/raid1/www/Hosts/bankrupt/TCRAP_Public/121123.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 23, 2012, Vol. 15, No. 234
Headlines
A U S T R A L I A
AUTODOM LIMITED: Union Wants Firm Put Up for Sale to Secure Jobs
BANKSIA FINANCIAL: Lent AUD11-Mil. to Parent Before Collapse
PATINACK FARM: Horse Racing Business Placed in Liquidation
QUICKFLIX LIMTED: CEO & Several Directors Resign, Shares in Limbo
C H I N A
SINOHUB INC: Scott+Scott Files Securities Class Action Lawsuit
TITANIUM GROUP: Zili Sells 20MM Restricted Shares to Snow Hill
ZHONG WEN: Delays Form 10-Q for Third Quarter
H O N G K O N G
SAMPSON COMPANY: Creditors' Proofs of Debt Due Dec. 7
SPILA SERVICES: Members' Final Meeting Set for Dec. 20
SULINGTON LIMITED: Members' Final Meeting Set for Dec. 17
TITAN GROUP: Creditors' Proofs of Debt Due Dec. 7
TSUI MUSEUM: Creditors' Proofs of Debt Due Dec. 17
VETERANS OF THE HK: Creditors' Proofs of Debt Due Nov. 30
YIM KWONG: Members' Final Meeting Set for Dec. 17
I N D I A
ALP NISHIKAWA: ICRA Reaffirms 'B' Rating on INR22.06cr Loans
GM EXPORTS: ICRA Reaffirms 'BB' Rating on INR11.5cr Cash Credit
INDUS MOTOR: ICRA Cuts Rating on INR17.6cr Loans to '[ICRA]BB'
J C BIOTECH: ICRA Cuts Rating on INR29.cr Loans to '[ICRA]D'
LOKESH MACHINES: ICRA Cuts Rating on INR120.71cr Loans to 'D'
METAL ORE: ICRA Reaffirms '[ICRA]BB+' Rating on INR10cr LT Loan
NIRMAN INDUSTRIES: Delay in Loan Payment Cues ICRA Junk Ratings
PHOENIX INFOCITY: ICRA Assigns 'BB+' Rating to INR120cr LT Loan
RAJENDRA GEARS: ICRA Reaffirms 'B+' Rating on INR4cr Cash Credit
SANNIDHI AGRO: ICRA Assigns '[ICRA]B' Rating to INR8cr Loans
SPIC FASHIONS: Delays in Loan Payment Cues ICRA Junk Ratings
STANFAB APPARELS: ICRA Assigns 'BB+' Rating to INR6.25cr Loans
I N D O N E S I A
BERLIAN LAJU: S&P Withdraws 'D' Corp. Credit Rating at Request
M O N G O L I A
* MONGOLIA: Fitch Puts 'B+' Rating on Planned MTN Programme
* MONGOLIA: Moody's Rates Medium Term Note Program '(P)B1'
* MONGOLIA: S&P Gives 'BB-' Rating on $5-Bil. Medium-Term Note
N E W Z E A L A N D
CS HOMES: Unsecured Creditors Unlikely to Get Repayment
ROSS ASSET: Receivers Take Control of 7 More Entities
SHANTON APPAREL: Receiver Reaches Sale Deal With NZ-Based Buyer
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
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A U S T R A L I A
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AUTODOM LIMITED: Union Wants Firm Put Up for Sale to Secure Jobs
----------------------------------------------------------------
ABC News reports that the Australian Manufacturing Workers Union
(AMWU) said the receivers of the troubled car-parts manufacturer,
Autodom, have not put the company up for sale.
ABC News relates that 400 jobs remain in doubt after it was
announced in a creditors' meeting last week that there has been
no interest from potential buyers.
According to the report, a spokesman for the receivers said it is
still early days and attempts are being made to find a buyer.
But the union's state secretary, Steve Dargavel, said there has
been no attempt to sell the company, the report says.
"Normally in an insolvency such as this, we would see the
insolvency practitioner moving quickly to put the business to
market," ABC News quotes Mr. Dargavel as saying. "We believe
they need to move more quickly to secure these 400 jobs."
ABC News relates that Mr. Dargavel is expecting decisions to be
made before the next meeting of creditors at the end of the year.
"What we're wanting is for the business to be put to the market
to see whether or not there are players that are prepared to come
in and secure the 400 jobs that are both here and in South
Australia," Mr. Dargavel, as cited by ABC News, said.
About Autodom Limited
Based in Australia, Autodom Limited (ASX:AIE) --
http://autodom.com.au/-- engages in automotive component
manufacturing, trades and painting of automotive componentry.
The Company manufactures automotive components at two
manufacturing plants: one in South Australia and one in Victoria.
The Company operates in one segment, Automotive. DAIR
manufactured items found in locally made vehicles include rear
bumper assemblies, foot brakes, clutch mechanisms, hood hinges,
parking brakes and car jacks.
Keith Crawford and Rob Kirman of McGrathNicol were appointed as
Receivers and Managers over Autodom Limited and its subsidiaries
by secured creditors. This appointment occurred after Autodom's
Directors appointed Voluntary Administrators on Nov. 3, 2012.
Control of Autodom's business and assets now rests with the
Receivers.
Autodom's subsidiaries include AiDAIR Dandenong Pty Limited,
AiAutomotive Pty Limited, AiDAIR New Gisborne Pty Limited,
Henderson Components Pty Limited, Motive Energy Pty Limited ABN,
and AiAutomotive (Victoria) Pty Limited ABN.
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2012, SmartCompany said the administrators were called in
after the company shut its doors in early November, with the high
cost of redundancy payments a key reason behind the beleaguered
auto component manufacturer's collapse.
Autodom's major creditors are the National Australia Bank, which
is a secured creditor, and car companies General Motors Holden,
Ford and Toyota, SmartCompany disclosed.
BANKSIA FINANCIAL: Lent AUD11-Mil. to Parent Before Collapse
---------------------------------------------------------
Glenda Kwek at smh.com.au reports that the failed non-bank
Banksia lent AUD11 million to its parent company before it
collapsed owing its rural Victorian investors AUD660 million.
According to smh.com.au, a News Ltd newspaper reported that
Banksia Securities lent Securities Haldco AUD10,990,000 on
June 30 last year.
Securities Haldco Limited, the parent company of the 11
businesses that comprised the Banksia Financial Group, is 60%
owned by some of Banksia's top owners and executives, including
its founder Patrick Godfrey and chairman Peter Keating, the
report discloses.
In late October, the report recalls, investors learned that the
non-bank lender had collapsed, taking with it hundreds of
millions of dollars.
According to the report, receiver Tony McGrath told News Limited
that "in addition to its loan book, Banksia Securities Limited
has other assets, including this loan to Securities Haldco
Limited".
"As part of the receivership we are investigating how this loan
may be collected and we are in dialogue with Securities Haldco in
that regard," Mr. McGrath said.
The report notes that the loan was reportedly part of the
company's normal business operations and it was understood
receiver McGrathNicol did not uncover evidence pointing to
illegal activity.
It was understood that Banksia investors Banksia Securities
investors would receive some of their investment in the failed
non-bank lender but would have nervous wait to find how much
would be returned to them, smh.com.au relays.
About Banksia Securities
Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd. TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.
The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited. The Trustee is the secured creditor of BSL.
The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.
McGrathNicol said BSL owes approximately $660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases. BSL holds first ranking real
property mortgages to secure its advances.
Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.
Interest payments and redemptions have been frozen as of
Oct. 25, 2012.
PATINACK FARM: Horse Racing Business Placed in Liquidation
----------------------------------------------------------
SmartCompany reports that liquidators have been appointed to coal
baron Nathan Tinkler's Patinack Farm, which is at the centre of
his horse racing interests.
According to SmartCompany, Patinack Farm was wound up in the
Federal Court of South Australia on November 21 following an
unpaid levy to Workcover South Australia totaling approximately
$17,000. Anthony Matthews of Anthony Matthews and Associates was
appointed as the liquidator of Patinack Farm, the report
discloses.
SmartCompany says Mr. Tinkler has ploughed somewhere between
AUD200 million and AUD300 million into Patinack Farm and bought
training facilities, stud farms, and hundreds of high-quality
racehorse.
SmartCompany says Mr. Tinkler's stable became one of the biggest
in the land but the coal baron was criticized for the speed at
which he built his horse racing empire and the price he paid for
many of the thoroughbreds.
According to the report, rumours have swirled about Patinack
Farm's future recently, after Tinkler sold about 300 horses from
Patinack Farm, leaving 1,000 racehorses and many more broodmares.
Claims were made that Mr. Tinkler was late with payments to his
stable staff and that the farm had been unable to pay for horse
feed, the report relays.
"The liquidator is currently in discussions with key management
and the company's business advisers as to the future of the
company and its employees," the report quotes Mr. Matthews as
saying.
Raymond Nolan, spokesperson for Anthony Matthews and Associates,
told SmartCompany a decision would be made on the future of the
employees of Patinack Farm today.
"The key issue is going to be whether the liquidator has funds to
trade the business," the report quotes Mr. Nolan as saying.
However, Tim Allerton, spokesperson for Nathan Tinkler, told
SmartCompany the liquidation stemmed from an error.
"There was an administrative error in the Workcover matters by an
associate company of Patinack Farm and the outstanding monies
have been paid," Mr. Allerton told SmartCompany.
SmartCompany notes the liquidation of Patinack Farm follows the
liquidation earlier this week of another of Tinkler's private
companies, Mulsanne Resources, which was placed in liquidation
after failing to come up with AUD28.4 million owed to coal
exploration company Blackwood Corporation.
QUICKFLIX LIMTED: CEO & Several Directors Resign, Shares in Limbo
-----------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Quickflix Limited
is in trouble. In the past two days, its chief executive, along
with several directors, have resigned in a massive management
shake-up and talks are still ongoing to help prop up the
company's funding, the report says.
SmartCompany relates that reports also suggest executive chairman
Stephen Langsford is considering taking the company private.
According to the report, Quickflix said in a statement that
"negotiations continue with regard to the future funding of the
company".
"The directors and management are currently pursuing several
options and working through a restructuring plan to reduce costs
and capital requirements."
Quickflix said the suspension is likely to remain until
November 29.
SmartCompany notes that while Quickflix has never turned a
profit, its fortunes seemed to have changed in the past 12 months
with an investment from American television giant HBO and content
deals with major studios.
Quickflix Limited (ASX:QFX) -- http://www.quickflix.com.au/--
engages in the development and operation of an online movie
rental subscription and retail service. It provides online movie
subscription service in Australia. Its subscribers have access to
a range of over 50,000 movies and television titles over the
Internet. It operates in the online digital video disc (DVD)
business segment.
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C H I N A
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SINOHUB INC: Scott+Scott Files Securities Class Action Lawsuit
--------------------------------------------------------------
Scott+Scott LLP filed a class action complaint in the United
States District Court for the Southern District of New York on
behalf of purchasers of SinoHub, Inc. common stock during the
period between May 17, 2010 and August 21, 2012, seeking remedies
under the Securities Exchange Act of 1934.
To serve as a lead plaintiff in the action, parties must move the
Court no later than Jan. 21, 2013.
Contact the firm at:
SCOTT+SCOTT
E-mail: scottlaw@scott-scott.com
Tel: (800) 404-7770
(860) 537-5537
The securities class action charges SinoHub and certain of its
officers and directors with violations of the Exchange Act. The
Company, together with its subsidiaries, operates as an
electronics company worldwide.
The complaint charges that SinoHub maintained that its internal
controls over financial reporting were effective. However, as
evidenced by the Company's correspondence with the U.S.
Securities and Exchange Commission regarding the Company's
internal controls, Defendants knowingly or recklessly
implemented, or ignored the existence of, ineffective internal
controls which ultimately resulted in the use of improper
accounting procedures and the overstatement of the Company's
financial statements and future earnings potential.
On May 16, 2011, to the surprise of investors, the Company
announced it would be restating its Form 10-K for 2010 and Form
10-Qs for all three quarters in 2010 due to material
misstatements of liabilities and expenses, and significant
deficiencies in internal control. The market reacted negatively
to the news and on May 16, 2011, SinoHub's stock price dropped
from an opening price of $1.76 per share to a closing price of
$1.36, a 23% decline in one trading day.
Thereafter, on March 30, 2012, the Company released its Form 10-K
Annual Report for 2011, which revealed that SinoHub had not
experienced any revenue growth during the year. SinoHub's stock
price responded accordingly, closing at $0.54 per share on March
30, 2012 after opening that day at $0.63 per share, a single day
decline of 16%. The complaint alleges, however, SinoHub continued
to represent in its Form 10-K for 2011 that the Company had
remediated its internal control problems and that SinoHub's
internal controls were now "effective."
On August 14, 2012, the Company shocked investors when it
announced that it would be unable to file its Quarterly Report on
Form 10-Q for June 30, 2012 within the prescribed time period.
The Company stated that it expected to file the report within an
extension period. Upon the disclosure of this information, and
over the next three trading days, SinoHub's stock declined
approximately 26% on unusually high trading volume.
Finally, on Aug 21, 2012, the last day of the Class Period,
SinoHub announced that it would not file its Form 10-Q within the
extension period as a result of a delay in the Company's
retrieval of information requested by the Company's auditors to
confirm prior-period sales. The Company announced results for
the quarter ended June 30, 2012, stating that it had suffered a
net loss of $2.7 million. Over the next three trading days,
SinoHub's stock price dropped by 20%. The Company's stock has now
been delisted by the NYSE.
SinoHub is headquartered in Shenzhen, People's Republic of China.
TITANIUM GROUP: Zili Sells 20MM Restricted Shares to Snow Hill
--------------------------------------------------------------
Zili Industrial Co Limited, Snow Hill Developments Limited,
Titanium Group Ltd., and Cancare Investment limited, entered into
a Share Exchange Agreement, wherein Zili agrees to sell to Snow
Hill 20,000,000 restricted shares of the common stock, $0.01 par
value, representing in aggregate of 20% of the total issued and
outstanding shares of Titanium owned by Zili in Titanium in
exchange for 2,500,000 shares of Cancare Investment representing
in aggregate 20% of the total issued and outstanding equity
securities of Cancare Investment owned by Snow Hill in Cancare
Investment, a Hong Kong company unrelated to Titanium.
Concurrent with the share exchange transaction, Zili transferred
the remaining 17,700,000 shares of common stock it held in the
Company to Huabao Asia Limited, representing in aggregate 17.7%
of the issued and outstanding shares of the Company's common
stock.
Prior to the transactions, Huabao held an aggregate of 52.63%
shares of the outstanding common stock of the Company. The
transferred shares from Zili to Huabao constitutes approximately
17.7% of the issued and outstanding shares of the Company's
common stock, resulting in Huabao holding approximately 70.33% of
the Company's issued and outstanding shares of common stock. The
Transferred shares from Zili to Snow Hill constitutes
approximately 20% of the issued and outstanding shares of the
Company's common stock, resulting in Snow Hill holding
approximately 20% of the Company's issued and outstanding shares
of common stock post the transaction.
A copy of the Stock Exchange Agreement is available at:
http://is.gd/T0Z5Sb
About Titanium Group
Wanchai, Hong Kong-based Titanium Group Limited, through its
wholly owned subsidiary Shenzhen Kanglv Technology Ltd., is
engaged in the manufacture and sales of electronic cable products
in the PRC. Shenzhen Kanglv's principal products are various
types of computer cables, such as HDMI, DVI, VGA and USB cables,
as well as electric power cables.
The Company's balance sheet at June 30, 2012, showed US$6.84
million in total assets, US$6.89 million in total liabilities and
a US$50,933 total stockholders' deficit.
"The continuation of the Group as a going concern through
June 30, 2013, is dependent upon the continuing financial support
from its stockholders," the Company said in its quarterly report
for the period ended June 30, 2012. "Management believes, the
existing majority stockholders will provide the additional cash
to meet with the Company's obligations as they become due. These
factors raise substantial doubt about the Company's ability to
continue as a going concern."
ZHONG WEN: Delays Form 10-Q for Third Quarter
---------------------------------------------
Zhong Wen International Holding Co., Ltd., is still awaiting its
independent auditor to review its management prepared unaudited
financial statements in order to prepare the Form 10-Q. For the
foregoing reason, the Company 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 does not expect significant changes in its results of
operations and earnings from the corresponding period ended
Sept. 30, 2011.
About Zong Wen
Located in Qingzhou, Shandong, People's Republic of China, Zhong
Wen International Holding Co., Ltd., is in the business of
equipment products procurement for the construction industry, and
project consultation for construction projects.
After auditing results for the year ended Dec. 31, 2011,
Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
expressed substantial doubt about Zhong Wen's ability to continue
as a going concern. The independent auditors noted that the
Company has suffered losses from operations and has a net capital
deficiency as of Dec. 31, 2011.
The Company's balance sheet at June 30, 2012, showed $1.47
million in total assets, $1.55 million in total liabilities, all
current, and a $79,114 total stockholders' deficit.
Bankruptcy Warning
The Company estimates that its cash and cash equivalents will
fund its operations through the financial support from the
Company's shareholders. The Company's shareholders have
indicated their continuing support to enable it to meet its
obligations to third parties as and when they fall due and to
continue as a going concern. This belief is based on the
Company's current cost structure and its current expectations
regarding operating expenses and anticipated revenues.
"If we are unable to obtain additional funds, we will not be able
to sustain our operations and would be required to cease our
operations and/or seek bankruptcy protection. Given the
difficult current economic environment, we believe it will be
difficult to raise additional funds and there can be no assurance
as to the availability of additional financing or the terms upon
which additional financing may be available," the Company said in
its quarterly report for the period ended June 30, 2012.
================
H O N G K O N G
================
SAMPSON COMPANY: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------
Creditors of Sampson Company 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's liquidators are:
Patrick Cowley
Fergal Power
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
SPILA SERVICES: Members' Final Meeting Set for Dec. 20
------------------------------------------------------
Members of Spila Services (Hong Kong) Limited will hold their
final general meeting on Dec. 20, 2012, at 10:00 a.m., at 905
Silvercord, Tower 2, at 30 Canton Road, Tsimshatsui, Kowloon, in
Hong Kong.
At the meeting, James T. Fulton and Cordelia Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
SULINGTON LIMITED: Members' Final Meeting Set for Dec. 17
---------------------------------------------------------
Members of Sulington Limited will hold their final general
meeting on Dec. 17, 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.
TITAN GROUP: Creditors' Proofs of Debt Due Dec. 7
-------------------------------------------------
Creditors of Titan Group Investment Limited, which is in
liquidation, are required to file their proofs of debt by Dec. 7,
2012, to be included in the company's dividend distribution.
The company's liquidators are:
Russell Crumpler
P.O. Box 4467, Road Town
Tortola, VG1110
British Virgin Islands
Patrick Cowley
Edward Middleton
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
TSUI MUSEUM: Creditors' Proofs of Debt Due Dec. 17
--------------------------------------------------
Creditors of The Tsui Museum of Art, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 17, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 12, 2012.
The company's liquidator is:
Tsui Yam Tong Terry
Flat C2, 16th Floor
Summit Court
144-158 Tin Hau Temple Road
Hong Kong
VETERANS OF THE HK: Creditors' Proofs of Debt Due Nov. 30
---------------------------------------------------------
Creditors of The Veterans of the Hong Kong Police Officers'
Association Limited, 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 commenced wind-up proceedings on Nov. 9, 2012.
The company's liquidator is:
Tang Ka Yin Teresa
Unit 702, Railway Plaza
39 Chatham Road
South, Kowloon
Hong Kong
YIM KWONG: Members' Final Meeting Set for Dec. 17
-------------------------------------------------
Members of Yim Kwong Investment Limited will hold their final
meeting on Dec. 17, 2012, at 10:00 a.m., at 2/F, 228 Prince
Edward Road, Kowloon, in Hong Kong.
At the meeting, Lee Wai Fong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
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I N D I A
=========
ALP NISHIKAWA: ICRA Reaffirms 'B' Rating on INR22.06cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR9.06
crore1 term loans and the INR13.00 crore fund based facilities of
ALP Nishikawa Company Limited at '[ICRA]B'. ICRA has also
reaffirmed the short term rating assigned to the INR6.00 crore
non fund based bank limits of ANCO at '[ICRA]A4'. The above
ratings, which were earlier placed under "Rating Watch with
Developing Implications", have now been taken off the Rating
Watch.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loans 9.06 [ICRA]B reaffirmed
Fund Based Limits 13.00 [ICRA]B reaffirmed
Non Fund Based 6.00 [ICRA]A4 reaffirmed
Limits
The ratings reaffirmation considers strong market position of
ANCO in the domestic automotives rubber profile segment and
moderate financial leverage. The ratings also derive support from
the recent increase in stake (from 20% to 50%) by Nishikawa
Rubber Company which is expected to result in better access to
the technology and greater leverage in marketing to Japanese OEMs
for the company. Also while the recent lock-out at Maruti Suzuki
India Limited shall have short-term impact on the financial
performance of ANCO, the same is not expected to have a
meaningful impact on the full year financials of the company. The
ratings are however constrained high competitive intensity in
this industry; project execution risk; limited bargaining power
with customers and large proportion of sales to a few customers.
Additionally the company is exposed to supplier concentration
risk owing to dependence on two vendors for sourcing bulk of the
raw material requirements.
ALP Nishikawa Company Limited was incorporated in 1983 as Anand
Lescuyer Polymers Private Limited. The company was promoted by
Mr. Iqbal Singh Anand, who was in the business of export and
import of auto spare parts. In 1984, the company ventured into
manufacture of rubber sealing products in technical collaboration
with Lescuyer SA of France. In the year 1996 the company entered
into joint venture with Nishikawa Rubber Company Limited, Japan
and accordingly its name was changed to Anand Nishikawa Company
Limited. In November 2011 NRC increased its stake to 50% in the
company and its name was changed to ALP Nishikawa Company
Limited. ANCO is engaged in the manufacture of rubber profiles
such as glass run channels, windshield rubbers and bonnet seals.
ANCO has operations based at Lalru in the state of Punjab and at
Gurgaon in the state of Haryana. Mr. Iqbal Singh Anand and his
associates hold 50% of the shareholding of ANCO.
GM EXPORTS: ICRA Reaffirms 'BB' Rating on INR11.5cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR 11.50 crore
(enhanced from INR 10.0 crore) fund based cash credit facilities
of GM Exports. The outlook on the long term rating is stable.
ICRA has also reaffirmed the '[ICRA]A4' rating to the INR 6.50
crore (enhanced from INR5.00 crore) non-fund based facilities of
GME.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund Based Limits- 11.50 [ICRA]BB (Stable)
Cash Credit
Non Fund Based Limits- 1.50 [ICRA]A4 reaffirmed
Letter of Credit
Non Fund Based Limits- 5.00 [ICRA]A4 reaffirmed
Bank Guarantee
The reaffirmation of the ratings take into account the small
scale of operations of GME, its low net worth base in comparison
to the credit risk undertaken by the firm for its overall sales,
high working capital requirements in relation to profits, high
gearing levels and weak debt coverage indicators. The ratings are
further constrained by instances of withdrawal of capital common
to partnership firms. However, the ratings continue to favorably
factor in the long track record of GME in polymer distribution
business, established association with Gas Authority of India
Limited and customers, diversified customer profile and steady
domestic demand prospects for polymers.
GM Exports is a partnership firm engaged in the distribution of
polymers (HDPE/LLDPE). The firm is a consignment agent of GAIL
(India) Limited for distribution of polymer products in Gujarat,
mainly Ahmedabad and North Gujarat region since 2002. Besides,
the firm also undertakes trading of imported polymers in the
local market. The firm owns a 10,000 sq feet godown in Ahmedabad
for stocking goods.
For the financial year 2011-12, the firm reported an operating
income of INR 7.34 crore and profit after tax of INR0.30 crore as
against INR 8.89 crore of operating income and INR 0.12 crore of
profit after tax for the financial year 2010-11.
INDUS MOTOR: ICRA Cuts Rating on INR17.6cr Loans to '[ICRA]BB'
--------------------------------------------------------------
ICRA has revised the rating outstanding on the INR7.6 crore term
loans and INR10.0 crore fund based facilities of Indus Motor
Company Private Limited from '[ICRA]BB+' to '[ICRA]BB'. The
outlook on the rating is stable. ICRA has re-affirmed the
'[ICRA]A4+' rating outstanding on the INR172.4 crore short term
fund based facilities of the company.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loans 7.6 [ICRA]BB(Stable)/revised
from [ICRA]BB+
Fund-based Limits 10.0 [ICRA]BB(Stable)/revised
from [ICRA]BB+
Fund Based Limits 172.4 [ICRA]A4+/re-affirmed
The revision in long term rating reflects the weaker than
expected operating and financial performance of the company in
the recent past, owing to de-growth in volumes on account of the
slowdown in the industry coupled with production disruptions at
MSIL impacting supply. Indus recorded de-growth in volumes of
about 15% during the last fiscal, which coupled with steady
increase in operating costs and working capital intensive nature
of operations resulted in fall in profitability and deterioration
in capitalization indicators of the company, with gearing and
Total Outside Liabilities to Networth (TOL/TNW) levels (net of
cash) increasing to 4.3 times and 7.1 times respectively in March
2012. The ratings also factor in the thin margins in the business
inherent to the industry and intense competition from other
dealers of MSIL and other OEMs leading to pressure on pricing.
The rating continues to derive comfort from the company's leading
market position in the country as dealer for MSIL with a strong
market share in Kerala market. The ratings also take into account
the improving geographical diversification of Indus with its
asset light model of expansion, where the widening dealership and
service network are expected to support the long term revenues
and profitability of the company.
Indus Motor Company Private Limited entered into Maruti
dealership business in 1986 in Calicut, Kerala. Over years, the
company has expanded its dealership to Trivandrum, Cochin,
Muvattupuzha (Ernakulam district) and other districts of Kerala.
Indus entered the competitive Chennai market in 2007 to further
diversify its geographical presence. Currently, Indus has its
dealership business in Kerala and Chennai with a portfolio of six
dealerships, 43 workshops and nine true value outlets (pre-owned
Maruti vehicles). Indus is part of the PeeVees Group who took
control of the operations of the company in 2003 (till then the
company was managed by its promoters - Mr. TM Nair and Mr.
Ibrahim).
For the first six months of the 2012-13, Indus has reported
Profit Before Tax (PBT) of INR9.2 crore on an Operating Income
(OI) of INR851.4 crore as against PBT of INR8.6 crore on an OI of
INR1540.1 crore for the fiscal 2011-12.
J C BIOTECH: ICRA Cuts Rating on INR29.cr Loans to '[ICRA]D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR 27.90
crore fund based limits and INR 1.10 crore non-fund based limits
of J C Biotech Private Limited to '[ICRA]D' from '[ICRA]B'. ICRA
has also revised the short term rating assigned to INR 0.50 crore
non-fund based facilities to '[ICRA]D' from '[ICRA]A4'.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund based limits 27.90 [ICRA]D (revised from [ICRA]B)
Non-Fund based 1.10 [ICRA]D (revised from [ICRA]B)
Limits
Non-Fund based 0.50 [ICRA]D (revised from [ICRA]A4)
Limits
The rating revision takes into account delays in servicing of
debt obligations by the company in the recent past on account of
its stretched liquidity position chiefly on account of huge trade
receivables. Delay in commencement of commercial operations and
limited product profile of the company has adversely affected its
revenues. Going forward, ability of the company to service its
debt obligations in a timely would be the key rating sensitivity.
JC Biotech Limited was incorporated in 2004. The management of
the company has previous experience in the business of Chemical
manufacturing. The company has set up a bio-Pharmaceutical plant
at APIIC Growth Centre,Near Ongole in Prakasam District, Andhra
Pradesh.
LOKESH MACHINES: ICRA Cuts Rating on INR120.71cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating of '[ICRA]B+' assigned to
the INR 113.21 crore fund based bank facilities and INR7.50 crore
non fund based facilities of Lokesh Machines Limited to
'[ICRA]D'. ICRA has also revised the short term rating of
'[ICRA]A4' assigned to the INR9.50 crore non fund based bank
facilities of the company to '[ICRA]D'.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund based limits 113.21 Revised from [ICRA]B+ to
[ICRA]D
Bank Guarantee 7.50 Revised from [ICRA]B+ to
[ICRA]D
Letter of Credit 9.50 Revised from [ICRA]A4 to
[ICRA]D
The rating revision takes into account irregularities in debt
servicing by the company on account of stretched liquidity
position resulting from high working capital intensity of
operations owing to high receivables and high inventory. Going
forward, LML's ability to timely service its debt and effectively
manage its working capital requirements by ensuring faster
collection of its receivables remain key rating sensitivities.
Lokesh Machines Limited was promoted in 1983 by Mr. Lokeswara Rao
-- first generation techno-entrepreneur -- having worked with HMT
Limited for about sixteen years. The company initially carried
out machining & conversion operations for the components and
machine tools of HMT Ltd. From handling job works, company
graduated to manufacture of Special Purpose Machines which
remained mainstay during the first few years.
The current operations of the company can be broadly categorised
into two segments A) Machine Tools Division (about 60% of FY12
turnover) which comprises of manufacture of machine tools such as
CNC Lathes, General Purpose Machines (G.P.M.) & Special Purpose
Machines (S.P.M.) and B) Auto Component Division (about 37% of
FY12 turnover) which comprises of machining operations taken on
Auto Components such as Cylinder Blocks supplied by Auto OEMs on
job work basis. G.P.M.s and S.P.M.s are either Programmed Logic
Controlled (PLC) or Computer Numerically Controlled (CNC).
METAL ORE: ICRA Reaffirms '[ICRA]BB+' Rating on INR10cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR 10.00 crore1 fund-based bank facilities of Metal Ore. The
outlook on the long-term rating is 'stable'. ICRA has also
reaffirmed the short-term rating of '[ICRA]A4+' to the INR 50.00
crore (enhanced from INR 45.00 crore) non-fund based bank
facilities of Metal Ore. The long-term fund-based facility of
INR10.00 crore is a sub-limit of the short-term non-fund based
facility of INR50.00 crore.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Fund- 10.00 [ICRA]BB+ (stable) reaffirmed
based Limits
Short-term Non- 50.00 [ICRA]A4+ reaffirmed
fund based Limits
The reaffirmation of ratings takes into account the significant
experience of the partners in the boiler quality steel plates
trading business; and established trade links and channels for
importing boiler quality steel plates through its long
association with international steel producers. The ratings
reaffirmation also favourably factors in the long standing
relationships of the partners with reputed end customers and
traders. The ratings are however, constrained by the declining
levels of sales in the first half of 2012-13 on account of
slowdown in demand of the company's products; limited value
addition in the steel trading business and a highly fragmented
nature of the industry characterised by intense competition, both
of which result in thin operating and net profitability; and
deterioration in the capital structure and coverage indictors
leading to a weak financial risk profile. The ratings are also
constrained by the exposure to cyclicality associated with the
steel industry which is currently passing through a period of
weakness.
Incorporated as a partnership firm in 1994, M/s. Metal Ore is
engaged in trading of steel and steel products including boiler
quality plates, structure steel plates, alloy steel plates, ship
building steels and quenched and tempered steels. The focus of
the firm is mainly on trading of boiler/pressure vessel quality
steel and structural steel plates, with thickness varying from 5
mm to 200 mm. The firm has four warehouses at Panvel, Navi
Mumbai. The firm has also started importing raw materials for
manufacture of LEDs.
Recent Results
In 2011-12, Metal Ore reported an operating profit margin of
3.92% (as compared to 3.05% in 2010-11) and a net profit margin
of 0.47% (as compared to 0.75% in 2010-11).
NIRMAN INDUSTRIES: Delay in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR 10.00
crore1 (reduced from INR 11.00 crore) cash credit facility and
the INR 33.00 crore term loan of Nirman Industries Limited to
'[ICRA]D' from '[ICRA]B+'. ICRA has also revised the short term
rating assigned to the INR 5.00 crore (enhanced from INR 0.65
crore) Bank Guarantee facility, the INR 10.00 crore (enhanced
from INR 0.00 crore) Letter of Credit facility, the INR 1.79
crore (enhanced from INR 0.66 crore) CEL facility and the INR
24.90 crore Project LC facility (sub limit of term loan) of NIL
to '[ICRA]D' from '[ICRA]A4'.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Cash Credit Facility 10.00 Revised to [ICRA]D from
[ICRA]B+
Term Loan 33.00 Revised to [ICRA]D from
[ICRA]B+
Project LC 24.90 Revised to [ICRA]D from
[ICRA]A4
Bank Guarantee 5.00 Revised to [ICRA]D from
[ICRA]A4
Letter of Credit 10.00 Revised to [ICRA]D from
[ICRA]A4
CEL 1.79 Revised to [ICRA]D from
[ICRA]A4
The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment obligations and near full utilization of
working capital limits. The ratings continue to remain
constrained by the limited track record of the company's
operations in POY manufacturing with the commercial operations
commenced only in February 2012; the sensitivity of project
metrics and future cash flows to the establishment of the
company's products and its pricing power as compared to yarns
imported from Indonesia and Korea. The ratings are also
constrained by lower capacity utilization levels in last seven
months of operations as well as vulnerability of profitability to
adverse movements in raw material prices and in foreign exchange
rates.
Incorporated in 2009, Nirman Industries Limited is promoted by
Mr. Dhamesh Kumar P. Ukani, Mr. Parsottambhai N. Ukani, Mrs.
Vidhyaben D. Ukani and Mrs. Manjulaben P. Ukani. The company has
set up a plant to manufacture polyester F.D.Y. with an installed
capacity of 11,650 MTPA. NIL's manufacturing facility is located
at Gujarat Eco Textiles Park (GETPL) at Palsana near Surat. The
company commenced commercial operations at the newly set up plant
in last week of February 2012.
PHOENIX INFOCITY: ICRA Assigns 'BB+' Rating to INR120cr LT Loan
---------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR 120.00 crore long
term fund-based bank facilities of Phoenix Infocity Private
Limited. The outlook on long term rating is stable.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long term fund 120.00 [ICRA]BB+ (stable)
based limits
The rating assigned by ICRA draws comfort from PIPL being a part
of the Hyderabad-based Phoenix group having a proven track record
in residential and commercial real estate segment with a total
built up area of approximately 3 million sft and a reputed client
profile with customers like Deloitte, Reliance, Union Bank of
Switzerland etc. The rating also favorably factors in the
substantial physical progress at the site with completion
expected to be ahead of schedule, advantages arising out of
proximity of the project location to the major IT hub in Hi-tech
city, Hyderabad and lease deed signed for 2.83 mn sft in addition
to commitments for another 3.49 mn sft.
The rating is however constrained by bullet repayment of term
loan in March 14; Delay in occupancy by some of the clients could
stretch the debt repayment and lack of diversity of cash flows
owing to single project nature of the company.
Phoenix Infocity Private Limited was incorporated in 2005 for
developing an IT-ITES SEZ at Hitech city, Hyderabad. The company
entered into a JDA for the entire 25.68 acres land in 2006.
Initially the company was known as L&T Phoenix Infoparks Private
Limited. L&T Urban Infrastructure Ltd had 51% ownership in the
company. The company was renamed as Phoenix Infocity Private
Limited in March 2010 when the entire shareholding was taken over
by Phoenix group. This is a part of Phoenix group which was
promoted by Mr. Suresh Chukkapalli in 2004 to carry out
residential and commercial real estate projects, largely within
Hyderabad. The group has completed 14 projects in the commercial
space and 6 projects in residential space with a total built up
area of around 3 million sft. The overall project cost of
INR210.25 crore is being funded through equity of INR90.25 crore
and term loan of INR 120 crore. As on Sept. 30, 2012, PIPL has
already incurred expenditure of INR143.35 crore which was funded
by debt of INR81.61 crore and equity of INR61.79 crore.
RAJENDRA GEARS: ICRA Reaffirms 'B+' Rating on INR4cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for INR 4.0 crore, long-
term, fund-based bank facilities of Rajendra Gears. ICRA has
also reaffirmed '[ICRA]A4' rating for INR2.0 crore short-term,
non-fund based bank facilities of the firm.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Cash Credit 4.00 [ICRA]B+ reaffirmed
Letter of Credit 1.00 [ICRA]A4 reaffirmed
Export Packing Credit 1.00 [ICRA]A4 reaffirmed
The rating reaffirmation considers improvement in RG's financial
risk profile with fund infusion from partners, its long track
record of operations, experienced management and geographically
dispersed and well diversified client base. The ratings are,
however, constrained by RG's modest scale of operations, thin
profit margins and high working capital intensity resulting in
weak cash flows. The firm is also exposed to fluctuation in raw
material prices considering long cycle time involved in the
manufacture of rolling mills. Further, while RG has maintained
healthy capacity utilization over the last two years, competitive
intensity in the industry is high.
Rajendra Gears has been operational as a partnership concern
since 1994 and is engaged in manufacturing of various types of
steel rolling mill plants. RG group comprising of RG and RG
Rolling India Limited (RG Rolling: established in 2007) is ISO
9001 2000 certified, and both the entities have their
manufacturing unit located in Ghaziabad. RG group is promoted by
Mr. Rajendra Singh who has considerable experience in this line
of business.
SANNIDHI AGRO: ICRA Assigns '[ICRA]B' Rating to INR8cr Loans
------------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]B' to the term
loan of INR2.00 Cr and fund based limits of INR6.00 Cr of Sai
Sannidhi Agro Tech.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long term Loan 2.00 [ICRA]B (Assigned)
Long term Fund 6.00 [ICRA]B (Assigned)
based limits
The rating takes into account the intensely competitive nature of
the rice milling industry, the start-up nature of SSAT's
operations and the corresponding project implementation risks, as
well as the debt funded nature of the capex which is likely to
put pressure on the capitalization and coverage indicators of the
company in the initial period. Further, the firm remains exposed
to agro climatic risks inherent in rice milling business and
regulatory risks with respect to setting of MSP of paddy and
restriction on sale of rice in open market.
Nevertheless, the rating draws comfort from the experienced
promoters, who have set up three other rice mills under the MRV
Group, as well as the strong demand prospects for rice in India.
Sai Sannidhi Agro Tech was incorporated in 2012 and is expected
to commence commercial operations in December 2012. The firm is
to manufacture white rice, and is to be based out of Manvi
Industrial Area, Karnataka. The manufacturing facilities of the
firm comprise of a rice mill with an installed capacity of 19,200
MT of rice, with an expected utilization rate of 80%. The raw
material in the form of paddy is to be sourced locally, in and
around the Raichur district.
SPIC FASHIONS: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR6.05
crore1 term loan facilities of Spic Fashions. ICRA has also
assigned short-term rating of '[ICRA]D' to the INR 6.75 crore
fund based facilities of the Firm.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term loan facilities 6.05 [ICRA]D/ assigned
(long-term)
Fund based facilities 6.75 [ICRA]D/ assigned
(short-term)
The assigned ratings factor the delays witnessed in the servicing
of debt by the Firm owing to its stretched liquidity position.
The Firm's business profile is characterized by small scale of
operations, intense competition from low-cost countries, exposure
to customer concentration (with top customer contributing over
76% of revenues) and economic exposure risks, accentuated further
by volatile currency rates impacting the competitiveness of the
Firm's exports. Together, these factors restrict the Firm's scale
economies and pricing flexibility. The ratings, however,
positively factor in the experience of promoters in the industry
which has aided in nurturing healthy relationships with key
customers such as Mayoral (Spain), from whom the Firm receives
stable order flow.
Spic Fashions is a partnership firm which commenced operations in
the year 2006. The Firm is engaged in the manufacturing of boy's
wear to retailers located in the in European countries such as
France and Spain. With a view to integrate its operations, the
Firm has also set up embroidery & printing units. Currently the
management is in the process of converting the Firm into sole
proprietorship, which will be registered under the name of Mrs.
S. Gowri, during the current fiscal. The operations of the Firm
are managed by Mr. A. Senthil Kumar (Husband of Mrs. S. Gowri).
Recent Results
For the financial year 2011-12, the Firm reported net profit of
INR 0.8 crore on an operating income of INR 15.2 crore as against
a net profit of INR 0.3 crore on an operating income of INR 10.0
crore for the financial year 2010-11.
STANFAB APPARELS: ICRA Assigns 'BB+' Rating to INR6.25cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB+' to the INR
5.25 crore1 term loan facilities of Stanfab Apparels Private
Limited. The outlook on the long-term rating is stable. ICRA
has also re-affirmed the short-term rating of '[ICRA]A4+' rating
to the INR 21.00 crore fund-based limits (enhanced from INR18.00
crore) and the INR 3.15 crore non-fund based limits (enhanced
from INR 2.25 crore) of SAPL. ICRA has withdrawn the '[ICRA]BB+'
rating outstanding on the INR1.00 crore term loan facility of
SAPL at the Company's request, as said instrument has been fully
repaid.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Term loan facility 1.00 [ICRA]BB+ (Stable)
Withdrawn
Term loan facilities 5.25 [ICRA]BB+ (Stable)
assigned
Fund based facilities 21.00 [ICRA]A4+ reaffirmed/
Assigned
Non-fund based 3.15 [ICRA]A4+ reaffirmed /
Facilities assigned
The re-affirmation of ratings takes into account the steady
operational and financial performance of the company illustrated
by the steady volume and revenue growth and stable profit margins
on the back of established relationship with reputed client base
and diversified product profile. The ratings also consider the
rich experience of the promoters of nearly two decades in the
textile garment industry. The ratings however continue to be
constrained by the stretched capital structure characterized by
high gearing and moderate coverage indicators on the back of debt
funded capital expenditure in the past, seasonality in sales
pattern, fragmented industry structure with intense competition
from competing countries and exposure of earnings to volatile raw
material prices and exchange rates. The ability of SAPL to
maintain its order book position in view of the competitive
pressures and weak macro economic conditions in its target
markets and ability to sustain its profit margins in light of the
volatile input costs would be key rating sensitivities.
Stanfab Apparels Private Limited was incorporated in 1993 by Mr.
E. R. Eswaran. SAPL is a garmenting unit engaged in the
manufacture and export of woven as well as knitted garments. It
has six production units across the southern State of Tamil Nadu,
with a total monthly capacity of almost 5 lakh pieces of
garments. SAPL's revenues are largely accrued from the export
market, where it exports its products to customers in European
Union, the United States, Australia and Canada, with its notable
clients being Primark Stores, U.K; Woolrich & Basspro, USA;
Acanthe, France; S.A. Jules, France.
=================
I N D O N E S I A
=================
BERLIAN LAJU: S&P Withdraws 'D' Corp. Credit Rating at Request
--------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'D' long-
term corporate credit rating on Indonesia-based shipping company
PT Berlian Laju Tanker Tbk. at the company's request. "We also
withdrew the 'D' issue rating on the US$400 million senior
unsecured notes due 2014 that BLT guarantees. BLT Finance B.V.,
a wholly owned subsidiary of BLT, issued the notes," S&P said.
Prior to its withdrawal, the 'D' rating reflected the company's
default on its financial obligations.
===============
M O N G O L I A
===============
* MONGOLIA: Fitch Puts 'B+' Rating on Planned MTN Programme
-----------------------------------------------------------
Fitch Ratings has assigned the Government of Mongolia's planned
medium term note (MTN) programme an expected 'B+(EXP)' rating.
The agency has also assigned a forthcoming issue of USD-
denominated notes under the programme an expected 'B+(EXP)'
rating. The final ratings are contingent on the receipt of final
documentation conforming to information already received. The
expected ratings are in line with Mongolia's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B+'. The sovereign's
Long-Term Local-Currency IDR is also 'B+'. The rating Outlooks
are Stable.
The proceeds of the expected note issuance will be used mainly to
fund infrastructure investment and other industrial projects.
When Fitch affirmed Mongolia's sovereign ratings at their present
levels on 1 November 2012, the agency factored in an expectation
of international sovereign debt issuance of benchmark size by
end-2012.
These notes are issued under a Global Medium Term Note (GMTN)
programme with a ceiling of USD5bn. Fitch emphasises that the
GMTN programme's ratings are for the programme in general, and
each individual issue under it may not be assigned the same
rating as the programme's. In particular, in the event that
notes were issued denominated in Mongolia's national currency,
the togrog, Fitch would expect to rate such notes in line with
the Long-Term Local-Currency IDR, rather than the Long-Term
Foreign-Currency IDR. Should Mongolia's sovereign IDRs change,
then ratings assigned to the MTN programme and any notes issued
under the programme are also liable to change.
Mongolia emerged from a banking crisis and IMF-supported
adjustment programme in 2009-2010 with a framework for
strengthened economic and macro-prudential policies. Recovery
has been buoyed by the booming natural resource sector: growth is
expected to average 14.1% over 2011-2012, while international
reserves (including gold) doubled to USD2.9bn in September 2012
from end-2009. Income per head at market exchange rates was
exactly aligned with the 'B' range median at USD3,000, and should
strengthen against the peer group given Fitch's expectation of
rapid economic development. The country's governance standards
are a relative strength in the 'B' range.
However, managing the resource boom will be challenging.
Mongolia's commitment to its new fiscal and macro-prudential
policy framework has been patchy, leaving the key vulnerabilities
that were exposed in 2009 substantially unaddressed. These
include a tendency to procyclical fiscal policy, high commodity
dependence with minimal fiscal or external buffers to absorb
price volatility, and exposure of domestic economic stability to
external pressures through the heavily dollarised banking system.
Mongolia's 'B+' IDRs balance these weaknesses and rapidly rising
sovereign indebtedness (albeit from a low base) against the
country's bright economic prospects as investment to develop the
country's generous natural resource endowment finally begins to
bear fruit.
Policy slippages, including strong fiscal spending beyond the
ability of the economy to absorb, would exert negative pressure
on the ratings. A further rapid increase in sovereign
indebtedness, especially if a fast exhaustion of the USD5bn GMTN
programme ceiling occurs, could lead to a downgrade of the
country. Re-emergence of problems in Mongolia's banking system
requiring extensive sovereign support would also be negative for
the ratings. On the other hand, a build-up of fiscal and
external buffers, including the policy-mandated Stabilisation
Fund for windfall copper revenue, would support a case for an
upgrade.
* MONGOLIA: Moody's Rates Medium Term Note Program '(P)B1'
----------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)B1 to the Government of Mongolia's forthcoming
US$5,000,000,000 global medium term note program and the proposed
bond issuance under the program The outlook is stable.
Ratings Rationale
Mongolia's B1 government bond rating is consistent with Moody's
methodology scores of low economic and institutional strengths,
moderate government financial strength and high event risk.
Mongolia's rating has been constrained by susceptibility to
destabilizing boom-bust cycles stemming from (1) an
undiversified, dual mining/agricultural economy subject to global
price volatility and supply shocks, and (2) pro-cyclical,
inflationary monetary and fiscal policies. Long-term economic
prospects are bright, if the country's infrastructure is
developed and if macroeconomic stability is maintained.
Rating Outlook
The stable outlook is supported by the replenishment of official
foreign exchange reserve holdings and improved macroeconomic
stability after the successful International Monetary Fund Stand-
By Arrangement in 2008-2009. Additional support is provided by
the enactment into law of the Fiscal Stability Law in 2010, which
holds promise for avoiding future boom-bust cycles in government
finances if key provisions come into effect in 2013 and 2014
(including a limit on expenditure growth, a structural budget
deficit ceiling and a 40% of GDP net-present value cap on
outstanding government debt).
Credit positive factors which could change the rating -- up:
Credit positive events over the rating outlook horizon include
the maintenance of price and exchange rate stability and a
further replenishment of net international reserves. A track
record of adherence to the fiscal rule would be credit positive.
Furthermore, a timely and successful infrastructure development
program, to which the Global Medium Term Note Program supports,
that increases the country's export capacity and boosts
government revenues would be credit positive.
Diversification and development of the country's industrial base
which helps to shield the economy from mineral price volatility
would also be credit positive.
Credit negative factors which could change the rating -- down: A
relapse into high inflation, exchange rate volatility which leads
to a deterioration in the external balance of payments would be
credit negative. A weakening in the fiscal policy framework as
seen in an inability to adhere to key provisions of the Fiscal
Stability Law would be credit negative. Renewed uncertainty in
the Mongolia's investment regime would also be credit negative.
External borrowing in excess of future repayment capacity would
also be credit negative.
The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.
* MONGOLIA: S&P Gives 'BB-' Rating on $5-Bil. Medium-Term Note
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
foreign currency issue rating to a global medium-term note (MTN)
program of up to US$5 billion by the government of Mongolia (BB-
/Stable/B), and to the proposed first drawdown of the program.
"We have equalized the rating on the MTN program with our foreign
currency sovereign rating on Mongolia. The bond under the MTN
program represents direct unconditional obligations of the
sovereign, and ranks equally with the government's other
unsecured and unsubordinated debt obligations. The rating on the
proposed drawdown of the program is subject to our review of the
final issuance documentation," S&P said.
"The first drawdown of the MTN program will be denominated in
U.S. dollars, with principal and interest payments being made in
the same currency. We expect the government to use most of the
proceeds for infrastructure and utility projects," S&P said.
"The ratings on Mongolia reflect the country's underdeveloped,
resource-driven economy and its weak policy environment. The
economy's strong medium-term growth prospects and low general
government debt and interest expenses temper these weaknesses,"
S&P said.
====================
N E W Z E A L A N D
====================
CS HOMES: Unsecured Creditors Unlikely to Get Repayment
-------------------------------------------------------
The Southland Times relates that a liquidator's report noted that
more than 20 unsecured creditors are unlikely to receive any
money owed to them by CS Homes.
The Southland Times, citing the first liquidator's report, relays
that the company stopped trading a week before liquidation and
its director cites the insolvency position to a disputed debt
relating to a sub-contractor that is subject to a court action
for recovery.
According to the Southland Times, the liquidators said they had
limited information to write the initial report because the
company records needed some work to reconstruct them.
Liquidators are aware that five building projects in various
stages of completion were left unfinished, the report relays.
The Southland Times says industry insiders believe company
director Colin Murray Hiatt has gone to Australia, where his wife
is working, and said he could owe more than NZ$500,000 to
contractors and suppliers in the region.
The liquidators said a review of the building contracts had been
carried out, along with meetings and discussions with most of the
affected parties to gauge their positions, according to the
Southland Times.
Liquidators would further examine company records to establish if
any assets had not been disclosed or if there was any action they
could take to benefit creditors.
The report shows the amounts owed to creditors had still to be
determined by liquidators.
CS Homes Ltd is a Southland-based construction firm. Insolvency
Management principal Iain Nellies and Paul Jenkins were appointed
liquidators when company director Colin Murray Hiatt put the
business into voluntary liquidation on November 7.
ROSS ASSET: Receivers Take Control of 7 More Entities
-----------------------------------------------------
Blair Cunningham at NBR Online reports that PwC receivers
John Fisk and David Bridgman have taken control of seven
additional entities which are holding assets on behalf of the
Ross Group.
NBR says Mr. Fisk is now expecting full co-operation from David
Ross after his release from hospital. He has spent the last
three weeks receiving compulsory treatment under the Mental
Health Act.
Mr. Fisk said they have uncovered just over $11 million of
assets, which is still well short of the purported $450 million.
"We expect the amount to increase further but regrettably, based
on the current information we have, we do not expect any
increases to be significant, unless our inquiries of Mr. Ross
identify significant additional assets."
According to the report, Mr. Fisk said initial investigations
have revealed a number of entities and names which are holding
assets on behalf of the group and its investors which were not
part of the original orders of the High Court.
NBR says Messrs. Fisk and Bridgman have now been appointed
receivers and managers of these entities and assets:
-- Ace Investments Limited;
-- Ace Investment Trust Limited;
-- Ace Investment Trust;
-- Vivian Investments Limited;
-- Vivian Investments;
-- Ross Unit Trust; and
-- Ross Unit Trust Limited.
NBR relates that Mr. Fisk expects to provide another update to
the High Court on Monday and apply for liquidation orders in the
"very near future".
Meanwhile, NBR Online reports that Bruce Tichbon, who is acting
on behalf of more than 300 of Ross Asset Management's investors,
has received a written response from the Financial Markers
Authority.
He wrote to the FMA earlier in the week, after learning of the
intention to liquidate the entities.
Mr. Tichbon told NBR ONLINE the liquidation could not be rushed
and there were more questions to be answered.
NBR says the FMA's head of enforcement Belinda Moffat told
Mr. Tichbon the FMA would be happy to meet with him to discuss
his concerns.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.
The nine other associated entities are:
* Bevis Marks Corporation Limited
* Dagger Nominees Limited
* McIntosh Asset Management Limited
* Mercury Asset Management Limited
* Ross Investment Management Limited
* Ross Unit Trusts Management Limited
* United Asset Management Limited
* Chapman Ross Trust
* Woburn Ross Trust
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
SHANTON APPAREL: Receiver Reaches Sale Deal With NZ-Based Buyer
---------------------------------------------------------------
Catherine Harris at stuff.co.nz reports that the receiver of
womens' clothing retailer Shanton Apparel has hammered out a
conditional deal with a New Zealand-based buyer to save the
chain.
stuff.co.nz notes the deal relies on the buyer, Shanton Fashions,
being able to secure leases for the stores after negotiations
with existing landlords.
A sale price was not disclosed, stuff.co.nz relays.
According to the report, Tauranga-based receiver Anthony Harris
said it was a very positive outcome, preserving jobs for the
"extremely loyal" staff since the firm had gone into receivership
in October.
stuff.co.nz adds that deal would also preserve tenants for the
landlords, many whom had had a long relationship with the Shanton
brand.
Mr. Harris said other sale details were confidential until the
transaction was completed. But he confirmed that all employers
at receivership would be paid preferential holiday entitlements
in full, the report relays.
Gift vouchers, which staff were initially told to stop selling,
would be honored before and after the sale process, says
stuff.co.nz.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 11, 2012, TVNZ News said Shanton Retail Limited (SRL), the
company behind Shanton clothing, has gone into receivership.
The report notes that a company statement said receivership
follows "a period of difficult trading conditions". The company
suffered a loss of $353,496 for the year ending in June 2011,
compared with a loss of $254,776 the year before, according to
TVNZ News.
Shanton Apparel owns Shanton Retail, which has about 122 staff at
39 stores. It also owns BBB Retail, which has 45 Bed, Bath and
Beyond homeware stores and which is not involved in the
receivership.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 11.58 -2.08
MACQUARIE ATLAS MQA 1,618.82 -941.02
MISSION NEWENER MBT 22.05 -27.72
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 101.62 -19.93
STERLING BIOFUEL SBI 31.12 -7.52
CHINA
ANHUI GUOTONG-A 600444 68.75 -3.62
BAOCHENG INVESTM 600892 43.58 -3.69
CHANG JIANG-A 520 1,412.23 -34.77
CHENGDE DALU -B 200160 35.08 -6.23
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 66.74 -211.15
CONTEL CORP LTD CTEL 56.09 -14.27
DONGXIN ELECTR-A 600691 12.55 -32.52
GUANGDONG ORIE-A 600988 14.90 -3.96
GUANGXIA YINCH-A 557 50.01 -43.40
HEBEI BAOSHUO -A 600155 96.92 -82.96
HEBEI JINNIU C-A 600722 235.37 -87.11
HUASU HOLDINGS-A 509 82.75 -17.69
HULUDAO ZINC-A 751 1,156.17 -23.29
HUNAN TIANYI-A 908 62.60 -2.60
JILIN PHARMACE-A 545 30.62 -6.29
JINCHENG PAPER-A 820 109.56 -102.63
QINGDAO YELLOW 600579 197.77 -67.23
SHANDONG DACHE-A 600882 202.38 -17.37
SHANDONG HELON-A 677 744.39 -185.49
SHANG BROAD-A 600608 42.10 -9.12
SHANXI GUANLU-A 831 293.26 -22.96
SHENZ CHINA BI-A 17 22.32 -267.45
SHENZ CHINA BI-B 200017 22.32 -267.45
SHENZ INTL ENT-A 56 269.35 -48.30
SHENZ INTL ENT-B 200056 269.35 -48.30
SHIJIAZHUANG D-A 958 198.77 -118.66
SICHUAN GOLDEN 600678 145.99 -95.15
TAIYUAN TIANLO-A 600234 66.34 -12.60
TIANJIN MARINE 600751 70.78 -89.40
TIANJIN MARINE-B 900938 70.78 -89.40
TIBET SUMMIT I-A 600338 83.03 -10.94
TOPSUN SCIENCE-A 600771 125.34 -111.50
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 104.94 -25.18
XIAMEN OVERSEA-A 600870 269.06 -133.94
XIAN HONGSHENG-A 600817 15.72 -276.16
XINJIANG CHALK-A 972 672.72 -24.08
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUYUE INTERNATI YYUE 102.82 -9.02
YUEYANG HENGLI-A 622 33.31 -25.77
ZHEJIANG GENUINE 156 47.53 -21.44
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.51 -47.88
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 31.27 -28.33
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 67.80 -28.72
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 195.46 -0.74
ARPENI PRATAMA APOL 431.45 -194.55
ASIA PACIFIC POLY 369.69 -833.16
JAKARTA KYOEI ST JKSW 30.22 -42.19
MATAHARI DEPT LPPF 254.86 -270.94
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.93 -21.52
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 11.11 -20.32
SUMALINDO LESTAR SULI 172.87 -10.96
TOKO GUNUNG AGUN TKGA 12.02 -1.03
UNITEX TBK UNTX 15.41 -19.99
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 17.08 -0.35
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA - RTS SPADVR 16.81 -13.07
SUN PHARMA ADV SPADV 16.81 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CEREBRIX CORP 2444 10.44 -2.32
GOYO FOODS INDUS 2230 14.77 -0.60
HIMAWARI HD 8738 283.82 -50.87
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 63.24 -2.65
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
ORIENT PREGEN IN 60910 19.33 -0.09
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.70 -7.41
SILVER BIRD GROU SBG 44.30 -30.68
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
NZF GROUP LTD NZF NZ Equity 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.62 -102.98
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 23.93 -0.12
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 16.02 -10.79
HL GLOBAL ENTERP HLGE 81.65 -3.82
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 80.04 -27.77
M LINK ASIA-FOR MLINK/F 80.04 -27.77
M LINK ASIA-NVDR MLINK-R 80.04 -27.77
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***