR10cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE BB' & 'CARE A4' rating to the bank facilities of Janani Exports. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10 CARE BB Assigned Short-term Bank Facilities 4 CARE A4 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 ratings may undergo a change in case of the withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Janani Exports are constrained by the low profitability margins, low capitalization, moderately stretched working capital cycle and foreign exchange fluctuation risk. The rating is further constrained by constitution of the entity as a partnership firm and presence in the highly fragmented industry leading to intense competition. The aforesaid constraints are partially offset by the strengths derived from the experienced partners along with growth in operations and comfortable capital structure. The ability of JE to effectively manage the working capital cycle along with the growing scale of operations coupled with improving profitability amidst slowdown in key export geographies are the key rating sensitivities. Established in 2002 as a partnership firm, Janani Exports (JE) is engaged in processing and trading of rough, cut and polished diamonds ranging from 1 cent to 10 carat. JE has its processing plant located at Surat with an installed capacity of 50,000 carats per annum (utilized around 80%). JE imports rough and semi- finished diamonds from Belgium (imports contributed around 99% of the total purchases in FY13 provisional, FY refers to the period April 01 to March 31) and the balance are procured domestically. JE is primarily an export unit with exports contributing around 73% of the total income in FY13 provisional, to countries namely Hongkong and USA. As per the provisional FY13 results, JE reported a total operating income of INR66.92 crore (up by 27.02% vis-�-vis FY12) and PAT of INR1 crore (up by 26.69% vis-�-vis FY12). MAGNUM VINIMAY: CARE Assigns 'B+' Rating to INR4.9cr Loan --------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Magnum Vinimay Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 4.90 CARE B+ Assigned Short-term Bank Facilities 4.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Magnum Vinimay Private Limited are primarily constrained on account of its modest scale of operations and lower profitability margins. The ratings are further constrained on account of its presence in the highly competitive and fragmented agro-processing industry and vulnerability of margins to commodity price fluctuation risk. The ratings, however, derive strength from the promoter's vast experience in the agro processing industry, its comfortable solvency position and moderately stressed liquidity profile. Ability to improve the scale of operations along with profitability margins in a highly fragmented and competitive industry are the key rating sensitivities. Jodhpur (Rajasthan) based MVPL was incorporated in 2006 by Mr. Purshottam Das Pungalia and Mr. Madan Lal Pungalia. MVPL is engaged in the business of processing of moong dal and trading of moong dal and mogar dal. The dall mill of the company is located at Jodhpur with an installed capacity of 5,000 Metric Tonnes Per Annum (MTPA) and carries out cleaning, splitting and grading operations. It also has three sortex machines for cleaning and sorting process with an installed capacity of 15,000 MTPA per machine. Furthermore, it has one warehouse with a total storage capacity of 14,700 Metric Tonnes (MT). MVPL procures raw moong from the local market, mainly from the mandis in Rajasthan and sells its products through distributors/agents primarily in the state of Maharashtra. Furthermore, in FY13 (refers to the period April 01 to March 31), the company has purchased machineries for processing of channa dal at a total cost of INR0.21 crore which is expected to start production at the end of May 2013.During FY12, MVPL reported a total operating income of INR21.63 crore (INR14.40 crore during FY11) and a PAT of INR0.19 crore (INR0.10 crore during FY11). As per the provisional results for FY13, MVPL has reported a total income of INR29.01 crore. SANTOSHI BARRIER: CARE Reaffirms 'B+' Rating on INR7.24cr Loan -------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Santoshi Barrier Film India Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.24 CARE B+ Reaffirmed Rating Rationale The rating assigned to the bank facilities of Santoshi Barrier Film India Private Limited continues to remain constrained on account of low cash accruals, weak debt coverage indicators and elongated working capital cycle. The rating further continues to remain constrained on account of the vulnerability of profitability to fluctuations in the raw material prices with the SBPL's presence in the highly competitive and fragmented flexible packaging industry. The rating, however, factors in improvement in capital structure and profitability during FY13 (refers to the period April 1 to March 31), coupled with the vast experience of the promoters in flexible packaging industry and favorable growth prospects of the domestic packaging industry. The ability of the company to achieve envisaged level of sales with better capacity utilization level, along with better working capital management and maintaining profitability in the light of competitive industry are the key rating sensitivities. Vapi-based (Gujarat) Santoshi Barrier Film India Pvt Ltd, incorporated on August 17, 2009, is promoted by Mr. Dinesh Atkare and Mr. Madan Atkare. SBPL is engaged in the manufacturing of flexible packaging materials like multilayer (7 layer) plastic films, plastic bags and plastic tubing, which finds application in packaging of food articles, consumer goods, pesticides, etc. SBPL's manufacturing facility is ISO 9001:2008-certified and located at Nagpur with an installed capacity of 3,000 Metric Tonnes per Annum (MTPA) as on March 31, 2013. During FY13 (refers to the period April 1 to March 31), SBPL reported the TOI of INR12.05 crore and PAT of INR0.07 crore as against the TOI of INR3.53 crore and net loss of INR0.34 crore during FY12 (refers to the period January 1 to March 31). As per the provisional results for Q1FY14, SBPL reported total operating income of INR4.50 crore. SANTOSHI POLYMERS: CARE Assigns 'BB-' Rating to INR5.5cr Loan ------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Santoshi Polymers. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.50 CARE BB- Assigned Short-term Bank Facilities 0.40 CARE A4 Assigned The ratings assigned by CARE are based on the capital deployed by the partner and the financial strength of the firm at present. The rating may undergo change in the case of the withdrawal of capital or the unsecured loans brought in by the partner in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Santoshi Polymers are constrained on account of its modest scale of operations in a highly fragmented and technology-driven plastic packaging industry. The ratings are further constrained on account of its fluctuating turnover, moderate profit margins, leveraged capital structure, elongated operating cycle and susceptibility of its operating margins to volatility in raw material prices. The ratings, however, take comfort from the long experience of the partners in the plastic packaging industry coupled with a diversified product mix supplying to various industry segments with diverse client base and favorable growth prospect of the domestic packaging industry. The ability of Santoshi to increase its scale of operations coupled with maintaining better profit margins by managing raw material price fluctuations as well as improvement in operating cycle are the key rating sensitivities. Established during February 2004 as a partnership firm, Santoshi is managed by Mr. Dinesh Atkare and Mr Amresh Shah. Santoshi is engaged in the manufacturing of flexible packaging materials such as multilayer plastic films, plastic bags and plastic tubing which find application in the packaging of food articles, consumer goods and FMCG sector. Santoshi's production facility is located at Daman (Gujarat) and has an installed capacity of 5,400 Metric Tonnes per Annum (MTPA) as on March 31, 2013. Santoshi has an associate concern namely Santoshi Barrier Film India Pvt Ltd (rated CARE B+) which is into the manufacturing of flexible packaging materials. As against a net profit of INR1.12 crore on a total operating income of INR31.79 crore in FY12 (refers to the period April 1 to March 31), Santoshi reported a net profit of INR0.99 crore on a total operating income of INR23 crore during FY13 (Provisional). SATYAM DEVELOPERS: CARE Assigns 'BB-' Rating to INR50cr Loan ------------------------------------------------------------ CARE assigns 'CARE BB-' rating to the bank facilities of Satyam Developers Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 50 CARE BB- Assigned Rating Rationale The rating is primarily constrained on account of the project implementation and salability risks associated with two of the on- going real estate projects of Satyam Developers Limited (SDL) in the back-drop of the prevailing sluggish scenario and the inherent risks associated with the cyclical real estate industry. The rating, however, favorably takes into account the promoter's experience and established track record of the Satyam group in the Ahmedabad real estate market. The rating also factors low project execution risk in one of its on-going project viz Satyam Insignia. The ability of SDL to successfully complete its on-going projects within envisaged cost and time parameters, along with timely receipt of booking advances and sale of units at envisaged price are the key rating sensitivities. Furthermore, the size and funding profile of future projects shall also remain crucial. SDL, originally formed in 2000 as partnership firm under the name of 'Satyam Developers', was subsequently converted into a closely- held public limited company in February 2007. SDL is part of the Ahmedabad-based Satyam Group, which has been in the real estate business since last two decades. The Satyam Group has executed a total 15 projects worth nearly INR350 crore and developed around 24 lakh square feet (lsf) of space mainly in the residential segment in and around the city of Ahmedabad. At present, SDL is executing three projects, of which, two are residential projects, namely, 'Satyam Insignia' and 'Sarjan I', which consist of 324 residential units (84 of 3-4BHK and 240 of 1- 2BHK); whereas, one commercial project namely 'Satyam Mall' consists of 334 shops/offices of area ranging from 450 sq. ft. to 2,500 sq. ft. All these projects are in and around Ahmedabad city and cater to the demand of different income groups. SDL reported a PAT of INR1.49 crore on a total operating income of INR62.21 crore in FY13 (Provisional; refers to the period April 1 to March 31) as against a PAT of INR0.61 crore on a total operating income of INR15.30 crore in FY12 (Audited). SUPER SPINNING: CARE Reaffirms 'BB' Rating on INR35.99cr Loan ------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Super Spinning Mills Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 35.99 CARE BB Reaffirmed Short-term Bank Facilities 60.00 CARE A4 Reaffirmed Long/Short-term Bank 110.36 CARE BB/CARE A4 Facilities Reaffirmed Rating Rationale The ratings remain constrained by the highly leveraged capital structure of Super Spinning Mills Limited, albeit a moderate improvement as on March 31, 2013, which is likely to be exacerbated by the largely debt-funded capital expenditure envisaged for modernisation of the company's manufacturing facilities. Furthermore, the ratings remain constrained due to the vulnerability of SSML's profitability to volatility in cotton and yarn prices, the company's strained liquidity profile due to highly working capital intensive operations and sizeable loss incurred in FY12 (refers to the period April 1 to March 31). The ratings, however, draw strength from the company's long track record of operations spanning for over five decades and the long- standing experience of the promoters in the textile industry. Besides, the ratings also favorably consider the established presence of SSML in finer counts and specialized yarn segments as well as the long-standing relationship with its customers driven by its established brand identity and wide product offerings within the yarn segment. Going forward, the ability of SSML to implement the modernization efforts within the estimated time and cost parameters, improve its profitability and effectively manage its power requirements will be critical to its prospects. Additionally, the company's ability to rationalize its debt levels and to curtail its exposure to group/associate entities will also form the key rating sensitivities. Incorporated in 1962, Super Spinning Mills Limited is part of the Coimbatore-based ELGI group, which has interests in textiles, building materials, compressors, textile machinery, etc. The company is primarily engaged in cotton yarn spinning, with four manufacturing units in the States of Andhra Pradesh (Hindupur) and Tamil Nadu (Gudalur). SSML has an aggregate installed capacity of 165,984 spindles, 1,200 rotors and an aggregate windmill capacity of 3.70 MW, as on March 31, 2013. SSML manufactures cotton yarn in the count range of 24s to 120s and has marginal presence in knitting and weaving segments as well. SSML has a wholly-owned subsidiary, namely, Sara Elgi Arteriors Limited, engaged in the business of Unplasticized Poly Vinyl Chloride (UPVC) doors and windows. SEAL has a subsidiary, namely, Elgi Building Products Limited (EBPL) engaged in manufacture of PVC extrusions, which find use in the manufacture of UPVC doors and windows. SSML, with shareholding of 42%, along with SEAL held 100% stake in EBPL as on March 31, 2013. SSML had investments of INR14 crore in its subsidiaries (Rs.3.5 crore in SEAL and INR10.5 crore in EBPL), as on March 31, 2013. As per the provisional results for FY13 (refers to the period April 1 to March 31), SSML generated PAT of INR7 crore on total income of INR436 crore. ================= I N D O N E S I A ================= MERPATI NUSANTARA: Put Up For Sale to Save Airline -------------------------------------------------- ANTARA News reports that Minister for State Enterprises Dahlan Iskan said the state owned PT Merpati Nusantara Airlines is for sale. According to the report, Mr. Dahlan said the option is to save the debt ridden airline, now burdened with debts of around IDR6 trillion to a number of other state companies. There is no limit set for the shares of the airline to be sold to interested investors, he said, adding prospective investors are given two months to submit their bid, ANTARA relates. "We invite investors to come up with their bid and proposals to sort out the problems besetting Merpati," the report quotes Mr. Dahlan as saying. ANTARA notes that Merpati has gone through several times of restructuring including injection of fresh fund by the government and streamlining of its employees, and restructuring of debts to the private sector through debt to equity swap. In December 2011, Merpati, which serves domestic routes mainly pioneer flights to isolated areas, received a fund injection of IDR561 billion from the state budget. However, an additional injection of IDR250 billion approved in 2012, is not disbursed until today. ANTARA reports that Mr. Dahlan acknowledged that he is not optimistic that the offer would attract any investor with such big debts involved. Lately the office of the minister for state enterprises has set up a Restructuring Team, but apparently it failed to save the airline, according to the news agency. Mr. Dahlan earlier said he was mulling over the possibility of Merpati stopping aeronautical business "with liquidation the last option," ANTARA adds About Merpati Nusantara Headquartered in Jakarta, Indonesia, PT Merpati Nusantara Indonesia -- http://www.merpati.co.id/-- is a state-owned carrier that services predominantly international routes. ========= J A P A N ========= * Fitch Sees Mixed Rating Actions for Japanese SF in Q213 --------------------------------------------------------- Fitch Ratings said Japan structured finance (SF) transactions saw four downgrades, two upgrades and 12 affirmations in Q213. The four downgraded tranches were from a multiborrower CMBS transaction, Orso Funding CMBS 7 G.K. (Orso Funding 7), reflecting delays in the full redemption of two senior notes and the increased possibility of write-down of two junior notes. The two upgrades were from a prime RMBS transaction, Shinsei TB Fund 7976001, due to growth in credit enhancement (CE) levels and stronger-than-expected pool performance. Ten out of 12 affirmations were from RMBS transactions, reflecting that the available CE levels were sufficient to support the current ratings. The remaining two were from two multiborrower CMBS transactions, one being an 'AAAsf' rating on Orix APL Trust 2010-1 and the other a 'Dsf'-rated tranche from Orso Funding 7. Three 'Dsf' ratings from three CMBS transactions were withdrawn as they were no longer considered by Fitch to be relevant to the agency's coverage. In each of the three transactions, the classes which ranked senior to the affected classes have been fully redeemed. The Outlooks for Japanese SF ratings are now largely Stable, as the majority of outstanding SF transactions in Japan are now either RMBS or CMBS backed by fully amortising loans, which have broadly performed within Fitch's expectation since closing. Negative Outlooks are currently assigned to two classes from JCREF CMBS 2007-1 GK and one from Orso Funding 7. Three tranches have a Positive Outlook namely classes B and C from DTC Two Funding Ltd and class B2 Senior BIs from HN Trust. ==================== N E W Z E A L A N D ==================== GENEVA FINANCE: Obtains NZ$27.5MM Loan to Repay Debenture Holders ----------------------------------------------------------------- BusinessDesk reports that GFNZ Group, the finance company formerly known as Geneva Finance, said it has concluded talks on a series of funding transactions worth NZ$27.5 million that will allow it to repay debenture holders, existing bank and other debt. BusinessDesk relates that the core part of the new arrangements is a NZ$30 million securitised debt facility with Westpac Bank. It also has agreement from a group of investors including two Geneva directors to provide a NZ$5 million debt facility for its Stellar Collections debt collection unit and 33 per cent shareholders Federal Pacific Group has agreed to provide a NZ$5 million unsecured loan to parent GFNZ. According to the report, the new funding arrangements will allow the company to settle all outstanding debt to debenture holders, repay its facility with BOS International (Australia) and repay funds provided from other investors, on August 1. As a result it expects to formally exit a moratorium entered into in November 2007 when it owed some NZ$132.4 million to investors. "This transaction is the culmination of nearly six years hard work," the report quotes managing director David O'Connell as saying. "When we began this journey in 2007, no one had heard of the global financial crisis and no one forecast one of the worst recessions in New Zealand's history." Exiting the moratorium would be "very satisfying," Mr. O'Connell, as cited by BusinessDesk, said. The arrangements still need shareholder approval at a meeting on July 31, the report adds. About Geneva Finance Geneva Finance Limited -- http://www.genevafinance.co.nz/-- provides finance and financial services to the consumer credit and small to medium business markets. The company provides hire purchase finance and personal loans secured by registered security interests over personal assets such as motor vehicles, household goods and residential property. Geneva Finance's loans are originated through three distribution channels (Direct, Retail and Dealer), processed by the central sales desk and mobile sign-up managers then administered through a national operations centre located at Mt Wellington, Auckland. * * * As reported by the Troubled Company Reporter-Asia Pacific on April 8, 2011, Standard & Poor's Ratings Services said it has lowered its long-term counterparty credit rating on New Zealand finance company Geneva Finance Ltd. to 'SD' from 'CC'. The rating was also removed from CreditWatch with negative implications, where it was placed on March 17, 2011. At the same time, the insurer financial strength rating on Geneva's captive insurer, Quest Insurance Group Ltd., was affirmed at 'CC' and removed from CreditWatch with developing implications. A positive rating outlook has been assigned on the Quest rating. ================ S R I L A N K A ================ ETI FINANCE: Fitch Withdraws 'CC' National Long-Term Rating ----------------------------------------------------------- Fitch Ratings Lanka has withdrawn Sri Lanka-based ETI Finance's (ETI) National Long-Term rating of 'CC(lka)'. Fitch has withdrawn the ratings as ETI has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for ETI. ==================== S O U T H K O R E A ==================== MAGNACHIP SEMICONDUCTOR: Moody's Rates $225M Notes Issuance (P)B1 ----------------------------------------------------------------- Moody's Investors Service has assigned a provisional (P)B1 senior unsecured rating to the proposed $225 million notes due 2021 to be issued by MagnaChip Semiconductor Corporation (B1 stable). The provisional rating status will be removed upon completion of the notes issuance on satisfactory terms and conditions. The ratings outlook is stable. Ratings Rationale: "MagnaChip will use the proceeds from this issuance primarily to refinance its $204 million 10.5% notes maturing in 2018. Thus, the issuance will have a largely neutral impact on leverage, " says Yoshio Takahashi, a Moody's Assistant Vice President and Analyst. "MagnaChip's B1 rating reflects our expectation that its financial and liquidity profiles will remain solid, owing to continued growth in mobile applications, the diversification of its business portfolio, strong relationships with its major customers, as well as its focus on the less capital-intensive chips business," adds Yoshio Takahashi, also the lead analyst for MagnaChip. On the other hand, the scale of MagnaChip's business is small, and it is exposed to the volatile and competitive consumer electronics industry. Moreover, it has a high degree of customer concentration. However, the company's established relationships with major customers is likely to mitigate such risks. In addition, its strong financial and liquidity profiles provide a cushion to absorb potential risks. Moody's expects the firm's adjusted debt/EBITDA and adjusted debt/capitalization to remain in the 1.5x-2.0x range and below 45%, respectively. MagnaChip's liquidity position will also remain strong, given relatively low capital expenditure due to its focus on analog and mixed signal chips. After the repayment of the $204 million notes, it will only have $225 million in total debt, consisting entirely of the proposed notes maturing in 2021. The stable outlook reflects Moody's view that the company's core businesses will generate stable earnings and cash flow, allowing it to maintain its low leverage and improve its balance sheet. Moody's also expects MagnaChip to maintain strong balance sheet liquidity. Given MagnaChip's small size and customer concentration in a volatile industry, Moody's does not anticipate any near-term upward pressure on the rating. However, positive momentum could build if the company can: (1) significantly improve its competitive position and diversify its customer base and applications; (2) maintain its strong liquidity position; and (3) improve adjusted debt/EBITDA to below 1.5x and adjusted EBIT/interest expense to over 5x, while maintaining adjusted free cash flow/debt to over 15% on a sustained basis. Downward rating pressure could arise if MagnaChip's: (1) profitability and cash flow weaken, owing to lackluster demand for its major products, resulting in adjusted debt/EBITDA of over 2.5x and adjusted EBIT/interest of below 2.5x; and (2) balance sheet liquidity deteriorates significantly, such that cash on hand falls below $100 million, as a result of aggressive investment plans, high dividend payments or negative free cash flow. The principal methodology used in this rating was the Global Semiconductor Industry Methodology published in December 2012. MagnaChip is a Korean designer and manufacturer of analog and mixed-signal semiconductor products mainly for high-volume consumer applications, such as TVs, personal computers, mobile phones and tablets. MAGNACHIP SEMICONDUCTOR: S&P Assigns 'BB-' Rating to $225MM Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' issue-level ratings to Korea-based nonmemory chipmaker MagnaChip Semiconductor Corp.'s (MagnaChip; BB-/Stable/--) proposed $225 million senior unsecured notes. The company intends to use the proceeds to refinance existing senior unsecured notes. The ratings on MagnaChip reflect S&P's assessment of the company's business risk profile as "weak," which incorporates volatility in the semiconductor industry, potential variability in its operating performance, and improving business diversification. S&P also views the company's financial risk profile as "significant" reflecting the company's moderate debt and the relatively small size of its business. The stable outlook reflects S&P's expectation that the company will maintain its stable financial risk profile over the next one to two years based on gradually improving operating performance and prudent financial policies. S&P may lower the ratings if the company's profitability erodes significantly, likely due to a severe industry downturn or rapid decline in its market position, and, as a result, its debt-to- EBITDA ratio worsens to around 3.5x. Significantly more aggressive financial policies could also undermine the company's credit quality. On the other hand, S&P may raise the ratings if the company significantly improves its competitive position, especially in its power and display solutions businesses, and, as a result, further enhances its operating performances, while sustaining prudent financial policies. * Moody's Outlook on Singapore's Banking Sector is Negative ----------------------------------------------------------- Moody's Investors Service has changed the outlook for Singapore's banking system to negative from stable, owing to the recent period of rapid loan growth and rising real estate prices in Singapore and in regional markets where Singapore banks are active. These have increased the probability of deterioration in credit quality under potential adverse conditions for the banks in the future. "The operating environment for Singapore's banking system has been favorable for an extended period, with low interest rates and strong economic growth domestically and in the surrounding region. With the potential risk of a turn in the interest rate cycle, we view strong asset inflation and credit growth trends as vulnerabilities, as this combination would likely cause credit costs to rise from their current low base," says Gene Fang, a Moody's Vice President and Senior Analyst. Fang was speaking on a just-released Moody's report titled, "Singapore Banking System Outlook." The report details Moody's expectation of how bank creditworthiness will evolve in this system over the next 12-18 months. While Singapore banks have improved their non-performing loans (NPLs) over the past few years, asset quality has potentially peaked both at home and in many of the regional markets in which these banks operate. A turning point in the credit cycle is likely to lead to a worsening of NPL ratios and higher credit costs. Although it is difficult to exactly predict turning points in banking credit cycles, Moody's believes the increased likelihood of a tightening of monetary policy by the US -- with a higher probability of a tapering of quantitative-easing during the outlook period -- is a potential trigger. Moody's report highlights that Singapore banks continue to have strong financial metrics, underpinning their high average ratings compared to all banking systems globally, both on standalone and supported bases. "Our outlook is a directional, forward-looking view of the trend in the banks' relative credit quality, which we consider as having potentially reached - or to be close to reaching - a cyclical peak," Fang says. Moody's rates three major Singapore banks: DBS Bank Ltd. (Aa1/B/aa3 negative(m)), Oversea-Chinese Banking Corporation Ltd. (Aa1/B/aa3 stable(m)) and United Overseas Bank Ltd. (Aa1/B/aa3 stable(m)). Moody's also rates OCBC's fully owned subsidiary, Bank of Singapore (Aa1/C-/baa1 stable). Moody's incorporates government support in the ratings of all three Singapore banks, since a failure in any single institution is likely to have knock-on effects for the banking system and broader economy. =============== X X X X X X X X =============== * APAC SF Ratings and Outlooks Mostly Stable in Q213, Fitch Says ---------------------------------------------------------------- Fitch Ratings says that nearly 90% of all Asia-Pacific structured finance rating actions in Q213 were affirmations, 8% were upgrades and just five tranches were downgraded. Japan saw mixed rating actions with four downgrades, two upgrades and 12 affirmations. All downgrades were attributed to one multi- borrower CMBS transaction. Australia saw 142 affirmations reflecting the health of the domestic economy with increased credit enhancement and satisfactory asset performance. Upgrades were recorded in the non- conforming RMBS and non-conforming auto loan ABS sectors, due to increased credit enhancement and/or improved performance of the underlying loans. The only downgrade was to a small balance CMBS, reflecting Fitch's view of a possible default on the notes given higher-than-expected expenses, low recoveries and low prepayment rates. Nineteen Indian ABS ratings, five credit card ABS tranches from South Korea and one CMBS tranche from Singapore were affirmed in the quarter, given satisfactory asset performance, continued build-up in credit enhancement and on-going expectations of economic stability in the region. Most Long-Term ratings outstanding today have Stable Outlooks reflecting strong regional economic performance. Five ratings have Negative Outlooks and three have Positive Outlooks. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 ***