/raid1/www/Hosts/bankrupt/TCRAP_Public/120821.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, August 21, 2012, Vol. 15, No. 166
Headlines
A U S T R A L I A
* AUSTRALIA: Corporate Insolvencies Drop in Last Qtr of 2012
C H I N A
CHINA DU KANG: Posts $59,000 Net Income in Second Quarter
CHINA MARKETING: Had $253,000 Net Income in Second Quarter
CITIC PACIFIC: Moody's Says Weak Performance No Impact on Ba1 CFR
YANLORD LAND: Moody's Weak 1H2012 Results No Impact on 'Ba3' CFR
H O N G K O N G
A & R CREATION: Creditors' Proofs of Debt Due Sept. 29
ACA II: Creditors' Proofs of Debt Due Aug. 31
ACA II TE: Creditors' Proofs of Debt Due Aug. 31
BELBET COMPANY: Members' Final Meeting Set for Sept. 19
BONGRACE LIMITED: Kong Chi How Johnson Appointed as Liquidator
BRAND SUCCESS: Members' Final Meeting Set for Sept. 18
CANTIRE (CHINA): Members' Final General Meeting Set for Sept. 18
CHINA MERCHANTS: Commences Wind-Up Proceedings
CHINESE INVESTMENT: Commences Wind-Up Proceedings
COMFORT RICH: Creditors' Meeting Set for Sept. 6
LONKING HOLDINGS: Moody's Sees Progress in Bond Repayment Steps
SONS OF LIGHT: Creditors' Proofs of Debt Due Sept. 3
TAI LOY: Court to Hear Wind-Up Petition on Sept. 26
UNIVERSAL CROWN: Lo and Leung Appointed as Liquidators
WELL BEST: Lo and Leung Appointed as Liquidators
WISDOMASIA MARKETING: Court to Hear Wind-Up Petition on Sept. 5
I N D I A
DURGASHAKTI FOODS: Delay in Loan Payment Cues CRISIL Junk Ratings
KANORIA CHEMBOND: CRISIL Rates INR52.5MM Loan at 'CRISIL B+'
KHAITAN ELECTRONICS: CRISIL Puts 'BB-' Rating on INR102.5MM Loans
NARBHERAM AGENCIES: CRISIL Rates INR65MM Cash Credit at 'BB-'
PCM STRESCON: CRISIL Upgrades Rating on INR1.7BB Loan to CRISIL B
SHREENATHJI GEMS: CRISIL Assigns 'B+' Rating to INR80MM Loans
SWASTIK REFINERY: CRISIL Upgrades Rating on INR92MM Loan to 'B+'
UNIQUE CHEMOPLANT: Delay in Loan Payment Cues CRISIL Junk Ratings
WIN INDIA: CRISIL Rates INR5MM Long-Term Loan at 'CRISIL BB-'
VERVE HUMAN: CRISIL Assigns 'B-' Rating to INR55 Million Loans
I N D O N E S I A
BUMI RESOURCES: Moody's Downgrades CFR to 'B1'; Outlook Stable
INDIKA ENERGY: Moody's Affirms 'B1' CFR; Outlook Stable
J A P A N
SHARP CORP: Lenders Likely to Extend JPY65-Bil. Bridge Loans
SHARP CORP: Mulls Cutting Thousands of Jobs More
N E W Z E A L A N D
DOMINION FINANCE: Trial Date Set for Feb. 1 and June 17 Next Year
PEGASUS TOWN: In Receivership on Refinancing Loan Difficulty
SOUTH CANTERBURY: Judge Reserves Decision on Southbury Windup
T A I W A N
IVEDA SOLUTIONS: Posts $848,300 Net Loss in Second Quarter
X X X X X X X X
* Nobina Pushes 2012 Global Default Tally to 52 Issuers
* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2012
- - - - -
=================
A U S T R A L I A
=================
* AUSTRALIA: Corporate Insolvencies Drop in Last Qtr of 2012
------------------------------------------------------------
The number of Australian companies entering into external
administration fell slightly in the last quarter of the 2011-12
financial year, against a backdrop of relatively high appointments
overall, according to official insolvency data published by
Australian Securities and Investment Commission.
Releasing the final quarterly insolvency statistics for 2011-12,
ASIC's Senior Executive Leader, Adrian Brown, said the Insolvency
Practitioners team continued to monitor the capacity of registered
liquidators to accommodate this additional workload and perform
their duties competently and professionally.
Quarterly result
Mr. Brown said there had been a small decrease in insolvency
appointments from the previous quarter although the overall number
of external administrations (EXADs) appointments remained
relatively high. Mr. Brown also noted the quarterly total was
down compared to the same quarter in 2010-11 (2,656).
By appointment type, director-initiated creditor voluntary
liquidations increased from the previous quarter (up 16.8%),
offset by falls in Court liquidations (down 31.9%) and
receiverships (down 6.7%). Mr. Brown said this was consistent
with reports of fewer wind up applications filed by the Australian
Taxation Office (ATO) in the last part of the financial year; a
driver of activity in earlier quarters.
Of the three larger states, the June quarterly fall in Court
liquidations was most prominent in NSW and Queensland, with NSW
trending down over the last 12 months and Queensland coming off a
high in the March quarter. Creditor voluntary liquidations
increased in the June quarter in all three of the larger states;
most prominently in NSW and Victoria. Receivership appointments in
Queensland remained at their highest level in the quarter above
the two larger states of NSW and Victoria.
By state and territory, only Victoria and the Australian Capital
Territory (ACT) experienced an increase in EXAD appointments in
the June 2012 quarter relative to the March 2012 quarter (+10.0%
and +31.0% respectively) with all other states recording a
decrease: New South Wales (NSW) (-3.4%), Queensland (-15.2%),
South Australia (-19.3%), Western Australia (-13.0%) and Tasmania
(-24.0%). There was no change in the Northern Territory.
Annual statistics
Data for the 2011-12 year show an increase in EXAD appointments of
9.4% compared to the 2010-11 financial year. As a proportion of
the total number of registered companies, the annual increase in
EXAD appointments from 2010-11 to 2011-12 was 4.8%.
Over 2011-12, all three of the largest states recorded rises in
EXAD appointments, with the biggest rise in Queensland (21%). The
rises in appointments in NSW (6.4%) and Victoria (5.4%) were below
the national average of 9.4%.
Five-year comparison
The five year trend analysis showed a significant growth in
creditor voluntary liquidations, partially offset by a reduction
in voluntary administrations.
"This reflects legislative change from January 2008 streamlining a
liquidator's appointment. Previously, where a director faced
personal liability for tax debts via a tax penalty notice, the
director could realistically only appoint a voluntary
administrator to avoid that personal liability notwithstanding
there were no prospects of a company restructure," Mr. Brown said.
"Voluntary administrations and receivership appointments sit
within a range of between 300 to 400 appointments per quarter
since September 2009," Mr. Brown added.
=========
C H I N A
=========
CHINA DU KANG: Posts $59,000 Net Income in Second Quarter
---------------------------------------------------------
China Du kang Co., Ltd., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $59,304 on $934,890 of gross profit for the three
months ended June 30, 2012, compared with a net loss of $260,112
on $501,577 of gross profit for the same period during the prior
year.
The Company reported net income of $424,690 on $1.76 million of
gross profit for the six months ended June 30, 2012, compared with
a net loss of $460,540 on $1.21 million of gross profit for the
same period a year ago.
The Company reported a net loss of $696,001 in 2011, compared with
a net loss of $897,194 in 2010.
The Company's balance sheet at June 30, 2012, showed
$17.44 million in total assets, $7.48 million in total
liabilities, and $9.96 million in total stockholders' equity.
A copy of the Form 10-Q is available for free at:
http://is.gd/iP5gbS
About China Du Kang
Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co.,
Ltd., was incorporated as U.S. Power Systems, Inc., in the State
of Nevada on Jan. 16, 1987. The Company is principally engaged in
the business of production and distribution of distilled spirit
with the brand name of "Baishui Dukang". The Company also
licenses the brand name to other liquor manufactures and liquor
stores.
After auditing the 2011 financial statements, Keith K. Zhen, CPA,
in Brooklyn, New York, expressed substantial doubt about the
Company's ability to continue as a going concern. The independent
auditors noted that the company incurred an operating loss for
each of the years in the two-year period ended Dec. 31, 2011, and
as of Dec. 31, 2011, had an accumulated deficit.
CHINA MARKETING: Had $253,000 Net Income in Second Quarter
----------------------------------------------------------
China Marketing Media Holdings, Inc., filed its quarterly report
on Form 10-Q, reporting net income of $253,248 on $2.8 million
of revenue for the three months ended June 30, 2012, compared with
a net loss of $192,166 on $3.4 million of revenue for the same
period last year.
For the six months ended June 30, 2012, the Company had a net loss
of $269,467 on $5.0 million of revenue, compared with net income
of $171,201 on $6.5 million of revenue for the same period of
2011.
The Company's balance sheet at June 30, 2012, showed $18.4 million
in total assets, $3.6 million in total liabilities, and
stockholders' equity of $14.8 million.
As reported in the TCR on April 23, 2012, Van Wagoner & Bradshaw,
PLLC, in Salt Lake City, Utah, expressed substantial doubt about
China Marketing's ability to continue as a going concern,
following the Company's results for the fiscal year ended
Dec. 31, 2011. The independent auditors noted that the Company
has cash flow constraints and has suffered a large loss from
operations.
A copy of the Form 10-Q is available for free at:
http://is.gd/PgBbBw
Located in Beijing, China, China Marketing Media Holdings, Inc.,
was originally organized under the laws of the State of Texas on
Oct. 29, 1999, under the name Brazos Strategies, Inc. It changed
its name to Infolife, Inc., on July 16, 2003, and finally to China
Marketing Media Holdings, Inc., on Feb. 7, 2006. China Marketing
is a holding company and has no operations other than
administrative matters and the ownership of its direct and
indirect operating subsidiaries. Through its indirect Chinese
subsidiaries, it is engaged in the business of selling magazines
and advertising space in its magazines, providing sales and
marketing consulting services. All of the Company's operations,
assets, personnel, officers and directors are located in China.
Currently, it publishes China Marketing magazine in China.
CITIC PACIFIC: Moody's Says Weak Performance No Impact on Ba1 CFR
-----------------------------------------------------------------
Moody's Investors Service says that the weak performance of CITIC
Pacific's core businesses in 1H 2012 and further delays with its
Sino Iron project in Western Australia are both credit negative.
At the same time, both developments have no immediate impact on
its Ba1 corporate family and senior unsecured bond ratings.
"The weak performances of its special steel and property
businesses are within our expectations and have already been
factored into the negative rating outlook," says Ivan Chung, a
Moody's Vice President.
"But, the current delay of three months for trial production at
its iron ore project in Western Australia is disappointing as it
may jeopardize the project's economic returns and capacity to
service debt. This is happening against a backdrop of declining
iron ore prices and potential oversupply in the industry," adds
Mr. Chung, also the international lead analyst for CITIC Pacific.
"In addition, there is low visibility on the timeline for the
completion of the Australian project's remaining production lines,
the operating costs for ore production, and total spending for the
project," says Mr. Chung.
"On the other hand, in terms of mitigating factors, we take
comfort from CITIC Pacific's diversified business portfolio, the
stable performance of its operations in Hong Kong, and expected
high support from its parent, the CITIC Group (Baa2, stable),
based on the latter's strong track record of providing timely
support," says Kai Hu, a Moody's Vice President and local market
analyst for the company.
The parental support translates into 2-notches uplift from its
standalone Ba3 rating.
Moody's also takes comfort from CITIC Pacific's sound liquidity
position and its strong access to the domestic and international
funding markets. It recently raised US$1.1 billion in long-term
bonds and a HKD7.1 billion syndicated loan to refinance maturing
loans and further lengthen its debt maturity profile.
Moody's will continue to monitor the progress of its iron ore
project, the operating performance of its core businesses, and if
the company or its parent will take further actions to maintain a
credit profile appropriate for its current rating.
CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.
Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.
CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6%
owned by CITIC Group Corporation. It was one of the first Chinese
companies to list and invest outside of China. It is engaged in a
range of businesses, including specialty steel manufacturing, iron
ore mining, property development and investment, power generation,
infrastructure, communications and distribution.
CITIC Group Corporation, headquartered in Beijing, is a
conglomerate investment company wholly owned by the State Council
of the Chinese government. As of end-2010, it had total
consolidated assets of HKD193 billion.
YANLORD LAND: Moody's Weak 1H2012 Results No Impact on 'Ba3' CFR
----------------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
weak financial results for 1H 2012 -- reflecting its lack of
delivery in the 1H, especially in the 1Q -- are consistent with
its negative ratings outlook.
"Yanlord has reported an 11% year-on-year fall in its revenue to
RMB3.2 billion for 1H 2012 due to low GFA deliveries in the first
quarter of 2012," says Jonathan Lee, a Moody's Vice President and
Senior Analyst.
"However, there is no immediate downgrade pressure on its Ba3
corporate family and B1 senior unsecured debt ratings because of
its still acceptable level of contract sales in 1H 2012, its
ability to borrow funds, and its ability to defer committed land
premium payments. All these factors partially relieve pressures on
liquidity," says Mr. Lee.
Moody's notes that even though government restrictions on property
purchases have weakened Yanlord's sales of deluxe products in
first-tier and strong second-tier cities, it still achieved
contract sales of RMB7.14 billion in the first 7 months of 2012,
equivalent to nearly 60% of its target of RMB12 billion for all of
2012. This performance is also in line with Moody's expectations.
The company has also partially eased its liquidity pressures with
the deferral of its committed land premium payment of RMB1 billion
for acquisitions in Shanghai and Zhuhai.
In addition, it secured RMB1.1 billion in new offshore bank loans
to partially fund the redemption of its SGD305 million (RMB1.5
billion) convertible bonds, thereby demonstrating continued
support from its bankers.
Moody's expects that Yanlord's cash on hand -- which is estimated
to be at RMB4.5 billion after the redemption of convertible bond -
- can marginally cover its short-term debt of RMB3.4 billion and
its committed land premium payments.
Reported gross profit margin dropped to 35% in 1H 2012 from 38% in
1H 2011, due to a change in product mix. Moody's does not expect
the company to stage any recovery in gross margins in the next 6
months in view of the difficulty of raising prices.
Excluding revaluation gains from its investment property in
Tianjin and disposal gains on investments, Yanlord suffered a 30%
decline in its underlying profit.
Adjusted EBITDA interest coverage for the 12 months until June 30
was around 2.0x, which is weak for its Ba3 rating. However,
Moody's expects some improvement in interest coverage from higher
earnings in 2H 2012 as Yanlord delivers more GFAs.
The principal methodology used in rating Yanlord Land Group
Limited was the Global Homebuilding Industry Methodology published
in March 2009.
Yanlord focuses on large-scale residential developments in China,
targeting mid-to-high and high-end segments. It has a total land
bank of 5.4 million square meters in nine cities distributed
across five major regions in China. The Yangtze River Delta is its
largest market accounting for 37% of the company's land bank in
1H2012 and 82% of its revenue in 2011.
================
H O N G K O N G
================
A & R CREATION: Creditors' Proofs of Debt Due Sept. 29
------------------------------------------------------
Creditors of A & R Creation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 29, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 15, 2012.
The company's liquidator is:
Liu Wing Ting Stephen
17th Floor, Shun Kwong Commercial Building
No. 8 Des Voeux Road
West, Sheung Wan, Hong Kong
ACA II: Creditors' Proofs of Debt Due Aug. 31
---------------------------------------------
Creditors of ACA II (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 31, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 3, 2012.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
ACA II TE: Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------
Creditors of ACA II TE (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 31, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 3, 2012.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
BELBET COMPANY: Members' Final Meeting Set for Sept. 19
-------------------------------------------------------
Members of Belbet Company Limited will hold their final general
meeting on Sept. 19, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, at 1 Queen's Road East, Hong Kong.
At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
BONGRACE LIMITED: Kong Chi How Johnson Appointed as Liquidator
--------------------------------------------------------------
Kong Chi How Johnson on July 4, 2012, was appointed as liquidator
of Bongrace Limited.
The liquidator may be reached at:
Kong Chi How Johnson
25/F, Wing On Centre
111 Connaught Road
Central, Hong Kong
BRAND SUCCESS: Members' Final Meeting Set for Sept. 18
------------------------------------------------------
Members of Brand Success Limited will hold their final meeting on
Sept. 18, 2012, at 10:00 a.m., at Unit 402, 4/F, Malaysia
Building, No. 50, Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
CANTIRE (CHINA): Members' Final General Meeting Set for Sept. 18
----------------------------------------------------------------
Members of Cantire (China) Limited will hold their final general
meeting on Sept. 18, 2012, at 11:00 a.m., at Suites 1905-7, 19th
Floor, Tower 6, The Gateway, Harbour City, Kowloon, in Hong Kong.
At the meeting, Leung Yuk Lin Christina, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CHINA MERCHANTS: Commences Wind-Up Proceedings
----------------------------------------------
Members of China Merchants Investments (H.K.) Limited, on Aug. 8,
2012, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ruby Mun Yee Leung
Yuen Tsz Chun Frank
5th Floor, Ho Lee Commercial Building
38-44 D'Aguilar Street
Central, Hong Kong
CHINESE INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Chinese Investment Limited, on Aug. 8, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Ruby Mun Yee Leung
Yuen Tsz Chun Frank
5th Floor, Ho Lee Commercial Building
38-44 D'Aguilar Street
Central, Hong Kong
COMFORT RICH: Creditors' Meeting Set for Sept. 6
------------------------------------------------
Creditors of Comfort Rich Enterprises Limited will hold their
meeting on Sept. 6, 2012, at 10:30 p.m., for the purposes provided
for in Sections 228A, 241, 242, 243, 244 251, 225A and 283 of the
Companies Ordinance.
The meeting will be held at Rooms 2604-6, 26/F, CC Wu Building, at
302-308 Hennessy Road, Wanchai, in Hong Kong.
LONKING HOLDINGS: Moody's Sees Progress in Bond Repayment Steps
---------------------------------------------------------------
Moody's Investors Service believes that Lonking Holdings Limited
is making progress towards addressing the repayment of its
puttable convertible bond and expects that it will have sufficient
funds for full repayment when the bond falls due on 24 August.
Moody's also expects to end its review for downgrade of Lonking's
B1 corporate family and senior unsecured bond ratings once the
company has completed the repayment of the bonds and upon Moody's
review of its 1H 2012 results.
The review for downgrade was initiated on May 25 due to
uncertainty over repayment of about US$168 million in convertible
bond.
As the downgrade pressure recedes, Moody's says it will likely
confirm Lonking's ratings at their current rating levels, assuming
that its operating and financial position had not deteriorated
substantially in the last few months.
The principal methodology used in rating Lonking Holdings Limited
was the Global Heavy Manufacturing Rating Methodology published in
November 2009.
Lonking Holdings Limited is one of the leading heavy machinery
suppliers in Mainland China. The company focuses on the production
of wheel loaders and excavators. Lonking also manufactures road
rollers, forklifts, and other types of construction machinery. The
company is one of the top manufacturers of wheel loaders in China.
Lonking has four manufacturing plants in Shanghai, Zhengzhou,
Fujian and Jiangxi, and the majority of its products supply the
domestic market. The company listed on the Hong Kong Stock
Exchange in 2005. It is 55.08% controlled by founder and chairman,
Li Xin Yan, and his wife.
SONS OF LIGHT: Creditors' Proofs of Debt Due Sept. 3
-----------------------------------------------------
Creditors of Sons of Light Limited, which is in liquidation, are
required to file their proofs of debt by Sept. 3, 2012, to be
included in the company's dividend distribution.
The company's liquidators are:
Ho Man Kit Horace
Kong Sau Wai
Room 511, 5/F Tower 1, Silvercord
30 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
TAI LOY: Court to Hear Wind-Up Petition on Sept. 26
---------------------------------------------------
A petition to wind up the operations of Tai Loy Cosmetic Co.,
Limited will be heard before the High Court of Hong Kong on
Sept. 26, 2012, at 9:30 a.m.
Chan Sze Ki filed the petition against the company on July 23,
2012.
UNIVERSAL CROWN: Lo and Leung Appointed as Liquidators
------------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Aug. 17, 2012,
they have been appointed by the High Court of Hong Kong as joint
and several liquidators of Universal Crown International Limited.
The High Court entered an order on April 29, 2010, to wind up the
operations of Able System.
The liquidators may be reached at:
Lo Ka Ying
Leung Ka Lok
Room 1307, Tower 1
Lippo Centre
89 Queensway
Admiralty, Hong Kong
WELL BEST: Lo and Leung Appointed as Liquidators
------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Aug. 17, 2012,
they have been appointed by the High Court of Hong Kong as joint
and several liquidators of Well Best Industrial Limited. The High
Court entered an order on July 9, 2012, to wind up the operations
of Able System.
The liquidators may be reached at:
Lo Ka Ying
Leung Ka Lok
Room 1307, Tower 1
Lippo Centre
89 Queensway
Admiralty, Hong Kong
WISDOMASIA MARKETING: Court to Hear Wind-Up Petition on Sept. 5
---------------------------------------------------------------
A petition to wind up the operations of Wisdomasia Marketing &
Research Consulting Co. Limited will be heard before the High
Court of Hong Kong on Sept. 5, 2012, at 9:30 a.m.
Wisdomasia Marketing & Research Consulting Pte. Limited filed the
petition against the company on June 5, 2012.
The Petitioner's solicitors are:
K. L. Leung & Co.
Room 1208, 12th Floor
Shiu On Centre
6-8 Harbour Road
Wanchai, Hong Kong
=========
I N D I A
=========
DURGASHAKTI FOODS: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Durgashakti Foods Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL D (Downgraded from
CRISIL BB-/Stable)
Term Loan 80 CRISIL D (Downgraded from
CRISIL BB-/Stable)
The downgrade reflects the instances of delay by Durgashakti in
servicing its debt; the delays have been caused by the company's
weak liquidity. Durgashakti has weak liquidity because of its
lower than expected cash accruals on the back of lower than
expected increase in turnover in 2011-12 (refers to financial
year, April 1 to March 31) and large working-capital requirements.
Durgashakti also has a small net worth, restricting its financial
flexibility, and a constrained profitability, given the
limitations inherent in agricultural-based commodity businesses.
The company is also exposed to risks related to volatility in soya
bean prices. Durgashakti, however, benefits from its promoters'
experience in the edible oils industry and its proximity to raw
material sources.
About Durgashakti Foods
Durgashakti was set up in 2008 by Mr. Shashikant Sureka and his
two brothers in order to expand their family-run edible oil
business. The family has been manufacturing and selling crude
edible oils (soya and sunflower) and de-oiled cakes (DOC) for more
than two decades. The company's production facility at Khamgaon
(Maharashtra) has seed crushing capacity of 400 tonnes per day.
Durgashakti buys most of the soya seeds from Agriculture Produce
Market Committee, which is based in Khamgaon. Durgashakti sells
crude soya oil to nearby refineries; it sells soya DOCs in Tamil
Nadu, Karnataka, and Andhra Pradesh. The company commenced
commercial operations in 2009-10 (refers to financial year,
April 1 to March 31).
Durgashakti's net profit is estimated at INR61.9 million on net
sales of INR1170.2 million for 2011-12, against a net profit of
INR59.3 million on net sales of INR917.9 million for 2010-11.
KANORIA CHEMBOND: CRISIL Rates INR52.5MM Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISILA4' ratings to the
bank facilities of Kanoria Chembond Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52.5 CRISIL B+/Stable (Assigned)
Bank Guarantee 2.5 CRISIL A4 (Assigned)
Buyer Credit Limit 20.0 CRISIL A4 (Assigned)
The ratings reflect KCPL's modest scale of operations, modest
financial risk profile, marked by small net worth and high
gearing, and large working capital requirements. These rating
weaknesses are partially offset by KCPL's established
relationships with its customers and suppliers, and the extensive
experience of its promoter in the chemical industry.
Outlook: Stable
CRISIL believes that KCPL will continue to benefit from its long
track record in the polymer resin business. The outlook may be
revised to 'Positive' if there is substantial increase in KCPL's
scale of operations, and significant improvement in its financial
risk profile, driven most likely by higher than expected turnover.
Conversely, the outlook may be revised to 'Negative' if there is
any adverse impact on the company's operating profitability, or if
the company undertakes larger-than-expected, debt-funded capital
expenditure programme, thereby weakening its capital structure
further.
About Kanoria Chembond
Kanoria Chembond Pvt Ltd. was incorporated in 2005, promoted by
Mumbai-based Mr. Dinesh Kanoria. The company manufactures
thermosetting resins such as phenol formaldehyde, unsaturated and
saturated polyester resins. Its manufacturing unit is in Wada,
Maharashtra and has capacity of 8000 tonnes per annum.
KHAITAN ELECTRONICS: CRISIL Puts 'BB-' Rating on INR102.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Khaitan Electronics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 33.50 CRISIL BB-/Stable (Assigned)
Cash Credit 69.00 CRISIL BB-/Stable (Assigned)
Letter of Credit 55.00 CRISIL A4+ (Assigned)
Letter Of Guarantee 2.50 CRISIL A4+ (Assigned)
The ratings reflect the extensive experience of Khaitan's
promoters in the electrical component industry. These rating
weaknesses are partially offset by the firm's below-average
financial risk profile, marked by an aggressive gearing and a
small net worth, and customer concentration.
Outlook: Stable
CRISIL believes that Khaitan will continue to benefit over the
medium term from its established position in the lighting
industry. The outlook may be revised to 'Positive' if the firm
continues to scale up its operations and profitability, while it
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if Khaitan undertakes a large, debt-funded
capital expenditure programme, or faces declining revenues and
profitability, or in case the partners withdraw funds leading to
deterioration in its financial risk profile.
About Khaitan Electronics
Khaitan was established as a partnership firm in 1998 by Mr.
Pradeep Khaitan and Mrs. Udita Khaitan. The firm manufactures
electromagnetic (EM) and electronic ballast and is the main vendor
for Philips Electronics India Ltd (Phillips) in India.
Khaitan reported, on provisional basis, a profit after tax (PAT)
of INR6 million on net sales of INR428 million for 2011-12,
against a PAT of INR8 million on net sales of INR523 million for
2010-11.
NARBHERAM AGENCIES: CRISIL Rates INR65MM Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit bank facility of Narbheram Agencies Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL BB-/Stable (Assigned)
The rating reflects NAPL's promoters' extensive experience in the
automobile dealership business and the low risks the company faces
with related to inventory and receivables. These rating strengths
are partially offset by NAPL's average financial risk profile,
marked by small net worth, high gearing and weak debt protection
metrics, and exposure to intense competition in the automotive
dealership market.
Outlook: Stable
CRISIL believes that NAPL will continue to benefit over the medium
term from its promoters' extensive experience in the automotive
industry. The outlook may be revised to 'Positive' if NAPL scales
up its operations substantially, while improving its
profitability, thereby improving its cash accruals, and
consequently, its liquidity and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if NAPL's
financial risk profile, especially liquidity, deteriorates, caused
most likely by larger-than-expected working capital requirements
or debt-funded capital expenditure or by less-than-expected cash
accruals.
About Narbheram Agencies
NAPL was established in 1998 by the Kamani family of Jamshedpur
(Jharkhand). The company is a dealer in Hero MotoCorp Ltd's two-
wheelers and a distributor of consumer durables for Blue Star Ltd.
NAPL also has franchise for watches and jewellery of Gitanjali
Jewels at Jamshedpur. In 2011-12 (refers to financial year, April
1 to March 31), NAPL derived around 85 per cent of its revenues
from its two-wheeler dealership, around 12 per cent from its
jewellery division, and the rest from its consumer durables
division.
For 2011-12, NAPL's profit after tax (PAT) and net income are
estimated at INR2.1 million and INR271.3 million respectively; the
company reported a PAT of INR1.6 million on net sales of INR199.9
million for 2010-11.
PCM STRESCON: CRISIL Upgrades Rating on INR1.7BB Loan to CRISIL B
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
PCM Strescon Overseas Ventures Ltd to 'CRISIL B/ Stable' from
'CRISIL B-/ Stable.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3.2 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Proposed Long-Term 1716.8 CRISIL B/Stable (Upgraded
Facility from 'CRISIL B-/Stable')
The upgrade reflects CRISIL's belief that PCM will sustain the
improvement in its business risk profile supported by its moderate
medium-term revenue visibility as a result of the INR3.1-billion
rail laying contract that it has recently bagged from Etihad Rail,
which aims at connecting several Gulf regions, including Abu
Dhabi, Dubai, and Oman, among others.
The rating remains constrained by PCM's high project
implementation risks, and customer concentration risk with the
company's major portion of the revenue slated to be accounted by a
single order over the medium term. These rating weaknesses are
partially offset by the experience of PCM's promoters in executing
similar projects in Saudi Arabia.
Outlook: Stable
CRISIL believes that PCM's business risk profile, over the near
term, will remain constrained by the company's high revenue
concentration and project implementation risks. The outlook may be
revised to 'Positive' if the company successfully implements the
project in hand on time and garners new contracts. The outlook may
be revised to 'Negative' if PCM reports delays in execution of
orders in hand or larger-than-expected working capital
requirements, thereby leading to weakening of its liquidity.
About PCM Strescon
PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company is promoted by PCM Cement Concrete
Pvt Ltd and Stresscon Industries Ltd, primarily to execute orders
out of India, especially the Middle East, Australia.
For 2011-12, PCM reported, on a provisional basis, a profit after
tax (PAT) of INR65 million on net sales of INR533 million; the
company reported a PAT of INR92 million on net sales of INR2341
million for 2010-11.
SHREENATHJI GEMS: CRISIL Assigns 'B+' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shreenathji Gems and Jewels Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Assigned)
Proposed Long-Term 30 CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflects the extensive experience of SGJPL's promoter
in the jewellery industry. These rating strengths are partially
offset by SGJPL's modest scale of operations in the competitive
retail jewellery industry and subdued financial risk profile
marked by small networth, high gearing and modest debt protection
indicators.
Outlook: Stable
CRISIL believes that SGJPL will continue to benefit over the
medium term from the extensive experience of its promoter in the
jewellery business and the established relationships with
customers. The outlook may be revised to 'Positive' if the firm
reports significantly higher-than-expected growth in its revenues,
while maintaining its margins. Conversely, the outlook may be
revised to 'Negative 'in case of a deterioration in its financial
risk profile on account of decline in margins or a significant
stretch in its working capital cycle.
About Shreenathji Gems
Shreenathji Gems & Jewels Private Limited was promoted in 2010 by
Mr. Sunil Dokania and his wife Mrs. Priti Dokania. The company was
incorporated to take over the business of 'Shreenathji Gems &
Jewels', proprietorship concern of Mr. Sunil Dokania setup in
2001. The company is engaged in manufacturing of high-end diamond-
studded gold jewellery. The company has its showroom at Malad,
Mumbai.
SGJPL reported a provisional profit after tax (PAT) of INR4.5
million on net sales of INR250.7 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of
INR3.9 million on net sales of INR175.3 million for 2010-11.
SWASTIK REFINERY: CRISIL Upgrades Rating on INR92MM Loan to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Swastik
Refinery Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70.00 CRISIL BB-/Stable (Upgraded
from CRISIL B+/Stable)
Term Loan 22.00 CRISIL BB-/Stable (Upgraded
from CRISIL B+/Stable)
Bank Guarantee 8.00 CRISIL A4+ (Upgraded from
CRISIL A4)
Letter of Credit 150.00 CRISIL A4+ Upgraded from
CRISIL A4)
The rating upgrade reflects improvement in Swastik's overall
liquidity, backed by the company's higher-than-expected accruals
in 2011-12 (refers to financial year, April 1 to March 31) post
the completion of its capacity expansion programme. While
Swastik's sales registered a year-on-year growth of 79 per cent,
at INR2.55 billion, in 2011-12, the company has maintained its
operating profitability at close to 2.5 per cent. CRISIL believes
that Swastik will prudently manage its incremental working capital
requirement over the medium term, thus ensuring that its liquidity
remains un-dented.
The ratings reflect the benefits that Swastik derives from its
moderate operating efficiency in the edible oils industry. This
rating strength is partially offset by the company's below-average
financial risk profile, exposure to risks related to the commodity
nature of, and intense competition in, the vanaspati industry, and
to unfavorable government regulations.
Outlook: Stable
CRISIL believes that Swastik will continue to benefit over the
medium term from its recently expanded facilities and its
established market position. The outlook may be revised to
'Positive' in case the company reports significant improvement in
its capital structure, most likely because of equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' if Swastik reports pressure on its profitability, or
deterioration in its gearing because of unexpected large debt-
funded capital expenditure or lengthening of its working capital
cycle, thus leading to deterioration in its financial risk
profile.
About Swastik Refinery
Swastik, incorporated in April 1997, commenced operations in 1999.
The company manufactures edible oil. Its refinery, which is
located at Jalan Industrial Complex in Howrah (West Bengal), has
capacity of 20,000 tonnes per annum (tpa) for hydrogenated
vanaspati and 75,000 tpa for refined oil. Swastik markets
vanaspati under the name Vanaspati 2000, and refined oil under the
name Happy Heart.
For 2011-12, Swastik reported, on a provisional basis, a profit
after tax (PAT) of INR8.2 million on net sales of INR2.55 billion;
the company reported a PAT of INR5.4 million on net sales of
INR1.42 billion for 2010-11.
UNIQUE CHEMOPLANT: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Unique Chemoplant Equipments (part of the Dipesh
group). The ratings reflect instances of delay by the Dipesh group
in servicing its debt; the delays have been caused by the group's
weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 6.1 CRISIL D (Assigned)
Letter of Credit 15.0 CRISIL D (Assigned)
Bank Guarantee 78.9 CRISIL D (Assigned)
Cash Credit 35.0 CRISIL D (Assigned)
The Dipesh group has an average financial risk profile, marked by
small net worth and weak debt protection metrics, and highly
working-capital-intensive operations. The group is also
susceptible to volatility in raw material prices and to economic
downturns. However, the group benefits from the extensive
experience of its promoters and from its established clientele.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UCE and Dipesh Engineering Works (DEW),
together referred to as the Dipesh group. The consolidated
approach is because both the entities are in the same line of
business, have significant operational and financial linkages
between them, and also share the same management. Furthermore, the
management has indicated that the entities will be merged in the
long term (though no timeline has been outlined).
DEW (rated 'CRISILB-/Stable/CRISIL A4') was established in 1979 by
Mr. Jayantibhai Patel as a proprietorship firm. DEW manufactures
machinery and equipment used in chemical, petrochemical,
pharmaceutical, pesticide, refineries, dye, and dye intermediate
industries. DEW has three manufacturing facilities near Mumbai
(Maharashtra).
UCE was established in 1995 as a proprietorship firm by Mr. Ketan
Patel (son of Mr. Jayantibhai Patel). The firm also manufactures
machinery and equipment used in chemical, petrochemical,
pharmaceutical, pesticide, refineries, dye, and dye intermediate
industries. Its manufacturing facility is located in Ambarnath
(Maharashtra).
WIN INDIA: CRISIL Rates INR5MM Long-Term Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Win India Exports.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 5 CRISIL BB-/Stable (Assigned)
Bank Loan Facility
Foreign Bill Exchange 90 CRISIL A4+ (Assigned)
Packing Credit 55 CRISIL A4+ (Assigned)
The ratings reflect the benefits that WIE derives from its
promoters' extensive experience in the ready-made garments
industry and its established clientele; the ratings also factor in
the firm's moderate financial risk profile marked by moderate
gearing and debt protection metrics. These rating strengths are,
however, partially offset by WIE's small scale of operations in
the intensely competitive ready-made garments industry, and
customer concentration.
Outlook: Stable
CRISIL believes that WIE will continue to benefit over the medium
term from its promoters' extensive experience in the ready-made
garment industry and its established customer base. The outlook
may be revised to 'Positive' in case the firm improves its scale
of operations and profitability margins, leading to better-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' in case WIE reports a decline in its turnover or lower-
than-expected cash accruals, or an increase in its working capital
requirements, leading to weakening of its liquidity.
About Win India
WIE, set up in 1991 and based in Chennai (Tamil Nadu),
manufactures and exports men's shirts, women's shirts, dresses,
skirt, jackets, and high fashion kid's garments. The firm mainly
sells directly to European Union- and US-based retail outlets for
brands such as Diesel, Guess, Canter Burry, Acajoe, Silver Creek,
Locker, and others. In 2011-12 (refers to financial year, April 1
to March 31), the firm derived more than 70 per cent of its
revenues from sales to Diesel. WIE is expected to benefit from
significant contribution by Diesel to its revenues, over the
medium term as well. WIE has four manufacturing facilities in
Tamil Nadu, comprising three manufacturing units and one finishing
unit, with combined manufacturing capacity of 71,500 pieces per
month.
For 2011-12, WIE reported a profit after tax (PAT) of INR14.9
million on net sales of INR301.7 million, against a PAT of INR2.4
million on net sales of INR155.1 million for 2010-11.
VERVE HUMAN: CRISIL Assigns 'B-' Rating to INR55 Million Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Negative' rating to the long-
term bank facilities of Verve Human Care Laboratories.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B-/Negative (Assigned)
Rupee Term Loan 45 CRISIL B-/Negative (Assigned)
The rating reflects VHCL's weak financial risk profile marked by
small size of net worth and high gearing levels, small scale of
operations, and exposure to government regulations. These rating
weaknesses are partially offset by VHCL's established market
position in the narcotic drugs segment.
Outlook: Negative
CRISIL believes that VHCL will sustain its business risk profile
on the back of its promoter's extensive experience in the narcotic
drugs industry and its established brand. However, its financial
risk profile is weak due to high gearing as a result of debt-
funded capital expenditure and erosion of net worth due to losses
in initial years of operation. The rating may be downgraded in
case VHCL's capital structure weakens on account of more-than-
expected debt levels or if the firm takes more-than-anticipated
time to stabilise the plant set up in Dehradun (Uttarakhand).
Conversely, the outlook may be revised to 'Stable' if there is
more-than-expected improvement in the firm's revenues and
profitability.
About Verve Human
VHCL was set up in 2008 by Mr. Vishal Verma. The firm has set up a
manufacturing facility in Dehradun for production of generic and
non-generic pharmaceuticals formulations to be sold in the form of
injectibles, sachets, and tablets. Its product range includes
analgesics and anaesthetics based on narcotic drugs. VHCL's
products are largely used for pain relief and as antibiotics.
=================
I N D O N E S I A
=================
BUMI RESOURCES: Moody's Downgrades CFR to 'B1'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior secured bond rating of Bumi Resources to B1 from
Ba3. The ratings outlook is stable.
Ratings Rationale
"The downgrade reflects the expected deterioration of Bumi's
credit metrics and liquidity as a result of Bumi's (1) weakening
operating margins, (2) large capex plans, as well as (3) debt and
interest servicing burdens," says Simon Wong, a Moody's Vice
President and Senior Analyst.
"The company's plans to prepay part of the China Investment
Corporation (CIC) debt of up to US$600 million by end-2012 are
insufficient for Bumi to maintain a financial profile in line with
its previous ratings," says Mr. Wong, who is also Moody's lead
analyst for Bumi.
"Furthermore, it has to rely on the sale and settlement of Bumi's
other financial assets, rather than operating cash flow, and the
timing of which remains uncertain," adds Mr. Wong. "Moody's is
also concerned with scheduled debt maturities of over US$300
million in 2013, which will increase Bumi's liquidity pressure."
"Bumi's EBITDA margin is expected to decline to around 22-24% for
2012, from 32.9% in 2011, owing to the continued rise in the
company's production costs and lower average selling prices," adds
Mr. Wong. The margin pressure and slower-than-expected production
ramp-up have limited its operational cash flow generation.
Although Indonesian miners are one of the lowest-cost coal
producers in the world, their production costs have escalated in
recent years due to a combination of higher oil prices, rising
labor and contractor costs and increased stripping ratios to
facilitate their growth. Bumi's production costs, excluding
royalties, increased 26% in FY2011 compared to FY2010. Moody's
expects production cost increases to moderate in 2012 to low
double-digits due to Bumi's cost control strategy.
Moody's expects the benchmark Newcastle thermal coal price to
average between US$90 and US$95 per ton in 2012, which is well
below the US$120 per ton posted in 2011. Furthermore, coal prices
are unlikely to materially rebound in 2013, unless the demand and
supply balance of coal significantly improves.
Moody's also expects coal demand from China to slow in 2H 2012 due
to high inventory levels and as the price arbitrage window with
respect to seaborne and domestic (China) coal has closed since
late July.
"Despite the weakened operating environment, Bumi appears to be
continuing its capacity expansion plan to 110 million tons by
2014. Its budgeted capex of US$350 million this year is expected
to increase in 2013 and 2014, adding further pressure on its
credit profile, should coal prices remain weak," says Mr. Wong.
The B1 corporate family and senior secured ratings also reflect
Bumi's (1) majority shareholdings in PT Kaltim Prima Coal and PT
Arutmin Indonesia, two of the world's lowest-cost producers and
exporters of coal; (2) Bumi's long-life coal reserves based on
current and anticipated production levels; (3) customer base
quality, which includes the large utilities that have excellent
payment records; 4) well-established operations, with a track
record of consistent production growth.
The rating takes into consideration key challenges such as (1)
Bumi's geographic concentration and single-commodity focus in
terms of current revenue generation; as well as (2) regulatory
issues arising from operating in Indonesia (Baa3/Stable).
Moody's also has concerns about Bumi's substantial expansion over
the past few years into metal ores, oil and gas, and other non-
investment grade jurisdictions that confers potential execution,
political, and expropriation risks.
Another concern of Moody's is Bumi's high debt levels and
liquidity risk at the holding company level, given the structural
separation from the underlying coal assets, which drive the
group's cash flow. This will give rise to ongoing refinancing risk
at the Bumi level, notwithstanding the protections that exist in
the cash distribution account.
Upward rating pressure is limited in the near term. It could
evolve if the company reduces its debt level on a sustained basis,
such that adjusted consolidated debt/EBITDA remains below 3.0x or
adjusted consolidated EBIT/interest expense stays above 2.5-3x.
Downward pressure could emerge, if Bumi continues with its
capacity expansion plans while industry fundamentals remain weak,
or if it was unable to reduce its holding company leverage.
Downward pressure could also emerge, if Bumi does not develop
timely and concrete plans to refinance the scheduled maturities
due in Q3 2013.
Indicators Moody's would consider include adjusted consolidated
debt/EBITDA rising above 4.5x or adjusted consolidated
EBIT/interest expense staying below 1.5x-2x.
Other negative rating triggers include: (1) a material change in
Bumi PLC's financial policy, resulting in deterioration in Bumi's
capital structure; (2) any adverse decision regarding off-setting
of value-added tax payments; or (3) any change in laws and
regulations, particularly with regard to mining concessions, that
would adversely affect the business.
The principal methodology used in rating Bumi was Moody's Global
Mining Industry, published in May 2009.
PT Bumi Resources Tbk is Indonesia's largest thermal coal
producers, and one of the top three largest thermal coal exporters
globally. Through its principal assets (65% stake in PT Kaltim
Prima Coal and 70% stake in PT Arutmin), Bumi produced 66 million
tons of coal in 2011, which accounted for approximately 19% of
Indonesia's 2011 total coal production. Its non-coal resource
holding company, Bumi Resource Mineral was listed on the
Indonesian Stock Exchange on December 9, 2010. Bumi currently owns
87.09% of Bumi Resource Mineral.
Bumi PLC, previously known as Vallar PLC, completed the
acquisition of a 25% stake in Bumi in March 2011, through a share
swap with the Bakrie Group. In early 2012, Bakrie & Brothers sold
half of its 54.6% stake in Bumi PLC to Borneo Lumbung Energi &
Metal, a major coking coal producer in Indonesia, because of loan
problems.
INDIKA ENERGY: Moody's Affirms 'B1' CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook for PT Indika Energy Tbk's B1 corporate family and senior
secured ratings. Moody's has also affirmed both ratings.
Ratings Rationale
"The affirmation of Indika's ratings reflect our expectation that
the company will maintain its financial ratios in line with a B1
corporate family rating despite the weakened coal price
environment," says Simon Wong, a Moody's Vice President and Senior
Analyst.
"However, given Indika's recent debt funded acquisition which
limited its ability to deleverage and the weaker coal price
environment, Moody's believes Indika will not meet the
requirements for a rating upgrade in the next 12 months. The
company's rating outlook has therefore been changed to stable from
positive," adds Mr. Wong, who is also Moody's lead analyst for
Indika.
Indika acquired 85% of PT Multi Tambangjaya Utama (MTU), a thermal
and coking coal producer based in Central Kalimantan and its
associated coal distribution right for US$136 million (on 100%
basis) in May.
"Indika's B1 ratings continue to be underpinned by a recurring
cash dividend stream from its 46% stake in Kideco which is
Indonesia's third-largest coal producer by tonnage," says Mr.
Wong. "Moody's also expects increasing cash flow contributions
from Indika's mining contracting and transport and logistics
service businesses."
"The ratings are also supported by Indika's strong liquidity and
Moody's expectation that the company's capex will peak this year,
such that it will become free cash flow positive next year," says
Mr. Wong.
The company's cash on hand was US$456.1 million as at June 30,
2012. Its planned capex for this year is US$256.2 million.
Indika's B1 corporate family and senior secured ratings also
reflect: 1) its established relationship with its principal South
Korean partner, Samtan and the underlying shareholder agreement
between Indika and Samtan in ensuring strong dividend cash flows
from Kideco, which has maintained a very strong financial profile;
and 2) the stable operating and earnings profile of Petrosea --
Indonesia's sixth-largest mining services contractor and which is
69.8% owned by Indika -- and MBSS which is an Indonesian coal
transport and logistics services company in which Indika has a 51%
stake. The stable operating and earnings profiles of Petrosea and
MBBS lower the risks associated with Indika's wholly-owned
subsidiary -- Tripatra -- which is involved in the cyclical
business of engineering, procurement and construction (EPC).
The ratings also take into consideration 1) Indika's high reliance
on the dividend income from Kideco to service its debt, and the
inherent volatility in that income source, due to coal price
movements; 2) the volatility of cash flows from Indika's EPC
tender business and the execution risks associated with the
company's expansion plans; and 3) the uncertain regulatory
environment for the coal mining industry in Indonesia.
The stable outlook reflects the expectation that Indika will
execute its business strategy as planned and maintain its
competitiveness in the next 12 to 18 months.
Upward ratings pressure could result from 1) Indika increasing its
stake in Kideco to more than 50%; or 2) Indika improving its
financial leverage such that its total debt/EBITDA (including
dividends from associates) falls below 2.5x, and EBIT/interest
increases to more than 3.5x.
Negative ratings pressure could emerge if 1) Indika receives less
dividend income from Kideco; 2) Tripatra, Petrosea, and MBSS fail
to win tenders and contracts as forecast; 3) the relationship
between Samtan and Indika deteriorates; 4) there is evidence of a
cash leakage; and 5) Tripatra or Kideco lose orders because of
political or economic instability in Indonesia.
Specific indicators Moody's would look for include total
debt/EBITDA (including dividends from associates) remaining above
4.0x and EBIT/interest falling below 2 - 2.5x.
PT Indika Energy Tbk's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside PT Indika Energy Tbk's core
industry and believes PT Indika Energy Tbk 's ratings are
comparable to those of other issuers with similar credit risk.
Indika is a listed integrated energy group based in Indonesia. Its
principal investment is a 46% stake in Kideco which is Indonesia's
third-largest domestic coal producer by tonnage. In addition,
Indika is involved in the EPC and operating and maintenance
businesses through its wholly owned subsidiary, Tripatra. In April
2011, Indika acquired a 51.0% stake in MBSS -- an Indonesian coal
transport and logistics services company.
=========
J A P A N
=========
SHARP CORP: Lenders Likely to Extend JPY65-Bil. Bridge Loans
------------------------------------------------------------
Juro Osawa and Atsuko Fukase at The Wall Street Journal report
that Sharp Corp.'s two main lenders are likely to extend bridge
loans of about JPY65 billion (US$819 million) to the cash-strapped
Japanese electronics maker by the end of this month, people
familiar with the matter said Friday, while the company is also
considering selling Tokyo real estate and some of its
shareholdings in other firms.
According to the news agency, the people said Sharp and its two
major creditors -- Mizuho Corporate Bank and Bank of Tokyo-
Mitsubishi UFJ -- are expected to have a meeting next month to
discuss the possibility of additional loans, and the lenders may
also revise the conditions for their loans. Each of the two banks
currently has more than JPY110 billion in outstanding loans to
Sharp, the Journal notes.
The Journal relates that the bridge loans and possible asset sales
come as the company faces repayment deadlines for some of its
JPY1.25 trillion interest-bearing debt, while it forecasts a net
loss of JPY250 billion for this fiscal year amid a harsh outlook
for its mainstay businesses such as liquid crystal displays and TV
sets.
According to the Journal, Sharp said Friday that it is considering
a sale of the real estate for its Tokyo office and also
contemplating selling some of its shareholdings. The company has
already set up a new office in another location in Tokyo, the
report relays.
A Sharp spokesman told the Journal the company hasn't made any
decisions regarding the possible asset sales and is still
discussing its options. He didn't elaborate on the specific
stocks owned by Sharp that are under review, adds the Journal.
Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2012, Moody's Investors Service downgraded its short-term
ratings on Sharp Corporation and its supported subsidiaries, Sharp
International Finance (UK) plc and Sharp Electronics Corporation,
to Prime-3 from Prime-2. The ratings remain under review for
further downgrade. The rating action reflects Moody's increasing
concern that the company's weak operating performance and
additional restructuring costs will continue to pressure its cash
flow downwards, thereby increasing its dependence on external
sources for liquidity.
SHARP CORP: Mulls Cutting Thousands of Jobs More
------------------------------------------------
AFP, citing the Mainichi Shimbun, reports that Sharp Corp. is
considering cutting thousands of jobs in addition to its current
plan of slashing 5,000 jobs to repair its disintegrating balance
sheet.
The Mainichi Shimbun, without citing sources, reported that as the
struggling electronics maker decided to cut thousands more jobs,
its main banks are likely to provide bridge loans of about JPY60
billion to shore up Sharp's cash flow, AFP relates.
According to the news agency, a separate report by the Yomiuri
Shimbun said Saturday it is considering a sale of the land in
western Japan where its key Sakai plant is located - with a book
value of JPY38.1 billion to institutional investors in a bid to
plug a gaping hole in its balance sheet.
Sharp also plans to sell its building in Tokyo with the book value
of JPY42.2 billion to its business partner Hon Hai, the Yomiuri,
as cited by AFP, said.
Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2012, Moody's Investors Service downgraded its short-term
ratings on Sharp Corporation and its supported subsidiaries, Sharp
International Finance (UK) plc and Sharp Electronics Corporation,
to Prime-3 from Prime-2. The ratings remain under review for
further downgrade. The rating action reflects Moody's increasing
concern that the company's weak operating performance and
additional restructuring costs will continue to pressure its cash
flow downwards, thereby increasing its dependence on external
sources for liquidity.
====================
N E W Z E A L A N D
====================
DOMINION FINANCE: Trial Date Set for Feb. 1 and June 17 Next Year
-----------------------------------------------------------------
BusinessDesk reports that the High Court trials of the directors
of failed finance company Dominion Finance Holdings and its
subsidiaries are set down for February 11 and June 17 next year,
according to the eighth liquidator's report.
BusinessDesk says directors Terence Maxwell, Robert Whale, former
chief executive Paul Cropp and a fourth person who has name
suppression, face a total of 14 counts of theft by a person in a
special relationship following an investigation by the Serious
Fraud Office. That trial is set for February, the report notes.
According to the report, the Financial Markets Authority has
separately completed its probe into the Dominion Finance group,
including subsidiary North South Finance. Criminal charges have
been laid and civil proceedings issued against the directors with
the trial set for June.
The report from John Cregten and Andrew McKay of Auckland-based
Corporate Finance reiterates that the primary asset realisation
has been the transfer/sale of tax losses from North South Finance,
which will be free from potential clawback claims in 2013, and
NZ$80,000 unlocked from subsidiary WC Acquisitions, says
BusinessDesk. No further assets of value are expected to be
recovered.
BusinessDesk discloses that the sale of tax losses is listed at
NZ$353,505 in the liquidators' cash book for the period Feb. 2,
2009, to August 16 this year. Net cash available is NZ$325,881
after payments including liquidators' fees of NZ$95,249.
About Dominion Finance
Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock. The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited. Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.
Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm. Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.
North South Finance went into receivership in July 2010.
In total, the group is estimated to owe creditors NZ$400 million.
PEGASUS TOWN: In Receivership on Refinancing Loan Difficulty
------------------------------------------------------------
Fairfax NZ News reports that Pegasus Town Ltd was placed in
receivership.
Simon Thorne has been appointed as receiver.
Owner Bob Mr. Robertson said that difficulty refinancing a loan
was behind the Pegasus trouble but there was no "contagion effect"
for other projects, according to Fairfax NZ News.
"It doesn't have any bearing on the [Riverstone monorail] project
or any other group we are dealing with. . . It should be business
as usual for the town, and the move would have no effect on
residents and section buyers," the report quoted Mr. Robertson as
saying.
Fairfax NZ News notes that receivership action was taken by New
Zealand Property Finance Partners, an investment consortium owned
by Australia's Brookfield group and investment banker Goldman
Sachs.
The consortium bought a loan over Pegasus Town from the Bank of
Scotland last year, Fairfax NZ News relates. Pegasus agreed to
buy back the loan from Brookfield and Goldman Sachs, but could not
get the finance, the report notes.
The report discloses that Mr. Robertson said a New Zealand lender
agreed to refinance the loan, but "we were unable to get the deal
across the line in time, and Brookfield have run out of patience."
Pegasus Town Ltd is a company owned by the developers behind a
multimillion-dollar bid to build a monorail in Fiordland. The
company is behind partly built Pegasus town subdivision north of
Christchurch, run by Wanaka-based Bob Robertson and John Beattie.
SOUTH CANTERBURY: Judge Reserves Decision on Southbury Windup
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Associate Judge Hannah
Sargisson reserved her decision to weigh up creditor protection in
a bid to wind up the late Allan Hubbard's Southbury Group.
BusinessDesk relates that FCS Loans, the shell company holding the
remaining assets of South Canterbury Finance, applied in the High
Court in Wellington to appoint David Bridgman of
PricewaterhouseCoopers to liquidate ultimate parent Southbury.
According to BusinessDesk, Judge Sargisson was reluctant to make
the order without assurances there was no conflict in the
appointment. Mr. Bridgman also acts as the liquidator of FCS.
BusinessDesk says Nigel Stone, counsel for FCS, proposed sending
out the court's order with the first liquidator's report, which
gives creditors the opportunity to seek a new liquidator.
"What I will do is give some thought to that. If I am satisfied, I
will issue the order later this afternoon," the report quotes
Judge Sargisson as saying. "If I think it doesn't go far enough to
deal with any conflict issues raised by individual creditors, I
will issue a minute and call for further submissions."
A similar proposition was made with the liquidation of other South
Canterbury Finance-related firms, Mr. Stone, as cited by
BusinessDesk, said.
Citing the latest receiver's report, BusinessDesk discloses that
at the time of South Canterbury Finance's collapse two years ago,
Southbury owed NZ$84.7 million to the lender, of which
NZ$2 million has since been repaid.
The Crown has taken over the lending group's wind-up, having
clawed back NZ$645 million of the NZ$1.78 billion it paid out to
guaranteed debenture holders, BusinessDesk relays.
In June, BusinessDesk discloses, South Canterbury Finance still
held assets worth some NZ$350 million after receivers Kerryn
Downey and William Black of McGrathNicol sold stakes in
Helicopters NZ, Scales Corp, Dairy Holdings, as well as the sale
of the so-called good bank and FACE Finance.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services. The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors. It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.
On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.
"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008. As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize. Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver. At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.
The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.
===========
T A I W A N
===========
IVEDA SOLUTIONS: Posts $848,300 Net Loss in Second Quarter
----------------------------------------------------------
Iveda Solutions, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $848,337 on $1.1 million of revenue for
the three months ended June 30, 2012, compared with a net loss of
$1.2 million on $575,815 of revenue for the same period last year.
For the six months ended June 30, 2012, the Company had a net loss
of $1.6 million on $1.8 million of revenue, compared with a net
loss of $1.6 million on $859,718 of revenue for the same period of
2011.
The Company's balance sheet at June 30, 2012, showed $4.3 million
in total assets, $2.7 million in total liabilities, and
stockholders' equity of $1.6 million.
The Company has generated an accumulated deficit from operations
of approximately $12.8 million at June 30, 2012. The accumulated
deficit was $11.2 million at Dec. 31, 2011.
As reported in the TCR on April 9, 2012, Albert Wong & Co., in
Hong Kong, expressed substantial doubt about Iveda Solutions'
ability to continue as a going concern, following the Company's
results for the fiscal year ended Dec. 31, 2011. The independent
auditors noted that the Company has suffered recurring losses from
operations and has a significant accumulated deficit. "In
addition, the Company continues to experience negative cash
flows from operations."
A copy of the Form 10-Q is available for free at:
http://is.gd/07UP7F
Iveda Solutions, Inc., is a premier online surveillance technology
innovator and Managed Video Services provider. Based in Mesa,
Ariz., with a subsidiary in Taiwan (MEGAsys), the Company develops
and markets enterprise-class video hosting and real-time remote
surveillance services. Iveda Solutions has a SAFETY Act
Designation by the Department of Homeland Security as a Qualified
Anti-Terrorism Technology provider.
===============
X X X X X X X X
===============
* Nobina Pushes 2012 Global Default Tally to 52 Issuers
-------------------------------------------------------
Standard & Poor's Ratings Services on Aug. 2 lowered its issuer
credit rating on Sweden-based bus operator Nobina AB to 'SD'
(selective default) from 'CC'. This raised the global corporate
default tally to 52 issuers this year, said an article published
Aug. 17 by Standard & Poor's Global Fixed Income Research, titled
"Global Corporate Default Tally Increases to 52 Issuers So Far In
2012 After Sweden-Based Nobina Defaults."
The rating action followed Nobina's announced temporary deferral
of the coupon and principal repayments on its EUR85 million senior
secured notes due Aug. 1, 2012, until Oct. 31, 2012. By region,
28 of the 52 defaulters were based in the U.S., 14 in the emerging
markets, seven in Europe, and three in the other developed region.
In comparison, the 2011 total (through Aug. 15) was 23. Of the
defaulters in 2011, 14 were based in the U.S., two in the emerging
markets, two in Europe, and five in the other developed region.
So far this year, bankruptcy filings accounted for 15 defaults,
missed payments for 14; distressed exchanges for 10, and eight
were confidential. The remaining five entities defaulted for
various other reasons. In 2011, 21 issuers defaulted because of
missed interest or principal payments, and 13 because of
bankruptcy filings -- both of which were among the top reasons for
defaults in 2010. Distressed exchanges -- another top reason for
default in 2010 -- followed with 11 defaults in 2011. Of the
remaining defaults, two issuers failed to finalize refinancing on
bank loans, two were subject to regulatory action, one had its
banking license revoked by its country's central bank, one was
appointed a receiver, and two were confidential.
* BOND PRICING: For the Week Aug. 13 to Aug. 17, 2012
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
CFS RETAIL PROP 5.75 07/04/16 AUD 103.46
CFS RETAIL PROPE 5.08 08/21/14 AUD 100.38
COM BK AUSTRALIA 1.50 04/19/22 AUD 68.56
COMMONWLTH PROP 5.25 12/11/16 AUD 106.26
EXPORT FIN & INS 0.50 12/16/19 NZD 74.81
EXPORT FIN & INS 0.50 06/15/20 AUD 74.75
EXPORT FIN & INS 0.50 06/15/20 NZD 72.91
FKP LTD 8.00 01/05/16 AUD 92.19
MIDWEST VANADIUM 11.50 02/15/18 USD 63.68
MIDWEST VANADIUM 11.50 02/15/18 USD 63.88
MIRABELA NICKEL 8.75 04/15/18 USD 74.75
MIRABELA NICKEL 8.75 04/15/18 USD 75.50
NEW S WALES TREA 0.50 09/14/22 AUD 65.91
NEW S WALES TREA 0.50 10/07/22 AUD 65.71
NEW S WALES TREA 0.50 10/28/22 AUD 65.53
NEW S WALES TREA 0.50 11/18/22 AUD 66.87
NEW S WALES TREA 0.50 12/16/22 AUD 66.66
NEW S WALES TREA 0.50 02/02/23 AUD 66.31
NEW S WALES TREA 0.50 03/30/23 AUD 65.90
TREAS CORP VICT 0.50 08/25/22 AUD 66.00
TREAS CORP VICT 0.50 03/03/23 AUD 66.89
TREAS CORP VICT 0.50 11/12/30 AUD 49.92
WESTERN AREAS NL 6.38 07/02/14 AUD 7.31
WESTERN AREAS NL 6.40 07/02/15 AUD 6.33
CHINA
-----
CHINA GOVT BOND 4.86 08/10/14 CNY 104.04
CHINA GOVT BOND 1.64 12/15/33 CNY 69.08
INDIA
-----
AKSH OPTIFIBRE 1.00 02/05/13 USD 62.02
JCT LTD 2.50 04/08/11 USD 20.00
JSL STAINLESS LT 0.50 12/24/19 USD 65.50
MASCON GLOBAL LT 2.00 12/28/12 USD 10.00
PRAKASH IND LTD 5.63 10/17/14 USD 69.02
PRAKASH IND LTD 5.25 04/30/15 USD 61.72
PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00
REI AGRO 5.50 11/13/14 USD 68.68
REI AGRO 5.50 11/13/14 USD 68.68
SHIV-VANI OIL 5.00 08/17/15 USD 50.27
SUZLON ENERGY LT 5.00 04/13/16 USD 55.82
JAPAN
-----
COVALENT MATERIA 2.87 02/18/13 JPY 66.12
ELPIDA MEMORY 2.03 03/22/12 JPY 14.38
ELPIDA MEMORY 2.10 11/29/12 JPY 14.38
ELPIDA MEMORY 2.29 12/07/12 JPY 14.38
ELPIDA MEMORY 0.50 10/26/15 JPY 14.38
ELPIDA MEMORY 0.70 08/01/16 JPY 16.25
JPN EXP HLD/DEBT 0.50 09/17/38 JPY 63.40
JPN EXP HLD/DEBT 0.50 03/18/39 JPY 64.13
TOKYO ELEC POWER 1.16 09/08/20 JPY 74.63
TOKYO ELEC POWER 1.63 07/16/21 JPY 74.88
TOKYO ELEC POWER 2.35 09/29/28 JPY 68.00
TOKYO ELEC POWER 2.40 11/28/28 JPY 67.00
TOKYO ELEC POWER 2.21 02/27/29 JPY 67.38
TOKYO ELEC POWER 2.11 12/10/29 JPY 68.60
TOKYO ELEC POWER 1.96 07/29/30 JPY 65.00
TOKYO ELEC POWER 2.37 05/28/40 JPY 62.38
MALAYSIA
--------
DUTALAND BHD 7.00 04/11/13 MYR 0.96
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/49 USD 20.50
BAYAN TELECOMMUN 13.50 07/15/49 USD 20.50
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/15 USD 59.50
BAKRIE TELECOM 11.50 05/07/15 USD 55.56
BLD INVESTMENT 8.63 03/23/15 USD 61.17
BLUE OCEAN 11.00 06/28/12 USD 37.50
BLUE OCEAN 11.00 06/28/12 USD 37.98
CAPITAMALLS ASIA 2.15 01/21/14 SGD 99.67
CAPITAMALLS ASIA 3.80 01/12/22 SGD 101.25
DAVOMAS INTL FIN 11.00 12/08/14 USD 28.75
DAVOMAS INTL FIN 11.00 12/08/14 USD 28.75
F&N TREASURY PTE 2.48 03/28/16 SGD 100.31
SOUTH KOREA
-----------
EXP-IMP BK KOREA 0.50 08/10/16 BRL 71.60
EXP-IMP BK KOREA 0.50 09/28/16 BRL 71.32
EXP-IMP BK KOREA 0.50 10/27/16 BRL 70.80
EXP-IMP BK KOREA 0.50 11/28/16 BRL 70.24
EXP-IMP BK KOREA 0.50 12/22/16 BRL 69.79
EXP-IMP BK KOREA 0.50 01/25/17 TRY 74.52
EXP-IMP BK KOREA 0.50 10/23/17 TRY 70.89
EXP-IMP BK KOREA 0.50 11/21/17 BRL 64.27
EXP-IMP BK KOREA 0.50 12/22/17 TRY 70.05
EXP-IMP BK KOREA 0.50 12/22/17 BRL 63.77
GREAT KO 3RD ABS 10.00 12/29/14 KRW 30.45
HYUNDAI SWISS BK 8.50 10/02/13 KRW 94.83
HYUNDAI SWISS BK 8.30 01/13/15 KRW 82.04
HYUNDAI SWISS BK 7.90 07/23/15 KRW 76.91
KIBO GRE 1ST ABS 10.00 01/25/15 KRW 30.32
SINBO 4TH ABS 8.00 08/18/14 KRW 29.95
SINBO CO 3RD ABS 10.00 09/29/14 KRW 30.44
SRI LANKA
---------
SRI LANKA GOVT 5.80 01/15/17 LKR 71.88
SRI LANKA GOVT 5.80 07/15/17 LKR 70.62
SRI LANKA GOVT 7.50 08/15/18 LKR 70.73
SRI LANKA GOVT 8.50 05/01/19 LKR 72.41
SRI LANKA GOVT 6.20 08/01/20 LKR 61.74
SRI LANKA GOVT 7.00 10/01/23 LKR 55.92
SRI LANKA GOVT 5.35 03/01/26 LKR 45.23
SRI LANKA GOVT 8.00 01/01/32 LKR 56.14
THAILAND
--------
BANGKOK LAND 4.50 10/13/03 USD 4.75
*********
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 ***