/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120921.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, September 21, 2012, Vol. 15, No. 189 Headlines A U S T R A L I A IMPALA TRUST NO. 1: S&P Rates Class F Notes 'B' PRIME RETIREMENT: Judge May Be Asked to Step Aside from Case C H I N A FANTASIA HOLDINGS: S&P Gives 'B+' Rating to USD-Denominated Notes LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter H O N G K O N G 2BALLCANE LIMITED: Creditors' Proofs of Debt Due Sept. 28 CHEMISE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 15 CITIPORT LIMITED: Members' Final General Meeting Set for Oct. 19 COLOR MATCH: Members' Meeting Set for Oct. 17 COMFORT RICH: Placed Under Voluntary Wind-Up Proceedings COOKVILLE LIMITED: Members' Final Meeting Set for Oct. 16 CORNHILL DEVELOPMENT: Annual Meetings Set for Oct. 9 DUNRICH COLLECTION: Final General Meeting Set for Oct. 19 ELITE BUSINESS: Annual Meetings Set for Sept. 27 ELITE CHAIN: Commences Wind-Up Proceedings ELTA (H.K.): Ip Kwun Ting Steps Down as Liquidator ESEMAY INVESTMENT: Creditors' Proofs of Debt Due Oct. 15 FNT PURCHASING: Creditors' Proofs of Debt Due Oct. 15 FORTUNE BEST: Members' Meeting Set for Oct. 17 GENIUS LEGEND: Members' Meeting Set for Oct. 17 I N D I A ASP SEALING: ICRA Reaffirms '[ICRA] B+' Rating on INR25cr Loans CAPRICORN LOGISTICS: ICRA Places 'BB+' Rating on INR37cr Loans DAVINDER SANDHU: ICRA Reaffirms 'BB+' Rating on INR33.98cr Loans IGNITE INSTITUTE: ICRA Rates INR6.75cr Loan at '[ICRA]B' JAI LAXMI: ICRA Rates INR11cr Loan at '[ICRA]B-' JAYACHITRA GARMENTS: ICRA Reaffirms 'BB' Rating on INR1.24cr Loan MEGHRAJ INTERNATIONAL: ICRA Rates INR5cr Loan at '[ICRA]B+' MILKFOOD LIMITED: ICRA Reaffirms 'BB' Rating on INR73.04cr Loans RUCHI ACRONI: ICRA Revises Rating on INR4cr Loan to '[ICRA]BB-' SHREE DWARKADHISH: ICRA Assigns 'B' Rating to INR9.84cr Loans J A P A N ELPIDA MEMORY: Bondholders Want Info on "Unauthorized Deal" N E W Z E A L A N D ATWAL AGRICULTURE: Placed Into Liquidation BRIDGECORP: Receivership Fees Aggregate to $10 Million CAPITAL + MERCHANT: Liquidator Sues BDO Spicers Over Work LEMPRIERE HOLDINGS: Locks Up 75% Of New Zealand Wool Services PROPERTY VENTURES: Henderson Denies Liquidators' Claims SOUTHERN AQUA: Official Assignee Appointed as Liquidator P H I L I P P I N E S PRUDENTIALIFE PLANS: Placed in Receivership S I N G A P O R E QUANTUM MERUIT: Creditors' Proofs of Debt Due Oct. 26 RIEME HAIR: Court to Hear Wind-Up Petition Sept. 28 SINGAPORE BRITISH: Creditors' Proofs of Debt Due Oct. 14 TAI HENG: Court to Hear Wind-Up Petition Sept. 28 VAREWARE TRADING: Creditors Get 11.32504% Recovery on Claims X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= IMPALA TRUST NO. 1: S&P Rates Class F Notes 'B' --------------------------------------------------------- Standard & Poor's Ratings Services assigned its ratings to the seven classes of auto, equipment, fixtures and fittings, and medical practice loan-backed, floating-rate, pass-through notes issued by Perpetual Trustee Co. Ltd. as trustee of IMPALA Trust No. 1 - Sub Series 2012-1. "The transaction is a securitization of fully and partially amortizing Australian-dollar, auto-, equipment-, and fixtures- and fittings-backed finance leases, commercial hire-purchase agreements, goods mortgages, as well as practice loans offered to health industry participants," S&P said. The ratings reflect S&P's view of: -- The creation of a new special-purpose subseries, coupled with the transaction's legal structure. The entity, IMPALA Trust No. 1 - Sub Series 2012-1, meets Standard & Poor's special- purpose entity criteria. -- The credit support for each class of notes, which is provided in the form of subordination comprising 8.4% provided at 'A-1+ (sf)' and 'AAA (sf)', 6.6% provided at 'AA (sf)', 5.0% provided at 'A (sf)', 3.6% provided at 'BBB (sf)', 2.8% provided at 'BB (sf)', and 2.2% provided at 'B (sf)'. -- Liquidity support equal to A$2.5 million, which is 1.10% of the initial amount of the receivables. Subject to a floor amount of A$1.26 million, liquidity will be funded from note issuance at closing, and will be held in the liquidity account. Principal collections also may be used to meet short-term liquidity demands. A class of notes cannot draw down liquidity or principal if there is a charge off against that class of notes. -- The condition that all contractual payments, including the residual or balloon payments, are an obligation of the borrower. As a result, the issuer is not exposed to any market-value risk associated with the sale of the autos, equipment, and fixtures and fittings (on performing loans), which is a risk that may be associated with other products, such as operating leases. -- The benefit of a fixed-to-floating interest-rate swap provided by Australia and New Zealand Banking Group Ltd. (AA-/Stable/A-1+) to hedge the mismatch between the fixed- rate interest and rental payments on the receivables, and the floating-rate coupon payable on the notes. "The class D, class E, and class F noteholders are entitled to fully subordinated supplemental payment amounts, in addition to their senior-rated interest payments. These payment amounts are only payable if there are available funds remaining after all items senior to them under the interest waterfall have been made. As such, there could be insufficient funds available to meet these payment amounts. Standard & Poor's 'BBB (sf)' rating on the class D notes, 'BB (sf)' rating on the class E notes, and 'B (sf)' rating on the class F notes only address the senior-rated interest payments," S&P said. The issuer has not informed Standard & Poor's (Australia) Pty Ltd. whether the issuer is publicly disclosing all relevant information about the structured finance instruments the subject of this rating report or whether relevant information remains non-public. 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 Standard and Poor's 17g-7 Disclosure Report in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com/1111792.pdf RATINGS ASSIGNED Class Rating Amount (mil. A$) A1 A-1+ (sf) 50.00 A2 AAA (sf) 163.00 B AA (sf) 4.20 C A (sf) 3.80 D BBB (sf) 3.13 E BB (sf) 1.80 F B (sf) 1.60 Seller N.R. 5.00 N.R.--Not rated. PRIME RETIREMENT: Judge May Be Asked to Step Aside from Case ------------------------------------------------------------ Ben Butler at smh.com.au reports that the judge hearing a case brought by the Australian Securities and Investments Commission against executives of the failed Prime Trust nursing home empire may be asked to step aside from the case because she previously acted against the group's founder. According to the report, ASIC is seeking to ban from corporate life directors of the company who ran the trust, including the head of the Victorian government's Urban Renewal Authority, Peter Clarke, and former federal health minister Michael Woodridge. smh.com.au relates that adding to the issues confronting Federal Court judge Michelle Gordon, the ASIC case makes many of the same allegations as a lawsuit being run in the Supreme Court by the company's receivers, Australian Property Custodian Holdings. In 2006, when she was a barrister, Justice Gordon acted for ASIC in civil cases the watchdog brought against the Primelife group over allegedly unregistered managed investment schemes, the report recalls. smh.com.au notes that three of the 37 cases involved allegations against Prime Trust's founder Bill Lewski, the Federal Court heard. "Your honor acted for the plaintiff [ASIC] against Mr. Lewski in these proceedings," counsel for Mr Lewski, Peter Bick, QC, said. The report says Mr. Lewski is at the center of both cases because they concern a AUD33 million "listing fee", paid to him following the float of the trust in 2007. ASIC alleges the directors of APCH, including Mr. Clarke, Dr. Wooldridge and Mr. Lewski, breached their duties as directors by approving the fee. About Prime Trust Prime Retirement and Aged Care Property Trust (ASX:PTN) -- http://www.primetrust.com.au/-- is an Australia-based investment company. The principal activity of the Trust is to invest funds in property, primarily retirement and aged care facilities. Its subsidiaries include APCH Aged Care Services Pty Ltd, Hibiscus RV Properties Pty Ltd, APCH Investments Pty Ltd, Carlyle Villages Pty Ltd and Lindfield RV Properties Pty Ltd. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 19, 2010, SmartCompany said ten retirement villages that are owned by Prime Retirement and Aged Care Property Trust have been placed in the hands of receivers after banks including National Australia Bank and Suncorp Metway lost patience with the group. Suncorp appointed receivers from Ernst & Young to Prime Trust's retirement villages in Bundaberg, Mackay and Townsville. This triggered a swag of further appointments, with Craig Shepard and Mark Korda of KordaMentha appointed to seven further villages, including properties in Buderim, Nambour, Noosa and Linfield. SmartCompany recalled shares in Prime Trust have been suspended since early August, as the company tried to convince its financiers it could restructure its operations and deal with debts of about AUD275 million. Receiver Craig Sheppard said the properties, which are currently managed by Lend Lease Primelife, would continue to operate as normal. Stirling Horne and Petr Vrsecky of Lawler Draper Dillon were appointed joint liquidators of Australian Property Custodian Holdings Ltd., as Responsible Entity for The Prime Retirement & Aged Care Property Trust following the second creditors meeting on Nov. 23, 2011. Messrs. Horned and Vrsecky previously were appointed joint administrators of the Trust on Oct. 18, 2010. On March 5, 2012, the liquidators commenced proceedings in the Supreme Court of Victoria in relation to the payment of a listing fee in the amount of AUD32,939,947 by APCHL in its capacity as responsible entity of the Trust to entities associated with William Lewski in 2008. One of the receivers and managers of APCHL has now taken over conduct of the Listing Fee Proceeding from the liquidators. The defendants to the Listing Fee Proceeding include several former directors of APCHL, associated entities of William Lewski and advisors of APCHL (including Madgwicks). ASIC is monitoring this proceeding. ========= C H I N A ========= FANTASIA HOLDINGS: S&P Gives 'B+' Rating to USD-Denominated Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' issue rating and its 'cnBB-' Greater China regional scale rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by Fantasia Holdings Group Co. Ltd. (BB-/Negative/--; cnBB/--). "The rating is subject to our review of the final issuance documentation," S&P said. "The issue rating on Fantasia's proposed notes is one notch lower than the corporate credit rating to reflect our opinion that offshore noteholders would be materially disadvantaged, compared with onshore creditors, in the event of default. In our view, the company's ratio of priority borrowings to total assets will remain above our notching threshold of 15% for speculative-grade debt," S&P said. "The rating on China-based property developer Fantasia reflects the execution risk associated with the company's business expansion. Fantasia's limited record in developing high-end residential properties and its increasingly aggressive expansion also constrain the rating. The company's product diversification, increasing geographical coverage, low-cost land bank, established market position in Chengdu, as well as its focused strategy and reasonable financial management partly mitigate the above weaknesses," S&P said. "The negative rating outlook on Fantasia reflects our expectation that the company's debt-funded expansion will be more aggressive than before. The outlook also reflects uncertainty over Fantasia's sales execution. The company's property sales could slip due to continued policy tightening, including home purchase restrictions, in China. We expect Fantasia to maintain disciplined financial management and 'adequate' liquidity, as our criteria define the term, while pursuing growth," S&P said. LDK SOLAR: Incurs $254.3 Million Net Loss in Second Quarter ----------------------------------------------------------- LDK Solar Co., Ltd., reported a net loss available to the Company's shareholders of US$254.34 million on US$235.36 million of net sales for the three months ended June 30, 2012, compared with a net loss available to the Company's shareholders of US$185.16 million on US$200.10 million of net sales for the sme period a year ago. The Company's balance sheet at June 30, 2012, showed US$6.40 billion in total assets, US$5.95 billion in total liabilities, US$254.44 million in redeemable non-controlling interests and US$192.17 million in total equity. The Company ended the second quarter of fiscal 2012 with US$296.2 million in cash and cash equivalents and US$523.4 million in short-term pledged bank deposits. "For the second quarter of 2012, our revenue was within the expected range as we saw wafer shipments increase sequentially," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "Industry- wide competition and demand constraints continued to drive price declines across the entire solar supply chain and negatively impacted our margins and profitability. "Turning to the third quarter, our outlook remains cautious as we expect to see continued near-term challenges facing our industry. We remain closely focused on managing costs and operating expenses through streamlining manufacturing operations, reducing production costs and improving utilization. "We continue to believe that some markets such as China will begin to see improved demand in the second half of this year and expect growth opportunities in this market to continue to expand over the next several years," concluded Mr. Peng. A copy of the press release is available for free at: http://is.gd/cr3zSR About LDK Solar LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi- Tech Industrial Park, Xinyu City, Jiangxi Province, People's Republic of China, is a vertically integrated manufacturer of photovoltaic products, including high-quality and low-cost polysilicon, solar wafers, cells, modules, systems, power projects and solutions. LDK Solar was incorporated in the Cayman Islands on May 1, 2006, by LDK New Energy, a British Virgin Islands company wholly owned by Xiaofeng Peng, LDK's founder, chairman and chief executive officer, to acquire all of the equity interests in Jiangxi LDK Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin Industrial Limited. KPMG in Hong Kong, China, said in a May 15, 2012, audit report, there is substantial doubt on the ability of LDK Solar Co., Ltd. to continue as a going concern. According to KPMG, LDK Solar has a net working capital deficit and is restricted to incur additional debt as it has not met a financial covenant ratio under a long-term debt agreement as of Dec. 31, 2011. These conditions raise substantial doubt about the Group's ability to continue as a going concern. ================ H O N G K O N G ================ 2BALLCANE LIMITED: Creditors' Proofs of Debt Due Sept. 28 --------------------------------------------------------- Creditors of 2Ballcane Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Sept. 28, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2012. The company's liquidators are: Man Mo Leung Kenneth Graeme Morrison 42/F, Central Plaza 18 Harbour Road Wanchai, Hong Kong CHEMISE INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 15 ------------------------------------------------------------ Creditors of Chemise International Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2012. The company's liquidator is: Chen Min Chun 2/F, Block C Startex Industrial Building 14 Tai Yau Street San Po Kong, Kowloon Hong Kong CITIPORT LIMITED: Members' Final General Meeting Set for Oct. 19 ---------------------------------------------------------------- Members of Citiport Limited will hold their final general meeting on Oct. 19, 2012, at 10:43 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Natalia K M Seng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. COLOR MATCH: Members' Meeting Set for Oct. 17 --------------------------------------------- Members of Color Match Limited will hold a meeting on Oct. 17, 2012, at 9:00 a.m., at 8th Floor, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Patrick Cowley and Fergal Power, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. COMFORT RICH: Placed Under Voluntary Wind-Up Proceedings -------------------------------------------------------- At an extraordinary general meeting held on Sept. 6, 2012, creditors of Comfort Rich Enterprises Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Lau Yip Leung Rooms 2604-06, 26/F CC Wu Building 302-308 Hennessy Road Wanchai, Hong Kong COOKVILLE LIMITED: Members' Final Meeting Set for Oct. 16 --------------------------------------------------------- Members of Cookville Limited will hold their final general meeting on Oct. 16, 2012, at 11:00 a.m., at 14 Tai Hang Road, 2/F, in Hong Kong. At the meeting, Fung Yan Yee and Fung Yan Tsan John, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. CORNHILL DEVELOPMENT: Annual Meetings Set for Oct. 9 ---------------------------------------------------- Members and creditors of Cornhill Development Limited will hold their annual meetings on Oct. 9, 2012, at 10:00 a.m., and 11:00 a.m., respectively at 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, David Yen Ching Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. DUNRICH COLLECTION: Final General Meeting Set for Oct. 19 --------------------------------------------------------- Members of Dunrich Collection Limited will hold their final general meeting on Oct. 19, 2012, at 1:05 p.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Natalia K M Seng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ELITE BUSINESS: Annual Meetings Set for Sept. 27 ------------------------------------------------ Creditors and members of Elite Business Machines Manufacturing Company Limited will hold their annual meetings on Sept. 27, 2012, at 10:00 a.m., and 10:30 a.m., respectively at 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Steet, Central, in Hong Kong. At the meeting, Yuen Tsz Chun Frank, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ELITE CHAIN: Commences Wind-Up Proceedings ------------------------------------------ Members of Elite Chain Development Limited, on Sept. 3, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Lui Wan Ho To Chi Man 17/F, Kam Sang Building 255 Des Voeux Road Central, Sheung Wan Hong Kong ELTA (H.K.): Ip Kwun Ting Steps Down as Liquidator -------------------------------------------------- Ip Kwun Ting stepped down as liquidator of Elta (H.K.) Limited on Sept. 4, 2012. ESEMAY INVESTMENT: Creditors' Proofs of Debt Due Oct. 15 -------------------------------------------------------- Creditors of Esemay Investment Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 6, 2012. The company's liquidator is: Lai Chiu Loong 19th Floor, Amtel Building 144-148 Des Voeux Road Central, Hong Kong FNT PURCHASING: Creditors' Proofs of Debt Due Oct. 15 ----------------------------------------------------- Creditors of FNT Purchasing Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Sept. 10, 2012. The company's liquidator is: Chen Min Chun 2/F, Block A and B Tontex Industrial Building 2-4 Sheung Hei Street San Po Kong, Kowloon Hong Kong FORTUNE BEST: Members' Meeting Set for Oct. 17 ---------------------------------------------- Members of Fortune Best Investment Limited will hold a meeting on Oct. 17, 2012, at 11:00 a.m., at 8th Floor, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Patrick Cowley and Fergal Power, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. GENIUS LEGEND: Members' Meeting Set for Oct. 17 ----------------------------------------------- Members of Genius Legend Limited will hold a meeting on Oct. 17, 2012, at 10:00 a.m., at 8th Floor, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Patrick Cowley and Fergal Power, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= ASP SEALING: ICRA Reaffirms '[ICRA] B+' Rating on INR25cr Loans --------------------------------------------------------------- ICRA has reaffirmed the ratings of the INR37 crore (enhanced from INR16.5 crore) bank lines of ASP Sealing Products Limited at '[ICRA]B+' on the long term scale, and at '[ICRA]A4' on the short term scale. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term fund based 11.00 [ICRA]B+ reaffirmed bank limits-cash credit Long term fund based 13.81 [ICRA]B+ reaffirmed bank limits-Term Loan Un-allocated 0.19 [ICRA]B+ reaffirmed Short term non-fund 12.00 [ICRA]A4 reaffirmed based bank limits The reaffirmation of ratings takes into account the strong position of the company in the domestic automotives rubber profile segment, and moderate financial risk profile characterised by satisfactory coverage indicators. ICRA notes that a 2% stake in ASPL's Joint Venture, Kaufil Sealing Technologies (Spain) has been acquired by Standard Profil (Turkey) which is expected to provide better access to the technology and greater leverage in marketing to International OEMs. The ratings are constrained by the upcoming capacity expansion which would be partially debt funded, the limited headroom available in terms of available cash credit limits that leads to tight liquidity, intensely competitive nature of the industry, and limited bargaining power with customers (OEMs such as Mahindra & Mahindra). Additionally the company is exposed to supplier concentration risk owing to dependence on single vendor for sourcing bulk of the raw material requirements. The Company was incorporated in 1989 as Anand SAIAG Private Limited. Thereafter in November 1994 it was converted to a Limited Company and in August 1996 the name of the Company was changed to ASP Sealing Products Limited (ASPL). ASPL was referred to BIFR in 2004 and disciplined growth and equity infusion by the promoters led to discharge from the purview of BIFR in August, 2007. It entered into a Joint Venture Agreement in September 2008 with Kaufil Sealing Technologies SA (Spain) (KST) wherein it receives R&D, training and technology support from the latter. The Company is engaged in the manufacturing of automotive EPDM/PVC profiles and industrial hoses, and has two manufacturing facilities located at Gajraulla (Uttar Pradesh) and Bara. ASPL's product offering includes windshield rubbers, co-extruded profiles/trims, flocked glass run channels, glazing rubbers, building profiles and other similar products. ASPL has a well diversified presence across business segments and is managed by Mr. G.S.Anand, Chairman and Managing Director, who has more than 15 years of experience in the industry and Mr. Gurdeep Singh Anand and Mr. Rishipal Singh Anand. Recent Results The company reported net profit of INR4.75 crore on an operating income of INR78.24 crore in FY12 as against net profit of INR3.37 crore on an operating income of INR60.15 crore in FY11. CAPRICORN LOGISTICS: ICRA Places 'BB+' Rating on INR37cr Loans -------------------------------------------------------------- ICRA has assigned an '[ICRA]BB+' ratings to the INR17.00 crore, long term loans, INR20.00 crore long term fund-based bank facilities, INR23.00 crore proposed long term fund based limits and INR7.00 crore long-term non-fund based facilities of Capricorn Logistics Private Limited. ICRA has also assigned an '[ICRA]A4+' rating to the INR3.00 crore short term fund based bank facilities of CLPL. The outlook on the long term rating is stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long- term loan 17.00 [ICRA]BB+ assigned Long-term, fund-based 20.00 [ICRA]BB+ assigned facilities Long-term, non-fund 7.00 [ICRA]BB+ assigned based facilities Long- term proposed 23.00 [ICRA]BB+ assigned Short-term fund based 3.00 [ICRA]A4+ assigned Facilities The rating favorably factors in the vast experience of the promoters in the freight forwarding industry and the established relationships with corporate customers, which drive the revenue growth of the company. The customer portfolio of the company includes reputed companies primarily in the electronic goods, automobiles and telecom sectors including Siemens, Daimler, Mercedes, Airtel, Idea Cellular etc. ICRA also notes that the presence of the company across various countries, via its subsidiary companies, in the USA, Germany, China, Dubai, Hong Kong and Singapore enables CLPL to service customers based in these locations and thereby expand its customer base. However, the small scale of these subsidiary companies and relatively nascent stage of operations restricts the freight rates obtained by them and hence in many instances CLPL partners with other local companies in these regions to obtain competitive freight rates. Nonetheless, the well established relations of the company with the airlines ensure that CLPL receives competitive freight rates when compared to other smaller players for its exports. The rating is however constrained by the highly fragmented nature of the freight forwarding industry which is dominated by a large section of unorganised players, which results in intense competition and hence limits the profit margins. This coupled with the corporate customer base of the company necessitates CLPL to offer a high credit period to its customers in order to retain them, which results in stretched receivables, further impacting the liquidity of the company. The operations of the company are also highly exposed to the movements in international trade and with the current weak macro-economic environment are likely to result in a slowdown in the company's revenues. As evident in FY2011, CLPL's revenues were concentrated from the telecom sector and adverse developments in the sector resulted in weakening of revenues for the period. In addition, although the concentration towards the telecom industry was reduced post FY2011, the company continues to have a high customer concentration with the top customer contributing to ~25% of the overall revenues for FY2012. The company's ability to diversify its customer base will remain key to sustainable growth in the future. Capricorn Logistics Private Limited, incepted in 2001, is engaged in providing air and ocean freight forwarding, contract logistics, customs clearances and other supply chain management services from its branches located across the country. CLPL has 32 branches in 23 cities across India and has 10 offices setup across 6 countries primarily in the USA, Germany, China, Dubai, Hong Kong and Singapore. DAVINDER SANDHU: ICRA Reaffirms 'BB+' Rating on INR33.98cr Loans ---------------------------------------------------------------- ICRA has reaffirmed the rating of '[ICRA]BB+' to the INR3.73 crores1 term loan (enhanced from INR3.58 crores) and INR30.25 crore (enhanced from INR17.42 crores) fund-based limits of Davinder Sandhu Impex Limited. The outlook on the rating is 'Stable'. ICRA has also reaffirmed a rating of '[ICRA]A4+' to the INR7.00 crores (enhanced from INR3.00 crores) non fund-based limits of DSIL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund based limits 30.25 [ICRA]BB+ reaffirmed Term Loans 3.73 [ICRA]BB+ reaffirmed Non-fund based limits 7.00 [ICRA]A4+reaffirmed The ratings reaffirmation takes into account the sustained increase in the operating income of the company over the past two years. Although ICRA has taken note of the decline in DSIL's profitability due to reduction in export incentives and increased competition in the garment export industry. Nonetheless ratings continue to be supported by long and established presence of DSIL in garment manufacturing under the brand name 'Sandhu', its established relationship with customers resulting in repeat orders and healthy rate of growth in operating income over the past few years. The ratings also factor in DSIL's favorable capital structure (gearing of 0.98 times as at March 2012) and robust debt coverage indicators. The ratings continue to be constrained by DSIL's small size of operations in comparison to overall garment exports from India, high customer concentration with the company consciously focusing on few credit worthy customers for exports and geographical concentration as ~70% of revenues come from Middle East. Moreover intense competition in international garment industry limits the bargaining power of garment exporters like DSIL. ICRA has also noted the vulnerability of DSIL's profitability fluctuation in prices of raw materials especially cotton yarn and foreign exchange risk on export receivables. Going forward the ability of the company to maintain future revenue and profitability growth in an intensely competitive industry and manage its working capital cycle effectively will be the key rating sensitivities. DSIL promoted by Mr. Baldev Singh Sandhu in 1993 is a Ludhiana based garment exporter engaged in manufacturing of collared and polo-neck T-shirts from yarn. DSIL is a Ludhiana based garment exporter engaged in manufacturing of collared and polo-neck T- shirts for export to the Middle East. DSIL has in-house facilities for knitting, stitching, embroidery and embellishment work. The company has its integrated manufacturing facility in Ludhiana, Punjab. The shares of the company are held closely by promoters and family. The company sells its garments under the brand name 'Sandhu'. Recent Results For FY 2011, the company reported operating income of INR136.19 crore and PAT of INR4.82 crore as against operating income of INR98.75 crores and PAT of INR6.49 crores in FY 2011. IGNITE INSTITUTE: ICRA Rates INR6.75cr Loan at '[ICRA]B' -------------------------------------------------------- ICRA has assigned '[ICRA]B' rating to the INR6.75 crore term loan facilities of Ignite Institute of Technology. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term loan facilities 6.75 [ICRA]B / assigned The assigned rating considers the decade long experience of the promoter in the field of education, healthy demand outlook for higher education in India and favorable location of the campus with proximity to the Coimbatore City, a major educational hub in the country. The rating also considers the nascent stage of the project (currently under construction with 40% completion) and the risks associated with project implementation. Completion of the project without any time / cost over-run and obtaining necessary approvals from AICTE in a timely manner is critical for the scheduled commencement. ICRA notes that the debt requirement (~52% of total cost) for the project has been tied-up; however the drawdown will depend on the status of completion of the project. The rating, further takes into account the intense competition prevalent in the education services industry and the presence of established players in and around Coimbatore. CMC Group of Institution is setting up an engineering college at Theethipalayam Village in Coimbatore under the name Ignite Institute of Technology. The CMC Group is managed by S I Nathan Charitable Trust, promoted by Mr. S. I Nathan in 2001 and the trustees being the promoter and family members. The institute is planning to offer engineering courses in five specializations - Civil Engineering (CE), Computer Science and Engineering, Electrical and Electronics Engineering, Electronics and Communication Engineering (ECE) and Mechanical Engineering (ME), with a total capacity of 300 seats. The three other colleges functioning under the Trust are Coimbatore Marine College, Coimbatore Aeronautical College and Mangalore Marine College and Technology. JAI LAXMI: ICRA Rates INR11cr Loan at '[ICRA]B-' ------------------------------------------------ ICRA has assigned the long term rating of '[ICRA]B-' and short term rating of '[ICRA]A4' to the INR13 Crore bank lines of Jai Laxmi Metals Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund based limits 11.00 [ICRA]B- (assigned) Non Fund based limits 2.00 [ICRA]A4 (assigned) Rating Rationale ICRA's rating is constrained by moderate size of the company and limited forward or back ward integration of the company in commoditized steel ingot manufacturing industry. The rating is also constrained by relatively moderate capacity utilization over last few months due to power problems faced around the manufacturing plant of the company, its impact on the profitability, and the leveraged balance sheet as the plant has started operations only last year. While the power problem in the region is expected to continue for some-time, company's interest and debt repayment requirement remain relatively high. Further ICRA notes that power problem coupled with cash flow stabilization issues in the initial days had also resulted in delays in timely servicing of debt repayment by the company in the past. At the same time the rating favorably factors in relatively long experience of the promoter in the steel industry, support provided by the promoter in terms of infusion of unsecured loans for operations and proximity of the plant to both demand centers and raw material supply centers. Improved capacity utilization of the company and stabilization of the working capital cycle, resulting in improved liquidity are the key rating sensitivity factors. Jai Laxmi Metals Private Limited is promoted Mr. Pradeep Agarwal and family. Its manufacturing plant is located in Hindupur in Anantpur district of Andhra Pradesh and company manufactures steel ingots. It operates a 7 MT induction furnace and started operations in December 2011. In FY2012, It reported INR7.68 Cr Operating Income (provisional). JAYACHITRA GARMENTS: ICRA Reaffirms 'BB' Rating on INR1.24cr Loan ----------------------------------------------------------------- ICRA has re-affirmed the long-term rating of '[ICRA]BB' outstanding on the Rs.1.24 crore1 term loan facilities of Jayachitra Garments. ICRA has also re-affirmed the short-term rating of '[ICRA]A4' outstanding on the INR10.18 crore fund based facilities and INR0.12 crore non-fund based facilities of the entity. The Outlook on the long term rating is stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term loan facilities 1.24 [ICRA]BB reaffirmed Fund based facilities 10.18 [ICRA]A4 / reaffirmed Non-fund based facilities 0.12 [ICRA]A4 / reaffirmed The re-affirmation of the ratings factors in the experience of the promoters in the industry and the entity's healthy relationship with some of the larger garment retailers in Canada and EU which are expected to support the business prospects. The ratings also positively factor in the entity's recent efforts to broad-base its clientele, aimed at reducing its present high geographic concentration risks. The ratings, however, take into account, the entity's small scale of operations which restrict scale economies and the intense competition from low-cost countries which restricts pricing flexibility. The recent decline in revenues on account of lower off-take from a key customer reinforces the high customer concentration risk to the entity's revenues. The entity's financial profile also continues to remain stretched, characterized by relatively weak coverage indicators and stretched capital structure on account of recent debt funded capex. Ability to broad base clientele and scale up operations (as reflected in recent order book growth), while sustaining margins amidst rising input cost pressures would be critical to improve the financial profile and debt protection metrics. Jayachitra Garments, a partnership firm established in 1990, is engaged in the manufacturing and exports of kids wear, women's top & night wear to retailers located in Canada, USA and the European Union (EU). The entity was primarily undertaking job work for garment exporters located at Tiruppur, Tamil Nadu during the initial stages of business. Subsequently, in the late 1990's, the entity had commenced garment exports to various aggregators of larger retailers. With a view to integrate its operation and scale up its margins, the firm had also set up a embroidery & printing unit and commenced in-house knitting operations since 2005-06. Recent Results According to un-audited results, for the financial year 2011-12, the entity reported net profit of INR1.0 crore on an operating income of INR26.3 crore as against a net profit of INR1.1 crore on an operating income of INR34.0 crore during the financial year 2010-11. MEGHRAJ INTERNATIONAL: ICRA Rates INR5cr Loan at '[ICRA]B+' ----------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B+' to INR5.0 crore1 fund based facilities of Meghraj International. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Working Capital Limits 5.0 [ICRA]B+ assigned The assigned rating factors in MI's moderate scale of operations owing to its limited track record of operations in the guar split manufacturing business; highly competitive and fragmented nature of the industry which limits the pricing flexibility of the industry participants; and vulnerability to high volatility in guar seed and guar gum prices. These factors further coupled with relatively low value additive nature of work have resulted in modest profitability indicators for the firm. The rating also takes into account the firm's exposure to foreign exchange risk on account of its presence in the export market; agro-climatic risks related to guar seed production; and customer concentration risk as majority of the sales are being done to a single customer. ICRA however draws comfort from the long experience of the promoters in the business; positive demand outlook for guar gum in the export market primarily for drilling applications in the oil and gas industry and the firm's favorable location in Haryana, which is one of the major guar producing states in the country. Incorporated in the year 2010, Meghraj International is a partnership firm, engaged in the processing of guar beans to manufacture guar splits. The firm has been promoted by Mr. Ramesh Jindal and his son, Mr. Ashish Jindal with equal capital contribution. MI's manufacturing facility is located in Hisar, Haryana with an installed capacity to manufacture up to 73,000 quintals per annum (QPA) of guar splits. Recent Results For FY2012, the MI has achieved an operating income of INR80.5 crore and a net profit of INR2.0 crore. MILKFOOD LIMITED: ICRA Reaffirms 'BB' Rating on INR73.04cr Loans ---------------------------------------------------------------- ICRA has reaffirmed the long term rating to INR53.38 crore fund based limits (including term loans) and Rs.19.66 crore unallocated amount of Milkfood Limited at '[ICRA]BB'. The outlook on long-term rating is stable. ICRA has also reaffirmed the short-term rating at '[ICRA]A4' to INR1.5 crore non-fund based limits of the company. ICRA has reaffirmed 'MB+' rating for INR5.0 crore fixed deposit programme of MFL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund based limits 53.38 [ICRA]BB reaffirmed Unallocated limits 19.66 [ICRA]BB reaffirmed Non-fund based limits 1.50 [ICRA]A4, reaffirmed Fixed Deposits 5.00 MB+, reaffirmed The reaffirmation of MFL's ratings factors in the marginal improvement in financial profile of the company led by better operating profitability (operating profit margins increased from 3.6% in 2010-11 to 5.7% in 2011-12) due to higher realisations of ghee as well as milk powder and lower milk procurement costs. The operating income of MFL witnessed de-growth in 2011-12 due to lower milk processing volumes. The volume of milk powder sold during 2011-12 declined sharply by 35% due to up-gradation requirements of manufacturing plants by some of its large customers. MFL faces high seasonality in terms of milk procurement as the production of milk in Northern States is highly skewed towards second half of the year. Approximately 75% of MFL's revenues are generated during flush season (Oct-Mar). The ratings are also constrained by the modest financial profile of the company as reflected by gearing of 2.7x, interest coverage ratio of 1.5x and Total Debt/OPBDITA of 4.9x for 2011-12. The ratings, however, continue to derive comfort from the company's established brand in the milk food segment and growing demand for its products. Going forward, improvement in MFL's operating profit margin, capital structure, and milk processing volumes would be the key rating sensitivity. About Milkfood Limited Incorporated in 1973, Milkfood Limited is engaged in the manufacture and marketing of milk products. It is promoted by Karamjit Jaiswal, of the Jaiswal family, who have business interests in alcoholic beverages, malted foods, plastic and glass bottling. The company manufactures pure ghee, skimmed and whole milk powder, casein and whey powder. Pure ghee and skimmed milk powder are marketed under the brand name 'Milkfood'. Located at Bahadurgarh and Moradabad in Uttar Pradesh, the manufacturing units have a combined milk handling capacity of 10 lac litres per day. Recent Results MFL achieved 44% growth in topline with total income of INR80.75 crore in Q1 2012-13 over Q1 2011-12. The company earned PBDIT of INR3.28 crore in Q1 2012-13 compared to loss before depreciation and interest of INR1.32 crore in Q1 2011-12. RUCHI ACRONI: ICRA Revises Rating on INR4cr Loan to '[ICRA]BB-' --------------------------------------------------------------- ICRA has revised the rating assigned for INR4.00 crore fund-based limits of Ruchi Acroni Industries Limited to '[ICRA]BB-' from '[ICRA]BB'. The rating carries a stable outlook. ICRA has reaffirmed the rating assigned to INR96.00 crore non-fund-based limits of RAIL at '[ICRA]A4'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits 4.0 [ICRA]BB- (Revised) Non-Fund Based Limits 96.0 [ICRA]A4 (Reaffirmed) The revision in rating takes into account the decline in RAIL's profitability, which coupled with increase in its total debt has resulted in deterioration of its debt coverage indicators. The rating continues to be constrained by company's low operating margins, intensely competitive nature of the business and vulnerability of the company's cash flows to fluctuations in exchange rates and commodity prices. The ratings, however, derives comfort from the long track record of promoters in the steel and agricultural commodities' trading business, the company's diversified client base and product portfolio and its association with a strong promoter group Going forward, the ability of the company to improve its profitability and consequently the debt protection indicators will be the key rating sensitive factors. About Ruchi Acroni Established in 1979, Ruchi Acroni Industries Limited is engaged in the business of trading in steel items and agricultural commodities. RAIL is a trading arm of Ruchi Group and is a closely held company promoted by Mr. Kailash Shahra and his family members. RAIL is primarily involved in the trading of steel, edible oil, soya products, soyabean, wheat, pulses, chemicals and other agro/ non-agro commodities. Ruchi Group is a reputed industrial conglomerate in India with interests in businesses ranging from steel to food products. The Group is actively involved in soya processing, edible oils, dairy products, cold rolled sheets and coils, galvanized sheets and coils and a host of other activities. Recent Results As per the provisional financial statements of 2011-12, Ruchi Acroni Industries Limited reported operating income of INR678.45 crore and net profit of INR0.53 crore. SHREE DWARKADHISH: ICRA Assigns 'B' Rating to INR9.84cr Loans ------------------------------------------------------------- ICRA has assigned the '[ICRA]B' rating to INR9.84 crore long term fund based limits of Shree Dwarkadhish Ginning & Pressing Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Cash Credit Limit 5.00 [ICRA]B assigned Term Loan Limit 0.84 [ICRA]B assigned Proposed Limit 4.00 [ICRA]B assigned The assigned rating reflects SDGPPL's modest scale of operations and weak financial profile given the debt funded takeover and losses which has resulted in an adverse capital structure as well as weak debt protection metrics. Further, the liquidity position of the company has remained stretched as evident from full utilization of cash credit facility. ICRA also factors in the high competitive intensity due to fragmented industry structure leading to low profitability; and vulnerability of margins to adverse movement in raw material prices which are subject to seasonality and crop harvest. ICRA also takes notes of the recent announcement by Government of India to increase the MSP (Minimum Support Price) for raw cotton which may result in high production cost and subsequently squeezing the margin to some degree. The rating, however, favorably incorporates the long experience of the promoters in cotton ginning business, additional revenue derived from forward integration in crushing operation of cottonseeds; and location advantage of the company providing easy accessibility to raw cotton. Shree Dwarkadhish Ginning & Pressing Pvt. Ltd. was incorporated in April 2007 by Mr. Anil Kumar Ladva and Mr. Babubhai Kalasariya with its plant location at Amreli, Gujarat. The ownership and management of the company was taken over in FY 2010 by Mr. Arjan M. Bhammar along with other 14 shareholders. It is currently engaged in cotton ginning, pressing and crushing business with eighteen ginning machines, one pressing machine and five expellers. The installed capacity of the plant to produce finished cotton and cottonseed oil is 3564 MTPA and 510 MTPA respectively. Recent Results For the year ended March 31, 2012, company has reported an operating income of INR18.04 crore with a net loss of INR18,725.00. ========= J A P A N ========= ELPIDA MEMORY: Bondholders Want Info on "Unauthorized Deal" ----------------------------------------------------------- Bloomberg News reports that Elpida Memory Inc. bondholders, who are opposing a sale of the company to Micron Technology Inc., claimed the insolvent Japanese chipmaker made unauthorized transactions and urged a U.S. bankruptcy court to let them be publicly disclosed. Bloomberg notes that the bondholders, claiming to represent Japanese and international pension funds, have asked the court to halt the planned sale of Tokyo-based Elpida to Micron for JPY200 billion as part of bankruptcy proceedings. According to Bloomberg, Elpida sought to file a report under seal about the proceedings in the Tokyo District Court, which is also overseeing the company's bankruptcy. Bloomberg says the report was reviewed by lawyers in the U.S. and, according to the bondholders, refers to the unauthorized transactions. The group gave no further details about the deals in a filing in U.S. Bankruptcy Court in Delaware on Monday, Bloomberg says. "The bondholders believe that the public disclosure of these transactions is critical for stakeholders of Elpida to understand and then exercise their rights," the group said in the filing. Bloomberg adds that Elpida, in a Sept. 14 filing, asked for permission to submit the report under seal, saying it includes descriptions of agreements that have been approved in the Japanese proceedings and which it intends to submit to the U.S. court for approval. About Elpida Memory Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a Japan-based company principally engaged in the development, design, manufacture and sale of semiconductor products, with a focus on dynamic random access memory (DRAM) silicon chips. The main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile RAM and XDR DRAM, among others. The Company distributes its products to both domestic and overseas markets, including the United States, Europe, Singapore, Taiwan, Hong Kong and others. The company has eight subsidiaries and two associated companies. After semiconductor prices plunged, Japan's largest maker of DRAM chips filed for bankruptcy in February with liabilities of JPY448 billion (US$5.6 billion) after losing money for five quarters. Elpida Memory and its subsidiary, Akita Elpida Memory, Inc., filed for corporate reorganization proceedings in Tokyo District Court on Feb. 27, 2012. The Tokyo District Court immediately rendered a temporary restraining order to restrain creditors from demanding repayment of debt or exercising their rights with respect to the company's assets absent prior court order. Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo Court as Supervisor and Examiner in the case. Elpida Memory Inc. sought the U.S. bankruptcy court's recognition of its reorganization proceedings currently pending in Tokyo District Court, Eight Civil Division. Yuko Sakamoto, as foreign representative, filed a Chapter 15 petition (Bankr. D. Del. Case No. 12-10947) for Elpida on March 19, 2012. The Court entered an order recognizing foreign representatives and foreign main proceeding on April 24, 2012. ==================== N E W Z E A L A N D ==================== ATWAL AGRICULTURE: Placed Into Liquidation ------------------------------------------ The Southland Times reports that three Southland companies have been put into liquidation. Paul Jenkins and Iain Nellies, of Insolvency Management Ltd, have been appointed joint liquidators of ATWAL Agriculture Ltd, Ruapuke Fisheries Ltd and Farming Contracting Ltd. The first liquidators' report on all three is expected next month, the Southland Times says. BRIDGECORP: Receivership Fees Aggregate to $10 Million ------------------------------------------------------ Radio New Zealand reports that costs associated with the receivership of Bridgecorp have topped $10 million. The finance company collapsed in 2007, owing nearly $490 million to 14,500 investors, according to Radio New Zealand. The report relates that the receiver PricewaterhouseCoopers is required to file six-monthly updates on the receivership. Radio New Zealand says the latest report relays that receivers' fees for the past five years have reached $4.166 million, legal costs are $4.92 million, while other professional services total $1.42 million. Since July 2007, the report recounts, PwC recovered $66 million and repaid $16 million to secured debenture holders. PwC, however, has reminded investors their return is likely to be less than 10 cents in the dollar and is not hopeful of getting much more, saying further returns are largely dependent upon insurance and legal action, the report relays. The report discloses that three Bridgecorp directors were jailed after being prosecuted by the Financial Markets Authority and two others sentenced to home detention. PwC said it is continuing to investigate further legal action against some of the directors. CAPITAL + MERCHANT: Liquidator Sues BDO Spicers Over Work --------------------------------------------------------- Tim Hunter at stuff.co.nz reports that legal action has been filed against auditor BDO Spicers over its work for Capital + Merchant Finance. According to the report, investors in CMF debentures are facing 100% losses totaling NZ$167 million and litigation is the only hope of recovering some of their money. The lawsuit was filed by the Official Assignee as liquidator of CMF, the report notes. BDO Spicers managing partner Craig Lamberton confirmed there was legal action which would be defended, stuff.co.nz relays. The report says the action comes almost five years after BDO Spicers was criticised by Justice Rhys Harrison in a High Court ruling allowing receivers to be appointed to the finance company. In resisting receivership, stuff.co.nz notes, counsel for CMF pointed to an audit opinion from BDO Spicers on Nov. 7, 2007. According to stuff.co.nz, the opinion certified there had been no material adverse change in circumstances, or event, since it reported favorably on the company's position in March. The auditor's November opinion came weeks after Ferrier Hodgson had assessed the finance company's position as critical, the report states. stuff.co.nz adds that Justice Harrison said the auditor had access to the same core information as Ferrier Hodgson "and might have been expected to conduct a similar exercise in the wake of events since March 31, 2007". "I have had independent cause to scrutinise CMF's financial position over the past day or so. I am in no doubt that there have been a number of material adverse events since March 31, 2007," the report quotes Justice Harrison as saying. About Capital + Merchant Capital + Merchant Finance Ltd, operating in property finance, was one of the bigger finance companies in New Zealand. Capital + Merchant Finance, along with subsidiary Capital + Merchant Investments Ltd., went into receivership on Nov. 23, 2007, due to breaches in respect of general security agreements issued by the companies in favor of creditor Fortress Credit Corporation (Australia) 11 Pty Ltd. Fortress appointed Tim Downes and Richard Simpson of Grant Thornton, chartered accountants, while trustee Perpetual Trust have called in KordaMentha. Capital + Merchant owes about NZ$190 million to 7,000 investors. Fortress reportedly has a prior charge over assets and was owed around NZ$70 million in total. LEMPRIERE HOLDINGS: Locks Up 75% Of New Zealand Wool Services ------------------------------------------------------------- The National Business Review reports that Lempriere Holdings has locked up 75% of New Zealand Wool Services International, scuttling a local joint venture's plan to create a national wool- scouring monopoly. WSI said that the Melbourne-based company bought 64% of the New Zealand scourer out of receivership and entered into a lock-up agreement with WSI managing director Michael Dwyer, four senior employees and a retired employee for a further 11%, according to The National Business Review. The report relates that the Australian company will now make a full takeover offer at 45 cents a share, valuing the scourer at $31 million, a 22% premium to the last trading price of 37 cents. The deal will require Overseas Investment Office approval, according to the pre-bid agreements lodged with the stock exchange. "Having a majority of its shares tied up in two companies in receivership had meant a lengthy period of uncertainty for its employees and customers . . . . The board therefore welcomed the prospect of a conclusion to the process," the report quoted WSI Chairman Derek Kirke as saying. The National Business Review notes that Lempriere's successful bid for the 64% stake owned by Allan Hubbard-related companies Woolpak Holdings and Plum Duff ends a bid by Cavalier Wool Holdings to build a national wool-scouring monopoly. The report relays that the joint venture between Cavalier Corp, Direct Capital Investments and the Accident Compensation Corp won Commerce Commission authorization to build a monopoly and had the decision upheld in the High Court after carpet maker Godfrey Hirst opposed the move. Mr. Kirke said that the board will seek an independent report once it formally receives a takeover offer before making a recommendation to shareholders on whether to accept, the report adds. Lempriere owns specialist merino wool merchant The Merino Co, with businesses in the US, Argentina and South Africa, and is one of the world's major suppliers of fine wool to European, Japanese and American fashion houses. The 150-year-old Australian company has been held in the same family for five generations, with William Lempriere the current managing director. PROPERTY VENTURES: Henderson Denies Liquidators' Claims ------------------------------------------------------- Michael Berry at The Press reports that property developer and Property Ventures owner Dave Henderson said a liquidator's claims that he used money from a 2008 Christchurch City Council property deal to pay creditors is "absolute nonsense". In 2008, Mr. Henderson sold five inner city properties to the council for NZ$17 million. Property Ventures is the parent of a web of interconnected companies owned or controlled by Mr. Henderson, who was declared bankrupt in November 2010, The Press discloses. Property Ventures liquidator Robert Walker told The Press about NZ$2.5 million was left over from the council property deal after paying off mortgages on the properties and that was put into Property Ventures and used to pay creditors likely to try and wind up the company. On Sept. 18, The Press relates, the High Court in Christchurch, at the request of Mr. Walker, ordered British supplier Gullwing to refund a US$68,500 (NZ$82,880) payment made by Property Ventures in February 2009. Associate Judge Rob Osborne ruled the payment had been made at a time when Property Ventures could not meet its due debts, making the transaction unfair to other creditors, according to The Press. Gullwing did not defend the transaction, the report adds. Mr. Henderson claimed Mr. Walker has misled The Press, saying the liquidator had the documents showing that the money had actually come from a finance company through a loan facility already in place for the development of a building. The council property deal had been settled about seven months before the Gullwing transaction, Mr. Henderson, as cited by The Press, said. About Property Ventures New Zealand-based Property Ventures Limited -- http://www.propertyventures.co.nz/-- was a real estate development and investment company. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 8, 2010, Allied Farmers Investments Ltd placed Property Ventures Ltd into the hands of receiver Grant Thornton in an attempt to recover a loan to Five Mile Holdings Limited (In Receivership). The loan was guaranteed by Property Ventures. Allied Farmers holds a General Security Agreement over the assets of Property Ventures, which is owned by a number of investors including Christchurch property developer, David Henderson. The company has interests in more than 30 subsidiaries, including those associated with Hotel So, and the South of Lichfield entertainment and retail precinct in Christchurch. SOUTHERN AQUA: Official Assignee Appointed as Liquidator -------------------------------------------------------- The Southland Times reports that Southern Aqua Adventures Ltd has been put into liquidation. Official Assignee, Insolvency and Trustee Service has been appointed liquidator, the report says. The liquidator's first report will be published next month. In July this year, the company was put into receivership, the report discloses. Stephen Tubbs, chartered accountant, and Colin Gower, insolvency practitioner, both of Christchurch, were appointed joint receivers, the Southland Times discloses. According to the report, companies Office website records show Michael Lewis John Haines, of Bluff, as a director of the company. The Southland Times notes that the Southern Aqua was the same dive firm that had a great white shark partially enter its shark cage in February. The company was also issued a detention notice by Maritime New Zealand after breaching the safe ship management requirements by not holding a certificate for its boat, Candice-Britt, the Southland Times adds. ===================== P H I L I P P I N E S ===================== PRUDENTIALIFE PLANS: Placed in Receivership ------------------------------------------- Malaya Business Insight reports that Prudentialife Plans Inc. has been placed in receivership by the Insurance Commission, which says the continuance of the business would be "hazardous to its present and future planholders." "The Insurance Commission has decided that the conservatorship of PPI be now terminated. We find that the only remaining option under the law is to declare PPI under receivership," Insurance Commissioner Emmanuel Dooc said in a directive dated Sept. 19, 2012 posted on the commission's Web site cited by Malaya. "Since there is no clear intention on the part of the stockholders of PPI to infuse additional capital or to submit infusion plan to cure the company's huge financial deficiencies, it is now very clear that PPI will remain insolvent. "The Insurance Commission hereby orders PPI to desist from transacting further business," the regulator said. Malaya relates that the commission said PPI's proposal for rehabilitating the company, as well as proposals filed by a group of planholders known as the Batiles Group and a pre-need company called Loyola Plans Consolidated Inc., were "not exhaustive enough." Prudential Life Plans Inc. -- http://www.prudentialife.com/-- is a pre-need company. The company offers life, pension and education plans. It has diversified into financial services, non-life insurance, memorialization, real estate and travel and leisure. ================= S I N G A P O R E ================= QUANTUM MERUIT: Creditors' Proofs of Debt Due Oct. 26 ----------------------------------------------------- Creditors of Quantum Meruit Consulting Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 16, 2012, to be included in the company's dividend distribution. The company's liquidator is: Heng Yeow Meng 15 Hoe Chiang Road #12-02 Tower Fifteen Singapore 089316 RIEME HAIR: Court to Hear Wind-Up Petition Sept. 28 ------------------------------------------------- A petition to wind up the operations of Rieme Hair & Beauty Training Centre Pte Ltd will be heard before the High Court of Singapore on Sept. 28, 2012, at 10:00 a.m. Hoong Kong Realty Pte Ltd filed the petition against the company on Sept. 6, 2012. The Petitioner's solicitor is: Belinda Ang Tang & Partners 19 Carpenter Street #03-00 Singapore 059908 SINGAPORE BRITISH: Creditors' Proofs of Debt Due Oct. 14 -------------------------------------------------------- Creditors of Singapore British Engineering (Pte) Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Oct. 14, 2012, to be included in the company's dividend distribution. The company's liquidators are: Andrew Grimmett Lim Loo Khoon 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 TAI HENG: Court to Hear Wind-Up Petition Sept. 28 ------------------------------------------------- A petition to wind up the operations of Tai Heng Development (Pte) Limited will be heard before the High Court of Singapore on Sept. 28, 2012, at 10:00 a.m. Lok Wing Cheong and Loke Seut Heng filed the petition against the company on Sept. 5, 2012. The Petitioner's solicitor is: Siva Sothi TJ Cheng Law Corporation 23A Neil Road Singapore 088815 VAREWARE TRADING: Creditors Get 11.32504% Recovery on Claims ------------------------------------------------------------ Vareware Trading Pte Ltd declared the first and final dividend on Sept. 4, 2012. The company paid 11.32504% to the received claims. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 =============== X X X X X X X X =============== * 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 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 1,618.82 -941.02 MISSION NEWENER MBT 22.05 -27.72 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 ANHUI GUOTONG-A 600444 68.75 -3.62 BAOCHENG INVESTM 600892 43.58 -3.69 CHANG JIANG-A 520 1,412.23 -34.77 CHENGDE DALU -B 200160 35.08 -6.23 CHENGDU UNION-A 693 29.46 -22.21 CHINA KEJIAN-A 35 66.74 -211.15 CONTEL CORP LTD CTEL 56.09 -14.27 DONGXIN ELECTR-A 600691 12.55 -32.52 GUANGDONG ORIE-A 600988 14.90 -3.96 GUANGXIA YINCH-A 557 50.01 -43.40 HEBEI BAOSHUO -A 600155 96.92 -82.96 HEBEI JINNIU C-A 600722 235.37 -87.11 HUASU HOLDINGS-A 509 82.75 -17.69 HULUDAO ZINC-A 751 1,156.17 -23.29 HUNAN TIANYI-A 908 62.60 -2.60 JILIN PHARMACE-A 545 30.62 -6.29 JINCHENG PAPER-A 820 109.56 -102.63 QINGDAO YELLOW 600579 197.77 -67.23 SHANDONG DACHE-A 600882 202.38 -17.37 SHANDONG HELON-A 677 744.39 -185.49 SHANG BROAD-A 600608 42.10 -9.12 SHANXI GUANLU-A 831 293.26 -22.96 SHENZ CHINA BI-A 17 22.32 -267.45 SHENZ CHINA BI-B 200017 22.32 -267.45 SHENZ INTL ENT-A 56 269.35 -48.30 SHENZ INTL ENT-B 200056 269.35 -48.30 SHIJIAZHUANG D-A 958 198.77 -118.66 SICHUAN GOLDEN 600678 145.99 -95.15 TAIYUAN TIANLO-A 600234 66.34 -12.60 TIANJIN MARINE 600751 70.78 -89.40 TIANJIN MARINE-B 900938 70.78 -89.40 TIBET SUMMIT I-A 600338 83.03 -10.94 TOPSUN SCIENCE-A 600771 125.34 -111.50 WUHAN BOILER-B 200770 255.82 -182.03 WUHAN LINUO SOLA 600885 104.94 -25.18 XIAMEN OVERSEA-A 600870 269.06 -133.94 XIAN HONGSHENG-A 600817 15.72 -276.16 XINJIANG CHALK-A 972 672.72 -24.08 YANBIAN SHIXIA-A 600462 96.06 -134.10 YIBIN PAPER IN-A 600793 131.24 -4.84 YOUYUE INTERNATI YYUE 102.82 -9.02 YUEYANG HENGLI-A 622 33.31 -25.77 ZHEJIANG GENUINE 156 47.53 -21.44 HONG KONG ASIA COAL LTD 835 20.25 -9.45 BEP INTL HLDGS L 2326 12.99 -0.37 BUILDMORE INTL 108 16.51 -47.88 CHINA HEALTHCARE 673 33.18 -15.21 CHINA OCEAN SHIP 651 408.06 -51.68 CHINA SEVEN STAR 245 90.25 -2.25 CYPRESS JADE 875 38.61 -10.78 FIRST NTUL FOODS 1076 17.14 -56.90 FU JI FOOD & CAT 1175 73.43 -389.20 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 31.27 -28.33 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 14.80 -204.65 INDONESIA APAC CITRA CENT MYTX 195.46 -0.74 ARPENI PRATAMA APOL 431.45 -194.55 ASIA PACIFIC POLY 369.69 -833.16 JAKARTA KYOEI ST JKSW 30.22 -42.19 MATAHARI DEPT LPPF 254.86 -270.94 MITRA INTERNATIO MIRA 1,076.79 -446.64 MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64 PANASIA FILAMENT PAFI 30.93 -21.52 PANCA WIRATAMA PWSI 31.13 -38.63 PRIMARINDO ASIA BIMA 11.11 -20.32 SUMALINDO LESTAR SULI 172.87 -10.96 TOKO GUNUNG AGUN TKGA 12.02 -1.03 UNITEX TBK UNTX 15.41 -19.99 INDIA ABHISHEK CORPORA ABSC 58.35 -14.51 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 27.59 -8.60 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 DHARAMSI MORARJI DMCC 21.44 -6.32 DIGJAM LTD DGJM 99.41 -22.59 DISH TV INDIA DITV 517.02 -18.42 DISH TV INDI-SLB DITV/S 517.02 -18.42 DUNCANS INDUS DAI 122.76 -227.05 FIBERWEB INDIA FWB 16.51 -7.98 GANESH BENZOPLST GBP 49.24 -21.14 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 KERL 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 25.42 -79.20 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 PREMIER INDS LTD PRMI 11.61 -6.09 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 17.08 -0.35 SANATHNAGAR ENTE SNEL 39.67 -11.05 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 - RTS SPADVR 16.81 -13.07 SUN PHARMA ADV SPADV 16.81 -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 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 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 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 ORIENT PREGEN IN 60910 19.33 -0.09 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 SILVER BIRD GROU SBG 44.30 -30.68 VTI VINTAGE BHD VTI 16.01 -3.34 NEW ZEALAND NZF GROUP LTD NZF NZ Equity 142.71 -0.26 PHILIPPINES CYBER BAY CORP CYBR 14.62 -102.98 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 81.65 -3.82 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 ***