/raid1/www/Hosts/bankrupt/TCRAP_Public/120831.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 31, 2012, Vol. 15, No. 174
Headlines
A U S T R A L I A
GOLD COAST TITANS: Sydney Investors Buy Centre of Excellence
KALA HOMES: In Liquidation; Creditors Unlikely to Get Repayment
METRO CONSTRUCTIONS: Avoids Liquidation as Creditors Accept DOCA
C H I N A
HIDILI INDUSTRIAL: Moody's Confirms 'B2' Corporate Family Rating
SHANGHAI INDUSTRIAL: Moody's Says Pretax Loss Won't Hit 'B1' CFR
H O N G K O N G
ART CITY: Members and Creditors Meetings Set for Sept. 25
BEAUTY LEGEND: Members and Creditors Meetings Set for Sept. 25
BEST PRO: Members and Creditors Meetings Set for Sept. 25
BIKRAM'S YOGA: Members and Creditors Meetings Set for Sept. 25
CHINESE COMPOSITION: Meetings Slated for Sept. 25
CREDIT SUISSE: Members' Final Meeting Set for Sept. 24
DRAGON AVIATION: Members' Final General Meeting Set for Sept. 25
EROS COMPANY: Members and Creditors Meetings Set for Sept. 25
FINE LOYAL: Members and Creditors Meetings Set for Sept. 25
FORTUNE DIGNITY: Members and Creditors Meetings Set for Sept. 25
INFINITY HOLDINGS: Creditors Meeting Set for Sept. 25
JASON SAVE: Members' Final Meeting Set for Sept. 17
KEEN HIGH: Members' Final General Meeting Set for Sept. 29
LIGHTEX TEXTILES: Yu Shing Ko Steps Down as Liquidator
MARIGOLD TRADING: Creditors' Proofs of Debt Due Sept. 7
MORGAN STANLEY: Members' Final Meeting Set for Sept. 25
SERLEN LIMITED: Placed Under Voluntary Wind-Up Proceedings
STEP CONCEPT: Creditors' Proofs of Debt Due Sept. 25
TITANIUM GROUP: Incurs $25,650 Net Loss in Second Quarter
YEL KOREA: Commences Wind-Up Proceedings
YDS ENGINEERING: Creditors' Proofs of Debt Due Sept. 24
YSL BEAUTE: Creditors' Proofs of Debt Due Sept. 24
I N D I A
AJAB SINGH: ICRA Assigns '[ICRA]C+' Rating to INR7.35cr LT Loan
CINEVISTAAS LTD: Inadequate Info Cues Fitch to Migrate Ratings
HINDUSTAN SPIRITS: ICRA Rates INR11.5cr LT Loan at '[ICRA]B'
JIVANDHARA COTTON: ICRA Rates INR9cr Cash Credit at '[ICRA]B+'
MAGPPIE EXPORT: ICRA Reaffirms 'B+' Rating on INR20cr LT Loan
MANJU SHREE: ICRA Assigns '[ICRA]B+' Rating to INR8.52cr Loans
MELLCON ENGINEERS: ICRA Puts 'BB-' Rating on INR3.4cr Loans
MOODS HOSPITALITY: Inadequate Info Cues Fitch to Withdraw Ratings
NEO CAPRICON: CARE Assigns 'CARE B' Rating to INR100cr LT Loan
PRINCE MARKETING: ICRA Cuts Rating on INR15cr Loan to '[ICRA]B+'
SAM BUILDCON: Inadequate Info Cues Fitch to Migrate Ratings
SAMTEX FASHIONS: Inadequate Info Cues Fitch to Migrate Rating
SHEETAL REFINERIES: ICRA Cuts Rating on INR81.03cr Loan to 'BB'
SHREEPATI JEWELS: ICRA Rates INR100cr LT Loan at '[ICRA]BB-'
S.P. ENGINEERING: ICRA Places '[ICRA]BB-' Rating on INR5.5cr Loan
TOTAL DIAGNOSIS: CARE Rates INR40cr Long-Term Loan at 'CARE B+'
TULIP TELECOM: Fitch Junks Rating on INR1.25-Bil. Debentures
TRANSWORLD WOOD: CARE Assigns 'BB' Rating to INR6cr LT Loan
TRUBA EDUCATION: ICRA Assigns '[ICRA]D' Rating to INR9cr Loan
UNIVERSAL WOOLLEN: CARE Assigns 'BB-' Rating to INR5.75cr Loan
J A P A N
AOZORA BANK: Mood's Affirms 'D+' BFSR After Recapitalization Plan
JLOCC XXXI: Write-Down Prompts Fitch to Downgrade Ratings
RENESAS ELECTRONICS: KKR to Invest JPY100 Billion in Chipmaker
N E W Z E A L A N D
ALLIED FARMERS: Annual Loss Narrows to NZ$14.1 Million
BELGRAVE FINANCE: Director Gets Three Years Jail Sentence
SIGNATURE HOMES: Manawatu Creditors Still Await for Update
S I N G A P O R E
MYCUBE: Files for Voluntary Liquidation
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
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A U S T R A L I A
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GOLD COAST TITANS: Sydney Investors Buy Centre of Excellence
------------------------------------------------------------
Geoff Chambers at goldcoast.com.au reports that the controversial
Gold Coast Titans Centre of Excellence, the building at the
centre of Michael Searle's financial woes, has finally been sold.
After months of contractual negotiations, which started in April,
the building is now in the hands of Sydney investor Phil Ward and
Gold Coaster Robert Clark, goldcoast.com.au relates.
According to the report, sources close to the deal said the final
settlement on the building had been approved.
The Centre of Excellence, which was originally costed at AUD14.9
million, saw its costs blow-out with debts of more than AUD24
million on the project, the report notex.
goldcoast.com.au says Messrs. Ward and Clark, uncle of Titans
football manager Scott Clark, were owed $4.8 million by the club
through their company Handling Solutions Pty Ltd. The pair's
decision to purchase the building was an attempt to help recoup
some of that debt by investing in the office space next to
Skilled Park, the report cites.
The sale, goldcoast.com.au notes, was critical to the financial
future for former Titans CEO Michael Searle, who is on an
overseas trip in the US because he had orchestrated a deed of
company arrangement signed by 128 of 130 creditors owed more than
$20 million by the club's property arm.
If the sale failed, the DOCA would as well, meaning liquidators
would be appointed to the Titan's property arm, the report says.
Gold Coast Titans (Property) Pty Ltd owns and operates Centre of
Excellence at Robina. The Gold Coast Titans Property (which is
separate to the Football Club) was placed into voluntary
administration on April 19, 2012.
The Commonwealth Bank is the major secured creditor, while
unsecured creditors are owed AUD127,000. The Australian Taxation
Office is owed about AUD290,000, goldcoast.com.au discloses.
KALA HOMES: In Liquidation; Creditors Unlikely to Get Repayment
---------------------------------------------------------------
The Geelong Advertiser reports that people have been left with
half-built homes and have lost large deposits after Kala Homes
collapsed.
Liquidator Grant Thornton revealed 148 creditors were unlikely to
see a cent of the AUD1.6 million owed to them by Kala, home
builders told the Geelong Advertiser of their plight.
According to the report, the residential home and pool builder
was placed in liquidation last week, shutting its South Geelong
office without warning trade suppliers, sub-contractors and home-
building clients.
The Geelong Advertiser relates that a Geelong woman, who wished
to remain anonymous, said Kala's fold had left her parents with
nothing but the frame of their dream retirement home.
She said the defunct firm took on the build in October last year
and construction was on track until Christmas, but then the work
slowed, with nothing done for lengthy periods, the report
relates.
The woman said Kala told her parents they were having "cash-flow
problems" around July, the Geelong Advertiser adds.
Kala Homes is a Geelong-based home builder.
METRO CONSTRUCTIONS: Avoids Liquidation as Creditors Accept DOCA
----------------------------------------------------------------
David Ellery at The Canberra Times reports that Metro
Constructions and Developments, the ACT building company behind a
AUD4.2 million childcare centre being built in Fyshwick, has
avoided liquidation by persuading unsecured creditors to share
AUD50,000 in lieu of AUD3.4 million in unsecured debts.
According to the report, creditors voted to accept a deed of
company arrangement absolving Metro Constructions and
Developments of its unsecured debts against the advice of the
external administrator earlier this month.
The Canberra Times relates that almost two-thirds of the votes
cast in favor of keeping the company afloat were on behalf of
businesses associated with its director, Alex Anderson.
MCD, the report recounts, announced plans to build and operate a
AUD4.2 million, 118 place childcare centre across the road from
Fyshwick's Molonglo Mall last September. While work has begun,
no progress has been made in recent weeks and there were no
workmen on site, the report relates. Mr. Anderson has declined
to comment on the fate of the project.
According to The Canberra Times, RSM Bird Cameron administrator
Frank Lo Pilato said his investigations had unearthed "prima
facie evidence of trading while insolvent" by MCD and he believed
this should have been examined in greater detail by a liquidator.
Under the deed of arrangement, the report notes, none of the
entities associated with Mr. Anderson will share in the $50,000.
Those entities are A.J. Anderson Pty Ltd, Mr Anderson himself,
Metro Constructions (Commercial), Metro Constructions
(Residential) and Forde Shopping Centre Pty Ltd.
MCD will remain under administration until the AUD50,000 has been
paid. After that, it will be free to resume business as usual.
Mr. Anderson said he was not planning for this to happen, the
report notes.
Metro Constructions and Developments was a residential homes
builder.
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C H I N A
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HIDILI INDUSTRIAL: Moody's Confirms 'B2' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed Hidili Industrial
International Development Ltd's B2 corporate family rating, after
the company said it has entered into agreement to raise RMB1.5
billion to meet its refinancing needs.
Moody's has also downgraded Hidili's senior unsecured bond rating
to B3 from B2 due to increased risks of subordination.
The ratings outlook is negative.
These actions conclude the ratings review initiated on May 29,
2012.
Ratings Rationale
"Such refinancing initiatives help alleviate concerns over
Hidili's near-term liquidity risk, which was the key reason for
Moody's ratings review," says Alan Gao, a Moody's Vice President
and the lead analyst for Hidili.
"Moreover, Hidili had unrestricted cash balance of RMB527 million
as of June 30 and it has demonstrated a track record of accessing
the domestic bank market for working capital financing," Mr. Gao
adds.
On August 28, Hidili said it has entered into agreement with
Huaneng Trustee Ltd to raise RMB1.5 billion via a 2-year onshore
trust loan to address its refinancing requirements, notably the
RMB1.8 billion convertible bonds which are puttable in January
2013. In addition, Hidili has utilized the remaining RMB400
million under its 1-year commercial paper (CP) program, which can
partially refinance the RMB600 million CP due next month.
Under the trust loan structure, Huaneng Trustee will inject a
total of RMB1.5 billion into Hidili's 8 major operating mining
subsidiaries in exchange for a minority interest of 34%-41%.
Hidili will then undertake to purchase the minority stake back
from Huaneng Trustee in two years with accrued interest. In
addition, the company's controlling shareholders, Mr. Xian Yang
and his wife, will jointly provide a personal guarantee to the
trust loan.
The shares of the mining subsidiaries are pledged to support the
trust loan, which Moody's considers as a secured loan. Together
with the existing secured bank loan, total secured/subsidiary
debt will account for around 18% of total assets.
This level is unlikely to decrease in the near to medium term.
Therefore, Moody's has downgraded the senior unsecured bond
rating to B3 in order to reflect the increased risks of legal and
structural subordination.
Whilst the trust loan provides liquidity relief, the company
still needs to ramp up its production to generate more cashflow
to achieve meaningful deleveraging. Although Hidili's operating
results in the first half of 2012 were relatively stable, there
is uncertainty regarding its plan to ramp up production, given
the weak external economic environment.
"The negative outlook reflects the soft demand and sluggish
pricing trend for coking coal as well as the challenging
operating environment for Hidili," says Mr. Gao.
An upgrade is unlikely in the near term, given the negative
outlook. However, the outlook could revert to stable if the
company: (1) demonstrates a track record of successfully
operating its acquired mines; (2) reduces volatility in
profitability; (3) improves its capital structure and debt
maturity by raising medium-term financing; and/or (4) achieves
deleveraging, such that adjusted debt/EBITDA falls below 4.0-
4.5x.
Downgrade pressure could emerge if: (1) Hidili fails to achieve
its production targets at the projected costs and within the
projected time frame; (2) the downturn in China's steel industry
is prolonged and substantially hurts the demand for and prices of
coking coal; or (3) Hidili continues to pursue aggressive debt-
funded acquisitions.
Any major safety or environmental issue or a regulatory change
that materially affects the company's cash flow will also be
negative for the rating.
If debt leverage is persistently above 5.0x-5.5x, then Moody's
will consider it as evidence of downgrade pressure.
The principal methodology used in rating Hidili was the Global
Mining Industry Methodology published in May 2009.
Hidili is a vertically integrated coal mining enterprise in
southwest China that supplies coking coal products to the
domestic steel industry. Hidili was listed on the Hong Kong Stock
Exchange in September 2007. Its major shareholder is Mr. Xian
Yang, who had a 53.3% stake as of June 30.
SHANGHAI INDUSTRIAL: Moody's Says Pretax Loss Won't Hit 'B1' CFR
----------------------------------------------------------------
Moody's Investors Service says that Shanghai Industrial Urban
Development Group Limited's B1 corporate family rating and the B2
rating of its USD senior notes will not be affected by the 1H
2012 pretax loss of HKD296 million.
The ratings outlook remains stable.
"SIUD's weak 1H 2012 results reflect losses from the ongoing
integration of its previous Neo-China business, which mainly
focused on residential developments," says Franco Leung, a
Moody's Assistant Vice President and Analyst.
The gross margin for the company of 21.5% in 1H 2012 was almost
half of the 40.6% it reported a year ago.
"SIUD is still in the process of integrating its previous Neo-
China business with its current businesses. Moody's therefore
expects losses from the integration to continue to weigh on
SIUD's 2012 financials," adds Mr. Leung.
However, SIUD's profitability and financial profile will
gradually improve in the medium-term due to the higher-margin
products from Shanghai Urban Development, a real estate company
SIUD acquired from its parent, Shanghai Industrial Holdings
Limited (SIH), in 2010. SIUD will also see cost savings from its
more integrated operations.
The company's B1 corporate family rating reflects its B2
standalone credit profile and a one-notch rating uplift based on
the support provided by SIH.
SIH owns and manages 3 core businesses -- real estate;
infrastructure -- toll roads and water services; and consumer
products -- tobacco and printing.
The one-notch uplift therefore incorporates: (1) SIH's 70% stake
in SIUD; (2) SIH's appointment of SIUD's senior management; (3)
SIUD's role as SIH's major property arm which is one of SIH's
core businesses; (4) a track record of SIH providing financial
support to SIUD; and (5) the benefits from SIUD's close
association with SIH such as access to funding in both onshore
and offshore markets.
SIUD's B2 standalone rating reflects its small scale of
operation, its sales volatility, and the losses from its Neo-
China business. All these factors have a negative short-term
impact on its credit metrics.
The standalone rating also considers the gradual improvement in
SIUD's operation and financial profile under the supervision and
support of SIH.
The rating factors in SIUD's land bank of 17.2 million sqm in GFA
across 13 cities in China. The large land bank -- the biggest of
which is in the Yangtze River Delta business region -- relative
to its contracted sales will support the company's medium-term
development against the backdrop of rapid growth and rising
affluence in these cities.
However, SIUD's liquidity position is weak because of the low
level of its contract sales.
Its cash on hand in June 2012 was HKD2.7 billion, which is less
than half of its short-term debt of HKD5.7 billion.
Nonetheless, Moody's believes SIUD will be able to bridge its
liquidity gap through financial support from SIH and loans from
its parent's bankers.
The stable outlook reflects Moody's expectation that SIUD will
successfully integrate its operations, achieve its future sales
targets, and improve its financial profile in the next one to two
years.
Moody's also believes SIUD will maintain adequate liquidity and
that it will have uninterrupted access to onshore bank loans to
fund its projects and debt repayments.
Upward ratings pressure will be limited in the near-term.
However, the possibility of an upgrade could emerge over the
medium-term if SIUD: (1) successfully integrates the acquired
businesses from Shanghai Urban Development; (2) consistently
achieves its sales targets; and (3) demonstrates a track record
of good financial discipline with respect to the management of
liquidity and debt.
In relation to its credit metrics, Moody's will consider a
ratings upgrade if its EBITDA/interest coverage stays above 2.5x
-- 3.0x and its adjusted debt leverage stays below 50%-55%.
On the other hand, the ratings could be under pressure for a
downgrade if SIUD: (1) fails to enhance its operations and
profitability; (2) accelerates expansion that impairs its
liquidity position, and/or increases its debt leverage position
materially; and/or (3) SIH reduces its ownership stake in SIUD
such as to weaken SIUD's access to funding.
Moody's would also consider a downgrade if the company's cash
balance decreases or if EBITDA/interest falls below 1.5x or its
adjusted debt leverage rises above 55%-60% on a sustained basis.
The principal methodology used in rating Shanghai Ind. Urban
Development Group Ltd. was the Global Homebuilding Industry
Methodology published in March 2009.
Shanghai Industrial Urban Development Group Limited (SIUD) is a
Chinese property developer engaged in residential and mixed-use
developments. SIUD has 25 projects across 13 cities in China and
a land bank of 17.2 million sqm in aggregate, after it acquired
Shanghai Urban Development (unrated) from its parent, Shanghai
Industrial Holdings Limited (SIH, unrated) in 2011. SIH has a 70%
stake in SIUD. The parent company manages three core businesses
in real estate, infrastructure (toll roads and water services),
and consumer products (tobacco and printing).
================
H O N G K O N G
================
ART CITY: Members and Creditors Meetings Set for Sept. 25
---------------------------------------------------------
Members and creditors of Art City (Hong Kong) Limited will hold
their annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30
p.m., respectively at Room 2611-13A, 26/F, at 113 Argyle Street,
Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BEAUTY LEGEND: Members and Creditors Meetings Set for Sept. 25
-------------------------------------------------------------
Members and creditors of Beauty Legend Industrial Limited will
hold their annual meetings on Sept. 25, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BEST PRO: Members and Creditors Meetings Set for Sept. 25
---------------------------------------------------------
Members and creditors of Best Pro Distribution Limited will hold
their annual meetings on Sept. 25, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 2611-13A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BIKRAM'S YOGA: Members and Creditors Meetings Set for Sept. 25
--------------------------------------------------------------
Members and creditors of Bikram's Yoga College of India Limited
will hold their annual meetings on Sept. 25, 2012, at 3:00 p.m.,
and 3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
CHINESE COMPOSITION: Meetings Slated for Sept. 25
-------------------------------------------------
Members and creditors of Chinese Composition Restaurant Limited
will hold their annual meetings on Sept. 25, 2012, at 3:00 p.m.,
and 3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
CREDIT SUISSE: Members' Final Meeting Set for Sept. 24
------------------------------------------------------
Members of Credit Suisse Solution Partners (Hong Kong) Limited
will hold their final meeting on Sept. 24, 2012, at 10:00 a.m.,
at 7th Floor, Alexandra House, at 18 Chater Road, Central, in
Hong Kong.
At the meeting, Philip Brendan Gilligan, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
DRAGON AVIATION: Members' Final General Meeting Set for Sept. 25
----------------------------------------------------------------
Members of Dragon Aviation Leasing Hong Kong Limited will hold
their final general meeting on Sept. 25, 2012, at 3:00 p.m., at
No. B8 Tianzhu Road, Beijing Tianzhu Airport Industrial Zone,
Shunyi District, Beijing 101312, in PRC.
At the meeting, Wang Poey Foon Angela, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
EROS COMPANY: Members and Creditors Meetings Set for Sept. 25
-------------------------------------------------------------
Members and creditors of Eros Company Limited will hold their
annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
FINE LOYAL: Members and Creditors Meetings Set for Sept. 25
-----------------------------------------------------------
Members and creditors of Fine Loyal Development Limited will hold
their annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30
p.m., respectively at Room 2611-13A, 26/F, 113 Argyle Street,
Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
FORTUNE DIGNITY: Members and Creditors Meetings Set for Sept. 25
----------------------------------------------------------------
Members and creditors of Fortune Dignity Limited will hold their
annual meetings on Sept. 25, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2611-13A, 26/F, 113 Argyle Street, Mongkok,
Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
INFINITY HOLDINGS: Creditors Meeting Set for Sept. 25
-----------------------------------------------------
Members and creditors of Infinity Holdings Limited will hold
their annual meetings on Sept. 25, 2012, at 3:00 p.m., and
3:30 p.m., respectively at Room 2611-13A, 26/F, 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
At the meeting, Chan Yui Hang, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
JASON SAVE: Members' Final Meeting Set for Sept. 17
--------------------------------------------------
Members of Jason Save Lives Foundation Limited will hold their
final meeting on Sept. 17, 2012, at 11:00 a.m., at 5/F, Effectual
Building, at 16 Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Yip Tak On, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
KEEN HIGH: Members' Final General Meeting Set for Sept. 29
----------------------------------------------------------
Members of Keen High Technologies (HK) Limited will hold their
final general meeting on Sept. 29, 2012, at 11:30 a.m., at Unit
505, 5/F, Wing On House, at 71 Des Voeux Road, Central, in Hong
Kong.
At the meeting, Chan Kwok Ki, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
LIGHTEX TEXTILES: Yu Shing Ko Steps Down as Liquidator
------------------------------------------------------
Lo Shing Chi stepped down as liquidator of Lightex Textiles
Company Limited on Aug. 17, 2012.
MARIGOLD TRADING: Creditors' Proofs of Debt Due Sept. 7
-------------------------------------------------------
Creditors of Marigold Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 7, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Lee Sui Lap
Block D1, 9/F
Victorious Factory Building
35 Tseuk Luk Street
San Po Kong, Kowloon
MORGAN STANLEY: Members' Final Meeting Set for Sept. 25
-------------------------------------------------------
Members of Morgan Stanley Hong Kong Futures Limited will hold
their final general meeting on Sept. 25, 2012, at 10:00 a.m., at
602 The Chinese Bank Building, at 61-65 Des Voeux Road, Central,
in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
SERLEN LIMITED: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Aug. 17, 2012,
creditors of Serlen Limited resolved to voluntarily wind up the
company's operations.
The company's liquidators are:
Cosimo Borrelli
G Jacqueline Fangonil Walsh
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
STEP CONCEPT: Creditors' Proofs of Debt Due Sept. 25
----------------------------------------------------
Creditors of Step Concept Technology Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 25, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 13, 2012.
The company's liquidator is:
To Yuen Cheong August
13A Casas Domingo
Kam Hang Road
Kwu Tung, Sheung Shui
New Territories
TITANIUM GROUP: Incurs $25,650 Net Loss in Second Quarter
---------------------------------------------------------
Titanium Group Limited filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$25,650 on US$1.18 million of revenue for the
three months ended June 30, 2012, compared with a net loss of
US$82,691 on US$1.52 million of revenue for the same period
during the prior year.
The Company reported a net loss of US$167,239 on US$2.17 million
of revenue for the six months ended June 30, 2012, compared with
a net loss of US$266,914 on US$2.17 million of revenue for the
same period a year ago.
The Company's balance sheet at June 30, 2012, showed US$6.84
million in total assets, US$6.89 million in total liabilities and
a US$50,933 total stockholders' equity.
"The continuation of the Group as a going concern through June
30, 2013, is dependent upon the continuing financial support from
its stockholders," the Company said in its quarterly report for
the period ended June 30, 2012. "Management believes, the
existing majority stockholders will provide the additional cash
to meet with the Company's obligations as they become due. These
factors raise substantial doubt about the Company's ability to
continue as a going concern."
A copy of the Form 10-Q is available for free at:
http://is.gd/AR2Sbb
About Titanium Group
Wanchai, Hong Kong-based Titanium Group Limited, through its
wholly owned subsidiary Shenzhen Kanglv Technology Ltd., is
engaged in the manufacture and sales of electronic cable products
in the PRC. Shenzhen Kanglv's principal products are various
types of computer cables, such as HDMI, DVI, VGA and USB cables,
as well as electric power cables.
YEL KOREA: Commences Wind-Up Proceedings
----------------------------------------
Members of Yel Korea (HK) Limited, on Aug. 15, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Rainier Hok Lam
Anthony David Kenneth Boswell
22/F, Prince's Building
Central, Hong Kong
YDS ENGINEERING: Creditors' Proofs of Debt Due Sept. 24
-------------------------------------------------------
Creditors of YDS Engineering Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 24, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 17, 2012.
The company's liquidators are:
Chan Shu Kin
Chow Chi Tong
9th Floor, Tung Ning Building
249-253 Des Voeux Road
Central, Hong Kong
YSL BEAUTE: Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------
Creditors of YSL Beaute Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 24, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Aug. 20, 2012.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
62nd Floor, One Island
East, 18 Westlands Road
Island East, Hong Kong
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AJAB SINGH: ICRA Assigns '[ICRA]C+' Rating to INR7.35cr LT Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]C+' for an
enhanced amount of INR7.35 crore (enhanced from INR5.00 crore) to
bank facilities of Ajab Singh and Company. This includes INR3.85
crore of fund based facilities and INR3.50 of non-fund based
facilities.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long Term facilities 7.35 [ICRA]C+/Assigned
The rating takes into account the irregularities witnessed in
debt servicing by the firm in the recent past. The rating also
takes into account the healthy order-book position of around
INR40-45 crore to be executed over medium term. While the
profitability margins and net cash accruals for the firm have
remained satisfactory, however owing to high working capital
requirements, the cash flow from operations have remained
negative, which has steadily increased its reliance on working
capital borrowings. Despite an increase in debt levels the
gearing has remained modest owing to steady accretion to net
worth from the operational profits. The rating is also
constrained on account of small scale of firm's operations which
coupled with high geographical and customer concentration risk
limits the financial flexibility and the bargaining power. While
assigning the rating ICRA has also taken a note of ASC's
constitution as a partnership firm which is exposed to capital
withdrawal risks.
Going forward, the ability of the firm to timely service its debt
obligations; to improve its liquidity by way of reducing the
working capital intensity; ability of the firm to diversify its
customer base and scale of projects undertaken by the firm will
remain the key rating sensitivities.
Ajab Singh and Company is a partnership firm which was
incorporated in 2006. The firm is engaged in construction of
flats, boundary wall and other such civil engineering projects in
NCR region for DDA. The firm has around 40 permanent employees
and 200-250 labourers which are hired on a temporary basis.
As per the provisional results, the firm reported revenues of
INR13.54 crore and net profit of INR0.91 crore during FY 12 as
against revenues of INR10.91 crore and net profit of INR0.75
crore in previous year.
CINEVISTAAS LTD: Inadequate Info Cues Fitch to Migrate Ratings
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Fitch Ratings has migrated India-based media and entertainment
company Cinevistaas Limited's National Long-Term rating of 'Fitch
BB-(ind)' with a Stable Outlook to the non-monitored category.
The rating will now appear as 'Fitch BB-(ind)nm' on Fitch's
website.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Cinevistaas. The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period. However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Fitch has also classified Cinevistaas' following bank loan
ratings as non-monitored:
-- INR38.7m long-term loans: migrated to National Long-Term
'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
-- INR110.9m fund-based working capital limits: migrated to
National Long-Term 'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
-- INR15m non-fund-based limits: migrated to National Short-Term
'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
HINDUSTAN SPIRITS: ICRA Rates INR11.5cr LT Loan at '[ICRA]B'
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ICRA has assigned a long-term rating of '[ICRA]B' to INR11.50
crore1 long-term fund-based facilities of Hindustan Spirits
Limited.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long-Term Fund Based 11.50 [ICRA]B Assigned
Facilities
The ratings factors in the long track record of promoters in
managing diversified business across various industries
classified under HM Group which is well established and has
demonstrated funding and management support to HSL. The rating
also takes comfort from the company's management team having
relevant experience in alcoholic beverages industry. HSL is
mainly engaged in production of Rectified Spirit (RS) and has
bottling facility for Country Liquor (CL) at its distillery unit
located at Kotputli in Rajasthan. With the change in management
control, the distillery re-started its operations in October-2011
after a gap of around 1.5 years; it was able to achieve capacity
utilization of 51% (annualized) in FY-12. While there is
significant improvement in capacity utilization under the new
management; however it is still at sub-optimal levels as the
operations are not stabilized. The bottling plant was restarted
in Q1'FY-13; while bottling provides higher margin as compared to
RS, however given the absence of its brands from the market for
almost last two years, the proportion of CL's sale in overall
revenue mix currently remains low.
As a result, while the company has turned profitable in FY-12,
however the profitability margins of the company continue to
remain low. Owing to losses suffered under previous management
and debt funded support from new management, the capital
structure continues to remain weak. Low profitability coupled
with high interest expenses owing to high debt levels lead to
limited cash accruals for the company as reflected by NCA/TD of
around 6%. Moreover, given that the plant & machinery is of high
vintage, it is expected to require continuous investments in near
to medium term to stabilize operations at high capacity
utilization levels. With improving capacity utilization, the
funding requirement of the company is also expected to steadily
increase for working capital purposes.
As a result of low cash accruals from operations, the company is
expected to rely on timely funding support from the promoter
group and timely enhancements in its working capital to maintain
comfortable liquidity profile which continues to remain stretched
as reflected in high utilization of working capital limits. Going
forward the ability of the company to utilize its distillery on
profitable basis, increasing revenue mix from high margin CL
business; tie-up of working/long-term capital for expanding &
upgrading its operations and maintaining liquidity at comfortable
levels will be key rating sensitivities.
About Hindustan Spirits
Hindustan Spirits Limited (formerly known as Jaipur Distilleries
Limited - JDL) incorporated in the year 2000 and was a wholly-
owned subsidiary of Associated Alcohols Limited. AAL is promoted
by Kedia Group (incorporated in 1989 in Indore -M.P.) and is
engaged in the manufacturing of Indian Made Foreign Liquor
(IMFL), distillation of alcohol, rectified spirits (RS) and Extra
Neutral Alcohol (ENA). Mr. Onkar Singh acquired JDL from AAL in
FY-08 and later sold the entire stake in the company to Garg and
Kamboj family in March-2011. The company was renamed Hindustan
Spirits Limited (HSL) and re-started its operations in October-
2011, after a gap of around 18 months. HSL is engaged in the
manufacturing of Rectified Spirits (RS) and country liquor (CL),
having grain-based distillery unit in Kotputli (Rajasthan) with
production capacity of 40 KLPD and bottling facility of 2 lakh
cases of CL per month. During FY-12, HSL reported PAT of INR0.36
crore with an operating income of INR17.60 crore as compared to
PAT of INR0.03 crore with operating income of INR4.72 crore for
the previous financial year.
JIVANDHARA COTTON: ICRA Rates INR9cr Cash Credit at '[ICRA]B+'
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A rating of '[ICRA]B+' has been assigned to the INR9.00 crore
fund-based cash credit facility of Jivandhara Cotton Industries.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Cash Credit Limit 9.00 [ICRA]B+ assigned
The assigned rating is constrained by the weak financial profile
characterized by low profitability and moderate debt coverage
indicators. The rating is further constrained by vulnerability of
profitability to adverse fluctuation in raw material prices,
which are subject to seasonality, crop harvest and regulatory
risks. The capital structure which was adverse till FY 2011 has
improved during FY 2012, however as Jivandhara Cotton Industries
is a partnership firm any significant withdrawals from the
capital account would affect its net worth and thereby its
capital structure.
The rating, however, favorably considers the long experience of
the partners in cotton industry, strategic location of the plant
giving it easy access to high quality raw cotton and favorable
demand outlook for cotton and cotton seeds.
Established in 2006, Jivandhara Cotton Industries is engaged in
cotton ginning and pressing operations. The business is owned and
managed by Mr. Husain Ibrahim Kadivar, Mr. Ahmed Ibrahim Kadivar,
Mr. Ibrahim Vali Kadivar and Mr. Usman Ibrahim Kadivar. The
firm's manufacturing facility is located at Wankaner in Rajkot.
The firm has 28 ginning machines and one pressing machine having
a cumulative processing capacity of 67 TPD of raw cotton.
Recent Results
For the year ended March 31, 2011, the firm reported an operating
income of INR75.09 crore with profit after tax of INR0.18 crore.
Further, the firm reported an operating income of INR76.43 crore
with a PAT of INR0.35 crore for the year ended March 31, 2012 (as
per unaudited provisional financials).
MAGPPIE EXPORT: ICRA Reaffirms 'B+' Rating on INR20cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to INR20.00
crore1 bank lines of Magppie Export Private Limited at
'[ICRA]B+'.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long Term Fund Based Limits 20.00 [ICRA]B+
ICRA's assessment of MEPL continues to remain constrained by
intensely competitive nature of industry and company's exposure
to regulatory risk in terms of possible imposition of anti-
dumping duties on imported stainless steel from China. Further,
the rating continues to remain weakened by MEPL's susceptibility
to adverse movements in traded good prices in wake of 50% of
inventory being backed by orders. The risk is particularly
pronounced in the backdrop of high inventory days (105 days in
FY2012) witnessed by the company as on 31st march 2012. However,
ICRA notes that while the high inventory days is an aberration
owing to delayed year-end shipments for the company, the company
remains exposed to remunerative monetisation of the inventory.
Further, the rating continues to be constrained by MEPL's
exposure to adverse forex movements to the extent of its imports,
owing to absence of hedging policies in place. ICRA notes that
FY2012 witnessed extreme volatility in USD-INR exchange rate and
consequently to counter its impact, the company resorted to
measures like sourcing a sizeable portion of its procurement from
domestic suppliers (-43% in FY2012 as against historical levels
of -5%-20% of total purchases). However, despite this MEPL
reported forex losses of INR0.49 crore in FY2012. Further, while
the forex losses were curtailed owing to alternation of purchase
mix, MEPL's operating profitability declined relatively from
7.39% in FY2011 to 6.89% in FY2012. ICRA also takes into
cognizance the fact that MEPL's reliance for offtake on group
entities like Magppie International Limited remained moderate at
-8%-9% of revenues in FY2012 and overall revenues grew by 15%
from -INR.70 crore in FY2011 to -INR.80 crore in FY2012.
Nevertheless, the rating continues to draws comfort from
demonstrated track record of the promoters in the stainless steel
industry and long standing relationships with the suppliers in
the overseas market which aid repeat offtake and provide a fillip
to new order inflow.
Going forward, company's ability to sustain healthy offtake,
maintain healthy profitability (by preserving competitive
advantage by importing from China) especially in the backdrop of
volatile forex markets and effectively prune its working capital
cycle will remain the key rating sensitivities.
MANJU SHREE: ICRA Assigns '[ICRA]B+' Rating to INR8.52cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR8.52
crore of fund based limits of Manju Shree Syntex Pvt. Ltd.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund Based Limits-Cash 3.80 [ICRA]B+ (Assigned)
Credit
Fund Based Limits-Term 4.72 [ICRA]B+ (Assigned)
Loan
The assigned rating takes into account the modest scale of
operations of Manju Shree Syntex; intense competition within the
fragmented synthetic fabrics industry and high working capital
intensity due to high inventory days. The rating is also
constrained by the company's modest debt coverage indicators
because of profitability pressures and high debt levels.
Moreover, the subdued demand along with volatile raw material
prices shall keep the profitability under pressure and debt
coverage indicators stretched, in the backdrop of the debt funded
capex been undertaken by the company.
The rating, however, draws comfort from the long track record and
extensive experience (of more than a two decade) of the promoters
in the textile industry; and favorable location of the weaving
facilities, which provides easy accessibility to raw materials
and processing houses.
In ICRA's view, the key rating sensitivities are improvement in
the scale of operation, company's ability to maintain
satisfactory capacity utilization for the expanded capacity given
the subdued demand, while improving the profit margins which
shall be critical for improving the financial profile of the
company.
Manju Shree Syntex Pvt. Ltd. was incorporated in 2005 under
companies Act, 1956. The company's main objective is to
manufacture and trade in synthetic fabrics. The company started
its operations from 2007 by putting 20 Dornier looms. MSSPL is
mainly engaged in manufacturing of grey and finished fabric for
suiting at its unit in Bhilwara on job-work basis for its clients
as well as for direct sales to the market under its brand name
"Spectrum" and "Da Vinchi". At present, MSSPL has 49 looms in
total with production capacity of around 35 lacs meters per
annum.
Recent Results
Manju Shree Syntex Pvt. Ltd. reported net profit of INR0.25 crore
on operating income of INR15.56 crore in FY 12 as against net
profit of INR0.20 crore on operating income of INR10.88 crore in
FY11.
MELLCON ENGINEERS: ICRA Puts 'BB-' Rating on INR3.4cr Loans
-----------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR3.4 crores fund
based limits of Mellcon Engineers Pvt. Ltd. The outlook on the
long-term rating is stable. ICRA has also assigned '[ICRA]A4'
rating to INR4.1 Crores non-fund based limits of MEPL.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund Based Limits-Cash Credit 2.00 [ICRA]BB-assigned
Fund Based Limits-Term Loan 1.40 [ICRA]BB-assigned
Non-Fund Based Limits-BG 4.10 [ICRA]A4 assigned
The ratings are constrained by the high competition in the
industry which has led to modest growth in the revenues of the
company in the past (OI of 13.24 Cr in FY12). Moreover, the
company remains exposed to any fluctuations in prices of iron and
steel which form a major portion of the overall raw material
requirements. In addition, majority of MEPL's orders are derived
from the power sector and any slowdown in power sector could
adversely impact its revenues and margins in the future. The
ratings also factor in modest debt protection metrics for the
company with NCA/ TD of 15.7% and interest coverage ratio of 2.8
times. Nevertheless, the ratings derive some comfort from its
current order book of INR14 crores, its reputed clients and
experienced management of the company. ICRA also takes some
comfort from the capex initiatives taken by the company which is
expected to result in increased efficiencies in the future.
Mellcon Engineers Pvt. Ltd. is a Delhi based company engaged in
manufacturing engineering products (air dryers, refrigerated
equipments, gas generators, storage systems etc.) since 1986.
MEPL is promoted by Mr. Rakesh Kalia who is an engineering
graduate. The company operates as a sub-contractor for various
project management consultants (like Tecpro Systems Ltd., Energo
Engineering Projects Ltd and Indure Pvt. Ltd.) and also supplies
directly to Government companies like BOC India Ltd., BHEL
(Bharat Heavy Electricals Limited), McNally Bharat Engineering
Co. Ltd., and Oil & Natural Gas Corporation. Ltd. DRDO (Defence
Research and Development Organisation) etc.
MOODS HOSPITALITY: Inadequate Info Cues Fitch to Withdraw Ratings
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Fitch Ratings has withdrawn India-based Moods Hospitality Private
Limited's 'Fitch B(ind)nm' National Long-Term rating. The agency
has also withdrawn the 'Fitch B(ind)nm' rating on MHPL's INR117m
term loans.
The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of MHPL.
NEO CAPRICON: CARE Assigns 'CARE B' Rating to INR100cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Neo Capricon Plaza Pvt Ltd.
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 100 CARE B Assigned
Short-term Bank Facilities 5 CARE A4 Assigned
Rating Rational
The ratings are constrained by the instances of delays in the
servicing of interest and principal in the past, nascent stage of
hotel operations, over-supply of the room inventory in Pune, high
gearing ratio and the inherent cyclical nature of the hotel
industry.
The ratings are strengthened by the experience of the promoters
in the hospitality business, resourceful promoters, tie-up with
'Marriot' for the management-cum-marketing contract and proximity
to Pune airport and the commercial business districts of Pune.
The ability of the company to stabilize the operation and to
achieve the projected occupancy levels and Average Room Rent
(ARR) remains the key rating sensitivity.
Neo Capricon Plaza Private Limited, a company incorporated on
March 2004, was jointly promoted by the Advantage Raheja group
and the Capricorn group. However, in July 2011, it was completely
taken over by the Advantage Raheja group, the group being owned
by Mr Deepak Raheja, MD. The Rahej group is engaged in developing
residential societies, commercial complexes, mega malls and
hotels in India, including the J W Marriott hotel, Juhu, Mumbai.
The Advantage Raheja group has developed 2.27 msf of area in
Mumbai and many projects are under development with a saleable
area of more than 13 msf.
NCPPL owns a 5-star hotel with 178 rooms at Bund Garden Road,
Pune, under the brand "Courtyard Marriott". The hotel has a total
build-up area of 1.25 lakhs sq ft. NCPPL has entered into 30-
years management-cum-marketing arrangement with the Marriott
International group. The hotel had commenced commercial
operations in August 2011.
During FY12 (provisional) (refers to the period April 1 to
March 31), NCPPL reported a total income of INR9.31 crore with a
net loss of INR27.34 crore.
PRINCE MARKETING: ICRA Cuts Rating on INR15cr Loan to '[ICRA]B+'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR15.00
crore, long-term, fund based facility of Prince Marketing to
'[ICRA]B+' from '[ICRA]BB-'. ICRA has reaffirmed the short-term
rating assigned to INR7.50 crore, short-term, fund based facility
and INR10.00 crore, short-term, non-fund based facilities of the
firm at '[ICRA]A4'. The INR7.50 crore, short-term, fund based
facility is a sub-limit of INR15.00 crore, long-term, fund based
facility with combined utilization not to exceed INR15.00 crore.
Amount
Facilities (INR Cr) Ratings
---------- ------- -------
Long-term, fund based limits 15.00 [ICRA]B+ Revised
from [ICRA]BB-
Short-term, fund based limits 7.50 [ICRA]A4
Short-term, non-fund based 10.00 [ICRA]A4
limits
The rating action takes into the account the sharp deterioration
of capital structure indicators following the firm's high debt
funded investment in property. Unfavourable foreign exchange
movement, coupled with higher interest costs on rising debt, the
interest and debt service indicators have weakened considerably
over FY 2012. The firm continues to have moderate working capital
intensity - this along with large investments lead to stretched
liquidity indicators.
ICRA also takes note of the association of the firm with Prince
Group which aides the firm's trading operations and strong growth
demonstrated by the firm over the past three years. According to
the management, the firm's strategic investment in distressed
assets in Bhuj leaves the scope for future value-unlocking.
About Prince Marketing
Prince Marketing is a partnership firm started in 2001 and is
primarily engaged in trading of raw materials utilized in plastic
manufacturing and finished PVC products. The key products traded
by PM are PVC resins, PVC pipes and fittings, PVC ball valve, and
other petroleum products such as EVA, PPE and HDPE. The firm is
jointly held by Mr. Jayant Chheda (Managing Director, PPFL) and
family. The firm operates through five depots in India - one
owned depot at Bhiwandi and four leased out depots each at Pune,
Haridwar, Indore and Chennai.
The firm, being a part of the Prince Group, enjoys good
relationship with existing dealers of PPFL (which are over 2,500
spread across India). PM also has strong relationship with key
PVC resin manufacturers in India and in international markets and
has developed a strong market intelligence system to time
purchases based on demand-supply scenario of various products.
The firm also acts as a stockist for PPFL products - PVC, CPVC
and UPVC pipes and fittings.
Recent Results
For the twelve months ending March 31, 2012 (based on provisional
financial statements), the firm has reported profit before tax
(PBT) of INR8.6 crore on an operating income of INR99.6 crore as
compared to a PBT of INR0.9 crore on an operating income of
INR71.4 crore for the twelve months ending March 31, 2011.
SAM BUILDCON: Inadequate Info Cues Fitch to Migrate Ratings
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Fitch Ratings has migrated India-based textile company Sam
Buildcon Limited's 'Fitch BB(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category. This rating will
now appear as 'Fitch BB(ind)nm' on the agency's website.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Sam Buildcon. The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period. However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Fitch has also migrated Sam Buildcon's bank loan ratings to the
non-monitored category as follows:
-- INR25 million fund-based working capital limits: migrated to
National Long-Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)' and
National Short-Term 'Fitch A4(ind)nm' from 'Fitch A4(ind)'
-- INR10 million non-fund-based working capital limits: migrated
to National Long-Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)'
and National Short-Term 'Fitch A4(ind)nm' from 'Fitch
A4(ind)'
-- INR22.5 million term loans: migrated to National Long-Term
'Fitch BB(ind)nm ' from 'Fitch BB(ind)'
SAMTEX FASHIONS: Inadequate Info Cues Fitch to Migrate Rating
-------------------------------------------------------------
Fitch Ratings has migrated India-based textile company Samtex
Fashions Limited's 'Fitch BB(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category. This rating will
now appear as 'Fitch BB(ind)nm' on the agency's website.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Samtex. The ratings will
remain in the non-monitored category for a period of six months
and be withdrawn at the end of that period. However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
Fitch has also migrated Samtex's bank loan ratings to the non-
monitored category as follows:
-- INR230m fund-based working capital limits: migrated to
National Long-Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)' and
National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
-- INR65m non-fund-based working capital limits: migrated to
National Long-Term 'Fitch BB(ind)nm' from 'Fitch BB(ind)' and
National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
-- INR100.2m term loans: migrated to National Long-Term 'Fitch
BB(ind)nm ' from 'Fitch BB(ind)'
-- INR59m stand-by limits: migrated to National Long-Term 'Fitch
BB(ind)nm' from 'Fitch BB(ind)' and National Short-Term
'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'
SHEETAL REFINERIES: ICRA Cuts Rating on INR81.03cr Loan to 'BB'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR81.03 crore
fund based facilities of Sheetal Refineries Limited to '[ICRA]BB'
from '[ICRA]BB+' earlier. ICRA has also revised the short term
rating assigned to the INR50.50 crore non fund based limits of
SRL to '[ICRA]A4' from '[ICRA]A4+' earlier. The outlook on the
long-term rating is Stable.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund based limits 81.03 [ICRA]BB revised from
[ICRA]BB+
Non fund based limits 50.50 [ICRA]A4 revised from
[ICRA]A4+
The revision in ratings factors in the difficulty in raising
equity in the current market conditions and the likely
deterioration in the financial risk profile as a result - ICRA
had drawn considerable comfort from the advanced stages of the
proposed IPO of the company at the time of the last rating
exercise. The ratings continue to be constrained by the limited
market standing of SRL in retail sales with limited distribution
network when compared to other large scale organised players,
high product concentration with rice bran oil accounting for
about 80% of total sales and the inherently low margins in the
business. ICRA notes that the recent change in export duty
structure on palm oil by Indonesia could have adverse impact on
Indian edible oil industry.
The ratings, however, continue to favorably factor in the healthy
growth in operating income during FY 12 and of branded edible oil
in particular, the promoters' proven track record in the edible
oil business with established relationship with key suppliers,
distributors and reputed client base, favorable demand prospects
of edible oils and growing popularity of rice bran oil owing to
significant health benefits and cheaper alternative.
Sheetal Refineries Limited was incorporated in 1994 as a
partnership firm by Mr. Jugal K. Agarwal along with his son Mr.
Jitender kumar Agarwal. It is primarily engaged in refining and
trading of edible oils viz. rice bran oil, sunflower oil, soya
bean oil etc. SRL's products are predominantly sold in Andhra
Pradesh (90% of FY 11 sales), with Tamil Nadu and Maharashtra
accounting for rest of the sales. SRL has a subsidiary Sheetal
Siddhi Veg Oil Pivate Limited (SSPL) which is also into refining
and trading of edible oils (predominantly sunflower) (Rated
[ICRA]BB(Stable)/[ICRA]A4).
The company has been selling edible oils under the brand Sheetal
Drop and Gold Dhara (rice bran oil and sunflower oil). SRL has an
installed refining capacity of 145000 MTPA (including capacity of
40000 MTPA of SSPL).
SHREEPATI JEWELS: ICRA Rates INR100cr LT Loan at '[ICRA]BB-'
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB-' on the long-term scale
to the INR100.0 crore bank facilities of Shreepati Jewels. The
outlook on the rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Long-term, Fund-based 100.0 [ICRA]BB- assigned
limits (Term Loan)
The rating takes into account the marketing risks for the project
with majority of sales yet to be tied up, execution and funding
risk since almost 90% project cost is yet to be incurred and
construction work has just been initiated. Funding risk could
increase as the group plans to execute other large projects in
South Mumbai. The execution risks are mitigated to a large extent
since consent from tenants has been taken for redevelopment and
major approvals in place.
However the rating factors in the long track record of promoters
in the real estate industry in South Mumbai. ICRA also notes the
achievement of financial closure with debt tie-up in place and
part disbursement being done until June, 2012.
Shreepati group is promoted by Mr. Rajendra Chaturvedi. The group
is engaged in residential real estate projects, primarily located
in South Mumbai with majority of projects of redevelopment type.
The business has been carried out through a number of group
companies by the partners, formed primarily for tax purpose. The
group currently has 3.37 lac square feet of saleable area under
the project (Shreepati Jewels Wings D/E) under construction with
another 0.65 million square feet of projects to be launched in
the near future and has so far completed more than 0.5 million
square feet of construction through different project companies.
The group has completed four residential projects, prominent one
being Shreepati Arcade at Nana Chowk in South Mumbai having 45
floors and was the tallest residential building at the time of
completion in 2002. It has also completed one project of 39
floors in Girgaon, South Mumbai in September, 2011; it was part
of phase-I in Shreepati Jewels. The redevelopment project in SJ
are under the recently amended Development Control Regulations -
DCR 33 (9) that allows a higher vertical limit when building
clusters in a minimum area of one acre are redeveloped and an FSI
of 4 was granted for the same.
Recent results:
As per its unaudited results for FY 2012, Shreepati Jewels
reported profit after tax (PAT) of INR5.31 crore on operating
income of INR13.51 crore.
S.P. ENGINEERING: ICRA Places '[ICRA]BB-' Rating on INR5.5cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR5.5 crore fund
based facility of S.P. Engineering. ICRA has also assigned an
'[ICRA]A4' rating to the INR10.00 crore short term non fund based
facilities of SPE.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund based Facility 5.5 [ICRA]BB-
Non-Fund based Facility 10.0 [ICRA]A4
The rating takes into account moderate financial profile with
healthy profitability, moderate gearing and free cash flows owing
to non capital-intensive nature of business. The strengths also
include long experience of promoters in the supply of engineering
and non-engineering teaching equipment material to various
educational Institutes both in the domestic and export market.
However, the scale and size of operations are small with risks
related to tender based business including contractual
obligations related to after-sales service and associated
guarantees/warranties.
S.P. Engineer is manufacturers and supplier of technical
instruments and equipments primarily for the Education Industry.
Incorporated in 1989, the Firm is promoted by three partners -
Mr. Prashant Choudhari, Mr. Chandrashekhar Deshmukh, and Mr.
Santosh Kunjir. The company has a manufacturing facility in Pune.
Recent Results
SPE reported an operating Income of INR11.2 crore and profit
before tax of INR2.6 0.4 crore for FY12 (Provisional Results).
TOTAL DIAGNOSIS: CARE Rates INR40cr Long-Term Loan at 'CARE B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Total
Diagnosis Pvt Ltd.
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 4.00 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Total Diagnosis
Pvt. Ltd. is constrained by its small scale of operations and a
weak financial risk profile characterized by high leverage, weak
liquidity and debt coverage indicators. The rating also factors
in TDPL's dependence upon the doctors and the fragmented nature
of the industry. The rating, however, is underpinned by the long
track record, institutional clientele and proximity to the
hospitals. The ability of the company to increase its scale of
operations and improve its debt protection indicators are the key
rating sensitivities.
Incorporated in 1997, TDPL is promoted by Ms Sadhna Kapoor
(Managing Director). TDPL is engaged in providing medical
diagnostic services such as CT scan, MRI, X-Ray, ECG, EEG,
pathology and diagnosis with five centers across Bhopal (Madhya
Pradesh).
As per the provisional results for FY12 (refers to the period
April 1 to March 31), TDPL reported a PAT of INR0.16 crore
against a turnover of INR4.49 crore, whereas in FY11 (audited
results), the company reported a PAT of INR0.09 crore against a
turnover of INR3.07 crore.
TULIP TELECOM: Fitch Junks Rating on INR1.25-Bil. Debentures
------------------------------------------------------------
Fitch Ratings has downgraded India-based Tulip Telecom Limited's
National Long-Term rating to 'Fitch D(ind)' from 'Fitch
BB+(ind)'. The agency has also downgraded Tulip's INR1.25bn non-
convertible debentures to National Long-Term 'Fitch C(ind)' from
'Fitch BB+(ind)'.
The downgrade reflects Tulip's inability to timely redeem its
USD97m outstanding foreign currency convertible bonds (FCCBs),
which were due for redemption on 26 August 2012 at a premium of
44.506%. Out of the total redemption amount of USD145m, the
company has so far arranged only INR4bn (USD72m) through rupee
debt. It has received firm commitments of USD50m towards the
subscription of a fresh FCCB issuance, subject to the balance
amount being deposited through a bank debt into an escrow account
initiated specifically for redeeming the existing FCCBs.
Tulip is raising the balance amount for redeeming FCCBs and
expects to complete the process by 10 September 2012.
What Could Trigger A Rating Action?
Positive: Future developments that may lead to positive rating
action include redemption or restructuring of outstanding FCCBs.
Established in 1992, Tulip is an end-to-end data connectivity
services provider. Its business segments -- data connectivity
solutions, managed services and network integration -- provide
data services, IT infrastructure and network solutions to
enterprise clients and government entities. In the 12 months
ended March 2012, Tulip generated revenue of INR27.1bn (FY11:
INR23.5bn) and earned a net profit of INR3.1bn (margin: 11.4%),
same as the FY11 profit of INR3.1bn (margin: 13.0%). In quarter
ended June 2012, it generated revenue of INR7.2bn and a profit of
INR1.2bn, which included an INR0.6bn profit on divestment of its
13% stake in Qualcomm JV.
TRANSWORLD WOOD: CARE Assigns 'BB' Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Transworld Wood Pvt Ltd.
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 6 CARE BB Assigned
Short-term Bank Facilities 14 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Transworld Wood
Private Limited (TWPL) are constrained by its relatively small
scale of operations predominantly concentrated in Tamil Nadu,
inherently thin profit margins associated with the trading
business, susceptibility of earnings to volatile timber prices
and foreign currency fluctuations, working-capital intensive
nature of operations and its leveraged capital structure. The
ratings are further constrained by the intense competition in the
industry characterized by a large number of unorganized players
with low-entry barriers and the risk of country-specific trade
regulations.
The ratings, however, derive strength from the long experience of
the promoters, the Prabhat group's significant presence and its
long-standing operational track record in the timber trading
business, their established association with a number of timber
suppliers, and benefits derived from the synergy of operations
among group entities.
Going forward, the ability of the company to improve and sustain
its profitability and cash accruals amidst volatile timber prices
and intense competition will be a key rating sensitivity.
Furthermore, the ability of the company to prudently manage its
working-capital requirements to fund the growing scale of
operations and rationalize its debt levels will be the other key
rating sensitivity.
TWPL, established in 1997 belongs to the Prabhat group of
companies, whose primary business activity is timber trading over
the past three decades. Apart from timber, the group has presence
in the trading of coal, chemicals, plantations, plywood,
logistics and industrial infrastructure through various group
entities. TWPL, based out of Trichy (Tamilnadu) and promoted by
Mr. Gopal K. Patel and his brothers in Trichy (Tamilnadu), is
engaged in the business of timber trading.
TRUBA EDUCATION: ICRA Assigns '[ICRA]D' Rating to INR9cr Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR9.00
crore, fund-based facilities of Truba Education Society.
Amount
Facilities (INR Cr) Ratings
---------- --------- -------
Fund-based facilities 9.00 [ICRA]D assigned
The rating is primarily constrained by the irregularities in debt
servicing by the society owing to cash-flow mismatches caused by
delays in receipt of fees and monthly debt repayment obligations.
The society's limited track record of operations together with
intense competition has translated into modest placement ratio
for the Institute in the past few years - thereby adversely
affecting its admissions rate and hence the its earning capacity
(operating income of INR8.8 crore in FY12). In relation to this,
the society has significant interest and debt repayment
obligations resulting in weak debt-coverage indicators (DSCR of
0.8x and interest coverage of 1.5x in FY12). Further, the rating
is also constrained by the society's leveraged capital structure
(4.97x as on March 31, 2012). Nevertheless, considering unsecured
loans from promoters (interest-bearing) as part of the net-worth,
the gearing was comfortable at 0.8x as on March 31, 2012. While
assigning the rating, ICRA has also taken a note of the society's
strengths in the form of promoters' established track record of
operations in the education sector; and its limited capital
expenditure plans which is expected to facilitate a reduction in
the gearing level going forward. However, these strengths are
offset by the above-mentioned concerns.
In ICRA's view, the society's ability to improve its operational
performance (admissions rate & placement ratio) thereby
facilitating an increase in its scale of operations; manage its
cash-flows by streamlining fee-receipt schedules; maintain
adequate liquidity in the system to ensure timely debt-servicing;
and improve its capital structure will be the key rating
sensitivity.
Registered in 2003 under the Madhya Pradesh Society Registration
Act 1979, Truba Education Society owns and operates an
Engineering cum Management college in Indore namely, Truba
College of Engineering & Technology. TCET is a ISO 9001:2000
Certified, All India Council for Technical Education (AICTE)
approved college which was established in 2005 to offer Bachelor
Degree's Programmes in the following four core branches:
* Computer Science & Engineering (CSE)
* Information Technology (IT)
* Electronics & Communication (EC), and
* Mechanical Engineering (ME)
At present, the Institute offers BE courses (across five
branches), M. Tech courses (across three branches) and MBA
programme for its students. The TCET Campus is spread over 15
acres of land on the Indore - Dewas Highway. The institute is
also a member of the Computer Society of India (CSI).
UNIVERSAL WOOLLEN: CARE Assigns 'BB-' Rating to INR5.75cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Universal Woollen Mills.
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 5.75 CARE BB- Assigned
Short-term Bank Facilities 6.77 CARE A4 Assigned
Rating Rationale
The ratings for Universal Woollen Mills (UWM) are constrained by
its weak financial risk profile, low profitability margins and
constitution of the entity being a partnership firm. However, the
ratings derive strength from experienced partners, long track
record of business operations and an established dealer network.
Going forward, UWM's ability to improve its profit margins and
scale up its operations would remain the key rating
sensitivities.
UWM was established in 1983 by Mr. Sat Narain Singhania for the
manufacturing of acrylic yarn. Since 1998, the operations of UWM
are managed by his two sons Mr. Pankaj Singhania and Mr. Anil
Singhania. UWM is engaged in the manufacturing of acrylic yarn
and is also involved in the trading of yarn and fibre. UWM has
its manufacturing facility located at Ludhiana, Punjab, with
installed capacity of 3,500 spindles.
UWM recorded total operating income of INR188 crore and INR235
crore and net profit of INR0.2 crore and INR0.3 crore during FY11
(refers to the period April 1 to March 31) (audited) and FY12
(provisional), respectively.
=========
J A P A N
=========
AOZORA BANK: Mood's Affirms 'D+' BFSR After Recapitalization Plan
-----------------------------------------------------------------
Moody's Japan K.K. has affirmed the ratings of Aozora Bank Ltd.
(Baa2 stable; D+/ba1 stable), following the announcement of its
"comprehensive recapitalization plan" on August 27, 2012.
Aozora Bank has negotiated with its major stakeholders a
comprehensive plan to pay the government of Japan (Aa3 stable)
JPY227.6 billion in consideration for the JPY180 billion face
value in outstanding preference shares.
These will be paid in installments over a ten-year period.
The preference shares are mandatory convertible on October 3,
2012, and according to the plan, the mandatory conversion date
will be extended to June 30, 2022.
During this period Aozora will pay an annual super preferred
dividend of JPY20.5 billion, which under Japanese rules will be
treated as a repayment of public funds.
Furthermore, the bank will 1) make a JPY22.7 billion upfront
repayment to the government, thereby reducing the face value of
the preferred shares to JPY157 billion in the current fiscal year
ending March 2013; 2) buy back 20% of its common shares issued;
and 3) adopt a dividend payout ratio for common shares at 40% of
consolidated net income.
By changing the composition of capital, the bank aims to obtain
sufficient resources to fully repay the remaining public funds at
any time, and subject to the agreement of the government.
The current rating incorporates the continued challenges the bank
faces building a core franchise that will deliver stable returns
with a high capital ratio and high quality of capital.
Although the share buyback will reduce the bank's capital ratio
from the current 19% to an estimated 16%, Moody's believes that
this capital ratio is sufficient to support a business model of
relatively higher risk and higher return, and therefore supports
the rating at its current level.
The installment nature of the repayment plan should keep the
capital ratio at the 16% level.
Downward rating pressure could emerge if development of the
franchise and profitability is weaker-than-expected, causing
total payouts to common and preference shareholders to exceed
100% of net income, resulting in a gradual erosion of capital,
rather than the stable capitalization Moody's envisages.
Downward pressure could also emerge if the bank changes strategic
direction and increases its risk in pursuit of increased returns,
as the influence of the regulators on management may diminish
along with the diminishing balance of public funds. .
Upward rating pressure could arise if the bank establishes a
business model that generates sustainable net earnings despite
higher funding costs.
The bank could achieve this by 1) increasing its dependence on
the domestic lending market where returns are low but stable,
and/or 2) increasing the individual depositor base and
maintaining the stickiness of deposits, while reducing funding
costs to levels comparable to other Japanese banks.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published on July 6,
2012 and available on www.moodys.co.jp.
Aozora Bank Ltd., headquartered in Tokyo, is one of Japan's major
banks.
JLOCC XXXI: Write-Down Prompts Fitch to Downgrade Ratings
---------------------------------------------------------
Fitch Ratings has downgraded JLOC XXXI Trust's class D trust
beneficiary interests (TBIs) due February 2015 to 'Dsf'. It has
also revised the Outlook on class B TBIs. The transaction is a
Japanese multi-borrower type CMBS securitisation. The rating
actions are as follows:
-- JPY0.5 billion* Class B TBIs affirmed at 'BBsf'; Outlook
revised to Stable from Negative
-- JPY0.2 billion* Class C TBIs affirmed at 'CCCsf'; Recovery
Estimate 100% JPY0.1 billion* Class D TBIs downgraded to
'Dsf' from 'CCsf'; Recovery Estimate 15%
*as of August 28, 2012
The downgrade of class D TBIs reflects the write-down of their
principal on the August 2012 payment date, after the workout
activity of one defaulted loan resulted in only partial recovery.
The affirmation of class B TBIs reflects Fitch's expectation of
full redemption of the TBIs given the progress of the workout and
reasonable time to legal final maturity. The TBIs are now less
sensitive to significant downwards revisions to the valuations of
the remaining three properties, than when the previous rating
action was taken in October 2011, due to progress of TBIs
principal repayment. As a result, the Outlook on the class B
TBIs has been revised to Stable.
Since the previous rating action in October 2011 two underlying
loans have been paid in full without defaulting and three
properties backing other two defaulted loans were sold. The
repayment proceeds from these loans were applied to the repayment
of TBIs principal sequentially and as a result, the class A TBIs
were redeemed in full on the August 2012 payment date.
The transaction was initially a securitisation of 22 loans backed
by 62 properties. The transaction is currently secured by a
defaulted loan backed by three properties.
RENESAS ELECTRONICS: KKR to Invest JPY100 Billion in Chipmaker
--------------------------------------------------------------
The Yomiuri Shimbun reports that U.S. private equity fund KKR &
Co. will invest about JPY100 billion in struggling Japanese
chipmaker Renesas Electronics Corp. in a bid to take over its
management.
According to the report, sources close to the deal said the U.S.
equity fund is likely to procure shares to be issued by Renesas
as early as September as an allocation to a third party to become
the biggest shareholder, with an equity holding of more than 50
percent.
Renesas' market capitalization is estimated currently at about
JPY120 billion, the report says.
The Yomiuri Shimbun says Renesas will pursue its reconstruction
with the help of foreign funds, similar to the case of Elpida
Memory, Inc., a firm that falls under the umbrella of Micron
Technology, Inc. of the United States.
The Yomiuri Shimbun notes that in a bid to raise funds for
restructuring, Renesas will receive about JPY100 billion in
financial assistance from its founders and major shareholders--
NEC Corp., Hitachi Corp. and Mitsubishi Electric Corp--plus its
main banks.
In a reconstruction plan it formulated in June, the report
relates, Renesas envisioned negotiations with KKR over financing.
The cash-strapped firm desperately needs a capital injection to
help reshape its financial foundation, the report notes.
Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.
For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion. In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal related.
Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.
====================
N E W Z E A L A N D
====================
ALLIED FARMERS: Annual Loss Narrows to NZ$14.1 Million
------------------------------------------------------
Allied Farmers Limited disclosed unaudited annual report for the
year ended June 30, 2012.
For the year the Group reported an unaudited loss of NZ$14.1
million (last year NZ$40.9 million). A significant part of this
loss, NZ$10.3 million (last year NZ$34.1 million), largely
relates to the further impairment of assets acquired from Hanover
and United Finance. Also included were NZ$0.7 million costs
related to the disposal of the rural merchandise business.
The Rural Services Division, which includes the Livestock and
Real Estate operations, had a profitable post-restructuring
second half result generating earnings before interest and
amortisation of NZ$1 million. This result is well ahead of budget
and is particularly encouraging, as significant recruitment of
livestock agents has been necessary to replace those who left
early in the period, and it has taken time to rebuild this
business. It is expected that this business will continue to grow
as the new team fully develops and we continue to improve and
expand services to clients.
The Asset Management Services Division, charged with the recovery
of the ex Hanover and United Finance assets, reported a loss of
NZ$7.8 million for the year. The value of the New Zealand based
assets, which is now largely comprised of residential sections at
Jacks Point in Queenstown, has stabilised. However, offshore
assets in Fiji and Australia which are in the process of being
realised have incurred significant additional writedowns. The
total book value of assets still to be recovered is now at
NZ$22 million, and as a large proportion of this is in property,
an orderly sell down could take several more years for this value
to be realised.
Total Group interest costs reduced from NZ$8.0 million to
NZ$4.2 million as secured loans continued to be repaid. Parent
company operating expenses have reduced from NZ$5.0 million last
year to NZ$2.3 million this year.
The listed company now has shareholders funds of NZ$9.1 million.
The Group accounts still reflect negative equity as the
consolidated result does not attribute the full value of the
investment in the NZ Farmers Livestock subsidiary.
The focus for the coming year will be to continue to build the
Rural Services Division. The Directors are encouraged by the
progress of this division which has performed above expectations.
NZ Farmers Livestock Ltd has purchased a further 25% and has
negotiated to buy the remaining 25% of the King Country Livestock
business that it did not own. The Group still has significant
liabilities to repay and the Asset Management Services Division
will need to continue to sell down assets in order to meet these
obligations.
About Allied Farmers
Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber). Rural Services comprise livestock, merchandise and real
estate operations. The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu. Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch. Timber processing comprises the Company's
discontinued sawmilling operations.
As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern. The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.
The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.
Allied Farmers Investments, a subsidiary of Allied which manages
the assets acquired from Hanover and United Finance, made a loss
of NZ$4.2 million in the six months to December 2011 after taking
a NZ$3.6 million hit on its Matarangi Beach Estates business.
The company's accounts show its current liabilities were
NZ$32.5 million as of December 31 versus current assets of
NZ$24.5 million.
BELGRAVE FINANCE: Director Gets Three Years Jail Sentence
---------------------------------------------------------
Georgina Bond at NBR Online reports that former Belgrave Finance
director Shane Joseph Buckley was sentenced to three years in
jail for theft relating to NZ$18 million of loans made by the
now-collapsed finance company.
NBR relates that Mr. Buckley was sentenced in the Auckland
District Court Thursday after pleading guilty on May 19 to theft
charges, laid by the Serious Fraud Office.
They include a charge of theft by a person in a special
relationship and four charges of false statement by promoter
under the Crimes Act, the report relays.
NBR notes that Mr. Buckley also pleaded guilty to one Securities
Act charge of making an untrue statement and one Companies Act
charge of making a false statement to a trustee - a charge
brought by the Financial Markets Authority in a joint
prosecution.
The charges related to more than NZ$18 million of loans made by
Belgrave to various entities between June 2005 and March 2008.
Mr. Buckley's fellow Belgrave director, Stephen Charles Smith,
and an associate, Raymond Tasman Schofield, face trial on similar
charges in April next year, the report adds.
Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.
Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million. The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.
SIGNATURE HOMES: Manawatu Creditors Still Await for Update
----------------------------------------------------------
Jimmy Ellingham at Manawatu Standard reports that creditors of
Manawatu's failed Signature Homes franchise are again in the dark
about the progress of the liquidation, a situation they can do
little about without funding costly court action.
Karacrombie Enterprises, of which Stephen Crombie was sole
director and the main shareholder, placed itself into liquidation
in November 2010. Ohakune-based Lance Gilbertson, from
Insolvency Services, was appointed liquidator.
According to the Standard, Mr. Gilbertson has repeatedly failed
to file his reports with the Companies Office on time. Updates
in August last year and March this year were posted late and,
according to a notice on the Companies Office website, Mr.
Gilbertson is overdue in filing his latest update, the report
says.
The Standard says previous reports have identified 97 creditors,
many of which were small trade businesses, owed a total of
$1,383,366.
Those spoken to by the Manawatu Standard haven't heard anything
from Mr. Gilbertson, who has not responded to attempts to contact
him. The last time the Standard heard from him was in November
last year when he refused to say how much he had collected in
liquidator's fees or to comment about a possible claw-back for
creditors.
The Standard says this was mentioned in his August 2011 update
when he said he had identified assets "that may be recoverable"
and was waiting on advice to see if the recovery was legal and
economically viable.
Creditors were not keen to part with any more money and the idea
hasn't been mentioned since, the report adds.
=================
S I N G A P O R E
=================
MYCUBE: Files for Voluntary Liquidation
---------------------------------------
Kevin Kwang at ZDNet Asia reports that MyCube, a Singapore-based
company which touted its "social exchange" network as a way for
users to reclaim ownership of their digital content, has filed
for voluntary liquidation.
ZDNet Asia, citing a Aug. 15 notice it placed in local broadsheet
The Business Times, discloses that MyCube.com passed a Special
Resolution during its Extraordinary General Meeting to wind up
operations according to Section 296 of the Companies Act (Chapter
50).
According to the report, the company also appointed Yit Chee Wah
of FTI Consulting to be the company's liquidator, a move which
was passed as an Ordinary Resolution, the notice added. No other
details were disclosed as to why it decided to wind up its
operations, the report relays.
ZDNet Asia says founder Johan Stael von Holstein -- who stepped
down as the CEO last August -- did not shed light on why the
company was shuttered. He did say the original ideas of MyCube
were sound and the industry will head toward, relates ZDNet Asia.
"I am still fundamentally convinced the original ideas of MyCube
are exactly where the industry needs to go and where it will see
itself ending up. I just think it is important to state the
company did not fail due to a misconception of market trends,"
von Holstein told ZDNet Asia in his e-mail.
ZDNet Asia says the winding up of the company comes a year after
it had raised over US$8 million in funds in May 2011, led by
Black Ocean Group, a digital media company that invests in tech
companies.
MyCube was developing what it touted as the world's first "social
exchange", described as a next-generation social network which
would give individuals full privacy, ownership and control of
their digital lives and enable them to connect and share with
others on their own terms.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
APN EUROPEAN PRO AEZ 321.75 -106.88
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 11.58 -2.08
MACQUARIE ATLAS MQA 1,671.52 -842.29
MISSION NEWENER MBT 22.05 -27.72
NATIONAL LEISURE NLG 154.59 -34.49
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 101.62 -19.93
STERLING BIOFUEL SBI 31.12 -7.52
CHINA
ACHENG RELAY-A 922 54.63 -0.83
ANHUI GUOTONG-A 600444 72.38 -2.15
BAOCHENG INVESTM 600892 38.24 -4.15
CHANG JIANG-A 520 1,396.09 -3.63
CHENGDE DALU -B 200160 35.27 -4.01
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 100.91 -192.82
CONTEL CORP LTD CTEL 56.09 -14.27
DONGXIN ELECTR-A 600691 13.73 -28.65
GUANGDONG ORIE-A 600988 14.53 -3.97
GUANGXIA YINCH-A 557 64.02 -81.42
GUANGZHOU IRON-A 600894 542.50 -70.92
HEBEI BAOSHUO -A 600155 110.77 -78.03
HEBEI JINNIU C-A 600722 250.44 -85.87
HUASU HOLDINGS-A 509 91.19 -18.53
HUNAN ANPLAS CO 156 48.17 -43.11
HUNAN TIANYI-A 908 65.87 -1.55
JILIN PHARMACE-A 545 30.17 -6.95
JINCHENG PAPER-A 820 179.74 -114.18
QINGDAO YELLOW 600579 188.23 -59.95
SHANDONG DACHE-A 600882 206.33 -10.84
SHANDONG HELON-A 677 860.38 -154.31
SHANG BROAD-A 600608 43.41 -6.72
SHANXI GUANLU-A 831 299.13 -7.60
SHENZ CHINA BI-A 17 23.03 -268.38
SHENZ CHINA BI-B 200017 23.03 -268.38
SHENZ INTL ENT-A 56 281.74 -60.20
SHENZ INTL ENT-B 200056 281.74 -60.20
SHIJIAZHUANG D-A 958 213.66 -111.34
SICHUAN GOLDEN 600678 152.07 -87.92
TAIYUAN TIANLO-A 600234 64.35 -10.61
TIANJIN MARINE 600751 84.03 -91.74
TIANJIN MARINE-B 900938 84.03 -91.74
TIBET SUMMIT I-A 600338 71.21 -8.42
TOPSUN SCIENCE-A 600771 129.64 -106.79
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 97.03 -23.36
XIAMEN OVERSEA-A 600870 214.41 -136.52
XIAN HONGSHENG-A 600817 15.81 -278.59
XINJIANG CHALK-A 972 693.71 -4.07
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUCAN FOODS INT YCAN 102.82 -9.02
YUEYANG HENGLI-A 622 32.62 -25.60
HONG KONG
BEP INTL HLDGS L 2326 11.98 -1.14
BUILDMORE INTL 108 16.51 -47.88
CHINA HEALTHCARE 673 46.24 -3.08
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CNI 23 INT'L 611 68.05 -67.58
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
ICUBE TECHNOLOGY 139 25.54 -2.12
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 15.64 -34.61
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 67.80 -28.72
U-RIGHT INTL HLD 627 10.86 -204.99
INDONESIA
0.00 0.00
ARPENI PRATAMA APOL 456.34 -198.00
ASIA PACIFIC POLY 386.26 -814.44
ERATEX DJAJA ERTX 17.57 -10.49
HANSON INTERNATI MYRX 96.12 -0.89
HANSON INT-PREF MYRXP 96.12 -0.89
JAKARTA KYOEI ST JKSW 29.84 -43.11
MATAHARI DEPT LPPF 196.31 -290.04
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.57 -20.41
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 10.65 -20.85
SUMALINDO LESTAR SULI 180.19 -1.15
TOKO GUNUNG AGUN TKGA 12.27 -0.93
UNITEX TBK UNTX 18.41 -18.45
INDIA
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.03 -18.42
DISH TV INDI-SLB DITV/S 517.03 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GEM SPINNERS LTD GEMS 14.58 -1.16
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KRAP 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA ADV SPADV 17.41 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TOTAL EXPORTS TTL 1,069.83 -154.99
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CEREBRIX CORP 2444 10.44 -2.32
CREST INVESTMENT 2318 65.01 -3.55
GOYO FOODS INDUS 2230 14.77 -0.60
HIMAWARI HD 8738 283.82 -50.87
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 63.24 -2.65
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
GREEN NON-LIFE I 470 1,450.14 -36.89
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.70 -7.41
LUSTER INDUSTRIE LSTI 18.37 -7.57
SILVER BIRD GROU SBG 44.30 -30.68
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZELAND
NZF GROUP LTD NZF 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.31 -100.17
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 23.93 -0.12
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 16.02 -10.79
HL GLOBAL ENTERP HLGE 89.50 -11.36
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 80.04 -27.77
M LINK ASIA-FOR MLINK/F 80.04 -27.77
M LINK ASIA-NVDR MLINK-R 80.04 -27.77
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***