/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120127.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 Friday, January 27, 2012, Vol. 15, No. 20 Headlines C H I N A CDC CORP: U.S. Trustee Appeals Denial of Chapter 11 Trustee H O N G K O N G AMAX WORLD: Court Enters Wind-Up Order AMPLE INDUSTRIES: Court Enters Wind-Up Order ART TECH: Court Enters Wind-Up Order AVENUE OF STAR: Court to Hear Wind-Up Petition on Feb. 15 BEST GROUP: Court Enters Wind-Up Order CHINA STAR: Court to Hear Wind-Up Petition on Feb. 8 CHI SUN: Court Enters Wind-Up Order CHUN KONG: Court Enters Wind-Up Order GERMANY DULEY: Court to Hear Wind-Up Petition on Feb. 29 GRAND CHINA: Court to Hear Wind-Up Petition on Feb. 15 GRAND CHINA LOGISTICS: Court to Hear Wind-Up Petition on Feb. 15 HEALTH & CARE: Court to Hear Wind-Up Petition on Feb. 15 HK SYNTRANS: First Meetings Slated for Feb. 10 HONOUR SINO: Court Enters Wind-Up Order K VISION: First Meetings Slated for Feb. 23 KAI SHUN: Court to Hear Wind-Up Petition on March 14 KIN TAI: Court Enters Wind-Up Order LUEN FAI: Court Enters Wind-Up Order MEGO TOYS: Court Enters Wind-Up Order ZFIC LIMITED: Members' Final General Meeting Set for Feb. 28 I N D I A AIR INDIA: India Rules Out SLR Status for AI Loans A POWER: ICRA Assigns '[ICRA]B' Rating to INR17.6cr Loan GENESIS FINANCE: ICRA Reaffirms 'BB' Rating on INR35cr Credit JHS SVENDGAARD: ICRA Cuts Rating on INR44.04cr Loan to '[ICRA]B' MAILAM SUBRAMANIYA: ICRA Puts 'BB' Rating on INR10.36cr Loan MANJEERA RETAIL: Fitch Puts National Long-Term Rating at 'B' RADHIKA INFRAESTATE: ICRA Suspends '[ICRA]BB-' Bank Lines Rating SAHIBZADA TIMBER: ICRA Places '[ICRA]B+' Rating on INR12.5cr Loan TIRUPATI IRON: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan VIJAY TRANSTECH: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan YATHANSH COMMERCIAL: ICRA Puts '[ICRA]BB-' Rating to INR8cr Loan J A P A N * JAPAN: Posts First Annual Trade Deficit Since 1980 N E W Z E A L A N D BAY FLIGHT: Helipro Buys Flight School; To Reopen Next Month CRAFAR FARMS: Fay Group Welcomes Out of Court Deals ROCKFORTE FINANCE: SFO Lays 92 Criminal Charges vs Three Execs S R I L A N K A VALLIBEL FINANCE: Fitch Affirms National LT Rating at 'BB-' X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ========= C H I N A ========= CDC CORP: U.S. Trustee Appeals Denial of Chapter 11 Trustee ----------------------------------------------------------- Bill Rochelle, the bankruptcy columnist for Bloomberg News, reports that even though CDC Corp. turned virtually all corporate authority over to a chief restructuring officer, the U.S. Trustee in Atlanta wasn't satisfied. This week, the bankruptcy watchdog for the Justice Department filed an appeal from the order of the bankruptcy court authorizing the chief restructuring officer's appointment in lieu of a Chapter 11 trustee. Mr. Rochelle recounts that CDC was confronted in December with motions by a creditor and the U.S. Trustee for appointment of a Chapter 11 trustee. To fend off the effort, CDC agreed with everyone aside from the U.S. Trustee in late December on the selection of a chief restructuring officer to exercise almost all the powers that would vest in a Chapter 11 trustee, along with those that otherwise would remain with the board and corporate officers. The judge also ruled that CDC's exclusive right to file a Chapter 11 plan will end on Jan. 31, at the latest. According to Mr. Rochelle, the U.S. Trustee nonetheless filed an appeal, contending it was improper on the facts not to impose a Chapter 11 trustee. About CDC Corp Based in Atlanta, CDC Corp. (Nasdaq: CHINA) -- http://www.cdccorporation.net/-- is the parent company of CDC Software (Nasdaq: CDCS). CDC Software is based dually in Shanghai, China, and Atlanta and produces enterprise software applications, IT consulting services, outsourced applications development and IT staffing. The company's owners include Asia Pacific Online Ltd., Xinhua News Agency and Evolution Capital Management. CDC Corporation, doing business as Chinadotcom, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011. James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA, in Atlanta, Georgia, serves as counsel. Moelis & Company LLC serves as its financial advisor and investment banker. Marcus A. Watson at Finley Colmer and Company serves as chief restructuring officer. The Debtor estimated assets and debts at $100 million to $500 million as of the Chapter 11 filing. ================ H O N G K O N G ================ AMAX WORLD: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Oct. 20, 2011, to wind up the operations of Amax World Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong AMPLE INDUSTRIES: Court Enters Wind-Up Order -------------------------------------------- The High Court of Hong Kong entered an order on Jan. 11, 2012, to wind up the operations of Ample Industries Company Limited. The official receiver is Teresa S W Wong. ART TECH: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order on Jan. 3, 2012, to wind up the operations of Art Tech Holdings Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong AVENUE OF STAR: Court to Hear Wind-Up Petition on Feb. 15 --------------------------------------------------------- A petition to wind up the operations of Avenue of Star Entertainment & Production Limited will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. Au Wai Tat Rocky filed the petition against the company Dec. 14, 2011. BEST GROUP: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Aug. 22, 2011, to wind up the operations of Best Group International Limited. The company's liquidators are: Ng Kwok Wai Lui Chi Kit Unit A, 14/F, JCG Building 16 Mongkok Road Mongkok, Kowloon Hong Kong CHINA STAR: Court to Hear Wind-Up Petition on Feb. 8 ---------------------------------------------------- A petition to wind up the operations of China Star Enterprise Hong Kong Limited will be heard before the High Court of Hong Kong on Feb. 8, 2012, at 9:30 a.m. Hung Wing San Tony filed the petition against the company Oct. 28, 2011. The Petitioner's solicitors are: Stephen Mok & Co. 21/F, Gloucester Tower The Landmark 15 Queen's Road Central, Hong Kong CHI SUN: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order on Sept. 19, 2011, to wind up the operations of Chi Sun Kong Lung Logistics Company Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong CHUN KONG: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Aug. 18, 2011, to wind up the operations of Chun Kong Chemicals & Plastics Co Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong GERMANY DULEY: Court to Hear Wind-Up Petition on Feb. 29 -------------------------------------------------------- A petition to wind up the operations of Germany Duley Holding Limited will be heard before the High Court of Hong Kong on Feb. 29, 2012, at 9:30 a.m. Semikron International GmbH filed the petition against the company Dec. 19, 2011. The Petitioner's solicitors are: Yu & Partners 18/F., Golden Centre 188 Des Voeux Road Central, Hong Kong GRAND CHINA: Court to Hear Wind-Up Petition on Feb. 15 ------------------------------------------------------ A petition to wind up the operations of Grand China Shipping (Hong Kong) Co Ltd will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. Galsworthy Limited filed the petition against the company Dec. 12, 2011. The Petitioner's solicitors are: Reed Smith Richards Butler 20th Floor, Alexandra House 18 Chater Road Central, Hong Kong GRAND CHINA LOGISTICS: Court to Hear Wind-Up Petition on Feb. 15 ---------------------------------------------------------------- A petition to wind up the operations of Grand China Logistics Holding (Group) Co Ltd will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. Galsworthy Limited filed the petition against the company Dec. 12, 2011. The Petitioner's solicitors are: Reed Smith Richards Butler 20th Floor, Alexandra House 18 Chater Road Central, Hong Kong HEALTH & CARE: Court to Hear Wind-Up Petition on Feb. 15 -------------------------------------------------------- A petition to wind up the operations of Health & Care Group Limited will be heard before the High Court of Hong Kong on Feb. 15, 2012, at 9:30 a.m. The Petitioner's solicitors are: Au & Associates Room 801, 8th Floor Fee Tat Commercial Centre No. 613 Nathan Road Mongkok, Kowloon Hong Kong HK SYNTRANS: First Meetings Slated for Feb. 10 ---------------------------------------------- Creditors and contributories of Hong Kong Syntrans International Logistics Company Limited will hold their first meetings on Feb. 10, 2012, at 2:30 p.m., and 3:30 p.m., respectively at the Official Receiver's Office, 10th Floor, Queensway Government Offices, at 66 Queensway, in Hong Kong. At the meeting, Teresa S W Wong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HONOUR SINO: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on Nov. 22, 2011, to wind up the operations of Honour Sino Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong K VISION: First Meetings Slated for Feb. 23 ------------------------------------------- Creditors and contributories of K Vision International Investment (H.K.) Limited will hold their first meetings on Feb. 23, 2012, at 2:30 p.m., and 4:00 p.m., respectively at 35th Floor, One Pacific Place, at 88 Queensway, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming Edmund, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. KAI SHUN: Court to Hear Wind-Up Petition on March 14 ---------------------------------------------------- A petition to wind up the operations of Kai Shun (Oriental) Company limited will be heard before the High Court of Hong Kong on March 14, 2012, at 9:30 a.m. Wong Yu Kai filed the petition against the company Jan. 5, 2012. The Petitioner's solicitors are: Yip, Tse & Tang Units C-E, 20th Floor China Overseas Building No. 139 Hennessy Road Wanchai, Hong Kong KIN TAI: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order on Jan. 11, 2012, to wind up the operations of Kin Tai Printing Company Limited. The official receiver is Teresa S W Wong. LUEN FAI: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order on Oct. 18, 2011, to wind up the operations of Luen Fai Textile Holdings Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Room 1702, 17/F Asian House, 1 Hennessy Road Wanchai, Hong Kong MEGO TOYS: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Aug. 22, 2011, to wind up the operations of Mego Toys Industrial Company Limited. The company's liquidators are: Ng Kwok Wai Lui Chi Kit Unit A, 14/F, JCG Building 16 Mongkok Road Mongkok, Kowloon Hong Kong ZFIC LIMITED: Members' Final General Meeting Set for Feb. 28 ------------------------------------------------------------ Members of ZFIC Limited will hold their final general meeting on Feb. 28, 2012, at 11:00 a.m., at Rm 2002, 20/F, Multifield Centre, at 426 Shanghai Street, Kowloon, in Hong Kong. At the meeting, Lam King Lin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AIR INDIA: India Rules Out SLR Status for AI Loans -------------------------------------------------- The Economic Times reports that the Reserve Bank of India ruled out statutory liquidity ratio status for loans to Air India, crippling efforts to revive the debt-laden national carrier. The central bank said it will convene a meeting of bankers in two weeks to work out a bail-out policy for companies that are on the verge of default, the report says. RBI Governor D Subbarao on Tuesday said the central bank will not be comfortable treating loans to Air India as SLR, according to ET. According to the report, Mr. Subbarao said deputy governors KC Chakrabarty and Anand Sinha will convene a meeting with 10 large banks to analyze the situation of non-performing assets. "They will see what measures have to be taken by the banks, if any, by the Reserve Bank, by central government, by the state government to ensure that the profitability and viability of the banking system is intact as it is now," the report quotes Mr. Subbarao as saying. The central bank does not see any sector specific concern though there are fears that NPAs in segments like power, telecom, discom would go up, the report notes. About Air India Air India Ltd -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout the world. Affiliate Air India Express operates as a low-fare carrier, mainly between India and destinations in the Middle East, and Air India Cargo provides freight transportation. The government of India has merged Air India with another state- controlled carrier, Indian Airlines, which has focused on domestic routes. The combined airline, part of a new holding company called National Aviation Company of India, uses the Air India brand. The new Air India and its affiliates have a fleet of more than 110 aircraft altogether. * * * The Troubled Company Reporter-Asia Pacific, citing the Hindustan Times, reported on June 19, 2009, that Air India has been bleeding cash due to excess capacity, lower yield, a drop in passenger numbers, an increase in fuel prices and the effects of the global slowdown. The carrier incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air India is estimated to have lost INR54 billion in the fiscal year ended March 31, 2010, according to The Wall Street Journal. A POWER: ICRA Assigns '[ICRA]B' Rating to INR17.6cr Loan -------------------------------------------------------- ICRA has assigned '[ICRA]B' Long Term rating to the Rs17.60 crore fund based bank limits of A Power Himalayas Limited. The assigned ratings are constrained by the small scale of operations and the relatively low plant load factor (PLF) of the small hydroelectric plants (SHPs) operated by the company in FY2010 and FY2011 which has in turn resulted in relatively modest income, profits and cash flows in the company. The ratings are also constrained by the exposure of the company, as an equity investor, to substantial project execution risks in group companies which are implementing hydroelectric projects. Commissioning of some of these plants which are being implemented by the subsidiaries have been significantly delayed by up to 12 months (on account of various factors including delays in permits and infrastructural constraints at site) including in its group company Regency Gangani Energy Private Limited (rated [ICRA]B- December 2010). Being a small scale independent power producer, the company's returns and liquidity would be highly susceptible to risks of cost and time overruns in the projects where it has invested capital, which are exacerbated by the fact that the same has been funded mainly through debt. The ratings are however supported by the long track record of the promoters in power sector and their diversified interests which include a portfolio spanning over ferro alloys, and tourism in addition to SHP projects. The company has built up a strong in- house execution capabilities. ICRA also draws comfort from the off-take prospects of SHP projects owing to the current supply- demand gap in power sector. Going forward, the company's ability to execute the current projects on time, maintaining control over the project costs, and being able to generate timely revenues to meet its debt obligations would remain key rating sensitivities. About A. Power Himalayas M/s A. Power Himalayas Limited is an independent power producer (IPP), promoted by Regency Group which has to develop and operate SHP projects in Himachal Pradesh. APHL is current operating a 1.5 MW SHP in Solang of Himachal Pradesh. It is also implementing a 2.25 MW SHP project on Beas River in Himachal Pradesh under APHL. Regency Group has diverse interests including into tourism and metal alloys and is currently implementing a number of other SHP projects where APHL also holds some equity stake. Recent Results: The company has reported a revenue of INR1.14 crore operating income for FY 2011 and a net profit of INR0.36 crore for FY 2011, against an operating income of INR1.12 crore and net profit for INR0.63 crore for FY 2010. It has witnessed a PLF of 34% and 35% respectively in FY 2010 and FY 2011 on account of repair work and capacity enhancement undertaken in the years. GENESIS FINANCE: ICRA Reaffirms 'BB' Rating on INR35cr Credit ------------------------------------------------------------- ICRA has reaffirmed the rating of '[ICRA]BB' on the INR35 crore Long Term fund based limits of Genesis Finance Company Limited. The outlook on the long term rating of the company has been revised to 'Stable' from 'Positive'. The rating factors in the company's track record of operating in the loan against property segment, albeit at a small scale and its promoters close involvement in the operations of the company, which has facilitated good asset quality and adequate capitalization, through regular equity infusions. ICRA's rating however remains constrained on account of the company's small and regional scale of operations, its relatively high level of concentration of its portfolio and constrained financial flexibility with external funding only from a single bank, at fairly high rates. Nevertheless regular capital infusions by the promoter have facilitated the company to grow in the past. The rating also factors in the company's continued constrained reported profitability (PAT/ Avg. Total Assets of 1.27% and Return on Net worth of 2.94% as on March 31, 2011) and its higher level of portfolio concentration with the top 10 exposures accounting for 55% of total advances as on Jun-11. The revision in the rating outlook to 'stable' from 'positive' follows the company's inability to improve its reported profitability, the weakening of operating environment and the relatively large size lending of the company; although the adequate level of capitalization, does provide some buffer against risks associated with a concentrated portfolio. At the same time, lack of regulatory norms applicable to non deposit accepting NBFC's (with asset base of under INR100 crore) could expose the company to higher risks, although GFCL has a policy to follow concentration norms applicable to Systemically Important NBFCs and is likely to maintain an adequate capital structure. Furthermore portfolio growth of the company was robust during FY 2011 and is expected to remain healthy going forward. Ability of the company to ensure a strict control over its operations and asset quality as it expands its scale would remain an important rating consideration going forward. About Genesis Finance Genesis Finance Company Limited is a Delhi based Non-Deposit Accepting NBFC and started its operations in 1986. The company operates in the Delhi region and primarily extends loans to small/mid size corporates and traders backed by mortgage on property. As on Jun-11 the promoters are have 55.22% stake in the company while remaining is with various group companies and promoters' friends/relatives. As per audited results for the year ended March 31, 2011, GFCL reported a PAT of Rs.0.58 crore on an asset base of INR56.77 crore. During FY 2011 the loan portfolio of the company registered a y-o-y growth of 61% to INR55.30 crore as on Mar-11. As on September 30, 2011 the book size of the company was INR49.47 crore. Based on provisional results for the half year ended September 30, 2011 the company reported a PAT of INR0.57 crore against a PAT of INR0.25 crore during the corresponding period in the previous financial year. JHS SVENDGAARD: ICRA Cuts Rating on INR44.04cr Loan to '[ICRA]B' ---------------------------------------------------------------- ICRA has revised the long term rating for INR44.04 crore fund based limits of JHS Svendgaard Laboratories Limited to '[ICRA]B' from '[ICRA]BBB-'. ICRA has also revised the short term rating for INR3.10 crore non-fund based bank limits of JHSSLL to '[ICRA]A4' from '[ICRA]A3'. The revision in rating takes into account weakening in the profitability indicators of the company following an increase in input costs and increased proportion of sales from trading activities in total revenues of the company. Weakening profitability indicators also resulted in stretched liquidity as reflected by overdrawls in working capital limits to fund growth in its order book. Further the ratings are constrained by highly competitive nature of the industry which exerts pressure on company's margins, its high working capital intensity on account of high debtors' days & high inventory days and high volatility in JHSSLL's profitability due to raw material price fluctuations. The ratings also take into consideration the risk of adverse movement in foreign exchange rates to the extent exposure remains unhedged, however the exposure is expected to be low. However, ICRA has also noted the continued association of the group with P&G Home Products Limited, entry of new reputed customers and the proposed amalgamation of group entities into JHSSLL. Further ICRA continues to derive comfort from JHSSLL's experienced management, its reputed client profile and income and excise tax benefits available to its plant in Himachal Pradesh till FY2020. JHS Svendgaard Laboratories Limited was promoted in October 2004 by Mr. Nikhil Nanda to carry out the business of manufacturing and trading of oral hygiene products. The company started its commercial activities by taking over the businesses of three proprietary concerns on a going concern basis namely M/s Sunehari Svendgaard Laboratories, M/s Sunehari Oral Care and M/s Jai Hanuman Exports with effect from April 1, 2005. These three proprietary concerns were earlier run by the family of Mr. Nikhil Nanda. JHSSLL is a dental and oral health care products manufacturing company manufacturing a variety of dental and oral care products. JHSSLL undertakes contract manufacturing for various national and global brands. The company has also developed its own brands however the sales under its own brands are limited. Recent Results: The company reported an operating income of INR21.67 crore and net loss of 3.61 crore for quarter ending Sept. 30, 2011. On a consolidated basis the company reported an operating income of INR32.14 crore and net loss of INR1.09 crore for the quarter ending Sept. 30, 2011. MAILAM SUBRAMANIYA: ICRA Puts 'BB' Rating on INR10.36cr Loan ------------------------------------------------------------ ICRA has assigned a long term rating of '[ICRA]BB' to the INR10.36 crore term loans and INR0.64 crore fund based facilities of Mailam Subramaniya Swamy Educational Trust. The rating carries stable outlook. The rating considers the experience of the promoters in the education sector, healthy enrollment levels in the Trust run institute due to favorable reputation in the region and healthy financial profile of the trust characterized by strong margin and comfortable capital structure. The rating also takes note of the increase in intake capacity in the trust run institute which could result in revenue growth in the medium term. ICRA takes note of high competition in education sector in Tamilnadu and resultant pressure to retain and attract quality faculty and increase placements (which is moderate at present for the institute under Mailam trust). The trust has also indicated possible infrastructure expansion in the future which although not finalized yet, could stretch the capital structure if debt funded. ICRA also takes note of issues of limited accounting disclosures for an educational trust and instances of transfer of funds between Mailam Trust and other group entities. About Mailam Subramainya Mailam Subramainya Swamy Educational Trust was established in 1996 by Mr. N. Kesavan who is the founder chairman. The Trust established - Mailam Engineering College in 1998 in Mailam in Villupuram district in Tamil Nadu. The College is approved by AICTE and affiliated to Anna University, Chennai. It provides both under-graduate and post-graduate courses in engineering and management. Over the years the Institute has increased its intake capacity and also introduced new courses. The institute currently has -2,900 students. Mr. N. Kesavan also founded Sri Manakula Vinayaga Educational Trust in 1996 and currently operates five institutes including an engineering and medical college in the Union Territory of Pondicherry. Recent Results: Mailam trust has reported profit after tax (PAT) of INR3.7 crore on an operating income (OI) of INR12.6 crore in fiscal 2010-11 compared to PAT of INR3.7 crore on an OI of INR10.4 crore in fiscal 2009-10. MANJEERA RETAIL: Fitch Puts National Long-Term Rating at 'B' ------------------------------------------------------------ Fitch Ratings has assigned India's Manjeera Retail Holdings Private Limited (MRHPL) a National Long-Term rating of 'Fitch B(ind)'. The Outlook is Stable. Fitch has also assigned MRHPL's INR2,500m long-loans a 'Fitch B(ind)' rating. The ratings are constrained by the large scale of MRHPL's project: development of 3.05 million sq.ft. of space relative to the 1.7 million sq.ft. developed by its parent (Manjeera Constructions Limited, a 51% stake) over the past two decades. Further, the existing supply of residential and commercial space in the project location may exert downward pressure on the company's sales and realizations. While only 33% of the flats remain unsold, 57% of the commercial and retail space in S3 and 94% of the commercial space in S2 remain unsold as of October 2011. The ratings, however, draw comfort from MRHPL's flexibility to stagger construction of its S2 commercial building. The ratings are also supported by a corporate guarantee for the project debt extended by the parent and the expected financial support from the parent and MRHPL's founders, if required. Positive rating guidelines include sale of commercial space as projected and corresponding realisation of cash. Negative rating guidelines include any major time or cost overruns in the project and a shortfall in cash flows due to slowing down of sales. Any reduction in expected support from the group may also lead to a ratings downgrade. MRHPL is developing 880,000 sq.ft. of commercial space and a 425,000 sq.ft. mall in Site S2 and 100,000 sq.ft. of retail space, 225,000 sq.ft. of commercial space and 250 residential flats in Site S3 through a joint development agreement with Andhra Pradesh Housing Board in Kukatpally, Hyderabad. A private equity investor -- Trinity Capital -- holds 49% of MRHPL. RADHIKA INFRAESTATE: ICRA Suspends '[ICRA]BB-' Bank Lines Rating ---------------------------------------------------------------- ICRA has suspended '[ICRA]BB-' rating assigned to the INR20 crore bank lines of Radhika Infraestate Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. According to its suspension policy, ICRA may suspend any rating outstanding if in its opinion there is insufficient information to assess such rating during the surveillance exercise. ICRA will withdraw the rating in case it remains under suspension for a period of three years Radhika Infraestate Global Private Limited, established in 2009, is the promoter of Radhika's Maple Tree, a 636-flat integrated township in Bhopal. This is the first and only real estate project of the company as of now. The INR99.2 crore project, situated on Airport road, is scheduled to be completed by FY15. The project would largely be funded through customer advances. SAHIBZADA TIMBER: ICRA Places '[ICRA]B+' Rating on INR12.5cr Loan ----------------------------------------------------------------- ICRA has assigned '[ICRA]B+' Long Term rating to the INR12.50 crore fund based bank limits of Sahibzada Timber & Ply. The rating action takes into account small scale of operations which restrict the economies of scale, high competitive pressures due to low entry barriers, and the risks associated with the availability of timber, which to an extent is dependent on the trade regulations prevailing in the supplying market. The rating is also tempered by the high working capital intensity and low profitability with the margins remaining susceptible to adverse movements in the timber prices and fluctuation in exchange rates. The rating is however supported by significant experience of the promoters in the timber trading business and firm's established relationship with its suppliers. The rating also factors in the strong growth in operating income reported by the company over the past 4 years (CAGR of 19%). Further, current focus by government on infrastructure development augurs well for the prospects of the timber industry going forward. In the near to medium term, while the revenue growth is expected to be dependent on the sustained demand, the coverage indicators are expected to remain stretched on account of working capital requirements if the company fails to achieve control on the inventory holding. Overall, the firm's ability to improve the cash flows would be critical in improving its credit profile. About Sahibzada Timber Sahibzada Timber & Ply is a proprietorship concern which started in 1992. The company sells cut hardwood logs imported from various countries like Malaysia, Ghana, Nigeria and New Zealand, along with domestic varieties. The product profile also includes varieties of veneer and sun mica. The customers, comprising of retailer and builders are present across Delhi, Punjab and Haryana. The company is among the larger traders of timber in Chandigarh Recent Results: The company has reported an operating income of INR21.45 crore in FY 2011 as against INR14.83 crore in FY 2010. TIRUPATI IRON: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan ------------------------------------------------------------ ICRA has assigned an '[ICRA]B+' rating to the Rs.3.00 Crore fund based facilities of Tirupati Iron Impex Private Limited. ICRA has also assigned an '[ICRA]A4' rating to the Rs.7.00 Crore non fund based facilities of TIIPL. The assigned rating takes into account TIIPL's stretched liquidity position, low profitability margins given its trading nature of business and presence of intense competition due to low entry barriers. The assigned rating also factors in the susceptibility of margins to volatility in steel prices given the inherent cyclicality in steel demand due to its linkage with infrastructure sector. ICRA, however, positively considers the experience of the promoters in the steel trading business and its recognition as MSEDCL approved vendor since 2009. About Tirupati Iron Incorporated in 2005, Tirupati Iron Impex Pvt Ltd is engaged in trading of Beams/RSJ, channels, TMT, MS pipes, flat steel and other steel allied products in domestic market. The company supplies steel material in both bulk as well as small quantities. Mr.Pradeep Kumar Jain, Mr. Manoj Kumar Gupta, Mr. Vikas Jain and Mr. Shyam Sunder Gupta are involved in the management of the company. The company's head office is located in Mumbai and products are primarily dispatched from Raipur. Recent Results: TIIPL recorded a net profit of INR1.21crore on an operating income of INR107.07crore for the year ending March 31, 2011. VIJAY TRANSTECH: ICRA Assigns '[ICRA]B+' Rating to INR3cr Loan -------------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B+' rating to INR3.00 crore fund based facilities and a short-term rating of '[ICRA]A4' rating to INR3.00 Crore* non fund based facilities of Vijay Transtech Pvt. Ltd. The ratings reflects VTPL's small scale of operations, sluggish growth in revenues since last three fiscals and stretched liquidity position arising from slow debtor realizations. The ratings also reflect VTPL's adverse financial profile characterized by weak debt servicing indicators and thin profitability. The rating however favorably factors in, the promoters' established experience in the building management systems and fire & security industry along with established business relationships and tie-ups with its distributors. About Vijay Transtech Vijay Transtech Pvt. Ltd. was incorporated as a private limited company in 2005. VTPL is engaged in field of integrated building management system and export of electronic and mechanical modules. The company has its registered office in Mumbai. VTPL's is a part of Vijay Group headquartered in Mumbai and has over five decades of experience in providing safety, security and automation systems. VTPL recorded a net profit of INR0.18 Crores on an operating income of INR11.71 Crores for the year ending March 31, 2011. Recent Results: VTPL recorded a loss of INR0.15 Crore on an operating income of INR3.31 Crore as on 30th November 2011 as per provisional figures. YATHANSH COMMERCIAL: ICRA Puts '[ICRA]BB-' Rating to INR8cr Loan ---------------------------------------------------------------- ICRA has assigned an '[ICRA]BB-' rating to the INR8.00 crore cash credit and INR5.00 crore bill discounting facilities of Yathansh Commercial Limited. The outlook on the long term rating is stable. ICRA has also assigned an '[ICRA]A4' rating to the INR2.00 crore non fund based bank limits of YCL. The ratings take into account the experience of YCL's promoters in steel trading which has enabled the company to grow its turnover significantly in recent years, low raw material price risk as a majority of the purchases are made against confirmed orders and a favourable demand outlook for steel products in the medium to long term, which provides growth opportunities to YCL. The ratings factor in YCL's relatively small scale of current operations, its weak financial profile characterized by low net profitability, cash accruals and depressed coverage indicators, and high working capital intensity of the business which exerts pressure on the liquidity position of the company. The ratings also consider the intense competition in the trading business which keeps the company's overall profitability at low levels and its exposure to counterparty risks, although moderated to an extent by the established relationships with clients. About Yathansh Commercial Incorporated in 1983, Yathansh Commercial Limited was initially involved in procuring and selling of various steel products for other companies on a commission basis. In 2002 the company shifted to trading in various steel products in the domestic market. Currently YCL trades in various steel products like angles, channels, sheets, TMT bars etc. The company is promoted by Mr. Ajay Jain, Mr. Manish Jain and Mr. Prakash Chandra Agarwal. The company has one rented warehouse in Howrah. Recent Results: The company has reported a net profit of INR0.42 crore on an operating income of INR93.27 crore during 2010-11 as compared to a net profit of INR0.25 crore on an operating income of INR78.11 crore during 2009-10. ========= J A P A N ========= * JAPAN: Posts First Annual Trade Deficit Since 1980 ---------------------------------------------------- Eric Talmadge at the Associated Press reports that the devastating March tsunami and shift of manufacturing overseas plunged Japan's trade account into the red for the first time since 1980. Experts said the years of Japan running massive trade surpluses are likely over, the AP reports. Citing figures released Wednesday by the Ministry of Finance, the news agency relates that the JPY2.49 trillion (US$32 billion) deficit for 2011 reflected a surge in energy imports to cover shortfalls caused by the disaster and a 2.7% decline in the value of Japan's exports to JPY65.55 trillion (US$843 billion). Manufacturers have moved some production overseas to avoid the damage inflicted by the strong yen, a trend that has accelerated in recent years, the AP notes. Some economists said the trade balance will be in the black again within two years, but the era of very large surpluses that allowed Japan to build a huge pile of foreign reserves has ended, according to the news agency. "It reflects fundamental changes in Japan's economy, particularly among manufacturers," the AP quotes Hideki Matsumura, senior economist at Japan Research Institute, as saying. "Japan is losing its competitiveness to produce domestically." "It's gotten difficult for manufacturers to export, so they're they've moved production abroad so that products sold outside the country are made outside the country," Mr. Matsumura, as cited by the AP, said. The report states that the yen's surge to record levels against the dollar and euro has made Japanese exports more expensive and also erodes the value of foreign earned income when brought home. Recently, the AP relates, manufacturers such as Nissan Motor Co. and Panasonic Corp. have shifted some of their output to factories abroad. At the same time, Japan is facing intense competition from South Korea, Taiwan and Singapore, where labor and production costs are cheaper, the report says. According to the AP, Japanese manufacturers have been battered by a host of negatives in the past year. The tsunami, says AP, temporarily disrupted the production of automobile makers and other manufacturers. Weakness in the U.S. economy and Europe's debt problems and recent flooding in Thailand, where many Japanese automakers have assembly lines, also contributed to export declines, the AP adds. Another major factor behind the deficit was the impact of the expensive energy imports Japan turned to after the March disaster touched off a nuclear crisis and led the country to shut down, or not restart, a large portion of its reactors, Martin Schulz, senior economist with the Fujitsu Research Institute, told AP. Mr. Schulz, as cited by the news agency, said pressure to import energy will continue to weigh heavily on Japan for the next year, but will subside as the country pursues greater efficiency measures. According to the report, Mr. Matsumura believes that Japan will likely log another trade deficit this year amid prospects for high energy prices and a persistently strong yen, but that renewed strength in the global and Asian regional economies could put Japan back into the black in 2013. ==================== N E W Z E A L A N D ==================== BAY FLIGHT: Helipro Buys Flight School; To Reopen Next Month ------------------------------------------------------------ Phillipa Yalden at The SunLive reports that Tauranga's Bay Flight school will re-open its doors in February under the new name Bay Flight 2012 after being purchased by Palmerston North based company Helipro. Staff and members of the operations team are back on site at the flight school on Jean Batten Drive after the sale to Helipro was finalised last Friday, the report says. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 16, 2012, The SunLive said Bay Flight Aviation Limited, was placed in liquidation. Tauranga-based RHB Chartered Accountants was appointed the liquidator on December 22. Phil Hooker started the training institution in Tauranga in 1996, owning it for 14 years before selling the business to Palmerston North resident Steve Rowe 18 months ago, according to The SunLive. The business employs about 20 staff, and has 11 planes in its fleet, including two Cessna aircraft, a Piper Cherokee, Piper Seneca and Tecnam P2006T, The SunLive disclosed. CRAFAR FARMS: Fay Group Welcomes Out of Court Deals --------------------------------------------------- Andrea Fox at Fairfax NZ News reports that aspiring Crafar farms bidder Sir Michael Fay has welcomed out-of-court deals between his farming consortium's lawyers, government ministers and favoured Chinese bidder Shanghai Pengxin, which will delay the closing of any purchase deal for at least a week. According to the report, Mr. Fay said the breathing space would give the farmer group time to digest Pengxin's application to the Overseas Investment Office and the Government's final decision on the matter, expected Jan. 26 or Jan. 27. Fairfax NZ relates that Mr. Fay said his group would be back in the High Court next week regardless, pursuing its case for a judicial review of proceedings leading up to any OIO or government agreement to sell the farms to Pengxin. Those proceedings were started in the High Court at Wellington on Jan. 24, the report relates. The report notes that Bell Gully lawyer David Cooper for Mr. Fay's group said the consortium had been given a copy of Pengxin's application to the OIO for consent to buy the 16 in-receivership Crafar farms. Ministers had also agreed to give the group a copy of the OIO's recommendation on the bid as soon as ministers made a decision on the application, which Mr. Cooper expected Thursday or today, Fairfax NZ adds. According to Fairfax NZ, Pengxin had agreed not to settle any contract with the receivers until Friday next week, leaving Mr. Fay's group time to challenge the proposed sale. About Crafar Farms Crafar Farms, New Zealand's largest family owned dairy business, runs about 20,000 milking cows, and carries about 10,000 of other stock. The company employed 200 staff. Crafar Farms was placed in receivership in October 2009, by its lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson Finance. The banks, owed around NZ$200 million, put KordaMentha partners Michael Stiassny and Brendon Gibson in as receivers after Crafar Farms breached covenants on its loans. The latest report on the four Crafar companies in receivership -- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said their bank debt in October was NZ$256 million, according to BusinessDay.co.nz. As reported in the Troubled Company Reporter-Asia Pacific on April 27, 2010, The New Zealand Herald said 16 farms in the Crafar Farms group have been placed onto the open market for sale by Crafar's receivers through Bayleys Real Estate. Bayley's said the receivership sale is the single largest receivership sale of farms in New Zealand history. The 16 farms employ nearly 200 staff and managers and cover 8,000 hectares. They are located in the Waikato, near Benneydale in the King Country, Reporoa, Atiamuri, Waverley, Hawera and Bulls. ROCKFORTE FINANCE: SFO Lays 92 Criminal Charges vs Three Execs -------------------------------------------------------------- The National Business Review reports that the Serious Fraud Office has laid 92 criminal charges against the three directors of failed Gisborne finance company Rockforte Finance. Nigel Brent O'Leary and Colin Mark Simpson each face 34 charges, and John Patrick Gardner faces 24 charges under the Crimes Act, NBR says. The news agency relates that the alleged offences include theft by a person in a special relationship, false accounting, obtaining by deception, and false statements by a promoter. The charges carry maximum sentences of between seven and ten years imprisonment. According to the report, SFO chief executive Adam Feeley said the case was the penultimate finance company investigation to be concluded by the SFO, with only Hanover Finance still under investigation. About Rockforte Finance Established in 2003, Rockforte Finance engages in consumer and asset lending. The company specializes in financing used cars, mostly second-hand Japanese cars imported by an associated company, and small personal and business loans. Rockforte Finance was placed into receivership in May 2010, owing about NZ$3.2 million to some 70 investors, according to a BusinessWire article posted at stuff.co.nz. According to the BusinessWire article, Katherine Kenealy and Dennis Parsons of Indepth Forensic have been appointed receivers of the Gisborne- based lender by its trustee Covenant Trust. The Treasury confirmed all eligible depositors are covered by the government's guarantee. However, all new deposits or any rolled over after Dec. 31, 2009, fell outside the scheme because Rockforte didn't sign the replacement guarantee deed at the end of 2009. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 22, 2011, The New Zealand Herald said the receivers for Rockforte Finance have halved their forecast for potential recoveries to less than 5 cents in the dollar and filed proceedings against the firm's directors. ================ S R I L A N K A ================ VALLIBEL FINANCE: Fitch Affirms National LT Rating at 'BB-' ----------------------------------------------------------- Fitch Ratings has affirmed Sri Lanka's Vallibel Finance PLC's National Long-Term rating at 'BB-(lka)'. The Outlook is Stable. VFL's rating factors in its small but growing asset base, healthy profitability and modest asset quality. The rating is constrained by VFL's modest capitalisation which is lower than the Fitch-rated RFC (registered finance company) average of 17.7% at end-March 2011 (FYE11). Sustained improvements in capitalisation while maintaining asset quality and profitability following its growth phase may lead to a rating upgrade. A further dilution in capitalisation below that of its rating peers could lead to a downgrade of VFL's rating. VFL's equity/assets fell to 12.0% in FYE11 and to 10.8% in H112 (FYE10: 14.82%) due to rapid loan growth. Total advances increased by 39% in H112 (FY11: 110%) albeit on a small base. This was similar to that of the sector which benefited from the reduction of import duties in mid-2010. Fitch notes, however, that VFL would need to strengthen its core capital base in view of current growth trends which have surpassed the company's rate of internal capital generation. The finance company's three-month gross non-performing loans (NPLs) ratio fell to 7.2% in H112 from 12.5% at FYE10, helped largely by loan growth. Regulatory six-month NPLs increased marginally to 1.7% in H112 (FYE11: 1.5%, FYE10: 3.2%), but compares well with similar-rated peers. Fitch notes, however, that NPLs could increase as VFL's loan book seasons. An improving trend in profitability since FYE10 continues with return on assets further increasing to 4.8% in H112 (FY10: 3.6%), supported by wider net interest margins (NIMs), falling provisioning costs and higher non-interest income. NIMs benefited from deposit rates falling faster than lending rates in FY11. However, funding costs are likely to increase in H212 as competition for deposits intensifies; although this may be cushioned by VFL's expanding branch network which will give it better access for deposit mobilization. VFL's deposit growth of 29% in H112 (FYE11: 128%) was higher than that of the sector and supported by branch expansion during the year and competitive market rates offered in relation to peers. The finance company's loan-loss coverage is lower than the sector's, and stems from a proportionate reduction in over 12- month NPLs, which require 100% provisioning as per the regulatory requirements. Un-provisioned NPLs accounted for 50.7% of VFL's capital base at end-H112 - weakening from 42% at FYE11 (FYE10: 60%). However, at the regulatory six-month threshold, this was significantly lower at 5.4% (FYE11: 1.6 %). VFL is a registered finance company with an asset base of LKR5.2bn at end-September 2011. The company operates nine outlets in Sri Lanka. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA APN EUROPEAN PRO AEZ 563.10 -79.26 ARASOR INTERNATI ARR 19.21 -26.51 AUSTAR UNITED AUN 734.96 -173.09 AUSTRALIAN ZI-PP AZCCA 77.74 -2.57 AUSTRALIAN ZIRC AZC 77.74 -2.57 AUTRON CORP LTD AAT 32.50 -13.46 AUTRON CORP LTD AATDA 32.50 -13.46 BIRON APPAREL LT BIC 19.71 -2.22 CENTRO PROPERTIE CNP 15,483.44 -349.73 CLARITY OSS LTD CYO 30.18 -12.07 MACQUARIE ATLAS MQA 1,894.75 -230.50 MISSION NEWENER MBT 39.20 -31.86 NATIONAL LEISURE NLG 154.59 -34.49 NATURAL FUEL LTD NFL 19.38 -121.51 ORION GOLD NL ORN 11.35 -4.05 REDBANK ENERGY L AEJ 377.31 -22.16 RENISON CONSOLID RSN 10.20 -22.16 RENISON CONSO-PP RSNCK 10.20 -22.16 RIVERCITY MOTORW RCY 386.88 -809.14 STERLING BIOFUEL SBI 20.58 -1.88 SVC GROUP LTD SVC 13.47 -1.66 CHINA BAOCHENG INVESTM 600892 43.73 -3.94 CHANGJIANG PUB-A 600757 14.33 -0.07 CHENGDE DALU -B 200160 33.15 -5.30 CHENGDU UNION-A 693 32.68 -15.13 CHINA FASHION CFH 10.11 -0.76 CHINA KEJIAN-A 35 103.72 -192.59 CONTEL CORP LTD CTEL 59.32 -45.72 DONGXIN ELECTR-A 600691 14.82 -23.94 GUANGDONG ORIE-A 600988 15.71 -3.91 GUANGDONG SUNR-A 30 111.22 0.00 GUANGDONG SUNR-B 200030 111.22 0.00 GUANGXIA YINCH-A 557 19.49 -44.84 HEBEI BAOSHUO -A 600155 141.30 -414.58 HEBEI JINNIU C-A 600722 240.40 -64.41 HUASU HOLDINGS-A 509 94.81 -12.27 HUNAN ANPLAS CO 156 45.35 -32.70 JILIN PHARMACE-A 545 34.73 -7.31 JINCHENG PAPER-A 820 198.46 -130.71 QINGDAO YELLOW 600579 218.06 -21.01 SHANXI LEAD IN-A 673 19.29 -1.82 SHENZ CHINA BI-A 17 20.97 -266.50 SHENZ CHINA BI-B 200017 20.97 -266.50 SHENZ INTL ENT-A 56 256.62 -28.92 SHENZ INTL ENT-B 200056 256.62 -28.92 SHENZHEN DAWNC-A 863 26.83 -165.43 SHENZHEN KONDA-A 48 122.96 -7.23 SHIJIAZHUANG D-A 958 217.74 -95.97 SICHUAN DIRECT-A 757 96.63 -170.70 SICHUAN GOLDEN 600678 201.92 -115.27 TAIYUAN TIANLO-A 600234 67.43 -22.23 TIANJIN MARINE 600751 114.38 -61.31 TIANJIN MARINE-B 900938 114.38 -61.31 TIBET SUMMIT I-A 600338 85.56 -3.87 TOPSUN SCIENCE-A 600771 137.37 -85.06 WUHAN BOILER-B 200770 317.76 -162.36 WUHAN GUOYAO-A 600421 11.22 -28.07 WUHAN LINUO SOLA 600885 106.01 -9.03 XIAMEN OVERSEA-A 600870 257.06 -137.85 XIAN HONGSHENG-A 600817 15.98 -296.67 YANBIAN SHIXIA-A 600462 204.56 -22.61 YANTAI YUANCHE-A 600766 63.90 -6.36 YIBIN PAPER IN-A 600793 144.18 -2.37 YUEYANG HENGLI-A 622 37.67 -21.61 HONG KONG BEP INTL HLDGS L 2326 11.98 -1.14 BUILDMORE INTL 108 16.57 -57.57 CHINA COMMUNICAT 8206 11.52 -27.35 CHINA HEALTHCARE 673 46.24 -3.08 CHINA NEW ENERGY 1041 110.74 -80.18 CHINA OCEAN SHIP 651 485.84 -2.95 CHINA PACKAGING 572 19.73 -16.87 CMMB VISION HOLD 471 30.68 -17.93 FIRST NTUL FOODS 1076 14.94 -56.59 FU JI FOOD & CAT 1175 73.43 -389.20 ICUBE TECHNOLOGY 139 25.54 -2.12 MELCOLOT LTD 8198 51.52 -55.33 MITSUMARU EAST K 2358 24.87 -16.51 PALADIN LTD 495 158.18 -11.60 PCCW LTD 8 6,248.35 -31.61 PROVIEW INTL HLD 334 314.87 -294.85 REORIENT GROUP 376 15.67 -14.24 SINO RESOURCES G 223 15.64 -34.61 SMART UNION GP 2700 41.81 -38.85 SUNLINK INTL HLD 2336 17.79 -36.13 SURFACE MOUNT SMT 94.71 -5.29 TACK HSIN HLDG 611 68.05 -67.58 U-RIGHT INTL HLD 627 10.86 -204.99 INDONESIA ARPENI PRATAMA APOL 622.85 -165.10 ASIA PACIFIC POLY 429.86 -844.66 ERATEX DJAJA ERTX 11.52 -21.74 HANSON INTERNATI MYRX 33.41 -7.32 HANSON INT-PREF MYRXP 33.41 -7.32 JAKARTA KYOEI ST JKSW 30.64 -43.02 MITRA INTERNATIO MIRA 944.93 -447.48 MITRA RAJASA-RTS MIRA-R2 944.93 -447.48 MULIA INDUSTRIND MLIA 493.52 -46.89 PANASIA FILAMENT PAFI 29.64 -19.79 PANCA WIRATAMA PWSI 30.18 -37.45 TOKO GUNUNG AGUN TKGA 12.49 -0.64 UNITEX TBK UNTX 17.85 -17.89 INDIA ALPS INDUS LTD ALPI 288.11 -7.01 AMIT SPINNING AMSP 20.43 -1.96 ARTSON ENGR ART 23.87 -0.60 ASHAPURA MINECHE ASMN 191.87 -68.03 ASHIMA LTD ASHM 63.23 -48.94 ATV PROJECTS ATV 60.17 -54.25 BELLARY STEELS BSAL 451.68 -108.50 BLUE BIRD INDIA BIRD 122.02 -59.13 CAMBRIDGE SOLUTI CAMB 149.58 -56.66 CELEBRITY FASHIO CFLI 36.61 -6.76 CFL CAPITAL FIN CEATF 12.36 -49.56 COMPUTERSKILL CPS 14.90 -7.56 CORE HEALTHCARE CPAR 185.36 -241.91 DCM FINANCIAL SE DCMFS 18.46 -9.46 DFL INFRASTRUCTU DLFI 42.74 -6.49 DIGJAM LTD DGJM 99.41 -22.59 DUNCANS INDUS DAI 122.76 -227.05 FIBERWEB INDIA FWB 12.15 -15.81 GANESH BENZOPLST GBP 49.24 -21.14 GEM SPINNERS LTD GEMS 14.58 -1.16 GSL INDIA LTD GSL 29.86 -42.42 HARYANA STEEL HYSA 10.83 -5.91 HENKEL INDIA LTD HNKL 69.07 -31.72 HIMACHAL FUTURIS HMFC 406.63 -210.98 HINDUSTAN PHOTO HPHT 74.44 -1,519.11 HINDUSTAN SYNTEX HSYN 15.20 -3.81 HMT LTD HMT 133.66 -500.46 ICDS ICDS 13.30 -6.17 INDAGE RESTAURAN IRL 15.11 -2.35 INTEGRAT FINANCE IFC 49.83 -51.32 JAGSON AIRLINES JGA 11.31 -0.41 JCT ELECTRONICS JCTE 104.55 -68.49 JD ORGOCHEM LTD JDO 10.46 -1.60 JENSON & NIC LTD JN 18.05 -86.40 JIK INDUS LTD KFS 20.63 -5.62 KALYANPUR CEMENT KCEM 33.31 -30.53 KDL BIOTECH LTD KOPD 14.66 -9.41 KERALA AYURVEDA KRAP 13.97 -1.69 KIDUJA INDIA KDJ 14.85 -1.71 KINGFISHER AIR KAIR 1,935.94 -661.89 KINGFISHER A-SLB KAIR/S 1,935.94 -661.89 KITPLY INDS LTD KIT 37.68 -45.35 LLOYDS FINANCE LYDF 21.65 -11.39 LLOYDS STEEL IND LYDS 510.00 -48.98 LML LTD LML 65.26 -56.77 MADRAS FERTILIZE MDF 143.14 -99.28 MAHA RASHTRA APE MHAC 22.23 -15.85 MARKSANS PHARMA MRKS 110.32 -14.04 MILTON PLASTICS MILT 17.67 -51.22 MODERN DAIRIES MRD 38.41 -0.45 MTZ POLYFILMS LT TBE 31.94 -2.57 MYSORE PAPER MSPM 97.02 -15.69 NATH PULP & PAP NPPM 14.50 -0.63 NICCO CORP LTD NICC 78.28 -4.14 NICCO UCO ALLIAN NICU 32.23 -71.91 NK INDUS LTD NKI 141.35 -7.71 NUCHEM LTD NUC 24.72 -1.60 PANCHMAHAL STEEL PMS 51.02 -0.33 PARASRAMPUR SYN PPS 99.06 -307.14 PAREKH PLATINUM PKPL 61.08 -88.85 PIRAMAL LIFE SC PLSL 51.20 -64.85 PREMIER SYNTHET PRS 12.55 -8.26 QUADRANT TELEVEN QDTV 188.57 -116.81 QUINTEGRA SOLUTI QSL 24.66 -11.51 RAJ AGRO MILLS RAM 10.21 -0.61 RATHI ISPAT LTD RTIS 44.56 -3.93 REMI METALS GUJA RMM 101.32 -17.12 RENOWNED AUTO PR RAP 14.12 -1.25 ROLLATAINERS LTD RLT 22.97 -22.24 ROYAL CUSHION RCVP 18.88 -81.42 SADHANA NITRO SNC 18.21 -0.73 SAURASHTRA CEMEN SRC 106.01 -2.81 SCOOTERS INDIA SCTR 19.43 -10.78 SEN PET INDIA LT SPEN 11.58 -26.67 SHAH ALLOYS LTD SA 213.69 -39.95 SHALIMAR WIRES SWRI 25.78 -38.78 SHAMKEN COTSYN SHC 23.13 -6.17 SHAMKEN MULTIFAB SHM 60.55 -13.26 SHAMKEN SPINNERS SSP 42.18 -16.76 SHREE KRISHNA SHKP 19.89 -0.71 SHREE RAMA MULTI SRMT 62.15 -42.08 SIDDHARTHA TUBES SDT 75.90 -11.45 SOUTHERN PETROCH SPET 407.16 -200.86 SQL STAR INTL SQL 10.58 -3.28 STELCO STRIPS STLS 14.90 -5.27 STERLING HOL RES SLHR 66.77 -2.85 STI INDIA LTD STIB 35.39 -0.54 STORE ONE RETAIL SORI 15.48 -59.09 TATA TELESERVICE TTLS 1,311.30 -138.25 TATA TELE-SLB TTLS/S 1,311.30 -138.25 TODAYS WRITING TWPL 44.08 -5.32 TRIUMPH INTL OXIF 58.46 -14.18 TRIVENI GLASS TRSG 24.23 -12.34 TUTICORIN ALKALI TACF 19.13 -16.31 UNIFLEX CABLES UFC 47.46 -7.49 UNIFLEX CABLES UFCZ 47.46 -7.49 UNIMERS INDIA LT HDU 18.05 -5.87 UNITED BREWERIES UB 3,067.32 -137.09 UNIWORTH LTD WW 169.51 -155.79 USHA INDIA LTD USHA 12.06 -54.51 VANASTHALI TEXT VTI 25.92 -0.15 VENTURA TEXTILES VRTL 14.33 -1.91 VENUS SUGAR LTD VS 11.06 -1.08 JAPAN CROWD GATE CO 2140 11.63 -4.29 DDS INC 3782 18.69 -0.08 FUJITSU COMP LTD 6719 398.22 -2.90 HIMAWARI HD 8738 412.87 -13.56 ISHII HYOKI CO 6336 201.38 -12.95 KANMONKAI CO LTD 3372 59.00 -10.08 KFE JAPAN CO LTD 3061 21.38 -0.13 L CREATE CO LTD 3247 42.34 -9.15 MEIHO ENTERPRISE 8927 76.16 -18.35 MISONOZA THEATRI 9664 71.18 -4.66 NEXT JAPAN HOLDI 2409 177.68 -5.08 NIS GROUP CO LTD NISZ 444.72 -158.85 NIS GROUP CO LTD 8571 444.72 -158.85 PROMISE CO LTD 8574 11,162.39 -661.54 PROPERST CO LTD 3236 305.90 -330.20 TOYO KNIFE CO 5964 75.99 -3.68 KOREA DAISHIN INFO 20180 740.50 -158.45 HANIL ENGINEERIN 6440 880.70 -22.42 KUKDONG CORP 5320 53.07 -1.85 ORICOM INC 10470 82.65 -40.04 PLA CO LTD 82390 14.95 -21.43 SUNGJEE CONSTRUC 5980 114.91 -83.19 YOUILENSYS CORP 38720 166.70 -12.34 MALAYSIA HAISAN RESOURCES HRB 46.16 -3.53 HO HUP CONSTR CO HO 60.04 -10.65 LUSTER INDUSTRIE LSTI 18.37 -7.57 MITHRIL BHD MITH 23.78 -5.65 NGIU KEE CO-BHD NKC 14.26 -12.73 VTI VINTAGE BHD VTI 16.92 -2.61 PHILIPPINES CYBER BAY CORP CYBR 13.99 -95.62 FIL ESTATE CORP FC 40.90 -15.77 FILSYN CORP A FYN 23.11 -11.69 FILSYN CORP. B FYNB 23.11 -11.69 GOTESCO LAND-A GO 21.76 -19.21 GOTESCO LAND-B GOB 21.76 -19.21 PICOP RESOURCES PCP 105.66 -23.33 STENIEL MFG STN 21.07 -11.96 SYNERGY GRID & D SGP 236.14 -17.93 UNIWIDE HOLDINGS UW 50.36 -57.19 VICTORIAS MILL VMC 164.26 -18.20 SINGAPORE ADV SYSTEMS AUTO ASA 18.73 -10.70 ADVANCE SCT LTD ASCT 25.29 -10.05 HL GLOBAL ENTERP HLGE 91.74 -10.10 LINDETEVES-JACOB LJ 23.09 -11.61 NEW LAKESIDE NLH 19.34 -5.25 SCIGEN LTD-CUFS SIE 68.70 -42.35 SUNMOON FOOD COM SMOON 19.85 -13.04 TT INTERNATIONAL TTI 233.01 -78.01 THAILAND ABICO HLDGS-F ABICO/F 15.28 -4.40 ABICO HOLDINGS ABICO 15.28 -4.40 ABICO HOLD-NVDR ABICO-R 15.28 -4.40 ASCON CONSTR-NVD ASCON-R 59.78 -3.37 ASCON CONSTRUCT ASCON 59.78 -3.37 ASCON CONSTRU-FO ASCON/F 59.78 -3.37 BANGKOK RUBBER BRC 91.32 -113.78 BANGKOK RUBBER-F BRC/F 91.32 -113.78 BANGKOK RUB-NVDR BRC-R 91.32 -113.78 CALIFORNIA W-NVD CAWOW-R 28.07 -11.94 CALIFORNIA WO-FO CAWOW/F 28.07 -11.94 CALIFORNIA WOW X CAWOW 28.07 -11.94 CIRCUIT ELEC PCL CIRKIT 16.79 -96.30 CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30 CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30 DATAMAT PCL DTM 12.69 -6.13 DATAMAT PCL-NVDR DTM-R 12.69 -6.13 DATAMAT PLC-F DTM/F 12.69 -6.13 ITV PCL ITV 36.02 -121.94 ITV PCL-FOREIGN ITV/F 36.02 -121.94 ITV PCL-NVDR ITV-R 36.02 -121.94 K-TECH CONSTRUCT KTECH 38.87 -46.47 K-TECH CONSTRUCT KTECH/F 38.87 -46.47 K-TECH CONTRU-R KTECH-R 38.87 -46.47 KUANG PEI SAN POMPUI 17.70 -12.74 KUANG PEI SAN-F POMPUI/F 17.70 -12.74 KUANG PEI-NVDR POMPUI-R 17.70 -12.74 PATKOL PCL PATKL 52.89 -30.64 PATKOL PCL-FORGN PATKL/F 52.89 -30.64 PATKOL PCL-NVDR PATKL-R 52.89 -30.64 PICNIC CORP-NVDR PICNI-R 101.18 -175.61 PICNIC CORPORATI PICNI/F 101.18 -175.61 PICNIC CORPORATI PICNI 101.18 -175.61 PONGSAAP PCL PSAAP/F 13.02 -1.77 PONGSAAP PCL PSAAP 13.02 -1.77 PONGSAAP PCL-NVD PSAAP-R 13.02 -1.77 SAHAMITR PRESS-F SMPC/F 27.92 -1.48 SAHAMITR PRESSUR SMPC 27.92 -1.48 SAHAMITR PR-NVDR SMPC-R 27.92 -1.48 SUNWOOD INDS PCL SUN 19.86 -13.03 SUNWOOD INDS-F SUN/F 19.86 -13.03 SUNWOOD INDS-NVD SUN-R 19.86 -13.03 THAI-DENMARK PCL DMARK 15.72 -10.10 THAI-DENMARK-F DMARK/F 15.72 -10.10 THAI-DENMARK-NVD DMARK-R 15.72 -10.10 TONGKAH HARBOU-F THL/F 59.28 -0.06 TONGKAH HARBOUR THL 59.28 -0.06 TONGKAH HAR-NVDR THL-R 59.28 -0.06 TRANG SEAFOOD TRS 14.88 -5.64 TRANG SEAFOOD-F TRS/F 14.88 -5.64 TRANG SFD-NVDR TRS-R 14.88 -5.64 TT&T PCL TTNT 615.73 -210.36 TT&T PCL-NVDR TTNT-R 615.73 -210.36 TT&T PUBLIC CO-F TTNT/F 615.73 -210.36 TAIWAN BEHAVIOR TECH CO 2341 52.48 -0.01 BEHAVIOR TECH CO 2341S 52.48 -0.01 BEHAVIOR TECH-EC 2341O 52.48 -0.01 CHIEN TAI CEMENT 1107 195.99 -57.35 HELIX TECH-EC 2479T 23.39 -24.12 HELIX TECH-EC IS 2479U 23.39 -24.12 HELIX TECHNOL-EC 2479S 23.39 -24.12 TAIWAN KOL-E CRT 1606U 507.21 -147.14 TAIWAN KOLIN-EN 1606V 507.21 -147.14 TAIWAN KOLIN-ENT 1606W 507.21 -147.14 ********* 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. *** End of Transmission ***