/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120918.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, September 18, 2012, Vol. 15, No. 186 Headlines A U S T R A L I A BUILDEV GROUP: Mirvac Mulls Calling In Insolvency Expert SECRET HILLS: In Receivership, Seeks Buyer UNITED EDGE: Administrator's Probe Ongoing; Firm Maybe Insolvent C H I N A ROAD KING: Fitch Affirms 'BB-' Senior Unsecured Rating H O N G K O N G JET PROFIT: Final Meetings Set for Oct. 10 JET SURPLUS: Final Meetings Set for Oct. 10 MACAO DRAGON: Annual Meetings Set for Oct. 18 MANAGEMENT RESOURCES: Members' Final Meeting Set for Oct. 8 SBI HOLDINGS: Final Meetings Set for Oct. 10 SHUN HING: Court to Hear Wind-Up Petition on Nov. 7 SUN KWONG: Creditors and Contributories to Meet on Sept. 25 TOP VIN: Court to Hear Wind-Up Petition on Oct. 17 UNIROSS BATTERIES: Creditors' Proofs of Debt Due Oct. 5 WAH TAT: Court to Hear ind-Up Petition on Sept. 26 I N D I A ANEESH AHMAD: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan BHAGWATI POWER: ICRA Reaffirms 'BB+' Rating on INR52.51cr Loans DHAN STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR2cr Loan EAST WEST FREIGHT: ICRA Reaffirms 'BB+' Rating on INR19.8cr Loan ICICI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance MAHESHWAR STEEL: ICRA Assigns '[ICRA]B' Rating to INR5.39cr Loans METAL IMPACTS: ICRA Assigns 'BB' Rating to INR15.63cr Loans REPROMEN OFFSET: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]B' SHANDERS PROPERTIES: ICRA Rates INR25cr Loan at '[ICRA]BB' SIDHI VINAYAK: ICRA Assigns 'BB' Rating to INR9.30cr Loans SRI SRINIVASA: Delays in Loan Payment Cues ICRA Junk Ratings I N D O N E S I A BANK CENTRAL: Fitch Affirms Support Floor Rating at 'BB+' J A P A N CSC SERIES: Fitch Junks Rating on Three Bond Classes PEGASUS FUNDING: S&P Withdraws 'D' Rating on Class B ABL SHARP CORP: President Vows to Restore Profitability N E W Z E A L A N D FONTERRA: Union to Mount Legal Action for LayOffs S I N G A P O R E MJC (SINGAPORE): Creditors Get 2.4% Recovery on Claims OTI TERMINAL: Creditors' Proofs of Debt Due Oct. 12 PIPER'S PIES: Creditors Get 5.4% Recovery on Claims PORRIMA SHIPPING: Creditors' Proofs of Debt Due Oct. 13 SENTAT TRADING: Court to Hear Wind-Up Petition Sept. 21 SIX CONTINENTS: Creditors' Proofs of Debt Due Oct. 12 T.E. FASTENERS: Creditors' Proofs of Debt Due Oct. 10 X X X X X X X X * BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012 - - - - - ================= A U S T R A L I A ================= BUILDEV GROUP: Mirvac Mulls Calling In Insolvency Expert -------------------------------------------------------- Business Spectator reports that Mirvac plans to tap insolvency specialist Tony McGrath to help the property company recover debts owed by mining entrepreneur Nathan Tinkler. According to Business Spectator, The Australian Financial Review reported that Mirvac is attempting to appoint Mr. McGrath, chairman of McGrathNicol, to Mr. Tinkler's land purchasing group, Ocean Street Holdings, and guarantor Buildev Group, which owe a combined AUD17 million. Separately, Business Spectator reports that Mr. Tinkler is said to have moved to voluntarily deregister five of his other companies -- apparently to simplify the structure of his sprawling empire. The companies, including Aston Aviation and Thoroughbred Motorcycles, were all "dormant," a Tinkler spokesperson told The Australian, the report relays. The newspaper said Mr. Tinkler had also moved to wind up Hunter Coal Holdings and Oceltip Enterprises, adds Business Spectator. SECRET HILLS: In Receivership, Seeks Buyer ------------------------------------------ Nicola Trotman at Property Observer reports that Secret Hill Farms has been listed for October 5 auctions under instructions of Ernst & Young after falling into receivership. Property Observer relates that the property was last sold in 2009 for $4.6 million to breeders John Doherty and Janette Gilchrist, who expanded their breeding interests with the acquisition of the then known Palmaday Stud. The property which has been listed through Ray White Rural agents Bruce Douglas, Des Cuffe and Andrew Thomson, includes a 1,400- metre sand and grass training track, 40 stables, breeding barn and horse hospital, according to Property Observer. The report relates that another property owned by Secret Hill Farms on Cryna Road is listed for auction on October 5 under instruction from Ernst & Young receivers Justin Walsh and Philip Campbell-Wilson. Located at 423 Cryna Road, the 22-hectare property sold for $1.05 million in July 2009, the report recalls. Secret Hills is an 87-hectare Beaudesert thorough bred breeding farm. UNITED EDGE: Administrator's Probe Ongoing; Firm Maybe Insolvent ---------------------------------------------------------------- Kate McClymont at smh.com.au reports that the financial situation of the disgraced union boss Michael Williamson is going from bad to worse. Not only has he lost his AUD400,000 a year union salary, but now his company United Edge has gone bust after losing its AUD1 million a year income stream from the union, the report says. United Edge, which has gone into administration, collected AUD4.7 million from the troubled Health Services Union from April 2008 to September 2011, smh.com.au discloses. According to the report, the former union kingpin failed to disclose in any of the union's annual reports that he was a director and one-third owner of the company. smh.com.au relates that the arrangement was never the subject of a tender, there was no contract and United Edge charged triple what the previous supplier charged. On top of that, the report notes, the company operated rent-free from the union's headquarters in Pitt Street. Adam Farnsworth from the insolvency firm Dean-Willcocks Shepard, was appointed the company's administrator on September 7. He said his investigations were continuing but his preliminary view was that the company was either insolvent or likely to become insolvent, the report adds. United Edge provides a software system that managed the union's subscription base. ========= C H I N A ========= ROAD KING: Fitch Affirms 'BB-' Senior Unsecured Rating ------------------------------------------------------ Fitch Ratings has affirmed China-based Road King Infrastructure Limited's Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. The agency has also affirmed the company's senior unsecured rating at 'BB-'. The affirmation reflects Road King's strong housing presales in H112 of CNY4.5bn, which are only CNY0.9bn below its 2011 sales. This has resulted in net debt being reduced to HKD6bn in H112, from HKD7.3bn in 2011. Fitch expects the company to maintain its strong presales performance in H212 and its leverage as measured by net debt/net inventory to improve in 2012, from 41% in 2011. Financial prudence is demonstrated in the company's effort to strengthen its liquidity position in the face of a weakened Chinese housing market. The stronger presales were achieved partly with price cuts, with the company's average selling price (ASP) falling to CNY8,700 per square metre (sq m) in H112 from CNY9,400 sq m in 2011 and CNY10,500 sq m in H111. The strong presales will likely mitigate the negative effects on its credit metrics from the weaker profit margin of its homebuilding segment and reduced toll road cash receipts. The ratings continue to be constrained by Road King's small scale in a highly volatile and cyclical Chinese property market. Other Fitch-rated Chinese homebuilders rated in the 'BB' category have at least annual housing presales of CNY20bn. Stable cash income from the toll roads on the other hand supports Road King's ratings at their current level. The company has also demonstrated its ability to tap multiple funding sources, allowing it to maintain higher financial flexibility than similar-sized Chinese property companies. Fitch expects Road King to make new land acquisitions to replenish its land bank following the strong housing presales. The higher presales it is achieving will also mean an increase in the operating scale of its homebuilding operation and, consequently, larger construction loans. While this may result in higher interest expenses, lower financing costs for onshore loans may mitigate the increase in interest expenses. Nevertheless, toll road cash flows may then cover less than 1.0x of gross interest expenses. This by itself should not affect the credit profile unless the company scales back its toll road business. The Stable Outlook is supported by accelerating housing sales in China. For the first eight months of 2012, housing sales totalled CNY2,838bn, up 2.3% year on year according to National Bureau of Statistics of China. This compares favourably with the 6.5% decline in H112 (CNY1,932bn) against H111. What Could Trigger A Rating Action? Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- Weakened homebuilding operation from its current scale -- Adverse developments to China's regulations or economy resulting in material deterioration in operating performance -- Adjusted net debt/net inventory above 50% -- EBITDAR plus toll road cash flows/gross interest expense plus rent falling below 2.5x -- Annual toll road cash flows declining to less than 0.75x of gross interest expenses on a sustained basis -- A shift in strategy away from the toll road business resulting in sustained decline in toll road cash receipts Positive: No positive rating action is likely over the next 12 to 18 months given the small operating scale of Road King's homebuilding operation. ================ H O N G K O N G ================ JET PROFIT: Final Meetings Set for Oct. 10 ------------------------------------------ Members of Jet Profit Investment Development Limited will hold their final meeting on Oct. 10, 2012, at 10:00 a.m., at Room 2109, China Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong. At the meeting, Chui Chi Yun Robert, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. JET SURPLUS: Final Meetings Set for Oct. 10 ------------------------------------------- Members of Jet Surplus Holdings Limited will hold their final meeting on Oct. 10, 2012, at 10:30 a.m., at Room 2109, China Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong. At the meeting, Chui Chi Yun Robert, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MACAO DRAGON: Annual Meetings Set for Oct. 18 --------------------------------------------- Members and creditors of Macao Dragon Company Limited will hold their annual meetings on Oct. 18, 2012, at 2:30 p.m., and 3:00 p.m., respectively at Room 101, The Boys' and Girls' Clubs Association of Hong Kong, at 3 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. MANAGEMENT RESOURCES: Members' Final Meeting Set for Oct. 8 ----------------------------------------------------------- Members of Management Resources International Limited will hold their final general meeting on Oct. 8, 2012, at 11:00 a.m., at 23rd Floor, Wing Hang Finance Centre, at 60 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Chan Pollynna Shui Kin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SBI HOLDINGS: Final Meetings Set for Oct. 10 -------------------------------------------- Members and creditors of SBI Holdings Limited will hold their final meetings on Oct. 10, 2012, at 11:00 a.m., at Room 2109, China Resources Building, at 26 Harbour Road, Wanchai, in Hong Kong. At the meeting, Chui Chi Yun Robert, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SHUN HING: Court to Hear Wind-Up Petition on Nov. 7 --------------------------------------------------- A petition to wind up the operations of Shun Hing Power & Transmission Equipment Company Limited will be heard before the High Court of Hong Kong on Nov. 7, 2012, at 9:30 a.m. Sin Wai Kee, Ricky and Chan Wai Han filed the petition against the company on Sept. 3, 2012. The Petitioner's solicitors are: Cheung, Chan & Chung Unit 2402, 24th Floor No. 71 Des Voeux Road Central, Hong Kong SUN KWONG: Creditors and Contributories to Meet on Sept. 25 ----------------------------------------------------------- Creditors and contributories of Sun Kwong Recreation Club Limited will hold their first meetings on Sept. 25, 2012, at 2:00 p.m., and 2:30 p.m., respectively at Units 511-512, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. TOP VIN: Court to Hear Wind-Up Petition on Oct. 17 -------------------------------------------------- A petition to wind up the operations of Top Vin Company Limited will be heard before the High Court of Hong Kong on Oct. 17, 2012, at 9:30 a.m. Cheung Chu Mui filed the petition against the company on Aug. 14, 2012. The Petitioner's solicitors are: Messrs. Leung, Tam & Wong Rooms 901-2, 9th Floor The Chinese Bank Building 61-65 Des Voeux Road Central, Hong Kong UNIROSS BATTERIES: Creditors' Proofs of Debt Due Oct. 5 ------------------------------------------------------- Creditors of Uniross Batteries (HK) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 5, 2012, to be included in the company's dividend distribution. The company's liquidators are: Yuen Tsz Chun Frank Kennic Lai Hang Lui 5th Floor, Ho Lee Commercial Building 38-44 D' Aguilar Street Central, Hong Kong WAH TAT: Court to Hear ind-Up Petition on Sept. 26 -------------------------------------------------- A petition to wind up the operations of Wah Tat Control Engineering Company Limited will be heard before the High Court of Hong Kong on Sept 26, 2012, at 9:30 a.m. Custom Control Sensors, Inc. filed the petition against the company on July 24, 2012. The Petitioner's solicitors are: Stephenson Harwood 35th Floor, Bank of China Tower No. 1 Garden Road Central, Hong Kong ========= I N D I A ========= ANEESH AHMAD: ICRA Assigns '[ICRA]BB-' Rating to INR10cr Loan ------------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR10.00 crore fund based bank limits of M/s Aneesh Ahmad Khan. The outlook assigned to the long term rating is 'Stable'. ICRA has also assigned a short-term rating of '[ICRA]A4' to the INR 3.00 crore non-fund based bank limits of AAK. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long-term Fund Based 10.00 [ICRA]BB- (Stable) Assigned Limits Short-term Non-Fund 3.00 [ICRA]A4 Assigned Based Limit The assigned ratings take into account the firm's small scale of operations with muted growth in revenue over the last three years, and the weak capital structure because of debt funded capital expenditure. The rating concerns also emanate from the presence of liquidated damage clause in most of the contracts making it critical to achieve the monthly mining quantities. While assigning the rating, ICRA has also taken note of risks associated with the partnership firm in terms of significant withdrawal of capital by partners. The ratings however reflect the track record of the firm in overburden (OB) removal and coal mining services, entry barriers for new players on account of stringent technical and financial qualification criteria and positive outlook for the coal mining sector due to the significant capacity additions proposed in the sector. The ratings also factor in the moderate financial profile characterized by reasonable profitability margins and debt service indicators. About Aneesh Ahmad M/s Aneesh Ahmad Khan was established in the year 1994 and is engaged in the business of overburden removal and coal excavation contract works. The firm was established by eight partners belonging to the same family. The firm's operations are majorly concentrated in coal mining areas of Madhya Pradesh, primarily in the district of Chhindwara. Recent Results AAK has recorded a net profit of INR 1.07 crore on an operating income of INR 23.29 crore for the year ending March 31, 2011 and a net profit of INR 1.70 crore on an operating income of INR22.70 crore as per the provisional figures for the year ending March 31, 2012. BHAGWATI POWER: ICRA Reaffirms 'BB+' Rating on INR52.51cr Loans --------------------------------------------------------------- ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the INR35.51 crore term loan (reduced from INR 36.15 crore) and the INR17.00 crore fund-based bank facilities (increased from INR13.00 crore) of Bhagwati Power & Steel Ltd. The outlook on the long-term rating is 'stable'. ICRA has also reaffirmed the '[ICRA]A4+' rating assigned to the INR10.00 crore non-fund based bank facilities (increased from INR2.00 crore) of BPSL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loans 35.51 [ICRA]BB+ (Stable) reaffirmed Cash Credit 17.00 [ICRA]BB+ (Stable) reaffirmed Non-Fund Based Limits 10.00 [ICRA]A4+ reaffirmed The ratings take into account the long track record of the promoters of BPSL in the steel sector; significant growth in BPSL's turnover and profits in 2011-12 on partly on account of increase in sponge iron prices and partly revenues from newly commissioned CPP and income from sale of power generated at a low cost from the newly commissioned 10 mega watt (MW) captive power plant (CPP), which is likely to contribute significantly to the profitability of the company. The ratings are, however, constrained by the cyclicality associated with the steel industry, which is likely to keep the profitability and cash flows volatile in future; absence of coal supply linkage and tightness in the coal availability situation may increase dependence on costlier coal for the CPP, which in turn would result in higher cost of power generation, thereby affecting profitability and its high working capital intensity of operations, which has an adverse impact on the liquidity position. ICRA notes that BPSL plans to invest in a steel melting shop (SMS) in the short to medium term. ICRA believes that if such an investment is funded by a fresh debt, it could adversely impact BPSL's capital structure and liquidity position going forward. BPSL has its production facilities of sponge iron and power located at Raipur, Chattisgarh. While the sponge iron facility was commissioned in 2005-06, the 10 mega watt (MW) CPP was commissioned in September 2011. The capacity ultilisation of the sponge iron unit has remained stable at around 60% during 2010-11 and 2011-12. The plant load factor (PLF) of CPP during September 2011 to March 2012 was around 35%. Out of the 10 MW capacity of CPP, 4 MW is based on waste heat recovery boiler (WHRB), while the balance is based on fuel bed combustion (FBC). The company has applied for a coal supply linkage for FBC unit of CPP to South Eastern Coalfields Limited (SECL). Currently, the company is supplying around 90% of its power generation to Chattisgarh State Power Distribution Company Limited as per the power purchase agreement (PPA) signed between the two. The company plans to either commission a SMS or acquire such facility to consume 51% of the power internally and become eligible for open access. However, the proposal is in the conceptual stage and details for the same have not been finalised. DHAN STEELS: ICRA Reaffirms '[ICRA]BB' Rating on INR2cr Loan ------------------------------------------------------------ ICRA has reaffirmed the '[ICRA]BB' rating to the INR2.00 crore fund based facility of Dhan Steels Private Limited. The outlook on the long term rating is stable. ICRA has also reaffirmed the '[ICRA]A4' rating to the INR18.00 crore short term non fund based limits of the DSPL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Cash Credit 2.00 [ICRA]BB (Stable) reaffirmed Letter of credit 18.00 [ICRA]A4 reaffirmed The ratings continue to be constrained by DSPL's relatively modest scale of operations, thin profit margins given the low value addition and intense competitive pressure and its vulnerability to adverse fluctuations in scrap prices and foreign currency exchange rates ; ICRA also notes that the operations remain exposed to cyclicality inherent in the ship breaking business and environmental regulations while obtaining requisite approvals prior to commencement of ship breaking in a timely manner remains crucial. However, the ratings favorably factor in the established presence of DSPL in the Dhan Steels Pvt Ltd was incorporated in 1990, when it started ship breaking operations. The company has its office at Bhavnagar and ship breaking yard at Alang in Gujarat. The company demolished 13 vessels for the period till 2003. From 2003 to 2008, the company had stopped its operations on account of uneconomic market conditions, but resumed operations in 2009. DSPL currently operates from Plot No. 112 at Sosiya Ship breaking Yard, Bhavnagar. The size of the plot is 30m x 45m (1350sq. mts). Recent Results During 2011-12 , DSPL reported an operating income of INR41.00 crore and profit before tax of INR0.57 crore as against an operating income of INR19.91 crore and profit after tax of INR0.28 crore during 2010-11. EAST WEST FREIGHT: ICRA Reaffirms 'BB+' Rating on INR19.8cr Loan ---------------------------------------------------------------- The ratings on the INR 19.80 crore, long term, fund-based bank facilities of East West Freight Carriers Limited has been reaffirmed at '[ICRA]BB+'. ICRA has also reaffirmed the short term ratings of '[ICRA]A4+' on the INR 0.10 crore short term non- fund based bank facilities of EWFCL. The outlook on long term rating is stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long-term fund 11.00 [ICRA]BB+(Stable) reaffirmed based facilities Long-term fund based 8.45 [ICRA]BB+(Stable) reaffirmed proposed facilities Long-term Standby Line of Credit 0.35 ICRA]BB+(Stable) reaffirmed Short-term, non-fund 0.10 [ICRA]A4+ reaffirmed based facilities The rating favorably factors in the vast experience of the promoters in the freight forwarding industry and the established relationships with airline companies, which aid the company in getting competitive freight rates from them. However, the company's revenues remain vulnerable to international trade from India and the trade operations of its customers, as evident in FY2012 wherein the growth in turnover remained muted. In addition, the large portion of the customer base comprising of sub-agents further restricts the profit margins of the company. Nonetheless, the diversified customer base mitigates the company from customer concentration risk. In addition, this also mitigates the exposure of the company towards any individual industry. ICRA also notes the comprehensive freight forwarding services provided by EWFCL, which aids the company to provide a single stop solution for its customers, thereby boosting relations with them which help retaining the customers for the future. However, the freight forwarding industry is highly fragmented and is dominated by a large segment of unorganized players, which limit the bargaining power of the company. Further, in order to retain its customers the company is required to offer a stretched credit period, which results in a stretched liquidity for the company. EWFCL is planning to undertake a capital expenditure in FY2013, to consolidate the corporate office. This is likely to stretch the otherwise moderate coverage indicators and also limit the net profit margins. However, promoter support in terms of equity infusion, as witnessed in the past, could provide comfort to an extent East West Freight Carriers Limited was incepted in 1976 by its promoter, Mr. Mohammed Shafi and was later incorporated as a private limited company in 1979. EWFCL is a non-asset based logistics company that provides air and ocean freight forwarding, contract logistics, customs clearances and other supply chain management services from its branches located across the country. The company functions primarily as a third party logistics provider for air and ocean freight and also carries a MTO licence for functioning as a NVOCC (Non Vessel Operating Common Carrier) agent. The company provides mainly door to door, airport-door, door-airport and airport-airport service. EWFCL is affiliated with the relevant industrial bodies such as IATA, CHA etc to aid in its operations. ICICI BANK: Moody's Assigns Rating to Sr. Unsec. Bond Issuance -------------------------------------------------------------- Moody's Investors Service has assigned a Baa2 rating to ICICI Bank Limited's, acting through its Singapore branch, proposed issuance of CNH denominated senior unsecured notes under its US$ 5 billion Global Medium Term Note (GMTN) program. The bonds will have a 3 year maturity and will be listed on the Singapore Stock Exchange ("SGX-ST"). Ratings Rationale Moody's Investors Service has a standalone bank financial strength rating (BFSR) of D+ for ICICI Bank Limited, mapping to a baseline credit assessment (BCA) of baa3 on the long-term scale. The ratings capture the bank's solid franchise as the second largest commercial bank in India as well as its strong capitalization, liquidity, and earnings profile. The ratings also reflect the bank's high borrower concentration in the form of its mandatory government securities portfolio, its weaker asset quality when compared to its Indian private sector peer banks and the difficult operating environment currently prevailing in India, including the intense competition it faces in its domestic markets. Moody's believes that the probability of systemic support for ICICI Bank is very high, given its sizeable retail deposit franchise and its importance to the national payments system as India's second largest commercial bank. Therefore, the long-term local currency deposit and foreign currency senior unsecured debt ratings receive a one-notch rating uplift from its BCA. The foreign currency senior unsecured debt rating at Baa2 is at the same level as the foreign currency debt ceiling for India. The bank's foreign currency deposit ratings of Baa3/P-3 are constrained by the sovereign ceiling. The other ratings of ICICI Bank are: Baa2 foreign currency long-term senior unsecured debt rating (P)Baa2 foreign currency long-term senior unsecured debt program rating Baa2 long-term local currency bank deposit rating Prime-2 short-term local currency bank deposit rating Baa3 long-term foreign-currency deposit rating Prime-3 short-term foreign currency bank deposit rating Baa3 foreign currency subordinated debt rating (P)Baa3 foreign currency subordinated debt program rating Ba1 foreign currency junior subordinated debt rating (P)Ba1 foreign currency junior subordinated debt program rating Ba3 (hyb) foreign currency hybrid tier 1 debt rating All ratings carry stable outlooks. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. ICICI Bank, headquartered in Mumbai (India), had assets of INR4,722 billion at March 2012. MAHESHWAR STEEL: ICRA Assigns '[ICRA]B' Rating to INR5.39cr Loans ----------------------------------------------------------------- A rating of '[ICRA]B' has been assigned to the INR4.00 crore cash credit facility and INR1.39 crore term loans of Maheshwar Steel & Metals. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loans 1.39 [ICRA]B assigned Cash Credit 4.00 [ICRA]B assigned The assigned rating is constrained by MSM's limited track record; modest size of operations; limited profitability on account of low value add nature of the business coupled with highly competitive intensity and fragmented nature of steel re-rolling industry and weak financial profile of the firm characterized by high gearing and weak coverage indicators. The rating is further constrained on account of exposure of firm's profitability to adverse fluctuations in prices of key raw materials which may not be passed on to the customers adequately. ICRA also notes that MSM is a partnership firm and any significant withdrawals from the capital account would adversely impact its net worth and thereby the capital structure. The rating, however, favorably factors in the long experience of promoters in steel re-rolling industry by way of involvement in another partnership firm which is engaged in similar line of business and its diversified customer base. Company Profile Maheshwar Steel & Metals (MSM) was incorporated in the year 2010 as a partnership firm and is engaged in the manufacturing of MS angles and MS channels from MS Ingots. The manufacturing facility (steel rolling mill) of the firm is located in Vijapur district of Gujarat, with an annual installed capacity of 15000 MT (Metric Tonnes). Recent Results For the year ended on March 31, 2012, the firm has reported an operating income of INR25.01 crore and a net loss of INR0.03 crore as against an operating income of INR 4.83 crore and a net loss of INR0.25 crore for FY 11. METAL IMPACTS: ICRA Assigns 'BB' Rating to INR15.63cr Loans ----------------------------------------------------------- ICRA has assigned a long- term rating of '[ICRA]BB' to the INR15.63 Cr fund based limits as well as a short -term rating of '[ICRA]A4' to the INR6.35 Cr non-fund based limits of Metal Impacts Private Ltd. The outlook on the long-term rating is Stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term Loan 4.13 [ICRA]BB (Assigned) Long term Fund 11.00 [ICRA]BB (Assigned) based limits Unallocated Fund 0.50 [ICRA]BB (Assigned) based limits Short term Non-Fund 6.00 [ICRA]A4 (Assigned) limits Unallocated Non-Fund 0.35 [ICRA]A4 (Assigned based limits Rating Rationale The ratings take into consideration the highly competitive and fragmented nature of the aluminium aerosol can industry, marked by presence of a few strong players domestically and threat of imports which has translated into thin profitability of the company. The ratings also take into consideration the high working capital intensity of the business on account of the high inventory levels that the company is required to maintain, which has led to a stretched liquidity profile as indicated by full utilization of working capital limits. This, along with the sizeable capital expenditure undertaken in last few years, has translated into high gearing and moderate debt coverage indicators for the company. However, the rating is supported by the long track record of operations of the company, its established market presence, and the reputed client base which includes players such as Wipro Consumer Care and Godrej and the limited exposure it has to raw material price fluctuations. ICRA notes that while the company has undertaken substantial capital expenditure to ramp up its capacity, growth in revenue and profitability from the same remains to be seen. Metal Impacts Private Limited was established in 1978 in Bangalore, Karnataka and is a manufacturer of aluminium containers and cans. The company supplies aluminium aerosol cans to the likes of Godrej, CavinKare and Wipro Consumer Care. It also produces aluminium pesticide bottles, easy open ends and other metal packaging items. The company is being managed by the promoter, Mr. S. Lakshminarayan. MIPL has recorded an operating income of INR92.00 Cr in FY12 with a net profit of INR0.52 Cr (provisional). REPROMEN OFFSET: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA]B' --------------------------------------------------------------- ICRA has revised the rating assigned to the INR4.2 crore term loans and INR5.0 crore long-term fund based facilities of Repromen Offset Printers Private Limited from '[ICRA]B+' to '[ICRA]B'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loans 4.2 Revised from [ICRA]B+ to [ICRA]B Long-Term Fund Based 5.0 Revised from [ICRA]B+ to Limits [ICRA]B The downward revision in the rating takes into account weak performance of the company in 2011-12 with decline in demand from the user industries and deterioration in the financial risk profile as reflected from increase in gearing, weakening of coverage indicators and reduction in cash accruals. During 2011-12, the company undertook significant debt-funded capital expenditure to relocate its existing facility from a leased building to owned space on the outskirts of city. The ratings also continue to remain constrained with high competitive intensity of the printing industry owing to low entry barriers, increasing usage of electronic media posing a threat to the industry, concentration of the company's revenues on the relatively volatile commercial printing and susceptibility of the company's margins to increase in raw material prices owing to largely fixed price contracts. In addition, ROPPL also has significant dues from one of its Group entities for educational books previously supplied to Tamil Nadu government through the entity. The ratings, however, derive comfort from the company's reputed client base and ability to offer integrated services including content creation, designing, pre-printing operations, printing and post printing operations. Repromen Offset Printers Private Limited was promoted by Mr. V Parmeswaran, a former employee of the advertising agency James Walter Thompson having worked for over three decades in the company. Mr. Parmeswaran had started business activities in 1970s and entered into the printing field in 1980s starting ROPPL in 1985. Besides ROPPL, Mr. Parmeswaran is also the promoter of Repromen Offset Printers Madras Private Limited, a printing company based out of Chennai. The business at both the companies is currently managed by the second and third generation. Besides the printing business, the promoters also have two franchisees of Australian Company Cartridge World. ROPPL is presently managed by Mr. V. Krishnamoorthy, brother of Mr. V Parmeswaran. Mr. Dilip Param and Mr. Dipak Parameswaran, sons of Mr. V Parmeswaran are also involved in the business. The company is mainly present in commercial offset printing and educational text book publishing business. Commercial offset printing remains the mainstay for the company with its products comprising brochures, leaflets, posters, calendars, direct mailers, magazines, promotional material, etc. The company caters to a number of reputed corporate clients like Bharti Enterprises, Nokia India, Reliance Communications, Idea Cellular, Aircel, Oxford University Press, Cambridge University Press, Tata McGraw Hill, etc. Recent Results As per unaudited results for 2011-12, the company's operating income stood at INR 21.5 crore with a net loss of INR 0.3 crore as against an operating income of INR 25.7 crore and Profit After Tax (PAT) of INR 0.5 crore for 2011-12. SHANDERS PROPERTIES: ICRA Rates INR25cr Loan at '[ICRA]BB' ---------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]BB' to the INR 25 crore fund based facilities of Shanders Properties Private Limited. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits 25.00 [ICRA]BB (Stable) The rating takes into account the satisfactory initial market response for SPPL's ongoing residential project 'Shanders Dwellington', an affordable apartment project, as indicated by healthy bookings witnessed in first quarter of its launch. In addition, the project is expected to benefit from the project's good location in proximity to Electronic City and its good accessibility to major parts of the city through elevated expressway, NICE road and upcoming peripheral ring road. However, the rating is constrained by SPPL's high execution risk given the initial stage of the project development, large size of the total development plan of SPPL and significant dependence on its in- house execution team. Further, the project is a part of SPPL's significant development plan of 3.62 msf and will have operational as well as financial linkages with the entire project. This along with pending debt tie-up for the project and significant dependence on customer advances for project funding increases the financial risk of SPPL. The rating further takes into account SPPL's sensitivity to external factors such as variability in raw material prices, increase in competition in affordable housing segment, prevailing high interest rates and weakening of economic conditions. Going forward, the company's ability to maintain its sales volumes with better realisation and healthy collection efficiency in competitive and sluggish market environment would be the key sensitivity factors. Incorporated in 2010, SPPL was promoted as an SPV by Mossrock India Infrastructure (Cyprus) Finance Company and Brixstone Realty Private Limited by contributing equity of INR95.5 crore in 89:11 ratio. The company has acquired total 60 acre of land completed its land by buying 40 acre of land and entering into Joint Development Agreement (JDA) for 20 acre of land. The entire land parcels are in Anekal area in proximity to Electronic City Phase II and near SDW project. The company plans to develop 3.62 msf of saleable area (SBA) over this 60 acre of land, wherein SPPL's share will be 3.11 msf of SBA. The total project cost for the entire development envisaged by the company is INR546.3 crore. Shanders Group through its group company, BRPL, will be the Project Development Manager. Shanders Dwellington is the first residential project envisaged by the company on 3.5 acre of land as a part of the total development plan of 60 acre of land. The project is located at Anekal, Bangalore and about 100 meters from peripheral ring road in proximity to Electronics City phase II, Hosur Road. It offers 2 bedroom (BR) and 3 BR apartments of size ranging between 800 square feet (sft) to 1350 sft totalling 348 apartments. The structure comprise of 2 block of 6 buildings with 7 floors each. The project is developed by SPPL on a joint development basis, by virtue of which SPPL will get 65% of the total built-up area (BUA) of 4 lakh sft. The project development commenced in Jun'2012 and is expected to be completed in 36 months i.e. May'2015. SIDHI VINAYAK: ICRA Assigns 'BB' Rating to INR9.30cr Loans ---------------------------------------------------------- ICRA has assigned an '[ICRA]BB' rating to the INR 0.80 crore term loan and INR 8.50 crore cash credit bank limits of Sidhi Vinayak Metcom Limited. The outlook on the long term rating is Stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits- 0.80 [ICRA]BB (Stable) assigned Term Loan Fund Based Limits- 8.50 [ICRA]BB (Stable) assigned Cash Credit The assigned rating takes into account the experience of SVML's promoters in the steel industry and location of the company's manufacturing unit in proximity to raw material sources that reduces freight costs. Further, regular equity infusion by the promoters has kept the capital structure of the company at a low level. However, the rating is constrained by SVML's relatively small scale of current operations and a high working capital intensive nature of operations, which in turn impacts its liquidity position. ICRA also notes that the current weakness and inherent cyclicality in the steel industry are likely to impact the profitability and cash flows of the company. Such risk is further accentuated by the lack of vertical integration and limited value addition in the stand alone sponge iron manufacturing business of SVML. Incorporated in 2004, SVML is engaged in the manufacturing of sponge iron. The company has two sponge iron kilns with a total installed capacity of 60,000 TPA. The manufacturing facility of the company is located at the Saraikela district in Jharkhand. Recent Results In 2011-12, the company reported a net profit of INR 0.20 crore on an operating income of INR 41.31 crore as compared to a net profit of INR 0.41 crore on an operating income of INR 28.90 crore in 2010-11. SRI SRINIVASA: Delays in Loan Payment Cues ICRA Junk Ratings ------------------------------------------------------------ ICRA has revised the long-term rating to '[ICRA]D' from '[ICRA]B+' for INR102.18 crore (enhanced from INR62.58 crore) fund based and INR2.07 crore (enhanced from INR1.67 crore) non- fund based limits of Sri Srinivasa Spintex (India) Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term fund based 102.18 [ICRA]D revised from Limits [ICRA]B+ Long term non-fund 2.07 [ICRA]D revised from based limits [ICRA]B+ The revision in rating primarily factors in the recent delays in debt servicing following stretched liquidity condition on account of continuous debt funded capex amidst deteriorated financial risk profile. In addition to the increased gearing levels, coverage indicators deteriorated as a result of dip in profitability on account of steep correction in the yarn prices during H1 FY12. The rating further factors in the irregular power scenario in the state of Andhra Pradesh (AP) and the likely adverse impact on the operations in the absence of 100% power back facility. ICRA notes that the commoditized nature of the product in the highly fragmented spinning industry limits the company's ability to pass on the hike in input costs. However, the rating favourably factors in 40% growth in operating income from INR59.75 crore in FY11 to INR83.55 crore in FY12 backed by improved sales volume; operational efficiencies derived from recent vintage of plant and machinery and proximity to a major cotton growing area and lower power tariffs in the state with fiscal incentives offered by the AP state government. Timely debt servicing would however be the key rating driver over the near term. Sri Srinivasa Spintex (India) Limited, incorporated in July 2006, is primarily engaged in producing cotton yarn of medium counts viz. 32s, 40s, etc. Based at Tadepalligudem in West Godavari district of Andhra Pradesh, SSSIL started commercial production of yarn in August 2008 with 4,000 spindles which was increased gradually to 18,000 spindles in January 2009 to 42,840 spindles in January 2011 and 55,440 spindles in June 2012. Recent Results As per provisional results, in FY12, SSSIL has reported operating income of INR83.55 crore with operating profit margin of 13.94% and net profit margin of 0.29%. ================= I N D O N E S I A ================= BANK CENTRAL: Fitch Affirms Support Floor Rating at 'BB+' --------------------------------------------------------- Fitch Ratings has affirmed Indonesia-based PT Bank Central Asia Tbk's Long-Term Issuer Default Rating and National Long-Term Rating at 'BBB-' and 'AAA(idn)', respectively, with Stable Outlook. At the same time, Fitch has also affirmed PT BCA Finance's (BCAF) National Long-Term rating at 'AA+(idn)' with Stable Outlook. BCA's ratings reflect its demonstrated track record of strong financial performance, relative to rated domestic peers, through economic cycles. The Stable Outlook reflects Fitch's expectations that the bank's will be able to maintain its healthy profitability and capital position, without significantly compromising its strong asset quality. Upward rating prospects are limited because BCA's IDR and Viability ratings are among the highest of its rated domestic peers and it National Rating is already the highest possible on National scale. BCAF's ratings underline strong support from and its linkages with BCA. They take into account its strategic importance to BCA in expanding its business in Indonesia's fast-growing consumer lending market. A weakening of perceived support from BCA is likely to lead to changes to BCAF's ratings. Its subordinated debt rating is rated two notches below BCAF's rating of 'AA+(idn)', comprising one notch for loss severity and one notch for non-performance risk. Fitch expects BCA's profitability to be underpinned by strong fee-based income and low funding costs. Strong loan growth in the last two years and a challenging global economy outlook could lead to an increase in non-performing loans in 2013. The likely deterioration in asset quality nevertheless should be manageable, given the bank's strong credit risk management and rather diversified credit portfolio. Its strong profitability and high provision cover should continue to provide buffer against more challenging economic conditions. Fitch expects BCA to remain well capitalised with low impairment risk. BCA's Tier 1 and total capital adequacy ratios improved to 13.9% and 15.1%, respectively, as of end-June 2012, from 12% and 13.3% at end-December 2011, due to strong earnings generation. Fitch expects BCAF's earnings to remain satisfactory, underpinned by strong contribution from non-interest income and manageable asset quality. The impact of tightened minimum down payment is unlikely to be material as BCAF focuses on new car financing with high down payments. Established in 1957, BCA is the third-largest bank in Indonesia with 11% of total system assets at end-H112. The list of rating actions is as follows: BCA -- Long IDR affirmed at 'BBB-', Outlook Stable -- Short-Term IDR affirmed at 'F3' -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable -- Support Rating affirmed at '3'; -- Support Floor Rating affirmed at 'BB+' -- Viability Rating affirmed at 'bbb-' BCAF -- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook Stable -- National Short-term Rating affirmed at 'F1+(idn)' III/2010, IV/2011, tranche I/2012 bonds affirmed at 'AA+ (idn)' -- Bond issuance programme I/2012 of IDR3.5trn affirmed at 'AA+ (idn)' -- Subordinated bond I/2010 affirmed at 'AA-(idn)' ========= J A P A N ========= CSC SERIES: Fitch Junks Rating on Three Bond Classes ---------------------------------------------------- Fitch Ratings has downgraded CSC Series 1 GK's three classes of bonds due November 2012 and affirmed the rest. The transaction is a Japanese multi-borrower type CMBS securitisation. The details of the rating actions are as follows: -- JPY0.4bn* Class B-2 bonds downgraded to 'CCsf' from 'CCCsf'; Recovery Estimate 100% -- JPY0.4bn* Class B-3 bonds downgraded to 'CCsf' from 'CCCsf'; Recovery Estimate 100% -- JPY3.2bn* Class C-2 bonds downgraded to 'Csf' from 'CCsf'; Recovery Estimate 60% -- JPY3.2bn* Class D-2 bonds affirmed at 'Csf'; Recovery Estimate 0% -- JPY0.4bn* Class E-2 bonds affirmed at 'Dsf'; Recovery Estimate 0% -- JPY0.3bn* Class E-3 bonds affirmed at 'Dsf'; Recovery Estimate 0% -- JPY0* Class F-3 bonds affirmed at 'Dsf' -- JPY0* Class G-3 bonds affirmed at 'Dsf' *as of September 13, 2012 The downgrades of the class B-2 and B-3 bonds reflect Fitch's view that interest on these classes will not be paid at legal final maturity in November 2012. However, principal proceeds received from the underlying loan are sufficient to repay the principal of these bonds in full. The special servicing fee relating to the sale of the collateral properties is large and likely to be deducted from the fund that pays the interest on the bonds, rather than from the account holding principal proceeds received from the underlying loan. One property was sold after the August 2012 bond payment date, the sales proceeds of which are sufficient to repay the principal of the class B-2 and B-3 bonds in full. The downgrade of the class C-2 bonds reflects Fitch's view that principal loss on these bonds is inevitable as the workout activity for the last remaining loan, which defaulted in November 2009, approaches its final phase. Fitch believes that the sales proceeds of the one remaining property backing this defaulted loan are unlikely to be sufficient to redeem the class C-2 bonds in full. Class F-3 and G-3 bonds were written down to zero in February 2012 and Recovery Estimates for these bonds have not been calculated since then. At closing in December 2006, the bonds were backed by loans extended to six borrowers, and secured by 72 properties. The transaction is now backed by one defaulted loan backed by one property and sales proceeds from a sold property. PEGASUS FUNDING: S&P Withdraws 'D' Rating on Class B ABL -------------------------------------------------------- Standard & Poor's Ratings Services has withdrawn its 'D (sf)' rating on the class B asset-backed loan (ABL) extended in September 2006 under the Pegasus Funding transaction at the transaction parties' request. Real estate-backed loan receivables that were issued primarily to small and midsize real estate companies back the ABLs extended under this securitization transaction. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATING WITHDRAWN Pegasus Funding JPY120 billion ABLs (total initial extendable amount) due December 2014 Class Rating Initial extendable amount Class B D (sf) JPY28.1 bil. SHARP CORP: President Vows to Restore Profitability --------------------------------------------------- Japan Today reports that the head of Sharp Corp vowed on Friday to restore profitability at the "reborn" electronics giant, just days after it announced sweeping pay cuts to repair a bleeding balance sheet. According to the report, Sharp President Takashi Okuda said the Osaka-based firm would book a net profit in the fiscal year starting in April 2013, a marked reversal of the whopping JPY250 billion loss it expects this year. "Our top priority is to work together to overcome the current difficulties," the report quotes Mr. Okudahe as saying in a statement ahead of the firm's 100th anniversary at the weekend. "I would like to use this occasion to vow the rebirth of a new Sharp. We will make structural reforms at any cost as we aim to achieve operating profit in the second-half of the fiscal 2012 and net profit in the fiscal 2013." Japan Today relates that the maker of Aquos brand televisions said Tuesday it would save about JPY14 billion by temporarily slashing salaries for thousands of employees, from the factory floor to the executive boardroom. Sharp said the cuts, affecting employees in Japan, would be in place until September next year, the report relays. Bonuses for some 27,500 employees in Japan would be halved, the report notes. About Sharp Corporation Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- http://sharp-world.com/-- manufactures and sells electronic telecommunication devices, electronic machines and components. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 4, 2012, Standard & Poor's Ratings Services lowered to 'BB+' its long-term corporate credit and senior unsecured debt ratings on Sharp Corp. and its overseas subsidiaries, Sharp Electronics Corp. and Sharp International Finance (U.K.) PLC. "At the same time, we lowered our short-term ratings on the companies to 'B' from 'A-2'. We kept Sharp's long- and short-term ratings on CreditWatch with negative implications," S&P said. "Sharp's liquidity position is weakening, in Standard & Poor's view. Internal cash flow remains weak, and financial market conditions for the company have deteriorated. The company has forecast an expected JPY250 billion net loss for fiscal 2012 (ending March 31, 2013), exceeding its budgeted depreciation expense of JPY200 billion. As of June 30, 2012, Sharp had a high dependence on short-term borrowings. It had JPY336 billion in short-term debt and JPY362 billion in commercial paper. In recent weeks, the company has faced unfavorable financial market conditions, as evidenced by a recent rise in spreads on credit default swaps, which has added to its difficulty in issuing new commercial paper. Weak internal cash flow has forced the company to repay its commercial paper primarily with bank borrowings. Because its current liquidity needs exceed sources, we view Sharp's liquidity position as 'less than adequate.' Under our ratings criteria, we assign an issuer credit rating no higher than 'BB+' to a company with 'less than adequate' liquidity," S&P said. The TCR-AP reported on Aug. 7, 2012, that Moody's Investors Service downgraded its short-term ratings on Sharp Corporation and its supported subsidiaries, Sharp International Finance (UK) plc and Sharp Electronics Corporation, to Prime-3 from Prime-2. The ratings remain under review for further downgrade. The rating action reflects Moody's increasing concern that the company's weak operating performance and additional restructuring costs will continue to pressure its cash flow downwards, thereby increasing its dependence on external sources for liquidity. ==================== N E W Z E A L A N D ==================== FONTERRA: Union to Mount Legal Action for LayOffs ------------------------------------------------- One News reports that the New Zealand Dairy Workers Union is considering legal action against Fonterra after eight staff members at the Waimate milk processing plant were given marching orders. It follows Fonterra's acquisition of the former New Zealand Dairies operation, according to One News. New Zealand Dairies was placed in receivership in May owing a substantial amount to its supplier farmers, the report relates. One News discloses that New Zealand Dairy Workers Union southern organiser Murray Kerse said the union was looking at a case for discrimination. One News says that it is understood some of the workers were former employees of Fonterra and overall that up to 20 workers have been laid off. ================= S I N G A P O R E ================= MJC (SINGAPORE): Creditors Get 2.4% Recovery on Claims ------------------------------------------------------ MJC (Singapore) Pte Ltd declared the first and final dividend on Sept. 11, 2012. The company paid 2.4% to the received claims. OTI TERMINAL: Creditors' Proofs of Debt Due Oct. 12 --------------------------------------------------- Creditors of OTI Terminal Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 12, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 PIPER'S PIES: Creditors Get 5.4% Recovery on Claims --------------------------------------------------- Piper's Pies Pte Ltd declared the first and final dividend on Sept. 14, 2012. The company paid 5.4% to the received claims. The company's liquidator is: Goh Ngiap Suan 336 Smith Street #06-308 New Bridge Centre Singapore 050336 PORRIMA SHIPPING: Creditors' Proofs of Debt Due Oct. 13 ------------------------------------------------------- Creditors of Porrima Shipping Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 13, 2012, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 SENTAT TRADING: Court to Hear Wind-Up Petition Sept. 21 ------------------------------------------------------- A petition to wind up the operations of Sentat Trading (S) Pte Ltd will be heard before the High Court of Singapore on Sept. 21, 2012, at 10:00 a.m. Standard Chartered Bank filed the petition against the company on Aug. 29, 2012. The Petitioner's solicitors are: Rajah & Tann LLP 9 Battery Road, #25-01 Straits Trading Building Singapore 049910 SIX CONTINENTS: Creditors' Proofs of Debt Due Oct. 12 ----------------------------------------------------- Creditors of Six Continents Private Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 12, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 T.E. FASTENERS: Creditors' Proofs of Debt Due Oct. 10 ----------------------------------------------------- Creditors of T.E. Fasteners Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 10, 2012, to be included in the company's dividend distribution. The company's liquidator is: Toh Chin Kiong c/o 58 Duchess Avenue #02-09 Duchess Crest Singapore 269200 =============== X X X X X X X X =============== * BOND PRICING: For the Week Sept. 10 to Sept. 14, 2012 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 04/19/22 AUD 70.32 EXPORT FIN & INS 0.50 06/15/20 NZD 73.29 MIDWEST VANADIUM 11.50 02/15/18 USD 58.91 MIDWEST VANADIUM 11.50 02/15/18 USD 59.00 MIRABELA NICKEL 8.75 04/15/18 USD 75.00 MIRABELA NICKEL 8.75 04/15/18 USD 72.38 NEW S WALES TREA 0.50 09/14/22 AUD 68.47 NEW S WALES TREA 0.50 10/07/22 AUD 68.28 NEW S WALES TREA 0.50 10/28/22 AUD 68.11 NEW S WALES TREA 0.50 11/18/22 AUD 68.78 NEW S WALES TREA 0.50 12/16/22 AUD 68.57 NEW S WALES TREA 0.50 02/02/23 AUD 68.21 NEW S WALES TREA 0.50 03/30/23 AUD 67.80 TREAS CORP VICT 0.50 08/25/22 AUD 68.86 TREAS CORP VICT 0.50 03/03/23 AUD 68.58 TREAS CORP VICT 0.50 11/12/30 AUD 50.59 CHINA ----- CHINA GOVT BOND 4.86 08/10/14 CNY 104.19 CHINA GOVT BOND 1.64 12/15/33 CNY 68.45 AKSH OPTIFIBRE 1.00 02/05/13 USD 67.56 JCT LTD 2.50 04/08/11 USD 20.00 JSL STAINLESS LT 0.50 12/24/19 USD 66.63 MASCON GLOBAL LT 2.00 12/28/12 USD 10.00 PRAKASH IND LTD 5.63 10/17/14 USD 68.51 PRAKASH IND LTD 5.25 04/30/15 USD 66.51 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO 5.50 11/13/14 USD 68.33 REI AGRO 5.50 11/13/14 USD 68.33 SHIV-VANI OIL 5.00 08/17/15 USD 50.04 SUZLON ENERGY LT 5.00 04/13/16 USD 42.43 JAPAN ----- EBARA CORP 1.30 09/30/13 JPY 100.09 ELPIDA MEMORY 2.03 03/22/12 JPY 14.50 ELPIDA MEMORY 2.10 11/29/12 JPY 14.50 ELPIDA MEMORY 2.29 12/07/12 JPY 14.50 ELPIDA MEMORY 0.50 10/26/15 JPY 14.00 ELPIDA MEMORY 0.70 08/01/16 JPY 15.13 JPN EXP HLD/DEBT 0.50 09/17/38 JPY 63.19 JPN EXP HLD/DEBT 0.50 03/18/39 JPY 63.05 KADOKAWA HLDGS 1.00 12/18/14 JPY 105.64 SHARP CORP 1.42 03/19/14 JPY 54.13 SHARP CORP 0.85 09/16/14 JPY 51.63 SHARP CORP 1.14 09/16/16 JPY 44.25 SHARP CORP 2.07 03/19/19 JPY 41.25 SHARP CORP 1.60 09/13/19 JPY 41.13 SOFTBANK CORP 1.50 03/31/13 JPY 150.34 TOKYO ELEC POWER 2.35 09/29/28 JPY 67.88 TOKYO ELEC POWER 2.40 11/28/28 JPY 69.13 TOKYO ELEC POWER 2.21 02/27/29 JPY 67.88 TOKYO ELEC POWER 2.11 12/10/29 JPY 66.25 TOKYO ELEC POWER 1.96 07/29/30 JPY 64.63 TOKYO ELEC POWER 2.37 05/28/40 JPY 62.00 MALAYSIA -------- DUTALAND BHD 7.00 04/11/13 MYR 0.69 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/49 USD 20.50 BAYAN TELECOMMUN 13.50 07/15/49 USD 20.50 SINGAPORE --------- BAKRIE TELECOM 11.50 05/07/15 USD 58.00 BAKRIE TELECOM 11.50 05/07/15 USD 57.90 BLD INVESTMENT 8.63 03/23/15 USD 60.77 BLUE OCEAN 11.00 06/28/12 USD 37.75 BLUE OCEAN 11.00 06/28/12 USD 39.16 CAPITAMALLS ASIA 2.15 01/21/14 SGD 99.62 CAPITAMALLS ASIA 3.80 01/12/22 SGD 100.42 DAVOMAS INTL FIN 11.00 12/08/14 USD 28.63 DAVOMAS INTL FIN 11.00 12/08/14 USD 28.63 F&N TREASURY PTE 2.48 03/28/16 SGD 100.22 KOREA ----- CN 1ST ABS 8.00 02/27/15 KRW 33.15 CN 1ST ABS 8.30 11/27/15 KRW 34.48 EXP-IMP BK KOREA 0.50 08/10/16 BRL 71.94 EXP-IMP BK KOREA 0.50 09/28/16 BRL 71.41 EXP-IMP BK KOREA 0.50 10/27/16 BRL 70.90 EXP-IMP BK KOREA 0.50 11/28/16 BRL 70.34 EXP-IMP BK KOREA 0.50 12/22/16 BRL 70.17 EXP-IMP BK KOREA 0.50 10/23/17 TRY 71.54 EXP-IMP BK KOREA 0.50 11/21/17 BRL 64.77 EXP-IMP BK KOREA 0.50 12/22/17 BRL 64.04 EXP-IMP BK KOREA 0.50 12/22/17 TRY 70.78 GREAT KO 3RD ABS 10.00 12/29/14 KRW 30.66 GYEONGGI MUTUAL 8.50 08/29/14 KRW 86.23 HYUNDAI SWISS BK 8.50 10/02/13 KRW 93.69 HYUNDAI SWISS BK 8.50 07/15/14 KRW 87.81 HYUNDAI SWISS BK 7.90 07/23/15 KRW 77.37 KIBO GRE 1ST ABS 10.00 01/25/15 KRW 30.54 SINBO 4TH ABS 8.00 08/18/14 KRW 30.14 SINBO 7TH ABS 8.00 09/22/14 KRW 29.90 SINBO CO 3RD ABS 10.00 09/29/14 KRW 30.66 SRI LANKA --------- SRI LANKA GOVT 5.80 01/15/17 LKR 71.73 SRI LANKA GOVT 5.80 07/15/17 LKR 71.08 SRI LANKA GOVT 7.50 08/15/18 LKR 73.21 SRI LANKA GOVT 5.65 01/15/19 LKR 64.14 SRI LANKA GOVT 8.50 05/01/19 LKR 75.29 SRI LANKA GOVT 8.00 11/01/19 LKR 71.88 SRI LANKA GOVT 8.00 06/01/20 LKR 69.83 SRI LANKA GOVT 6.20 08/01/20 LKR 61.47 SRI LANKA GOVT 8.00 01/01/22 LKR 66.23 SRI LANKA GOVT 7.00 10/01/23 LKR 59.31 SRI LANKA GOVT 5.35 03/01/26 LKR 45.33 SRI LANKA GOVT 8.00 01/01/32 LKR 56.75 THAILAND -------- BANGKOK LAND 4.50 10/13/03 USD 5.50 ********* 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 ***