/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/111229.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 Thursday, December 29, 2011, Vol. 14, No. 258 Headlines A U S T R A L I A COPELAND INDUSTRIES: Asset Sale to Save Jobs, Liquidator Says * AUSTRALIA: Harvey Norman Boss Warns of More Retailer Closures H O N G K O N G EXACT SOFTWARE: Commences Wind-Up Proceedings EXPRESS BUILDERS: Briscoe and Borrelli Step Down as Liquidators FLIGHT CREW: Creditors' Proofs of Debt Due Jan. 31 FUTUREX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings HENFIELD PROPERTIES: Commences Wind-Up Proceedings HOMAN OVERSEAS: Creditors' Proofs of Debt Due Jan. 31 HOPES ENTERPRISES: Members' Final Meeting Set for Jan. 27 KEEN HIGH: Commences Wind-Up Proceedings KINGSWAY DECORATION: Stephen Briscoe Steps Down as Liquidator LIBERTY INT'L: Padraig Liam Walsh Steps Down as Liquidator MAK KEE: Creditors' Proofs of Debt Due Jan. 30 MANHATTAN MORTGAGE: Members' Final Meeting Set for Jan. 26 NEWAYS INTERNATIONAL: Members' Final Meeting Set for Jan. 30 NEW MOUNT: Ling Wai Ming Steps Down as Liquidator PARASAND LIMITED: Members' Final Meeting Set for Jan. 26 PICCHIO PHARMA: Members' Final Meeting Set for Jan. 26 PRATTISON GARMENT: Members' Final Meeting Set for Feb. 6 PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 27 PRUDENTIAL INVESTMENT: Creditors' Proofs of Debt Due Jan. 27 RICHINE DEVELOPMENT: Creditors' Proofs of Debt Due Jan. 31 I N D I A AUTO PLAANATE: CRISIL Cuts Rating on INR32.3MM Loan to 'CRISIL D' AVENUES PHARMA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating BABY MEMORIAL: CRISIL Reaffirms 'CRISIL B-' Term Loan Rating J & K ALUMINIUM: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating KATARIA AUTOMOBILES: CRISIL Reaffirms 'CRISIL BB+' Loan Rating KRANTIVEER VASANTRAO: CRISIL Rates INR188.7MM Loan at 'CRISIL B-' MOHAN MOTOR: CRISIL Rates INR400MM Cash Credit at 'CRISIL B+' RKB MINING: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan SHREE RAJESHWARANAND: CRISIL Reaffirms 'CRISIL BB' Loan Rating SNEHA FARMS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating SRV TELECOM: CRISIL Upgrades Rating on INR31MM Loan to CRISIL B- SSZ COMMODITIES: CRISIL Puts 'CRISIL BB-' Rating on INR300MM Loan J A P A N OLYMPUS CORP: E&Y's Probe into Firm's Accounting Audit Ongoing TOKYO ELECTRIC: Faces Possible Nationalization; Seeks Addt'l Fund N E W Z E A L A N D ALADDINS MOTOR: Ordered to Pay Rent or Face Liquidation S I N G A P O R E AED SERVICES: Creditors' Proofs of Debt Due Jan. 6 SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due Jan. 6 STAMFLES REMOTE: Creditors' Proofs of Debt Due Jan. 13 - - - - - ================= A U S T R A L I A ================= COPELAND INDUSTRIES: Asset Sale to Save Jobs, Liquidator Says ------------------------------------------------------------- AdelaideNow reports that Copeland Industries' liquidator Anthony Phillips -- anthony@heardphillips.com.au -- of Heard Phillips said the assets of the company have been sold to Sydney-based PVC manufacturer Australian Plastic Profiles. Mr. Phillips would not disclose the price but said it would not pay off the AUD3.5 million owed to secured creditor Commonwealth Bank. The deal would also help save jobs, the report relates. "There has been a positive outcome -- they took over the lease at Lonsdale and they are re-employing staff," AdelaideNow quotes Mr. Phillips as saying. "They are a serious player and they believe there are some unique benefits in having an option in South Australia," Mr. Phillips stated. AdelaideNow adds that while only five of the company's 32 jobs have been retained, Mr. Phillips said the Sydney firm was moving some of its plant to South Australia, a move he expected would underpin more jobs in an area still hurting from the loss of manufacturer Mitsubishi. Copeland Industries entered administration in October largely due to a failed $3 million investment in new PVC pipe-making technology, the report discloses. Copeland Industries is Londsale-based plastics manufacturer. * AUSTRALIA: Harvey Norman Boss Warns of More Retailer Closures --------------------------------------------------------------- Dow Jones Newswires reports that Harvey Norman chairman Gerry Harvey said Wednesday that Australia's battered retail sector will see more business closures in 2012 after a tough 2011. "It's already pre-ordained, set in stone," Mr. Harvey told Dow Jones Newswires in an interview. Dow Jones says retailers have seen their earnings strained in 2011 as consumers tightened their purse strings in the face of higher cost of living pressures and concerns about the global economy. Natural disasters also dulled spending and shoppers migrated to the internet to take advantage of the buying power of the stronger Australian dollar on overseas Web sites, says Dow Jones. "There are a lot of problems in retail," Mr. Harvey told Dow Jones, citing higher utility, wage and rent bills, price deflation and international retail websites as issues. While upbeat about post Christmas discount sales for retailers, especially his own business, Mr. Harvey said they would not be enough to affect full year earnings, Dow Jones reports. "It's a bit of a help, but not much," Mr. Harvey added. Dow Jones notes that several businesses went into administration, including clothing chains Fletcher Jones, Colorado, Bettina Liano and Ed Harry, and the parent of bookshop chains Borders and Angus & Robertson, REDgroup Retail. According to the news agency, hopes that cuts in official interest rates in November and December by Australia's central bank might boost consumer confidence and spending in the lead up to Christmas appear to have been dashed since major retailers JB Hi-Fi, Billabong and Kathmandu issued earnings downgrades based on worse-than-expected sales that prompted investors to dump their shares. Billabong plunged 44% and Kathmandu fell 25% on the days of their updates while JB Hi-Fi fell 15% the day after, Dow Jones discloses. Dow Jones adds that fellow retailers, department stores Myer and David Jones, and Harvey Norman, have been tarred by association, with Myer's shares down 15%, David Jones down 12% and Harvey Norman down 14% since the downgrades by their peers earlier this month. ================ H O N G K O N G ================ EXACT SOFTWARE: Commences Wind-Up Proceedings --------------------------------------------- Members of Exact Software Hong Kong Limited, on Dec. 14, 2011, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Rainier Hok Chung Lam Anthony David Kenneth Boswell 22/F, Prince's Building Central, Hong Kong EXPRESS BUILDERS: Briscoe and Borrelli Step Down as Liquidators --------------------------------------------------------------- Stephen Briscoe and Cosimo Borrelli stepped down as liquidators of The Express Builders Company Limited on Dec. 13, 2011. FLIGHT CREW: Creditors' Proofs of Debt Due Jan. 31 -------------------------------------------------- Creditors of Flight Crew Services (H.K.) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2011. The company's liquidators are: Martin James Murray Liu Sui Yuk 33rd Floor, One Pacific Place 88 Queensway Hong Kong FUTUREX INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings ----------------------------------------------------------------- At an extraordinary general meeting held on Dec. 14, 2011, creditors of Futurex International Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Lau Yui Wing 2201, Hong Kong Trade Centre 161 Des Voeux Road Central, Hong Kong HENFIELD PROPERTIES: Commences Wind-Up Proceedings -------------------------------------------------- Members of Henfield Properties Limited, on Dec. 22, 2011, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lee King Yue 72-76/F, Two International Finance Centre 8 Finance Street Central, Hong Kong HOMAN OVERSEAS: Creditors' Proofs of Debt Due Jan. 31 ----------------------------------------------------- Creditors of Homan Overseas Holdings Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 13, 2011. The company's liquidators are: Lai Kar Yan (Derek) Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway, Hong Kong HOPES ENTERPRISES: Members' Final Meeting Set for Jan. 27 --------------------------------------------------------- Members of Hopes Enterprises Limited will hold their final general meeting on Jan. 27, 2012, at 11:00 a.m., at 23/F, Wing On House, at 71 Des Voeux Road Central, in Hong Kong. At the meeting, Poon Kwok Fai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. KEEN HIGH: Commences Wind-Up Proceedings ---------------------------------------- Sole shareholder of Keen High Technologies (H.K.) Limited, on Dec. 16, 2011, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Chan Kwok Ki Unit 505, 5/F Wing On House 71 Des Voeux Road Central, Hong Kong KINGSWAY DECORATION: Stephen Briscoe Steps Down as Liquidator ------------------------------------------------------------- Stephen Briscoe stepped down as liquidator of Kingsway Decoration & Engineering Company Limited on Nov. 24, 2011. LIBERTY INT'L: Padraig Liam Walsh Steps Down as Liquidator ---------------------------------------------------------- Padraig Liam Walsh stepped down as liquidator of Liberty International (HK) Limited on Dec. 12, 2011. MAK KEE: Creditors' Proofs of Debt Due Jan. 30 ---------------------------------------------- Creditors of Mak Kee Contracting Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 30, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2011. The company's liquidator is: Mak Kwok Fai Room 1205, 12/F Manulife Provident Funds Place No. 345 Nathan Road Kowloon MANHATTAN MORTGAGE: Members' Final Meeting Set for Jan. 26 ---------------------------------------------------------- Members of Manhattan Mortgage Company Limited will hold their final general meeting on Jan. 26, 2012, at 10:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, at 15 Queen's Road Central, in Hong Kong. At the meeting, Thomas Andrew Corkhill, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NEWAYS INTERNATIONAL: Members' Final Meeting Set for Jan. 30 ------------------------------------------------------------ Members of Neways International (HK) Limited will hold their final meeting on Jan. 30, 2012, at Dr. Nolenslaan 107B, at 6136 GL Suttard, The Netherlands. At the meeting, Chan Che Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NEW MOUNT: Ling Wai Ming Steps Down as Liquidator ------------------------------------------------- Ling Wai Ming stepped down as liquidator of New Mount Limited on Dec. 12, 2011. PARASAND LIMITED: Members' Final Meeting Set for Jan. 26 -------------------------------------------------------- Members of Parasand Limited will hold their final general meeting on Jan. 26, 2012, at 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. PICCHIO PHARMA: Members' Final Meeting Set for Jan. 26 ------------------------------------------------------ Members of Picchio Pharma (Asia) Limited will hold their final general meeting on Jan. 27, 2012, at 11:00 a.m., at Room 1903, New World Tower, 18 Queen's Road Central, in Hong Kong. At the meeting, Watt Hung Chow, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PRATTISON GARMENT: Members' Final Meeting Set for Feb. 6 -------------------------------------------------------- Members of Prattison Garment Limited will hold their final meeting on Feb. 6, 2012, at 10:00 a.m., at Flat E, 52/F., Block 2, The Arch, at No. 1 Austin Road, West Kowloon, in Hong Kong. At the meeting, Liao Zimei, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PROCTER & GAMBLE: Members' Final General Meeting Set for Jan. 27 ---------------------------------------------------------------- Members of Procter & Gamble (HK) Dormant Limited will hold their final general meeting on Jan. 27, 2012, at 11:00 a.m., at 20/F, Prince's Building, Central, in Hong Kong. At the meeting, Rainier Hok Chung Lam, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PRUDENTIAL INVESTMENT: Creditors' Proofs of Debt Due Jan. 27 ------------------------------------------------------------ Creditors of Prudential Investment Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 27, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 15, 2011. The company's liquidators are: Cheng Kwok Wai David Lee Yuen Han Hope 20/F, Fung House No. 19-20 Connaught Road Central, Hong Kong RICHINE DEVELOPMENT: Creditors' Proofs of Debt Due Jan. 31 --------------------------------------------------------- Creditors of Richine Development Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 23, 2011. The company's liquidator is: Mak Kin Hung 1404, Two Grand Tower 625 Nathan Road Kowloon ========= I N D I A ========= AUTO PLAANATE: CRISIL Cuts Rating on INR32.3MM Loan to 'CRISIL D' ----------------------------------------------------------------- CRISIL has downgraded its ratings on the long term bank facilities of Auto Plaanate Indostry Pvt Ltd to 'CRISIL D' from CRISIL B/Stable. Facilities Ratings ---------- ------- INR32.3 Million Term Loan CRISIL D (Downgraded from 'CRISIL B/Stable') INR97.7 Million Cash Credit CRISIL D (Downgraded from 'CRISIL B/Stable') The rating on the short term loans has been withdrawn as the facilities have been discontinued. The downgrade reflects delays by APIPL in servicing its debt obligations; the delays have been caused by the company's weak liquidity. The ratings continue to reflect APIPL's weak financial risk profile, marked by a small net worth, estimated aggressive total outside liabilities to tangible net worth ratio, and weak debt protection metrics, and susceptibility to risks related to low bargaining power with automobile (auto) manufacturers and intense competition in the auto dealership market. These rating weaknesses are partially offset by APIPL's strong relationship with principal, Mahindra and Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+'). About Auto Plaanate APIPL (formerly, Rahul Automobile Udyog Pvt Ltd) was set up by Mr. Shaligram Tiwari and others in January 2004. It began operations in August 2005 as a dealer of M&M's passenger cars and light commercial vehicles. APIPL has also recently started with the dealership of heavy commercial vehicles of M&M. APIPL's main showroom and service stations are in Dhanbad (Jharkhand). Its dealership covers Dhanbad, Bokaro, Giridih, Devgarh, Koderma, and Hazaribagh. APIPL reported a profit after tax (PAT) of INR3 million on net sales of INR763.24 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR2.6 million on net sales of INR791.32 million for 2009-10. AVENUES PHARMA: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating --------------------------------------------------------------- CRISIL's rating on the bank facilities of Avenues Pharmaceuticals Associates continues to reflect Avenues Pharma's established market position, the benefits it derives from the extensive industry experience of its promoters, and its robust technological and logistics infrastructure. Facilities Ratings ---------- ------- INR180.0 Million Cash credit CRISIL BB/Stable (Reaffirmed) INR10.0 Million Standby Line CRISIL BB/Stable (Reaffirmed) of Credit These rating strengths are partially offset by the firm's average financial risk profile, marked by relatively high ratio of total outstanding liabilities to tangible net worth (TOLTNW) and moderate debt protection metrics. Outlook: Stable CRISIL believes that Avenues Pharma will maintain its business risk profile on the back of established relationships with key customers and suppliers and the steady growth in demand for pharmaceutical products. The outlook may be revised to 'Positive' if the firm's capital structure, operating margin and cash accruals improve significantly. Conversely, the outlook may be revised to 'Negative' if Avenues Pharma undertakes large debt- funded capital expenditure programme, or reports sharp deterioration in operating margin or debt protection metrics. About Avenues Pharmaceuticals Set up in 1978, by Mr. K G Subbaraj as a partnership firm, Avenues Pharma is engaged in distribution of pharmaceutical products such as medicines and vaccines. Avenues Pharma is the stockist for major pharmaceutical companies such as GlaxoSmithKline, MSD, AstraZeneca, Allergan India Pvt Ltd, Ranbaxy Laboratories Ltd, Pfizer Ltd, Sanofi Aventis, Sanofi Pasteur, Galderma, Wyeth Pharmaceuticals and Johnson & Johnson Ltd. Avenues Pharma is a super stockist for Bio-med Ltd, and a consignee agent for Albert David Ltd. Avenues Pharma reported a net profit of INR11.7 million on net sales of INR1079 million for 2010-11 (refers to financial year, April 1 to March 31), against a net profit of INR11.2 million on net sales of INR965 million for 2009-10. BABY MEMORIAL: CRISIL Reaffirms 'CRISIL B-' Term Loan Rating ------------------------------------------------------------ CRISIL's rating on the long-term loan of Baby Memorial Hospital Ltd continues to reflect BMHL's weak financial risk profile, marked by weak debt protection metrics and high gearing, exposure to implementation-related risks associated with it ongoing projects, and the problems the company faces because of having its operations concentrated in a single location. Facilities Ratings ---------- ------- INR600.00 Million Term Loan CRISIL B-/Stable (Reaffirmed) These rating weaknesses are partially offset by BMHL's established position in the Kozhikode (Kerala) market and the steps it has taken to mitigate its employee-attrition-related risks. Outlook: Stable CRISIL believes that BMHL will continue to benefit from its established market position among private hospitals in Kozhikode. Its financial risk profile is, however, expected to remain under pressure over the medium because of its large, ongoing debt- funded capital expenditure (capex) programmes. The outlook may be revised to 'Positive' in case of a significant increase in BMHL's scale of operations and cash accruals or a substantial equity infusion in the company, which would mitigate the funding-related risks for its capex programmes, thereby leading to improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if BMHL's profitability and cash accruals decline significantly, or if the company undertakes larger-than-expected debt-funded capex programme, leading to deterioration in its capital structure. About Baby Memorial BMHL, started by Dr. K G Alexander in 1987 as a partnership firm, is one of the largest hospitals in Kozhikode. The partnership firm was reconstituted as a public limited company in April 2009. Currently, the hospital has 480 beds. The company additionally set up a 320-bed super-specialty unit, which commenced commercial operations in April 2011. BMHL has positioned itself as a multi- specialty tertiary-care referral hospital. It specialises in aneasthesiology and critical care, cardiology, cardiac surgery, neurology, neurosurgery, oncology, paediatrics, endocrinology, nephrology, gastroenterology, urology, obstetrics and gynaecology, plastic and reconstructive surgery, internal medicine, and general and laparoscopic surgery. BMHL also offers postgraduate courses for doctors, and degree and diploma courses in nursing. The company plans to set up Healthcity, a 700-bed hospital in Cochin (Kerala). For 2010-11 (refers to financial year, April 1 to March 31), BMHL reported a profit after tax (PAT) of INR61 million on net sales of INR564 million, against a PAT of INR31 million on net sales of INR469 million for the previous year. J & K ALUMINIUM: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating --------------------------------------------------------------- CRISIL has reaffirmed its ratings on the bank facilities of J&K Aluminium Company at 'CRISIL D/CRISIL D'. Facilities Ratings ---------- ------- INR170 Million Cash Credit Limit CRISIL D (Reaffirmed) INR22 Million Term Loan CRISIL D (Reaffirmed) INR100 Million Letter of Credit CRISIL D (Reaffirmed) The ratings reflect continued delays by JKAC in servicing its debt and instances of overdrawn cash credit limit. The account has been classified as non-performing asset by the bankers of JKAC. The company's operations are currently halted due to excess pressure on liquidity. JKAC, a partnership firm set up by Mr. Randhir Singh Saini and his family members, was set up in 2005 to manufacture aluminium wire rods and other allied products. The firm has set up its factory at the Industrial Growth Centre, Jammu (Jammu and Kashmir). The firm manufactures wire rods that are used by wire and cable manufacturers as raw material. The company has stopped commercial production due to excess pressure on liquidity on the back of legal conflict with Income Tax commissioner. KATARIA AUTOMOBILES: CRISIL Reaffirms 'CRISIL BB+' Loan Rating -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Kataria Automobiles Ltd continue to reflect KAL's established position in the automotive dealership market, and the increasing contribution of its services and spare parts sales operations to its revenues. Facilities Ratings ---------- ------- INR850.00 Mil. Cash Credit Limit CRISIL BB+/Stable (Enhanced from INR270.0 Million) (Reaffirmed) INR200.0 Million Rupee Term Loan CRISIL BB+/Stable (Enhanced from INR185.5 Million) (Reaffirmed) INR300.00 Million Bank Guarantee CRISIL A4+ (Reaffirmed) (Enhanced from INR220.0 Million) These rating strengths are partially offset by KAL's moderate financial risk profile, marked by large working capital requirements and ongoing debt-funded capital expenditure (capex) programme. The ratings also factor in KAL's susceptibility to intense competition in the automotive dealership market. Outlook: Stable CRISIL believes that KAL will maintain its credit risk profile, backed by its established market position, and expected improvement in its gearing, over the medium term, most likely from the sale of the commercial complex being constructed by KAL. The outlook may be revised to 'Positive' if there is a significant improvement in the company's capital structure or its liquidity improves with better-than-expected accruals, backed by strong profitability. Conversely, the outlook may be revised to 'Negative' if there is a decline in the company's profitability or if KAL undertakes any additional debt-funded capex programme, which adversely impacts it's gearing and debt protection metrics, or if the company continues to be exposed to real estate projects. About Kataria Group KAL was set up by the Kataria Group in 1995. KAL is involved in the automobile dealership and transportation business. Currently, the company is an authorised dealer of Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL A1+) and TVS Motor Company Limited. It has various showrooms in Gujarat in cities such as Ahmedabad, Baroda, Surat, Vapi, Navsari, Silvassa and Valsad. It is one of the four dealers in Ahmedabad with a market share of around 35 per cent, one of three in Surat and the only dealer in Vapi and Navsari. The company has been among the top 10 dealers in the J D Power Survey for customer satisfaction. In addition to the dealership business, KAL entered the transportation business few years back to benefit from the increasing demand for cargo handling in the growing economy. The Kataria Group was founded by Mr. Shobhagmal Kataria in 1956 and has grown to become one of the largest transport operators in India, with 60 branches. The group has since diversified into other sectors. It started dealerships of LML Limited two-wheelers in 1984. The group further expanded to become one of the top- rated MSIL car dealerships in 1996. The Kataria group also acquired the dealership of TVS Motor Company's two-wheelers, in 2003. KAL reported a profit after tax (PAT) of INR82.1 million on net sales of INR8.8 billion for 2010-11 (refers to financial year, April 1 to March 31), against a PAT of INR47.9 million on net sales of INR5.7 billion for 2009-10. KRANTIVEER VASANTRAO: CRISIL Rates INR188.7MM Loan at 'CRISIL B-' ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the term loan facility of Krantiveer Vasantrao Narayanrao Naik Shikshan Prasarak Sanstha. Facilities Ratings ---------- ------- INR188.7 Million Term Loan CRISIL B-/Stable (Assigned) The rating reflects expected deterioration in KVN's financial risk profile because of its large debt-funded capital expenditure (capex) programme, the nascent stage of operations of the trust's engineering institute, and KVN's vulnerability to regulatory risks associated with educational institutions. These rating weaknesses are partially offset by the benefits that KVN derives from the healthy demand prospects for the education industry, and its promoter's extensive experience in the education industry and funding support. Outlook: Stable CRISIL believes that KVN will continue to benefit over the medium term from its promoter's extensive experience in the education industry. The outlook may be revised to 'Positive' in case of timely completion of the trust's capex programme along with a better-than-expected ramp up in operations of its institutes. Conversely, the outlook may be revised to 'Negative' in case of lower-than-expected ramp up in operations of KVN's educational institutes or in the event of stress on the trust's liquidity. About Krantiveer Vasantrao KVN was set up in January 1953 under the guidance of Mr. Vasantrao Naik to set up hostels in Nashik (Maharashtra) for students from the minority community. Subsequently, the trust expanded to include pre-primary schools, primary schools, secondary schools, higher secondary schools, a science/commerce/arts junior college, polytechnic institutes, industrial training institutes, an engineering institute, and a management institute. As in 2011, it has around 60 institutes, which operate mainly in Nashik. KVN plans to start two colleges, five secondary schools, three primary schools, and one industrial training institute over the medium term. The trust's engineering institute, which commenced operations in June 2011, is currently being expanded; work on the same is expected to be completed by June 2012. KVN reported a profit after tax (PAT) of INR12 million on net sales of INR155 million for 2010-11 (refers to financial year, April 1 to March 31), against a PAT of INR1 million on net sales of INR116 million for 2009-10. MOHAN MOTOR: CRISIL Rates INR400MM Cash Credit at 'CRISIL B+' ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash credit facility of Mohan Motor Udyog Pvt Ltd. Facilities Ratings ---------- ------- INR400 Million Cash Credit CRISIL B+/Stable (Assigned) The rating reflects MMUP's below-average financial risk profile, marked by a relatively small net worth and high total outside liabilities to tangible net worth ratio, and pressure on margins due to intense competition. These rating weaknesses are partially offset by MMUP's strong market position in the automobile dealership business and its established association with its principal, Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'). Outlook: Stable CRISIL believes that MMUP will continue to benefit over the medium term from its established market position and relationship with its principals. The outlook may be revised to 'Positive' if the company significantly improves its revenues and profitability, or significantly strengthens its capital structure, thereby improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' if MMUP undertakes a larger-than-expected, debt-funded capital expenditure programme, or if it significantly relies on debt to fund its incremental working capital requirements, leading to weakening in its financial risk profile. About Mohan Motor Incorporated in 1979 by Mr. Sandip Kumar Bajaj and family, MMUP is an authorised dealer in Kolkata (West Bengal) for MSIL for sale of its entire range of passenger vehicles, including its True Value vehicles, sale of spares and accessories, and for servicing of passenger vehicles. Currently, MMUP has two exclusive showrooms with three extension counters and one workshop in and around Kolkata. RKB MINING: CRISIL Assigns 'CRISIL B+' Rating to INR50MM LT Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of RKB Mining & Infrastructure. Facilities Ratings ---------- ------- INR50 Million Proposed LT CRISIL B+/Stable (Assigned) Bank Loan Facility INR100 Mil. Letter of Credit CRISIL A4 (Assigned) The ratings reflect RKB's weak financial risk profile coupled with risks inherent to the trading nature of business and increasingly competitive industry. This rating weakness is partially offset by the established presence and long standing experience of RKB's promoter in iron and steel trading industry. Outlook: Stable CRISIL believes that RKB will continue to benefit over the medium term from its established position and long standing experience of promoters in the iron and steel industry. The outlook may be revised to 'Positive' in case of better-than-expected growth in revenues, while maintaining its debt protection metrics and stable operating margins. Conversely, the outlook may be revised to 'Negative' in case of deterioration in operating margins or larger than expected debt funded capital expenditure or elongation in working capital cycle, thus resulting in deterioration in debt protection metrics. About RKB Mining RKB Mining and Infrastructure, established in 2007, as a partnership firm, is engaged in trading of steel products such as boilers quality steel plates and checkered steel coils (chaka plates).The firm is promoted by the Mumbai based Shah family. The overall operations are managed by Mr. Navin Mehta, brother in law of Mr. Virat Shah, a key person in the group concern RajanKumar & Bros (Impex) (RNB) (rated 'CRISIL BB/Stable/CRISIL A4+').RNB is engaged in trading of various commodities like steel plates, coils, iron ore, glass beads, other construction material and cardamom. RKB is also planning to venture into real estate construction activity for Godrej Industries Limited starting 2012-13 The overall project size is estimated to be around seven lakh square feet. The nature of work to be under taken by RKB includes supply of construction labour force and materials and erection of building structures. RKB reported a profit after tax (PAT) of INR 3.0 million on net sales of INR112.4 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR0.8 million on net sales of INR54 million for 2009-10. SHREE RAJESHWARANAND: CRISIL Reaffirms 'CRISIL BB' Loan Rating -------------------------------------------------------------- CRISIL has reaffirmed its ratings on the bank facilities of Shree Rajeshwaranand Paper Mills Ltd at 'CRISIL BB/Stable/CRISIL A4+', while assigning its 'CRISIL A4+' rating to the company's short- term bank guarantee facility. Facilities Ratings ---------- ------- INR117.6 Mil. Cash Credit Facility CRISIL BB/Stable (Reduced from INR120.0 Million) (Reaffirmed) INR37.4 Million Rupee Term Loan CRISIL BB/Stable (Reduced from INR60.0 Million) (Reaffirmed) INR40.0 Million Letter of Credit CRISIL A4+ (Enhanced from INR25 Million) INR10.0 Million Bank Guarantee CRISIL A4+ (Assigned) The ratings continue to reflect SRPML's established track record supported by its established clientele and moderate financial risk profile marked by moderate debt protection metrics. These rating strengths are partially offset by SRPML's large incremental working capital requirements, susceptibility to risks related to small scale of operations, and intense competition in the newsprint paper industry. Outlook: Stable CRISIL believes that SRPML will benefit over the medium term from its long track record in the newsprint industry and its established clientele. The outlook may be revised to 'Positive' if the company registers higher-than-expected revenue growth while maintaining its operating margin. Conversely, the outlook may be revised to 'Negative' if the company undertakes a larger- than-expected debt-funded capital expansion programme, leading to weakening in its financial risk profile, or contracts larger- than-expected working capital borrowing, leading to a decline in its debt protection metrics. About Rajeshwaranand Paper Incorporated in 1989, SRPML manufactures newsprint. Its plant in Bharuch (Gujarat) has an installed capacity of 30,000 tonnes per annum (tpa), which was increased in 2010-11 (refers to financial year, April 1 to March 31) from 21,000 tpa in 2008-09. Currently, around 95 per cent of the paper manufactured by SRPML is for the newsprint segment; however, from 2010-11 onwards, the company also started manufacturing writing and printing paper. SRPML supplies newsprint to players in the newspaper industry across the country; however, a large share of its revenue comes from Gujarat, Rajasthan, and Maharashtra. The company is listed on the Bombay Stock Exchange. For 2010-11, SRPML reported a profit after tax (PAT) of INR12.4 million on net sales of INR580.6 million, as against a PAT of INR8.2 million on net sales of INR587.9 million for 2009-10. For the six months ended September 30, 2011, the company reported a net profit of INR5.3 million on net sales of INR294.2 million, as against a net profit of INR4.8 million on net sales of INR314.6 million for the corresponding period of 2010. SNEHA FARMS: CRISIL Reaffirms 'CRISIL BB+' Long-Term Rating ----------------------------------------------------------- CRISIL has reaffirmed its long-term rating on the bank facilities of Sneha Farms Pvt Ltd, part of the Sneha group, at 'CRISIL BB+/Stable'. Facilities Ratings ---------- ------- INR553.30 Million LT Loan CRISIL BB+/Stable (Reaffirmed) INR450 Million Cash Credit CRISIL BB+/Stable (Reaffirmed) The rating continues to reflect the Sneha group's healthy operating capabilities supported by backward integration and the extensive experience of its promoters in the poultry industry. These rating strengths are partially offset by the Sneha group's moderate financial risk profile, marked by high gearing and moderate debt protection metrics, geographical concentration in revenue profile, and inherent risks in the poultry industry. For arriving at the rating, CRISIL has combined the business and financial risk profiles of SFPL, Sneha Foods and Feeds Ltd, Varun Breeding Farms Pvt Ltd, and Dendi Agro Farms Pvt Ltd, collectively referred to as the Sneha group. The consolidated approach is because all the four entities are in similar lines of business, have a common management, and have fungible cash flows among them. Outlook: Stable CRISIL believes that the Sneha group will continue to benefit from its well-integrated operations and its promoters' extensive experience in the poultry industry. The outlook may be revised to 'Positive' if the group significantly improves its capital structure and stabilizes operations at its backward-integrated facilities, leading to improvement in its revenues and margins. Conversely, the outlook may be revised to 'Negative' if the group's profitability is lower than expected, its capital structure weakens because of more-than-expected debt contracted to fund capex and incremental working capital requirements or in case of lower profitability. About the Group The Sneha group, based in Hyderabad (Andhra Pradesh), was established in 1995 with the incorporation of SFPL by Mr. Dendi Ram Reddy and his friend, Mr. A Gopal Reddy. SFPL is the flagship entity of the group and is in the business of poultry farming, particularly broiler birds. SFPL, VBFPL, and DAFPL have a combined capacity to produce 150,000 broiler birds per day. The Sneha group owns around 45 own retail outlets and has 350 associate retail outlets in and around Hyderabad for selling broiler birds. SFPL also has integrated poultry feed mills near Hyderabad with a capacity to produce 800 tonnes per day (tpd) of poultry feed. SFFL, a public limited company, was incorporated in 2008 in Chandrapur (Maharashtra). Mr. Dendi Ram Reddy and his friends hold majority stake in SFFL and the remainder is held by other independent shareholders. SFFL commenced commercial production in June 2010. It has a capacity to produce 750 tpd of soya de-oiled cake and 100 tpd of soya refined oil to cater to the requirements of the feed mills under SFPL. SFFL is expected to derive 25 per cent of its sales from the poultry feed mills under SFPL. VBFPL was incorporated in 2002 and is engaged in the process of hatching eggs through its laying farms. It typically receives jobwork income as most of its sales are routed to SFPL. The Sneha group reported a profit after tax (PAT) of INR171.1 million on net sales of INR5.2 billion for 2010-11, as against a PAT of INR53.3 million on net sales of INR2.6 billion for 2009- 10. SRV TELECOM: CRISIL Upgrades Rating on INR31MM Loan to CRISIL B- ---------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of SRV Telecom Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL C', reaffirmed its rating on SRV's bank guarantee facility at 'CRISIL A4', and has withdrawn its rating on the INR31-million long-term loan as it has been fully repaid. Facilities Ratings ---------- ------- INR92 Million Cash Credit CRISIL B-/Stable (Upgraded from CRISIL C) INR31 Million Term Loan CRISIL B-/Stable (Upgraded from CRISIL D; Withdrawn) INR28 Million Proposed LT CRISIL B-/Stable (Assigned) Bank Loan Facility INR80 Mil. Bank Guarantee CRISIL A4 (Reaffirmed) The upgrade reflects improvement in SRV's liquidity, which was driven by retirement of long-term loans through proceeds from sale of some of the company's machinery and unsecured loans from promoters for funding operations and meeting debt obligations. The upgrade also reflects expected improvement in SRV's working capital management because of its recent entry into the cook-top business, which has a favorable working capital cycle with a relatively longer credit period. SRV's customers in the cook-top business are primarily private players; earlier, it used to supply (based on tenders) telecom equipment to Bharat Sanchar Nigam Ltd (BSNL). This is expected to stabilize SRV's revenues and cash flows, thereby improving its liquidity. The ratings reflect SRV's weak financial risk profile, marked by weak liquidity and high gearing, and weak business risk profile as a result of decline in revenues and profitability. These rating weaknesses are partially offset by expected improvement in SRV's working capital management over the medium term. Outlook: Stable CRISIL believes that SRV's financial and business risk profiles will remain under pressure till the company stabilizes its induction cook-top business. The outlook may be revised to 'Positive' if SRV scales up its operations substantially, leading to better profitability and cash generation. Conversely, the outlook may be revised to 'Negative' if SRV's revenues and cash generation do not improve as expected, or if the company contracts more-than-expected debt for its capital expenditure. About SRV Telecom SRV, based in Bengaluru (Karnataka), was incorporated in 1995. It started operations as a manufacturer of telecommunication equipment and electronic products ( phones with caller identification (ID), electronic push button telephones (EPBT), fixed wireless telephones (FWT), patch cords and pigtails, and coin box telephones. Owing to irregularities in the telecom sector and slower realisation of dues from BSNL, SRV has recently entered into the consumer durables segment. The company manufactures induction cook-tops for TTK Prestige Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+') and other private players. SRV has discontinued with the majority of its telecom operations and plans to produce only patch cords to cater to orders from private players. For 2010-11 (refers to financial year, April 1 to March 31), SRV reported a net loss of INR5 million (Rs.7 million for 2009-10), as against net sales of INR270 million (Rs.533 million). SSZ COMMODITIES: CRISIL Puts 'CRISIL BB-' Rating on INR300MM Loan ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank facilities of SSZ Commodities Pvt. Ltd. Facilities Ratings ---------- ------- INR300 Million Import Letter CRISIL BB-/Stable (Assigned) of Credit Limit The rating reflects established presence and extensive experience of its promoters in the steel trading segment. These rating strengths are partially offset by its weak financial risk profile, modest scale of operations in an intensely competitive steel trading industry. Outlook: Stable CRISIL believes that SSZ will maintain a stable business risk profile over the medium term, on the back of extensive experience of the promoter. The outlook may be revised to 'Positive' if the company reports significantly higher-than-expected growth in revenues and earnings, while maintaining its debt protection metrics. Conversely, the outlook may be revised to 'Negative', financial risk profile deteriorates because of substantially lower-than-expected profitability or revenues or significant deterioration in its working capital cycle. About SSZ Commodities SSZ was incorporated in November 2009, promoted by three businessmen, Mr. Sanjay Gupta, Mr. Zaheer Lokhandwala and Mr. Mohanlal Jatia, having equal stake in the company. All the three prompters have varied experience in various business activities like ship breaking, steel manufacturing and trading, textile etc. SSZ is engaged in trading of steel plates and coils. The promoters of the company are supported by a group of professional, who look after the day to day running of the business operations. The company has its registered office at Darukhana, Mumbai and a warehouse at Taloja, Maharashtra. SSZ reported a provisional profit after tax (PAT) of INR18.8 million on net sales of around INR1.59 billion for 2010-11 (refers to financial year, April 1 to March 31). ========= J A P A N ========= OLYMPUS CORP: E&Y's Probe into Firm's Accounting Audit Ongoing -------------------------------------------------------------- Bloomberg News reports that an Ernst & Young ShinNihon LLC committee said it's still investigating whether the audit of Olympus Corp.'s accounting was appropriate after the Japanese camera maker admitted hiding investment losses. The panel said in a statement that Olympus's purchase of Gyrus Group Plc has complicated links to the company's overall cover-up and will require more time to probe, according to Bloomberg. Bloomberg relates that ShinNihon, which signed off on Olympus's 2010 results, formed the committee this month to verify an internal investigation that earlier found nothing wrong in its audit of the endoscope maker. Olympus, reeling from a $1.7 billion accounting fraud, restated more than five years of past earnings on Dec. 14, wiping out 70% of its net assets, says Bloomberg. Bloomberg notes that Toshifumi Takada, a panel member and economics professor at Tohoku University in Miyagi, northern Japan, said Monday that Olympus's cover-up started "way before" ShinNihon took over the audit. "We're probing whether it was possible to point out issues" related to Gyrus before Olympus admitted to the 13-year cover-up, Mr. Takada, as cited by Bloomberg, said. According to the report, Olympus is also investigating about 70 executives to answer queries over losses and transactions for acquisitions, including $687 million in payments to advisers in the purchase of Gyrus in 2008 and stake writedowns in three other takeovers. In March 2010, $620 million was paid to buy back Gyrus preferred shares given to its advisers as part of fees. Minister Shozaburo Jimi said earlier this month that Japan's Financial Services Agency is looking into any role the auditors may have played in the Olympus cover-up, Bloomberg adds. Bloomberg says Nobuo Gohara, a lawyer and committee member, said the panel found the handover between KPMG Azsa LLC and ShinNihon didn't break any rules. KPMG Azsa, which signed off on Olympus's 2009 results after confronting the camera maker over accounting irregularities, and ShinNihon, failed to conduct an adequate handover, Olympus's investigation panel said earlier this month, Bloomberg adds. Securities Investment Scandal The Troubled Company Reporter-Asia Pacific reported on Nov. 9, 2011, that Block & Leviton LLP, a Boston-based law firm representing investors seeking to recover money lost due to investment fraud, said it is investigating possible securities fraud claims involving Olympus Corp. On Oct. 14, 2011, Olympus's Board of Directors fired the Company's then-President and Chief Executive Officer, Michael Woodford, after Mr. Woodford attempted to force an inquiry into Olympus's acquisition of British medical device maker Gyrus in 2008. At issue were the $687.0 million in advisory fees paid to a relatively obscure financial firm in relation to the acquisition. The fees were approximately one-third of the $2.0 billion acquisition price, which is almost 30 times higher than normal. On Nov. 8, 2011, the Company admitted to an accounting cover-up, stating that the advisory fees paid in connection with the Gyrus deal and other acquisitions were used to hide steep investment losses that began in approximately 1990. Speaking at a press conference, the Company's President, Shuichi Takayama, confessed that "[w]e have conducted extremely improper accounting" and that "[o]ur previous statements were in error." The Company's admission, released just prior to the opening of trading on the Tokyo Stock Exchange, where Olympus's common stock is traded, sent shares spiraling downward by 29% over the prior day's close to JPY734 (or $9.40). The Company's American Depository Receipts also plummeted on the news, losing 31% compared to the prior day's close of $13.72. Since mid-October when Mr. Woodward's allegations first surfaced, the Company's stock has lost approximately 70% of its market value. Amidst the growing accounting scandal that could be one of the largest in corporate history, the TSE has indicated that the Company's shares could be de-listed. In addition, the Japanese Securities and Exchange Surveillance Commission is said to be investigating along with the U.S. Federal Bureau of Investigation, and the U.S. Securities and Exchange Commission. About Olympus Corp. Based in Japan, Olympus Corporation (TYO:7733) -- http://www.olympus-global.com/-- manufactures and sells medical products, life and industrial products, imaging products, information communication products and other products. As of March 31, 2011, the Company has 188 subsidiaries and 11 associated companies. TOKYO ELECTRIC: Faces Possible Nationalization; Seeks Addt'l Fund ----------------------------------------------------------------- Bloomberg News reports that Trade and Industry Minister Yukio Edano told Tokyo Electric Power Co. President Toshio Nishizawa in Tokyo on Monday that the company needs to consider all options related to its survival, including the government taking temporary control of the utility. Bloomberg relates that the company on Monday requested JPY689.4 billion (US$8.8 billion) in additional aid to pay compensation linked to the Fukushima nuclear plant disaster. Mr. Edano countered with the option to nationalize the company, without saying if that would require an injection of public funds or some other means, according to Bloomberg. Bloomberg notes that the utility, which supplies power to Metropolitan Tokyo, the world's biggest city, needs support from the government's Nuclear Damage Liability Facilitation Fund to avoid insolvency. TEPCO may face JPY4.5 trillion in compensation payments by 2013 to those who lost livelihoods and homes in the March 11 disaster at its Fukushima Dai-Ichi atomic station, the report discloses. "I want you to consider all options including temporary government control of Tepco" as the company needs to improve its finances for compensation payments and raise funds for decommissioning, Mr. Edano told Mr. Nishizawa and officials of the government-backed fund at the meeting, Bloomberg relays. Accepting a government takeover "is an option to avoid the collapse of the company," Bloomberg quotes TEPCO spokesman Osamu Yokokura as saying when questioned before the meeting. "Options are still under discussion, nothing has been decided." According to Bloomberg, TEPCO revised its estimate for compensation payments for the disaster to JPY1.7 trillion by March 2013 from JPY1.01 trillion, it said in a statement on its Web site on Dec. 26, announcing its request for support. Mr. Nishizawa said he will draw up a business plan by the end of March based on Mr. Edano's order. He declined to comment further when asked by reporters if the company will accept falling under government control. The government's Nuclear Damage Liability Facilitation Fund will seek approval from Mr. Edano as early as next month to provide the support to TEPCO, said Soichi Yamamoto, an official at the body. About Tokyo Electric Tokyo Electric Power Company (TEPCO) is the largest electric power company in Japan and the largest privately owned electric utility in the world. TEPCO supplies electricity to meet the increasingly diversified and sophisticated demands of its over 28.09 million customers in the metropolitan Tokyo, which is the political, economic, and cultural center of Japan, and eight surrounding prefectures. Bloomberg News said the utility is battling radiation leaks at the Fukushima Dai-Ichi power plant north of Tokyo after a March 11 earthquake and tsunami knocked out its cooling systems, causing the biggest atomic accident in 25 years. More than 50,000 households were forced to evacuate and Bank of America Corp.'s Merrill Lynch estimates TEPCO may face compensation claims of as much as JPY11 trillion (US$135 billion). As reported in the Troubled Company Reporter-Asia Pacific on Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo Electric Power Co. The ratings confirmed include its senior secured rating of Ba2, long-term issuer rating of B1, and Corporate Family Rating of Ba3. The ratings outlook is negative. ==================== N E W Z E A L A N D ==================== ALADDINS MOTOR: Ordered to Pay Rent or Face Liquidation ------------------------------------------------------- Manawatu Standard reports that the former operators of Aladdins Motor Inn have been ordered to pay rent to the property owner, or face liquidation. Manawatu Standard relates that Aladdins Motor is closed and now the High Court has ordered the company of the same name to pay NZ$20,801 to Bowcorp Holdings. Earlier this year, Bowcorp issued a statutory demand for the rent, but Aladdins applied to the court to set this aside while several disputes were sorted, the report recalls. However, after a hearing in Palmerston North, Associate Judge David Gendall has ruled the statutory demand must be met, Manawatu Standard relates. The report notes that should the money not change hands, the judge said Bowcorp could apply to wind Aladdins up. At a court hearing this month, both parties said they had agreed to attend arbitration next year, report Manawatu Standard. Aladdins asked for the statutory demand to be sorted there, but Bowcorp's lawyer, David Sheppard, successfully sought a court resolution, the report notes. The motel ceased trading in October, Manawatu Standard reports. Aladdins Motor Inn is a Palmerston North-based motor lodge. ================= S I N G A P O R E ================= AED SERVICES: Creditors' Proofs of Debt Due Jan. 6 -------------------------------------------------- Creditors of Aed Services Pte Ltd, which is in under judicial management, are required to file their proofs of debt by Jan. 6, 2012, to be included in the company's dividend distribution. The company's liquidator is: Yit Chee Wah c/o FTI Consulting (Singapore) Pte Ltd 8 Shenton Way, #17-02A Singapore 068811 SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due Jan. 6 --------------------------------------------------------- Creditors of Singamip Enterprise Private Limited, which is in court winding up, are required to file their proofs of debt by Jan. 6, 2012, to be included in the company's dividend distribution. The company's liquidator is: Sim Guan Seng C/o Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 STAMFLES REMOTE: Creditors' Proofs of Debt Due Jan. 13 ------------------------------------------------------ Creditors of Stamfles Remote Site Services Pte Ltd, which is in liquidation, are required to file their proofs of debt by Jan. 13, 2012, to be included in the company's dividend distribution. The company's liquidator is: Goh Ngiap Suan c/o Goh Ngiap Suan & Co 336 Smith Street #06-308 New Bridge Centre Singapore 050336 ********* 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., Frederick, Maryland, USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300. *** End of Transmission ***