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/raid1/www/Hosts/bankrupt/TCRAP_Public/121121.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 Wednesday, November 21, 2012, Vol. 15, No. 232 Headlines A U S T R A L I A BILL EXPRESS: Former Salesman Gets 12-Mo. Jail Sentence LEHMAN BROTHERS: 100% Recovery for CDO Losses After Win by PPB MANCHESTER UNITY: S&P Withdraws 'B+/B' Issuer Credit Ratings MILTON COLLEGE: Ferrier Hodgson Appointed as Liquidators MULSANNE RESOURCES: Placed Into Liquidation NAHAS CONSTRUCTION: Enters Administration; Owes Creditors AUD25MM PETS PARADISE: Receivers Auction Off Founder's Waterfront Home * AUSTRALIA: More Than 20 Solar Firms in Trouble in Last 5 Months C H I N A CHINA AOYUAN: Fitch Puts Final Rating on $125-Mil. Notes at 'B+' CHINA DU KANG: Delays Third Quarter Form 10-Q for Review CHINA EXECUTIVE: Delays Form 10-Q for Third Quarter SEARCHMEDIA HOLDINGS: To Hold Annual General Meeting on Dec. 14 SHANGHAI INDUST'L: Moody's Says Consent Solicitation No Impact H O N G K O N G BENSUN LIMITED: Creditors' Proofs of Debt Due Dec. 21 CHINA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings HONGKONG CHINONTEC: Members' Final Meeting Set for Dec. 17 MEDIA VALOR: Wong Sun Keung Appointed as Liquidators MEGA CHOICE: Chow and Lam Step Down as Liquidators ONE AXCESS: Members' Final Meeting Set for Dec. 17 PSG INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 7 SHEENLEX DEVELOPMENT: Commences Wind-Up Proceedings SUNVIEW FAR: Suen Man Fai Steps Down as Liquidator UNISON FOUNDATION: Hok Chung and Boswell Step Down as Liquidators I N D I A AGNI STEELS: ICRA Reaffirms 'BB' Rating on INR23.5cr Loans CIPSA TEC: ICRA Assigns Junk Ratings to INR46cr Loans IDL EXPLOSIVES: ICRA Assigns 'BB' Rating to INR58cr Loans MUNGAD ALUMINIUM: ICRA Assigns '[ICRA] D' Rating on INR10cr Loan NATIONAL AUTO: ICRA Rates INR10cr Longterm Loan '[ICRA] C+' SOKTAS INDIA: ICRA Reaffirms 'BB+' Rating on INR103.5cr Loans TIRUPATHI YARNTEX: ICRA Reaffirms 'C' Rating on INR28.7cr Loans VINYROYAL PLASTICOATES: ICRA Cuts Rating on INR2.5cr Loan to 'B+' I N D O N E S I A BANK TABUNGAN: Moody's Raises Bank Finc'l. Strength Rating to 'D' S I N G A P O R E FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30 HELVETICA WEALTH: Creditors' Proofs of Debt Due Dec. 12 MATRIXONE ASIA: Creditors' Proofs of Debt Due Dec. 14 T A I W A N E. SUND BANK: Fitch Affirms 'Dsf' Rating on NTD0.87-Mil. Notes X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= BILL EXPRESS: Former Salesman Gets 12-Mo. Jail Sentence ------------------------------------------------------- Former Bill Express salesman, Enzo Di Donato, was sentenced on Nov. 14, 2012, in the County Court of Victoria for providing false or misleading information to the Australian Securities & Investment Commission during the course of an examination under the Australian Securities and Investments Commission Act 2001. Mr. Di Donato, the sole director and secretary of 3D Salesforce Pty Ltd (under External Administration), was sentenced to 12 months imprisonment, wholly suspended, upon giving security by recognizance of AUD5,000 to be of good behavior for three years. The charges were brought in connection with ASIC's investigation into the manipulation of the share price of Bill Express Limited (in Liquidation) between May 2006 and March 2008. 3D Salesforce was one of a network of companies that operated from the same premises in Eaglemont, Victoria, as Bill Express and its parent company, OnQ Group Limited. During an examination by ASIC under section 19 of the ASIC Act, Mr. Di Donato provided false or misleading information in relation to the instigation of orders on 3D Salesforce's trading account, the source of funding for this share trading, his recollections over the deposit of AUD1,048,500 into 3D Salesforce's bank account, and denying that former OnQ Chief Financial Officer, Peter Couper, made or arranged payments to 3D Salesforce. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. Mr. Di Donato is the third person to be sentenced as a result of ASIC's market manipulation investigation into the share price of Bill Express. In 2010, ex-Macquarie Equities Divisional Director, Newton Chan, pleaded guilty to charges of manipulating the Bill Express share price and providing false or misleading information to ASIC and was sentenced to a term of 20 months imprisonment, of which four months was to be served immediately. Earlier this year, OnQ Group's former Chief Financial Officer, Peter Couper, also pleaded guilty to several charges brought by ASIC including a charge of providing false or misleading information to ASIC and was sentenced to 21 months imprisonment (wholly suspended) and a AUD10,000 fine. About Bill Express Bill Express Ltd. -- http://www.billexpressltd.com/-- was engaged in the management and development of an electronic distribution system for pre-paid products and services across in excess of 14,000 locations around Australia, automated ordering, delivery and inventory control for pre-paid services including mobile, landline and Internet services. It also processed payments for bills and services, including bills that are presented for payment to its outlets across Australia. The company had an in-store media, which is a network that promotes Bill Express Limited's and other products at the point of sale and in-store aisles. OnQ Group Limited is the parent company of Bill Express Limited. * * * Bill Express and its parent company OnQ Group Limited went into administration in July 2008, along with a number of related companies known as the Bill Express Group. As reported in the Troubled Company Reporter-Asia Pacific on July 10, 2008, Bill Express went into administration with AUD180 million in debts after a subsidiary of Saudi-based Al Othman Group withdrew its proposal for the recapitalization and restructuring of the company. The proposal was to include a substantial capital injection and new bank guarantees combined with a restructuring of the existing liabilities of the company. In addition, the Board and management of the company were to be substantially restructured. LEHMAN BROTHERS: 100% Recovery for CDO Losses After Win by PPB -------------------------------------------------------------- Councils and charities that are estimated to have lost $250 million in investments on Lehman Brothers Holdings Inc.'s financial products called collateralized debt obligations are expected to recover almost all their losses, according to a November 15 report by The Australian. The investors are now likely to receive 100 cents in the dollar after PPB Advisory reached a settlement with U.S. trusts holding the funds, The Australian reported. PPB Advisory is the liquidator of Lehman's Australian unit that succeeded in unlocking hundreds of millions of dollars investors put into notes in a CDO called Dante from trusts held in the U.S. and the United Kingdom by Bank of New York Mellon and bonds issued by GE. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition disclosed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC sought for bankruptcy protection in December 2009. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as counsel to the Official Committee of Unsecured Creditors. Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's investment banker. On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI. The Bankruptcy Court approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. Lehman emerged from bankruptcy protection on March 6, 2012, more than three years after it filed the largest bankruptcy in U.S. history. The Chapter 11 plan for the Lehman companies other than the broker was confirmed in December 2011. Lehman made its first payment of $22.5 billion to creditors in April 2012 and a second payment of $10.2 billion on Oct. 1. A third distribution is set for around March 30, 2013. The brokerage is yet to make a first distribution to non-customers. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-700) MANCHESTER UNITY: S&P Withdraws 'B+/B' Issuer Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services has withdrawn its 'B+/B' issuer credit ratings on Manchester Unity Credit Union following a transfer of that credit union's assets and liabilities to Credit Union Baywide (CUB; BB/Stable/B). MILTON COLLEGE: Ferrier Hodgson Appointed as Liquidators -------------------------------------------------------- Max Donnelly -- max.donnelly@fh.com.au -- of Ferrier Hodgson was appointed Official Liquidator of Milton College Pty Limited on Nov. 14, 2012, pursuant to an Order of the Federal Court of Australia. The College has ceased to trade due to the liquidation of the Company. Ferrier Hodgson said, "Former employees are encouraged to lodge their claims with the General Employee Entitlements and Redundancy Scheme (GEERS) as soon as possible. "Parents and guardians should contact Tuition Protection Services, the NSW Board of Studies or English Australia to discuss ongoing education arrangements. "An investigation into the Company's affairs will be conducted. Any creditor who has any information which would assist our investigation is requested to write to the Liquidator setting out full particulars." Milton College is a private institute specializing in English language training in Australia. MULSANNE RESOURCES: Placed Into Liquidation ------------------------------------------- Australian Associated Press reports that mining magnate Nathan Tinkler's Mulsanne Resources is to be wound up and liquidators to be appointed after it failed to pay a AUD28.4 million debt to coal explorer Blackwood Corporation. According to AAP, Blackwood sued Mulsanne Resources after Mr. Tinkler's company agreed to buy a 33.85% stake in it for AUD28.4 million, but then failed to follow through with the deal. AAP relates that NSW Supreme Court senior deputy registrar Nicholas Flaskas on Tuesday ordered Mulsanne Resources be wound up and Robyn Duggan -- robyn.duggan@fh.com.au -- and John Melluish -- john.melluish@fh.com.au -- from Ferrier Hodgson be appointed as liquidators in order for Blackwood to recover the debt. AAP notes that Blackwood previously said it was waiting for the money to fund drilling of its coal tenements in Queensland. Its shareholders approved the share placement on July 12 and the payment was originally expected within a week. NAHAS CONSTRUCTION: Enters Administration; Owes Creditors AUD25MM ----------------------------------------------------------------- Cara Waters at SmartCompany reports that Nahas Construction has entered administration owing over AUD25 million to creditors, following what the administrator describes as a "domino effect" of construction company collapses. SmartCompany says John Vouris of Lawler Partners has been appointed as administrator to Nahas Construction NSW, Nahas Construction, and Development and Nahas Construction. According to the report, non-payment by Nahas Construction was blamed for the collapse earlier this year of Bluestone Constructions. Bruce Oaklands, principal supervisor and license holder for Bluestone Construction, told SmartCompany that Bluestone was not paid for work it did as a subcontractor for Nahas Constructions. At the time, Nahas Construction spokesman Joe Nahas told SmartCompany he could not confirm nor deny whether Nahas Construction owed Bluestone Construction money and whether it owed money to other contractors. Now Nahas Construction has collapsed and administrator Vouris said he sees "the domino effect" of company collapsing all the time, SmartCompany relays. According to SmartCompany, Mr. Vouris said the convening period for the administration has been extended until December 11 to enable him to determine whether National Australia Bank is a secured creditor. SmartCompany relates that Mr. Vouris said National Australia Bank is owed AUD23 million and claims it is a secured creditor but the director of Nahas disputes this claim. "If they are satisfied and release the Nahas group of companies, creditors may get a distribution through a deed of company arrangement. But if [the National Australia Bank] is still in there [as a secured creditor] other creditors will get nothing," the report quotes Mr. Vouris as saying. Mr. Vouris said unsecured creditors include the Australian Tax Office, which is owed AUD800,000, Crane Contractors, which is owed AUD600,000, and Bright Ceiling Systems, which is owed AUD300,000. Nahas Construction Pty Ltd. is a family-owned and family-operated property and construction company. The company is based in North Parramatta, New South Wales, Australia. PETS PARADISE: Receivers Auction Off Founder's Waterfront Home -------------------------------------------------------------- Lucy Ardern at goldcoast.com.au reports that the luxury waterfront home built by the founder of the financially troubled Pets Paradise group, Gary Diamond, is being sold by a bank to help pay his debts. The Paradise Waters property, which boasts 20 meters of water frontage and its own beach, has stood empty since Mr. Diamond built it four years ago. Now Ray White Prestige Gold Coast is to auction the four-bedroom home on November 29. goldcoast.com.au says PPB Advisory's David Leigh and Grant Sparks, who were appointed receivers of two of Mr. Diamond's companies, Bayden Properties and Maybury Grange, are selling the house to recoup some of the AUD11 million owed to Bank of Melbourne. According to the report, Mr. Diamond bought the land for AUD2 million from Maria and Jeffery Pilkington in 2006 before commissioning the house, which was finished about two years later. The property was used as security by Mr. Diamond against debts, the report relays. Other properties Mr. Diamond owned, under Bayden Properties and Maybury Grange, are also being sold off by PPB Advisory, according to goldcoast.com.au. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 2, 2012, SmartCompany said Pets Paradise has been placed into receivership after the Bank of Melbourne seized control of the ailing chain of 62 pet stores controlled by Gary Diamond. The Bank of Melbourne, which is owed AUD11 million, on July 31 appointed Deloitte as receivers to Pets Paradise, part of Diamond's Paradise Retail Holdings group. Deloitte Restructuring Services partners Tim Norman, Sal Algeri and John Greig have been appointed as receivers and managers of a number of companies in the Pets Paradise and Billy Baxter's restaurants group of companies. Mr. Norman said stores operated by franchisees are not in receivership. Based in Melbourne, Australia, The Paradise Retail Holdings group runs 62 stores under the Pets Paradise, Pet Goods Direct and Pets R Fun brands. It has 170 staff across its operations. * AUSTRALIA: More Than 20 Solar Firms in Trouble in Last 5 Months ----------------------------------------------------------------- SmartCompany reports that more than 20 solar companies have either collapsed or encountered severe financial hardship during the past few months as the fallout continues after state governments slashed feed-in tariffs and other benefits. It is only the latest suite of casualties in an industry plagued by a gradual move away from dependence on government benefits. Even larger players, like Solar Shop, were unable to escape collapse, the report notes. "I'm not surprised," John Grimes, head of the Australian Solar Council, told SmartCompany. "It's really been a roller-coaster ride for the solar industry in Australia. We go into these cycles of boom and bust and it's just really bad for both consumers and the industry as a whole." SmartCompany relates that a search for solar companies under ASIC's own database reveals a wide range of casualties -- 23 individual businesses have either been placed in liquidation, administration, or have been hit with court orders in the last five months. According to SmartCompany, SolarEco, which describes itself as a "leading solar power system installer", was hit with a winding up order on November 13. Premier Solar, based in South Australia, was placed in liquidation earlier this month. Solar 1, a Western Australia-based company, was also placed in liquidation last month. Solar and wind energy provider Rewind Energy collapsed in July last year, following the collapse of others including DCM Green, First Growth Funds and Intelligent Solar, SmartCompany adds. ========= C H I N A ========= CHINA AOYUAN: Fitch Puts Final Rating on $125-Mil. Notes at 'B+' ---------------------------------------------------------------- Fitch Ratings has assigned China Aoyuan Property Group Limited's (Aoyuan, 'B+'/Stable) USD125 million 13.875% notes due 2017 a final rating of 'B+'. The assignment of the final rating follows the receipt of documents conforming to information already received and the final rating is in line with the expected rating assigned on 7 Nov 2012. Aoyuan's ratings are supported by its fast asset turnover and healthy financial profile. The ratings are constrained by Aoyuan's limited geographical diversification and small business scale. What Could Trigger A Rating Action? Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- A significant decrease in 2013 contracted sales compared with 2012 contracted sales of CNY5bn or in contracted sales/total debt below 1.0x on a sustained basis -- EBITDA margin in 2013 falling below 15% -- Net debt/adjusted net inventory trending to 40% on a sustained basis -- Deviating from the current strategy of fast churn-out and high cash flow turnover business model Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- Successful execution of expansion strategy for the next two to three years, where business scale increases substantially, such that contracted sales increase to over CNY15 billion per annum with improving profitability where EBITDA margin increases to over 25% on a sustained basis. CHINA DU KANG: Delays Third Quarter Form 10-Q for Review -------------------------------------------------------- China Du Kang Co., Ltd., informed the U.S. Securities and Exchange Commission it requires additional time in order to prepare and file its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2012. The Company is still awaiting its independent auditor to review its management prepared unaudited financial statements in order to prepare Form 10-Q. The Company does not expect significant changes in its results of operations and earnings from the corresponding period ended Sept. 30, 2011. About China Du Kang Headquartered in Xi'an, Shaanxi, in the PRC, China Du Kang Co., Ltd., was incorporated as U.S. Power Systems, Inc., in the State of Nevada on Jan. 16, 1987. The Company is principally engaged in the business of production and distribution of distilled spirit with the brand name of "Baishui Dukang". The Company also licenses the brand name to other liquor manufactures and liquor stores. After auditing the 2011 financial statements, Keith K. Zhen, CPA, in Brooklyn, New York, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that the company incurred an operating loss for each of the years in the two-year period ended Dec. 31, 2011, and as of Dec. 31, 2011, had an accumulated deficit. The Company's balance sheet at June 30, 2012, showed $17.44 million in total assets, $7.45 million in total liabilities and $9.98 million in total shareholders' equity. CHINA EXECUTIVE: Delays Form 10-Q for Third Quarter --------------------------------------------------- China Executive Education Corp. notified the U.S. Securities and Exchange Commission that because of delays in coordinating reports, the Company's quarterly report on Form 10-Q for the fiscal period ended Sept. 30, 2012, could not be timely filed without unreasonable effort or expense. The Company anticipates that it will file its Form 10-Q within the five-day grace period provided by Exchange Act Rule 12b-25. About China Executive Hangzhou, China-based China Executive Education Corp. is an executive education company with operations in Hangzhou and Shanghai, China. It operates comprehensive business training programs that are designed to fit the needs of Chinese entrepreneurs and to improve their leadership, management and marketing skills, as well as bottom-line results. Albert Wong & Co, in Hong Kong, China, issued a "going concern" qualification on the financial statements for the year ended Dec. 31, 2011. The independent auditors noted that the Company has accumulated deficits as at Dec. 31, 2011, of $17,466,892 including net losses of $5,478,202 for the year ended Dec. 31, 2011, which raised substantial doubt about the Company's ability to continue as a going concern. The Company reported a net loss of US$5.47 million in 2011, compared with a net loss of US$8.54 million in 2010. The Company's balance sheet at March 31, 2012, showed US$10.14 million in total assets, US$27.32 million in total liabilities and a US$17.17 million total stockholders' deficiency. The Company reported a net loss of US$5.47 million in 2011, compared with a net loss of US$8.54 million in 2010. SEARCHMEDIA HOLDINGS: To Hold Annual General Meeting on Dec. 14 --------------------------------------------------------------- SearchMedia Holdings Limited will hold its 2012 annual general meeting of shareholders at Rooms 902 and 903, 500 Weihei Road, Jing An District, Shanghai, China 200041, on Dec. 14, 2012, at 10:00 a.m. local time for the following purposes: 1. To elect Robert Fried, Chi-Chuan (Frank) Chen, Paul M. Conway, Yunan (Jeffrey) Ren, Steven D. Rubin, and Peter W. H. Tan as directors of the Company; 2. To amend the Company's Amended and Restated 2008 Share Incentive Plan by increasing the number of authorized ordinary shares available for grant under the 2008 Plan from 3,000,000 ordinary shares to 4,500,000 ordinary shares; 3. By special resolution to change the name of the Company from SearchMedia Holdings Limited to Tiger Media, Inc.; and 4. By special resolution to amend the Articles of Association of the Company to reduce the minimum notice for a Director meeting from seven days to two days. The Board of Directors of the Company has fixed the close of business on Oct. 29, 2012, as the record date for determining the shareholders entitled to receive notice of and to vote at the Meeting or any adjournment or postponement thereof. About SearchMedia SearchMedia is a leading nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China. SearchMedia operates a network of high-impact billboards and one of China's largest networks of in-elevator advertisement panels in 50 cities throughout China. Additionally, SearchMedia operates a network of large-format light boxes in concourses of eleven major subway lines in Shanghai. SearchMedia's core outdoor billboard and in- elevator platforms are complemented by its subway advertising platform, which together enable it to provide a multi-platform, "one-stop shop" services for its local, national and international advertising clients. Marcum Bernstein & Pinchuk LLP, in New York, issued a "going concern" qualification on the consolidated financials statements for the year ended Dec. 31, 2011. The independent auditors noted that the Company has suffered recurring losses and has a working capital deficiency of approximately $31,000,000 at Dec. 31, 2011, which raises substantial doubt about its ability to continue as a going concern. Searchmedia Holdings reported a net loss of $13.45 million in 2011, a net loss of $46.63 million in 2010, and a net loss of $22.64 million in 2009. The Company's balance sheet at June 30, 2012, showed US$39.18 million in total assets, US$41.22 million in total liabilities and a US$2.04 million total shareholders' deficit. SHANGHAI INDUST'L: Moody's Says Consent Solicitation No Impact -------------------------------------------------------------- Moody's Investors Service says that Shanghai Industrial Urban Development Group Limited's proposed consent solicitation has no impact on its B1 corporate family rating and B2 senior unsecured rating. The ratings outlook remains stable. The company announced on 15 November 2012 a proposed consent solicitation with respect to amendments on the definition of asset disposition, limitation on indebtedness, and the terms of an existing cross-guarantee agreement. The purposes of the amendments are to allow SIUD to rationalize its assets and improve liquidity. "If the consent is approved by bond holders, it would allow SIUD to dispose of undeveloped or partially developed projects that are not compatible with its updated business strategy," says Franco Leung, a Moody's AVP/Analyst, adding, "The move is credit positive as SIUD needs to undergo some rationalization to improve its business." SIUD's latest business strategy is to focus its resources on property development projects in the Yangtze River Delta region, where it can leverage on the influence of its parent, Shanghai Industrial Holdings Limited, a conglomerate majority-owned by the Shanghai Municipal Government. "The proposed asset disposals will address SIUD's needs in the areas of funding and debt refinancing", says Mr. Leung, also lead analyst for SIUD. The proposal to amend the definition of asset disposals will not materially affect the interest of bond holders because SIUD will remain obligated to the covenants in the bond indenture controlling the use of proceeds from asset disposals. The amendment will facilitate the liquidation of certain assets and funding of new developments and debt refinancing. The proposed amendment on limitations on indebtedness offers an opportunity for SIUD to refinance maturing offshore debt through pledged onshore deposits. This form of financing is more efficient and less costly than remitting dividends to settle maturing foreign debt. Moody's notes that the rise in additional bank deposit secured indebtedness will increase subordination risk for bond holders. However, Moody's expects SIUD's latest business plan will keep its secured and subsidiary debt to total assets ratio at around 15% -20%, a level appropriate for its current bond rating of B2, which is already notched down from its B1 corporate family rating. Moody's does not expect any significant financial impact from the amendment of the terms of the cross-guarantee agreement between Shanghai Urban Development, a subsidiary of SIUD, and Shanghai Xuhui State-owned Assets Management Co., Ltd. SIUD has proposed extending the expiry of the cross-guarantee arrangement to December 2015 from December 2012. Though the expiry date is now 3 years later, the amount has fallen to RMB400 million from RMB1.2 billion. The principal methodology used in rating SIUD was the Global Homebuilding Industry Methodology published in March 2009. SIUD is a Chinese property developer engaged in residential and mixed-use developments. After the acquisition of SUD (from its parent, Shanghai Industrial Holdings Limited ("SIH", unrated), SIUD accumulated a total of 25 projects across 13 cities in China and a land bank of 17.2 million sqm in aggregate GFA . After the acquisition of SUD, SIUD became 70% owned by SIH, a Chinese conglomerate majority-owned by the Shanghai municipal government. Listed on the Stock Exchange of Hong Kong in 1996, its main business interests are in real estate, infrastructure facilities and consumer products. ================ H O N G K O N G ================ BENSUN LIMITED: Creditors' Proofs of Debt Due Dec. 21 ----------------------------------------------------- Creditors of Bensun Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 21, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 6, 2012. The company's liquidator is: Chan Sek Kwan Rays Unit D, 12/F Seabright Plaza 9-23 Shell Street North Point, Hong Kong CHINA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------------- At an extraordinary general meeting held on Nov. 9, 2012, creditors of China International Arbitration Club Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chan Yau Choi Rm 1101A, Causeway Bay Comm. Bldg 1 Sugar Street, Hong Kong HONGKONG CHINONTEC: Members' Final Meeting Set for Dec. 17 ---------------------------------------------------------- Members of Hongkong Chinontec Limited will hold their final general meeting on Dec. 17, 2012, at 3:00 p.m., at Room 10, 16/F, Parklane Centre, at 25 Kin Wing Street, Tuen Mun, N.T., in Hong Kong. At the meeting, Pui Chiu Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MEDIA VALOR: Wong Sun Keung Appointed as Liquidators ---------------------------------------------------- Wong Sun Keung and Tsui Mei Yuk Janice on Nov. 2, 2012, were appointed as liquidators of Media Valor Limited. The liquidators may be reached at: Wong Sun Keung 21/F, Tung Hip Commercial Building 248 Des Voeux Road Central, Hong Kong MEGA CHOICE: Chow and Lam Step Down as Liquidators -------------------------------------------------- Chow Yu Chun Alexander and Lam Yim King Christina stepped down as liquidators of Mega Choice Holdings Limited on Nov. 6, 2012. ONE AXCESS: Members' Final Meeting Set for Dec. 17 -------------------------------------------------- Members of One Axcess Limited will hold their final meeting on Dec. 17, 2012, at 7:00 p.m., at Suite 1003, 10/F, Silvercord Tower 1, at 30 Canton Road, Tsim Sha Tsui, in Hong Kong. At the meeting, Robert Mark Formon and Daniel De Weyer, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. PSG INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 7 ------------------------------------------------------- Creditors of PSG International (HK) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 7, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 8, 2012. The company's liquidator is: Jeffrey Roehl 5275 Westview Drive Frederick MD 21703 United States of America SHEENLEX DEVELOPMENT: Commences Wind-Up Proceedings --------------------------------------------------- Members of Sheenlex Development Limited, on Nov. 15, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lee King Yue 72-76/F., Two International Finance Centre 8 Finance Street Central, Hong Kong SUNVIEW FAR: Suen Man Fai Steps Down as Liquidator -------------------------------------------------- Suen Man Fai stepped down as liquidator of Sunview Far East Limited on Nov. 12, 2012. UNISON FOUNDATION: Hok Chung and Boswell Step Down as Liquidators ----------------------------------------------------------------- Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of Unison Foundation Limited on Nov. 6, 2012. ========= I N D I A ========= AGNI STEELS: ICRA Reaffirms 'BB' Rating on INR23.5cr Loans ---------------------------------------------------------- ICRA has reaffirmed the long-term rating of '[ICRA]BB' outstanding on the INR7.70 crore term loan facilities and the INR15.80 crore fund based facilities of Agni Steels Private Limited. The outlook on the long-term rating is stable. ICRA has also reaffirmed the short-term rating of '[ICRA]A4' outstanding on the INR25.00 crore fund based facilities and the INR25.00 crore non-fund based facilities of ASPL. Amount Facilities (INR cr) Ratings ----------- -------- ------- Term loan facilities 7.70 [ICRA]BB (Stable) reaffirmed Fund based facilities 15.80 [ICRA]BB (Stable) reaffirmed Fund based facilities 25.00 [ICRA]A4 reaffirmed Non-fund based facilities 25.00 [ICRA]A4 reaffirmed The reaffirmation of ratings consider the favorable demand outlook for steel in the long term, ASPL's established presence and distribution network in the TMT bars market in Tamil Nadu, its partly integrated nature of operations which helps control costs to an extent and the increase in revenues and profits during 2011-12. The ratings also consider the Company's stretched capital structure / declining operating margins, the intense competition amidst the weak operating environment which entails risk of volatility in cash accruals and restricts scope for margin expansion, and the adverse impact on the financial profile in the event of devolvement of contingent liabilities. While unfavorable power supply in the state impacts production efficiencies and iron ore supply constraints impact operations of the sponge iron unit, purchase of power from third-parties partly mitigates the power deficit situation to a certain extent. ASPL is primarily engaged in the manufacture of TMT bars. It also has facilities to produce sponge iron and billets. Its manufacturing units are located in Erode, Tamil Nadu. Incorporated in 1989, ASPL was jointly promoted by Mr. M Chinnasami, Mr. R Krishnamoorthy and Mr. K Thangavelu. The sponge iron and billets produced by the Company are captively consumed. Recent results (unaudited) ASPL has reported net profit of INR2.7 crore on an operating income of INR148.0 crore, during the five months ended August 2012. CIPSA TEC: ICRA Assigns Junk Ratings to INR46cr Loans ----------------------------------------------------- ICRA has assigned long-term rating of '[ICRA]D' to the INR16.00 crore term loan facilities and the INR13.00 crore fund based facilities of CIPSA TEC India Private Limited. ICRA has also assigned short-term rating of '[ICRA]D' to the INR4.00 crore fund based facilities and the INR13.00 crore non-fund based facilities of CTIPL. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Term loan facilities 16.00 [ICRA]D assigned Long-term fund based 13.00 [ICRA]D assigned facilities Short-term fund based 4.00 [ICRA]D assigned facilities Short term non-fund 13.00 [ICRA]D assigned Based facilities The ratings reflect the delays in debt servicing by the Company due to tight liquidity conditions on account of low accruals and high repayment obligations. The Company has weak financial profile characterized by highly geared capital structure and weak coverage indicators due to significant debt-funded capital expenditure incurred in 2007-09 to setup its new manufacturing facility and erosion in reserves owing to losses since 2009-10. Further, CTIPL's small scale of operations and underutilization of production capacities from 2010-11 on account of decline in export orders owing to slowdown in the export markets (primarily European countries) coupled with intense competition from printed circuit board (PCB) manufacturers in China and South East Asia results in low accruals. CTIPL (formerly known as CIPSA-RIC India Private Limited) is primarily engaged in manufacture of PCBs and caters to segments like Automotive, Power, Industrial automation, Telecommunication, Defense etc. The Company derives more than one-third of the revenues through exports. The Company has technical collaborations with shareholding companies namely Circuitos Impresos Profesionales S.A. of Spain and Technomec Srl of Italy which enables access to technology and enhances marketability of CTIPL's products. Technomec holds 10 percent stake in the Company and the rest is equally held by CTIPL and CIPSA. The manufacturing facility of the Company is located in Tumkur (near Bangalore) with an installed capacity of 18,000 square meters of PCBs per month. The Company was incorporated as CIPSA-RIC India Private Limited in 2005 and acquired the business from erstwhile Rao Insulating Company Limited (RIC) - which started PCB manufacturing in 1987. In December 2010, Technomec (Italy) acquired 10 per cent stake in CIPSA-RIC India Private Limited and subsequently the entity was renamed as CIPSA Tec India Private Limited. Recent Results According to unaudited results, CTIPL's net loss stood at INR4.5 crore on an operating income of INR63.3 crore during 2011-12 against net loss of INR1.5 crore on an operating income of INR56.8 crore during 2010-11. IDL EXPLOSIVES: ICRA Assigns 'BB' Rating to INR58cr Loans --------------------------------------------------------- The ratings of '[ICRA]BB' on the long term scale and '[ICRA]A4' on the short term scale have been assigned to the INR132 crore bank limits of IDL Explosives Limited. The long term rating has been assigned a Stable outlook. The ratings are constrained by the modest financial risk profile of the company as reflected in its weak profitability metrics owing to stabilization issues post hive off as well as market and forex related difficulties; and its stretched capital structure and weak coverage metrics. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Term Loans 2.50 [ICRA]BB (Stable) Assigned Cash Credit Limits 15.00 [ICRA]BB (Stable) Assigned Non Fund Based 74.00 [ICRA]A4 Assigned Limits Unallocated Limits 40.50 [ICRA]BB (Stable) and [ICRA]A4 Assigned The ratings also factor in the high business risks associated with the bulk explosives business including the high dependence and limited bargaining power with the major customer Coal India Limited; vulnerability to raw material pricing pressures due to high volatility in prices of Ammonium Nitrate, the main input, coupled with exposure to forex variation on imports; the high competitive intensity in the bulk explosives business and subdued near term demand outlook due to the ongoing impasse in mining activities in the country. The ratings however favorably factor in the company's strong parentage with it being a strategic part of the Hinduja group; the company's long experience and well established track record in the bulk explosives business and the upside potential linked to certain product and business diversification plans which are expected to fructify in the near term and will be a key rating sensitivity. IDL Explosives Limited was incorporated in September 2010 to take over the demerged Explosives Undertaking (comprising mainly the bulk explosives business) of Gulf Oil Corporation Ltd pursuant to a Scheme of Arrangement, effective 1st Oct, 2010. IDL is a part of the global Hinduja Group and is currently a 100% subsidiary of GOCL. While GOCL has announced its intent to sell off stake in IDL, the majority ownership of the company is expected to remain with the Hinduja group. Recent Results In 2011-12, IDL reported a net loss of INR13 crore on an Operating Income of INR255 crore. In H1 2012-13, IDL has reported a net loss of INR2 crore on an Operating Income of INR112 crore as per unaudited provisional results. MUNGAD ALUMINIUM: ICRA Assigns '[ICRA] D' Rating on INR10cr Loan ---------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]D' to the Rs10.0 crore1 fund based facilities of Mungad Aluminium Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Fund Based limits 10.0 [ICRA]D (assigned) The assigned rating factors in instances of delays in debt servicing by the company. MAPL's liquidity has come under pressure during FY2012 because of high working capital intensity and weak capitalization and coverage indicators as the company has taken term loan to fund the acquisition of hotel which is under construction and would be operational by April 2014. The rating is also constrained by high competitive intensity in the utensils manufacturing industry and high client concentration with 2-3 clients contributing to ~90% of the revenue. However, ICRA has taken note of the long experience of the promoters in the aluminium utensil industry and established company's established relationship with its key customers. Mungad Aluminium Private Limited was incorporated in 2008 and is engaged in the manufacturing and trading of large Aluminium utensils. The company is engaged in the manufacturing and trading of Aluminium products and other metal utensils to domestic clients who are mainly exporters. The company has its manufacturing plant located in Indore, Madhya Pradhesh. The company has recently purchased a 72 bedded hotel located in Vijay Nagar, Indore. The hotel is currently under construction and would be operational by April 2014. The company is under the leadership of Mr. Rajesh Mungad, who has been with the company since inception and has relevant work experience of more than 30 years in the industry and holds a M.Com degree. Recent Results As per the provisional figures of 2011-12, the company reported a profit after tax (PAT) of INR0.13 crore on an operating income of INR26.17 crore as against PAT of INR0.04 crore on an operating income of INR2.83 crore in 2011. NATIONAL AUTO: ICRA Rates INR10cr Longterm Loan '[ICRA] C+' ----------------------------------------------------------- ICRA has assigned '[ICRA]C+' rating to the INR10.00 crore long term fund based working capital facility of National Auto Wheels Private Limited. ICRA has also assigned '[ICRA]A4' rating to the INR10.00 crore short term fund based working capital of NAWPL. The short term fund based limit is sublimit to the long term fund based limit. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term, fund-based 10.00 [ICRA]C+ assigned facilities Short-term, fund-based 10.00 [ICRA]A4 assigned Facilities The assigned ratings reflect NAWPL's weak financial provide characterized by highly leverage capital structure and tight liquidity condition; limited track record of operations and relatively low share of lucrative services & spare business which constrains operating profitability. The ratings also take into account working capital intensive nature of operation, which is inherent in auto dealership business; increasing competition amongst dealers of TML as well other OEMs which could affect profitability amid slowdown in domestic PV segment. The ratings however favorably factors NAWPL's professional management team and financial flexibility provided by the promoters. ICRA expects promoters will continue to provide financial support in case of any cash flow mismatch. National Auto Wheels Private Limited is engaged in passenger car dealership for Tata Motors Limited (TML, rated AA-/Positive/A1+ by ICRA). NAWPL started its operations from 14th March 2011 onwards, and the company currently operates from a rental showroom (3,146 sq. ft) in Hadapsar region, which is one of the emerging commercial/residential areas of Pune. NAWPL is managed by Mr Ashish Nagpal, having interest in real estate, finance and auto dealership business. Mr. Nagpal has close control over company's operations, assisted by professional and experienced team. Recent Result As per audited 2011-12 results, WCPL has reported a net profit of INR0.25 crore on an operating income of INR87.15 crore. SOKTAS INDIA: ICRA Reaffirms 'BB+' Rating on INR103.5cr Loans ------------------------------------------------------------- ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the INR20.0 crore1 Cash Credit facilities and INR83.5 crore Term Loan facilities of Soktas India Private Limited. The outlook on the long term rating is stable. ICRA has also reaffirmed the '[ICRA]A4+' rating assigned to the INR10.0 crore short term fund based facilities and INR17.0 crore short term non fund based facilities of SIPL. The short term fund based facilities are sublimit to the cash credit limits. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Cash Credit 20.00 [ICRA]BB+ (Stable) reaffirmed Term Loan 83.50 [ICRA]BB+ (Stable) Reaffirmed Short Term Fund 10.00 [ICRA]A4+ reaffirmed Based Facilities Letter of Credit/Bank 17.00 [ICRA]A4+ reaffirmed Guarantees The ratings continue to draw comfort from strong operational and technological support from its parent and the internationally established brand name, professional management and well diversified customer base. The ratings however remain constrained by weak financial performance of SIPL characterized by decline in operating profitability and continued net losses during FY12. Unfavorable operating environment and higher interest rates impacted profitability of the company. Net worth position of the company has deteriorated putting pressure on capital structure which is aggravated by increasing working capital requirements. Nonetheless, ICRA notes that operating performance of SIPL is improving in current fiscal and profitability indicators are expected to recover from FY12 levels. The ratings continue to remain constrained by fragmented and competitive marketplace and susceptibility to volatility in cotton yarn prices. Going forward, achieving breakeven levels, scaling up of operations and continued support from the parent would remain essential from maintaining its credit profile. SIPL is a subsidiary of Soktas, Turkey. It was incorporated on February 15, 2007 and has set up a fabric manufacturing unit with a capacity to manufacture 7 million meters of fabric per annum at Kolhapur. The facility manufactures high quality yarn-processed fabric to be used for shirting purposes, domestically as well as for export. The parent company has contributed to 88.2% of the capital and the rest has been contributed by International Finance Corporation. The plant started commercial production in April, 2009. TIRUPATHI YARNTEX: ICRA Reaffirms 'C' Rating on INR28.7cr Loans --------------------------------------------------------------- ICRA has reaffirmed the long-term rating of '[ICRA]C+' outstanding against the INR18.20 crore term loan facilities, INR10.00 crore fund based facilities and the INR0.50 crore non- fund based facilities of Tirupathi Yarntex Spinners Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Term loan facilities 18.20 [ICRA]C+/re-affirmed Fund based facilities 10.00 [ICRA]C+/re-affirmed Non-fund based facilities 0.50 [ICRA]C+/re-affirmed Non-fund based facilities 1.50 [ICRA]A4/re-affirmed The short-term rating on the INR1.50 crore non-fund based facilities has been reaffirmed at '[ICRA]A4'. The re-affirmation of the ratings continue to factor in the Company's weak financial position, aggravated further by the losses reported during 2011- 12 owing to sluggish demand for yarn steep fall in yarn realisations. The Company's financial profile is presently characterised by accumulated losses, weak coverage indicators and stretched debt protection metrics. The ratings further consider TYSPL's small scale of operations, which restrict scale economies and the intense competition prevalent in the spinning industry which restricts the Company's pricing flexibility to an extent. The ratings, however, continue to factor in the long standing experience of the promoters in the spinning industry. TYSPL, incorporated in 1996, is primarily engaged in the production of cotton yarn at its manufacturing facility located in Rajapalayam (Tamil Nadu). The promoters hold the entire share capital of the Company and are also engaged in the agriculture business. The Company, which commenced operations as a partnership firm (M/s. Tirupathi Spinners) with an installed capacity of 2,032 spindles, was converted into a private limited company in 1996. The capacities were expanded over the years to reach the current level of 30,696 spindles. Recent Results For the financial year 2011-12, the Company reported a net loss of INR2.1 crore on an operating income of INR57.8 crore as against a net profit of INR0.1 crore on an operating income of INR65.3 crore for the financial year 2010-11. VINYROYAL PLASTICOATES: ICRA Cuts Rating on INR2.5cr Loan to 'B+' ----------------------------------------------------------------- ICRA has revised the long term rating assigned to the fund based facilities, aggregating to INR2.50 crore, of Vinyroyal Plasticoates Limited from '[ICRA]BB-' with stable outlook to '[ICRA]B+'. The short term rating assigned to the fund and non- fund based limits, aggregating to INR12.06 crore, of VPL has been reaffirmed at '[ICRA]A4'. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Fund Based Limits- 2.50 [ICRA]B+ downgraded Cash Credit Fund Based Limits- 4.50 [ICRA]A4 re-affirmed Bill Discounting Non-Fund Based Limits- 7.56 [ICRA]A4 re-affirmed Letter of Credit The revision in the long-term rating takes into account the deterioration in the financial risk profile of the company as evident from stretched liquidity position resulting in devolvement of LCs, as well as, declining profitability levels and high leveraging levels. The company's operating profitability (OPBDITA/OI) has remained low largely due to intense competitive pressures arising from both organized and unorganized players as well as due to cheap imports from China. The ratings are further constrained by the company's modest size of operations, vulnerability to any weakening of demand pattern in automobile industry and also the susceptibility of profitability to any adverse fluctuations in raw material prices, though the presence of 'price variation' clause allows the company to pass on deviations in excess of 5%, albeit with a lag period. The ratings, however, draw comfort from the long experience of the promoters in the artificial leather business, reputed customer base in both domestic and export markets and improvement in plant capacity utilization levels in the last two fiscals on account of positive demand indicators especially from the automobile segment. Incorporated in 1992, Vinyroyal Plasticoates Limited is involved in manufacturing of artificial leather i.e., vinyl coated fabric. VPL was originally incorporated as a private limited company and was converted into a public limited company in August 2009. VPL, which sells its products under the brand name of 'Royal Touch', is a part of the Samsons Group. Artificial leather is used in automotive, footwear and upholstery industry. VPL has two plants, both located in Vadodara with a total installed capacity of 60 lakh meters per annum. The company is one of the leading suppliers to the automotive industry in India. The other group companies of Samsons group include Royal Cushion Vinyl Products Ltd., Vijayjyot Seats Pvt. Ltd. and Royal Knitting Pvt. Ltd who are engaged in the business of vinyl floorings, seating systems and knitted fabrics respectively. ================= I N D O N E S I A ================= BANK TABUNGAN: Moody's Raises Bank Finc'l. Strength Rating to 'D' ----------------------------------------------------------------- Moody's Investors Service has affirmed the Baa3/Prime-3 long- term/short-term foreign currency deposit ratings of Bank Tabungan Negara (BTN). At the same time, the rating agency has raised the bank's financial strength rating (BFSR), or standalone credit assessment, to D from D-, mapping to a baseline credit assessment (BCA) of ba2 from ba3. All ratings, including the revised rating, carry a stable outlook. Ratings Rationale The affirmation of the deposit ratings is based on Moody's continued view that the likelihood of systemic support for BTN in the event of a crisis is very high. This is based on the bank's pro forma 61.35% ownership by the government of Indonesia and its significant policy role of providing housing loans to low and middle income earners. The upgrade in the BFSR follows the boost in BTN's capital as a result of its IDR1.5 trillion rights issue in November. After the exercise, its pro forma Tier 1 ratio will rise to 17.4% from 14.4% -- higher than the 14.1% average of the other Moody's-rated Indonesian banks. The higher standalone rating also considers the bank's successful efforts to lessen several structural characteristics that arise from its policy function as a bank that focuses on housing loans, with a significant proportion to low income borrowers. Specifically, BTN has relatively weak liquidity compared to other Indonesian banks, with a loan-to-deposit ratio well above 100%. The bank also has a maturity mismatch, with just over a third of its assets in long-dated mortgages but 60% of its deposits in time deposits maturing within a year. BTN remains the largest mortgage provider in Indonesia, with a 22% share of the overall market and a virtual monopoly over the government mortgage subsidy program. In September 2012, housing loans accounted for 86% of the bank's loan portfolio; of this total, 39% were subsidized mortgages. As a result of this focus on housing loans, BTN's credit impairment expenses are low compared to other Indonesian banks. Nonetheless, BTN's non-performing loan (NPL) ratio has been marginally above the system, and special mention loans far higher than the system range of 4%-6%. The latter is attributed to the repayment behavior of its mortgage borrowers, which tend to be tardy. The bank is strengthening its collections system to address this. Its loan growth since 2008 has outpaced the system. Most of this growth was in non-housing loans, which record weaker NPL ratios than housing loans but have higher yields. The shift in lending towards non-housing loans is in line with the bank's strategic direction. It is moving away from providing government subsidized mortgages to granting loans on a commercial basis. Non-housing loans accounted for 14% of loans in September 2012 versus 6% at end-2009. While this shift in strategy has not materially compromised asset quality to date, the growth in this area is a risk factor that will be a key driver of the bank's rating going forward. From a funding perspective, the bank has a relatively small branch network and has only recently been more aggressive in gathering retail deposits. Therefore, the high loan-to-deposit ratio will gradually trend down. Furthermore, it aims to reduce maturity mismatch by diversifying and lengthening its funding. Consequently, it is active in the domestic market for securitizations, bond issuances and repurchase agreements. What Could Drive The Ratings DOWN/UP BTN's ratings could be upgraded if for at least two years: (i) its Tier 1 capital ratio, after incorporating expected losses in its risk assets using Moody's scenario analysis, is in line with levels for ba1 rated Indonesian banks; (ii) its percentage of special mention loans is in line with the system; (iii) the bank's loan-to-deposit ratio stays well below 100% and maturity mismatch decreases; and (iv) its NPL ratios are in line with the system. Given this action, BTN's ratings are unlikely to be downgraded in the near term although the triggers are: (i) Moody's assessment shows that its Tier 1 capital ratio falls below the range for ba2 rated Indonesian banks after incorporating expected losses in its risk assets using Moody's scenario analysis; (ii) its NPL ratios for non-housing loans deteriorate from September 2012 levels for four quarters: 4.8% for construction loans and 5.5% for commercial loans; and (iii) the sovereign ratings are lowered. The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. BTN, headquartered in Jakarta, had assets of IDR98.8 trillion as of September 2012. It is the tenth-largest bank in Indonesia by assets. ================= S I N G A P O R E ================= FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30 ------------------------------------------------------------ Creditors of Fujitrans (Singapore) Pte Ltd, which is in members' voluntary 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 liquidators are: Bob Yap Cheng Ghee Chay Fook Yuen c/o KPMG Services Pte. Ltd. 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 HELVETICA WEALTH: Creditors' Proofs of Debt Due Dec. 12 ------------------------------------------------------- Creditors of Helvetica Wealth Management Partners (Asia) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 12, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 MATRIXONE ASIA: Creditors' Proofs of Debt Due Dec. 14 ----------------------------------------------------- Creditors of Matrixone Asia Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 14, 2012, to be included in the company's dividend distribution. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 =========== T A I W A N =========== E. SUND BANK: Fitch Affirms 'Dsf' Rating on NTD0.87-Mil. Notes -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of class A2, B and C notes issued by E. Sun Bank 2007-2 CBO Securitisation Special Purpose Trust and maintained the Stable Outlook for class A2 and B. The transaction is a static cash flow securitisation of a NTD- denominated bond and USD-denominated zero coupon bond issued by Citigroup Funding Inc. (Citigroup, 'A'/Stable/'F1'). The rating actions are as follows: -- NTD5.64bn Class A2 zero coupon bond due February 2016: affirmed at 'AA+sf(twn)'; Outlook Stable -- NTD1.72bn Class B interest deferrable coupon bond due February 2016: affirmed at 'A+sf(twn)'; Outlook Stable -- NTD0.87bn Class C interest deferrable coupon bond due February 2016: affirmed at 'Dsf(twn)'; Recovery Estimate of 0%. The rating affirmation and Stable Outlook of class A2 reflect the fact that class A2's ultimate principal repayment mainly relies on the proceeds from the redemption of the underlying USD zero coupon bond issued by Citigroup. The rating affirmation and Stable Outlook of class B reflect its first-to-default risk of the portfolio. The portfolio currently has two bonds issued by Citigroup and Taipei Fubon Bank. Class B's ultimate principal repayment relies on the proceeds from the full redemption of two bonds on their maturity dates. The first- to-default risk of the portfolio is considered equivalent to 'A+sf(twn)'. The rating on the class C notes and the Recovery Estimate reflect Fitch's expectations of a significant loss of principal and capitalised interest. The credit quality of the current portfolio has remained stable since the previous rating action in December 2011. The portfolio has high obligor concentration risk, with Citigroup accounting for 97.4% of the portfolio's notional balance as at the latest payment date in November 2012. Both bonds in the asset pool will mature in 2013. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Nov. 26, 2012 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Nov. 29-30, 2012 MID-SOUTH COMMERCIAL LAW INSTITUTE 33rd Annual Bankruptcy & Commercial Law Seminar Nashville Marriott at Vanderbilt, Nashville, Tenn. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 1, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 4-8, 2012 AMERICAN BANKRUPTCY INSTITUTE ABI/SJUSL Mediation Training Symposium St. John's University, Queens, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 ***