/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121023.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, October 23, 2012, Vol. 15, No. 211 Headlines A U S T R A L I A ARCADIA BOOKS: Basil Hyman Buys Firm Out of Liquidation BUNBURY SILOS: Mantra Bunbury Hotel Sold for AUD11.5 Million STORM FINANCIAL: Federal Court Hearing on Firm Collapse Resumes C H I N A AOXING PHARMACEUTICAL: BDO China Raises Going Concern Doubt FRANSHION INVESTMENT: Moody's Assigns 'Ba1' Sr. Unsecured Rating H O N G K O N G BEACON ENTERTAINMENT: Court Enters Wind-Up Order CHINA PRECISION: Moore Stephens Raises Going Concern Doubt CHUN NGAI: Court Enters Wind-Up Order CRAZY CREATIONS: Court Enters Wind-Up Order CULINARIA KALEIDOSCOPE: Court Enters Wind-Up Order ENTAK INTERNATIONAL: Court Enters Wind-Up Order HILHWA LIMITED: Court Enters Wind-Up Order HONG KEUNG: Court Enters Wind-Up Order INCORPORATED OWNERS: First Meetings Set for Nov. 1 JANE BEAN: Court Enters Wind-Up Order LAM'S & PARTNER: Court Enters Wind-Up Order MARK POLO: Court Enters Wind-Up Order PETS CENTRAL: Court Enters Wind-Up Order UNI CORE: Albert Wong Raises Going Concern Doubt I N D I A AL-RKAYAN APPARELS: ICRA Puts '[ICRA]B+' Rating on INR14.5cr Loan ALAKH ADVERTISING: ICRA Reaffirms 'BB+' Rating on INR11cr Loan GAYATHRI SUSTAINABLE: ICRA Assigns 'C' Rating to INR22.87cr Loans GLOBAL AUTOTECH: ICRA Cuts Rating on INR64.5cr Loans to 'BB+' KINGFISHER AIRLINES: India Suspends License Amid Strike KINGFISHER AIRLINES: Offers 3 Months' Salaries by Mid-November K.T.C FOODS: ICRA Assigns '[ICRA]B' Rating to INR13.7cr Loan MODEST INFRA: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]B+' PARAS DYES: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan SAUMYA DSM: Delays in Loan Payment Cues ICRA Junk Ratings SHIPRA AGRICHEM: ICRA Assigns '[ICRA]B' Rating to INR13cr Loans SRI VENKATESWARA: ICRA Assigns '[ICRA]B' Rating to INR44.5cr Loan N E W Z E A L A N D KPR EVENT MANAGEMENT: In Receivership, Has $2.5-Mil+ Debt PIANOSHOP LTD: Director Gets Two-Year Jail Sentence S I N G A P O R E MORE WORLD: Court Enters Wind-Up Order UNITED ENERGY: Creditors' Proofs of Debt Due Nov. 15 VGS PROJECTS: Court to Hear Wind-Up Petition Nov. 2 WEE SIONG: Creditors Get 5.7% Recovery on Claims ZHEN LIAN: Court Enters Wind-Up Order X X X X X X X X * BOND PRICING: For the Week Oct. 15 to Oct. 19, 2012 - - - - - ================= A U S T R A L I A ================= ARCADIA BOOKS: Basil Hyman Buys Firm Out of Liquidation ------------------------------------------------------- The Bookseller reports that Arcadia Books has been bought out of liquidation by photographer Basil Hyman, with its publisher Gary Pulsifer rehired. Founded in 1996, the independent press filed for voluntary liquidation on Sept. 25, 2012, after printing firm CPI Books took the company to court over unpaid debts. "The company was placed in liquidation due to historic problems, and we have now sold the company to a third party investor who wishes to exploit the back catalogue and has new and adventurous ideas for the company," the report quotes John Dickinson, the joint liquidator at CBW, as saying. The name Arcadia has now been bought by Hyman, who was introduced to Pulsifer by former Arcadia investor Piers Russell-Cobbs, the report relays. According to the report, Mr. Pulsifer said the company suffered after he was forced to take time off, at the same as its Australia distributor in Australia, Tower Books, went under, impacting Arcadia's sales in its second biggest market. Bookseller relates that Mr. Pulsifer said he did not blame a cut in funding from the Arts Council in 2008 or the transition to digital for Arcadia Books Ltd's demise. Mr. Pulsifer told The Bookseller: "Obviously the market isn't great at the moment, we have been affected but it is hard to say how we have been affected. Sales were going down but actually the digital side of things gave us an added revenue." BUNBURY SILOS: Mantra Bunbury Hotel Sold for AUD11.5 Million ------------------------------------------------------------ Turi Condon at The Australian reports that liquidators have sold a 4.5-star hotel managed by Mantra Group on a long-term lease at Bunbury in Western Australia for AUD11.5 million. According to The Australian, the boutique hotel was sold on behalf of Matthew Donnelly of Grant Thornton, liquidator of Bunbury Silos, a company associated with a local developer. The 64-room Mantra Bunbury Hotel on Koombana Bay opposite Bunbury CBD opened in 2008 and is part of the Bunbury Silos mixed-use development, the report discloses. The Australian relates that selling agent Aaron Desange, senior vice-president of Jones Lang LaSalle Hotels, said the hotel attracted domestic groups focused on mid-scale hotel acquisitions of between AUD10 million and AUD30 milion. STORM FINANCIAL: Federal Court Hearing on Firm Collapse Resumes --------------------------------------------------------------- The Australian Associated Press reports that a Federal Court hearing into the collapse of Storm Financial resumed in Brisbane on Monday. The news agency says Storm's clients, many of them retirees and small investors, lost about $3.6 billion when the Townsville- based financial services company folded in early 2009. AAP notes the Australian Securities and Investments Commission is pursuing two banks -- Macquarie Bank and the Bank of Queensland -- seeking compensation and orders for them to improve their standards. According to the AAP, ASIC recently made a deal with the Commonwealth Bank over the matter, guaranteeing a total of AUD270 million will be made available to customers who invested through Storm Financial. AAP relates that Macquarie is also at the centre of a class action instigated by a group of investors who are seeking compensation from the bank on the grounds that it engaged in "unconscionable conduct" by approving multimillion dollar loans to people who could not repay them when the price of shares fell. The hearing is expected to run until the end of the year, says AAP. About Storm Financial Storm Financial Limited -- http://www.stormfinancial.com.au/-- operated in the Australian wealth management industry. The company managed over one trillion dollars in investment fund assets for over nine million investors, distributed through investment administration providers and financial adviser. The funds were invested through different investment products and structures, including superannuation, non-superannuation managed funds and life insurance products. Non-superannuation managed funds, which form the majority of Storm's products, total approximately 26.5% of total investment fund assets in Australia, as of June 30, 2007. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency & Forensic Accountants as voluntary administrators after the Commonwealth Bank of Australia demanded debt repayment of around AUD20 million. Storm later closed its business and fired all of its 115 staff. The closure, the company's administrators said, was due to the significant reduction in Storm's income resulting in trading losses being incurred "at a rate which the company could no longer absorb." The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's largest creditor, lodged a AUD27.09 million debt claim at a first meeting of the company's creditors on Jan. 20, 2010. The group's remaining creditors are owed AUD51 million, plus a provision for dividends of AUD10 million. In March 2009, the Australian Securities and Investments Commission won its bid to liquidate Storm Financial after the Federal Court ruled that the Company be wound up. Federal court Justice John Logan appointed Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic Accountants as liquidators for the Company. ========= C H I N A ========= AOXING PHARMACEUTICAL: BDO China Raises Going Concern Doubt ----------------------------------------------------------- Aoxing Pharmaceutical Company, Inc., filed on Oct. 15, 2012, its annual report on Form 10-K for the fiscal year ended June 30, 2012. BDO China Dahua CPA Co., Ltd, in Shenzhen, China, expressed substantial doubt about Aoxing's ability to continue as a going concern. The independent auditors noted that the Company continues to incur losses from operations, has negative cash flow from operations and a working capital deficit. The Company reported a net loss of $15.9 million on $8.1 million of sales in fiscal 2012, compared with a net loss of $7.8 million on $6.7 million of revenues in fiscal 2011. The Company recorded an impairment loss on goodwill of $13.4 million in fiscal 2012, absent in fiscal 2011. The Company's balance sheet at June 30, 2012, showed $45.1 million in total assets, $23.8 million in total liabilities, and stockholders' equity of $21.3 million. A copy of the Form 10-K is available at http://is.gd/KUR8Kt Jersey City, N.J.-based Aoxing Pharmaceutical Company, Inc., has one operating subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is organized under the laws of the People's Republic of China. Since 2002, Hebei Aoxing has been engaged in developing narcotics and pain management products. In 2008 Hebei Aoxing supplemented its product lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company, Ltd. ("LRT"), a specialty pharmaceutical company focusing on herbal pain related therapeutics. The Company owns 95% of the equity in Hebei Aoxing. The remaining 5% is owned by the Company's Chairman, Zhenjiang Yue, and his family. The Company was incorporated in the State of Florida on Jan. 23, 1996. In 2006 the Company liquidated its previous business assets and acquired 60% of Hebei Aoxing. On July 6, 2006, the Company changed its name to "China Aoxing Pharmaceutical Company, Inc." to better reflect the nature of its business. On May 1, 2008 the Company completed the acquisition of an additional 35% interest in Hebei Aoxing from its Chairman and Chief Executive Officer, Mr. Zhenjiang Yue. FRANSHION INVESTMENT: Moody's Assigns 'Ba1' Sr. Unsecured Rating ---------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 senior unsecured rating to the proposed bonds issued by Franshion Investment Limited and guaranteed by Franshion Properties (China) Limited. At the same time, Moody's has affirmed Franshion's Baa3 corporate family rating and the Ba1 senior unsecured rating for the bonds issued by Franshion Development Limited. The outlook on all ratings is negative. The proceeds of the proposed bonds will be used to fund debt repayments and property development projects. Ratings Rationale "The new issuance will have a limited impact on Franshion's key credit metrics -- including adjusted debt/capitalization and EBITDA/interest -- as the proceeds will be used mainly to repay onshore bank loans," says Kaven Tsang, a Moody's Vice President and Senior Analyst. "The proposed bonds will also lengthen Franshion's debt maturity and improve its funding stability," adds Mr. Tsang, also Moody's Lead Analyst for the company. Franshion's Baa3 corporate family rating further reflects its credit strength, which is in turn supported by the stable rental income generated from its portfolio of quality investment properties, including prime office buildings and hotels in Shanghai and Beijing. This rental income provides the company with a buffer against business volatility. The rating also takes into account the company's solid track record in the development of landmark, integrated projects and in the acquisition of strategically important projects through its collaboration with government-related entities. In addition, the rating reflects Franshion's diversified and solid access to both on- and off-shore funding, and which is supported to an extent by its background as a state-owned enterprise (SoE) and its position as a subsidiary of Sinochem Corporation. On the other hand, the company faces execution risk as a result of its planned expansion into the property development business. Its lack of geographic diversity also increases its exposure to performance volatility. The negative outlook reflects Franshion's weak book sales, high net debt, and weak interest coverage for its rating level. However, Moody's expects adjusted EBITDA/interest will return to around 3x-4x in the next 12 months, from the below 2x recorded in the last 12 months, as it progressively recognizes its presold projects. But any deviation from such expectations will pressure the ratings downwards. The ratings could be downgraded if Franshion: (1) fails to execute its business plan, or China's property market experiences a significant downturn, such that cash flow is weaker than anticipated; (2) pursues aggressive debt-funded land acquisitions; or (3) significantly increases its investments in residential properties with debt funding. Moody's would regard the following financial metrics as signals for downward rating pressure: (1) adjusted debt/capitalization above 45%-50%; (2) EBITDA interest coverage does not trend towards 4x-5x in the next 12 -- 18 months; or (3) adjusted recurring EBITDA to interest coverage ratio falls below 1x on a sustained basis. A rating upgrade in the near term would be unlikely, given the negative outlook. However, the outlook could revert to stable if Franshion: (1) successfully carries out its sales plan and recognition targets; and (2) improves interest coverage EBITDA/interest towards around 4x-5x and recurring EBITDA/interest to 1x. The principal methodology used in rating Franshion Properties (China) Limited and Franshion Investment Limited was the Global Homebuilding Industry Methodology published in March 2009. Listed on the Stock Exchange of Hong Kong in 2007, Franshion Properties (China) Limited is a 62.87%-owned subsidiary of Sinochem Hong Kong (Group) Company Limited, which in turn is 98%- owned by Sinochem Group, a state-owned enterprise under the State-Owned Assets Supervision and Administration Commission. Franshion develops commercial and integrated properties in first- tier and major second-tier cities in China. As of June, 2012, the company had a total land bank of approximately 4.5 million square meters of attributable gross floor area. ================ H O N G K O N G ================ BEACON ENTERTAINMENT: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Beacon Entertainment Group Limited. The acting official receiver is Alan K F Fong. CHINA PRECISION: Moore Stephens Raises Going Concern Doubt ---------------------------------------------------------- China Precision Steel, Inc., filed on Oct. 15, 2012, its annual report on Form 10-K for the fiscal year ended June 30, 2012. Moore Stephens CPAs, in Hong Kong, expressed substantial doubt about China Precision's ability to continue as a going concern. The independent auditors noted that the Company has suffered a very significant loss in the year ended June 30, 2012, and defaulted on interest and principal repayments of bank borrowings. "In June and July 2012, we defaulted on the repayment obligations of our short-term and long-term bank loans totaling $43,446,477. We are currently in discussions with our banks regarding the restructuring of these loans for repayment but have not yet agreed on specific terms." The Company reported a net loss of $16.9 million on $143.0 million of revenues in fiscal 2012, compared with net income of $256,950 on $151.1 million of revenues is fiscal 2011. "Income from operations decreased by $17,357,993, or 507.8%, year-on- year, to a loss of $13,939,603 for the year ended June 30, 2012, from $3,418,390 for the year ended June 30, 2011." Gross profit in absolute terms decreased by $11.8 million, or 197.3%, year-on-year, to a loss of $5.8 million for the year ended June 30, 2012, from profit of $6.0 million for the year ended June 30, 2011. Administrative expenses increased by $645,360, or 31.6%, year-on-year, to $2.7 million for the year ended June 30, 2012, compared to $2.0 million for the year ended June 30, 2011. Allowance for bad and doubtful debts increased by $5.0 million year-on-year. The Company's balance sheet at June 30, 2012, showed $185.5 million in total assets, $66.7 million in total current liabilities, and stockholders' equity of $118.9 million. A copy of the Form 10-K is available at http://is.gd/5Zerac Sheungwan, Hong Kong-based China Precision Steel, Inc., is principally engaged in the manufacture and sale of high precision cold-rolled steel products, in the provision of heat treatment and in the cutting and slitting of medium and high-carbon hot- rolled steel strips. CHUN NGAI: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Chun Ngai Jewellery Design Company Limited. The acting official receiver is Alan K F Fong. CRAZY CREATIONS: Court Enters Wind-Up Order ------------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Crazy Creations Holding Limited. The acting official receiver is Alan K F Fong. CULINARIA KALEIDOSCOPE: Court Enters Wind-Up Order -------------------------------------------------- The High Court of Hong Kong entered an order on Oct. 3, 2012, to wind up the operations of Culinaria Kaleidoscope Limited. The acting official receiver is Alan K F Fong. ENTAK INTERNATIONAL: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Entak International Limited. The acting official receiver is Alan K F Fong. HILHWA LIMITED: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Hilhwa Limited. The acting official receiver is Alan K F Fong. HONG KEUNG: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Hong Keung Industrial (Hong Kong) Limited. The acting official receiver is Alan K F Fong. INCORPORATED OWNERS: First Meetings Set for Nov. 1 -------------------------------------------------- Creditors and contributories of The Incorporated Owners of Wing Fung Building, Wing Fung Street will hold their first meetings on Nov. 1, 2012, at 10:00 a.m., and 11:00 a.m., respectively at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, in Hong Kong. At the meeting, Alan K F Fong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. JANE BEAN: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Oct. 5, 2012, to wind up the operations of Jane Bean Juice Bean Pudding Specialty Shop Limited. The company's liquidator is: Mat Ng JLA Asia Limited 20/F Henley Building 5 Queen's Road Central, Hong Kong LAM'S & PARTNER: Court Enters Wind-Up Order ------------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Lam's & Partner Limited. The acting official receiver is Alan K F Fong. MARK POLO: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Oct. 10, 2012, to wind up the operations of Mark Polo International Limited. The acting official receiver is Alan K F Fong. PETS CENTRAL: Court Enters Wind-Up Order ---------------------------------------- The High Court of Hong Kong entered an order on Oct. 8, 2012, to wind up the operations of Pets Central Asia Inc. The acting official receiver is Alan K F Fong. UNI CORE: Albert Wong Raises Going Concern Doubt ------------------------------------------------ Uni Core Holdings Corporation filed on Oct. 15, 2012, its annual report on Form 10-K for the fiscal year ended June 30, 2012. Albert Wong & Co., LLP, in New York City, expresses substantial doubt about Uni Core's ability to continue as a going concern. The independent auditors noted that the Company has suffered recurring losses from operations and has a significant accumulated deficit. "In addition, the Company continues to experience negative cash flows from operations." The Company reported a net loss of $17.1 million on $23.0 million of net revenues in fiscal 2012, compared with a net loss of $7.9 million on $19.7 million of net revenues in fiscal 2011. The Company's balance sheet at Aug. 31, 2012, showed $18.0 million in total assets, $16.6 million in total current liabilities, and stockholders' equity of $1.4 million. A copy of the Form 10-K is available at http://is.gd/Nm0lcx Based in Hong Kong, Uni Core Holdings Corporation (formerly known as Intermost Corporation) through its subsidiaries develops, manufactures and distributes environmental friendly paper and agricultural products based upon its proprietary technology and supply chains. ========= I N D I A ========= AL-RKAYAN APPARELS: ICRA Puts '[ICRA]B+' Rating on INR14.5cr Loan ----------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B+' for INR14.50 Crore1 long term fund based facilities of Al-Rkayan apparels & Exports Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Cash Credit 10.00 [ICRA]B+ assigned Term Loan 4.50 [ICRA]B+ assigned The assigned rating takes into account the long experience of promoters in the denim manufacturing industry and strong growth in revenues driven by its own brand sales. The rating also favorably factors in the strong tie-ups of Al-Rkayan with its key customers, which include established denim brands, as their contract manufacturer. The rating is, however, constrained by the highly competitive apparel industry, leveraged capital structure and modest profitability. The company has witnessed modest to negative cash flows from operations in the past owing to low margins and increased working capital requirement to support high growth. The company's tight liquidity position is further illustrated by its almost-full utilisation (95%-100%) of the fund based working capital limits during the last twelve months, which along with term loans availed for capital expenditures have resulted in a leveraged capital structure and increasing borrowing costs. The company's scale of operations remains small, limiting economies of scale. The rating is also constrained by the high volatility in cotton yarn prices which exert further pressure on margins, since Al-Rkayan primarily caters to a price sensitive semi- urban/rural segment through its in-house brand. Sales and inventory remain exposed to macro-economic slowdown and inherent industry risk of obsolescence owing to constantly changing fashion trends. About Al-Rkayan apparels Al-Rkayan was incorporated in 2004 by Mr. Prabhakar Shetty, Mr.Shahid Rafi and Mr. Abdul Rahman S Al-Rkayan. The promoters commenced the business with contract manufacturing for major denim brands in the domestic market. Towards the end of 2008-09, Al-Rkayan launched its own denim brand Leonidas, aimed at the price-sensitive and fashion conscious youth segment (16 to 40 years age group). . Al-Rkayan has also in the current year launched two more brands- Leslie (for capris and three-fourths) and LD Active (bottom wear for women). ALAKH ADVERTISING: ICRA Reaffirms 'BB+' Rating on INR11cr Loan -------------------------------------------------------------- The long-term rating of '[ICRA]BB+' has been reaffirmed on the INR11.00 crore1, long-term, fund-based working capital facilities of Alakh Advertising & Publicity Private Limited (erstwhile Alakh Advertising & Publicity). The short-term rating of '[ICRA]A4+' has also been reaffirmed on the INR3.40 crore, short-term, non- fund based working capital facilities of the company. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term, fund-based 11.00 [ICRA]BB+ reaffirmed working capital facilities Short term, non-fund-based 3.40 [ICRA]A4+ reaffirmed working capital facilities The ratings factor in the vast experience of the promoters in the advertisement and media industry, strong client profile from diversified sectors, comfortable financial risk profile as reflected by the moderate profit margins and low gearing levels, and Alakh's comfortable competitive position given the large inventory of outdoor advertisement sites and the proven ability to execute pan-India advertisement campaigns for its clients. The ratings are, however, constrained by the current small scale of operations of the company, exposure to intense competition in the fragmented outdoor advertisement industry, susceptibility of revenues and operating margins of outdoor media advertising to economic downturns, and the regulatory concerns restricting growth of billboards and issue of new licenses in several cities. Alakh Advertising & Publicity, a proprietorship concern of Mrs. Abha Gulati, was established in 1989 to engage in the outdoor advertising display business. The proprietorship concern was converted into a private limited company - Alakh Advertising & Publicity Private Limited - with effect from July 01, 2011. Mrs. Gulati, who was into creative writing for movies, production and marketing of television serials, got Alakh accredited to Doordarshan in the early 90's for acting as the sole agency for release of all the advertisement on Doordarshan for five years. Mrs. Gulati's association with Doordarshan helped her in getting the initial orders for outdoor advertising display. The client base of the company expanded with Mrs. Geetika and Mrs. Neeta Gulati, daughters-in-law of Mrs. Abha, joining the business in 2002. Alakh offers outdoor advertising in the form of hoardings, mobile billboards, kiosks on street lamp posts, advertising on Mumbai local trains and bus shelters, and building wraps; these displays are offered with/ without illumination using neon lights/LEDs. The firm possesses ~300 outdoor hoarding sites in Mumbai, besides a number of sites in Navi Mumbai, ~25 hoarding sites in Nagpur, mobile vans, kiosks and six gantries on certain major flyovers in Mumbai. Recent Results Alakh reported a profit after tax (PAT) of INR2.51 crore on an operating income (OI) of INR38.92 crore in FY2012 (provisional), as against a PAT of INR1.62 crore on an OI of INR35.29 crore in FY2011. GAYATHRI SUSTAINABLE: ICRA Assigns 'C' Rating to INR22.87cr Loans ----------------------------------------------------------------- ICRA has assigned long-term rating of '[ICRA]C' for INR22.87 crore1 fund based limits of Gayathri Sustainable Energies India Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loans 22.87 [ICRA]C Assigned ICRA's rating factors in GSEPL's limited track record of operations, low PLF of 15.77% reported by the wind power assets during FY2012 as against the design PLF of 26.86% leading to modest operating income and cash losses; and the weak financial profile of the company characterized by high gearing and weak coverage indicators. The rating is also constrained by moderate period of the PPAs (7 years with one customer and 4 years with the other) which is lower than debt repayment period and the modest credit profile of its major customer. Further, the rating is constrained by the off-take risks arising due to the option given to customers to move out of the PPA a year after its inception (by giving a 90-day notice period); this is partly mitigated by the large supply-demand gap in Tamil Nadu. However, the rating positively factors in the reputation of equipment supplier and O&M partner - Gamesa Energy and also takes comfort from the attractive tariffs offered by the PPA customers. Founded in 2011, Gayathri Sustainable Energies India Private Limited is engaged in wind power generation. It is headquartered in Hyderabad while its wind power plants are located in Tamil Nadu. It has setup five wind mills with 0.85MW generation capacity in Coimbatore using Gamesa's wind turbine generators. Additionally, two wind electric generators, based in Theni district in Tamil Nadu, were transferred from the name of promoter Ch.V.V Subba Rao to GSEPL in April 2012. GSEL has a group company called Gayathri Industrial Products Private Limited which is engaged in the manufacturing of Glass Reinforced Plastic (GRP) pipes. Recent Results In FY2012, the company reported an operating income of INR2.12 crore and a net loss of INR1.25 crore. FY2012 was its first year of operations. GLOBAL AUTOTECH: ICRA Cuts Rating on INR64.5cr Loans to 'BB+' ------------------------------------------------------------- ICRA has revised the ratings for bank facilities of Global Autotech Limited from '[ICRA]BBB/[ICRA]A3+' to 'ICRA]BB+/ [ICRA]A4+' the rated amount has been enhanced from INR75.0 crore to INR110.0 crore The ratings which were earlier placed under "Rating Watch with Developing Implications" have now been taken off the Rating Watch and "Stable" outlook has been assigned to the long term rating. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Cash credit facilities 19.00 Downgraded from [ICRA]BBB to[ICRA]BB+ Term Loan 42.71 Downgraded from [ICRA]BBB to[ICRA]BB+ Unallocated 2.79 Downgraded from [ICRA]BBB to[ICRA]BB+ Non Fund Based facilities 10.50 Downgraded from [ICRA]A3+& to [ICRA]A4+ The revision in ratings takes into account weaker than expected financial performance over the last 15 months (including Q1, FY13) of GAL reflected in decline in revenues and profitability indicators and deterioration in coverage indicators and stretched liquidity profile. GAL's revenues and operating profit declined in FY12 following lower off-take from its two main customers- Subros and MSIL as well as weaker than expected export sales. While revenues from Subros and MSIL were weaker in FY12 partly on account of labour unrest at MSIL (intermittently from June 2011 to October 2011) and weak growth in passenger vehicle sales; the export revenues declined largely on account of design changes for some components as well as higher inventory levels for some of its customers that deferred supplies. Thus, the company's profitability and coverage indicators declined with the company also witnessing liquidity pressures on account of increase in working capital intensity as evident from high utilization of its bank facilities. In light of the recent lockout at MSIL as well as continued weak demand outlook for passenger car market in India and weaker off-take by export customer, the profitability indicators of the company may remain stretched in the near term. Notwithstanding the weaker financial performance, ICRA's ratings continue to factor in the financial support and operational synergies available to GAL from the promoter group, the company's healthy relationships with its key customers and the company's capability to manufacture fully-machined aluminum components (including squeeze die-cast components). The company's ability to ramp up its scale of operations while maintaining its profit margins and diversify its customer portfolio as well as improving its financial risk profile would be the key rating sensitivities. Global Autotech Limited was incorporated in 2003 as a part of the Suri Group and started as supplies of automotive air conditioner components to Subros Limited. The company is engaged in the manufacture of high intensity aluminium die-cast & vertical full squeeze cast automotive components like mounting brackets, pinion housings, compressor housings etc. It also manufactures other machined components like magnetic clutch rotor and idler pulley, high pressure tube and hose assemblies and automotive air conditioning components like tin coated piston and swash plates among other assemblies. The company has two manufacturing facilities with three plants in two locations, each at Greater Noida (U.P). Recent Results In 2011-12, GAL recorded an operating income of INR152.9 crore. The company's operating profit before depreciation, interest and tax stood at INR27.9 crore. The company recorded a profit after tax of INR5.3 crore. In Q1 2012-13 (provisional), GAL recorded an operating income of INR33.2 crore. The company's operating profit before depreciation, interest and tax stood at INR5.0 crore. The company recorded a profit before tax of INR0.1 crore. KINGFISHER AIRLINES: India Suspends License Amid Strike ------------------------------------------------------- Karthikeyan Sundaram and Malavika Sharma at Bloomberg News report that India suspended Kingfisher Airlines Ltd. operating license after the cash-strapped carrier failed to resume flights because of a strike by engineers and pilots demanding seven months of unpaid salaries. The suspension will remain in effect until the airline submits a "concrete and reliable" revival plan to the Director General of Civil Aviation, the industry regulator, the Civil Aviation Ministry said in an Oct. 20 statement obtained by Bloomberg. Bangalore-based Kingfisher said in response that it's halting all reservations until it can restore flights, Bloomberg says. Bloomberg notes the move adds further pressure on Kingfisher's billionaire Chairman Vijay Mallya as he seeks investments for an airline struggling with INR86 billion (US$1.6 billion) of debt after five consecutive years of losses. The carrier hasn't flown since a staff walkout began Oct. 1, according to Bloomberg. Bloomberg relates that the ministry said that Kingfisher failed to address any of the issues raised by the regulator in an Oct. 2 notice. The carrier hasn't indicated when it will submit a detailed operational-preparedness plan, and the regulator couldn't grant a request for more time to file a reply, the ministry said. 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. * * * 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, which has been unprofitable since it was created in 2005, accumulated losses of $1.9 billion between May 2005 and June 30 of this year, The Wall Street Journal reports citing Sydney-based consultant CAPA-Centre for Aviation. The airline also owes about $2.5 billion to lenders, suppliers, leasing companies and investors, the Journal adds. KINGFISHER AIRLINES: Offers 3 Months' Salaries by Mid-November -------------------------------------------------------------- Anirban Chowdhury and Ashutosh Joshi at The Wall Street Journal report that Kingfisher Airlines Ltd. tried to woo striking employees back to work, offering three months of overdue salaries before mid-November. The Journal says the employees are expected to reply by Thursday. Kingfisher hasn't paid most of its employees for eight months. Its pilots, engineers and technicians have been on strike since Oct. 1, forcing the airline to cancel flights indefinitely. According to the Journal, Kingfisher's offer on Monday came after a two-week stalemate over pay. The Journal relates that Chief Executive Sanjay Aggarwal and Executive Vice President Hitesh Patel have tried to persuade staff to return to work. But they had only promised that the airline would be a month's salary and weren't specific about the timing. The Journal relates that Mr. Aggarwal met with some employee representatives Monday and said he expected that employees would accept the offer and return to work Friday. He didn't say when the airline would pay the remaining five-month of salary arrears, nor did he say where the airline got the funds to pay three months of salaries, the Journal relays. 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. * * * 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, which has been unprofitable since it was created in 2005, accumulated losses of $1.9 billion between May 2005 and June 30 of this year, The Wall Street Journal reports citing Sydney-based consultant CAPA-Centre for Aviation. The airline also owes about $2.5 billion to lenders, suppliers, leasing companies and investors, the Journal adds. K.T.C FOODS: ICRA Assigns '[ICRA]B' Rating to INR13.7cr Loan ------------------------------------------------------------ ICRA has assigned a long term rating of '[ICRA]B' to the INR13.70 crore1 fund based facilities of K.T.C Foods Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund based facilities 13.70 [ICRA]B The rating is constrained by KTCFPL's high project gearing of 9.73 times as on March 31, 2012, high intensity of competition in the industry and agro climatic risks, which can affect the availability of paddy in adverse weather conditions. The rating, however favourably takes into account long standing experience of promoters in rice industry, expected benefits arising out of established client relationships of its group companies and proximity of the mill to major rice growing area which results in easy availability of paddy. Going forward, KTCFPL's ability to ramp up operations in a timely manner, and to maintain a prudent capital mix would be the key rating sensitivities. KTC Foods (P) Limited was established in the year 2010. The Company is primarily engaged in the milling of rice with an installed capacity of 6 tons per hour. The company has a sortex machine with the capacity of 4 tons per hour. The company is professionally managed by Mr. Sushil kumar. Recent Results As per provisional FY13 results the Company has reported a profit before tax (PBT) of INR0.10 crore on an operating income of INR23.35 crore. MODEST INFRA: ICRA Upgrades Rating on INR55cr Loan to '[ICRA]B+' ---------------------------------------------------------------- ICRA has revised the rating of '[ICRA]B-' to '[ICRA]B+ for long term INR55.0 crore fund based limit of Modest Infrastructure Limited. ICRA has also reaffirmed the rating of '[ICRA]A4' for short term INR195.0 crore non- fund based limit of MIL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based limit- 55.0 [ICRA]B+ Revised from Cash Credit [ICRA]B- Non-fund based limit 165.0 [ICRA]B+ Revised from (Bank Guarantee) [ICRA]B-)/[ICRA]A4 (Re-affirmed) Non-fund based limit 30.0 [ICRA]B+ (Revised from (Letter of Credit) [ICRA]B-)/[ICRA]A4 (Re-affirmed) The revision in the long term rating factors in MIL's healthy revenue growth and improvement in profitability in FY12 and Q1FY13 (Provisional); receipt of requisite approvals in regards to the acquisition of 74% stake in MIL by Dempo Shipbuilding & Engineering Private Limited and consequential strengthening of the company's net-worth due to equity infusion of INR33.53 crore into MIL by DESPL in July 2012; improvement in the company's executable order book to INR211 crore as of August 2012 from INR184 crore as of October 2011 and revenue visibility accorded by the increased order book. However, the ratings are constrained by continued losses at net level resulting in stretched liquidity position, weak capital structure and poor debt coverage metrics; exposure to high client concentration risks in the order book; fixed price nature of contracts which exposes the company to input price variations and could potentially impact profitability and significant funding requirements towards development of the proposed shipyard for which financial closure has not yet been achieved. Modest Infrastructure Limited is a ship-building and repairing company, which undertakes projects of building small to medium sized product tankers, bulk carriers and offshore survey vessels in addition to ship- repairing activities. The company was started as a shipping agency by Mr. Kishore Gambani in the name of 'Modest Offshore Services Pvt. Ltd.' and was involved in management of vessels, repairing, dry docking of ships and other ship-related services. In 2006, MIL ventured into shipbuilding segment and has its shipyard facility at Ramsar in Bhavnagar (Gujarat). The company is in the process of establishing another shipyard at Ratanpar in Bhavnagar. In 2012; Goa-based shipbuilding company - Dempo Shipbuilding & Engineering Private Limited (Rated at [ICRA]BB (Stable)/A4) has recently acquired 74% stake in MIL through share purchase/share subscription agreement. PARAS DYES: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan ------------------------------------------------------------- ICRA has reaffirmed the '[ICRA]BB+' rating on the INR25.00 crore fund based facilities of Paras Dyes and Chemicals Private Limited. ICRA has also reaffirmed the short term rating of '[ICRA]A4+' on the INR25.00 crores non fund based bank limits of PDCPL. The outlook on the long term ratings is reaffirmed at stable. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based Limits 25.00 [ICRA]BB+ reaffirmed Non Fund Based Limits 25.00 [ICRA]A4+ reaffirmed The ratings reaffirmation takes into account the high competitive intensity and fragmentation in the chemicals trading industry; the low profit margins inherent in trading business; vulnerability of profitability to commodity price risk and forex fluctuation risk and supplier concentration risk. However, ICRA takes note of the long established track record of the promoters in the chemicals trading business; established relationships with domestic and international suppliers and favorable demand outlook for chemicals traded by the company in the long term. M/s Paras Dyes & Chemicals Private Limited was incorporated in 1982 as a partnership concern and was converted to a private limited company in April 2011. The company is engaged in the trading of chemicals and plastics. The promoters have been involved in the trading of trading of chemicals, petrochemicals, rubber, plastics and polymers since 1980. Till 2001 the company was primarily a distributor of several large Indian companies such as Indian Petrochemicals Corporation Limited, Gujarat Alkalies and Chemicals, Rashtriya Chemicals and Fertilizers Ltd, National Organic Chemicals Industries Ltd. However with increasing globalisation and lowering of customs duty post 2001 the company started sourcing more and more from international suppliers. Recent Results In FY12 the company reported profit after tax of INR0.36 crore on net sales of INR220.69 crore as against profit after tax of INR3.14 crore on net sales of INR295.82 crores in FY11. SAUMYA DSM: Delays in Loan Payment Cues ICRA Junk Ratings --------------------------------------------------------- ICRA has revised the rating assigned to the INR98.65 crore term loans of Saumya DSM Infratech Limited from '[ICRA]B' to '[ICRA]D'. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term Loans 98.65 [ICRA]B to [ICRA]D The rating revision reflects the recent delays in debt servicing by the company owing to strained liquidity position resulting from the banks making further drawdown of term loans contingent upon the joint venture partners (Saumya Mining Limited and DSM Infracon Private Limited) infusing more equity in SDIL. However as both the joint venture partners are facing liquidity constraints of their own, the equity infusion has not materialised. Besides the cash flows from the existing gas sales remain low due to low gas off take owing to delays in project implementation. The project of City Gas Distribution in Mathura was awarded to JV of DSM Infratech Pvt. Ltd (a group company of DSM Real Estate Pvt Ltd (now called DSM Infracon Pvt. Ltd.) & Saumya Mining Private Limited (now called Saumya Mining Limited) in June 2009 in the first round of bidding for 6 cities by PNGRB. The JV partners decided to implement the project in DSM Infratech Pvt Ltd. Accordingly, DSM Infratech Pvt Ltd got renamed as "Saumya DSM Infratech Pvt. Ltd", being the Special Purpose Vehicle Company to execute the project. The JV partners, viz. DSM Real Estate Pvt Ltd and Saumya Mining Pvt Ltd had signed an MOU in February, 2009 for bidding for the CGD project. Subsequently in September 2009 the two sponsor companies i.e. DSM Real Estate Private Limited and Saumya Mining Private Limited signed a shareholding agreement for forming the SPV company DSM Infratech Private Limited. DSM Infratech Private Limited was converted into a public limited company in December 2009 and is now called Saumya DSM Infratech Limited. Saumya Mining Limited is engaged in open cast mining and transportation of Coal, Iron Ore, Zinc, Limestone and Uranium. DSM Infracon Private Limited is working with Arshiya Group for execution of Free Trade Warehousing Zone project at Khurja in the state of Uttar Pradesh. SHIPRA AGRICHEM: ICRA Assigns '[ICRA]B' Rating to INR13cr Loans --------------------------------------------------------------- A rating of '[ICRA]B' has been assigned to the INR10.00 crore term loans and INR3.00 crore long-term fund-based facility of Shipra Agrichem Private Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Term loan 10.00 [ICRA]B assigned Cash Credi 3.00 [ICRA]B assigned The rating assigned is constrained by recent history of debt restructuring on account of significant delays in project completion and sensitivity of project metrics and future cash flows to the establishment of the company's products and its pricing power in both international and domestic market. Also, the availability of key raw material - Castor oil and its pricing which is dependent on seasonality and crop harvest is a concern. The rating is also constrained by competition from Chinese manufacturers, existing players as well as from established castor oil players already in the process of entering the sebacic acid manufacturing business. The rating however takes comfort from the experience of SAPL's promoters in the castor oil industry in general and in manufacturing of sebacic acid through the pilot plant in Ahmedabad in particular, the easy availability of castor seeds with India being the major producer and Gujarat being the major contributor and limited threat of substitution with major substitutes being crude oil based which are viable only at low crude prices. Incorporated in 2008, Shipra Agrichem Private Limited is promoted by Mr. Pradeep Nair and Mrs. Pinkal Nair. SAPL proposes to manufacture sebacic acid (manufactured from castor oil) with an installed capacity of 1500 TPA. Apart from this, it also proposes to market HCO with an installed capacity 3500 TPA, HMR with an installed capacity 3430 TPA, Methyl DCO with an installed capacity 1500 TPA, and C-10 Diamine with an installed capacity 1500 TPA. SAPL's manufacturing facility is planned to be located at village Luna, near Vadodara and commercial production is expected to start from April 2012. Recent Results In FY 2012, SAPL reported an operating income of INR1.06 crore (as against INR6.32 crore during FY 2011) and net loss of INR0.20 crore (as against PAT of INR0.26 crore during FY 2011). SRI VENKATESWARA: ICRA Assigns '[ICRA]B' Rating to INR44.5cr Loan ----------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B' to INR44.50 crore1 fund based limits of Sri Venkateswara Spintex (P) Limited. ICRA has also assigned a short term rating of '[ICRA]A4' to INR0.50 crore non-fund based limits of SVSPL. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Long term fund based 44.50 [ICRA]B assigned Limits Short term non-fund based 0.50 [ICRA]A4 assigned Limits The assigned ratings are constrained due to weak financial risk profile characterized by high gearing coupled with stretched coverage indicators in FY12 and high interest burden as the term loans availed for the project are not covered under TUFS which would impact the profitability. The ratings also factor in the recent power holiday announced in the state of AP and its adverse impact on SVSPL's operations in the absence of adequate power back up facilities. ICRA notes that small scale of operations and commoditized nature of the product in the highly fragmented spinning industry limits the company's ability to pass on the hike in input costs. Further, planned debt funded capital expansion for 4,320 spindles with an estimated cost of INR14 crore by the end of FY13 could have adverse impact on coverage and leverage indicators. However, the ratings favourably factor in experienced promoter with about three decades of experience in cotton yarn manufacturing, ginning and lint trading and operational efficiencies derived from recent vintage of plant and machinery. The ratings also take comfort from proximity to a major cotton growing area and lower power tariffs in the state with fiscal incentives offered by the AP state government and operational support available from its largest shareholder Ramya Spinning Mills (P) Limited (39%) (rated [ICRA]BB-(Stable)). Sri Venkateswara Spintex (P) Limited was incorporated as a private limited company in April 2010 by Mr. P. Venkata Swamy and Mr. Chitipotu Rakesh. Mr. P. Venkata Swamy, Managing Director has more than 8 years of experience of running M/s Ramya Spinning Mills (P) Limited (rated [ICRA]BB-(Stable)) along with 28 years of experience in cotton ginning and lint trading. SVSPL is engaged in manufacturing of cotton yarn of lower and medium counts. Based in Guntur district of Andhra Pradesh, the company has set up a 12,960 spindles capacity spinning unit; the unit started its commercial production from December 2011. Recent Results As per provisional results, in Q1 FY13, SVSPL has recorded an operating income of INR11.32 crore with an operating profit margin of 18.31%. ==================== N E W Z E A L A N D ==================== KPR EVENT MANAGEMENT: In Receivership, Has $2.5-Mil+ Debt --------------------------------------------------------- Tim Donoghue and Hamish Rutherford at The Dominion Post report that the catering company in the wharewaka on Wellington's waterfront has been placed in receivership with debts of more than $2.5 million. Liquidators John Fisk and Jeremy Moorley of PricewaterhouseCoopers are looking to achieve a quick sale of KPR Event Management, to enable a new owner to continue to run the catering business as a going concern, according to The Dominion Post. The report relates that Mr. Fisk said 40 staff had been affected by the October 17 liquidation notice. "There are debts outstanding of $2.5m-plus, including $500,000 owing to trade creditors," the report quoted Mr. Fisk as saying. The report notes that Mr. Fisk confirmed that among the outstanding debt was rent owing to Te Wharewaka o Poneke Charitable Trust, which controls the building. KPR Catering director Paul Retimanu said Inland Revenue had wound the company up. The report notes that the trustees of Te Wharewaka o Poneke Charitable Trust - acting Palmerston North Maori Reserve Trust chairwoman Liz Mellish, Acting Tenths Trust chairman Mark Te One and Wellington City Council representative Stavros Michael - issued a statement saying they were working with the liquidators to ensure any changes could occur smoothly. "The trustees can confirm that the ongoing operation of Te Raukura (Wharewaka) and Karaka Cafe - which operates from the wharewaka - are not affected by the liquidation of KPR Event Management Limited . . . . It is unfortunate that a tenant has found themselves in this position . . . . However, the trustees have moved to ensure the operation of Te Raukura and Karaka can continue unaffected," the statement read, the report notes. Mr. Retimanu said he had dealt with the directors of a company known as Wharewaka o Poneke Enterprises Ltd in establishing his business in the wharewaka, the report adds. PIANOSHOP LTD: Director Gets Two-Year Jail Sentence --------------------------------------------------- stuff.co.nz reports that Plimmerton piano dealer Cameron Phillip Crawford has been sentenced to two years and one month jail for a $172,000 fraud on customers of his failed business. stuff.co.nz says Mr. Crawford, 39, a first offender, described himself as a musician not a businessman. His business Pianoshop went into liquidation in May owing more than NZ$2 million. He could not pay reparation for his offending. stuff.co.nz relates that in Wellington District Court on Friday Judge Denys Barry said Mr. Crawford had repeatedly fobbed off victims who wanted the proceeds from pianos sold on their behalf, or wanting pianos they had paid for but not received. In one case, a man who paid thousands to have a piano repaired finally got it back eight years later in the same condition in which he had sent it to Mr. Crawford. stuff.co.nz relates that Mr. Crawford had been using customers' money to pay company debts. Mr. Crawford and his wife will lose their home to a secured creditor with no money for other creditors or the Crawfords, the report notes. He pleaded guilty to 10 charges of theft by failing to account and one of causing loss by deception, stuff.co.nz adds. New Zealand-based Pianoshop Ltd operated a piano sales and service center. ================= S I N G A P O R E ================= MORE WORLD: Court Enters Wind-Up Order -------------------------------------- The High Court of Singapore entered an order on Oct. 12, 2012, to wind up the operations of More World System (Singapore) Pte Ltd. Wong Joo Wan (Judicial Manager of More World System (Singapore) Pte Ltd) filed the petition against the company. The company's liquidator is: Wong Joo Wan Alternative Advisors Pte Ltd 78 South Bridge Road #04-01 TKH Building Singapore 058708 UNITED ENERGY: Creditors' Proofs of Debt Due Nov. 15 ---------------------------------------------------- Creditors of United Energy Group Services Pte Ltd, which is in voluntary liquidation, are required to file their proofs of debt by Nov. 15, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 VGS PROJECTS: Court to Hear Wind-Up Petition Nov. 2 --------------------------------------------------- A petition to wind up the operations of VGS Projects Pte Ltd. will be heard before the High Court of Singapore on Nov. 2, 2012, at 10:00 a.m. Lido Mechanical & Electrical Engineering Pte Ltd filed the petition against the company on Oct. 10, 2012. The Petitioner's solicitors are: Ng Lee & Partners 101 Upper Cross Street #06-07 People's Park Centre Singapore 058357 WEE SIONG: Creditors Get 5.7% Recovery on Claims ----------------------------------------------- Wee Siong Engineering Services Pte Ltd declared the first and final dividend on Oct. 17, 2012. The company paid 5.7% to the received claims. The company's liquidator is: Don M Ho, PCPA Office of the Liquidator c/o Don Ho & Associates Public Accountants & Certified Public Accountants Corporate Advisory & Recoveries Equity Plaza 20 Cecil Street #12-02 Singapore 049705 ZHEN LIAN: Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Oct. 12, 2012, to wind up the operations of Zhen Lian Sun Pte Ltd. Hong Leong Finance Limited filed the petition against the company. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor care of 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 =============== X X X X X X X X =============== * BOND PRICING: For the Week Oct. 15 to Oct. 19, 2012 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 4/19/2022 AUD 74.11 EXPORT FIN & INS 0.50 6/15/2020 NZD 73.40 MIDWEST VANADIUM 11.50 2/15/2018 USD 61.04 MIDWEST VANADIUM 11.50 2/15/2018 USD 61.25 NEW S WALES TREA 0.50 9/14/2022 AUD 72.42 NEW S WALES TREA 0.50 10/7/2022 AUD 72.23 NEW S WALES TREA 0.50 10/28/2022 AUD 72.07 NEW S WALES TREA 0.50 11/18/2022 AUD 72.39 NEW S WALES TREA 0.50 12/16/2022 AUD 72.19 NEW S WALES TREA 0.50 2/2/2023 AUD 71.84 NEW S WALES TREA 0.50 3/30/2023 AUD 71.45 TREAS CORP VICT 0.50 8/25/2022 AUD 72.91 TREAS CORP VICT 0.50 3/3/2023 AUD 72.13 TREAS CORP VICT 0.50 11/12/2030 AUD 54.07 CHINA ----- CHINA GOVT BOND 4.86 8/10/2014 CNY 103.33 CHINA GOVT BOND 1.64 12/15/2033 CNY 68.16 INDIA ----- AKSH OPTIFIBRE 1.00 2/5/2013 USD 69.34 JCT LTD 2.50 4/8/2011 USD 20.00 JSL STAINLESS LT 0.50 12/24/2019 USD 66.18 MASCON GLOBAL LT 2.00 12/28/2012 USD 10.00 PRAKASH IND LTD 5.63 10/17/2014 USD 67.97 PRAKASH IND LTD 5.25 4/30/2015 USD 67.40 PYRAMID SAIMIRA 1.75 7/4/2012 USD 1.00 REI AGRO 5.50 11/13/2014 USD 68.86 REI AGRO 5.50 11/13/2014 USD 68.86 SHIV-VANI OIL 5.00 8/17/2015 USD 52.57 SUZLON ENERGY LT 5.00 4/13/2016 USD 30.34 JAPAN ----- COVALENT MATERIA 2.87 2/18/2013 JPY 72.96 EACCESS LTD 3.50 12/15/2016 JPY 97.25 EBARA CORP 1.30 9/30/2013 JPY 100.13 ELPIDA MEMORY 2.03 3/22/2012 JPY 15.00 ELPIDA MEMORY 2.10 11/29/2012 JPY 15.00 ELPIDA MEMORY 2.29 12/7/2012 JPY 15.00 ELPIDA MEMORY 0.50 10/26/2015 JPY 13.75 ELPIDA MEMORY 0.70 8/1/2016 JPY 15.00 JPN EXP HLD/DEBT 0.50 9/17/2038 JPY 62.85 JPN EXP HLD/DEBT 0.50 3/18/2039 JPY 63.49 KADOKAWA HLDGS 1.00 12/18/2014 JPY 108.52 SHARP CORP 1.42 3/19/2014 JPY 49.00 SHARP CORP 0.85 9/16/2014 JPY 47.00 SHARP CORP 1.14 9/16/2016 JPY 37.75 SHARP CORP 2.07 3/19/2019 JPY 36.84 SHARP CORP 1.60 9/13/2019 JPY 35.00 SOFTBANK CORP 1.50 3/31/2013 JPY 111.84 TOKYO ELEC POWER 2.35 9/29/2028 JPY 73.80 TOKYO ELEC POWER 2.40 11/28/2028 JPY 73.85 TOKYO ELEC POWER 2.21 2/27/2029 JPY 71.24 TOKYO ELEC POWER 2.11 12/10/2029 JPY 69.29 TOKYO ELEC POWER 1.96 7/29/2030 JPY 67.76 TOKYO ELEC POWER 2.37 5/28/2040 JPY 62.97 MALAYSIA -------- DUTALAND BHD 7.00 4/11/2013 MYR 0.72 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.25 BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.25 SINGAPORE --------- BAKRIE TELECOM 11.50 5/7/2015 USD 46.00 BAKRIE TELECOM 11.50 5/7/2015 USD 47.46 BLD INVESTMENT 8.63 3/23/2015 USD 60.55 BLUE OCEAN 11.00 6/28/2012 USD 37.13 BLUE OCEAN 11.00 6/28/2012 USD 37.13 CAPITAMALLS ASIA 2.15 1/21/2014 SGD 99.73 CAPITAMALLS ASIA 3.80 1/12/2022 SGD 100.89 DAVOMAS INTL FIN 11.00 12/8/2014 USD 30.00 DAVOMAS INTL FIN 11.00 12/8/2014 USD 28.88 F&N TREASURY PTE 2.48 3/28/2016 SGD 100.55 KOREA ----- CN 1ST ABS 8.00 2/27/2015 KRW 33.39 CN 1ST ABS 8.30 11/27/2015 KRW 34.73 EXP-IMP BK KOREA 0.50 8/10/2016 BRL 73.00 EXP-IMP BK KOREA 0.50 9/28/2016 BRL 72.66 EXP-IMP BK KOREA 0.50 10/27/2016 BRL 72.15 EXP-IMP BK KOREA 0.50 11/28/2016 BRL 71.60 EXP-IMP BK KOREA 0.50 12/22/2016 BRL 71.19 EXP-IMP BK KOREA 0.50 10/23/2017 TRY 72.76 EXP-IMP BK KOREA 0.50 11/21/2017 BRL 65.75 EXP-IMP BK KOREA 0.50 12/22/2017 TRY 72.04 EXP-IMP BK KOREA 0.50 12/22/2017 BRL 65.27 GREAT KO 3RD ABS 10.00 12/29/2014 KRW 30.84 GYEONGGI MUTUAL 8.50 8/29/2014 KRW 87.48 HYUNDAI SWISS BK 8.50 10/2/2013 KRW 94.84 HYUNDAI SWISS BK 8.50 7/15/2014 KRW 89.05 HYUNDAI SWISS BK 7.90 7/23/2015 KRW 77.92 KIBO GRE 1ST ABS 10.00 1/25/2015 KRW 30.75 SINBO 10TH ABS 10.00 12/27/2014 KRW 29.78 SINBO 4TH ABS 8.00 8/18/2014 KRW 30.33 SINBO 7TH ABS 8.00 9/22/2014 KRW 30.09 SINBO CO 3RD ABS 10.00 9/29/2014 KRW 30.84 SRI LANKA --------- SRI LANKA GOVT 5.65 1/15/2019 LKR 70.44 SRI LANKA GOVT 6.20 8/1/2020 LKR 66.17 SRI LANKA GOVT 8.00 1/1/2022 LKR 73.10 SRI LANKA GOVT 7.00 10/1/2023 LKR 63.19 SRI LANKA GOVT 5.35 3/1/2026 LKR 49.65 SRI LANKA GOVT 8.00 1/1/2032 LKR 60.60 THAILAND -------- BANGKOK LAND 4.50 10/13/2003 USD 5.50 VIETNAM ------- VIETNAM GOVT 7.20 4/4/2014 VND 38.27 ********* 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 ***