/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120801.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, August 1, 2012, Vol. 15, No. 152 Headlines A U S T R A L I A AUSTASIA MILLING: Administrators Deny Reports on Mill Closure RETRAVISION SOUTHERN: Placed Into Creditors' Liquidation SKY SHADES: ASIC Probes Sun Shade Venture Collapse C H I N A CHINA FISHERY: Fitch Puts 'BB' Rating on $300-Mil. Notes H O N G K O N G MEI CHIU: Court Enters Wind-Up Order NEW PING: Court Enters Wind-Up Order OLDMAX LIMITED: Court Enters Wind-Up Order ORIENTAL RESOURCES: Court Enters Wind-Up Order PEDAGOGIC INNOVATIONS: Court to Hear Wind-Up Petition on Aug. 15 PREMIUM PRODUCTS: Court to Hear Wind-Up Petition on Aug. 22 PETS CENTRAL: Court to Hear Wind-Up Petition on Sept. 26 PETS CENTRAL ASIA: Court to Hear Wind-Up Petition on Sept. 26 QINDA K-GOLD: Court to Hear Wind-Up Petition on Sept. 19 RIGHT TOP: Court Enters Wind-Up Order TACK CHEUNG: Court Enters Wind-Up Order TAT KWONG: Court Enters Wind-Up Order UNIMAX HOLDINGS: Court Enters Wind-Up Order VEE PEE: Court Enters Wind-Up Order VIGITAL TECHNOLOGY: Court to Hear Wind-Up Petition on Aug. 29 VISION CARE: Court Enters Wind-Up Order WISE RHYTHM: Court Enters Wind-Up Order ZTEE ELECTRONICS: Court Enters Wind-Up Order I N D I A AKM ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings DECCAN CHRONICLE: Faces Liquidation Bid After Defaulting Loan ELAN AUTO: CRISIL Places 'B+' Rating on INR105MM Loans EMCO PRESSMASTER: ICRA Rates INR30MM Cash Credit at 'CRISIL B' GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loans to 'B+' HI DESIGN: Delays in Loan Payment Cues CRISIL Junk Ratings HYDERABAD POLLUTION: CRISIL Rates INR17.5MM Loan at 'CRISIL B' JASLEEN ENTERPRISES: CRISIL Puts 'D' Ratings to INR99.5MM Loans MAHABIR POULTRY: CRISIL Assigns 'B' Rating to INR85.2MM Loans MOHANLAL MADHAWJEE: CRISIL Rates INR60MM Loan at 'CRISIL B+' M.R.S. SHRI: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loans RUSHIKESH PAPER: CRISIL Assigns 'B' Rating to INR61.5MM Loans SILVER SIGN: CRISIL Assigns 'B' Rating to INR50MM Loans WOCKHARDT LTD: Completes Sale of Nutrition Biz to Danone K O R E A HYUNDAI STEEL: Moody's Says 2Q Results Credit Positive * Moody's Says Rating Trend for Asia Corporates Stays Neg. in 2Q N E W Z E A L A N D INDEPENDENT SCAFFOLDING: Placed In Liquidation Over Unpaid Taxes PIKE RIVER: Receivers No Pleas on 10 Incident-Related Charges SOUTHDOWN HOLDINGS: In Liquidation; Owes NZ$320,000 to ECan S I N G A P O R E GROUND ENVIROTECT: Creditors' Proofs of Debt Due Aug. 27 HG ASIA: Court Enters Wind-Up Order MELEWAR ACADEMIA: Court to Hear Wind-Up Petition Aug. 10 MERIDIAN JC: Creditors' Proofs of Debt Due Aug. 27 MITRA HEALTHCARE: Court Enters Wind-Up Order X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= AUSTASIA MILLING: Administrators Deny Reports on Mill Closure ------------------------------------------------------------- The Young Witness reports that John Vouris from Lawler Partners, who has just been appointed as administrator for the AustAsia Milling Pty Ltd, asserted that rumors of Young's flour mill closing are false. The Young Witness relates that Young Shire Council's general manager Peter Vlatko dismissed such rumors on July 26 following a meeting the company held with employees and growers five days earlier. "The rumors are false -- we are confident in maintaining the business and it's still operational," the report quotes Mr. Vouris as saying. "It's business as usual." Mr. Vouris, as well as Brad Tonks, both of the business recovery team at Sydney accounting firm Lawler Partners were appointed voluntary administrators of the company on July 27 after a resolution was passed by its board of directors. According to the report, Mr. Vouris said they will continue to trade the business with the support of the company's employees, customers and suppliers. They will also be working closely with the company's stakeholders in preparation for the first meeting of creditors which will be held on Wednesday, August 8, at the Young Services Club, the report relays. "We intend to trade the business and are working with the board, employees, customers and suppliers, and are hopeful that a Deed of Company Arrangement proposal will be submitted that will maximise a return to creditors," The Young Witness quotes Mr. Vouris as saying. Established in 1888, AustAsia Milling Pty Ltd -- http://www.austasiamilling.com/-- is a supplier in the flour milling, stockfeed and grain industries. The company is based in Young, New South Wales. RETRAVISION SOUTHERN: Placed Into Creditors' Liquidation -------------------------------------------------------- Claire Reilly at Current.com.au reports that Retravision Southern has finally been placed into liquidation following the second meeting of creditors in Melbourne late last week. Liquidator Bryan Webster of KordaMentha told Current.com.au that placing Retravision Southern into liquidation was the only option going forward. "The creditors voted to place the companies into liquidation, so that's occurring effective today [July 26]," the report quotes Mr. Webster as saying. "There was no deed of company arrangement being proposed, so obviously if there's no option for the creditors to vote on a deed because nobody's put up a deed, then invariably the company will be placed into liquidation. According to the report, Mr. Webster said the priority for the liquidators is to finalize accounts so that debts can be recovered and viable Retravision stores can be allowed to exit the group. "I think everyone's aware that we're there and we're realising these assets of Retravision Southern Limited, and we're going through the reconciliations of the stores so that stores can pay out their accounts," he said. "We've now got a majority of stores that have exited or are in the process of being exited." "There are approximately 45 who have exited. Then you've got a lot of stores that have paid their accounts up to date but there are just some claims that we're working through with them, utilising the remaining RVS staff." About Retravision Southern Based in Blackburn, Australia, Retravision Southern Limited RVS acts as the buying and marketing licensor for retailers of electrical goods operating under the Retravision brand in Victoria, Southern New South Wales and Tasmania. Bryan Webster and Leanne Chesser of KordaMentha were appointed voluntary administrators of Retravision Southern Limited on May 21, 2012. The appointment is not over the independent Retravision stores, which continue to operate. Nor does it apply to Retravision Western and Retravision Northern, which operate in other States and northern NSW. SKY SHADES: ASIC Probes Sun Shade Venture Collapse -------------------------------------------------- smh.com.au's BusinessDay reports that the Australian Securities and Investments Commission is investigating Sky Shades Australia, a struggling sun shade venture headed by prominent Queensland business figure Barry Maranta and endorsed by golfing legend Greg Norman. About AUD7.6 million raised from investors has been lost in the collapse of Sky Shades' US arm, while millions more is potentially at risk in Australia, the report says. BusinessDay relates that ASIC investigation comes as a court- appointed liquidator begins to sift through the ashes of a failed company within the group. According to the report, Sky Shades Australia was liquidated by order of the Queensland Supreme Court a little over a week ago, and the main Australian company, Sky Shades Holdings, is at risk of being wound up by the New South Wales Supreme Court over a $250,000 rent bill. It is believed the watchdog's probe relates to the issue in 2008 of $7.6 million worth of convertible notes, used to fund Sky Shades' ill-fated US arm, the report says. That company, Sky Shades Holdings LLC, collapsed into bankruptcy protection in 2010. Meanwhile, BusinessDay reports that Sky Shades Australia liquidator Morgan Lane, of Worrells, said he has written to Mr. Maranta and company secretary John Hill seeking copies of the company's books and records. The report relates that Mr. Lane said the three directors of Sky Shades Australia -- Paul Reynolds, Laurence Bradbrook, and Claudio Favalli -- told him the company had not traded since October last year. ========= C H I N A ========= CHINA FISHERY: Fitch Puts 'BB' Rating on $300-Mil. Notes -------------------------------------------------------- Fitch Ratings has assigned China Fishery Group Limited's (CFGL, 'BB'/Stable) USD300 million 9.75% notes due 2019 a final 'BB' rating. The notes are issued by CFG Investment S.A.C. and irrevocably and unconditionally guaranteed by CFGL. The assignment of the final rating follows the receipt of documents conforming to information already received and the final rating is in line with the expected rating assigned on 16 July 2012. CFGL's rating is supported by its strong operating performance, prudent financial management and the fishery industry's strong fundamentals. The rating is, however, constrained by CFGL's operating scale, which it is unable to expand meaningfully without taking on more debt, as well as its limited diversification in terms of geographical operations. What Could Trigger a Rating Action? Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- an increase of CFGL's operating scale with EBITDAR exceeding USD500m on a sustained basis -- adjusted net debt/EBITDAR below 2.0x Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- adjusted net debt/EBITDAR above 2.75x -- operating EBITDAR margin below 30% -- events that cripple its fishing fleet operation leading to a sustained reduction of its operating scale -- the linkage with its immediate parent, Pacific Andes Resourced Development Limited, and ultimate parent company, Pacific Andes International Holdings Ltd is deemed stronger than Fitch's expectations, resulting in CFGL's rating being constrained by the weaker credit profile of its parents. ================ H O N G K O N G ================ MEI CHIU: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order on July 18, 2012, to wind up the operations of Mei Chiu Plastic Factory Limited. The official receiver is Teresa S W Wong. NEW PING: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order on April 19, 2012, to wind up the operations of New Ping Shek Development Limited. The company's liquidator is Bruno Arboit. OLDMAX LIMITED: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on June 5, 2012, to wind up the operations of Oldmax Limited. The company's liquidator is Bruno Arboit. ORIENTAL RESOURCES: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Hong Kong entered an order on May 21, 2012, to wind up the operations of Oriental Resources International Limited. The company's liquidator is Bruno Arboit. PEDAGOGIC INNOVATIONS: Court to Hear Wind-Up Petition on Aug. 15 ---------------------------------------------------------------- A petition to wind up the operations of Pedagogic Innovations Limited will be heard before the High Court of Hong Kong on Aug. 15, 2012, at 9:30 a.m. Ho Man Kit John filed the petition against the company on March 30, 2012. The Petitioner's solicitors are: Tang, Wong & Cheung 20th Floor, Two Grand Tower 625 Nathan Road Mongkok, Kowloon Hong Kong PREMIUM PRODUCTS: Court to Hear Wind-Up Petition on Aug. 22 ----------------------------------------------------------- A petition to wind up the operations of Premium Products Asia Pacific Limited will be heard before the High Court of Hong Kong on Aug. 22, 2012, at 9:30 a.m. Candid Investments Limited filed the petition against the company on June 18, 2012. The Petitioner's solicitors are: Gall Room 302, 3rd Floor Dina House, Ruttonjee Centre 11 Duddell Street Central, Hong Kong PETS CENTRAL: Court to Hear Wind-Up Petition on Sept. 26 -------------------------------------------------------- A petition to wind up the operations of Pets Central Insurance Agency Limited will be heard before the High Court of Hong Kong on Sept. 26, 2012, at 9:30 a.m. ADP Pentagon Pets Limited filed the petition against the company on July 23, 2012. The Petitioner's solicitors are: F. Zimmern & Co Suites 1501-1503, 15/F Gloucester Tower The Landmark 15 Queen's Road Central, Hong Kong PETS CENTRAL ASIA: Court to Hear Wind-Up Petition on Sept. 26 ------------------------------------------------------------- A petition to wind up the operations of Pets Central Asia Inc. will be heard before the High Court of Hong Kong on Sept. 26, 2012, at 9:30 a.m. ADP Pentagon Pets Limited filed the petition against the company on July 23, 2012. The Petitioner's solicitors are: F. Zimmern & Co Suites 1501-1503, 15/F Gloucester Tower The Landmark 15 Queen's Road Central, Hong Kong QINDA K-GOLD: Court to Hear Wind-Up Petition on Sept. 19 -------------------------------------------------------- A petition to wind up the operations of Qinda K-Gold Company Limited will be heard before the High Court of Hong Kong on Sept. 19, 2012, at 9:30 a.m. Wai Kim Hung Janet filed the petition against the company on July 12, 2012. The Petitioner's solicitors are: Johnnie Yam, Jacky Lee & Co 5th Floor, San Toi Building 137-139 Connaught Road Central, Hong Kong RIGHT TOP: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Feb. 8, 2012, to wind up the operations of Right Top Manufacturing Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Suite D, 6/F Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong TACK CHEUNG: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on July 5, 2012, to wind up the operations of Tack Cheung Textiles Limited. The company's liquidator is Bruno Arboit. TAT KWONG: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Feb. 17, 2012, to wind up the operations of Tat Kwong Dyeing Factory Company Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Suite D, 6/F Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong UNIMAX HOLDINGS: Court Enters Wind-Up Order ------------------------------------------- The High Court of Hong Kong entered an order on March 19, 2012, to wind up the operations of Unimax Holdings Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Suite D, 6/F Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong VEE PEE: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order on June 25, 2012, to wind up the operations of Vee Pee Global Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Suite D, 6/F Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong VIGITAL TECHNOLOGY: Court to Hear Wind-Up Petition on Aug. 29 ------------------------------------------------------------- A petition to wind up the operations of Vigital Technology Limited will be heard before the High Court of Hong Kong on Aug. 29, 2012, at 9:30 a.m. Cantronic Industries Limited filed the petition against the company on June 26, 2012. The Petitioner's solicitors are: Messrs. Chak & Associates Unit 1904, 19th Floor Far East Finance Centre 16 Harcourt Road Admiralty, Hong Kong VISION CARE: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on July 18, 2012, to wind up the operations of Vision Care Products Limited. The official receiver is Teresa S W Wong. WISE RHYTHM: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on June 25, 2012, to wind up the operations of Wise Rhythm Consultancy Limited. The company's liquidators are: Yiu Cho Yan Jacqueline Lai Suite D, 6/F Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong ZTEE ELECTRONICS: Court Enters Wind-Up Order -------------------------------------------- The High Court of Hong Kong entered an order on July 5, 2012, to wind up the operations of Ztee Electronics (International) Co. Limited. The company's liquidator is Bruno Arboit. ========= I N D I A ========= AKM ENTERPRISES: Delays in Loan Payment Cues CRISIL Junk Ratings ---------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of AKM Enterprises Pvt Ltd to 'CRISIL D' from 'CRISIL BB+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Proposed Long-Term 274.8 CRISIL D (Downgraded from Bank Loan Facility CRISIL BB+/Stable) Term Loan 925.2 CRISIL D (Downgraded from CRISIL BB+/Stable) The downgrade reflects the consistent delays by AKM in servicing its term loan obligations; the delays have been caused by its weak liquidity position and delays in implementation of its ongoing project. Liquidity position of AKM was weak on account of significant delays faced by AKM in completion of its projects (construction of malls and a hotel) in Jalandhar and Ludhiana (both in Punjab). The mall in Jalandhar was originally scheduled to begin commercial operations in February 2009, which got delayed and the commercial operations began in April 2012. The completion of the mall in Ludhiana was delayed by more than a year and it began operations in October 2010. The upcoming hotel in Ludhiana is expected to begin operations in December 2012, with an estimated delay of more than three years. These delays have also caused cost overruns in its ongoing projects, and larger than expected interest expenses during construction period, leading to a strain on the company's liquidity profile and consistent delays in servicing of its term debt obligations. The company's liquidity profile is however expected to stabilize once the construction of the ongoing project is completed and commercial operations begin. About AKM Enterprises AKM, is part of the MBD group. The company is currently operating a mall each in Ludhiana and Jalandhar. AKM is also constructing an 83-room five-star hotel in Ludhiana, which will be operational from December 2012, under the franchise of the Raddisson group. AKM has secured more than 90 per cent tenants for its two malls, including anchor tenants, Cinepolis Cinema for the Ludhiana mall and PVR Cinema for the Jalandhar mall. DECCAN CHRONICLE: Faces Liquidation Bid After Defaulting Loan ------------------------------------------------------------- The Times of India reports that Deccan Chronicle Holdings Limited has liabilities running into thousands of crores of rupees that may lead to the erosion of the entire net worth of the company and make it commercially unviable and insolvent, Industrial Finance Corporation of India Ltd (IFCI) has said in the winding- up petition which it has filed in the high court against the Hyderabad-based company. Contending that DCHL was unable to discharge debts of its creditors and had almost become insolvent, IFCI urged the high court to order winding up of the company under the relevant sections of the Companies Act 1956, according to TOI. The report relates that the high court was also requested to appoint an official liquidator and restrain the company and its officials from disposing of, transferring or encumbering the company's assets pending the admission hearing and final disposal of the petition. According to the report, the petition was filed by IFCI on July 27, 2012, after DCHL defaulted on redemption of 250 unsecured redeemable non-convertible debentures (NCDs) on June 26 this year and failed to pay up its dues of INR27,80,47,945 despite "repeated requests and demands". TOI relates that IFCI said DCHL had massive secured and unsecured debts running into thousands of crores of rupees with various banks, financial institutions, non-banking finance institutions etc. and feared that many more winding up petitions may be filed by other creditors as the company had defaulted on several liabilities. DCHL also cited the recent order of a London court ordering the company to pay GBP10,533,478 (around INR90 crore) to Tim Wright, the former chief executive of its Indian Premier League team Deccan Chargers, for breach of employment contract as one of the major liabilities facing the company, the report adds. Based in Secunderabad, India, Deccan Chronicle Holdings Limited engages in the printing and publishing of newspapers and periodicals. The company publishes Deccan Chronicle, an English daily; Financial Chronicle, a financial daily; and Andhra Bhoomi, a regional daily. It also owns franchise rights for the Hyderabad team of the Indian Premier League. ELAN AUTO: CRISIL Places 'B+' Rating on INR105MM Loans ------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Elan Auto India Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Term Loan 49 CRISIL B+/Stable (Assigned) Cash Credit 56 CRISIL B+/Stable (Assigned) Letter of Credit 15 CRISIL A4 (Assigned) The ratings reflect EAIL's small scale of operations in the intensely competitive automotive component industry and high customer concentration, large working capital requirements, and weak financial risk profile marked by weak debt protection metrics, modest net worth, mitigated by moderate gearing . These rating weaknesses are partially offset by the benefits that EAIL derives from its promoters' extensive industry experience and its established relationships with its customers. Outlook: Stable CRISIL believes that EAIL will continue to benefit over the medium term from its promoters' extensive industry experience and its established relationships with its customers and suppliers. The outlook may be revised to 'Positive' if the company reports significant improvement in its cash accruals, thus leading to improvement in financial risk profile. Conversely, the outlook may be revised to 'Negative' if EAIL reports deterioration in its financial risk profile because of lower-than-expected profitability, larger-than-expected working capital requirements, or a large debt-funded capital expenditure. About Elan Auto EAIL was initially set up as a partnership firm named DM Enterprises in 1984 by Mr. Manoj Tantia, Mr. Satish Jain, and Mr. Shyam Sunder. However, in 2010, the entity was reconstituted as a closely held public limited company with its current name. The company manufactures sheet metal pressed components and automotive parts. It manufactures sheet metal products as per the specific requirements of its customers, and supplies the products to various tier-1 automobile suppliers and generator set manufacturers. EAIL has its manufacturing facility in Faridabad (Haryana). EAIL's profit after tax (PAT) is estimated at INR4.7 million on net sales of INR287.3 million for 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR1.7 million on net sales of INR202.3 million for 2010-11. EMCO PRESSMASTER: ICRA Rates INR30MM Cash Credit at 'CRISIL B' -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Emco Pressmaster Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Letter of Credit 10 CRISIL A4 (Assigned) Bank Guarantee 20 CRISIL A4 (Assigned) Cash Credit 30 CRISIL B/Stable (Assigned) The ratings reflect EPPL's leveraged capital structure because of working-capital-intensive operations, and the company's modest scale of operations, with revenue concentration risks, and susceptibility to economic downturns in its end-user industry. These rating weaknesses are partially offset by the benefits that EPPL derives from its promoters' extensive industry experience and its established relationships with its customers. Outlook: Stable CRISIL believes that EPPL will continue to benefit over the medium term from its promoters' extensive experience in manufacturing machines for the automotive industry and its established relationships with its customers. The outlook may be revised to 'Positive' if the company strengthens its business risk profile through improvement in its scale of operations or through greater revenue diversification, or improves its capital structure through better-than-expected accruals or infusion of capital by its promoters. Conversely, the outlook may be revised to 'Negative' in case EPPL reports lower-than-expected accruals or larger-than-expected working capital requirements, leading to weakening of its financial profile, particularly its liquidity. About Emco Pressmaster Emco Pressmaster Pvt Ltd, incorporated in 1990, manufactures sheet metal forming machines, mainly power press machines that are used to manufacture automobile components. The company's unit, located in Faridabad (Haryana), has capacity to assemble machinery of capacity from 10 tonnes to 1000 tonnes. EPPL is managed by Mr. Manoj Manga and his wife, Mrs. Rupa Manga, who have over 30 years of industry experience. GARGO MOTORS: CRISIL Upgrades Rating on INR65MM Loans to 'B+' ------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Gargo Motors to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Cash Credit 50 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') Channel Financing 15 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') The rating upgrade reflects improvement in Gargo's liquidity, driven by larger-than-expected cash accruals. Cash accruals increased because of sizeable topline growth along with stable profitability in 2011-12 (refers to financial year, April 1 to March 31). Driven by robust demand for Tata Motors Ltd's commercial vehicles in the backdrop of new model launches by TML, Gargo's topline increased by over 40 per cent year-o-year to close to INR2 billion and operating margin stabilized at just below 4 per cent in 2011-12. CRISIL expects decline in topline growth rates over the medium term owing to increased competition. Gargo's liquidity is likely to be supported by stable profitability and working capital management, and absence of any debt-funded capital expenditure (capex) over the medium term. The rating reflects Gargo's modest scale of operations and below- average financial risk profile, marked by small net worth, high level of indebtedness, and moderate debt protection metrics. These rating weaknesses are partially offset by the benefits that Gargo derives from its established relationship with its principal, TML. Outlook: Stable CRISIL believes that Gargo will continue to benefit over the medium term from its established relationship with TML. The outlook may be revised to 'Positive' if Gargo achieves larger- than-expected cash accruals or witnesses equity infusion, leading to improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if the firm undertakes a larger- than-expected, debt-funded capex programme, thereby materially deteriorating its financial risk profile further. About Gargo Motors Established in 1996 by Mr. Kamakhya Borthakur, Gargo, a proprietorship firm, is an authorised dealer of TML's commercial vehicles; Gargo has six showrooms and three stockyards in Assam. The firm sells several variants of commercial vehicles, including pick-ups, medium to heavy commercial vehicles, light commercial vehicles, and buses manufactured by TML. Mr. Kamakhya Borthakur has also promoted Gargo Motors Ltd (rated 'CRISIL B+/Stable'), which is an authorised dealer of TML's passenger vehicles. The firm also has crane hiring service business, although this division's revenue contribution is small. For 2011-12, Gargo's profit after tax (PAT) and net sales are estimated at INR14.50 million and INR1.95 billion respectively; the firm reported a PAT of INR16.49 million on net sales of INR1.35 billion for 2010-11. HI DESIGN: Delays in Loan Payment Cues CRISIL Junk Ratings ---------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Hi Design Shoes to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Bill Discounting 10.00 CRISIL D (Downgraded from CRISIL B/Stable) Cash Credit 34.50 CRISIL D (Downgraded from CRISIL B/Stable) Letter of Credit 30.00 CRISIL D (Downgraded from CRISIL B/Stable) Term Loan 15.00 CRISIL D (Downgraded from CRISIL B/Stable) The downgrade reflects delays by HDS in servicing its term loan due to its weak liquidity. The account has been classified as a non performing asset (NPA) by the bank. HDS has a below-average financial risk profile, marked by a small net worth and large working capital requirements, and exposure to intense competition in the footwear industry. However, the firm continues to benefit from HDS's established customer profile and healthy order book. About Hi Design Shoes HDS, a partnership firm based in Vellore (Tamil Nadu), is promoted by Mr. K S Sivakumar and his wife Mrs. S Kanchana in 2005. The firm manufactures shoes and shoe uppers; it manufactures about 1000 pairs of shoes per day. The firm's customers include footwear exporters based in India and footwear manufacturers and sellers in Europe. HDS reported a profit after tax (PAT) of INR5.4 million on net sales of INR275.0 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR1.4 million on net sales of INR251.0 million for 2008-09. HYDERABAD POLLUTION: CRISIL Rates INR17.5MM Loan at 'CRISIL B' -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to Hyderabad Pollution Controls Limited bank facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Bank Guarantee 42.5 CRISIL A4 (Assigned) Cash Credit 17.5 CRISIL B/Stable (Assigned) The ratings reflect HPL's small scale and working-capital- intensive nature of operations, weak financial risk profile and exposure to risks related to intense competition. These rating weaknesses are partially offset by the benefits that HPL derives from its promoters' extensive industry experience and its established market position. Outlook: Stable CRISIL believes that HPL will benefit from the extensive industry experience of its promoters, over the medium term. The outlook may be revised to 'Positive' if the company's scale of operations and, profitability increase substantially, along with improvement in capital structure leading to improvement in financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company's revenues or operating profitability decline significantly, and if it undertakes debt-funded capital expenditure programme over and above expected, of, if there is a significant stretch in working capital cycle, thereby, deteriorating, its financial risk profile. About Hyderabad Pollution Promoted by Mr. S Gopala Krishnan Nair in the year 1978, HPL is engaged in the design, engineering and manufacture of ventilation plants and air pollution control systems such as industrial blowers and fans dust collection systems, humidification & ventilation systems, pneumatic transport systems and fume exhaust systems. HPL, based in Hyderabad, Andhra Pradesh is ISO 9001 certified manufacturer for these equipments. JASLEEN ENTERPRISES: CRISIL Puts 'D' Ratings to INR99.5MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of Jasleen Enterprises. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Working Capital 2.3 CRISIL D (Assigned) Term Loan Cash Credit 90.0 CRISIL D (Assigned) Long Term Loan 7.2 CRISIL D (Assigned) The rating reflects instances of delay by JE in servicing the term loan obligations due to stretched liquidity. The delays were caused mainly due to short-term cash flow mismatches. The ratings also reflect JE's susceptibility to intense competition in furniture manufacturing industry from organized and unorganized segments. However, the firm is expected to benefit from the long standing experience of management in furniture industry leading to good client relationships. Jasleen Enterprises is engaged in manufacturing of various furniture mainly sofa sets (either of poly urethane i.e. PU or fabric or of leather) and other wooden furniture which are sold to various furniture retail outlets. The customers for the firm include marquee names such as Reliance Retail Limited (Reliance Living), Godrej & Boyce Manufacturing Co. Ltd. (Godrej Interio) (rated CRISIL AA-/Stable/CRISIL A1+), Future Group (Home Town), and other established furniture retail outlets. The firm has a unit in IDA Moula Ali near Hyderabad (Andhra Pradesh) having capacity to manufacture 1,500-2,000 sofa sets depending upon the variety and size of the sofa. The entire production is backed by orders. The furniture is manufactured as per the customer's specifications and designs. The firm too has developed 20-25 designs to continue manufacturing activity even during off peak season and this also caters when there is urgent customer requirement. MAHABIR POULTRY: CRISIL Assigns 'B' Rating to INR85.2MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Mahabir Poultry & Breeding Farm. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Term Loan 25.2 CRISIL B/Stable (Assigned) Cash Credit 32.8 CRISIL B/Stable (Assigned) Proposed Long-Term 27.2 CRISIL B/Stable (Assigned) Bank Loan Facility The rating reflects the firm's weak financial risk profile marked by small cash accruals and high gearing, and vulnerability to intense competition and risks inherent in poultry industry. These rating weaknesses are partially offset by MPBF's proprietor's extensive experience in the poultry industry. Outlook: Stable CRISIL believes that MPBF will continue to benefit over the medium term from its promoter's extensive experience in the poultry farming and hatchery business and its established relationships with its key customers. The outlook may be revised to 'Positive' if the firm increases its scale of operations, or if its promoter infuses funds, leading to improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' if the firm's profitability is lower than expected, resulting in less-than-expected cash accruals, or if there is deterioration in its working capital management. About Mahabir Poultry Established in 1995 by Mr. Balbir Singh, MPBF is a proprietorship firm engaged in the poultry farming business - in the hatchery and commercial layer chicks segment. The firm is based in Karnal (Haryana) and has parent bird capacity of 70,000 in the hatchery division and layer chick capacity of 75,000. Under the hatchery division, the firm sells day-old-chicks (DOC) to broiler farms, and under the layer chicks division, it sells eggs through dealers. For 2010-11 (refers to financial year, April 1 to March 31), MPBF reported a profit of INR1.5 million on net sales of INR110.3 million, against a profit of INR0.58 million on net sales of INR77.7 million for 2009-10. MOHANLAL MADHAWJEE: CRISIL Rates INR60MM Loan at 'CRISIL B+' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Mohanlal Madhawjee Jewellers Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Cash Credit 60 CRISIL B+/Stable (Assigned) Standby Letter of 40 CRISIL A4 (Assigned) Credit The ratings reflect MMJPL's small scale of operations in the highly fragmented gold jewellery industry, exposure to intense competition, and weak financial risk profile, marked by small net worth, high gearing, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of MMJPL's promoters in the jewellery business. Outlook: Stable CRISIL believes that MMJPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if the company improves its financial risk profile by increasing its revenues and profitability on a sustainable basis or if its promoters infuse significant amount of equity. Conversely, the outlook may be revised to 'Negative' if there is a fall in revenues and profitability; MMJPL's relationships with its customers deteriorate, or if the company undertakes a large debt- funded capital expenditure programme, thereby further weakening its capital structure. About Mohanlal Madhawjee MMJPL was set up as a proprietorship firm in 1960; however, it was reconstituted as a private limited company in 2005. MMJPL is engaged in wholesaling and retailing of hand-crafted gold ornaments. The retail division comprises around 30 per cent of the company's total sales, whereas the remaining is derived from the wholesale division. MMJPL has a retail outlet in Kolkata (West Bengal). The company is managed by Mr. Apurva Parekh and his brother, Mr. Anand Parekh, who are the third-generation promoters of the company. MMJPL reported a profit after tax (PAT) of INR1.7 million on net sales of INR504.1 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR1.2 million on net sales of INR395.6 million for 2009-10. M.R.S. SHRI: CRISIL Assigns 'CRISIL D' Rating to INR150MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of M.R.S. Shri Prannath Parnami Education Society. The rating reflects instances of delay by MRSS in servicing its debt; the delays have been caused by the society's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Term Loan 135.6 CRISIL D (Assigned) Overdraft Facility 10 CRISIL D (Assigned) Proposed Long-Term 4.4 CRISIL D (Assigned) Bank Loan Facility MRSS also has tight liquidity resulting from large capital expenditure and large term loan repayment obligations, and vulnerability to regulatory risks associated with educational institutions. These rating weaknesses are partially offset by the extensive industry experience of MRSS's promoters and healthy demand prospects for the education industry. MRSS was set up as a non-profit society under the patronage of Guruji Shree Sadanandji Maharaj in September 2008 in Hisar (Haryana). The society operates four institutes on the same campus - Prannath Parnami Institute of Management and Technology (PPIMT), Prannath Parnami Institute of Footwear Technology (PPIFT), Prannath Parnami Institute of Film and Media (PPIFM), and Prannath Parnami Institute of Professional Studies (PPIPS). MRSS commenced admissions in academic year 2009-10 (refers to financial year, April 1 to March 31) for PPIMT; in 2011-12 for PPIFT; and in 2012-13 for PPIFM and PPIPS. The society's operations are currently managed by Mr. Nitin Kathuria and Mrs. Geeta Kathuria. All the courses offered by the society are either approved by the All India Council for Technical Education or by the Haryana state government. MRSS's profit after tax (PAT) and net income are estimated at INR10.1 million and INR77.7 million, respectively, for 2011-12; the society reported a PAT of INR14.5 million on net income of INR54.1 million for 2010-11. RUSHIKESH PAPER: CRISIL Assigns 'B' Rating to INR61.5MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Rushikesh Paper Mills Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Term Loan 48 CRISIL B/Stable (Assigned) Cash Credit 12.5 CRISIL B/Stable (Assigned) Standby Line of Credit 1 CRISIL B/Stable (Assigned) The rating reflects RPM's modest scale of operations in highly fragmented industry and moderately working-capital-intensive operations. These rating weaknesses are partially offset by RPMPL's promoters' extensive experience in the industrial paper industry and average financial risk profile. Outlook: Stable CRISIL believes that Rushikesh Paper Mills Pvt Ltd will benefit from its promoters' long-standing experience in the paper manufacturing industry. The outlook may be revised to 'Positive' if the scale of operations increases significantly, while maintaining profitability thereby improving its business risk profile and liquidity or there is significant and permanent funding from promoters to support its liquidity. Conversely, the outlook may be revised to 'Negative' if the profitability and cash accruals decline significantly; resulting in liquidity pressure or the capital structure deteriorates due to larger than expected working capital requirements or larger than expected capital expenditure programme. About Rushikesh Paper RPM was promoted in 2005 by Mr. Sakharam S Landge and his son Mr. Rahul Landge. It set up a 10720 tonnes per annum (tpa) paper mill, which started commercial operations in March 2007. RPM is engaged in the manufacturing of kraft papers and paper boards, which are mainly applicable in packaging industry. Kraft paper contributes 70 to 75 per cent of the total sales for the company whereas the balance is through paper boards. RPMPL reported on a provisional basis a profit after tax (PAT) of INR 6 million on net sales of INR168 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR4 million on net sales of INR182 million for 2010-11. SILVER SIGN: CRISIL Assigns 'B' Rating to INR50MM Loans ------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Silver Sign Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------ Proposed Long-Term 30 CRISIL B/Stable (Assigned) Bank Loan Facility Overdraft Facility 20 CRISIL B/Stable (Assigned) Buyer Credit Limit 50 CRISIL A4 (Assigned) Foreign Letter of Credit 100 CRISIL A4 (Assigned) The ratings reflect SSPL's modest scale, and working-capital- intensive nature, of operations with low profitability, and weak financial risk profile marked by a small net worth and a high gearing. These rating weaknesses are partially offset by the benefits that SSPL derives from its promoters' extensive industry experience and its established relationships with its major suppliers. Outlook: Stable CRISIL believes that SSPL will continue to benefit over the medium term from its promoters' extensive experience and its established relationships with its major suppliers. The outlook may be revised to 'Positive' in case the company reports significant improvement in its capital structure, driven by higher-than-expected cash accruals or equity infusion along with efficient working capital management. Conversely, the outlook may be revised to 'Negative' in case SSPL reports lower-than-expected cash accruals or larger-than-expected working capital requirements, resulting in further stress on its liquidity. About Silver Sign Silver Sign Pvt Ltd, incorporated in 2009, trades in Polyvinyl Chloride flexible plastic sheets (flex), PVC lamination films, PVC vinyl, and other PVC products used for printing advertisements and signs. SSPL has also recently diversified into import of light-emitting diode (LED) modules used in outdoor advertisements and signages. The company is expected to derive over 90 per cent of its revenues from PVC products and the rest from LED modules, in 2012-13 (refers to financial year, April 1 to March 31). SSPL currently has a product portfolio of over 40 products, and imports over 95 per cent of its requirements. It has branch offices in New Delhi, Mumbai, Chennai, and Kolkata. SSPL sells all its products under the brand name, Hi-Sign. WOCKHARDT LTD: Completes Sale of Nutrition Biz to Danone -------------------------------------------------------- Rumman Ahmed at Deal Journal India reports that Wockhardt Ltd said it has completed the previously announced deal to sell its nutrition business to French dairy giant Danone S.A. for INR12.80 billion (US$228 million). Deal Journal India says the company had agreed to the deal with Danone last August, but the transaction was delayed as Wockhardt was locked in litigation with overseas bondholders who had sought its liquidation to recover their arrears. Danone had agreed to acquire Wockhardt's nutrition business and brands - Dexolac, Farex, Nusobee and Protinex - as well as its related industrial operations under the deal, the report notes. As reported in the TCR-Asia Pacific on March 25, 2011, Bloomberg News said the Bombay High Court granted an interim stay on a petition filed by bondholders to liquidate Wockhardt Ltd. According to Bloomberg, a group of three bondholders, including U.S. hedge fund QVT Financial LP, and an overseas unit of Sun Pharmaceutical Industries Ltd. filed the petition after Wockhardt defaulted on payments of its $110 million convertible bonds that matured in October 2009. The claimants are looking to retrieve a total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for the creditors, said. About Wockhardt Limited Wockhardt Limited is an India-based pharmaceutical company. The Company is a subsidiary of Khorakwala Holdings and Investments Private Limited. The geographical segments of the Company are India, the United States/Western Europe and Rest of the World. The Company's subsidiaries includes Wockhardt Biopharm Limited, Vinton Healthcare Limited, Wockhardt Infrastructure Development Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals Limited, Wallis Group Limited, The Wallis Laboratory Limited, Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France (Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal Pharmaceutique S.A.R.L. In August 2009, the Company completed the divestment of its Animal Health Division to Vetoquinol, France. ========= K O R E A ========= HYUNDAI STEEL: Moody's Says 2Q Results Credit Positive ------------------------------------------------------ Moody's Investors Service says that the strong rebound in Hyundai Steel Company's operating performance in the second quarter is credit positive because it demonstrated its ability to generate adequate profitability despite the persistent sluggishness in the regional steel industry. However, the performance will not impact its Baa3 ratings and negative outlook. Hyundai Steel said on July 27 that its operating income grew 113% in the second quarter versus the previous quarter, mainly as a result of lower input costs and the increased sales of value- added products for automobiles. Although operating income was 18% lower than a year earlier, reflecting challenging industry fundamentals, the degree of decline is not as severe as that for its domestic peers such as POSCO (A3, review for downgrade) whose operating income in the quarter fell 39%. "Hyundai Steel's earnings stability is underpinned by its strong bargaining power in the domestic long-steel product industry, given its dominant market position," says Chris Park, a Moody's Vice President and Senior Credit Officer. "It also benefits from the increased proportion of specialty products in its sales mix for flat steel , backed by growing captive demand from the Hyundai Motor group," he adds. Given the lingering weakness in the regional steel industry and its hefty capex requirements, Moody's expects Hyundai Steel's debt/EBITDA to remain around 5x and EBIT/interest to stay at about 3x over the next 12-18 months. These ratios are below the levels that are required to maintain the Ba2 standalone rating. Nevertheless, Moody's expects Hyundai Steel's financial metrics to strengthen significantly to levels appropriate for its rating once its third blast furnace becomes fully operational in late 2013. The principal methodology used in rating Hyundai Steel was the Global Steel Industry Methodology published in January 2009. Hyundai Steel is the second-largest steel producer in Korea, with a dominant market position in the long-steel segment. * Moody's Says Rating Trend for Asia Corporates Stays Neg. in 2Q ---------------------------------------------------------------- Moody's Investors Service says that the rating trend for non- financial corporates in Asia Pacific was negative in the second quarter of 2012, continuing a trend that now spans four consecutive quarters. "The negative rating trend in the quarter primarily reflected the adverse impact of weak global demand, given the prolonged and unresolved euro area debt crisis, the weaker-than-expected recovery in the US, and, importantly, the slowing growth of the Chinese economy," says Clara Lau, a Moody's Group Credit Officer. "For the rest of the year, we expect negative pressure to continue for Asian issuers, as their operating and financial performance will be affected by the continued weakness in global demand and the overcapacity in some industries," Ms. Lau adds. Lau was speaking on the release of Moody's quarterly review of rating actions on corporates in the Asia Pacific. The report is titled, "Rating And Outlook Trends For Asia Pacific Corporates 2Q 2012 Remained Negative." 'The extent to which the negative trend will intensify or moderate will depend mainly on two factors: the development of the euro area sovereign crisis and the strength of China's economic growth, " says Ms. Lau. " However, we expect availability of credit will ease somewhat, benefiting some sectors, as governments in Asia cautiously loosen some monetary measures to spur demanding as inflationary pressures abate," adds Ms. Lau. According to the report, the number of negative actions of Asian corporates in the quarter was 15 versus 5 positive actions. However, the number was markedly lower than the 26 negative actions in the previous quarter. "Speculative grade issuers accounted for 67% of the total negative actions. Rated Chinese issuers accounted for about 80% of the negative actions on the speculative grade issuers, with industrial companies and property developers each contributing an almost equal share," says Lau. In Japan, there were 2 negative rating actions in the second quarter, versus 5 in the first quarter, and no positive rating action. Japanese industrial corporates continue to face a very challenging environment, given the lackluster global economic growth and weakening competitiveness due to the persistently strong yen. The negative bias in actions for Japanese issuers will continue, although the trend is likely to moderate. For the Australia and New Zealand portfolio, the trend was relatively stable during the quarter. There were 2 negative rating actions and 1 positive action and which were mainly prompted by company-specific factors. Moody's expects the trend to remain broadly stable but with increasing divergence between the resource and non-resource sectors. ==================== N E W Z E A L A N D ==================== INDEPENDENT SCAFFOLDING: Placed In Liquidation Over Unpaid Taxes ---------------------------------------------------------------- Tamlyn Stewart at The Press reports that Independent Scaffolding Supplies, set up by former bankrupt Richard Lascelles, has been placed into liquidation, owing NZ$440,000 to creditors. The Press, citing documents in the court file, relates that the company owes NZ$386,821 in unpaid GST, PAYE, income tax, KiwiSaver deductions and student loan deductions to Inland Revenue, and NZ$52,833 in recruitment fees to Hays Specialist Recruitment According to the report, Associate Judge Matthews granted an application by Inland Revenue, with Hays Specialist Recruitment in support, for the liquidation of the scaffolding firm, and PricewaterhouseCoopers partners Malcolm Hollis and Maurice Noone were appointed as liquidators. As well, according to the Companies Office website, Murray Allot was appointed receiver of Independent Scaffolding on July 24. The Press notes that the company has been placed in receivership before -- on June 14 receivers C & C Strategic Limited were appointed, although documents on the Companies Office website show only that the receivership ceased on June 21 and no further details were given. Independent Scaffolding was set up by Mr. Lascelles on March 28, 2006. He was a director until November 11, 2008, according to the Companies Office website, The Press discloses. In September of that year, the Press recalls, Mr. Lascelles was prohibited from acting as a director or taking part in the management of a company for three years, as a result of his mismanagement of five companies between May 31, 2006 and April 13, 2007 that went into liquidation before September 2008. The company is now owned by Taurus Trustee Services Limited. PIKE RIVER: Receivers No Pleas on 10 Incident-Related Charges ------------------------------------------------------------- Businessdesk reports that the receivers for Pike River Coal will enter no pleas on the 10 charges brought against the company relating to the explosions, which killed 29 underground miners in November 2010. According to BusinessDesk, PricewaterhouseCoopers receiver John Fisk said they had no detailed knowledge of matters that related to the mine's management before the receivership and were in no position to form a view or participate in what would be costly proceedings. "Even after the sale of the mine and related assets to Solid Energy, the company owes substantial amounts of money to both its secured and unsecured creditors," the report quotes Mr. Fisk as saying. Defending the 10 charges laid by the Labour Department would not be in the interest of creditors, the report relays. BusinessDesk states that Pike River former chief executive Peter Whittall was scheduled to appear in the Greymouth District Court on Tuesday on charges relating to the deaths and the mine's management but Judge Tony Couch adjourned hearing those charges to October 25. According to BusinessDesk, Fairfax Media reported that a contractor to the mine, VLI Drilling, entered guilty pleas on three charges relating to health and safety failings at Pike River, and will appear for sentencing on October 26. About Pike River Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is a New Zealand-based coal mining company. The Company, along with its subsidiaries, is primarily engaged in the exploration, evaluation, development and production of coal. It operates a coal mine that lies under the Paparoa Ranges. Pike River Coal Ltd, the company that operates the coal mine where 29 miners died in a series of explosions in November 2010, was placed into receivership in December 2010. New Zealand Oil & Gas, the company's largest shareholder, appointed accountants PricewaterhouseCoopers as receivers. The company owed NZ$80 million to secured creditors BNZ and NZ Oil & Gas. Pike River Coal also owed another estimated NZ$10 million to NZ$15 million to contractors, including some of the men who lost their lives in the disaster. As reported in the Troubled Company Reporter-Asia Pacific on July 19, 2012, stuff.co.nz said the sale of Pike River Coal Mine to Solid Energy has been completed, with the state-owned miner paying NZ$7.5 million. Solid Energy bought the mine site near Atarau in the Grey District as well as the stockpile and rail loading facility at Ikamatua. It also acquired the company's mining permits. SOUTHDOWN HOLDINGS: In Liquidation; Owes NZ$320,000 to ECan ----------------------------------------------------------- The Timaru Herald reports that Southdown Holdings and Williamson Holdings, the companies behind a controversial cubicle-dairying proposal in the Upper Waitaki, have gone into liquidation owing Canterbury ratepayers close to NZ$320,000. The Timaru Herald says briefing notes for Environment Canterbury's commissioners finance and audit committee reveal that Southdown Holdings and Williamson Holdings' voluntary liquidation caused concern for the regional council's consent department, as the companies "collectively owed ECan NZ$315,952". The latest revelation marks yet another chapter in what has become an extremely entangled saga, the report says. In 2009, the Timaru Herald recalls, the companies were first behind a proposal to collectively house more than 16,000 cows in cubicles in the Ohau and Omarama basins. It drew fire from several organizations, with the Green Party's co-leader, Russel Norman, blasting the idea as "factory farming". The Timaru Herald notes that ECan received more than 5,000 submissions against the proposal, eventually sparking a Government call-in for the effluent consents. An ECan-appointed independent hearings body declined the water use consents, which effectively scuppered the companies alternate "mixed farming" proposals as well, the report relays. An Environment Court appeal is pending, but it is unknown whether that will still go ahead after the companies filed for voluntary liquidation, according to the report. The Timaru Herald relates that that ECan commissioner for finance David Bedford said they had requested a report from staff about the process of dealing with outstanding debts. He was confident that staff were doing their best to address debts owing to the regional council. At June 30, ECan had about NZ$17.45 million owing from debtors of whom about NZ$5.72 million, or 33 per cent, had been outstanding for three months or longer, the report adds. ================= S I N G A P O R E ================= GROUND ENVIROTECT: Creditors' Proofs of Debt Due Aug. 27 -------------------------------------------------------- Creditors of Ground Envirotect Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Aug. 27, 2012, to be included in the company's dividend distribution. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO LLP 21 Merchant Road #05-01 Royal Merukh S.E.A. Building Singapore 058267 HG ASIA: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on July 20, 2012, to wind up the operations of HG Asia Pte Ltd. Tay Kok Seng filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 MELEWAR ACADEMIA: Court to Hear Wind-Up Petition Aug. 10 -------------------------------------------------------- A petition to wind up the operations of Melewar Academia Holding Pte Ltd will be heard before the High Court of Singapore on Aug. 10, 2012, at 10:00 a.m. Eversheds LLP filed the petition against the company on July 13, 2012. The Petitioner's solicitors are: JLC ADVISORS LLP 22 Malacca Street #07-03 RB Capital Building Singapore 048980 MERIDIAN JC: Creditors' Proofs of Debt Due Aug. 27 -------------------------------------------------- Creditors of Meridian JC Multipurpose Co-Operative Ltd, which is in liquidation, are required to file their proofs of debt by Aug. 27, 2012, to be included in the company's dividend distribution. The company's liquidators are: Kelvin Thio Terence Ng c/o Ardent Business Advisory Pte Ltd 146 Robinson Road #12-01 Singapore 068909 MITRA HEALTHCARE: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on July 13, 2012, to wind up the operations of Mitra Healthcare Pte Ltd. Tay Kok Seng filed the petition against the company. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., 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 ***