/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121113.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, November 13, 2012, Vol. 15, No. 226 Headlines A U S T R A L I A BANKSIA: Receiver Gives Assurance Money Will Return to Investors BRISCONNECTIONS: In Trading Halt; Two Directors Step Down RTI (WA): Ruth Tarvydas' Fashion Biz Trading While Insolvent C A M B O D I A KINGDOM OF CAMBODIA: S&P Affirms 'B/B' Sovereign Credit Ratings H O N G K O N G NEWRICH CASTLE: Chan Yui Hang Appointed as Liquidator NEW SHINE: Members' Final Meeting Set for Dec. 7 NIVADA TRADING: Members' Final Meeting Set for Dec. 7 POLYU TCM: Heung Sai Kit Steps Down as Liquidator PRUDENTIAL SURPLUS: Members' Meeting Set for Dec. 6 RISE STEP: Chan Yui Hang Appointed as Liquidator SECURED FINANCIAL: Wang Poey Foon Angela Steps Down as Liquidator SHARP UNITED: Members' Final Meeting Set for Dec. 3 SHELL BITUMEN: Members' Final Meeting Set for Dec. 3 SKYGATE ELECTRONICS: Members' Final Meeting Set for Dec. 4 S.O.I. LIMITED: Members' Final Meeting Set for Dec. 5 SOUND CHAMBER: Members' Final Meeting Set for Dec. 2 STACA INTERNATIONAL: Eddie Junior Yau Steps Down as Liquidator TRIUMPH INVESTMENT: Creditors' Proofs of Debt Due Dec. 10 UNITED WELL: Members' Final Meeting Set for Dec. 7 VICKSEN LIMITED: Final Meeting Set for Dec. 5 YIP SHU: Final Meeting Set for Dec. 7 I N D I A AGRO PURE: CARE Assigns 'CARE BB' Rating to INR15cr LT Loan CAPSON TILES: CARE Assigns 'BB-' Rating to INR12.25cr LT Loan CHEER SAGAR: CARE Assigns 'BB+' Rating to INR0.49cr LT Loan MIRACLE CABLES: CARE Assigns 'B+' Rating to INR11.07cr LT Loan NIRWAN CHARITABLE: CARE Rates INR35.47cr LT Loan at 'CARE BB-' OSAKA PHARMACEUTICALS: CARE Rates INR11.53cr LT Loan at 'CARE BB' R.S TRIVENI: CARE Places 'CARE BB' Rating on INR15cr LT Loan SARRALLE EQUIPMENT: CARE Puts 'CARE B+' Rating on INR16.88cr Loan SHREEJI WOODCRAFT: CARE Places 'CARE B+' Rating on INR8.54cr Loan SHRI HANUMANT: CARE Places 'CARE B+' Rating on INR3.5cr LT Loan J A P A N RENESAS ELECTRONICS: Shareholders Refuse to Accept Employees N E W Z E A L A N D ASR LIMITED: In Liquidation; Artificial Surf Reef Future in Doubt S I N G A P O R E ASHCRAFT HOLDINGS: Court to Hear Judicial Mgt. Bid on Nov. 23 ATLANTIC COMPUTER: Creditors to Get 3.7% Recovery on Claims EZIHOME PTE: Court Enters Wind-Up Order HARLEY MARINE: Court to Hear Wind-Up Petition Nov. 16 PARAMOUNT FOOD: Court to Hear Wind-Up Petition Nov. 16 ZHEN LIAN: Creditors and Contributories to Meet on Nov. 16 V I E T N A M * VIETNAM: Livestock Farmers Face Bankruptcy X X X X X X X X * BOND PRICING: For the Week Nov. 5 to Nov. 9, 2012 - - - - - ================= A U S T R A L I A ================= BANKSIA: Receiver Gives Assurance Money Will Return to Investors ---------------------------------------------------------------- ABC News reports that the Victorian Government said it has been given an assurance from the receivers of the financial group Banksia Securities that investors will get some of their money back. A Government working group convened to provide help to those who have been affected by the collapse of Banksia met for the first time on November 7, according to ABC News. The report relates that Banksia went into receivership last month owing $660 million, much of which had been invested by regional Victorians. ABC News says that the chairman of the working group, Deputy Premier Peter Ryan, says the receivers cannot say what percentage of investors' money will be returned. The report discloses that Mr. Ryan says the Government has ruled out direct financial support to Banksia investors. BRISCONNECTIONS: In Trading Halt; Two Directors Step Down --------------------------------------------------------- Andrew Fraser at The Australian reports that Brisconnections has gone into a trading halt after traffic projections for the Brisbane road tunnel it operates have fallen well short of predictions. The Australian relates that BrisCon also announced directors Andrea Harcourt and Richard Wharton had resigned. No reason was given for their departures. According to The Australian, the trading halt comes only a week after the company made an announcement after the market closed it had called in insolvency and restructuring firm PPB Advisory to review its operations. The Australian relates that Brisconnections said investors were cautioned "adverse implications" may flow from the study, which will examine "current and anticipated traffic volumes, revenue, costs, forecast liquidity and capital structure". "The trading halt is requested pending an announcement by BCS to the market in respect of discussions with lenders," the company, as cited by The Australian, said Monday. According to the Australian, the AUD4.8 billion tunnel connecting Brisbane's inner north with the airport opened in June, but there were two free months of operations before payment started in October, and in that month daily usage averaged 66,203 cars, well down from the 135,000 vehicles per day originally forecast to use Airport Link. The Airport Link tunnel feeds directly into Brisbane's other road tunnel, the Clem 7. But Clem 7 operators RiverCity called in administrators in February last year with debts of AUD1.3 billion after the company's usage and revenue predictions of 100,000 vehicles a day were well above what actually happened, The Australian notes. About BrisConnections BrisConnections Management Company Limited (ASX:BCSCA) -- http://www.brisconnections.com.au/-- is an Australia-based company. The company is engaged in designing, constructing, operating, maintaining and financing Airport Link in Australia. Airport Link is a 6.7 kilometer toll road, mainly underground, connecting the North-South Bypass Tunnel, Inner City Bypass and local road network at Bowen Hills, to the northern arterials of Gympie Road and Stafford Road at Kedron, Sandgate Road and the East West Arterial leading to the airport. RTI (WA): Ruth Tarvydas' Fashion Biz Trading While Insolvent ------------------------------------------------------------ Kate Emery at The West Australian reports that RTI (WA) Pty Ltd, a Ruth Tarvydas' fashion business, had just AUD200 cash in the bank and may have been trading while insolvent when it collapsed last month. The West Australian relates that the revelations came in a creditors report by administrator Kim Wallman and published on the HLB Mann Judd (Insolvency WA) Web site on November 8. According to the West Australian, the report painted a grim picture of the size of the task facing Ms. Tarvydas, who hopes to recapitalise her business. The administrator's report reveals that Ms. Tarvydas' financier ANZ is owed AUD800,000, trade creditors AUD200,000 and her King Street landlord AUD426,000. Ms. Tarvydas' records showed AUD1.2 million in unpaid wages to herself, although Mr. Wallman said he had "yet to form a view in relation to this amount," the West Australian discloses. The West Australian says Mr. Wallman wrote in the report he believed Ms. Tarvydas "may have traded while insolvent because at the time transactions were entered, there may have been reasonable grounds to believe the company may not have been able to pay its debts as and when they fell due". "Given rental and taxation liabilities have been in arrears for some time, I will need to investigate whether the company has incurred credit where there were reasonable grounds to believe the company could not meet its obligations as and when they became due," the West Australian quotes Ms. Tarvydas as saying. "Having said this, the director may have valid defences to insolvent trading actions." Ms. Tarvydas told WestBusiness that before the company's collapse, she was still hopeful it could trade its way out of difficulty and secure an investment lifeline, the report adds. According to the West Australian, Mr. Wallman has asked for a second creditors meeting to be delayed to give him more time to go through the books and review a deed of company arrangement proposed by Ms. Tarvydas. =============== C A M B O D I A =============== KINGDOM OF CAMBODIA: S&P Affirms 'B/B' Sovereign Credit Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its unsolicited 'B' long-term and 'B' short-term sovereign credit ratings on the Kingdom of Cambodia. The outlook on the long-term rating remains stable. "At the same time, we affirmed our unsolicited 'axBB-' long-term and 'axB' short-term ASEAN regional scale ratings on Cambodia. Our transfer and convertibility (T&C) assessment remains 'B+'," S&P said. "We affirmed the ratings on Cambodia, which takes into account the country's low income and narrowly based economy, centralized political and policy-making environment, low payment culture, and a highly dollarized financial system," said Standard & Poor's credit analyst Agost Benard. "Deficiencies in economic data pose an additional constraining factor. These constraints are weighed against strong growth prospects and substantial donor engagement, which enables Cambodia to maintain a low debt and interest burden." "Projected per capita income of US$983 for 2012 indicates to us that Cambodia has a commensurately low level of policy flexibility or the fiscal wherewithal needed to avoid default in the event of shock. Economic output growth is vulnerable due to the still large weight of agriculture, and the narrow profile of both the industry and service sectors. The agricultural sector comprises 30% of GDP but employs nearly 60% of the labor force. The sector is characterized by low productivity, and lacks a developed downstream processing industry. Industry is centered around the low value-added garment and textile sector, which also accounts for about 80% of exports. Tourism remains concentrated on one major attraction that is unique to Cambodia (Angkor Wat), while other sites offering more generic products are less competitive," S&P said. "An additional rating constraint is a centralized political and policymaking environment, in which a tested and functioning succession mechanism at the top level is absent. Low payment culture, exemplified by long-standing arrears to bilateral creditors, forms an additional aspect of our low assessment of the political score underlying the rating," S&P said. "The ratings are also constrained by the government's low revenue mobilization capacity, which is attributable to both a narrow base and administration weaknesses. Based on Cambodia's tax ratio of about 13.5% of GDP, the country's fiscal flexibility is the second lowest among the sovereigns that Standard & Poor's rates in Asia. The dearth of fiscal resources, coupled with pressing infrastructure and social spending needs, necessitates ongoing budget support by donors," S&P said. "Policy flexibility is additionally hampered by the absence of an independent monetary policy framework, owing to the high level of dollarization. Foreign currency deposits account for more than 80% of broad money, leaving the central bank with setting bank reserve requirements as the main policy tool to affect credit conditions," S&P said. "The shortage of timely and detailed economic data, in particular relating to the national accounts, balance of payments, and the external debt of the non-government sector also constrain the rating. The data deficiency impedes accurate analysis of credit fundamentals, while for the government it poses a significant constraint in economic planning and policy formulation," S&P said. "However, the country's record of strong growth in a framework of generally market-oriented and prudent macroeconomic policies support the ratings. Political stability and a liberal economic and trade regime enabled the Cambodian economy to produce average real per capita GDP growth of 5.4% each year for 2006-2011, a level that we forecast the country can maintain to 2015. Medium- term growth prospects are favorable as the tourism and garment- export sectors expand, even in the face of sluggish demand in most of the industrialized world. These industries are aided by rising infrastructure spending and foreign direct investment from the region's advanced economies, plus favorable access to the U.S. and E.U. markets for the country's garment exports," S&P said. "We project medium-term growth of 6.1%-7% each year, which excludes the potential fillip from the country's nascent hydrocarbon industry, should it reach production stage after long delays. The strong growth prospects will continue to reinforce the country's positive debt dynamics, with an ongoing, albeit slower, decline in public debt ratios," said Mr. Benard. "The ratings are also underpinned by the continued engagement of international donors. This support conditions policy formulation and provides substantial fiscal and balance-of-payments assistance through concessional loans and grants. It has enabled Cambodia to maintain a relatively low debt level of an estimated 23% of GDP (net of deposits, 2011) and an exceedingly low interest burden of 1.9% of general government revenues. Together with long maturities and grace periods, the public sector external debt profile indicates a modest risk-to-debt service capacity at the 'B' rating level--as recognized by a 'low debt distress' designation by the IMF/World Bank debt sustainability analysis (2012)," S&P said. "The stable outlook reflects our expectation that policy continuity and donor support will prevail. The ratings could improve if the government implements measures to expand its low revenue base and improves collection efficiency, such that there is a sustained rise in the tax-to-GDP ratio. We may also raise the ratings if there is evidence of an improved payment culture, or if Cambodia increases efforts to materially boost investments by addressing the existing multitude of deterrents. However, the ratings could be lowered if there is fiscal slippage or reduced donor support due to deviation from prudent macroeconomic policies or an adverse change in debt management strategy," S&P said. ================ H O N G K O N G ================ NEWRICH CASTLE: Chan Yui Hang Appointed as Liquidator ----------------------------------------------------- Chan Yui Hang on Oct. 22, 2012, was appointed as liquidator of Newrich Castle Limited. The liquidator may be reached at: Chan Yui Hang Room 512, 5/F New Mandarin Plaza Tower B 14 Science Museum Road Tsimshatsui East Kowloon, Hong Kong NEW SHINE: Members' Final Meeting Set for Dec. 7 ------------------------------------------------ Members of New Shine Corporation Limited will hold their final meeting on Dec. 7, 2012, at 10:30 a.m., at Unit 201, 2/F, Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Chiu Wai Hon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NIVADA TRADING: Members' Final Meeting Set for Dec. 7 ----------------------------------------------------- Members of Nivada Trading Co., Limited will hold their final meeting on Dec. 7, 2012, at 10:00 a.m., at Unit 201, 2/F, Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Chiu Wai Hon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. POLYU TCM: Heung Sai Kit Steps Down as Liquidator ------------------------------------------------- Heung Sai Kit stepped down as liquidator of PolyU TCM Clinic Company Limited on Oct. 26, 2012. PRUDENTIAL SURPLUS: Members' Meeting Set for Dec. 6 --------------------------------------------------- Members of Prudential Surplus Limited will hold a meeting on Dec. 6, 2012, at 10:00 a.m., at 8th Floor, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Patrick Cowley and Fergal Power, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. RISE STEP: Chan Yui Hang Appointed as Liquidator ------------------------------------------------ Chan Yui Hang on Oct. 22, 2012, was appointed as liquidator of Rise Step International Investment Enterprise Limited. The liquidator may be reached at: Chan Yui Hang Room 512, 5/F New Mandarin Plaza Tower B 14 Science Museum Road Tsimshatsui East Kowloon, Hong Kong SECURED FINANCIAL: Wang Poey Foon Angela Steps Down as Liquidator ----------------------------------------------------------------- Wang Poey Foon Angela stepped down as liquidator of Secured Financial Services Limited on Nov. 2, 2012. SHARP UNITED: Members' Final Meeting Set for Dec. 3 --------------------------------------------------- Members of Sharp United Limited will hold their final general meeting on Dec. 3, 2012, at 11:00 a.m., at Suite 504, South Tower, World Finance Centre, Harbour City, 17-19 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Lam Tak Keung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SHELL BITUMEN: Members' Final Meeting Set for Dec. 3 ---------------------------------------------------- Members of Shell Bitumen (Tianjin) Holding Limited will hold their final general meeting on Dec. 3, 2012, at 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SKYGATE ELECTRONICS: Members' Final Meeting Set for Dec. 4 ---------------------------------------------------------- Members of Skygate Electronics (H.K.) Limited will hold their final general meeting on Dec. 4, 2012, at 10:00 a.m., at 22nd Floor, Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong. At the meeting, Victor Robert Lew, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. S.O.I. LIMITED: Members' Final Meeting Set for Dec. 5 ----------------------------------------------------- Members of S.O.I. Limited will hold their final meeting on Dec. 5, 2012, at 11:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. SOUND CHAMBER: Members' Final Meeting Set for Dec. 2 ---------------------------------------------------- Members of The Sound Chamber Limited will hold their final general meeting on Dec. 2, 2012, at 10:00 a.m., at 21/F, Stanley 11, at No. 11 Stanley Street, Central, in Hong Kong. At the meeting, To Yuet Sing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. STACA INTERNATIONAL: Eddie Junior Yau Steps Down as Liquidator -------------------------------------------------------------- Eddie Junior Yau stepped down as liquidator of Staca International Limited on Oct. 25, 2012. TRIUMPH INVESTMENT: Creditors' Proofs of Debt Due Dec. 10 --------------------------------------------------------- Creditors of Triumph Investment Fund Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Oct. 25, 2012. The company's liquidator is: Zhuo Shuijia Room 803, Tung Hip Commercial Building 248 Des Voeux Road Central, Hong Kong UNITED WELL: Members' Final Meeting Set for Dec. 7 -------------------------------------------------- Members of United Well International Enterprises Limited will hold their final meeting on Dec. 7, 2012, at 9:30 a.m., at Unit 201, 2/F, Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Chiu Wai Hon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. VICKSEN LIMITED: Final Meeting Set for Dec. 5 --------------------------------------------- Members of Vicksen Limited will hold their final meeting on Dec. 5, 2012, at 10:00 a.m., at 20/F, Fung House, at No. 19-20 Connaught Road Central, in Hong Kong. At the meeting, Ng Chit Sing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. YIP SHU: Final Meeting Set for Dec. 7 ------------------------------------- Members of Yip Shu Lam Foundation Ltd will hold their final meeting on Dec. 7, 2012, at Room A, G/F, Yau Tong Industrial Building, Phase III, Kln, in HK. At the meeting, Ho Tung Yin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AGRO PURE: CARE Assigns 'CARE BB' Rating to INR15cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Agro Pure Capital Foods Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15 CARE BB Assigned Rating Rationale The rating is constrained by the moderate financial risk profile of Agro Pure Capital Foods Private Limited marked by leveraged capital structure, low coverage indicators and low profitability margins, highly fragmented industry structure and susceptibility of margins to the fluctuations in raw material prices and government policies. The rating, however, draws comfort from the experienced promoters, financial support from the promoters, comfortable operating cycle, large customer base and diversified product portfolio. Going forward, the ability of APC to improve its capital structure and profitability along with the effective working capital management would be the key rating sensitivities. Agro Pure Capital Foods Pvt Ltd., the flagship company of the AgroPure group, was incorporated in January 2011 as a private limited company. Capital Foods, which was a partnership firm incorporated in September 2001 was merged with APC in April 2011. Before merger, there were no operations in APC. The main promoters of APC are Mr. Nitin Goyal and Mr. Amit Goyal. APC is primarily engaged in the processing and trading of Pulses (Channa, Masoor and Urad), Besan and Cattle feeds. The company has four manufacturing units in Delhi having installed capacity of 45,000 MTPA for pulses, 13,000 MTPA for besan and 12,500 MTPA for cattle feed as on March 31, 2012. APC reported a PAT of INR0.29 crore on the total income of INR185.85 crore in FY12 (refers to the period April 1 to March 31). As per the provisional results, APC reported a PAT of INR 0.53 crore on the total income of INR150.49 crore in H1FY13. CAPSON TILES: CARE Assigns 'BB-' Rating to INR12.25cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Capson Tiles Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 12.25 CARE BB-Assigned Short-term Bank Facilities 2.00 CARE A4 Assigned Rating Rationale The ratings are primarily constrained on account of the short track record of business operations of Capson Tiles Pvt. Ltd. in a highly competitive tile industry and financial risk profile marked by fluctuating profit margins, moderately leveraged capital structure and stressed liquidity position. The ratings are further constrained on account of the vulnerability of its operating margin to volatility associated with the raw material and fuel (natural gas) prices as well as its linkages with the cyclical real estate industry. These constraints outweigh the benefits derived from the promoters' experience in the tile industry and its presence in the ceramic tile cluster of Morbi in Gujarat. The ability of CTPL to increase its scale of operations coupled with the improvement in profit margins and debt coverage indicators are the key rating sensitivities. Rajkot (Gujarat)-based CTPL, a closely held private limited company, was incorporated in 2007 by Mr. Pravin R. Bhalodiya. CTPL is engaged in the manufacturing of ceramic glazed wall tiles. CTPL operates from its sole manufacturing facility located in ceramic cluster (Morbi) and has an installed capacity to manufacture 60,000 metric tonnes per annum (MTPA) of ceramic glazed wall tiles with size of 12"X18", 12"X24" and 16"X24". CTPL markets its products under two brands 'Capson' and 'KAG'. CTPL also export its products to U.K., Italy, Bahrain and Thailand. As against a net profit of INR0.74 crore on a total operating income of INR21.82 crore in FY11 (refers to the period April 1 to March 31), CTPL reported a net profit of INR0.74 crore on a total operating income of INR33.74 crore during FY12. As per the provisional results of H1FY13, CTPL achieved a turnover of INR14.44 crore and a PBT of INR0.99 crore. CHEER SAGAR: CARE Assigns 'BB+' Rating to INR0.49cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Cheer Sagar Exports. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 0.49 CARE BB+ Assigned Short-term Bank Facilities 8.40 CARE A4+ Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of the withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Cheer Sagar Exports are mainly constrained on account of its relatively short track record of readymade garment manufacturing operations, its presence in the fragmented and competitive textile industry and moderate size. The ratings are further constrained due to susceptibility of its margin to the fluctuations in raw material prices, exposure to the foreign exchange fluctuations risk and its constitution as a partnership firm. The ratings, however, favorably take into account the wide experience of the partners in the textile industry, its wide product portfolio comprising woven and knitwear and Government support to the sector through the Technology Up-gradation Fund Scheme. Furthermore, the ratings draw comfort from the moderate financial risk profile marked by increasing scale of operations, moderate profitability and comfortable capital structure. Improvement in the overall financial risk profile along with increase in the scale of operations, widening market presence, and effective management of foreign exchange fluctuation risk and working capital would be the key rating sensitivities. CSE is promoted by Mr. Ghanshyam Prasad Poddar along with Mr. Rakshit Poddar and Mrs Raghushree Poddar and was originally formed as C.S. Creations in December 1996 at Jaipur. Presently, there are four partners in the firm. CSE was engaged in the manufacturing of carpets in the initial years of operation. However, during FY08 (refers to the period April 1 to March 31), CSE changed its business and started manufacturing and export of readymade garments. CSE's product portfolio consists of ladies and children garments and home furnishings. CSE exports its products to Japan, Europe, USA, South Africa and Israel. CSE's processing plant is located in RIICO industrial area at Jaipur and has an installed capacity of 15 lakh units per annum of readymade garments. CSE is recognized as one star export house by Government of India. MIRACLE CABLES: CARE Assigns 'B+' Rating to INR11.07cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Miracle Cables (India) Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 11.07 CARE B+ Assigned Short-term Bank Facilities 0.30 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Miracle Cables (India) Private Limited are constrained by the relatively small scale of operations, high gearing levels and stressed debt coverage indicators. The ratings are further constrained by its exposure to volatile raw material prices, working capital intensive nature of operations and highly competitive nature of the industry. The aforesaid constraints far outweigh the strength derived from the experienced promoters and long operational track record of MCPL with established customer base. The ability of MCPL to improve the scale of operations along with improvement in its overall financial risk profile and efficient management of working capital cycle are the key rating sensitivities. Established as a partnership firm in 1996, Miracle Cables (India) Private Limited is engaged in the manufacturing of electrical wires & cables, uninyvin cables, molded cords & wire harness. MCPL has three manufacturing facilities, all located in Mumbai in Mahape, Bhandup & Ambernath. MCPL is ISO 9001:2000 certified and its products carry ISI mark. MCPL's key raw material, copper rods and Poly Vinyl Chloride (PVC) are entirely procured from domestic market. Furthermore, the company's sales are also predominantly in the domestic markets with exports forming approximately 8% of the total income. As per the provisional results for FY12 (refers to the period April 1 to March 31), MCPL posted a total income of INR33.37 crore (up by 27.07% vis-a-vis FY11) and PAT of INR0.64 crore (up by 11.44% vis-a-vis FY11). NIRWAN CHARITABLE: CARE Rates INR35.47cr LT Loan at 'CARE BB-' -------------------------------------------------------------- CARE assigns 'CARE BB-' rating to the bank facilities of Nirwan Charitable Trust. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 35.47 CARE BB- Assigned Rating Rationale The rating is primarily constrained on account of the small scale of operations of Nirwan Charitable Trust, stressed liquidity position, likely deterioration of capital structure owing to ongoing predominantly debt-funded project and highly concentrated revenue stream. The rating is further constrained on account of high competition in the higher education segment and its presence in a highly regulated sector. The rating, however, favorably takes into account the vast experience of the founder members, affiliated colleges with established presence in the education sector and strong enrolment ratio. Successful implementation of the ongoing capex within envisaged cost and time parameters, sustaining the strong enrolment ratio and efficient management of its working capital requirements are the key rating sensitivities. Jaipur (Rajasthan) based NCT was incorporated in February 1999 with the objective of imparting health education. Dr. Manjeet Singh Nirwan is the founder member of NCT and currently works as a director in many of the colleges. The trust forayed into dental as well as nursing field in 1999. The educational institutes managed by NCT are S.N. Institute of Paramedical Training (SNIPT; formed in 1999), Rajasthan Dental College & Hospital (RDCH; formed in September 2003), Sri Ganganagar, Rajasthan College of Nursing & Rajasthan School of Nursing (RCN & RSN; formed in 2002), Rajasthan Girls Polytechnic College and Swastik Blood Bank. During FY12 (refers to the period April 1 to March 31), NCT reported net surplus of INR1.03 crore on a total income of INR10.47 crore as compared to net surplus of INR0.51 crore on a total operating income of INR8.31 crore during FY11. OSAKA PHARMACEUTICALS: CARE Rates INR11.53cr LT Loan at 'CARE BB' ----------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Osaka Pharmaceuticals Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 11.53 CARE BB Assigned Short-term Bank Facilities 8.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Osaka Pharmaceuticals Private Limited are primarily constrained by the relatively modest scale of operations with relatively short track record and moderately leveraged capital structure. The ratings are further constrained by its exposure to volatile raw material prices and currency fluctuations, working capital intensive nature of operations and highly competitive nature of the domestic pharma industry. The aforesaid constraints are partially offset by the strength derived from the experienced promoters of Osaka with the financial support extended in the past, diversified product portfolio and healthy growth prospects for the Indian pharmaceutical industry. Achieving the envisaged operating income with improvement in the profitability margins & capital structure, efficient management of working capital cycle and timely receipt of regulatory approvals are the key rating sensitivities. Established in 1984 as a partnership firm, Osaka Pharmaceuticals Private Limited (Osaka) is engaged in the manufacturing of pharmaceutical formulations. Osaka has entered into contracts for the manufacturing of pharmaceutical formulations with some of the renowned companies in the industry. In FY12 (provisional, refers to the period April 01 to March 31), the majority of the revenue was contributed from exports (approximately 80%), mainly to the African countries. Osaka has its headquarters at Mumbai and plant at Vadodara (Gujarat), with approvals from national & international authorities including WHO-cGMP (Certificate of Good manufacturing Practices) & accreditations from regulatory authorities of Nigeria, Ghana, Tanzania, Kenya, Uganda, Vietnam, Malawi, Ivory Coast, Congo and Iran. Furthermore, it plans to diversify in other African countries and is in the process of applying for regulatory approvals for those specific countries. As per the provisional results for FY12, Osaka reported total operating income of INR33.13 crore (vis-a-vis INR12.18 crore in FY11) with PAT of INR3.15 crore (vis-a-vis net loss of INR0.55 crore). R.S TRIVENI: CARE Places 'CARE BB' Rating on INR15cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE BB' rating to the bank facilities of R.S Triveni Foods Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15 CARE BB Assigned Rating Rationale The rating is constrained by the moderate financial risk profile of R.S Triveni Foods Private Limited marked by leveraged capital structure, low coverage indicators and low profitability margins, highly fragmented industry structure and susceptibility of margins to the fluctuations in raw material prices and government policies. The rating, however, draws comfort from the experienced promoters, financial support from the promoters, comfortable operating cycle, large customer base and diversified product portfolio. Going forward, the ability of RST to improve its capital structure and profitability along with effective working capital management would be the key rating sensitivities. R.S Triveni Foods Pvt Ltd., belongs to the AgroPure group, was incorporated in April 2010 as a private limited company. Triveni Industries (TI) which was a partnership firm incorporated in September 2004 was merged with RST in July 2012. Before merger, there were no operations in RST. The main promoters of RST are Mr. Pramod Kumar and Mr. Anish Goyal. The company is primarily engaged in the processing and trading of Pulses (Masoor) and Cattle feeds, which contributed 96% and 4%, respectively, to the total sales in FY12 (refers to the period April 1 to March 31). The installed capacity for pulses stood at 35,000 MTPA and for cattle feed at 8,000 MTPA as on March 31, 2012. TI reported a PAT of INR0.27 crore on the total income of INR101.70 crore in FY12. As per the provisional results, the company reported a PAT of INR 0.34 crore on the total income of INR78.19 crore in H1FY13. SARRALLE EQUIPMENT: CARE Puts 'CARE B+' Rating on INR16.88cr Loan ----------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Sarralle Equipment India Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 16.88 CARE B+ Assigned Short-term Bank Facilities 34.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Sarralle Equipment India Private Limited are constrained by its financial risk profile characterized by small size, fluctuating total income & profitability margin, moderate leverage and stretched liquidity due to the working capital intensive nature of operations. The ratings are further constrained by dependence of the operations on the cyclical steel industry along with customer & supplier concentration risk. The above-mentioned constraints far outweigh the strengths derived from the long track record of the group, experienced management and established relationship with reputed customers. The company's ability to improve the overall scale of operations along with the improvement in the profitability margins and improvement in the liquidity position are the key rating sensitivities. Incorporated in 2005, Sarralle Equipment India Private Limited is a part of Sarralle Equipos Siderurgicos, S.L., [headquartered in Spain] and is engaged in providing design, construction and custom turnkey solutions to the steel manufacturers both pre and post commissioning of plant. SEIPL is also engaged in the manufacturing of furnaces for steel manufactures through its plant located at Mahishrekha, West Bengal. SEIPL designs and supplies steel plant equipment such as Electric Arc Furnaces (ERC) [for a capacity ranging from 25 to 250 tons], Ladle furnaces [for a capacity ranging from 25 to 300 tons], Fume exhaust systems, VD/VOD, RH Degassing, Continuous Casting Machine, Ingot Vacuum Casting Degasser (VCD), Auxiliaries for the steel making process and Control & Automation System (Level I & II) for all the equipment referred above. As on July 17, 2012, SEIPL had an order book of around INR50 crore to be executed over the next 14- 18 months and had received advances of INR13 crore against the same. As per the provisional results for FY12 (refers to the period April 01 to March 31), SEIPL posted total income of INR16.41 crore (vis-a-vis INR45.35 crore in FY11) and PAT of INR0.04 crore (vis-a-vis INR2.27 crore in FY11). SHREEJI WOODCRAFT: CARE Places 'CARE B+' Rating on INR8.54cr Loan ----------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Shreeji Woodcraft Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 8.54 CARE B+ Assigned Short-term Bank Facilities 1.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Shreeji Woodcraft Private Limited are constrained by its weak financial profile characterized by relatively small scale of operations, low capitalization, high leverage, weak debt coverage indicators and stressed liquidity position. The ratings are further constrained by the company's exposure to foreign exchange fluctuation risk with operations in highly fragmented and competitive industry having dependence on cyclical real estate industry. The aforesaid constraints far outweigh the strength derived from the experience of the promoters in the industry and established relationship with the customers and suppliers. The ability of Shreeji to improve its overall scale of operations and financial risk profile with efficient management of working capital cycle and improvement in the liquidity position are the key rating sensitivities. Shreeji Woodcraft Private Limited was incorporated in 2007 by the Parekh Family and started commercial production in May 2010. Shreeji is engaged in manufacturing door frames, wooden doors, flush doors, wooden flooring and other sundry wooden items. The company also provides fitting and fixing services to its customers. Before incorporating Shreeji, the members of the Parekh family were involved in the same line of business through various different entities, the businesses of which were transferred to Shreeji upon its incorporation. The company procures its major raw material (timber) from the timber importers and also directly imports it. The firm earns the entire revenue from the domestic market wherein it supplies primarily to real estate companies and traders. The firm has its registered office in Mumbai and manufacturing facility in Silvassa. During FY12 (refers to the period April 01 to March 31), Shreeji reported total operating income of INR19.57 crore (up by 124.56% vis-a-vis FY11) and PAT of INR0.16 crore (down by 7.15% vis-a-vis FY11). SHRI HANUMANT: CARE Places 'CARE B+' Rating on INR3.5cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Shri Hanumant Refoils Incorporation. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.50 CARE B+ Assigned Short-term Bank Facilities 4.50 CARE A4 Assigned The ratings assigned by CARE are based on the capital deployed by the proprietor and the financial strength of the firm at present. The ratings may undergo change in case of the withdrawal of the capital or the unsecured loans brought in by the proprietor in addition to the financial performance and other relevant factors. Rating Rationale The ratings are primarily constrained on account of the modest scale of operations coupled with the financial risk profile of Shri Hanumant Refoils Incorporation marked by low profitability & cash accruals and moderately leveraged capital structure. The ratings are further constrained by susceptibility of profit margins to price fluctuations in agro commodities and stiff competition from large number of organized and unorganized players. These constraints far outweigh the benefits derived from the proprietors' experience in the agro commodities business. The ability of SHRI to increase its scale of operations and improvement in the profit margins are the key rating sensitivities. Ahmedabad (Gujarat)-based, Shri Hanumant Refoils Incorporation was formed in May 2007 as a proprietorship concern by Mr. Hitendra Thakkar. SHRI is engaged in the trading of agro commodities mainly rice and pulses. The firm purchases rice and pulses from domestic processors and supplies to major wholesaler and bulk traders located in Gujarat region. As against a net profit of INR0.09 crore on a total operating income of INR30.99 crore in FY11 (refers to the period April 1 to March 31), SHRI reported a net profit of INR0.20 crore on a total operating income of INR46.67 crore during FY12. ========= J A P A N ========= RENESAS ELECTRONICS: Shareholders Refuse to Accept Employees ------------------------------------------------------------ Jiji Press reports that three major shareholders of Renesas Electronics Corp. have declined to accept 1,000 employees from the struggling chip-maker, according to sources. Jiji Press relates that the government-backed investment fund Innovation Network Corp. of Japan has been asking NEC Corp., Hitachi Ltd. and Mitsubishi Electric Corp. to take on the employees in exchange for its financial assistance to the ailing Renesas. According to the report, the refusal by the three electronics makers made it more unlikely that an agreement on a bailout of Renesas will be reached anytime soon. NEC, the largest shareholder of Renesas, declined the request apparently because it cut 10,000 jobs, the report discloses. Jiji Press says the investment fund has been asking Renesas to shed 3,000 to 5,000 jobs to help turn itself around in addition to 7,500 employees who have already applied for buyout packages. The investment fund is considering joining Toyota Motor Corp. and others in injecting JPY200 billion in fresh capital into Renesas. The fund has been offering to buy new Renesas shares at a price that is substantially lower than prevailing market prices. About Renesas Electronics Based in Tokyo, Japan, Renesas Electronics Corp. -- http://am.renesas.com/-- manufactures semiconductor systems for mobile phones and automotive applications. Renesas, which has been unprofitable since it was established in 2010, last month announced a restructuring plan which included a reduction of about 5,000 workers, or 12% of its workforce, in a bid to turn around its bottom line. For the fiscal year that ended March 31, 2012, the chip maker reported a net loss of JPY62.60 billion and revenue of JPY883.11 billion. In the previous fiscal year when the company was created, it reported a net loss of JPY115.02 billion, The Wall Street Journal reported. ==================== N E W Z E A L A N D ==================== ASR LIMITED: In Liquidation; Artificial Surf Reef Future in Doubt ----------------------------------------------------------------- Adam Williams at BBC News reports that New Zealand-based ASR Limited, which built Boscombe surf reef in Dorset, has been in liquidation since September. The GBP3.2 million reef has been out of action since May 2011 after it was damaged by a boat propeller. ASR had been due to carry out repairs in May. BBC says Bournemouth Borough Council claims the reef "has been a fantastic success." According to the report, the authority said news of ASR's liquidation was unlikely to affect its plans to repair the reef, but refused to reveal whether it had previously known ASR had ceased trading. It is pursuing an insurance claim for the damage. The reef, made of 55 giant sand-filled bags 740ft (225m) out at sea, opened in November 2009 after lengthy delays and running over budget. BBC notes that it was deemed "sub-standard" in an independent report in 2010 which found it had not achieved all of its objectives. But ASR denied the reef had failed and said it was only one of the criteria -- the wave lengths -- which it had not met, the report relays. BBC, citing documents filed by Companies House in New Zealand, discloses that the firm ceased trading in July. Liquidators were appointed in September, who filed their first report last month. The council is currently not listed as a known creditor while another sub-contractor from Dorset claims to be owed GBP30,000 by the company. To date, liquidators have received claims from creditors for debts of NZ$5,996 (GBP3,223) and outstanding tax bills of NZ$280,284 (GBP150,690). New Zealand-based ASR Limited built Europe's only artificial surf reef in Dorset. ================= S I N G A P O R E ================= ASHCRAFT HOLDINGS: Court to Hear Judicial Mgt. Bid on Nov. 23 ------------------------------------------------------------- An application to place Ashcraft Holdings Limited under judicial management will be heard before the High Court of Singapore on Nov. 23, 2012, at 10:00 a.m. Leow Quek Shiong and Chia Soo Hien, both of BDO LLP, have been nominated as judicial managers. The Applicant's solicitors are: Eldan Law LLP 1 Coleman Street #06-03 The Adelphi, Singapore 179803 ATLANTIC COMPUTER: Creditors to Get 3.7% Recovery on Claims ----------------------------------------------------------- Atlantic Computer Systems Pte Ltd will declare the fourth and final dividend on Nov. 19, 2012. The company will pay 3.7% to the received claims. The company's liquidator is: Bob Yap Cheng Ghee c/o KPMG Services Pte. Ltd. 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 EZIHOME PTE: Court Enters Wind-Up Order --------------------------------------- The High Court of Singapore entered an order on Nov. 2, 2012, to wind up Ezihome Pte Ltd's operations. Malayan Banking Berhad filed the petition against the company. The company's liquidators are: Messrs Chee Yoh Chuang Abuthahir Abdul Gafoor Stone Forest Corporate Advisory Pte Ltd 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 HARLEY MARINE: Court to Hear Wind-Up Petition Nov. 16 ----------------------------------------------------- A petition to wind up the operations of Harley Marine Asia Pte Ltd will be heard before the High Court of Singapore on Nov. 16, 2012, at 10:00 a.m. Esta Shipping Pte Ltd filed the petition against the company on Oct. 25, 2012. The Petitioner's solicitors are: Advocatus Law LLP 25 North Bridge Road #08-01 EFG Bank Building Singapore 179104 PARAMOUNT FOOD: Court to Hear Wind-Up Petition Nov. 16 ------------------------------------------------------ A petition to wind up the operations of Paramount Food Pte Ltd will be heard before the High Court of Singapore on Nov. 16, 2012, at 10:00 a.m. Leong Peng Yew (Liang Bingyao) and Leong Peng Wei (Liang Bingwei) filed the petition against the company on Oct. 25, 2012. The Petitioner's solicitors are: Lexcompass LLC 101 Upper Cross Street #06-19 People's Park Centre Singapore 058357 ZHEN LIAN: Creditors and Contributories to Meet on Nov. 16 ---------------------------------------------------------- Zhen Lian Sun Pte Ltd, which is in liquidation, will hold a meetings for its creditors and contributories on Nov. 16, 2012, at 2:30 p.m. and 3:00 p.m., respectively at 8 Wilkie Road #03-08 Wilkie Edge, in Singapore 228095. Agenda of the meeting include: a. to update on the status of liquidation; b. to consider and if thought fit, to appoint a committee of inspection; and c. discuss other business. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 ============= V I E T N A M ============= * VIETNAM: Livestock Farmers Face Bankruptcy -------------------------------------------- VietNamNet Bridge reports that the Vietnamese livestock industry is in a critical situation with many farms facing bankruptcy but unable to get access to the Government's financial support package. VietNamNet Bridge says pork prices have plummeted while the cost of animal feed has risen relentlessly, and demand for livestock products has slowed down. As a result, many livestock farmers are virtually bankrupt, the report notes. According to farmers' calculations, they suffer a loss of at least VND600,000 on raising a pig. In an attempt to help the industry, VietNamNet Bridge recalls, in early August, the central bank ordered commercial banks to reduce interest rates on loans given to it to not more than 11 per cent -- the lowest rate on any credit. The central bank said those facing difficulties should be given two additional years to repay loans, VietNamNet Bridge relays. According to the report, priority was to be given to households, co-operatives, and companies raising, slaughtering, and processing livestock and poultry. The move followed a Government order to help struggling farmers cope with disease outbreaks, falling prices, and lack of resources. But most livestock farmers have yet to benefit from this programme. =============== X X X X X X X X =============== * BOND PRICING: For the Week Nov. 5 to Nov. 9, 2012 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 04/19/22 AUD 73.94 EXPORT FIN & INS 0.50 06/15/20 NZD 74.82 MIDWEST VANADIUM 11.50 02/15/18 USD 64.75 MIDWEST VANADIUM 11.50 02/15/18 USD 59.50 NEW S WALES TREA 0.50 09/14/22 AUD 71.27 NEW S WALES TREA 0.50 10/07/22 AUD 71.08 NEW S WALES TREA 0.50 10/28/22 AUD 70.90 NEW S WALES TREA 0.50 11/18/22 AUD 71.06 NEW S WALES TREA 0.50 12/16/22 AUD 70.84 NEW S WALES TREA 0.50 02/02/23 AUD 70.48 NEW S WALES TREA 0.50 03/30/23 AUD 70.05 TREAS CORP VICT 0.50 08/25/22 AUD 72.08 TREAS CORP VICT 0.50 03/03/23 AUD 71.03 TREAS CORP VICT 0.50 11/12/30 AUD 51.10 CHINA ----- CHINA GOVT BOND 4.86 08/10/14 CNY 103.06 CHINA GOVT BOND 1.64 12/15/33 CNY 67.29 INDIA ----- AKSH OPTIFIBRE 1.00 02/05/13 USD 71.86 JCT LTD 2.50 04/08/11 USD 20.00 JSL STAINLESS LT 0.50 12/24/19 USD 66.36 MASCON GLOBAL LT 2.00 12/28/12 USD 9.13 PRAKASH IND LTD 5.63 10/17/14 USD 68.61 PRAKASH IND LTD 5.25 04/30/15 USD 68.13 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO 5.50 11/13/14 USD 68.03 REI AGRO 5.50 11/13/14 USD 68.03 SHIV-VANI OIL 5.00 08/17/15 USD 49.81 SUZLON ENERGY LT 5.00 04/13/16 USD 41.03 JAPAN ----- EACCESS LTD 3.50 12/15/16 JPY 101.53 EBARA CORP 1.30 09/30/13 JPY 100.06 ELPIDA MEMORY 2.03 03/22/12 JPY 12.75 ELPIDA MEMORY 2.10 11/29/12 JPY 12.75 ELPIDA MEMORY 2.29 12/07/12 JPY 10.00 ELPIDA MEMORY 0.50 10/26/15 JPY 10.63 ELPIDA MEMORY 0.70 08/01/16 JPY 15.00 JPN EXP HLD/DEBT 0.50 09/17/38 JPY 63.21 JPN EXP HLD/DEBT 0.50 03/18/39 JPY 63.10 KADOKAWA HLDGS 1.00 12/18/14 JPY 109.14 SHARP CORP 1.42 03/19/14 JPY 44.00 SHARP CORP 0.85 09/16/14 JPY 40.31 SHARP CORP 1.14 09/16/16 JPY 32.63 SHARP CORP 2.07 03/19/19 JPY 33.16 SHARP CORP 1.60 09/13/19 JPY 32.04 SOFTBANK CORP 1.50 03/31/13 JPY 120.97 TOKYO ELEC POWER 2.40 11/28/28 JPY 74.50 TOKYO ELEC POWER 2.21 02/27/29 JPY 73.26 TOKYO ELEC POWER 2.11 12/10/29 JPY 71.25 TOKYO ELEC POWER 1.96 07/29/30 JPY 68.44 TOKYO ELEC POWER 2.37 05/28/40 JPY 65.75 MALAYSIA -------- DUTALAND BHD 7.00 04/11/13 MYR 0.90 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/49 USD 22.50 BAYAN TELECOMMUN 13.50 07/15/49 USD 22.50 SINGAPORE --------- BAKRIE TELECOM 11.50 05/07/15 USD 48.50 BAKRIE TELECOM 11.50 05/07/15 USD 45.46 BLD INVESTMENT 8.63 03/23/15 USD 60.68 BLUE OCEAN 11.00 06/28/12 USD 34.13 BLUE OCEAN 11.00 06/28/12 USD 34.13 CAPITAMALLS ASIA 2.15 01/21/14 SGD 99.76 CAPITAMALLS ASIA 3.80 01/12/22 SGD 101.50 DAVOMAS INTL FIN 11.00 12/08/14 USD 28.75 DAVOMAS INTL FIN 11.00 12/08/14 USD 28.75 F&N TREASURY PTE 2.48 03/28/16 SGD 100.50 SINGAPORE AIR 2.15 09/30/15 SGD 102.00 KOREA ----- CN 1ST ABS 8.00 02/27/15 KRW 33.48 CN 1ST ABS 8.30 11/27/15 KRW 34.83 EXP-IMP BK KOREA 0.50 08/10/16 BRL 73.46 EXP-IMP BK KOREA 0.50 09/28/16 BRL 73.16 EXP-IMP BK KOREA 0.50 10/27/16 BRL 72.68 EXP-IMP BK KOREA 0.50 11/28/16 BRL 72.14 EXP-IMP BK KOREA 0.50 12/22/16 BRL 71.67 EXP-IMP BK KOREA 0.50 10/23/17 TRY 72.09 EXP-IMP BK KOREA 0.50 11/21/17 BRL 66.29 EXP-IMP BK KOREA 0.50 12/22/17 TRY 71.32 EXP-IMP BK KOREA 0.50 12/22/17 BRL 65.84 KIBO GRE 1ST ABS 10.00 01/25/15 KRW 30.81 SINBO 10TH ABS 10.00 12/27/14 KRW 29.82 SINBO 4TH ABS 8.00 08/18/14 KRW 30.37 SINBO 7TH ABS 8.00 09/22/14 KRW 30.12 SRI LANKA --------- SRI LANKA GOVT 5.65 01/15/19 LKR 68.06 SRI LANKA GOVT 8.00 06/01/20 LKR 74.33 SRI LANKA GOVT 6.20 08/01/20 LKR 66.15 SRI LANKA GOVT 8.00 01/01/22 LKR 70.15 SRI LANKA GOVT 7.00 10/01/23 LKR 64.73 SRI LANKA GOVT 5.35 03/01/26 LKR 48.90 SRI LANKA GOVT 8.00 01/01/32 LKR 59.84 THAILAND -------- BANGKOK LAND 4.50 10/13/03 USD 5.25 VIETNAM ------- VIETNAM GOVT 7.30 04/18/14 VND 37.85 ********* 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 ***