/raid1/www/Hosts/bankrupt/TCRAP_Public/121019.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 19, 2012, Vol. 15, No. 209
Headlines
A U S T R A L I A
bCODE: Mobile Ticketing Firm Placed in Administration
NINE ENTERTAINMENT: Avoid Receivership As Lenders Reach Deal
PRIME TRUST: Former Health Minister Defends Role in Firm
C H I N A
YUZHOU PROPERTIES: Moody's Rates Proposed USD Sr. Notes '(P)B2'
* CHINA: Faces Liberalized Interest Rate, Moody's Says
H O N G K O N G
S & B CHEMICALS: Members' Final General Meeting Set for Nov. 12
SEVEN PRODUCTIONS: Creditors' Proofs of Debt Due Oct. 29
SUNLINK WAVECOM: Liu and Yen Step Down as Liquidators
VISTA CITY: Creditors' Proofs of Debt Due Nov. 13
WING ON: Tsang Kam Chuen Appointed as Liquidator
WONDERFUL IDEA: Yeung and Ho Appointed as Liquidators
WORLDSPAN SERVICES: Members' Final Meeting Set for Nov. 15
I N D I A
AMBIKA SOLVEX: Delay in Loan Payment Cues CRISIL Junk Ratings
ANANDAM TEXTILES: CRISIL Assigns 'B+' Rating to INR54.7MM Loans
BANSAL EARTHMOVERS: CRISIL Puts Junk Ratings on INR69.7MM Loans
BNR INFRA: CRISIL Assigns 'B+' Rating to INR40MM Loans
CAPITOL HILL: CRISIL Rates INR250MM LT Loan at 'CRISIL B'
DINANATH RESORTS: CRISIL Rates INR22MM LT Loan at 'CRISIL B'
HALBIT AVIONICS: CRISIL Rates INR500MM Term Loan at 'BB+'
JAY KHODIYAR: CRISIL Puts 'B' Rating on INR79.5MM Loans
KINGFISHER AIRLINES: To Extend October 20 Lockout Deadline
KINGFISHER AIRLINES: Clears INR10.5cr Dues to GMR
SRIVARI INDUSTRIES: CRISIL Cuts Rating on INR114.3MM Loan to 'D'
SYLVAN GREENS: CRISIL Assigns 'B+' Rating to INR88MM Loans
VENSHIV PHARM: CRISIL Assigns 'B-' Rating to INR61MM Loans
VIHAAN BOARDS: CRISIL Assigns 'B+' Rating to INR190MM Loans
VIZAG HOSPITAL: CRISIL Assigns 'D' Rating to INR240MM Loans
J A P A N
eACCESS LTD.: S&P Keeps 'BB+' Corp. Credit Rating on Watch
JLOC 37: S&P Cuts Ratings on 2 Floating-Rate Note Classes to 'D'
M O N G O L I A
MONGOLIAN MINING: Moody's Changes Outlook on B1 CFR to Negative
N E W Z E A L A N D
GATEWAY MOTOR: In Liquidation, Receivership; Owes NZ$3 Million
T A I W A N
REXCHIP ELECTRONICS: Faces Delisting as Advisers Cut Ties
* TAIWAN: Moody's Says Impaired Loans Better Gauge Asset Quality
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
bCODE: Mobile Ticketing Firm Placed in Administration
-----------------------------------------------------
SmartCompany reports that mobile ticketing company bCODE Pty Ltd.
has collapsed and administrators Armstrong Wiley are seeking a
buyer.
The company's offices in Dubai and Sydney were advertised for
sale October 17 by Andrew Wiley of Armstrong Wiley, who was
appointed as an administrator, SmartCompany discloses.
Mr. Wiley told SmartCompany that bCODE has "solvency problems"
and so Armstrong Wiley asked for expressions of interest in
purchasing the software and intellectual property for the bCODE
business.
"A lot of the smartphones operate on certain types of code but
bCODE is particularly useful for older style phones as it
operates on an alpha numerical combination system which is
predominantly SMS," the report quotes Mr. Wiley as saying.
SmartCompany relates that Mr. Wiley said bCODE's solvency
problems came about when its funding ended.
bCODE Pty Ltd. owns and operates a mobile ticketing coupon and
payments enabler, which contains a code that can be used on any
style of phone and helps people identify the payment of tickets
and purchases.
NINE ENTERTAINMENT: Avoid Receivership As Lenders Reach Deal
------------------------------------------------------------
Richard Gluyas at The Australian Business reports that Nine
Entertainment has avoided receivership, with the company's
warring lenders reaching an agreement in principle.
US hedge funds Apollo and Oaktree, which are the biggest holders
of Nine's $2.28 billion in senior debt, conceded some extra
ground by giving investment bank Goldman Sachs' mezzanine debt
funds a 4.5% stake in a recapitalized, debt-free Nine, according
to The Australian Business.
Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006. CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer. In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.
PRIME TRUST: Former Health Minister Defends Role in Firm
--------------------------------------------------------
Ben Butler and Georgia Wilkins at smh.com.au reports that former
Australian Health Minister Michael Wooldridge has broken his
silence over a corporate collapse, which could see him banned
from Australia's boardrooms, to defend his role at the helm of
retirement village empire Prime Retirement and Aged Care Property
Trust.
A public examination into the collapse in the Supreme Court on
October 17 also heard from lawyer Lorna Gelbert, an adviser to
Prime Trust, who sits on the board of the Baillieu government's
urban renewal authority Places Victoria.
In separate proceedings, smh.com.au says, the corporate regulator
is attempting to ban from being company directors Dr. Wooldridge
and Places Victoria chairman Peter Clarke, a close political ally
of Mr. Baillieu, who has stepped aside from his government role
while the court case is going.
Dr. Wooldridge was the chairman of the company that ran Prime
Trust, Australian Property Custodian Holdings, which put at risk
AUD550 million of investors' money when it collapsed in October
2010, smh.com.au discloses.
According to the report, Dr. Wooldridge told the court APCH's
board was aware of a conflict in the role of chief executive Bill
Lewski in running the trust and the fact that Mr. Lewski's
personal companies were paid to manage 12 of Prime Trust's
retirement villages at the same time. Dr. Wooldridge said Mr.
Lewski was not always asked to leave the room when the issue came
up during board meetings, the report relays.
"On every occasion it was asked if Mr Lewski should leave, but as
he was CEO on some occasions he had a body of technical knowledge
the board wished to avail itself of," the report quotes Dr.
Wooldridge as saying.
smh.com.au relates that Dr. Wooldridge said some management fees
charged by companies associated with Mr. Lewski were higher than
market rate, but said this was "balanced" by others that were
lower.
"I didn't see Mr. Lewski's figures, I wasn't involved with his
companies, I didn't know if he was making a profit or a loss,"
Dr. Wooldridge, as cited by smh.com.au, said.
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 related that 10 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.
=========
C H I N A
=========
YUZHOU PROPERTIES: Moody's Rates Proposed USD Sr. Notes '(P)B2'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to the USD senior unsecured notes proposed by Yuzhou Properties
Company Limited.
Moody's has also affirmed Yuzhou's B1 corporate family rating and
B2 senior unsecured debt rating.
The ratings outlook is stable.
The company will use the proceeds from the proposed USD notes
issuance to repay some of its existing debt and fund land
acquisitions and development needs, as well as for general
corporate purposes.
The provisional status of the USD notes will be removed once
Yuzhou has issued the proposed USD notes on satisfactory terms
and conditions.
Ratings Rationale
"Yuzhou's debt leverage will not increase substantially as a
result of the proposed USD notes and will remain at a level
appropriate for the B1 rating," says Jonathan Lee, a Moody's Vice
President and Senior Analyst.
After the issuance of the proposed USD notes, Moody's expects
Yuzhou's adjusted debt/total capitalization to be at around 50%-
55% and EBITDA/interest coverage at 3.0x-3.5x in the next 12-18
months.
"The notes will also strengthen Yuzhou's liquidity to support its
operations in addition to stabilizing its funding by lengthening
the debt maturity," adds Mr. Lee, also lead Analyst for Yuzhou.
Yuzhou will use the proceeds to: (1) achieve its target of RMB4
billion of book revenue in 2H 2012; and (ii) replenish its land
bank after pre-selling nearly 0.6 million square meters GFA in
the first nine months of 2012.
Yuzhou has improved its ability to execute sales in 2012. Its
contract sales of around RMB5.15 billion in the first nine months
of 2012 have already exceeded its full-year target of RMB5
billion and were 52% higher the same period a year ago. Such
success would encourage the company to replenish its land
holdings.
The B1 corporate family rating continues to reflect the company's
leading market position, quality land bank in Xiamen, low-cost
land bank strategy, and improving ability to execute sales.
Its rating also factors in the company's short operating history
and the high execution and financial risks arising from its plan
to rapidly expand beyond Xiamen, where it has yet to establish
its brand and clients.
The B1 rating also takes into account Yuzhou's small operating
scale, and high geographic and cash flow concentration in a few
projects, mainly in Xiamen. The projects in Xiamen accounted for
74.5% of its total contract sales for the first nine months of
2012, of which the top two projects contributed almost 48.8%.
Yuzhou's bond rating is notched down to B2, reflecting the risk
of structural and legal subordination. The ratio of secured and
subsidiary debt to total assets was at around 17% as of June.
Moody's expects the ratio to remain in the range of 15%-20% for
the next two to three years, as the company will continue to draw
on onshore bank loans to fund its construction work.
The stable outlook reflects Moody's expectation that Yuzhou will
maintain its leading position in Xiamen's residential property
market, achieve continuous business growth, and maintain access
to both onshore and offshore funding.
Yuzhou's ratings could be upgraded over the medium term if it
can: (1) consistently achieve its planned sales growth with
stable profit margins; (2) reduce its geographic concentration
risk; and (3) further strengthen its liquidity by broadening
banking relationships.
The credit metrics that would be indicative of an upgrade include
adjusted debt/capitalization of less than 45% and EBITDA/interest
coverage in excess of 4x on a sustainable basis.
The ratings could be pressured downward if Yuzhou's financial
position deteriorates, due to: (1) weaker-than-expected sales
performance; (2) aggressive developments or land acquisitions; or
(3) weakening liquidity.
The credit metrics that would indicate a rating downgrade include
adjusted debt/capitalization of more than 55% and EBITDA/interest
coverage of less than 3x on a sustainable basis.
The principal methodology used in rating Yuzahou Properties
Company Limited was the Global Homebuilding Industry Methodology
published in March 2009.
Yuzhou Properties Company Limited is a Fujian-based developer
that focuses on residential housing in Xiamen. It has a small and
concentrated land bank (with land titles) of around 6.0 million
square meters in gross floor area located in Xiamen, Quanzhou,
Fuzhou, Hefei, Shanghai and Tianjin. Xiamen comprises 36% of the
land bank as of June 2012.
* CHINA: Faces Liberalized Interest Rate, Moody's Says
------------------------------------------------------
Moody's Investors Service says that an increasingly liberalized
interest rate environment in China could challenge the banks'
current management capacities in a wide range of areas, including
business strategy, risk control and governance.
"These concerns underpin our current low stand-alone ratings on
Chinese banks. While they can still boast reasonably strong
financial metrics, their abilities to adapt to a fully market-
driven pricing environment remain untested, and may be subject to
additional uncertainties, such as how policy makers will choose
to sequence coming measures," says Bin Hu, a Moody's Vice
President and Senior Analyst.
"These issues come on top of the current risks posed by rising
asset quality pressures and a slowing economy," adds Hu, who was
speaking on the release of a new Moody's report: "Chinese Banks:
Interest Rate Liberalization Brings More Than Interest Rate
Risk."
"On the other hand, these challenges also invite greater
differentiation within the sector as they will highlight the
importance of looking into each bank's individual ability to
manage its risks and re-position in an evolving and competitive
landscape," says Hu. "China's bank industry has long been
characterized by its homogeneity, but the latest developments may
over time widen the range of standalone ratings currently seen
among the country's rated banks."
Moody's rates a total of 13 Chinese commercial banks, which
together account for 60.5% of the banking system's loans and
63.6% of its deposits. Their stand-alone credit profiles range
from D+/ba1 to D-/ba3. They all have a stable outlook.
The Moody's report -- which Hu authored -- follows the decisions
in June and July by the central bank, the People's Bank of China
(PBoC), to widen the range against which Chinese banks can
benchmark their lending and deposit rates, and which Moody's sees
as an acceleration towards a fully liberalized environment.
"This development is credit negative and promises to play an
increasingly important role in our assessment of Chinese banks,
as it means potential challenges for them on multiple levels,"
says Hu.
The challenges include negative pressures on interest rate
margin, as allowing the banks greater flexibility in setting
rates will narrow such margin as they will need to offer more
competitive rates on their broad deposits and loans.
Moody's estimates that, after carving out the effects of cuts in
benchmark rates, the increased flexibility with which the banks
can set their own rates, because of the latest PBoC decisions
alone, will depress Chinese commercial banks' net interest
margins by 4-6 basis points in 2012 and reduce their net profits
by around RMB28.5 billion (US$4.5 billion), or 3% of the system's
net profit for 2011.
Looking further ahead, Moody's simulation for 2013 shows that the
negative impact on net interest margins could be as much as 10-13
basis points and could reduce net profit by RMB79.6 billion
(US$12.6 billion).
In addition, challenges will emerge in liquidity management, as
the broad liberalization of interest rates could encourage
depositors to seek greater yields and permanently introduce
market-driven volatility into the entire funding structure.
The report also sees a migration to higher-risk borrowers and
complex businesses, adding that the drive to maintain
profitability, in view of the likely compression in net interest
margins, could push the banks to increase lending to higher-risk
borrowers, or become involved in complex business activities.
"In particular, we note that Chinese banks have been stepping up
lending to small- and medium-sized enterprises, a segment that
has allowed them to maintain loan returns close to, or above
benchmark loan rates, but which can be highly prone to more asset
quality issues, as shown in the latest round of bank results,"
says Hu.
Looking back at recent history, the report says that interest
rate liberalization in China has taken on various forms. Moody's
has long viewed the proliferation of structured deposits and
wealth-management products at Chinese banks in recent years as a
de facto form of rate deregulation as they represent substitutes
for deposits.
================
H O N G K O N G
================
S & B CHEMICALS: Members' Final General Meeting Set for Nov. 12
---------------------------------------------------------------
Members of S & B Chemicals Limited will hold their final general
meeting on Nov. 12, 2012, at 10:30 a.m., at 12/F, at No. 3
Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Rainier Hok Chung Lam and Anthony David Kenneth
Boswell, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.
SEVEN PRODUCTIONS: Creditors' Proofs of Debt Due Oct. 29
--------------------------------------------------------
Creditors of Seven Productions Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 29, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
SUNLINK WAVECOM: Liu and Yen Step Down as Liquidators
-----------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as
liquidators of Sunlink Wavecom Limited on Oct. 4, 2012.
VISTA CITY: Creditors' Proofs of Debt Due Nov. 13
-------------------------------------------------
Creditors of Vista City Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov.
13, 2012, to be included in the company's dividend distribution.
The company's liquidator is:
Kong Chi How Johnson
25th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
WING ON: Tsang Kam Chuen Appointed as Liquidator
------------------------------------------------
Tsang Kam Chuen on Oct. 3, 2012, was appointed as liquidator of
Wing On Shing Shipyard Limited.
The liquidator may be reached at:
Tsang Kam Chuen
12/F, Grand Building
Nos, 15-18 Connaught Road
Central, Hong Kong
WONDERFUL IDEA: Yeung and Ho Appointed as Liquidators
-----------------------------------------------------
Yeung Betty Yuen and Ho Siu Pik on Sept. 28, 2012, were appointed
as liquidators of Wonderful Idea Investment Limited.
The liquidators may be reached at:
Yeung Betty Yuen
Ho Siu Pik
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
WORLDSPAN SERVICES: Members' Final Meeting Set for Nov. 15
----------------------------------------------------------
Members of Worldspan Services Hong Kong Limited will hold their
final meeting on Nov. 15, 2012, at 10:00 a.m., at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
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I N D I A
=========
AMBIKA SOLVEX: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ambika Solvex Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The downgrade reflects instances of delay
by ASL in servicing its debt; the delays have been caused by the
company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL D (Downgraded from
'CRISIL A4+')
Letter of Credit 70 CRISIL D (Downgraded from
'CRISIL A4+')
Letter of credit & 100 CRISIL D (Downgraded from
Bank Guarantee 'CRISIL A4+')
Packing Credit 520 CRISIL D (Downgraded from
'CRISIL A4+')
Rupee Term Loan 100 CRISIL D (Downgraded from
'CRISIL BB/Stable')
ASL is susceptible to economic downturns, volatility in soya
prices, intense market competition, and regulatory changes in the
soya industry. However, the company continues to benefit from its
promoters' extensive experience in the soya industry.
About Ambika Solvex
ASL is promoted by Mr. Vinodkumar Garg, Mr. Shivkumar Hotwani,
Mr. Nandkishore Agarwal, and Mr. Kailash Chandra Garg. The
company manufactures raw and refined soya bean oil and soya bean
meal. It has solvent extraction capacity of 1,350,500 tonnes per
annum (tpa) and refining capacity of 146,000 tpa.
ANANDAM TEXTILES: CRISIL Assigns 'B+' Rating to INR54.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Anandam Textiles.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 7.2 CRISIL B+/Stable (Assigned)
Key Cash Credit 22.5 CRISIL B+/Stable (Assigned)
Bill Discounting 9 CRISIL A4 (Assigned)
Cash Credit 25 CRISIL B+/Stable (Assigned)
The ratings reflect AT's modest scale of operations in the
fragmented cotton textile industry, its below-average financial
risk profile marked by high gearing, and susceptibility of its
operating profitability to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of AT's promoters in the textile industry.
Outlook: Stable
CRISIL believes that AT will continue to benefit over the medium
term from the extensive experience of its promoters in the
textile industry. The outlook may be revised to 'Positive' if the
firm records a considerable increase in its revenues while
improving its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if AT's revenues and
profitability are impacted by power shortages in Tamil Nadu, its
working capital management deteriorates, impacting its liquidity,
or if the firm undertakes a large, debt-funded capital
expenditure programme, resulting in weakening of its financial
risk profile.
About Anandam Textiles
AT, set up in 1973 by Mr. Mahalingam, derives its revenues from
supply of cotton yarn and grey fabric. The firm's operations are
currently managed by the promoter's son-in-law, Mr. A Murugaraj.
AT, on a provisional basis, reported a profit after tax (PAT) of
INR1.80 million on net sales of INR175 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.94 million on net sales of INR167 million for 2010-11.
BANSAL EARTHMOVERS: CRISIL Puts Junk Ratings on INR69.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Bansal Earthmovers Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D (Assigned)
Term Loan 9.7 CRISIL D (Assigned)
The rating reflects instances of delay by BEPL in servicing its
debt; the delays have been caused by the company's weak
liquidity. BEPL's liquidity is weak because of its low cash
accruals vis-…-vis its debt obligations, its large capital
expenditure and high working capital requirements.
BEPL also has a weak financial risk profile, marked by small net
worth and high gearing, and small scale of operations in a highly
fragmented industry. However, BEPL benefits from its promoters'
extensive experience in the automobile trading industry.
About Bansal Earthmovers
BEPL, incorporated in 2009 in Siliguri (West Bengal), is an
authorised dealer for JCB India Ltd for north-east West Bengal
and Sikkim. The company has one showroom at Siliguri and retail
outlets at Raiganj, Falakata, Malda (all in West Bengal) and
Tadong (Sikkim). The company derives a significant portion of its
revenues from the sale of earthmoving equipment and spare parts
and maintenance services.
BNR INFRA: CRISIL Assigns 'B+' Rating to INR40MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of BNR Infra & Leasing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash Credit 20 CRISIL B+/Stable
Limit (Assigned)
Bank Guarantee 10 CRISIL A4 (Assigned)
Cash Credit 20 CRISIL B+/Stable
(Assigned)
The ratings reflect BNR's modest scale of operations in the
intensely competitive civil construction industry; it's below
average financial profile marked by high gearing and its working
capital intensive operations. These rating weaknesses are
partially offset by the entrepreneurial experience of BNR's
promoters and its healthy order book.
Outlook: Stable
CRISIL believes that BNR will benefit over the medium term from
the entrepreneurial experience of its promoters and its healthy
order book position. The outlook may be revised to 'Positive', if
BNR's scale of operations and operating profitability increases
on a sustained basis over the medium term there by leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the firm undertakes any
significant debt-funded capital expenditure or if its proprietor
withdraws significant capital from the firm leading to
deterioration in its financial risk profile.
About BNR Infra
Established in 2008 as a proprietorship entity, BNR is involved
in civil construction, primarily in the roads and building
construction segment. The firm is promoted by Mr.B.Narasimha
Reddy.
BNR, on a provisional basis, reported a profit after tax (PAT) of
INR4.5 million on net sales of INR134.3 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR1 million on net sales of INR62.2 million for 2010-11.
CAPITOL HILL: CRISIL Rates INR250MM LT Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Capitol Hill Hotels Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 250 CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects CHHPL's exposure to risks related to
implementation of its hotel project, susceptibility to
cyclicality in the hospitality segment, and its below-average
financial risk profile. These rating weaknesses are partially
offset by CHHPL's promoters' experience in the hospitality
business and the advantageous location of the hotel it is
developing.
Outlook: Stable
CRISIL believes that CHHPL's business risk profile will be
supported by its management's experience in the hospitality and
real estate business, over the medium term. The outlook may be
revised to 'Positive' in case of earlier-than-expected completion
of the project and more-than-expected funding support from its
promoters, resulting in lower project gearing. Conversely, the
outlook may be revised to 'Negative' in case of significant
delays in project completion, cost overruns, or less-than-
expected funding support from promoters, leading to pressure on
the company's liquidity.
About Capitol Hill
Incorporated in 2012, CHHPL is developing a three-star deluxe
hotel in Bistupur, Jamshedpur (Jharkhand). The company is
promoted by Mr. Ashwani Bhatia and Mr. Sanjay Bhatia.
DINANATH RESORTS: CRISIL Rates INR22MM LT Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dinanath Resorts Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 22 CRISIL B/Stable (Assigned)
Bank Loan Facility
Proposed Term Loan 228 CRISIL B/Stable (Assigned)
The rating reflects DRPL's below-average financial risk profile
marked by high gearing and its exposure to risks related to
timely implementation of its three-star hotel project. These
rating weaknesses are partially offset by the benefits that DRPL
derives from its promoters' extensive experience in the
hospitality business.
Outlook: Stable
CRISIL believes that DRPL will benefit from its promoters'
extensive experience in the hospitality industry. However, its
credit risk profile is expected to remain constrained by project
implementation risks, especially time or cost overruns, as well
as its high gearing. The outlook may be revised to 'Positive' in
case of earlier-than-expected completion of the project and
higher-than-expected funding support from promoters, resulting in
lower project gearing. Conversely, the outlook may be revised to
'Negative' in case of significant delays in project completion,
cost overruns, or less-than-expected funding support from
promoters, leading to pressure on the company's liquidity.
About Dinanath Resorts
Incorporated in August 2012, DRPL is setting up a 60-room, three-
star hotel in Bokaro Steel City, Jharkhand. The company is
promoted by Mr. Ashwani Bhatia and his brother, Mr. Sanjay
Bhatia. The promoters have been in the hospitality business for
nearly three decades and currently own two successful hotels and
a restaurant in Ranchi.
HALBIT AVIONICS: CRISIL Rates INR500MM Term Loan at 'BB+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Halbit Avionics Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 350 CRISIL A4+ (Assigned)
Proposed Term Loan 500 CRISIL BB+/Stable
The ratings reflect the strong operational support that Halbit
derives from its association with Hindustan Aeronautics Ltd (HAL;
rated 'CRISIL AAA/Stable/CRISIL A1+') and Elbit Systems Ltd
(Elbit). The ratings also factor in the benefits that Halbit
derives from its niche positioning in, and the healthy growth
prospects of, the Indian defense sector. These rating strengths
are partially offset by weak financial risk profile on account of
Halbit's large capital expenditure (capex) plans, project
implementation risk and customer concentration risk.
Outlook: Stable
CRISIL believes that Halbit will continue to benefit over the
medium term from its close association with HAL, and its niche
positioning in the Indian defence sector. The outlook may be
revised to 'Positive' if Halbit implements its planned capex
programme without any major time and cost overruns, generates
healthy cash accruals, or benefits from significant equity
infusion, resulting in faster-than-expected improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if Halbit undertakes a larger-than-expected, debt-
funded capex programme, or if it registers lower-than-expected
improvement in its profitability.
About Halbit Avionics
Halbit, based in Bengaluru (Karnataka), was set up on May 1, 2007
as a joint venture between HAL (50 per cent), Elbit (26 per
cent), and Merlinhawk Associates (24 per cent). Halbit is
promoted by HAL and Elbit for design, development, integration,
and support (operations and maintenance) of advanced high-quality
avionics products, simulators, and training systems, primarily
for customers in the defense sector in India and across the
globe.
Halbit reported, on provisional basis, a profit after tax of
INR3.6 million on net sales of INR147 million for 2011-12 (refers
to financial year, April 1 to March 31); the company reported a
net loss of INR18.2 million on net sales of INR66 million for
2010-11.
JAY KHODIYAR: CRISIL Puts 'B' Rating on INR79.5MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jay Khodiyar Cotton Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital 60 CRISIL B/Stable
Demand Loan
Term Loan 2.5 CRISIL B/Stable
Cash Credit 15 CRISIL B/Stable
Proposed Long-Term 2 CRISIL B/Stable
Bank Loan Facility
The rating reflects JKCPL's modest scale of operations, working-
capital-intensive nature of activity and weak financial risk
profile, marked by high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
experience in the cotton industry.
Outlook: Stable
CRISIL believes that JKCPL will benefit over the medium term from
its promoters' extensive experience and established relationships
in the cotton industry. The outlook may be revised to 'Positive'
in case the company records a substantial and sustained increase
in its scale of operations and profitability while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the company's
revenues or profitability or if its capital structure
deteriorates on account of lengthening of the working capital
cycle or large debt-funded capex programme.
About Jay Khodiyar
JKCPL was established in 2008 by Mr. Nanabhai Kalsaria, Mr.
Mangalbhai Ladmur and Mr. Nagjibhai Rathore, who have over twenty
years of experience in the cotton industry. The company processes
raw cotton into cotton bales and cotton seeds and caters to
domestic markets. The company's unit is based in Bhavnagar,
Gujarat.
JKCPL reported, on a provisional basis, a profit after tax (PAT)
of INR2.5 million on net sales of INR302.4 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR2.2 million on net sales of INR336.3 million for 2010-11.
KINGFISHER AIRLINES: To Extend October 20 Lockout Deadline
----------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd, which
has been grounded since September 29, said it will have to extend
the October 20 deadline it had set for itself to resume
operations, as a meeting with the striking employees on
October 17 failed to resolve the deadlock.
On October 10, the airline had said it would resume operations
from October 20, the report notes.
"We will have to look at extending the lockout for a few more
days . . . The meeting with the representatives of pilots and
engineers was very good. The discussions are moving in the right
direction," the report quotes airline chief executive Sanjay
Agarwal as saying after emerging from a meeting with the employee
representatives.
On the outcome on the issue of salary, which has not been paid
for the past seven months and on which employees have been
striking since the past three weeks, he did not offer a direct
answer, but just said that discussions are going on in the right
direction and they will be meeting soon again, TOI reports.
Two engineers, who attended the meeting but did not want to be
named, also said that the meeting was very positive and they will
be meeting shortly, according to TOI.
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.
KINGFISHER AIRLINES: Clears INR10.5cr Dues to GMR
-------------------------------------------------
The Economic Times reports that Kingfisher Airlines Ltd. cleared
on Wednesday INR10.5 crore in dues to GMR, the owner of Hyderabad
International Airport, and arrived at a settlement to cancel the
non-bailable warrants served on its chairman Vijay Mallya and
four senior executives.
Mr. Jeevan, counsel of GMR, told ET, "KFA has approached the 13th
metropolitan magistrate court at Erramanjil in Hyderabad with a
settlement proposal and cleared the INR10.5 crore of dues to GMR.
Accordingly, the court has agreed to close the case and the
warrants issued against Vijay Mallya and other senior KFA
officials were withdrawn."
According to the report, the court had on October 12 ordered
serving non-bailable warrants against Mallya, KFA's chief
executive officer Sanjay Aggarwal, chief financial officer A.
Raghunathan and two other senior executives.
ET relates that the court had served these notices responding to
a petition filed GMR accusing KFA of dishonoring INR10.5 crore of
cheques issued towards user charges at the Hyderabad
International Airport. The court had ordered executing the
warrants on the KFA top brass before November 5, the report adds.
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.
SRIVARI INDUSTRIES: CRISIL Cuts Rating on INR114.3MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Srivari Industries to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'. The downgrade reflects delays by the firm
in servicing its term debt; the delays have been caused by the
firm's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 6.5 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 55 CRISIL D Downgraded from
'CRISIL BB+/Stable')
Long-Term Loan 52.8 CRISIL D Downgraded from
'CRISIL BB+/Stable')
About Srivari Industries
Set up in 2006, Srivari has been manufacturing polypropylene bags
and plastic bottles. These bags are largely used in retail, fast
moving consumer goods and pharmaceutical sectors. The firm's
promoter Mr. K Rajendra Chetty has around 15 years of experience
in similar lines of business.
Srivari reported a provisional profit after tax (PAT) of INR19
million on net sales of INR293 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR15
million on net sales of INR227 million for 2008-09.
SYLVAN GREENS: CRISIL Assigns 'B+' Rating to INR88MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sylvan Greens Pvt. Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 56 CRISIL B+/Stable (Assigned)
Bank Guarantee 2 CRISIL A4 (Assigned)
Cash Credit 32 CRISIL B+/Stable (Assigned)
The ratings reflect SGPL's modest scale of operations and subdued
financial risk profile marked by low networth and high gearing.
These rating weaknesses are partially offset by the extensive
industry experience of SGPL's promoters and established
relationships with customers.
Outlook: Stable
CRISIL believes that SGPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the packaging industry. The outlook may be
revised to 'Positive' if SGPL's financial risk profile improves
significantly driven by higher-than-expected revenues and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in SGPL's financial risk profile.
About Sylvan Greens
Incorporated in 2000, Sylvan Greens Private Limited started
commercial operations in 2010. The company is engaged in the
manufacturing of kraft paper, which is primarily used in the
production of corrugated boxes and paperboards. The day-to-day
operations of the company are managed by Mr. O. P. Raheja.
SGPL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR233.8 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a net loss of INR14.4 million on
net sales of INR88.5 million for 2010-11.
VENSHIV PHARM: CRISIL Assigns 'B-' Rating to INR61MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Venshiv Pharmachem Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 12 CRISIL B-/Stable (Assigned)
Long-Term Loan 49 CRISIL B-/Stable (Assigned)
The rating reflects VPPL's exposure to risks related to
stabilisation of its ongoing Sulfamethoxazole manufacturing
project. The rating also reflects VPPL's weak financial risk
profile marked by small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of VPPL's promoters.
Outlook: Stable
CRISIL believes that VPPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case VPPL's reports more-than-
expected revenues and profitability resulting in improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case the company's profitability or revenues
decline resulting in lower-than-expected cash accruals, or if
VPPL delays in achieving financial closure for rescheduling its
existing term loan repayments, or if it undertakes any larger-
than-expected debt-funded capital expenditure (capex), leading to
deterioration of its financial risk profile.
About Venshiv Pharmachem
Incorporated in 2007, Venshiv Pharmachem Pvt Ltd (VPPL) is
engaged in manufacturing of Sulfamethoxazole (SMX). Promoted by
Mr. K Sambasiva Reddy, the company is expected to start
commercial operations from January 2013.
VIHAAN BOARDS: CRISIL Assigns 'B+' Rating to INR190MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vihaan Boards Pvt Ltd (VBPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 132.5 CRISIL B+/Stable (Assigned)
Cash Credit 50.1 CRISIL B+/Stable (Assigned)
Proposed Long-Term 7.4 CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflects VBPL's exposure to risks relating to project
execution and off take levels, and its constrained liquidity due
to large debt repayment obligations. These rating weaknesses are
partially offset by the benefits that VBPL derives from its
promoters' extensive experience in the wood-panel and related
industries.
Outlook: Stable
CRISIL believes that VBPL will benefit over the medium term from
the extensive industry experience of its promoters and their
established relationships with the dealer network. The outlook
may be revised to 'Positive' if the company commissions its
project as per schedule, and achieves higher-than-expected
capacity utilisation, leading to a significant improvement in its
debt-servicing metrics. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overruns in
VBPL's project, resulting in weakened capacity to adhere to the
repayment programme stipulated by its lenders.
About Vihaan Boards
VBPL, incorporated in 2011, is promoted by Mr. Bharat Surana, Mr.
Chattar Surana, and Mr. Gaurav Dewan. The company is installing a
facility in Moradabad (Uttar Pradesh) to manufacture particle
boards, which are used in furniture and in the construction
industry.
VIZAG HOSPITAL: CRISIL Assigns 'D' Rating to INR240MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Vizag Hospital & Cancer Research Centre Pvt Ltd (VHCR). The
rating reflects instances of delay by VHCR in servicing its debt;
the delays have been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 195 CRISIL D (Assigned)
Cash Credit 10 CRISIL D (Assigned)
Proposed Long-Term 35 CRISIL D (Assigned)
Bank Loan Facility
VHCR also has a weak financial risk profile, marked by high
gearing and modest net worth, and constrained financial
flexibility due to large working capital requirements. These
rating weaknesses are partially offset by VHCR's established
market position in the oncology segment in Visakhapatnam and
promoters' extensive industry experience.
About Vizag Hospital
VHCR, set up in 1984, runs cancer specialty hospital under the
name, Mahatma Gandhi Caner Hospital and Research Institute, in
Vishakhapatnam (Andhra Pradesh). The hospital's day-to-day
operations are managed by Dr. Voonna Muralikrishna.
VHCR reported a profit after tax (PAT) of INR4.2 million on net
sales of INR178.4 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR23 million on net
sales of INR113.8 million for 2010-11.
=========
J A P A N
=========
eACCESS LTD.: S&P Keeps 'BB+' Corp. Credit Rating on Watch
----------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB+' long-term
corporate credit rating and 'BB' issue rating on eAccess Ltd. on
CreditWatch, but revised the implications to developing from
positive. "The action follows our placement on CreditWatch with
negative implications of the ratings on Softbank Corp. (BBB/Watch
Neg/--), the potential parent of eAccess, on October 12 and our
CreditWatch update, with updated views, on October 16. We placed
the ratings on eAccess on CreditWatch positive on October 2
following eAccess' announcement that it will merge with Softbank
by February 2013," S&P said.
"It is likely that we will equalize the corporate credit rating
on eAccess with the corporate credit rating on Softbank. If the
acquisition by Softbank of Sprint Nextel goes ahead we anticipate
lowering the rating on Softbank to the 'BB' category.
Accordingly, we would either keep the rating on eAccess at 'BB+'
or lower it. In the less likely event that the acquisition of
Sprint Nextel does not proceed, we would likely raise the rating
on eAccess to equal that on Softbank, which is currently 'BBB',"
S&P said.
"Regardless of the rating level of Softbank, we maintain our view
that the merger with Softbank is likely to positively impact
eAccess' business prospects on a stand-alone basis, as we expect
eAccess to benefit from utilizing its 1.7 GHz spectrum under the
Softbank group," S&P said.
"We will resolve the CreditWatch status of the ratings on eAccess
when we can expect to provide more clarity on the ultimate
ratings outcome on Softbank. In resolving the CreditWatch status,
we will assess the impact on eAccess' business prospects and
financial management of becoming a 100%-owned subsidiary of the
Softbank group, as well as eAccess' position within the Softbank
group," S&P said.
JLOC 37: S&P Cuts Ratings on 2 Floating-Rate Note Classes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its ratings on the class D1 and D2 floating-rate notes
issued under the JLOC 37 LLC transaction.
"On Jan. 26, 2012, we lowered to 'CC (sf)' from 'CCC (sf)' our
ratings on classes D1 and D2 because we found that the
outstanding principal on the securitized portion of one of the
transaction's two remaining defaulted loans exceeded the amount
of proceeds collected through the sales of that loan's collateral
properties. The loan originally represented about 16% of the
total initial issuance amount of the notes," S&P said.
"We lowered to 'D (sf)' our ratings on classes D1 and D2 because
the interest payments on these classes were only partly made on
the interest payment date in October 2012, and no payments of
unpaid interest are set to be made in the future," S&P said.
JLOC 37 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. Multiple loans extended to 10 obligors
originally secured the notes issued under this transaction, and
61 real estate properties and real estate trust certificates
initially backed the loans. Morgan Stanley Japan Securities Co.
Ltd. arranged the transaction, and ORIX Asset Management & Loan
Services Corp. acts as the servicer.
"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in January 2015 for
the class D1 and D2 notes," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LOWERED
JLOC 37 LLC
JPY81.22 billion equivalent notes issued on July 11, 2007, due
January 2015
Class To From Initial issue amount
D1 D (sf) CC (sf) JPY8.0 bil.
D2 D (sf) CC (sf) EUR1.95 mil.
===============
M O N G O L I A
===============
MONGOLIAN MINING: Moody's Changes Outlook on B1 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the B1 corporate family and senior unsecured ratings
of Mongolian Mining Corporation.
Ratings Rationale
"The negative outlook reflects the breach of financial covenants
by MMC on its bank loans, as well as its weakened profitability
and rising leverage," says Simon Wong, a Vice President and
Senior Analyst at Moody's.
The negative outlook also takes into account Moody's concern that
it will remain a challenge for the company to improve its
financial profile to a level appropriate for its B1 rating in the
near to medium term, given the challenging business environment.
Although the company has received waivers from its lenders,
Moody's expects it will need to seek further waivers for its
financial year end results. Moody's also expects MMC's adjusted
debt/EBITDA to remain above 4x over the next 12-18 months, which
is weak for its B1 rating.
MMC's operating results for H1 2012 were weaker than expected
because of poor sales volume and operating margins. In addition,
coking coal prices, which have declined over 20% since end-July,
are likely to remain soft in the near term. The rising proportion
of middling output will also add pressure on MMC's average
selling prices and margins.
"However, MMC's ratings continue to be supported by its lower-
than-average cost base for production. Moody's also expects the
company to remain flexible on the timing of the construction of
its railroad, should coking prices remain weak," says Mr. Wong,
also Moody's Lead Analyst for MMC.
MMC is likely to incur capex of US$170 million for 2012 to
complete its paved road between the UHG and BN mine, water supply
expansion project and the third wash plant. Capex in the medium
term will depend on when MMC commences the construction of the
railroad from its mine to the Chinese border.
Moody's will be concerned if MMC starts the construction amid
weak coking coal prices -- as this will reduce MMC's financial
flexibility and increase its debt burden during the construction
phase -- or if the construction costs exceed the initial budget
of US$700 million that was set in 2009.
Although liquidity is currently adequate, with cash on hand of
US$451.1 million as at June 30, it could erode in the medium
term, given MMC's scheduled debt maturities of US$135 million,
interest servicing, and ongoing capex plans.
In addition, as per Moody's base case assumptions, the
construction of the railway line will begin in 2014 and which
will also pressure liquidity and debt leverage.
Moody's would consider revising the outlook to stable if adjusted
debt/EBITDA falls below 4x and MMC obtains a permanent waiver or
amendment to maintain compliance with its financial covenants on
its bank loans.
Downward rating pressure would emerge if: a) industry
fundamentals deteriorate further; b) MMC faces delays or is
unable to secure further covenant-breach waivers; c) MMC begins
the railroad construction when coking coal prices remain soft; or
d) there are any changes in laws and regulations that adversely
affect MMC's business, resulting in a decline in operating cash
flow that could constrain its ability to service its debt.
Indicators that Moody's would consider as a trigger for downgrade
include adjusted debt/EBITDA exceeding 4x or adjusted
EBIT/interest expenses falling below 2.5x on a sustained basis.
The principal methodology used in rating MMC was the Global
Mining Industry Methodology published in May 2009.
MMC is the largest private-owned coal mining company in Mongolia.
Established in 2005, it was listed on the Hong Kong Stock
Exchange in October 2010. It has two producing mines located in
the Gobi Desert. The Ukhaa Khudag mine, which produced 7.1MT of
coking coal in 2011; while the Baruun Naran mine, acquired in
2011, commenced production in February 2012.
====================
N E W Z E A L A N D
====================
GATEWAY MOTOR: In Liquidation, Receivership; Owes NZ$3 Million
--------------------------------------------------------------
Amie Hickland at Wairarapa Times-Age reports that receivers hope
to find a buyer for Masterton's Gateway Motor Inn after the
company behind it went into receivership and liquidation, owing
more than NZ$3 million.
Gateway Motor Inn Wairarapa Ltd was placed in receivership and
liquidation in September, with the liquidator's first report
detailing debts totalling NZ$3.08 million, Times-Age discloses.
Company director Deane Fuller did not want to comment to the
Times-Age.
John Fisk and Colin McCloy, partners at PricewaterhouseCoopers,
were appointed receivers on September 21 by creditor the Bank of
New Zealand, Times-Age relays.
"The receivership came about due to the appointment of an interim
liquidator to Gateway on September 18," Times-Age quotes
Mr. Fisk as saying.
Times-Age notes Murray Allot was appointed by the High Court in
Masterton as interim liquidator on September 18, and liquidator
Bruce McCullough was appointed by shareholders on September 20.
According to the report, Mr. Fisk said receivers would try to
find a buyer. "We have assessed the financial position of
Gateway and decided that the business has best value being sold
as a going concern," Mr. Fisk, as cited by Times-Age, said.
The business would be placed on the market soon and for now, it
would be "business as usual", he said. All staff -- two full-
timers and five part-timers -- had been retained, Times-Age
reports.
Times-Age discloses that Mr. McCullough's first liquidator's
report, dated September 26, said debts included NZ$2.9 million
owed to the Bank of New Zealand, NZ$24,000 to Blackguard Finance
and NZ$90,000 to Elma Jean Snelling. Secured creditors were owed
NZ$2.9 million and unsecured NZ$114,000.
The Gateway Motor Inn Wairarapa Ltd operates the Gateway Motor
Inn in the Masterton.
===========
T A I W A N
===========
REXCHIP ELECTRONICS: Faces Delisting as Advisers Cut Ties
---------------------------------------------------------
Taipei Times reports that Rexchip Electronics Corp., a joint
venture between Powerchip Technology Corp and Japan-based Elpida
Memory Inc, may be delisted from the local emerging stock market,
the GRETAI Securities Market.
The GRETAI, which operates the local emerging stock market and
the over-the-counter (OTC) market, said the delisting is likely
after both Cathay Securities Co and Grand Cathay Securities Corp
terminated contracts to provide financial services to financially
troubled Rexchip, according to Taipei Times.
Under the current securities listing rules, an emerging stock
needs two advisory securities firms to provide the necessary
assistance for it to stay on the local bourse, the report
discloses. The GRETAI said it is reviewing the situation before
making a formal announcement about a delisting.
According to the report, the departure of the two advisory firms
reflects market concerns over Rexchip's financial position as the
global DRAM sector is in a down cycle amid weak demand and
falling prices.
Taipei Times relates that Rexchip is in talks with its creditors
to roll over part of its loan portfolio. The firm has a NT$2.6
billion loan (US$89.04 million) due to expire on Nov. 20, but it
has only about NT$500 million in cash and cash equivalents, the
report notes.
Taipei Times, citing the Taiwan Stock Exchange, says Rexchip had
NT$20.77 billion in outstanding debt, including NT$15.59 billion
in loans with a maturity of less than one year, as of the end of
June.
Based in Taichung, Taiwan, Rexchip Electronics Corporation --
http://www.rexchip.com/-- engages in the manufacture and sale of
high density/high performance dynamic random access memory (DRAM)
products. It also offers memory foundry services for applications
in personal computer and server fields. Rexchip Electronics
operates as a subsidiary of Elpida Memory Inc.
* TAIWAN: Moody's Says Impaired Loans Better Gauge Asset Quality
----------------------------------------------------------------
Moody's Investors Service says that the disclosure of impaired
loans by Taiwanese banks has improved the transparency of data
related to their asset quality.
"Impaired loans are a better measure of asset quality than non-
performing loans, as they are more comprehensive, globally
comparable, and less prone to regulatory discretion," says Ginger
Kao, a Moody's Associate Analyst and author of the report.
"Taiwanese banks have mainly relied on their definition of non-
performing loans to gauge asset quality. Although not all of
their impaired loans will become non-performing or result in
losses, impaired loans -- generally much higher than their non-
performing loans -- reveal less favorable asset quality
conditions for these banks," Kao adds.
Kao was speaking at the release of a new Moody's report titled,
"Impaired Loans Better Gauge of Taiwanese Banks' Asset Quality
than NPLs."
According to the report, the average ratio of impaired loans to
total loans (weighted by loans) for Moody's-rated banks was 2.29%
at end-June 2012, and which was 184 basis points higher than
their average non-performing loan (NPL) ratio of 0.45%. The
outperformer was E.Sun Commercial Bank (Baa1 stable; D+/baa3
stable), which reported an impaired loan ratio of only 0.52%, or
34 basis points higher than its NPL ratio.
In addition, the total reserve coverage measure is far less
impressive if impaired loans are used to measure asset quality
instead of NPLs.
Given Taiwanese banks' relatively low coverage ratio of total
reserves to impaired loans (below 50%), Moody's is concerned that
their actual ability to absorb potential losses in a downturn is
weaker than their widely-published high NPL coverage ratios
(above 200%) suggest.
"Moody's expects that many banks will increase their impairment
allowance in the next 12-18 months, especially the collective
impairment allowance to cover normal loans," Kao says.
Among the rated banks, those with low total reserve coverage
against impaired loans -- such as Bank of Taiwan (Aa3 stable;
D+/baa3 stable), Hua Nan Commercial Bank (A3 stable; D+/ba1
stable), Taipei Fubon Commercial Bank (A2 stable; C-/baa2
stable), and Chinatrust Commercial Bank (A2 stable; C-/baa2
stable) -- will likely be under most pressure to improve their
provisioning.
The report also mentions that the globally comparable definition
of impaired loans makes cross-system comparison more meaningful.
The average impaired loan ratio of Moody's-rated Taiwanese banks
is higher than the ratios in other Asian systems, including
Korea, Singapore, and Hong Kong. On the other hand, Taiwan's
average NPL ratio was the lowest among them.
However, the revelation that Taiwanese banks' true asset quality
may be weaker than implied by their NPL classifications does not
have negative rating implications since Moody's relatively modest
standalone credit assessments of these banks incorporated a more
cautious view of asset quality than their reported NPLs implied.
===============
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 ***