/raid1/www/Hosts/bankrupt/TCRAP_Public/130723.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, July 23, 2013, Vol. 16, No. 144
Headlines
A U S T R A L I A
BILLABONG INT'L: Takeovers Panel Refuse to Delay Refinancing Deal
DAVIES BAIRD: Deloitte Appointed as Administrators
FLEETCARE: Axes 20 Jobs Over Tax Concessions Changes
GIPPSLAND SECURED: Fund Frozen After Rise in Bad Loans
INGLEWOOD FARMS: Administrators Put Assets Up for Sale
PASSION8 CATERING: Placed In Voluntary Administration
RARE COIN: PPB Advisory Appointed as Receivers and Managers
I N D I A
A.B. MOTIONS: ICRA Reaffirms 'BB' Rating on INR73.29cr Term Loans
ADINO TELECOM: ICRA Reaffirms 'B+' Rating on INR4cr Limits
ANDHRA ASBESTOS: ICRA Rates INR5cr Fund Based Facilities at 'B'
LABDHI INT'L: ICRA Reaffirms 'B+' Rating on INR7cr Loan
LOXIM INDUSTRIES: ICRA Assigns 'BB' Ratings to INR36.85cr Loans
SHARMA PHARMACEUTICAL: ICRA Puts 'BB' Rating on INR8.85cr Loans
SHREE GANESH: ICRA Assigns 'BB-' Rating to INR7.31cr LT Loan
SRI SAI BASAVA: ICRA Assigns 'B' Ratings to INR15cr Loans
TORONTO CERAMIC: ICRA Rates INR2cr Cash Credit at 'BB-'
UNO FEEDS: ICRA Assigns 'BB' Ratings to INR28cr Loans
YEYO INTERNATIONAL: ICRA Assigns 'BB' Rating to INR1cr Loan
* Rupee Depreciation in India to Fuel Inflation Says Moody's
J A P A N
SHARP CORP: To Raise JPY100 Bil. From Share Sales By End of Sept
SOFTBANK MOBILE: Moody's Cuts Ratings on Two Securitization Deals
N E W Z E A L A N D
PACIFIC HORIZON: Likely to Sell Vehicles
S O U T H K O R E A
MAGNACHIP SEMICONDUCTOR: Moody's Rates $225MM Notes Issue 'B1'
X X X X X X X X
* BOND PRICING: For the Week July 16 to July 19, 2013
- - - - -
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A U S T R A L I A
=================
BILLABONG INT'L: Takeovers Panel Refuse to Delay Refinancing Deal
-----------------------------------------------------------------
Reuters reports that Australia's takeover regulator declined a
request from Oaktree Capital Management and Centerbridge Partners
to delay a $359 million refinancing deal for surfwear company
Billabong International Ltd on anti-trust concerns.
According to the news agency, the two U.S. hedge funds, whose own
refinancing proposals were rebuffed by Billabong, had asked the
Takeovers Panel to intervene in the deal with Altamont Capital
Partners because some elements, including a hefty break fee, were
"anti-competitive and coercive".
The panel declined to stop the sale but would still investigate
the deal, a spokesman said, Reuters reports.
Reuters says Billabong had earlier said it disagreed with the
basis for the Oaktree and Centrebridge request.
The report says the two funds had asked the panel to delay the
drawdown of a $294 million bridge facility and the sale of
Billabong's DaKine brand to Altamont, both expected to occur early
next week, pending the results of an investigation.
Reuters recalls that Billabong announced a refinancing deal with
Altamont on July 16, unveiling plans to issue Altamont share
options for 15 percent of the company along with the sale of the
DaKine business.
The company said July 18 it had received a proposal from the two
hedge funds, which recently bought some of Billabong's debt from
senior lenders, after it had entered into the binding agreement
with Altamont, the news agency relays.
Plagued with high debt from an ill-timed expansion and struggling
as its brands fell out of favor, Billabong has issued a series of
profit warnings since rejecting a AUD850 million bid from private
equity firm TPG Capital Management in February 2012, according to
Reuters.
The Sydney Morning Herald reported in April 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.
Billabong, according to SMH, 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.
DAVIES BAIRD: Deloitte Appointed as Administrators
--------------------------------------------------
Davies Baird Pty Ltd, also known as DaviesBaird, has collapsed
into administration -- and is set to close for good. DaviesBaird
was placed in administration on June 25, 2013, after 130 years in
business, with Deloitte partners Neil Cussen and Rahul Goyal
appointed.
SmartCompany notes that the downfall is yet another one of the
many steel companies which have been forced to close over the past
few years, with the manufacturing industry remaining under intense
pressure.
Deloitte told SmartCompany in a statement the company's financial
position revealed a "lack of working capital", which led to a
closure of the company and, "regrettably . . . the immediate
termination of employment for all staff".
"No deed of company arrangement has been proposed at this stage
and it is likely that the company will be placed into
liquidation," Deloitte said.
Former DaviesBaird general manager Russell Maker told SmartCompany
the business has all but closed, with only himself remaining in a
caretaker role.
Mr. Maker all but confirmed the company will close up for good,
saying that the company is unlikely to open its doors ever again,
the report relates.
Founded in 1883, DaviesBaird has primarily manufactured materials
including pumps and valves, turbine runners and manganese steel
switches and crossings for rail tracks.
FLEETCARE: Axes 20 Jobs Over Tax Concessions Changes
----------------------------------------------------
The Sydney Morning Herald reports that car fleet management
company Fleetcare said it has had to lay off a quarter of its
staff as a result of federal government changes to tax concessions
on company vehicles.
According to SMH, Fleetcare, which bills itself as Australia's
largest independent fleet management company, said demand for
salary-packaged vehicles has evaporated as a result of the
government's announcement last week.
The report relates that the company's founder Nigel Malcolm said
20 staff -- a quarter of Fleetcare's workforce -- would lose their
jobs this week as a result of the changes.
Mr. Malcolm said the company was forced to cancel a string of
orders last week and demand for new leases has almost dropped off
completely since the announcement, according to the report.
Under changes announced by the Rudd government, people who receive
a company car as part of a salary package will need to use log
books to document the vehicles' use for both personal and business
purposes, says SMH. Their employers will then have to pay fringe
benefits tax on the portion of vehicle costs relating to private
use, the report notes.
SMH relates that Mr. Malcolm said it was a "devastating" time for
the company and put the blame for the job losses on the federal
government.
He called on the government to reverse its planned changes, which
Treasurer Chris Bowen says will save $1.8 billion over four years,
the report adds.
Fleetcare is a Fleet Management and Novated Lease company based in
Australia.
GIPPSLAND SECURED: Fund Frozen After Rise in Bad Loans
------------------------------------------------------
The Australian reports that a AUD150 million mortgage fund has
been frozen following a material increase in impairments of loans.
The Australian says the freezing of the Gippsland Secured
Investment, which features Denis Walter from Fairfax's 3AW radio
station as a company spokesman, echoes the collapse of country
Victorian lender Banksia Financial Group last year and means that
hundreds of investors in the Gippsland region may not see a return
on their investment. Banksia served investors in the Victorian
country town of Kyabram and surrounds.
The Australian relates that in a letter to investors on the
company's website, managing director of GSI Glenn Sanford said the
fund had been frozen after an external review of the company found
that as the result of recognising the loan impairments GSI may
have a deficiency in its net tangible assets and may not have
equity equal to the shortfall.
"In light of these matters, the directors have considered the
appropriate steps to be taken to preserve GSI's property for the
benefit of noteholders, and to ensure equitable treatment of
noteholders," Mr. Sanford told investors, The Australian reports.
The review, conducted by The Trust Company in conjunction with
GSI, was ongoing, Mr. Sanford said in the letter to investors, the
report relays. Unlike Banksia, the fund is yet to be placed in
administration, The Australian notes.
Gippsland Secured Investment is a AUD150 million mortgage fund
based in the Victorian Gippsland town of Bairnsdale.
INGLEWOOD FARMS: Administrators Put Assets Up for Sale
------------------------------------------------------
Dissolve.com.au reports that PPB Advisory is seeking expressions
of interest for Inglewood Farms' assets and business. The company
appointed Richard Stone -- richard.stone@rsmi.com.au -- of RSM
Bird Cameron as administrator and Peter William Marsden --
peter.marsden@rsmi.com.au -- as joint appointee, the report says.
According to the report, the potential buyer of the business will
get the opportunity to own an organic poultry facility that can
accommodate 300,000 birds with expansion capacity. Investors at
the firm will be able to have exposure to a AUD17 million turnover
c. processing 27,000 birds every week, the report notes.
Dissolve.com.au relates that the investors will also get state of
the art facilities that include quality hatchery, sheds, c. 1,700
hectares of organic land and abattoir. The land included prime
farming with dry land irrigation and water rights.
As reported in the Troubled Company Reporter-Asia Pacific on
July 12, 2013, FarmWeekly said Inglewood Farms, one of the
subsidiaries of the failed R.M. Williams Agricultural Holdings
business, has followed the parent company into receivership.
On June 28, The Land broke the news PPB Advisory had been
appointed as receivers and managers of RMWAH, and the firm
announced its partners Stephen Parbery and Greg Quinn had also
taken on the same role for the Inglewood Farms subsidiary,
according to FarmWeekly.
Inglewood Farms employs about 100 people and is the largest
producer of free-range organic poultry in Australia and the third-
largest in the southern hemisphere.
PASSION8 CATERING: Placed In Voluntary Administration
-----------------------------------------------------
J-Wire reports that Passion8 Catering, a communal catering service
provider in Sydney, has been put into voluntary administration
with the view of restructuring the business.
Manfred Holzman and Justin Holzman of Holzman Associates have been
appointed as administrators.
"As the community's fundraiser, facilitator and planner JCA has an
interest in ensuring that this critical piece of social
infrastructure in the NSW Jewish community is maintained. Among
Passion8's many clients are COA and the Jewish day schools.
Passion8 supplies 600 meals a week to COA and provides the kosher
catering services which are the backbone of school camps. JCA
sees it as essential that these critical services continue," the
report quotes Ian Sandler, Chief Executive Officer, as saying.
J-Wire relates that a management team has been appointed, with the
backing of the community to assess the situation, recommend a
restructure of the company and create a viable plan going forward.
J-Wire says respected members of the community with experience in
these areas have been drafted onto this team and are working with
both the administrators and Passion8 management.
J-Wire notes that the voluntary administration process is not
expected to extend beyond mid-August, by which time it is hopeful
that a restructure plan will have been put in place.
Notwithstanding the voluntary administration, all functions
currently booked with Passion8 up until the end of August
(including those on 1 September) will go ahead as planned, J-Wire
adds.
The administrators of Passion8 Catering are seeking urgent
expressions of interest for the business of the Company.
Passion8 Catering Pty Limited is Australia's leading Kosher
Caterer. The company currently operates a food production
facility and kitchen in leased premises in Lane Cove West, NSW. It
employs 37 full time staff.
RARE COIN: PPB Advisory Appointed as Receivers and Managers
-----------------------------------------------------------
Simon Theobald -- stheobald@ppbadvisory.com -- and Jeff Herbert
-- jherbert@ppbadvisory.com -- of PPB Advisory confirm they have
been appointed receivers and managers of Arcabi Pty Ltd, which
trades as the Rare Coin Company. Their appointment follows the
Company's appointment of liquidators on July 8, 2013.
PPB Advisory, in their role as Receivers and Managers of RCC,
advise they assumed control of RCC's business and operations on
July 19, 2013. RCC's premises in Albany have been secured and its
assets remain subject to rigorous security protocols.
Receiver and Manager Simon Theobald said PPB Advisory was
thoroughly reviewing RCC.
"We are currently conducting an urgent review of RCC's business
and operations. Our first priority was to ensure that RCC's assets
were secure and investors can be advised this has occurred. We
will now compile a detailed inventory of RCC's stock holdings,
including stock stored on behalf of investors," he said.
"We appreciate that many investors will be anxious to see their
property returned to them as soon as possible and we will be
working to facilitate this in a timely manner.
"However, given the volume of stock held it is important that a
thorough procedure to verify ownership and return goods be
established and implemented."
The receivers and managers expect to contact investors with
further information during the week ending July 26, 2013.
=========
I N D I A
=========
A.B. MOTIONS: ICRA Reaffirms 'BB' Rating on INR73.29cr Term Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]BB' assigned to
INR73.29 crore bank term loans of A.B. Motions Pvt. Ltd. The
outlook on the rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Bank term loans 73.29 [ICRA]BB reaffirmed
The rating watch with developing implications has been withdrawn.
ICRA's rating reaffirmation factors in the increased competition
on account of opening up of new malls in the vicinity which has
impacted the footfalls of the mall to some extent. The tenant
occupancy levels have also been impacted on account of this,
though the company is taking steps to rope in new set of
tenants.
The rating continues to factor in the financial risks arising out
of significant advances made to group companies. The ratings are
however supported by the consistent improvement in the gearing
levels on account of repayment of project debt.
The rating continues to draw support from attractive location and
established position of the mall cum multiplex, and exemption from
paying entertainment tax on the multiplex operations.
Going forward, the revenue growth and the profitability of the
multiplex and mall operations are likely to remain vulnerable to
economic conditions and competition. The company's ability to
overcome competition and improve its footfalls and tenant
occupancy while servicing debt obligations in a timely
manner would remain key rating sensitivities.
A.B. Motions Pvt. Ltd, a company promoted by Chadha Group in 2001,
owns and operates a multiplex cum mall property under the name of
"The Westend Mall". This mall is located on Ferozpur Road in the
city of Ludhiana and is build on a freehold land (of an area of
2.16 acres) procured from Punjab Urban Development Authority
(PUDA). The build-up area of the mall is 4.5 lacs square feet (sq.
ft.) which comprises of retail area of approximately 1.97 lacs sq
ft, multiplex area of 0.68 lacs sq ft and parking area of 1.84
lacs sq ft. The company also runs four cinema screens in the mall
with total seating capacity of 1042 seats, under the name of "Wave
Cinemas". This project was set up with a cost of INR105 Crore
(i.e. at an approximate cost of INR3946 per sq ft) and it
commenced operations in August 2007.
For FY 2013, the company reported Operating income of INR36.75
crore and PAT of INR4.94 crore.
ADINO TELECOM: ICRA Reaffirms 'B+' Rating on INR4cr Limits
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' and the
short-term rating of '[ICRA]A4' to the fund based limits, non-fund
based limits and proposed limits of Adino Telecom Limited
aggregating to INR20.00 crore.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Limits 4.00 [ICRA]B+ reaffirmed
Non-Fund Based Limits 5.00 [ICRA]B+/[ICRA]A4 reaffirmed
Proposed Limits 11.00 [ICRA]B+/[ICRA]A4 reaffirmed
The reaffirmation of ratings takes into account the weak financial
profile of the company characterised by small size of operations
and high working capital intensity resulting in weak cash flow
position.
Further, the absence of DGS&D (Director General Supplies &
Disposal) Rate Contract in the two-radio market has resulted in
weak sales for the company from this segment for the past two
fiscals. ICRA notes that the company's ability to successfully bid
for higher order value contracts in the system integration space
and scale up its sales from battery trading business and CCTV
systems segment, going forward, would be critical for its revenue
growth.
The ratings however favorably factor in the long track record of
the company in the business, the revenue diversification by
introduction of various new verticals such as setup of Tetra
system, Vehicle Tracking System, CCTV system and supply of storage
batteries from FY 2012 onwards and its collaboration with reputed
international players for sourcing of products. The company has
also been successful in increasing its battery trading sales so
far which has become a key contributor in the company's sales mix,
thereby negating the impact of the dip in two-way radio sales to
some extent.
Adino Telecom Ltd was incorporated in the year 1992 by the senior
promoters of Mirc Electronics Ltd. The shareholding of ATL is
largely held by Mr. Vijay Mansukhani and Mr. Gulu Mirchnandani
(combined equity holding of 95.8%), who are the founders of MEL
and its current Managing Director and Chairman, respectively. ATL
is involved in sale of two-way radios and is also present in the
wireless integration business for 'last mile' connectivity. The
company has also diversified into other verticals such as setup of
Tetra system, Vehicle Tracking System, CCTV system and supply of
storage batteries from FY 2012.
For FY 2013, the company has reported Profit after Tax (PAT) of
INR1.27 crore on an operating income of INR18.25 crore
(provisional).
ANDHRA ASBESTOS: ICRA Rates INR5cr Fund Based Facilities at 'B'
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to INR5.00 crore fund based
facilities of Andhra Asbestos Transport Company.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
OD 5.00 [ICRA]B (assigned)
The rating factors in AATC's vulnerability to the level of
industrial activity in the Kadapa region as reflected in the
volatility of its revenues in the past, and high exposure to
counter party credit risk with a major portion (more than 60%) of
the sales being made on credit. AATC also has high customer
concentration with its top five customers contributing to more
than 55% of the sales over the last three years. The company's
financial profile is weak owing to low cash accruals in the
trading business and the high dependence on bank borrowings to
fund working capital requirements. This has resulted in weak debt
coverage indicators- OPBDITA / Interest & Finance charges at 1.43
and NCA / Total Debt at 2.2% as on March 31st 2013. Nevertheless,
ICRA draws comfort from the significant experience of
promoters in the business along with location advantages.
Andhra Asbestos Transportation Company was formed as a partnership
firm in 2006 to carry out dealership business of petroleum
products for Bharat Petroleum Corporation Limited. It operates a
retail outlet at Kadapa Bypass, Kadapa district of Andhra Pradesh
with a storage capacity of 4*20,000 Litres of oil. The firm is
promoted by Mr. Pasupuleti Brahmaih and his sons. Mr. Pasupuleti
has also been involved in business of vegetable oil extraction
(soya, rice bran and sunflower) and owns three
other filling stations though other partnership firms.
Recent Results
As per the provisional results in FY13 the company recorded
revenues of INR46.02 crore and PAT of INR0.12 crore.
LABDHI INT'L: ICRA Reaffirms 'B+' Rating on INR7cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR7.00 crore cash credit facility of Labdhi International
Private Limited. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4' assigned to the INR14.50 crore short term non fund
based facilities of LIPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit Facility 7.00 [ICRA]B+ reaffirmed
Inland/Import LC 12.00 [ICRA]A4 reaffirmed
Inland Bank Guarantee 2.50 [ICRA]A4 reaffirmed
The reaffirmation of ratings takes into account the company's
relatively modest scale of operations and the high counter party
credit risk and low net-worth base in comparison to exposure to
high level of clean credit. The ratings also take into account the
continued vulnerability to high interest regime leading to
diminishing interest arbitrage, weak debt coverage indicators and
high working capital requirements in relation to profits.
However, the ratings favorably take into account the established
track record of LIPL in the polymers distribution business,
established customer base in the plastic industry and steady
domestic demand prospects for HDPE/LLDPE.
Labdhi International Private Limited was established in 1991 as a
partnership firm by Mr. Umesh Doshi and his family members and was
reconstituted as a private limited company in February 2011. LIPL
is one of the two del credere agents (DCAs) of HPL in Gujarat
region. LIPL also operates as a consignment stockiest for HPL. The
products sold by the company, on behalf of HPL, include HDPE,
LLDPE and PP. LIPL's monthly sales from these products range
between 2000 and 3000 MT. In addition to this, the company imports
other polymer products including LDPE resins, LDPE granules and
PVC resins.
Recent Results
For the year ended 31st March 2012, the company reported an
operating income of INR24.17 crore and profit after tax (PAT) of
INR0.03 crore. Further, the company reported an operating income
of INR31.71 crore and profit before tax of INR0.38 crore for the
year ended March 31, 2013 (as per provisional unaudited numbers).
LOXIM INDUSTRIES: ICRA Assigns 'BB' Ratings to INR36.85cr Loans
---------------------------------------------------------------
The rating of '[ICRA]BB' has been assigned to the INR32.00 crore
longterm fund based limits and INR4.85 crore term loan facilities
of Loxim Industries Limited. The outlook on the rating is Stable.
The rating of '[ICRA]A4' has also been assigned to the INR2.00
crore short-term fund based limit and INR14.35 crore short-term
non-fund based limit of LIL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Long 32.00 [ICRA]BB (stable) assigned
term Limits
Term Loans 4.85 [ICRA]BB (stable) assigned
Fund Based, Short- 2.00 [ICRA]A4 assigned
term facilities
Non-fund Based, Short- 14.35 [ICRA]A4 assigned
term facilities
The assigned ratings are constrained by the stretched capital
structure and weak debt coverage indicators of LIL and significant
increase in working capital intensity in FY 2012 and FY 2013 owing
to build up of receivables and high inventory days. The ratings
also take into account vulnerability of profitability to
fluctuations in raw material prices owing to high raw material
inventory maintained by the company and adverse forex movements,
although the same is largely mitigated on account of presence of
natural hedge.
The ratings further factor in the competitive pressures from other
established players in the industry and susceptibility of the
revenues to the business cyclicality of enduser industries like
textile, leather, automobile and electrical industry, although the
same is partly mitigated by the presence of diversified customer
base across various sectors in the company's portfolio.
The assigned ratings, however, favorably factor in extensive
experience of the promoters in the dyestuff and polymer business,
the company's reputed customer base and its established relations
which assists in procuring repeat orders. The ratings also
positively factor in the healthy domestic demand for polymers of
Indian Oil Corporation Limited marketed by the company and
locational advantage enjoyed by the company due to proximity to
ports and raw material sources.
Incorporated in 2007, Loxim Industries Limited is engaged in
manufacturing of dyestuff, thermoplastic compounds & alloys and
optical brighteners. The company is also a Del Credere Agent
(DCA) and consignment stockist of Indian Oil Corporation Limited
for Ahmedabad and surrounding region and distributor of ALBIS
Plastic GmbH products in India. The company has two manufacturing
facilities, with the dyestuff manufacturing facility located at
Padra near Vadodara in Gujarat and the thermoplastic compounds and
optical brighteners manufacturing facility located at Sanand,
Gujarat. The company is promoted by Mr. Jayprakash Patel,
Mr. Canon Patel and other family members.
Recent Results
During FY 2013 (provisional unaudited financials), LIL reported an
operating income of INR83.42 crore and profit after tax of INR2.10
crore as against an operating income of INR64.52 crore and profit
after tax of INR0.69 crore during FY 2012.
SHARMA PHARMACEUTICAL: ICRA Puts 'BB' Rating on INR8.85cr Loans
---------------------------------------------------------------
The rating of '[ICRA]BB' has been assigned to the INR2.00 crore
cash credit facility, the INR5.74 crore term loan and the INR1.11
crore bank guarantee facility of Sharma Pharmaceutical Private
Limited. The outlook on the rating is Stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit facility 2.00 [ICRA]BB (Stable) assigned
Term Loan facility 5.74 [ICRA]BB (Stable) assigned
Bank of Guarantee 1.11 [ICRA]BB (Stable) assigned
facility
The assigned ratings are constrained by relatively modest scale of
operations and vulnerability of profitability to adverse
fluctuations in raw material prices (stainless steel and titanium
prices) and foreign exchange rates.
The ratings are further constrained due to high competitive
pressures from both large players as well as the unorganized
sector resulting in pressure on margins.
The assigned ratings, however, favorably take into account more
than two decades of experience of the promoters and long track
record of the company in the field of orthopaedic implants as well
as company's diverse product profile and a wide distribution cum
marketing network across India.
The ratings also take into account the moderate capital structure
and comfortable coverage indicators though the capital structure
is expected to weaken owing to ongoing debt funded capital
expenditure.
Sharma Pharmaceutical Private Limited was incorporated in 2004 by
Mr. Dayanand Kumar Sharma and Mr. Vivekanand Kumar Sharma to
manufacture orthopedic implants and its allied instruments. SPPL's
plant is located at Waghodia GIDC in Vaodara, Gujarat. The
directors have been operating in the field of orthopedic implants
since 1992 through the company Sharma Surgical Private Limited.
In addition, the promoters are also involved in other
companies/firms which are involved in medical equipments segment.
The saleable products of the company include bone plates and bone
screws, locking plates and screws, interlocking nails and bolts,
spinal implants, arthroscopy implants, external fixators and hip
and knee prosthesis which are used in trauma implants and spinal
implants. It derives major portion of the revenue from bone
plates, bone screw and locking plates & screws.
Recent Results
During FY 2012, SPPL reported an operating income of INR15.99
crore and profit after tax (PAT) of INR0.81 crore. Further, for FY
2013, the company has reported an operating income of INR36.61
crore and profit before tax of INR1.77 crore (as per unaudited
provisional numbers).
SHREE GANESH: ICRA Assigns 'BB-' Rating to INR7.31cr LT Loan
------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB-' to INR7.31
crore fund based bank facilities of Shree Ganesh Threads Limited.
The outlook on the long term rating is Stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Long Term: Fund 7.31 [ICRA]BB-(Stable)/ assigned
Based Limits
The assigned rating is constrained by the regular decline in the
company's operating profitability which is on account of its
modest positioning in a fragmented industry with a commoditized
product which restricts the pricing ability and also the benefits
of economies of scale. As the company is present in coarser count
yarn segment which involves low capital investment and thereby
also high competition, the profitability levels are low. Low
accruals along with scheduled debt repayments have resulted in
modest accruals with a DSCR of ~1x, despite the comfortable
capital structure. The rating however favorably takes into account
the efficient capacity utilization of the spinning unit with
consistent profitable operations and the track record of more than
a decade of the promoters in cotton yarn spinning.
Going forward, completion of the capital expenditure being
undertaken within scheduled cost and timelines; and optimal
capacity utilization of the expanded capacity along with
improvement in the product profile towards better quality yarn
which could be critical for generating adequate accruals for
debt servicing would be key rating sensitivities.
SGTL was incorporated in June 2007 and is engaged in manufacturing
of open-end cotton yarn in the coarser count range with an average
count of 10s. The company has a spinning mill in Patiala (Punjab)
which commenced production from August 2008 and presently has an
installed capacity of 1600 rotors which can manufacture -11 tons
of yarn per day (4,000 MT per annum).
SRI SAI BASAVA: ICRA Assigns 'B' Ratings to INR15cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR15.00
crores fund based limits of Sri Sai Basava Taraka Rama Oils
Private Limited.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Term Loan 11.00 [ICRA]B
Unallocated 4.00 [ICRA]B
The rating assigned to the company derives comfort from the
reputation and background of the promoters; the location of the
company in Peddapuram Mandal in Kakinada, which is known for its
abundant availability of paddy and presence of large number of
rice mills; and positive outlook for rice bran oil which is seen
as a healthier alternative to other types of edible oils.
The rating is, however, constrained by lack of operational track
record of the company as it is in the final stages of construction
process and yet to commence its operations, susceptibility of the
raw material to climatic risks and highly fragmented nature of the
edible oil industry which limits the ability of the company to
extract premium.
Sri Sai Basava Taraka Rama Oils Private Limited is promoted by Mr.
Nandamuri Janaki Ram, grandson of erstwhile Chief Minister of
Andhra Pradesh, Sri N T Rama Rao. It is being set up with an
installed capacity of 300 TPD in Peddapuram Mandal in Kakinada
district in Andhra Pradesh. It will engage in the extraction of
rice bran oil and de-oiled rice bran, the by-product in the
extraction process of rice bran oil. In addition to the proposed
Rice Bran solvent extraction, the unit can also be used for
extraction of oil from sun flower and ground nut as well.
Sunflower cake and ground nut cake are also abundantly available
in the surrounding areas.
TORONTO CERAMIC: ICRA Rates INR2cr Cash Credit at 'BB-'
-------------------------------------------------------
Ratings of '[ICRA]BB-' has been assigned to the INR2.00 crore cash
credit facility of Toronto Ceramic Private Limited. The rating of
'[ICRA]A4' has also been assigned to the INR0.90 crore short-term
non-fund based bank guarantee facility and the INR0.35 crore
proposed non fund based bank guarantee facility of TCPL. The
outlook on the long term rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based-Cash 2.00 [ICRA]BB- (Stable) assigned
Credit
Non Fund Based- 0.90 [ICRA]A4 assigned
Bank Guarantee
Non Fund Based-Bank 0.35 [ICRA]A4 assigned
Guarantee (Proposed)
The assigned ratings take into account TCPL's modest operating
scale and its presence only in porcelain floor tiles which
restricts sales prospects from larger institutional players and
builders. The ratings also take into consideration the
susceptibility of operations to the intense competition from
large established organized tile manufacturers and unorganized
players given the modest scale operations of the company.
While assigning the ratings, ICRA also takes note of the
dependence of operations and cash flows of the company on the
performance of the real estate industry which is the main
consuming sector for company's products, and vulnerability of
profitability to increasing prices of gas and power.
The ratings, however, favorably consider the location advantage
enjoyed by TCPL giving it easy access to raw material as well as
its geographically diversified customer base. The ratings also
consider the positive outlook for wall tiles driven by budget
2013-14 proposals and likely boost in the demand for rural and
affordable urban housing. The ratings also draw comfort from
operational efficiencies through backward integration in slurry
manufacturing and its comfortable gearing position at present.
Toronto Ceramic Private Limited is a porcelain floor tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in Year 2007 as private limited company
with commencement of commercial production in August 2008. The
company is managed by five directors Mr. Govind J. Desai, Mr.
Gordan J. Rupala, Mr. Samji M. Barasara, Mr. Dhanji C. Detroja and
Mr. Shailesh A. Bhatasana. The plant has an installed capacity to
produce 34000 MT of porcelain floor tiles per annum in a size --
605 X 605 mm.
Recent Results
For the year ended March 31, 2013, TCPL reported an operating
income of INR22.64 crore and profit after tax of INR0.58 crore as
against an operating income of INR26.99 crore and a profit after
tax of INR0.67 crore during FY 2012.
UNO FEEDS: ICRA Assigns 'BB' Ratings to INR28cr Loans
-----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]BB' to INR23.38 crore
fund based and INR0.23 crore non-fund based limits of UNO Feeds.
ICRA has also assigned rating of '[ICRA]BB' to INR4.39 crore
unallocated limits of UNO Feeds. The outlook on the long term
rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund based limits 23.38 [ICRA]BB assigned
Non-Fund Based limits 0.23 [ICRA]BB assigned
Unallocated limits 4.39 [ICRA]BB assigned
The assigned rating is constraint by limited track record of the
partners in aqua feed industry; wide fluctuations in the prices of
key raw material (fishmeal, soya and maize) as it constitutes 90%
of the total cost of production and highly fragmented industry
with low entry barriers & intense competition which is likely to
increase pressure on the thin operating margins. The rating is
also constrained by the partnership nature of business and
inherent risks in the sea food industry including the
susceptibility to diseases, government policies and climate change
risks.
The rating however favorably factors in the steady growth in the
operating revenues by 135% in the past two years; favorable demand
outlook for the extruded fish feed under the well established
brand name "UNO Feeds" and benefits arising from the favorable
location of the firm's facilities in proximity to the major
aquaculture belt of Andhra Pradesh.
Established as a partnership firm in 2008, UNO Feeds is engaged in
the manufacture of floating fish feed through extrusion technology
with an installed capacity of 43200 tons per annum (5 tons per
hour). The firm increased the capacity by 86400 tons per annum (10
tons per hour) taking overall capacity to 129600 tons per annum in
FY2012. The firm plant is located in Bhimavarm, West Godavari
District of Andhra Pradesh. The promoters of the firm are Mr. K.
Radha Krishna Murthy and Mr. T.S. Rama Rao and both the partners
are engaged in the day to day management of the firm.
Recent Results
The firm reported profit after tax of INR6.20 crore on an
operating income of INR169.23 crore during FY2013 as against
profit after tax of INR4.28 crore on an operating income of
INR125.49 crore during FY2012.
YEYO INTERNATIONAL: ICRA Assigns 'BB' Rating to INR1cr Loan
-----------------------------------------------------------
The rating of '[ICRA]BB' has been assigned to the INR1.00 crore
cash credit facility of Yeyo International. The rating of
'[ICRA]A4' has also been assigned to the short term fund based
facility of INR0.50 crore and non fund based facilities of
INR10.10 crore of YI. The outlook on the long term rating is
'Stable'.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit 1.00 [ICRA]BB (Stable) assigned
Letter of Credit 10.00 [ICRA]A4 assigned
Bank Guarantee 0.10 [ICRA]A4 assigned
Bill Discounting 0.50 [ICRA]A4 assigned
The assigned ratings are constrained by the firm's modest scale of
operations; the demand scenario being exposed to the performance
of ceramic tiles which in turn is dependent on real estate
business cycles; and vulnerability of profitability to adverse
fluctuations in traded products prices as well as exposure to
foreign exchange rate risk as majority of the materials are
imported. ICRA also notes that YI is a proprietorship firm and any
significant withdrawals from the capital account could adversely
impact its net worth and thereby the capital structure.
The ratings however favorably factor in the wide applications of
the products traded by the firm, the established track record of
the promoter in the ceramic industry which is the major consumer
of the traded products, locational advantage in terms of proximity
to Morbi which is considered the ceramic hub of the country and
consistent off take from other entities of the promoter ensuring
steady demand for the firm's products.
Yeyo International was established in 2007 as a proprietorship
firm by Mr. Atit Vora. It is engaged in trading of Zircon Sand,
Zircon Ore, Alumina Grinding Media and other allied products. It
is a part of Opaque group of Companies formed by his father Mr.
Mahesh Vora. There are three other companies under the Opaque
Group of Companies- Opaque Ceramics Pvt. Ltd. engaged in the
manufacturing of Zirconium Silicate Opacifiers, Om Ceramics
Private Limited engaged in the manufacturing of Zircon
Flours and Chris International engaged in trading of machinery
* Rupee Depreciation in India to Fuel Inflation Says Moody's
------------------------------------------------------------
Moody's Investors Service says that the depreciation of the rupee
will exacerbate inflationary and fiscal pressures in India (Baa3
stable) and pose additional constraints on the monetary policy
response to the current growth slowdown.
Moody's just released report titled, "India: Answers to Frequently
Asked Questions About the Credit Impact of Rupee Depreciation"
notes that the fall in the exchange rate, by increasing the
domestic prices of imported goods, will contribute to inflation as
well as to an increase in the government's expenditures, including
on subsidies. It will also raise the cost of servicing foreign
currency debt for several firms.
However, it will not increase the government's own debt repayment
burden significantly because only 6% of the government's total
debt is denominated in foreign currency. Also, given the
relatively low reliance on foreign currency debt by the majority
of the private sector (non-government external debt is estimated
at 16% of GDP), the growth impact of depreciation will be more
moderate than in a highly externally indebted economy.
The report points out that steep rupee depreciation is not
unprecedented and that the exchange rate reflects the growing
interface between domestic and global trends as India's trade and
financial openness increases. Benign global liquidity conditions
and high domestic growth supported an approximately 18%
appreciation of the INR against the USD between 2001 and 2007.
Then, international financial volatility contributed to the INR
depreciating by 27% against the USD over the course of FY2007-08.
A combination of global and local factors has underpinned the
roughly 17% INR depreciation against the USD over the last two
years. Loose fiscal policy, relatively high domestic inflation and
soft global export demand has widened India's current account
deficit over the last two years. Meanwhile, international
financial uncertainty and India's own subdued growth outlook has
lowered capital inflows over the same period. The steep decline in
the currency's value over the last two months coincided with
heightened international risk aversion stemming from the
anticipated tapering of US Federal Reserve bond purchases.
Moody's expects that measures undertaken in recent weeks,
including those to adjust rupee liquidity and increase foreign
capital inflows, could arrest the pace of depreciation. However,
the chances of significant near term appreciation this year are
limited given the extended growth slowdown, continued global
financial volatility, and domestic political uncertainty ahead of
2014 national elections.
=========
J A P A N
=========
SHARP CORP: To Raise JPY100 Bil. From Share Sales By End of Sept
----------------------------------------------------------------
Reuters reports that Sharp Corp is aiming to raise JPY100 billion
from share sales by the end of September as the struggling display
maker looks to partnerships and a public offering to bolster its
finances, media reports and sources familiar with the situation
said.
Kyodo news agency reported that the company plans a public
offering of JPY90 billion by the end of September, according to
Reuters. Two sources familiar with the matter said it plans to
raise JPY10 billion through a share sale to housing appliance
maker Lixil Group Corp., Reuters relates.
Sharp is also sounding out other companies including power tools
maker Makita Corp to buy shares, the sources told Reuters.
According to Reuters, the Osaka-based company, which supplies
display panels for Apple Inc's smartphones, received a
$4.6 billion rescue from banks last year and has since received
investments from Samsung Electronics Co Ltd and Qualcomm Inc.
Japanese media have flagged the possibility of a public offering
this year although the specific timing had remained unclear,
Reuters notes.
The report notes that the company said in a statement nothing had
been decided regarding a public share offer or a share sale to
companies.
Sharp has forecast an JPY80 billion operating profit for the year
to next March 31, after logging a JPY146.27 billion operating loss
last year, Reuters discloses.
About Sharp Corp.
Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.
Fitch Ratings in May this year said it is maintaining Sharp's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
of 'B-' on Rating Watch Negative (RWN).
The RWN reflects growing risks to Sharp's liquidity position in
the short-term, due to its upcoming debt maturities and limited
access to the capital markets, as the technology company struggles
to turn around its business. Sharp's cash balance was JPY164bn at
end-December 2012, significantly short of the JPY908bn debt and
commercial paper maturing in 2013.
Although Sharp succeeded in raising JPY360bn secured loans from
its major banks in September 2012, continuing support from these
creditors may not be forthcoming when the loans fall due in
June 2013. In addition the company has a JPY200bn convertible bond
due in September 2013.
SOFTBANK MOBILE: Moody's Cuts Ratings on Two Securitization Deals
-----------------------------------------------------------------
Moody's Japan K.K. has downgraded to Ba1 from Baa3 the two ratings
of the Softbank Mobile Lease & Loan Receivables Securitization
Series 4 deal.
This deal is backed by lease receivables and unsecured loan
receivables to Softbank Mobile.
The affected ratings are as follows:
Class A Investor Beneficial Interests, downgraded to Ba1;
Previously on October 17, 2012, Baa3 placed under review for
downgrade.
Trust ABL, downgraded to Ba1;
Previously on October 17, 2012, Baa3 placed under review for
downgrade.
Deal Name: Softbank Mobile Lease & Loan Receivables Securitization
Series 4
Class: Class A Investor Beneficial Interests, Trust ABL
Issue Amount: JPY8.9 billion, JPY1 billion
Dividend, Interest Rate: Fixed, Fixed
Issue Date (Transfer Date of Beneficial Interests, ABL Execution
Date): February 26, 2010, March 3, 2010
Final Maturity Date: August 31, 2015
Underlying Assets: Lease receivables and unsecured loan
receivables
Originator: GE Capital Asset Finance Corporation
Seller/ Servicer: UBS Securities Japan Co., Ltd.
Swap Counterparty: UBS AG, London Branch
Ratings Rationale:
The rating actions reflect the change in Softbank Mobile's credit
profile. Since the underlying assets backing the deal are the
lease receivables and the unsecured loan receivables to Softbank
Mobile, the deal's ratings are affected by its credit profile.
The primary source of assumption uncertainty is the credit quality
of Softbank Mobile.
If the credit quality of Softbank Mobile changes, the ratings of
the deal can also change.
The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April 2010.
Moody's did not conduct additional cash flow analyses or stress
scenarios because the rating on this transaction is derived from
the credit quality of the underlying assets.
====================
N E W Z E A L A N D
====================
PACIFIC HORIZON: Likely to Sell Vehicles
----------------------------------------
Tamlyn Stewart at The Southland Times reports that more than 200
campervans will go on the market following the receivership of
established New Zealand campervan rental firm Pacific Horizon.
KordaMentha partners Brendon Gibson -- bgibson@kordamentha.com --
and Grant Graham -- ggraham@kordamentha.com -- were appointed as
receivers, the same day Christchurch staff were told the firm was
going into receivership, according to The Southland Times.
Pacific Horizon has about 60 staff at offices in Auckland,
Wellington, Picton and Christchurch.
Mr. Graham said the company had a fleet of about 260 vans.
"It doesn't appear saleable and the vans are charged to multiple
financiers who are likely to look to realise the vans either en
bloc or piecemeal as they consider best," the report quoted Mr.
Graham as saying. There would probably be interest in the vans
from competitors in the market, Mr. Graham said, the report notes.
"The company will be completing its existing hires and then
ceasing trading," Mr. Graham added, the report notes.
John and Patricia Liddell of Plimmerton and Derek Tait of Porirua
are listed as the shareholders of Pacific Horizon Holdings.
====================
S O U T H K O R E A
====================
MAGNACHIP SEMICONDUCTOR: Moody's Rates $225MM Notes Issue 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the $225 million, 6.625%, eight-year senior unsecured notes issued
by MagnaChip Semiconductor Corporation.
The ratings outlook is stable.
Ratings Rationale:
Moody's definitive rating on this debt obligation follows
MagnaChip's successful completion of its USD note issuance, the
final terms and conditions of which are consistent with Moody's
expectations.
The provisional rating was assigned on July 15, 2013, and Moody's
ratings rationale was set out in a press release published on the
same day.
The company will use the proceeds from the issuance primarily to
refinance its existing $204 million debt maturing in 2018.
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.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 16 to July 19, 2013
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
GRIFFIN COAL MINING 9.50 12/1/2016 USD 39.00
GTL INFRASTRUCTURE 2.53 11/9/2017 USD 43.33
MIDWEST VANADIUM 11.50 2/15/2018 USD 63.50
MIDWEST VANADIUM 11.50 2/15/2018 USD 71.21
MIRABELA NICKEL 8.75 4/15/2018 USD 71.50
NEW S WALES TREA 0.50 9/14/2022 AUD 69.50
NEW S WALES TREA 0.50 10/7/2022 AUD 69.28
NEW S WALES TREA 0.50 10/28/2022 AUD 69.07
NEW S WALES TREA 0.50 11/18/2022 AUD 67.82
NEW S WALES TREA 0.50 12/16/2022 AUD 68.00
NEW S WALES TREA 0.50 2/2/2023 AUD 68.37
NEW S WALES TREA 0.50 3/30/2023 AUD 68.13
TREAS CORP VICT 0.50 8/25/2022 AUD 70.52
TREAS CORP VICT 0.50 3/3/2023 AUD 69.23
TREAS CORP VICT 0.50 11/12/2030 AUD 47.89
CHINA
-----
CHINA GOVT BOND 1.64 12/15/2033 CNY 68.04
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 30.61
COROMANDEL INTL 9.00 7/23/2016 INR 15.29
DR REDDY'S LABOR 9.25 3/24/2014 INR 4.98
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 64.69
PRAKASH IND LTD 5.25 4/30/2015 USD 67.33
PUNJAB INFRA DB 0.40 10/15/2024 INR 31.96
PUNJAB INFRA DB 0.40 10/15/2025 INR 28.94
PUNJAB INFRA DB 0.40 10/15/2026 INR 26.20
PUNJAB INFRA DB 0.40 10/15/2027 INR 25.53
PUNJAB INFRA DB 0.40 10/15/2028 INR 26.20
PUNJAB INFRA DB 0.40 10/15/2029 INR 19.38
PUNJAB INFRA DB 0.40 10/15/2030 INR 15.12
PUNJAB INFRA DB 0.40 10/15/2032 INR 16.62
PUNJAB INFRA DB 0.40 10/15/2033 INR 13.91
PYRAMID SAIMIRA 1.75 7/4/2012 USD 1.00
REI AGRO 5.50 11/13/2014 USD 70.31
REI AGRO 5.50 11/13/2014 USD 70.31
SHIV-VANI OIL 5.00 8/17/2015 USD 29.61
SUZLON ENERGY LT 7.50 10/11/2012 USD 65.12
SUZLON ENERGY LT 5.00 4/13/2016 USD 50.33
INDONESIA
----------
BUMI CAPITAL 12.00 11/10/2016 USD 66.00
BUMI INVESTMENT 10.75 10/6/2017 USD 65.50
JAPAN
-----
ELPIDA MEMORY 2.03 3/22/2012 JPY 14.62
ELPIDA MEMORY 2.10 11/29/2012 JPY 15.12
ELPIDA MEMORY 2.29 12/7/2012 JPY 14.62
ELPIDA MEMORY 0.50 10/26/2015 JPY 12.62
TOKYO ELECTRIC 2.36 5/28/2040 JPY 71.12
TOKYO ELECTRIC 1.95 7/29/2030 JPY 74.87
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 39.00
BAKRIE TELECOM 11.50 5/7/2015 USD 36.16
BLD INVESTMENT 8.63 3/23/2015 USD 63.87
DAVOMAS INTL FIN 11.00 12/8/2014 USD 24.62
DAVOMAS INTL FIN 11.00 12/8/2014 USD 24.62
ENERCOAL RESOURCES 9.25 08/05/2014 USD 70.66
INDO INFRASTRUCT 2.00 7/30/2049 USD 1.87
SOUTH KOREA
-----------
EXP-IMP BK KOREA 0.50 9/28/2016 BRL 64.45
EXP-IMP BK KOREA 0.50 10/27/2016 BRL 72.04
EXP-IMP BK KOREA 0.50 11/28/2016 BRL 69.16
EXP-IMP BK KOREA 0.50 12/22/2016 BRL 68.07
EXP-IMP BK KOREA 0.50 10/23/2017 TRY 69.15
EXP-IMP BK KOREA 0.50 11/21/2017 BRL 62.85
EXP-IMP BK KOREA 0.50 12/22/2017 TRY 64.37
EXP-IMP BK KOREA 0.50 1/25/2017 TRY 73.97
OSUNG LST CO LTD 4.00 7/7/2013 USD 27.47
SRI LANKA
---------
SRI LANKA GOVT 6.20 8/1/2020 LKR 74.69
SRI LANKA GOVT 7.00 10/1/2023 LKR 67.80
SRI LANKA GOVT 5.35 3/1/2026 LKR 56.67
SRI LANKA GOVT 8.00 1/1/2032 LKR 71.27
THAILAND
--------
G STEEL 3.00 10/4/2015 USD 11.25
MDX PUBLIC CO 4.75 9/17/2003 USD 16.00
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***