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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 26, 2012, Vol. 15, No. 214
Headlines
A U S T R A L I A
JUNIPER PM: PwC Appointed as Receivers to Soul Supertower
KAGARA LTD: Administrators Win 3-Mo. Extension for Creditor Rpt.
MT LIEBIG COMMUNITY: Placed in Special Administration
ST HILLIERS: Creditors to Decide on Firm's Future on Oct. 31
C H I N A
MCE FINANCE: Consent Solicitation No Impact on Moody's 'Ba3' CFR
H O N G K O N G
FAST KIND: Creditors' Meeting Set for Oct. 26
FOOK CHUEN: Members' Final Meeting Set for Nov. 19
GENDA MICROELECTRONICS: Lai and Yeung Step Down as Liquidators
GLORIEUX INDUSTRIAL: Members' Final Meeting Set for Nov. 19
HABS BINA: Placed Under Voluntary Wind-Up Proceedings
JET PROFIT: Chui Chi Yun Robert Steps Down as Liquidator
JET SURPLUS: Chui Chi Yun Robert Steps Down as Liquidator
MORGAN STANLEY: Creditors' Proofs of Debt Due Nov. 19
MORI INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
NEW POWER: Commences Wind-Up Proceedings
OSMONICS ASIA-PACIFIC: Creditors' Proofs of Debt Due Nov. 20
STAR MILLION: Members' Final Meeting Set for Nov. 23
TOP FAST: Commences Wind-Up Proceedings
VAST EAST: Creditors' Meeting Set for Oct. 26
VAST SUNNY: Creditors' Meeting Set for Oct. 26
YEE YOUNG: Placed Under Voluntary Wind-Up Proceedings
I N D I A
BALAJI SPINNING: CRISIL Assigns 'B+' Rating to INR124.7MM Loans
DASHMESH EDUCATIONAL: CRISIL Puts 'B-' Rating to INR861.6MM Loans
FLYING FASHIONS: Delays in Loan Payment Cues CRISIL Junk Ratings
LAKSHMI PRECISION: Delay in Loan Payment Cues CRISIL Junk Ratings
RAJ-RAJESHWARI: Delays in Loan Payment Cues Junk Ratings
SHIV SNAX: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
VAISHNODEVI REFOILS: CRISIL Ups Rating on INR58MM Loan to 'B'
J A P A N
ELPIDA MEMORY: Wants to Incur $190-Mil. Shinseigin Financing
N E W Z E A L A N D
OTAGO RUGBY: Sees Small Profit After Avoiding Liquidation
S I N G A P O R E
SHEPPARD MOSCOW: Creditors' Proofs of Debt Due Nov. 19
SIN SOON: Creditors' Proofs of Debt Due Nov. 30
TRANSAGRO SHIPPING: Members' Proofs of Debt Due Nov. 19
WAI LIAN: Creditors' Proofs of Debt Due Nov. 2
WCT MARITIME: Court to Hear Wind-Up Petition on Nov. 2
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
JUNIPER PM: PwC Appointed as Receivers to Soul Supertower
---------------------------------------------------------
goldcoast.com.au reports that PricewaterhouseCoopers partners
Michael Fung, Derrick Vickers and Greg Hall were appointed as
receivers and managers of the developer of the 77-storey
Soul Supertower in Australia on October 25.
goldcoast.com.au discloses that the appointment is over the
following companies: Juniper PM Pty Ltd; Juniper Financier No 2
Pty Ltd; Juniper Developer No 2 Pty Ltd; Pimlico Investments Pty
Ltd; Juniper Property Holdings No 15 Pty Ltd; and Juniper
Property Holdings No 24 Pty Ltd.
According to the report, Mr. Fung said it would be 'business as
usual' as they finalised settlements of pre-sold apartments,
marketed the remaining unsold apartments, and continued the
development of the retail precinct.
"The challenges facing the real estate market in the Gold Coast
area are well known and have been impacting the major developers
in the area for some time," goldcoast.com.au quotes Mr. Fung as
saying.
"These challenges, together with the slower than expected
completion and delays in settlements on pre-sold stock meant that
the receivership of this world-class development was
unsurprising."
Recently, developer Graeme Juniper told the Gold Coast Bulletin
the building had racked up AUD200 million in sales in the tower,
including a AUD6 million sub-penthouse. He however admitted that
the company was working through issues with a number of buyers
who had failed to complete contracts.
Goldcoast.com.au relates that Mr. Fung said he expected interest
both domestically and from the international high net worth
community.
The appointment of receivers and managers is restricted to the
Soul development only and does not affect any other properties or
assets, Mr. Fun said, according to goldcoast.com.au.
The Sea Temple hotel operation is not impacted by the
appointment.
The Soul tower features 288 luxury apartments and managed
five-star accommodation in a residential tower, and an adjoining
street-front retail complex which is open for business.
KAGARA LTD: Administrators Win 3-Mo. Extension for Creditor Rpt.
----------------------------------------------------------------
miningweekly.com reports that the administrators of Kagara Ltd
have sought and gained an additional three months to get the
company in order before reporting back to creditors.
miningweekly.com relates that the administrators said on
Wednesday that the decision to seek an additional extension of
the convening period was as a result of the strong interest and
feedback received from parties interested in the sale and
restructuring process of Kagara's assets.
The three-month extension period would allow the administrators
further time to progress this process, with a view to trying to
obtain the best possible outcome, the report relays.
miningweekly.com notes the administrators have been considering
options to save the company, including asset sales, in part or in
full, and the recapitalization of Kagara through a deed of
company arrangement.
According to the report, the administrators said that they had
received a number of indicative offers from local and
international parties in relation to Kagara's assets. Companies
have been shortlisted and would be advised this week, while site
visits and due diligence would be conducted over the next five
weeks, with preferred bidders to be notified by the end of
November.
The administrators were expected to report back to Kagara's
creditors by February 28 next year, miningweekly.com adds.
About Kagara Ltd
Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.
Michael Joseph Patrick Ryan, Mark David Peter Englebert, Quentin
James Olde and Stefan Dopking of Taylor Woodings were appointed
Joint and Several Administrators of Kagara Ltd and certain
subsidiaries on April 29, 2012.
MT LIEBIG COMMUNITY: Placed in Special Administration
-----------------------------------------------------
Allyson Horn at ABC News.au reports that the Mt Liebig community
store near Alice Springs has been placed into special
administration by the Registrar of Indigenous Corporations.
The store is the only source of food in the remote community and
was about to close, until registrar Anthony Beven stepped in,
according to ABC News.au. The report relates that Mr. Beven said
it is the second time in five years that the store has been
placed into administration.
"Back in 2009-2010, it was very clear to the special
administrator that the store really did need to rely on an
external professional management company and unfortunately that
recommendation wasn't acted upon and I think that's the major
reason why the store is back in the position it is in now," the
report quoted as Mr. Anthony Beven as saying.
ST HILLIERS: Creditors to Decide on Firm's Future on Oct. 31
------------------------------------------------------------
Bridget Carter at The Australian reports that creditors of the
failed builder, St Hilliers Construction, will vote next
Wednesday, October 31, on whether to allow the company to keep
trading or push it into liquidation, as Brookfield Multiplex
takes over the stalled AUD400 million expansion of Victoria's
newest prison at Ararat.
St Hilliers' building arm collapsed in May after costs on the
jail project blew out and a subsidiary set up by St Hilliers to
undertake work on the prison was placed in liquidation.
This month, The Australian notes, St Hilliers administrators
Moore Stephens asked creditors to agree to a deed of company
arrangement that would allow the firm to trade out of voluntary
administration, rather than pushing the builder into liquidation.
"We hope that it [deed of company arrangement] will be voted up,
but it has to go to that formal meeting," the report quotes St
Hilliers founder and executive chairman Tim Casey as saying.
"It involves me putting a contribution in, and the property
business (of St Hilliers) as well."
The Australian relates that Mr. Casey said two floors in the St
Hilliers head office building at the Rocks in Sydney were being
re-leased, and the property would probably be sold.
Meanwhile, The Australian reports that Brookfield Multiplex will
finish work at the prison at Ararat.
The Australian says the Commonwealth Bank and Bendigo and
Adelaide Bank have reached an agreement with Brookfield Multiplex
that allows the builder to begin preliminary works at the site
immediately.
Further negotiations are continuing, with major construction
works expected to resume early next year, the report says.
As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2012, St Hilliers Construction Pty Ltd said it had
appointed Trent Hancock and Michael Hird of Moore Stephens Sydney
Corporate Recovery Group as voluntary administrators. An
associated company, St Hilliers Ararat Pty Ltd is part of a
consortium contracted to undertake the AUD350 million expansion
of the Ararat Prison in central Victoria. St Hilliers Ararat Pty
Ltd has at the same time been placed into liquidation. The
administration of St Hilliers Construction Pty Ltd is due to
exposure under guarantees for debts of St Hilliers Ararat Pty Ltd
relating to the Ararat Prison project in Victoria.
St Hilliers Group is an Australian property group providing
services in property development, contracting and funds
management.
St Hilliers Construction Pty Ltd is the construction arm of the
St Hilliers Group.
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C H I N A
=========
MCE FINANCE: Consent Solicitation No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------------
Moody's Investors Service says that MCE Finance Limited's
announcement of its proposed consent solicitation will have no
immediate impact on its Ba3 corporate family rating and B1 senior
unsecured bond rating, as well as Melco Crown Gaming (Macau)
Limited's Ba3 secured debt rating.
The ratings outlook remains stable.
MCE Finance, which is wholly-owned by Melco Crown Entertainment,
owns a 100% economic interest in Melco Crown Gaming, which runs
the group's major operating assets in Macau.
These include Altira Macau, City of Dreams, and approximately
2,100 slot machines through Mocha Clubs, and are collectively
referred to by Moody's as "the Melco Crown Group."
The solicitation -- if it is approved by bondholders -- would
amend certain covenants governing US$600 million in bonds due
2018, and issued by MCE Finance.
These include (1) the definition of covenants in relation to
restricted payments, asset sales, permitted investments, and
permitted liens (the "proposed base amendments"); and (2) an
amendment in the restricted payment covenant that will allow MCE
Finance to provide an additional, one-off, restricted payment of
US$400 million, to fund the development of the Macau Studio City
Project (the "proposed restricted payment basket amendment").
"The additional US$400 million in cash to fund the Macau Studio
City Project will reduce the cash holdings of MCE Finance, but
its overall liquidity will remain adequately supported by its
remaining and ample cash holdings of approximately US$800 million
given it had a cash holding of around US$1.2 billion as of June
2012," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.
"MCE Finance's liquidity is further supported by Moody's
projection of an annual EBITDA of US$600 million-US$700 million,
which can fully support its maintenance capex, estimated at US$50
million per annum, as well as its minimal debt repayment needs
for the coming 12 months," adds Mr. Tsang, who is also Moody's
lead analyst for the Melco Crown Group.
Moody's notes that the additional US$400 million cash
distribution is a one-off transaction, and any future cash
distribution beyond the amount permitted by the restricted
payment covenants in the existing rated secured loan facilities
and US dollar bonds would warrant a reassessment of MCE Finance's
ratings.
The proposed cash distribution will not have a material impact on
MCE Finance's financial profile.
Moody's projects that MCE Finance's debt/EBITDA will stay at
around 2.5x and EBITDA interest coverage at around 6.5x-7.0x,
underpinned by the company's stable operations at the City of
Dreams, which will continue to support its Ba3 corporate family
rating.
Meanwhile, the proposed base amendments are mainly technical
amendments to provide the group with the flexibility to manage
its projects outside MCE Finance, and therefore will not have
material adverse impact on the credit profile of MCE Finance.
The principal methodology used in these ratings was Moody's
Global Gaming Methodology, published in December 2009.
MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd. (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Limited (Baa2 stable) and
Hong Kong-listed Melco International Development Ltd (unrated).
Each company has an equity stake of approximately 33%.
Melco Crown Gaming is the key operating company within the MCE
Finance group holding one of six gaming concessions/sub-
concessions in Macau.
================
H O N G K O N G
================
FAST KIND: Creditors' Meeting Set for Oct. 26
---------------------------------------------
Creditors of Fast Kind Limited will hold their meeting on
Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
FOOK CHUEN: Members' Final Meeting Set for Nov. 19
--------------------------------------------------
Members of Fook Chuen Company Limited will hold their final
meeting on Nov. 19, 2012, at 10:00 a.m., at Level 13, 1 Queen's
Road Central, in Hong Kong.
At the meeting, Chan On Ki and Wong Yuk Ying, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
GENDA MICROELECTRONICS: Lai and Yeung Step Down as Liquidators
--------------------------------------------------------------
Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund) stepped down as
liquidators of Genda Microelectronics Limited on Oct. 11, 2012.
GLORIEUX INDUSTRIAL: Members' Final Meeting Set for Nov. 19
-----------------------------------------------------------
Members of Glorieux Industrial Limited will hold their final
meeting on Nov. 19, 2012, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
HABS BINA: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Habs Bina (Hong Kong) Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Lam Yan Wing
Flat C, 36/F
Block 3, Belvedere Garden PH 2
620 Castle Peak Road
Tsuen Wan, Hong Kong
JET PROFIT: Chui Chi Yun Robert Steps Down as Liquidator
--------------------------------------------------------
Chui Chi Yun Robert stepped down as liquidator of Jet Profit
Investment Development Limited on Oct. 11, 2012.
JET SURPLUS: Chui Chi Yun Robert Steps Down as Liquidator
---------------------------------------------------------
Chui Chi Yun Robert stepped down as liquidator of Jet Surplus
Holdings Limited on Oct. 11, 2012.
MORGAN STANLEY: Creditors' Proofs of Debt Due Nov. 19
-----------------------------------------------------
Creditors of Morgan Stanley Properties Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Nov. 19, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 11, 2012.
The company's liquidators are:
Stephen Briscoe
Wong Teck Meng
602 The Chinese Bank Building
61-65 Des Voeux Road
Central, Hong Kong
MORI INVESTMENTS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Mori Investments Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Lam Yan Wing
Flat C, 36/F
Block 3, Belvedere Garden PH 2
620 Castle Peak Road
Tsuen Wan, Hong Kong
NEW POWER: Commences Wind-Up Proceedings
----------------------------------------
Members of New Power Investments Limited on Oct. 9, 2012, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Shom Chun Po
Room 801, 8/F
Wing Kwok Centre
182 Woosung Street
Jordan, Hong Kong
OSMONICS ASIA-PACIFIC: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------------------
Creditors of Osmonics Asia-Pacific Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 8, 2012.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Ngai Kit Fong
Level 28, Three Pacific Place
1 Queen's East
Hong Kong
STAR MILLION: Members' Final Meeting Set for Nov. 23
----------------------------------------------------
Members of Star Million Development Limited will hold their final
meeting on Nov. 23, 2012, at 10:15 a.m., at Unit B, 1/F, Neich
Tower, at 128 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Lai Wing Kin, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TOP FAST: Commences Wind-Up Proceedings
---------------------------------------
Members of Top Fast Limited on Oct. 9, 2012, passed a resolution
to voluntarily wind up the company's operations.
The company's liquidator is:
Shom Chun Po
Room 801, 8/F
Wing Kwok Centre
182 Woosung Street
Jordan, Hong Kong
VAST EAST: Creditors' Meeting Set for Oct. 26
---------------------------------------------
Creditors of Vast East Foodstuff Limited will hold their meeting
on Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
VAST SUNNY: Creditors' Meeting Set for Oct. 26
----------------------------------------------
Creditors of Vast Sunny Limited will hold their meeting on
Oct. 26, 2012, at 3:00 p.m., for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 11-11A, 26/F, at 113 Argyle
Street, Mongkok, Kowloon, in Hong Kong.
YEE YOUNG: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on Oct. 12, 2012,
creditors of Yee Young Company Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Lam Yan Wing
Flat C, 36/F
Block 3, Belvedere Garden PH 2
620 Castle Peak Road
Tsuen Wan, Hong Kong
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I N D I A
=========
BALAJI SPINNING: CRISIL Assigns 'B+' Rating to INR124.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Balaji Spinning Mills (unit of Kanya
Enterprises Private Limited).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 122 CRISIL B+/Stable (Assigned)
Term Loan 2.7 CRISIL B+/Stable (Assigned)
The rating reflects BSM's below-average financial risk profile,
marked by a small net worth, a high gearing and weak debt
protection metrics, and small scale of operations in the
intensely competitive textile industry, resulting in a low
operating margin. These rating weaknesses are partially offset by
the benefits that BSM derives from its promoters' extensive
experience in the textiles industry and the funding support that
it receives from them.
Outlook: Stable
CRISIL believes that BSM will continue to benefit over the medium
term from its promoters' extensive experience in the textiles
industry and the funding support that it receives from them. The
outlook may be revised to 'Positive' in case the firm improves
its financial risk profile, backed by higher-than-expected
increase in its scale of operations and improvement in its
operating margin, or in case of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' in case
BSM's financial risk profile deteriorates because of lower-than-
expected cash accruals, higher-than-expected increase in its
working capital requirements, or further debt-funded capital
expenditure.
BSM was established as a partnership concern in 2001 by Mr.
Tarsen Lal Gupta and his wife, Mrs. Kiran Bala Gupta. In
September 2005, the firm was reconstituted as a proprietorship
concern with Kanya Enterprises Pvt Ltd as the proprietor. BSM
manufactures 2/2/14 cotton yarn, which is used as tyre cord
fabric in bicycles.
DASHMESH EDUCATIONAL: CRISIL Puts 'B-' Rating to INR861.6MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dashmesh Educational Charitable Trust.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 690 CRISIL B-/Stable (Assigned)
Proposed Long-Term 121.6 CRISIL B-/Stable (Assigned)
Bank Loan Facility
Overdraft Facility 50 CRISIL B-/Stable (Assigned)
Bank Guarantee 18.4 CRISIL A4 (Assigned)
The ratings reflect DECT's exposure to project-related risks due
to aggressive expansion plans and low cash accruals, which
constrain its financial flexibility, and its weak financial risk
profile, marked by high gearing and inadequate debt protection
metrics. These rating weaknesses are partially offset by the
trust's established track record and moderate operating
efficiencies.
Outlook: Stable
CRISIL believes that DECT will continue to benefit over the
medium term from its established track record in the education
sector. The outlook may be revised to 'Positive' if the trust
reports higher-than-expected income and profitability, while
completing its ongoing expansion project as per schedule.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in DECT's financial risk profile, driven by time or
cost overruns in the project.
DECT was established in 1999 as an educational charitable trust.
DECT is promoted by Mr. Ram Bahadur Rai, Mr. Manmohan Singh
Chawla, Mr. Manmeet Singh Chawla, and Ms. Harjeet Kaur. The trust
opened a dental college and hospital in 2002 and a medical
college and general hospital in 2010.
DECT reported a net surplus of INR10 million on net fee income of
INR322 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net surplus of INR7 million on net fee
income of INR213 million for 2010-11.
FLYING FASHIONS: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Flying Fashions. The ratings reflect instances of
delay by FF's in debt servicing; the delays have been caused by
the firm's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 16.0 CRISIL D (Assigned)
Over draft 7.3 CRISIL D (Assigned)
Packing Credit 14.0 CRISIL D (Assigned)
Foreign Bill Purchase 10.0 CRISIL D (Assigned)
Letter of credit 2.0 CRISIL D (Assigned)
Term Loan 15.7 CRISIL D (Assigned)
FF's large working capital requirements have led to weak
liquidity. Also, it has small scale of operations in the highly
competitive readymade garments industry restricting business risk
profile. However, the firm benefits from the extensive experience
of its promoters in the readymade garments industry.
FF, based in Delhi, was established as a proprietary concern in
1980 by Mr. Pramod Arora. The firm is engaged in manufacturing
and exporting apparels (mainly women-wear and kids wear), fashion
bags and fashion accessories.
FF reported a book profit of INR2.6 million on net sales of
INR143.8 million for 2010-11 (refers to financial year, April 1
to March 31), against a book profit of INR2.3 million on net
sales of INR131.2 million for 2009-10. The firm has reported on
provisional basis net sales of Rs 123.5 million
LAKSHMI PRECISION: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakshmi Precision Screws Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 65 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 310 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Foreign Bill 180 CRISIL D (Downgraded from
Discounting 'CRISIL A4')
Letter of Credit 490 CRISIL D (Downgraded from
'CRISIL A4')
Packing Credit 140 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long-Term 65 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Term Loan 105 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The downgrade reflects delays by LPS in meeting its term loan
obligations because of weak liquidity. The weak liquidity is
mainly driven by the company's high working capital requirements,
large debt repayment obligations, and on-going debt-funded
capital expenditure.
LPS also has a weak overall financial risk profile, marked by
high gearing and below-average debt protection metrics. However,
the company has an established market position in the fasteners
industry, marked by a strong brand image. Furthermore, it has
high operating efficiency, supported by advanced manufacturing
facilities and promoters' extensive industry experience.
LPS was incorporated in 1968 as a private limited company,
promoted by three brothers, Mr. Lalit Kumar Jain, Mr. Vijay Kumar
Jain, and Mr. Rajesh Jain, and their cousin, Mr. Dinesh Kumar
Jain; it was reconstituted as a public limited company in 1972.
LPS manufactures high-tensile fasteners, and is one of the
largest manufacturers of fasteners in India.
LPS reported a profit after tax (PAT) of INR74 million on net
sales of INR3308 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR89 million on net sales
of INR3056 million for 2010-11.
RAJ-RAJESHWARI: Delays in Loan Payment Cues Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Raj-Rajeshwari Pap-Chem Industries Pvt Ltd to 'CRISIL D/ CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5.5 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 127.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Cash 2 CRISIL D (Downgraded from
Credit Limit 'CRISIL B+/Stable')
Term Loan 50 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating downgrade follows delays by Shree Raj in meeting its
term debt obligations; the delays were caused by the company's
weak liquidity. Shree Raj's liquidity weakened due to loss of
cash flows following the shutting down of its plant for a few
months for maintenance and modernisation.
Shree Raj has a weak financial risk profile, marked by a modest
net worth and inadequate debt protection metrics. Furthermore,
the company is susceptible to cyclicality in the paper industry
and to volatility in waste paper prices and foreign exchange
rates. However, Shree Raj continues to benefit from its
promoters' experience in the paper business.
About Shree Raj
Shree Raj was established in 1997 by the Shah family of
Maharashtra. The company manufactures kraft paper from waste
paper. Its plant, with an installed capacity of 100 tonnes per
day, is in Nashik (Maharashtra).
Shree Raj's profit after tax (PAT) and net sales for 2011-12
(refers to financial year, April 1 to March 31) are estimated at
INR10.8 million and INR634.9 million, respectively; the company
had reported a PAT of INR19.6 million on net sales of INR746.4
million for 2010-11.
SHIV SNAX: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shiv Snax Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable (Assigned)
Term Loan 75 CRISIL B+/Stable (Assigned)
The rating reflects SSPL's small scale of operations with high
customer concentration and average financial risk profile marked
by high gearing. These rating weaknesses are partially offset by
the benefits that SSPL derives from its promoters' extensive
industry experience and healthy operating efficiencies company
derives from low working capital requirements and absence of
price risk
Outlook: Stable
CRISIL believes that SSPL will continue to benefit from its
contract with Parle Products Pvt Ltd (Parle) and healthy
operating efficiencies. The outlook may be revised to 'Positive'
if SSPL's scale of operations improves significantly along with
improvement in its financial risk profile especially liquidity
because of larger than expected cash accruals or infusion of
fresh equity by promoters. Conversely, the outlook may be revised
to 'Negative' if there is any decline in turnover or margins of
SSPL, most likely caused by reduced demand from Parle or if
company undertakes a large debt funded capex leading to pressure
on cash accruals and debt repayment.
About Shiv Snax
SSPL was incorporated in 2008 and promoted by Madan family and
their related Jeewani family. The company is engaged in
manufacturing of biscuits on job work basis for Parle and
commenced its commercial operations in November 2010. The
manufacturing facility is located at Raipur, Chhattisgarh.
For 2011-12, SSPL's profit after tax (PAT) and net income are
estimated at INR1.5 million and INR91.3 million respectively.
VAISHNODEVI REFOILS: CRISIL Ups Rating on INR58MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on Vaishnodevi Refoils & Solvex's
bank facilities to 'CRISIL B/Stable' from 'CRISIL C'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 58.0 CRISIL B/Stable (Upgraded from
'CRISIL C')
The upgrade reflects VRS's timely repayment of term debt for the
past three months and improvement in liquidity, resulting from
the increase in working capital limits to support the increase in
scale of operations, which, consequently, has improved cash
accruals. Backed by the increase in capacity in 2012-13 (refers
to financial year, April 1 to March 31) and consistent order
flow, VRS is estimated to report a top line growth of around 100
per cent in 2012-13 as against in 2011-12. Also, with the
increase in scale of operations, the firm's operating efficiency
has also improved, leading to an improvement in operating margin
at 3.7 per cent in 2011-12 from 2.7 per cent in 2011-12. CRISIL
believes that VRS will maintain its business risk profile over
the medium term, backed by stable order flow. VRS's financial
risk profile has improved marginally with capital infusion by the
partners, leading to net worth of INR75.5 million as on March 31,
2012, and gearing of 1.34 times, as against 2.1 times as on
March 31, 2011.
The ratings continue to reflect VRS's average financial risk
profile, marked by average gearing and weak debt protection
metrics, small scale of operations, and susceptibility to intense
competition in the edible oil industry. These weaknesses are
partially offset by the promoter's extensive experience in the
edible oil industry.
Outlook: Stable
CRISIL believes that VRS will continue to benefit from its
promoter's extensive experience in the edible oil industry over
the medium term. The outlook may be revised to 'Positive' in case
of an improvement in VRS's financial risk profile and
profitability. Conversely, the outlook may be revised to
'Negative' if VRS's financial risk profile deteriorates
significantly, most likely because of deterioration in its
profitability, stretch in its working capital requirement, or
larger-than-expected debt-funded capital expenditure (capex).
About Vaishnodevi Refoils
Set up in 2008, VRS is promoted by Mr. Shaileshbhai Thakkar and
his family. The firm extracts and refines edible oil (mainly
mustard oil from de-oiled cakes) at its plant in Banaskantha
(Gujarat).
VRS reported a book profit of INR3.8 million on net sales of
INR702 million for 2011-12, as against a book profit of INR3.3
million on net sales of INR827 million for 2010-11.
=========
J A P A N
=========
ELPIDA MEMORY: Wants to Incur $190-Mil. Shinseigin Financing
------------------------------------------------------------
Yukio Sakamoto and Nobuaki Kobayashi, as foreign representatives
of Elpida Memory, Inc., a Japanese company that is the subject of
reorganization proceedings under Japanese law pending before the
Tokyo District Court, Eighth Civil Division, ask the U.S.
Bankruptcy Court for the District of Delaware to approve various
security agreements with DIP lender Shinseigin Finance Co., Ltd.
A hearing on Oct. 24, 2012, at 2 p.m. has been set.
According to the foreign representatives, the facility agreement
between Elpida and the DIP Lender provides that the DIP lender
agreed to provide Elpida with financing through Dec. 28, 2012,
and up to a maximum commitment amount of JPY15,000,000,000.
To collateralize the DIP facility, Elpida and certain of its
subsidiaries, including, but not limited to Elpida Memory (USA),
Inc., Elpida's subsidiary based in the United States, entered
into separate security agreements and related agreements, each
with respect to the respective assets of Elpida and its
subsidiaries.
Elpida needed the DIP Facility in order to continue business
operations during the Japan Proceeding and to maximize value for
its creditors.
The terms of the facility agreement include:
Effective Date: April 27, 2012
Maximum Commitment Amount: JPY15,000,000,000
(equivalent
to $190 million)
Amount Outstanding: JPY8,000,000,000 (equivalent
to $102 million)
Maturity Date: Dec. 28, 2012
Use of Proceeds: The proceeds of each
borrowing will be used for
operating capital.
Interest Rate: 9.45% per annum (subject to
adjustment)
Arrangement Fee: JPY52,500,000 (equivalent to
$650,000
Governing Law: Japan
A copy of the terms of financing is available for free at:
http://bankrupt.com/misc/ELPIDAMEMORY_financing.pdf
About Elpida Memory
Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips. The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others. The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.
After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012. The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.
Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division. Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.
====================
N E W Z E A L A N D
====================
OTAGO RUGBY: Sees Small Profit After Avoiding Liquidation
---------------------------------------------------------
NBR Online reports that the Otago Rugby Football Union expects to
make a small profit this year after bouncing back from the brink
of liquidation.
NBR says that despite its financial troubles, the union's ITM Cup
team is in the competition's final this Friday, facing Counties
Manukau at Pukekohe.
After losing NZ$862,000 in 2011, NBR relays, the ORFU's debts
neared NZ$2.3 million in February.
As part of a rescue package reached in March, at least
NZ$1 million worth of debt was written off by the Dunedin City
Council and the New Zealand Rugby Union, according to the report.
The board was replaced, and the NZRU also entered into an
additional sponsorship deal with Bank of New Zealand, the union's
biggest creditor, which was owed NZ$1.2 million.
General manager Richard Kinley, who has been with the union since
August, told NBR Online it is expecting a small surplus this
year. "I think it will be less than NZ$50,000," NBR quotes Mr.
Kinley as saying.
However, that is a major turnaround from last year's loss, and
the $5.9 million deficit it posted in 2009, NBR discloses.
"The way the union is tracking, and the results we are having, it
may help bring more stability in terms of sponsorship next year,"
Mr. Kinley, as cited by NBR, said.
As reported in the Troubled Company Reporter-Asia Pacific on
March 7, 2012, Sport24 said the Otago Rugby Football Union put
off immediate liquidation on March 2 and revealed the existence
of a possible lifeline. Faced with debts of NZ$2.35 million, the
Otago Union said earlier it would fold on March 2, but at the
last minute announced that the move had been delayed for a week,
according to Sport24.
Based in Dunedin, the Otago Rugby Football Union --
http://www.orfu.co.nz/-- is the official governing body of rugby
union for the Otago Region of New Zealand.
=================
S I N G A P O R E
=================
SHEPPARD MOSCOW: Creditors' Proofs of Debt Due Nov. 19
------------------------------------------------------
Creditors of Sheppard Moscow Asia Pacific Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Nov. 19, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO LLP
21 Merchant Road
#05-01 Royal Merukh S.E.A. Building
Singapore 058267
SIN SOON: Creditors' Proofs of Debt Due Nov. 30
-----------------------------------------------
Creditors of Sin Soon Lee Industrial Park Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
Nov. 30, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Heng Lee Seng
15 Hoe Chiang Road
#12-02 Tower Fifteen
Singapore 089316
TRANSAGRO SHIPPING: Members' Proofs of Debt Due Nov. 19
-------------------------------------------------------
Members of Transagro Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 19, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 1, 2012.
The company's liquidator is:
Sanjay P Mohnot
Stamford Associates LLP
7500A Beach Road
#08-313 The Plaza
Singapore 199591
WAI LIAN: Creditors' Proofs of Debt Due Nov. 2
----------------------------------------------
Creditors of Wai Lian Construction Co Pte Ltd are required to
file their proofs of debt by Nov. 2, 2012, to be included in the
company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
WCT MARITIME: Court to Hear Wind-Up Petition on Nov. 2
------------------------------------------------------
A petition to wind up the operations of WCT Maritime Pte Ltd will
be heard before the High Court of Singapore on Nov. 2, 2012, at
10:00 a.m.
Shipnology ApS filed the petition against the company on Oct. 11,
2012.
The Petitioner's solicitors are:
M/s Incisive Law LLC
16 Collyer Quay, #19-00
Singapore 049318
===============
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 ***