/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121005.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, October 5, 2012, Vol. 15, No. 199 Headlines A U S T R A L I A BASSET HOLDINGS: Franchisees Claim Former Owner Owes Them Money NEWCASTLE COAL: Moody's Affirms 'Ba2' Senior Unsecured Rating NINE ENTERTAINMENT: Threatens Receivership Unless Talks Resume NORSEMAN GOLD: Appoints Administrator to Operating Subsidiary H O N G K O N G HK WISDOM: Commences Wind-Up Proceedings JUSTIN-MARKS MFG: Members' Final Meeting Set for Oct. 29 KEEVIL COMPANY: Members' Final Meeting Set for Oct. 29 KGC LIMITED: Creditors' First Meeting Set for Oct. 26 KRYSZEK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 29 L & E PACKAGING: Ying and Chan Step Down as Liquidators MONTANA TIMEPIECES: Annual Meetings Set for Oct. 18 MORAL WEALTH: Members' Final Meeting Set for Oct. 30 NEWGEN TELECOMS: Commences Wind-Up Proceedings OMNI INTERNATIONAL: Annual Meetings Set for Oct. 18 PURE RICHES: Annual Meetings Set for Oct. 18 RBC SECRETARIES: Placed Under Voluntary Wind-Up Proceedings REALTY GARDENS: Members' Final Meeting Set for Oct. 29 RVL PRINTED: Members' Final Meeting Set for Oct. 29 SHANGHAI KELANTAN: Members' Final Meeting Set for Oct. 31 I N D I A ASSET CARS: CARE Rates INR18.04cr LT Loan at 'CARE BB-' EM CEE CEE: CARE Assigns 'CARE BB-' Rating to INR9.59cr LT Loan JAS INFRASTRUCTURE: CARE Cuts Rating on INR5,920cr Loan to 'BB+' KINGFISHER AIRLINES: Talks Between Company and Pilots Fail MEET ASSOCIATES: CARE Rates INR10.05cr LT Loan at 'CARE BB' M.K. GROUP: CARE Rates INR38cr LT Loan at 'CARE BB-' PHOENIX PROJECTS: CARE Assigns 'CARE BB' Rating to INR8.5cr Loan PREET REALTORS: CARE Rates INR10cr LT Loan at 'CARE B+' RAJASTHAN TRANSMISSION: CARE Puts 'B-' Rating on INR4.4cr Loan RAMESHWAR COTTON: CARE Reaffirms 'CARE B' Rating on INR7cr Loan RATHORE FREIGHT: CARE Cuts Rating on INR9.21cr Loan to 'CARE D' SHREE SARASWATI: CARE Rates INR7.73cr LT Loan at 'CARE C' VATIKA LTD: CARE Rates INR371.79cr LT Loan at 'CARE BB' WALLED CITY: CARE Cuts Rating on INR14.74cr LT Loan to 'CARE D' N E W Z E A L A N D MCVITTY PROPERTIES: Director Not Cooperating With Liquidators SENTINEL VINEYARD: Ex-Owners Sue Bank, Receivers for Losses P H I L I P P I N E S RADIO PHILIPPINES: Woes Give San Miguel Window to Buy RPN RADIO PHILIPPINES: Union Rejects Compensation Package T A I W A N BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+' PROMOS TECHNOLOGIES: To Lay Off 1,300 Employees; Shuts All Plants X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= BASSET HOLDINGS: Franchisees Claim Former Owner Owes Them Money --------------------------------------------------------------- SmartCompany reports that Bean Bar franchisees claim they are owed money by Basset Holdings, the former owner of the Bean Bar coffee chain which has collapsed into liquidation. The head of Basset Holdings, former owner of the Bean Bar coffee franchise, has denied claims that franchisees are owed money from the business, which is now in liquidation, according to SmartCompany. The Bean Bar coffee chain continues to trade but SmartCompany reported last week that the former franchise owner, Basset Holdings, had become embroiled in Federal Court proceedings with the Australian Tax Office over an outstanding tax debt which resulted in the liquidation of the company. Before Basset Holdings entered liquidation, a related company, Bean Bar International, contracted to purchase the Bean Bar business, the report relays. According to SmartCompany, current and former franchisees claim they are owed money by Basset Holdings and said there have been "numerous complaints" to the Australian Competition and Consumer Commission, Australian Securities and Investment Commission and the Australian Tax Office about the franchisor. Joe Minuzzo, a former Bean Bar franchisee, told SmartCompany the complaints relate to Ron Basset and Basset Holding's non- compliance with some franchise requirements. SmartCompany relates that Mr. Minuzzo said there was a failure to provide franchisees with copies of the marketing plan and that rebates returned to the franchisor should have been attributed to the benefit of the franchisees as stated in the franchise agreement. "All the franchisees have paid money into the marketing fund and there has been no evidence of marketing," SmartCompany quotes Mr. Minuzzo as saying. "In all of the franchise agreements there has never been a legitimate and certified copy of the marketing fund provided to the franchises." SmartCompany says Mr. Minuzzo claims each Bean Bar franchisee is owed about AUD300 a month and estimates that he personally is owed AUD100,000. In May this year, Basset Holdings brought proceedings against the ATO in the Federal Court but the proceedings were dismissed in June, the report recalls. Mr. Basset told SmartCompany the claims made by Mr. Minuzzo and the other franchisees are incorrect. According to the report, Mr. Basset said he expects the sale of Basset Holdings to Bean Bar International to settle as early as today, Oct. 5, and said he has plans to expand the Bean Bar franchise interstate to New South Wales, Queensland and Western Australia and internationally. In July, the ATO commenced its own proceedings against Basset Holdings in the Federal Court, which culminated in the winding up of the company and appointment of Nick Cooper of BRI Ferrier as liquidator, the report adds. NEWCASTLE COAL: Moody's Affirms 'Ba2' Senior Unsecured Rating ------------------------------------------------------------- Moody's Investors Service has assigned a (P)Baa3 rating with a stable outlook to the proposed US$250 million of senior secured notes to be issued by Newcastle Coal Infrastructure Group Pty Ltd (NCIG). Moody's also has affirmed the existing Ba2 rating on the senior unsecured notes issued by NCIG's parent company, NCIG Holdings Pty Limited ('NCIGH'; together 'Group'), known as the "A Class Hunter Infrastructure Term Redeemable Securities (HITRS)". The rating outlook is stable. The proposed notes will be irrevocably and unconditionally guaranteed by NCIGH and will be senior secured obligations ranking pari passu with all existing and future unsubordinated indebtedness and benefit from a first priority security interest in substantially all of the Group's assets. The provisional rating is based on draft documentation available as of September 21, 2012. Moody's will remove the bond rating's provisional status upon completion of the issuance and satisfactory review of the final documentation. The proceeds of issue of the notes will be principally used by the Group to repay senior debt. Ratings Rationale "The ratings are supported by the Group's stable cash flows derived from ship or pay agreements entered into with its shipper shareholders and third party shippers for the entire terminal capacity as well as the ability to pass all operating costs (uncapped) and financing costs (up to a predetermined cap) on to its shippers", says Matthew Moore, a Moody's Assistant Vice President -- Analyst. "The rating is also supported by the company's progress to date on its expansion activities", Moore adds. "This is balanced against the Group's highly leveraged capital structure with limited equity and thin coverage ratios (when balanced against all tiers of capital), the potential for unexpected execution challenges and cost overruns as the company expands the terminal export capacity and exposure to counterparty risk of its shippers," adds Mr. Moore. The (P)Baa3 rating on the senior secured notes issuance also recognises the notes' priority position in the Group's capital structure and the support provided by the secured creditors' interest in substantially all of the Group's assets. The notes, which are pari passu to the existing senior secured credit facilities, are at the operating company level, are senior to the remainder of the capital structure and have a priority claim on the group's cash flow and assets. In June 2012, NCIG achieved mechanical completion on second stage of its expansion activities, which increases nominal capacity to 53mtpa. This was achieved around 3 months ahead schedule and, with only minor works remaining, has a forecast final cost that is expected to come in well below original budget estimates. While demand growth and prices for thermal coal have been softening throughout 2012 and the outlook remains uncertain, NCIG's Ship or Pay arrangement with the shippers substantially insulates the group from an unexpected drop in throughput volume, subject to a level of counterparty risk. The stable outlook on the notes reflects the expected stable cash flow generation from the group's supportive commercial arrangements with its shippers, the conservative contingencies built into the expansion funding and the expectation that the NCIG's users generally low cost production will continue despite a weaker outlook for thermal coal demand and prices. Given the Group's financial profile and execution risk around the current expansions, Moody's does not foresee upward rating momentum over the near term. Completion of the expansions and continued track record of stable operations combined with improvements in the company's financial profile could begin to exert pressure on the ratings or outlook in the medium term. The rating could face downward pressure if the existing headroom in the financing cap deteriorates meaningfully or if major delays or cost overruns associated with the terminal expansions occur. The rating could also face downward pressure if there was a substantial decrease in credit quality of the shareholder shippers or a material weakening in demand for coal produced in NCIG's catchment area. The principal methodology used in this rating was Generic Project Finance Methodology published in December 2010. NCIG Holdings Pty Limited (NCIGH) is owned by six substantial coal producers ('shipper shareholders') operating coal fields in New South Wales, Australia. NCIGH wholly owns Newcastle Coal Infrastructure Group Pty Limited ('NCIG'; together 'the group'), which holds the long term lease on the NCIG Coal Export Terminal in Newcastle, New South Wales. NCIG has a 35 year lease on the 172-hectare site on Kooragang Island and the group began exporting coal in March 2010, from Stage 1 of the terminal, which is now completed and has a nominal capacity of 30 million tonnes per annum (mtpa). The second stage of development, Stage 2AA, which increases nominal capacity of the terminal to 53mtpa, began shipping coal in May 2012 and achieved mechanical completion in June 2012. The company is in the process undertaking the third stage of construction on the facility, Stage 2F, which will increase total export capacity to 66mtpa. NINE ENTERTAINMENT: Threatens Receivership Unless Talks Resume -------------------------------------------------------------- Business Spectator notes that The Australian reported Nine Entertainment Co directors have delivered an ultimatum to key lenders, threatening to put the group into receivership if new debt talks are not held within seven days. Creditors have been scrambling to produce a solution that will allow Nine to refinance its heavy debt load, according to Business Spectator. The Australian notes that the letter -- signed by Nine chairman Peter Bush -- outlines the company's options, including receivership, a scheme of arrangement and re-starting a sale process if Nine's lenders do not re-start tense debt talks. Business Spectator discloses that talks broke down when lenders were unable to agree on a valuation of the Nine Entertainment business. An agreement on valuation is needed before the debt can be restructured and equity allocated. The report says three-quarters of Nine Entertainment's lenders have to support whatever solution is proposed for restructuring $2.2 billion in debt. The sale of ACP Magazines to Bauer Media Group reduced the company's debt load from $2.8 billion, the report adds. NORSEMAN GOLD: Appoints Administrator to Operating Subsidiary ------------------------------------------------------------- Philip Whiterow at Proactiveinvestors.co.uk reports that Norseman Gold Plc has appointed an administrator to its main operating subsidiary CNGC after production problems at the Norseman mine left it short of cash. The appointment of the administrator will give Norseman a five-week breathing space to deal with its suppliers and other creditors, Proactiveinvestors.co.uk says. According to the report, major shareholder Tulla Resources, the vehicle of mining tycoon and executive chairman Kevin Maloney has agreed to take on debts owed by Norseman to Red Kite group and also agreed to indemnify the Administrator in relation to his costs. As a result, the report notes, Tulla now directly and indirectly holds approximately AUD25 million in secured debt. Proactiveinvestors.co.uk relates that Norseman's directors said they propose to submit a deed of company arrangement for consideration of creditors that will provide for the continuation of the business of CNGC and control to be returned to them. The miner added that while the agreement between Tulla and Red Kite had resolved the immediate financial difficulties faced by the company, its shares will continue to be suspended both in Australia and on AIM while the administrator is in charge of CNGC, according to Proactiveinvestors.co.uk. Ron Dean-Willcocks of Dean-Willcocks Shepard who has been appointed administrator to CNGC said he intends to continue to run the Norseman Mine as a going concern, the report adds. Norseman Gold plc -- http://www.norsemangoldplc.com/-- is engaged in gold mining operation. The Company operates in two operating mines, which include the Harlequin high-grade underground gold mine; and the North Royal Open Pit mine. ================ H O N G K O N G ================ HK WISDOM: Commences Wind-Up Proceedings ---------------------------------------- Members of Hong Kong Wisdom Holding Limited, on Sept. 28, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lam Tin Faat Unit 2105, 21/F Exchange Tower 33 Wang Chiu Road Kowloon Bay, Kowloon Hong Kong JUSTIN-MARKS MFG: Members' Final Meeting Set for Oct. 29 -------------------------------------------------------- Members of Justin-Marks Manufacturing Limited will hold their final meeting on Oct. 29, 2012, at 10:00 a.m., at 1/F, Justen Centre, at 46 Wai Ching Street, Jordan, Kowloon, in Hong Kong. At the meeting, Ting Sueh Chung Martin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. KEEVIL COMPANY: Members' Final Meeting Set for Oct. 29 ------------------------------------------------------ Members of Keevil Company Limited will hold their final meeting on Oct. 29, 2012, at 9:00 a.m., at 23rd Floor, Wheelock House, at 20 Pedder Street, in Hong Kong. At the meeting, Chi Wai Tam, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. KGC LIMITED: Creditors' First Meeting Set for Oct. 26 ----------------------------------------------------- Creditors of KGC Limited will hold their meeting on Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in Sections 241, 242, 243, and 244 of the Companies Ordinance. The meeting will be held at Unit 511, 5/F, Tower 1, Silvercord, at 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. KRYSZEK INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 29 ------------------------------------------------------------ Kryszek International Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by Oct. 29, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on January 22, 2012 The company's liquidator is: Zita Pui Fun Troughton Flat 2B, Bellevue Heights 8 Tai Hang Drive Hong Kong L & E PACKAGING: Ying and Chan Step Down as Liquidators ------------------------------------------------------- Ying Hing Chiu and Chan Mi Har stepped down as liquidators of L & E Packaging Far East Limited on Sept. 19, 2012. MONTANA TIMEPIECES: Annual Meetings Set for Oct. 18 --------------------------------------------------- Members and creditors of Montana Timepieces International Limited will hold their annual meetings on Oct. 18, 2012, at 2:20 p.m., at the offices of FTI Consulting, Level 22, The Center, at 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MORAL WEALTH: Members' Final Meeting Set for Oct. 30 ---------------------------------------------------- Members of Moral Wealth International Investment Limited will hold their final general meeting on Oct. 30, 2012, at 3:30 p.m., at 10/F, Allied Kajima Building, at 138 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Lam Ying Sui, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NEWGEN TELECOMS: Commences Wind-Up Proceedings ---------------------------------------------- Members of Newgen Telecoms (HK) Co Limited, on Sept. 28, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lam Tin Faat Unit 2105, 21/F Exchange Tower 33 Wang Chiu Road Kowloon Bay, Kowloon Hong Kong OMNI INTERNATIONAL: Annual Meetings Set for Oct. 18 --------------------------------------------------- Members and creditors of Omni International Holdings Limited will hold their annual meetings on Oct. 18, 2012, at 3:10 p.m., at the offices of FTI Consulting, Level 22, The Center, at 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PURE RICHES: Annual Meetings Set for Oct. 18 -------------------------------------------- Members and creditors of Pure Riches Industries Limited will hold their annual meetings on Oct. 18, 2012, at 2:00 p.m., at the offices of FTI Consulting, Level 22, The Center, at 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RBC SECRETARIES: Placed Under Voluntary Wind-Up Proceedings ----------------------------------------------------------- At an extraordinary general meeting held on Sept. 21, 2012, creditors of RBC Secretaries (Hong Kong) Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Philip Brendan Gilligan 7th Floor, Alexandra House 18 Chater Road Central, Hong Kong REALTY GARDENS: Members' Final Meeting Set for Oct. 29 ------------------------------------------------------ Members of Realty Gardens Managers Limited will hold their final meeting on Oct. 29, 2012, at 9:30 a.m., at 23rd Floor, Wheelock House, at 20 Pedder Street, in Hong Kong. At the meeting, Chi Wai Tam, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RVL PRINTED: Members' Final Meeting Set for Oct. 29 --------------------------------------------------- Members of RVL Printed Label Far East Limited will hold their final general meeting on Oct. 29, 2012, at 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SHANGHAI KELANTAN: Members' Final Meeting Set for Oct. 31 --------------------------------------------------------- Members of The Shanghai Kelantan Rubber Estates (1925) Limited will hold their final meeting on Oct. 31, 2012, at 11:00 a.m., at Offices 1612-17, Hollywood Plaza, at 610 Nathan Road, Kowloon, in Hong Kong. At the meeting, Lee Sik Wai Benjamin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= ASSET CARS: CARE Rates INR18.04cr LT Loan at 'CARE BB-' ------------------------------------------------------- CARE assigns 'CARE BB-' rating to the bank facilities of Asset Cars Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 18.04 CARE BB- Assigned Rating Rationale The rating assigned to the bank facilities of Asset Cars Pvt. Ltd. is constrained due to its strained financial risk profile marked by low profitability margin and leveraged capital structure along with concentration risk of dealing only the in premium passenger vehicle segment and operations in a highly competitive market. The rating, however, derives strength from the entrepreneurial experience of promoters, first mover advantage with integrated nature of services, increasing demand for Jaguar-Land Rover vehicles and favourable industry outlook in the medium term for passenger vehicle segment. Ability to improve its scale of operations and profitability by establishing itself in the region would be the key rating sensitivity. Incorporated in 2011, ACPL is a part of the Asset group, promoted by Mr. Parvinder Singh Vijan and Mrs. Inderjeet Kaur Vijan. Asset group has interest in automobile dealership, education and event management. The group consists of Asset Motors Pvt. Ltd. (Rated 'CARE BB-') an authorized dealer of Hyundai vehicles; Asset Auto India Pvt. Ltd. (Rated 'CARE BB') an authorized dealer of Skoda vehicles, Asset Education Centre Pvt. Ltd., Asset Centre for Excellence Business School and ION Events Pvt. Ltd. ACPL operates in Pune as an authorized dealer for the Jaguar and Land Rover brands of passenger vehicles imported by Tata Motors Limited. Being the second authorized dealer in the state, ACPL is permitted to operate over the state of Maharashtra (except Mumbai) and Goa. It deals in all 3 models of the brand 'Jaguar' and all 6 models of 'Land Rover' luxury vehicles. ACPL operates with one showroom and workshop at Pune. The company was awarded with 2nd highest 'Target Achievement' award from Jaguar Land Rover (JLR) that too when the showroom and servicing facility were under establishment in Q4FY12. The showroom and the infrastructure facility is also recognized and ranked 2nd best in India by JLR. EM CEE CEE: CARE Assigns 'CARE BB-' Rating to INR9.59cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Em Cee Cee Sports Agencies Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 9.59 CARE BB- Assigned Short-term Bank Facilities 2.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Em Cee Cee Sports Agencies Private Limited are primarily constrained by its small scale of operations with low capitalization, highly leveraged capital structure, moderate profitability margins and working capital intensive nature of its business. The ratings, however, draw comfort from the experience of the promoters and long track record of operations of ECCS with established brand and wide marketing & distribution network in the sports good industry. Going forward, the ability of the company to increase its scale of operation while improving its profitability margin and effective working capital management along with the improvement in solvency position would be the key rating sensitivities. ECCS was incorporated in 1968 as a proprietorship firm by Mr Janak Raj Mahajan (aged 63 years). Later on in 1985, the firm was converted to a private limited company. Currently, the management comprises Mr. Janak Raj Mahajan, Mr. R. P. Mahajan, Mr. Sham Sundar Gupta and Mr Satish Kumar. The company is engaged in the manufacturing of sports goods and has its manufacturing facilities at Jalandhar (Punjab) and Jammu. The quality system and manufacturing processes of the company are ISO 9001:2000 certified. In addition to this, the company was awarded with 'State Productivity Award' in 1992, 'Best Entrepreneur Award 95' and 'Outstanding Entrepreneurship Special Recognition National Award 2010' among others. The company sells its product under the known brand of JJ Jonex, Yashika Eshquire and Karachi King. The product profile includes skates, cricket equipment, boxing equipment, hockey equipment, sports balls and many other items. The company sells its products through distributors/dealers spread all over India and through big retail chains. JAS INFRASTRUCTURE: CARE Cuts Rating on INR5,920cr Loan to 'BB+' ---------------------------------------------------------------- CARE revises ratings to the bank facilities of JAS Infrastructure And Power Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long term Bank Facilities 5,920 CARE BB+ Revised from CARE BBB * The rating is put on credit watch in light of uncertainties over the coal block allocations in light of investigation launched by investigation agencies. Rating Rationale The rating revision takes into account the uncertainties with respect to the coal blocks as a result of investigation launched by investigation agencies. The potential de-allocation of coal blocks exposes the company to the risk of non availability of fuel (coal) for its ongoing power plant project. The ratings continue to be constrained by nascent stage of the project, balance land acquisition, pending approval for operating coal mines, absence of firm power off-take arrangement and equity commitment required for the project However, the rating continues to derive strength from promoter's experience in implementing and operating power plants, majority of approvals being in place for power plant and fixed time-fixed price nature of EPC contracts for power plant. The ability of the company to arrange for balance equity tie up as well as complete the project in timely manner would be the key rating sensitivities. Further, CARE has placed the ratings on long term bank facilities of JAS Infrastructure and Power Limited (JIPL) on Credit Watch. CARE will monitor the ongoing developments and assess the ability of the company to tie up for the fuel supply in an cost effective manner in-case the coal mines are de-allocated. Jas Infrastructure and Power Limited (JIPL), an SPV promoted by the Abhijeet Group, is setting up a 1320 MW (2x660 MW) supercritical coal based thermal power project in Siriya village, Baunsi block of Banka district, Bihar state. Abhijeet Power Limited (APL, rated CARE BBB/A3+), the group holding company for coal based power generating assets, is the holding company of JIPL. The group has prior experience of implementing power plants and has total installed capacity of 322 MW. Besides, the group is involved in setting up thermal power plants of total 1380 MW capacities. As on June 2012, the company has achieved 25.50% overall physical progress as against planned physical progress of 24.00%. KINGFISHER AIRLINES: Talks Between Company and Pilots Fail ---------------------------------------------------------- The Economic Times reports that Kingfisher Airlines Ltd's efforts to resolve a labor dispute were dealt yet another blow after a group of employees said negotiations in Delhi had "ended in failure" because the Indian airline did not commit to paying overdue salaries. Kingfisher, once India's second largest airline, is more than half a year behind on salary payments and has grounded its fleet since Monday after a protest by engineers over the weekend turned violent, according to the report. Talks with employees in Mumbai on Wednesday ended in a stalemate, ET relates. "Employees demanded payment of long pending salary (seven months) prior to resuming operations. All employees expressed their keenness to resume work provided their dues are cleared expeditiously," the group of unidentified employees in Delhi said in a statement obtained by ET. ET notes the shutdown has further dimmed the outlook for the airline controlled by liquor baron Vijay Mallya. Kingfisher, which has never turned a profit since its founding in 2005, is saddled with $1.4 billion in debt, owed mostly to government banks led by State Bank of India. About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., serves about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintains bases in major cities such as Delhi and Mumbai. * * * Kingfisher Airlines lost money six years in a row, accumulating net debt of INR77.2 billion (US$1.74 billion) as of March 2010, according to data compiled by Bloomberg. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 5, 2012, The Times of India said Kingfisher Airlines has now been given a reality check by its auditors in the company's annual report 2011-12. The company had current liabilities, including borrowings and trade payables of INR8,436 crore, against current assets of INR1,618.8 crore at the end of March 2012. According to TOI, the Vijay Mallya-promoted company has defaulted in repayment of loans to banks and financial institutions, for which several lenders have had to take a hit by setting aside more funds, with overdues estimated at nearly INR800 crore at the end of March 2012. MEET ASSOCIATES: CARE Rates INR10.05cr LT Loan at 'CARE BB' ----------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Meet Associates Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10.05 CARE BB Assigned Short-term Bank Facilities 0.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Meet Associates Pvt. Ltd. are primarily constrained by its small scale of operations, low profitability margins in the dealership business and leveraged capital structure. The ratings are further constrained by increasing competitive intensity among the dealers. The ratings, however, take comfort from the experience of the promoters of MAPL in the dealership business and multiple dealerships of Mahindra & Mahindra Limited (tractor, two wheeler, Light Commercial Vehicle & Passenger Vehicle) and Honda Motorcycle & Scooter India Private Limited (two wheeler) reducing dependence on any single product segment or manufacturer. Going forward, the ability of the company to scale up its operations and increasing its revenue mix from service and spare income, thereby improving its profitability and solvency position would remain the key rating sensitivities. Incorporated in 2000 by Mr. Baldev Singh, Mr. Narendra Singh, Mr. Devendra Singh and Mrs. Manjeet Kaur, MAPL is engaged in the business of automobile dealership. The company operates as an authorized 3S facility (Sales, Spares, Service) for vehicles of Mahindra & Mahindra Ltd (M&M) and Honda Motorcycle and Scooter India Pvt. Ltd (HMSI) for which details are as follows: MAPL got its first dealership of M&M (tractors) at Sultanpur, Uttar Pradesh, in 2001. The company was awarded dealership by HMSI (two-wheeler) in 2003 at Moga (Punjab). Subsequently, in 2010, the company opened 3S facility for M&M (two-wheeler) at Sultanpur, Uttar Pradesh. In April 2012, the company started the operations of its fourth dealership of M&M (LCV & PV) at Amhat, Uttar Pradesh. Currently, the company has four sales and service centers in and around Uttar Pradesh and Punjab. For FY11 (refers to the period April 1 to March 31), MAPL achieved total operating income of INR25.26 crore with PBILDT and PAT of INR0.80 crore and INR0.12 crore, respectively. For FY12 (based on the provisional results), MAPL achieved total operating income of INR28.23 crore with PAT of INR0.18 crore. M.K. GROUP: CARE Rates INR38cr LT Loan at 'CARE BB-' ---------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of M.K. Group. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 38.00 CARE BB- Assigned Short-term Bank Facilities 00.48 CARE A4 The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings are primarily constrained by the nascent stage of execution of the real estate development project under the Slum Rehabilitation Authority (SRA) scheme along with the lack of experience of the developer in executing the SRA project, high funding risk with dependence on customer advances, high sales risk as the project is yet to be launched for sales, constitution of the entity as a partnership concern and cyclical nature of the real estate industry. The aforesaid constraints are partially offset by the strength derived from the experienced partners in real estate industry and their track record in the past. The firm's ability to execute the project in a timely manner with timely receipt of the customer advances and its ability to sell the project space at envisaged prices are the key rating sensitivities. Established in 1998, the M. K. Group, a partnership firm is engaged in the real estate business. The group has been involved in construction, finance, investment services, pharmaceuticals and hospitality through entities namely Ajmera Associates Limited, International Financial Services Limited, Ajmera Commodity and Derivatives Private Limited, Ajmera Pharmasure Private Limited [Erstwhile Ajmera Trading and Impex Private Limited] [CARE BB/A4] & Richie Rich Resorts Limited. Presently, the firm is undertaking a project under an SRA scheme with a total developable area of 3 lakh square feet (lsf) at Kandivali (East), Mumbai. The project is envisaged to be executed in two phases with only Phase-I of the project launched so far and funding pattern for Phase-II is yet to be finalized. The firm has plans to develop two 21-storied Towers and under slum rehabilitation part (primarily part of Phase II), it involves rehabilitation of 750 slum dwellers (75% of slum dwellers have agreed) in two rehab buildings of 15 floors each. PHOENIX PROJECTS: CARE Assigns 'CARE BB' Rating to INR8.5cr Loan ---------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Phoenix Projects Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 8.50 CARE BB Assigned Long-term / Short-term 31.50 CARE BB / CARE A4 Bank Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Phoenix Projects Private Limited are mainly constrained on account of its working capital intensive nature of operations along with stressed liquidity position and its exposure to raw material price fluctuations risk. The ratings are further constrained on account of its fluctuating turnover, declining net profitability and cash accruals and moderate debt coverage indicators. The ratings, however, favorably take into account the wide experience of the promoters in the infrastructure industry, moderate order-book position and its long-standing relationship with government, semi-government and private organisations. The increase in the order-book position and consequent increase in the scale of operations, improvement in profitability and diversification in the new geographical areas remain the key rating sensitivities. Based in Rajkot (Gujarat), PPPL was incorporated in 1995 as a proprietorship firm and was later converted to a private limited company during 2002. Currently, PPPL is managed by Mr. Nanji Kamaria, Managing Director, and Mr. Vimal Kasundra, Director, who are also the promoters of the company. PPPL is engaged in the development of water treatment plants and laying of drainage and drinking water pipelines. PPPL has executed works for various reputed public and private organizations in the states of Gujarat, Rajasthan, Punjab, Delhi and Maharashtra. PPPL is registered as a "AA class" (on the scale of AA to E-2, AA being the highest) category contractor by Road & Building department (R&B), Government of Gujarat (GoG) and also registered with various other government, semi-government and private organisations. As per the provisional results for FY12 (refers to the period April 1 to March 31), PPPL reported net profit of INR0.63 crore on a total income of INR56.98 crore as compared with profit of INR1.16 crore on a total operating income of INR37.86 crore during FY11. PREET REALTORS: CARE Rates INR10cr LT Loan at 'CARE B+' ------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Preet Realtors Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Preet Realtors Private Limited is primarily constrained by the limited track record of executing large-sized real estate project, execution risk associated with its on-going sole residential real estate project, low booking status, exposure to the local demand-supply dynamics and inherent risks associated with the real estate industry. The rating, however, draws comfort from the experience of the promoters and the acquisition of the land and requisite project approvals being obtained for the project. Going forward, the ability to execute the project as per schedule along with timely sale of the project space at envisaged prices would remain the key rating sensitivity. Preet Realtors Private Limited is a private limited company incorporated in 2006. In October 2010, the company was taken over by the present management comprising Mr. Narendra Maurya, Mr. Arun Gupta, Mr. Anil Gupta and Mr. Mohit Maurya. The company is in development of residential and commercial projects. The group has completed the development of residential projects comprising 1.45 lakh square feet (lsf) in the last 5 years in Lucknow. Currently, the company is executing a residential project viz. "Rohit residency" in Lucknow (Uttar Pradesh). The total saleable area of the project is 1.70 lakh square feet (lsf) and is projected to be completed by December 2013. RAJASTHAN TRANSMISSION: CARE Puts 'B-' Rating on INR4.4cr Loan -------------------------------------------------------------- CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank facilities of Rajasthan Transmission Wires Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 4.40 CARE B- Assigned Long-term / Short-term Bank 9.00 CARE B-/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Rajasthan Transmission Wires Private Limited are primarily constrained on account of its smaller scale of operations with weak financial risk profile marked by fluctuating turnover, thin profitability margins, leveraged capital structure and weak debt coverage indicators. The ratings are also constrained on account of uncertainty associated with its tender driven business and subdued financial risk profile of power distribution companies which are the major customers of RTWPL. The above-mentioned constraints far offset the benefits derived from the vast experience of the promoters and established track record of operations of the company. The increase in scale of operations with product and customer diversification, coupled with improvement in profitability and capital structure are the key rating sensitivities. Jaipur, Rajasthan-based RTWPL was established in 1977 by Mr. R. P. Jain. RTWPL is engaged in the manufacturing of All Aluminium Conductors, All Aluminium Alloy Conductors, Aluminium Conductor Steel Reinforced, Aluminium wires and various types of industrial cables with an installed capacity of 6,000 kilometres as on March 31, 2012. The products manufactured by the company find applications in power transmission and distribution. The key clients of RTWPL are State Electricity Boards (SEBs) as entire operating income was generated through the sales made to SEBs. RTWPL manufactures Indian Standards Institute (ISI) marked products certifying that products conforms to a set of standards laid by the Bureau of Indian Standards (BIS). As against a net profit of INR0.09 crore on a total operating income of INR31.25 crore in FY11 (refers to the period April 1 to March 31), RTWPL reported a net profit of INR0.02 crore on a total operating income of INR20.22 crore during FY12. RAMESHWAR COTTON: CARE Reaffirms 'CARE B' Rating on INR7cr Loan --------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Rameshwar Cotton Industries. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.00 CARE B Reaffirmed The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Rameshwar Cotton Industries (RCI) continues to remain constrained on account of its small scale of operations with a weak financial risk profile characterized by thin profitability margins, leveraged capital structure and weak debt coverage indicators. The rating is further constrained on account of its constitution as a partnership firm, its presence in the highly competitive and fragmented cotton ginning industry with limited value addition, volatility associated with raw material (cotton) prices and exposure to changes in the government policy for cotton. The rating, however, continues to derive strength from the wide experience of the partners in the cotton ginning business and proximity to the cotton-producing region of Gujarat. RCI's ability to increase its scale of operations while managing volatility associated with cotton prices and moving up the cotton value chain coupled with improvement in its overall financial risk profile are the key rating sensitivities. Amreli-based RCI was formed in 2003 as a partnership firm by the four members of Mashru family. The firm is engaged in cotton ginning, pressing and oil extraction business with an installed capacity of 3,500 Metric Tonne (MT) of cotton bales and 250 MT of oil extraction as on March 31, 2012. RCI also trades in agro- commodities such as coriander powder, sesame seeds, cumin seeds, turmeric and chilly. RCI has reported net profit of INR0.02 crore on a total operating income of INR39.27 crore during FY12 (refers to the period April 1 to March 31) against net profit of INR0.02 crore on a total operating income of INR34.74 crore in FY11. RATHORE FREIGHT: CARE Cuts Rating on INR9.21cr Loan to 'CARE D' --------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Rathore Freight Carriers Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 9.21 CARE D Revised from CARE C Short-term Bank Facilities 0.04 CARE D Revised from CARE A4 Rating Rationale The revision in the ratings assigned to the bank facilities of Rathore Freight Carriers Private Limited is driven by delay in the servicing of debt obligations by the company on account of its stressed liquidity position due to elongated collection period resulting from delay in the payment by one of its major customers. Rathore Freight Carriers Pvt. Ltd. was formed in the year 1993 by Late Mr. Girdhari Singh Rathore and is engaged in the transportation business. RFCPL discontinued its operations in 2002 after an earthquake in Gujarat and resumed again in November 2009. Currently, it is managed by Mr. Hanuwant Singh Rathore, Managing Director, who manages the overall administration of the company. The company has a fleet of 40 trailers engaged in transport of steel coils, marbles and containers. All the trailers are purchased from Ashok Leyland having load carrying capacity of 49 tonnes each. The average age of the trailers is 2.5 years. During FY12 (refers to the period April 1, 2011 to March 31, 2012), RFCPL reported total operating income of INR20.85 crore and PAT of INR0.22 crore as against the total operating income of INR20.87 crore and PAT of INR0.28 crore in FY11. SHREE SARASWATI: CARE Rates INR7.73cr LT Loan at 'CARE C' --------------------------------------------------------- CARE assigns 'CARE C' rating to the bank facilities of Shree Saraswati Education Sansthan. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.73 CARE C Assigned Rating Rationale The rating assigned to the bank facilities of Shree Saraswati Education Sansthan is primarily constrained on account of instances of delay in debt servicing in the past on account of stressed liquidity position, presence in a highly regulated education sector and financial risk profile marked by low surplus and highly leveraged capital structure. The rating is also constrained by the modest scale and short track record of operation and proposed debt-funded capex. The rating, however, favorably takes into account the rich experience of the promoters and strong enrolment ratio in the flagship courses offered by SSES. The improvement in the liquidity position and the overall financial risk profile through improvement in the enrolment ratio of other courses will be the key rating sensitivities. Mehsana (Gujarat)-based Shree Saraswati Education Sansthan was constituted in 2008 by Mr. Mahadev Chaudhary under the Bombay Public Charitable Trust Act, 1950. SSES runs two institutes viz. Faculty of Engineering and Faculty of Management. The college is affiliated to Gujarat Technological University (GTU) and the courses are approved by All India Council for Technical Studies (AICTE). In July 2009, the trust obtained the approval from AICTE and GTU to commence graduate and post-graduate courses in Engineering and Management. The engineering institute offers courses in five streams: Mechanical, Electrical and Electronics, Civil, Computer Science and Electronics and Communication. During FY11 (refers to the period April 1 to March 31), SSES reported net surplus of INR0.03 crore (FY10: INR0.03 crore) on a total operating income of INR3.93 crore (FY10: INR2.33 crore). VATIKA LTD: CARE Rates INR371.79cr LT Loan at 'CARE BB' ------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Vatika Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 371.79 CARE BB Assigned Rating Rationale The rating is constrained by the exposure of Vatika Limited to project execution and funding risk with significant area under development where construction cost is yet to be expensed; concentration risk emanating from dependence of medium-term cash flows on township project in Gurgaon, high gearing and modest coverage parameters exposing Vatika to refinancing risk. The rating also considers inherent risks associated with the real estate sector. The rating derives strength from the promoter's experience in the real estate sector, majority of the land cost paid-for with requisite approvals in-place for ongoing projects; location advantage and good connectivity of its major township project in terms of being located at NH-8 Gurgaon and reasonable bookings status for the six ongoing projects. Going forward, the ability of Vatika to timely execute and deliver projects, the ability to achieve consistent growth in the sales from new launches and to improve gearing levels shall be the key rating sensitivities. The preference capital issued to Private Equity (PE) investors in 2008 is compulsorily convertible into equity by December 2012, at the same time, as per the shareholder agreement, the investor shall have an option to seek buy-back of its stake by the promoters or by the company. In case of such an eventuality on the company, the measures to be adopted by Vatika might impact the credit profile of the company. The Vatika group was incorporated in 1986 and is promoted by Mr Anil Bhalla. The group is engaged in real estate development, including commercial, residential and hospitality sectors and operates primarily through Vatika Limited and Vatika Hotels Private Limited. Vatika Limited is the flagship company of the group and all the real estate projects are developed by the company. As on June 30, 2012, the group has a land bank of 1,668 acres primarily in Gurgaon. Vatika's wholly-owned subsidiary, VHPL (CARE BBB-), has set-up a five-star deluxe hotel in Gurgaon under the brand-name, 'Westin', and also operates facilities management, restaurants and business centre verticals of the group. During FY12 (refers to the period April 1 to March 31; Audited), Vatika achieved a PAT of INR60 crore (INR80 crore) on a total income of INR855 crore (INR905 crore). WALLED CITY: CARE Cuts Rating on INR14.74cr LT Loan to 'CARE D' --------------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Walled City Hotels Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 14.74 CARE D Revised from CARE C Rating Rationale The revision in the rating reflects delay in debt servicing by Walled City Hotels Private Limited on account of its stressed liquidity position due to low cash accruals from operations and high debt repayment obligation. WCPL was incorporated in 2007 by Mr. Nikhilendra Singh and Mr. Dhananjay Singh to carry out the hotel business at Jodhpur, Rajasthan. WCPL operates a 39-room heritage hotel, which includes 28 luxury rooms, four garden rooms and seven suites. The hotel comprises three restored 18th century buildings combined with the four new buildings designed by the Delhi-based architects. The hotel has two restaurants that can accommodate 60 people. Other amenities in the hotel include spa facility, swimming pool, bar and transportation facilities. Hotel property became fully operational since October 2010. It reported Average Room Revenue (ARR) of INR14,047 with 28% occupancy during FY12 (refers to the period April 1 to March 31). During FY12, WCPL reported operating income of INR8.62 crore with a PAT of INR0.70 crore. During FY12, WCPL reported operating income of INR8.62 (Rs.5.80 crore for FY11) crore with a PAT of INR0.70 crore (net loss of INR0.25 crore for FY11). ==================== N E W Z E A L A N D ==================== MCVITTY PROPERTIES: Director Not Cooperating With Liquidators ------------------------------------------------------------- stuff.co.nz reports that the winding up of Robert McVitty's farming enterprises has hit a snag, with the Manawatu farmer not co-operating with liquidators. McVitty Properties Ltd, which Mr. McVitty directed, is in receivership and liquidation. But no progress has been made on the liquidation of the company, according to the latest liquidators' report from Grant Thornton obtained by stuff.co.nz. stuff.co.nz says no property had been sold and liquidators were still looking over financial records. However, they had sent a questionnaire to Mr. McVitty about the company, and he was required to fill it in and return it. "To date, we have not received a response," the report, signed off by David Ruscoe, noted. About McVitty Properties McVitty Properties Ltd was a dairy farming company owned by controversial Manawatu farmer Robert McVitty. PricewaterhouseCoopers partners Maurice Noone and John Fisk were appointed receivers of McVitty Properties Ltd on March 18, 2010. The company owed NZ$43.1 million to secured creditor BNZ. McVitty Properties was put into liquidation in April 2012 with Richard Simpson and David Ruscoe of Grant Thornton appointed as appointed as the liquidator. Mr. McVitty's other farming company, Patoka Dairies, is still in receivership but not in liquidation. SENTINEL VINEYARD: Ex-Owners Sue Bank, Receivers for Losses ----------------------------------------------------------- The Marlborough Express reports the embattled former owners of Sentinel Vineyard Partnership are taking legal action against the receivers and WestPac Bank employees to recoup ongoing losses. The Express relates that Sentinel Vineyard owned by Marlborough couple Lynette and Neil Berry was put into receivership in March 2011, just before harvest. Since then the Berrys have lost their Wrekin Rd home and vineyard, while Mr. Berry battles terminal prostate cancer, the report relates. The Express notes the receivers, BDO Chartered Accountants, gave notice of receivership ceasing on September 19. According to the report, Lynette Berry did not want to talk about the receivership, but said they are prepared to take the matter further. "The receivership has ceased and the ongoing losses caused by the receiver and Westpac employees are sought, action will be taken," the report quotes Ms. Berry as saying. "I believe justice will be done." The couple moved from the Wrekin Rd property in March and is still living in Blenheim. The Express says the Berrys have always claimed their financial problems started because Westpac Bank didn't understand how viticulture worked. The company's assets, which included a three-bedroom house and 14-hectare vineyard on Wrekin Rd, valued at NZ$1,325,000, were put into receivership in March 2011, the report discloses. The Express relates that the property failed to attract any bids at a mortgagee auction in June last year. Quotable Value records show the receivers sold the property for NZ$750,000 on November 11, the report adds. ===================== P H I L I P P I N E S ===================== RADIO PHILIPPINES: Woes Give San Miguel Window to Buy RPN --------------------------------------------------------- The Manila Standard reports that the impending demise of state- controlled Radio Philippines Network Inc. is giving the fledgling telecommunications business of conglomerate San Miguel Corp. a shot in the arm. The Standard relates that San Miguel has made its intention known to acquire a broadcasting company to complement its telecommunications business. It has started negotiations to purchase a "significant" stake in Solar Entertainment Corp., owned by the family of chairman William Tieng and younger brother Wilson, the report relays. According to the Standard, San Miguel president Ramon Ang earlier disclosed that the conglomerate would join any bidding if the state decided to finally auction its broadcasting assets, including Radio Philippines Network Inc., operator of television station Channel 9. Mr. Ang may not wait that long, the report notes. The Standard says San Miguel may soon conclude talks to buy into Solar, giving the conglomerate an indirect stake in RPN. Solar owns 34% of RPN after converting its advances in the beleaguered television station into equity, the report discloses. Radio Philippines Network (RPN 9) is owned by Solar, Far East Managers and Investors Inc. and the Philippine government. It currently operates seven TV stations and 11 radio stations. RADIO PHILIPPINES: Union Rejects Compensation Package ----------------------------------------------------- The Manila Standard reports that union members of Radio Philippines Network Inc. on Tuesday rejected the compensation package offered by the management. According to the report, Raymon Tomale Jr., president of RPN Directors/Supervisors Union, said the management of RPN 9 was offering only 15 days for every year of service, instead of one whole month as originally signed under a collective bargaining agreement. The Standard notes the management on Monday announced a retrenchment program affecting at least 200 employees. "We cannot accept what is being offered to us, because it is total disregard of our CBA. But we have ongoing talks with the management. We hope to settle it immediately," Mr. Tomale, who is also secretary-general of the National Alliance of Broadcast Union Federation, told the Standard in a telephone interview. The Standard relates that Mr. Tomale said if no "just compensation" would be agreed upon between the union and the management, the union, together with the Nabuf, would file a case before the Labor Department. "We will conduct a series of consultations with the management. We are still operational until Nov. 15," Mr. Tomale, as cited by the Standard, added. Radio Philippines Network (RPN 9) is owned by Solar, Far East Managers and Investors Inc. and the Philippine government. It currently operates seven TV stations and 11 radio stations. =========== T A I W A N =========== BANK SINOPAC: Fitch Affirms Support Rating Floor at 'BB+' --------------------------------------------------------- Fitch Ratings has affirmed Taiwan-based Bank SinoPac's (BSP) Issuer Default Rating (IDR) at 'BBB' and its parent SinoPac Financial Holdings' (SPH) IDR at 'BBB-', both with Stable Outlook. The affirmation reflects the stable banking franchise of SinoPac Group (SPH and its wholly-owned subsidiaries including BSP), improved earnings at the banking subsidiary and continuing modest leverage at the holding parent. They also factor in the group's comparably moderate internal capital generation in Asia Pacific and volatile earnings at the securities subsidiary, SinoPac Securities (SPS). The Stable Outlook underlines Fitch's expectation that the group will maintain its stable credit profile and contain credit losses through the global economic downturn. Significant and sustainable improvement in risk-adjusted core earnings and strengthening of capitalisation may benefit BSP's ratings. On the other hand, BSP's concentrated property-related exposures may undermine ratings if the property market reverses markedly. Significant asset quality deterioration and weakening capitalisation arising from aggressive growth in corporate finance, particularly in association with China, may also lead to a rating downgrade. The ratings of SPH are mostly driven by the credit profile of its principal operating subsidiary, BSP. BSP regained its earnings momentum and posted annualised return of equity of 11% for H112 versus 3.6% for 2011, due to easing credit costs amid a benign credit cycle and clean-up of problematic commercial real estate exposures at its U.S. subsidiary, Far Eastern National Bank. The bank's asset quality accordingly improved; its 90-day non-performing loan (NPL) ratio was 0.38% at end-H112, down from 0.47% at end 2011. However, Fitch expects earnings momentum for BSP to moderate in 2012-2013 as a weak economic outlook weighs on the bank's asset quality. BSP's capitalisation remains moderate by regional comparison but is, in Fitch's view, appropriate for its risk profile. This, coupled with its mildly improved provisioning, should assist the bank in weathering moderate external shocks. BSP's liquidity profile should remain stable given its resilient deposit franchise and adequate liquidity management. Founded in 2002, SPH is a medium-sized bank holding company with consolidated assets of TWD1.32trn at end-H112. It provides diversified financial services through its two major subsidiaries, BSP and SPS, and five small subsidiaries in other financial sectors. BSP has 129 branches and commanded a 3.57% market share in deposits at end-H112. Taiwan-based conglomerate, Yong Foong Yu Group and its majority owner, Show Chung Ho, through his investment vehicles, are the group's largest shareholders and control six out of 12 board seats. A Credit Update on SPH and a Credit Analysis on BSP will be published shortly on www.fitchratings.com. The rating actions are as follows: BSP: -- Long-Term IDR: affirmed at 'BBB'; Outlook Stable -- Short-Term IDR: affirmed at 'F2' -- National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable -- National Short-Term rating: affirmed at 'F1+(twn)' -- Viability Rating: affirmed at 'bbb' -- Support Rating: affirmed at '3' -- Support Rating Floor: affirmed at 'BB+' SPH: -- Long-Term IDR: affirmed at 'BBB-'; Outlook Stable -- Short-Term IDR: affirmed at 'F3' -- National Long-Term rating: affirmed at 'A(twn)'; Outlook Stable -- National Short-Term rating: affirmed at 'F1(twn)' -- Viability Rating: affirmed at 'bbb-' -- Support Rating: affirmed at '5' PROMOS TECHNOLOGIES: To Lay Off 1,300 Employees; Shuts All Plants ----------------------------------------------------------------- The Taipei Times reports that ProMOS Technologies Inc. plans to lay off more than 1,300 employees to cope with a major restructuring plan that includes shutting down all its factories, according to a statement released by the administration of Central Taiwan Science Park on October 3. Taipei Times relates that the statement came after the Hsinchu District Court gave the go-ahead to a request from ProMOS' major creditor banks, Taiwan Cooperative Bank and Bank of Taiwan, to launch a restructuring plan. ProMOS plans to slash 1,360 workers, or about 94% of its overall workforce, by the end of this year, according to the statement cited by Taipei Times. According to the report, the administration said it had received the workforce adjustment program from the Hsinchu-based chipmaker, which would include 1,200 job cuts at the company's operations in central Taiwan and 200 job losses in Hsinchu. The layoffs would pave the way for ProMOS to transform itself into a chip designer from a chip manufacturer, Taipei Times reports citing the Chinese-language Liberty Times (the Taipei Times' sister paper). Taipei Times relates that the paper said ProMOS was also seeking to sell a 12-inch factory, the most valuable asset it owns, in central Taiwan to repay bank loans totaling NT$57 billion (US$1.95 billion), with Taiwan Semiconductor Manufacturing Co among the potential buyers. About ProMOS Technologies ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a semiconductor memory solution provider in Taiwan. The Company is principally engaged in the research, design, development, manufacture and sale of synchronous dynamic random access memories (SDRAMs), as well as the related import and export businesses. The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others. The Troubled Company Reporter-Asia Pacific, citing the China Economic News Service, reported on July 28, 2011, that representatives from over 30 creditor banks have agreed in principle to accept the deal of swapping half of the NT$57 billion that ProMOS owes them for equity as part of their bailout terms for the financially struggling DRAM maker. The agreement makes ProMOS Taiwan's first DRAM maker bailed out on the debt- for-equity term, CENS said. ProMOS continued operating in the red for the 16th consecutive quarter, posting net loss of NT$4.26 billion in the first quarter of 2011, DIGITIMES reported. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 ***