/raid1/www/Hosts/bankrupt/TCRAP_Public/121130.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 30, 2012, Vol. 15, No. 239
Headlines
A U S T R A L I A
AMBASSADOR CLOTHING: Falls Into Administration After 68 Years
REED CONSTRUCTION: Liquidator Recoups $6,500 to Date from Titans
* AUSTRALIA: Harvey Chief Sees More Retailer Collapses
H O N G K O N G
A & A CREATION: Members' Final Meeting Set for Jan. 8
CENTURY FORTUNE: Commences Wind-Up Proceedings
DOVERIDGE COMPANY: Creditors' Proofs of Debt Due Dec. 23
ENTERPRISE DAY: Creditors' Proofs of Debt Due Dec. 27
EXTRA POWER: Commences Wind-Up Proceedings
FAITHFUL WORLD: Commences Wind-Up Proceedings
FORTIS LEASE: Sole member' Meeting Set for Dec. 24
FREE FROCE: Creditors' Proofs of Debt Due Dec. 27
GRACE MIND: Creditors' Proofs of Debt Due Dec. 27
HARVEST WORLD: Creditors' Proofs of Debt Due Dec. 27
HENRY ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
HIGH WOOD: Creditors' Meeting Set for Dec. 24
INFORMATION SERVICE: Chan Cheuk Hay Steps Down as Liquidator
KIND TREND: Placed Under Voluntary Wind-Up Proceedings
KING CHANNEL: Commences Wind-Up Proceedings
MARS CENTURY: Creditors' Proofs of Debt Due Dec. 27
MARS OCEAN: Placed Under Voluntary Wind-Up Proceedings
MEGA DAY: Commences Wind-Up Proceedings
ROVI HK: Commences Wind-Up Proceedings
SOL MELIA: Creditors' Meeting Set for Dec. 14
I N D I A
AGRIBIOTECH INDUSTRIES: CARE Reaffirms BB+ Rating on INR13cr Loan
BRAHAMPURI STEELS: CARE Puts 'B+' Rating on INR7.89cr Loan
GOMTESH GINNING: CARE Assigns 'CARE B' Rating to INR0.41cr Loan
HARAK CHANDRA: CARE Rates INR6.86cr LT Loan at 'CARE BB-'
JOBBY ENGINEERS: CARE Rates INR2.96cr LT Loan at 'CARE BB+'
MAHALAXMI STONE: CARE Assigns 'CARE B+' Rating to INR8.05cr Loan
MAHAVIR INDUSTRIES: CARE Rates INR8.64cr LT Loan at 'CARE BB'
PARAMOUNT POWDERS: CARE Assigns 'BB+' Rating to INR7.5cr LT Loan
RADHESHYAM TRENDZ: CARE Rates INR6cr LT Loan at 'CARE B+'
J A P A N
GODO KAISHA: S&P Cuts Rating on JPY7-Bil. Bonds to 'CCC-'
L-JAC5 TRUST: Moody's Withdraws Junk Ratings on Certificates
MF2 SENIOR LOAN: S&P Lowers Rating on Class A4 ABL to 'CCC'
RENESAS ELECTRONICS: NEC Unlikely to Take on Renesas Workers
K O R E A
MAGNACHIP SEMICONDUCTOR: Moody's Changes 'B2' CFR Outlook to Pos.
N E W Z E A L A N D
ROSS ASSET: Could Have Been Saved If Clients Speak Up, FSC Says
P H I L I P P I N E S
DEVELOPMENT BANK: S&P Affirms 'BB+/B' Issuer Credit Ratings
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
AMBASSADOR CLOTHING: Falls Into Administration After 68 Years
-------------------------------------------------------------
SmartCompany reports that Ambassador Clothing has entered
administration, although a buyer may be on the horizon to rescue
the family business which has been operating for 68 years.
Geoff Reidy -- greidy@rodgersreidy.com.au -- of insolvency firm
Rodgers Reidy was appointed as administrator of Ambassador
Clothing at the start of this month.
Mr. Reidy told SmartCompany that Ambassador Clothing suffered
"some shocks" with a decline in retail and the global financial
crisis.
"It has cut back from being a manufacturer and retailer to
predominantly a manufacturer, and reduced staff from 140 to just
under 20, having closed all its retail outlets. As a legacy of
that, it has a whole bunch of debts it can't pay so it needs some
fresh invigoration," SmartCompany quotes Mr. Reidy as saying.
SmartCompany relates that Mr. Reidy said while Ambassador
Clothing's external debt is only around AUD1.3 million, it owes a
large bank debt of more than AUD4 million to the National
Australia Bank.
Mr. Reidy is looking to sell the business and said one purchaser
is lined up to buy it, SmartCompany relays.
A second creditors' meeting will be held in Sydney on December 6,
the report adds.
Based in Marrickville, Sydney, Ambassador Clothing produces
menswear and womenswear under the Zambelli and Nic Green labels,
as well as manufacturing uniforms, including a previous contract
that ran for 15 years with the NSW Police force. The clothing
manufacturer has an annual turnover of $3 million to $4 million.
The family business was started by managing director Lawrence
Chahoud's father and uncle in 1944.
REED CONSTRUCTION: Liquidator Recoups $6,500 to Date from Titans
----------------------------------------------------------------
Larry Schlesinger at Property Observer reports that the
liquidator of Reed Construction has recovered just AUD6,500 of
the more than AUD1 million it claims it is owed by the property
arm of the Gold Coast Titans rugby league club.
Property Observer relates that the report liquidator Mark
Robinson prepared shows that Reed Construction has lodged a claim
for AUD1,046,000 for money owed on the construction on the
Titans' Centre of Excellence at Robina.
According to Property Observer, Mr. Robinson said that under the
deed of company arrangement, the Gold Coast Titans property arm
is likely to return between 1.86 cents and 17.3 cents for every
dollar owed.
The Centre of Excellence was sold to Sydney investor Phil Ward
and Gold Coaster Robert Clark in August for an undisclosed sum.
Both Clark, the uncle of Titans football manager Scott Clark and
Ward were owed AUD4.8 million by the club through their company
Handling Solutions Pty Ltd, the report discloses.
The report says Reed Construction had sought a winding-up order
against Gold Coast Titans (Property) Pty Ltd just months before
Reed collapsed in July with debts of AUD182.1 million.
Property Observer notes that the liquidator's report said Reed
Construction founder Geoff Reed has submitted a proposal to the
liquidators to provide AUD7.4 million to settle an intercompany
loan and "all other claims" without any admission of liability in
relation to claims that company traded whilst insolvent.
Mr. Reed, Property Observer cites, offered to provide a further
AUD2.4 million for the payment of intercompany loans should Reed
Construction be returned to the control of parent company RBG Pty
Limited, which owes Reed Construction AUD114 million. The
proposal is backed by a personal guarantee from Geoff Reed.
In his report, Mr. Robinson notes a "complex webs of related
companies and intercompany loans."
Nearly 1,500 unsecured creditors are owed AUD152.6 million --
many of them sub-contractors. Mr. Robinson said he is currently
unable to declare a likely dividend payment for these creditors.
St George Bank is a secured creditor owed AUD48.1 million. Former
employees are also owed AUD5 million, the report discloses.
About Reed Group
The Reed Group of companies is a privately owned building, design
and construction group, providing construction, design and
engineering services across Australia. Reed Constructions
Australia Pty Limited has been the main building and construction
entity of the Reed Group. Other businesses within the Reed Group
will continue to operate as normal.
Reed Constructions Australia Pty Limited has been placed in
Voluntary Administration after it suffered losses through some of
its key contracts.
Ferrier Hodgson partners John Melluish and Ryan Eagle were
appointed Voluntary Administrators of Reed Constructions
Australia Pty Limited and RST Nominees Pty Limited on June 15,
2012.
* AUSTRALIA: Harvey Chief Sees More Retailer Collapses
------------------------------------------------------
Colin Kruge at The Sydney Morning Herald reports that Harvey
Norman executive chairman Gerry Harvey said industry conditions
remain dire and he expects more retailers to go bust next year
after the Christmas sales are over.
"There are more retailers currently under pressure than I've ever
seen . . . I've been in retail 50 years," SMH quotes Mr. Harvey
as saying after the company's annual meeting on Tuesday.
SMH notes Mr. Harvey's prediction comes less than a month after
the collapse of discount chain operator Retail Adventures, which
announced that 32 stores will close and 650 jobs go by the end of
this month.
According to SMH, Mr. Harvey warned that despite the wave of
failures over the past two years, "there's plenty more to go
because I have them all coming to see me [saying] 'Will you take
us over, will you buy a share in the company' etc etc."
SMH relates that Mr. Harvey said many of these businesses were
hanging on for the Christmas sales but they know the first half
of next year will be "extremely difficult." Many of these
companies just needed a little push and they would be gone, he
said.
================
H O N G K O N G
================
A & A CREATION: Members' Final Meeting Set for Jan. 8
------------------------------------------------------
Sole shareholder of A & A Creation Limited will hold their final
meeting on Jan. 8, 2013, at 11:30 a.m., at 17th Floor, Shun Kwong
Commercial Building, at No. 8 Des Voeux Road West, Sheung Wan, in
Hong Kong.
At the meeting, Liu Wing Ting Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CENTURY FORTUNE: Commences Wind-Up Proceedings
----------------------------------------------
Shareholder of Century Fortune Hong Kong Limited, on Nov. 7,
2012, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
DOVERIDGE COMPANY: Creditors' Proofs of Debt Due Dec. 23
--------------------------------------------------------
Creditors of Doveridge Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Cheung Lo Yau
10/F, V Heun Building
138 Queen's Road
Central, Hong Kong
ENTERPRISE DAY: Creditors' Proofs of Debt Due Dec. 27
-----------------------------------------------------
Creditors of Enterprise Day Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 27, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 16, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
EXTRA POWER: Commences Wind-Up Proceedings
------------------------------------------
Sole shareholder of Extra Power Limited, on Nov. 7, 2012, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
FAITHFUL WORLD: Commences Wind-Up Proceedings
---------------------------------------------
Sole shareholder of Faithful World Investment Limited, on Nov. 7,
2012, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
FORTIS LEASE: Sole member' Meeting Set for Dec. 24
--------------------------------------------------
Sole member of Fortis Lease Hong Kong Limited will hold their
final meeting on Dec. 24, 2012, at 10:00 a.m., at 38th Floor,
Central Plaza, at 18 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Thierry Bonetto, Philippe Maurice E De Vos and
Frederic Michel Neyret, the company's liquidators, will give a
report on the company's wind-up proceedings and property
disposal.
FREE FROCE: Creditors' Proofs of Debt Due Dec. 27
-------------------------------------------------
Creditors of Free Froce Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 27, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 16, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
GRACE MIND: Creditors' Proofs of Debt Due Dec. 27
-------------------------------------------------
Creditors of Grace Mind Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 27, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 16, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
HARVEST WORLD: Creditors' Proofs of Debt Due Dec. 27
----------------------------------------------------
Creditors of Harvest World (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 27, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 16, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
HENRY ENGINEERING: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Nov. 21, 2012,
creditors of Henry Engineering System Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Lau Angela Fun Cha
Flat F, 22/F
Tower 3, The Greenwood (Phase 1)
Laguna Verde, No. 8 Laguna Verde Avenue
Kowloon, H.K.
HIGH WOOD: Creditors' Meeting Set for Dec. 24
---------------------------------------------
Creditors of High Wood Investments Limited will hold their final
meeting on Dec. 24, 2012, at 11:30 a.m., at Unit Nos. 901-902,
9th Floor, Nan Dao Commercial Building, at 359-361 Queen's Road
Central, in Hong Kong.
At the meeting, Yang Dongcheng and Wong Ho Kar Daniel, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
INFORMATION SERVICE: Chan Cheuk Hay Steps Down as Liquidator
------------------------------------------------------------
Chan Cheuk Hay stepped down as liquidator of Information Service
Centre of Professional Studies Limited on Nov. 15, 2012.
KIND TREND: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 13, 2012,
creditors of Kind Trend Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Chan Che Wai
Units 2201-2, 22/F
ING Tower, 308 Des Voeux Road
Central, Hong Kong
KING CHANNEL: Commences Wind-Up Proceedings
-------------------------------------------
Sole shareholder of King Channel Limited, on Nov. 7, 2012, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
MARS CENTURY: Creditors' Proofs of Debt Due Dec. 27
---------------------------------------------------
Creditors of Mars Century Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 27, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 16, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
MARS OCEAN: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on Nov. 16, 2012,
creditors of Mars Ocean Freight Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Ying Hui Yong
Flat D, 35th Floor, Tower 1
Bellagio, 33 Castle Peak Road
Sham Tseng, Tsuen Wan
N.T.
MEGA DAY: Commences Wind-Up Proceedings
---------------------------------------
Sole shareholder of Mega Day Limited, on Nov. 7, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
ROVI HK: Commences Wind-Up Proceedings
--------------------------------------
Members of Rovi Hong Kong Limited, on Nov. 16, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Lay Hong Tan
John Chi Wai Wong
21/F, Edinburgh Tower
The Landmark, 15 Queen's Road
Central, Hong Kong
SOL MELIA: Creditors' Meeting Set for Dec. 14
---------------------------------------------
Creditors of Sol Melia China Limited will hold their final
meeting on Dec. 14, 2012, at 10:30 a.m., at 8/F, Prince's
Building, at 10 Chater Road, Central, in Hong Kong.
At the meeting, Edward S Middleton, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
=========
I N D I A
=========
AGRIBIOTECH INDUSTRIES: CARE Reaffirms BB+ Rating on INR13cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Agribiotech Industries ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 13.52 CARE BB+ Reaffirmed
Rating Rationale
The rating continues to be constrained by the deterioration in
the financial risk profile of Agribiotech Industries Limited on
the back of huge payments made to the Rajasthan State Excise
Department during H1FY13 (refers to the period April 1 to
March 31) towards excise demand notice raised by it, which forms
a significant portion of its net worth. The rating further
continues to be constrained by ABIL's modest scale of operations,
its geographically restricted presence, vulnerability of its
margins to adverse fluctuations in the price of food grains (its
major raw material), which are dependent upon the vagaries of the
monsoon and the agricultural commodity price cycles, competition
from the cheaper molasses-based alcohol and the challenges
of operating in a highly regulated environment.
The rating continues to take into account the growing alcoholic
beverages market in India and ABIL's established presence in the
Extra Neutral Alcohol (ENA) and Country Liquor (CL) segment
in Rajasthan. The rating also takes note of the financial support
provided by the promoters for meeting the aforementioned excise
liability and resumption of production activity at its plant
after a month long suspension.
The increase in the scale of operations along with the
improvement in the profitability and efficient management of its
working capital are the key rating sensitivities.
ABIL is a closely-held public limited company promoted by the
Bajoria family of Rajasthan. Situated in the Sikar district of
Rajasthan, ABIL is engaged in the manufacturing of ENA /
Rectified Spirit (RS) and CL. As on March 31, 2012, it had an
installed capacity of 65,000 liters/day of distillery and 3,000
cases/day of bottling plant. The distillery is grain-based and
the major inputs for the manufacturing of alcohol are bajra and
broken rice.
The company has paid INR15.30 crore to RSED till September 30,
2012, towards total excise demand of INR17.71 crore, whereas
balance amount of INR2.41 crore is to be paid in 10 equal monthly
instalments of starting from October 2012.
ABIL earned a PAT of INR1.96 crore on a total operating income of
INR110.62 crore in FY12 as against a PAT of INR0.15 crore on a
total operating income of INR95.11 crore in FY11.
BRAHAMPURI STEELS: CARE Puts 'B+' Rating on INR7.89cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Brahampuri Steels Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 7.89 CARE B+ Assigned
Long-term / Short-term 5.00 CARE B+/CARE A4
Bank Facilities Assigned
Short-term Bank Facilities 0.60 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Brahampuri Steels
Limited are primarily constrained on account of its weak
financial risk profile marked by low profit margins, high overall
gearing and stressed liquidity position. The ratings are further
constrained due to its presence in a highly fragmented industry
and exposure of its operating margins to raw material price
fluctuation.
The above-mentioned constraints far offset the benefits derived
from the vast experience of the promoters and established track
record of operations of the company.
Improvement in the overall financial risk profile with increase
in the scale of operations is the key rating sensitivity.
BSL, based in Jaipur, Rajasthan, was established in 1994 by the
Gupta family. BSL is engaged in the business of manufacturing
Mild Steel (MS) bars, angles and sections at its unit-I with
installed capacity of 7,000 Metic Tonnes per Annum (MTPA) and
galvanized MS flats, angles and fixtures, with installed capacity
of 5,000 MTPA at unit-II as on March 31, 2012. Products of BSL
find application mainly in Transmission & Distribution (T&D)
structures and in other industrial applications.
As against a net profit of INR0.14 crore on a total operating
income of INR25.65 crore in FY10 (refers to the period April 1 to
March 31), BSL reported a net profit of INR0.23 crore on a total
operating income of INR34.37 crore during FY11. Furthermore,
during provisional FY12, BSL has achieved the total operating
income of INR37.56 crore with net profit of INR0.45 crore
GOMTESH GINNING: CARE Assigns 'CARE B' Rating to INR0.41cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Gomtesh Ginning & Pressing Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 0.41 CARE B Assigned
Long-term/Short-term Bank 8.00 CARE B/CARE A4
Facilities Assigned
Rating Rationale
The ratings assigned to the bank facilities of Gomtesh Ginning &
Pressing Private Limited are mainly constrained on account of its
weak financial risk profile characterized by declining total
income, leveraged capital structure, thin profitability margin
and weak debt coverage indicators.
The ratings are further constrained on account of its presence in
the highly competitive and fragmented cotton ginning industry
with limited value addition, volatility associated with raw the
material (cotton) prices and impact of regulatory changes on the
cotton industry. The ratings, however, favorably take into
account the wide experience of the promoters in the cotton
ginning business.
The ability of GGPPL to improve its overall financial risk
profile with improvement in the profitability margins in the
light of volatile cotton prices will remain the key rating
sensitivity.
Indore (Madhya Pradesh)-based GGPPL was incorporated in March
2007 by Mr.. Vinod Doshi and Mr.. Gomtesh Doshi. The company is
engaged in cotton ginning & pressing and cotton trading
activities with an installed capacity of 34,000 Metric Tonnes Per
Annum (MTPA) for cotton bales and 66,000 MTPA of cotton seeds as
on March 31, 2012 at its sole manufacturing facility located at
Dhar district, Madhya Pradesh.
During FY12 (refers to the period April 1 to March 31), GGPPL
reported net profit of INR0.24 crore on a total income of
INR54.08 crore as compared with net profit of INR0.22 crore on a
total operating income of INR57.74 crore during FY11.
HARAK CHANDRA: CARE Rates INR6.86cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Harak
Chandra Flour Mills Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 6.86 CARE BB- Assigned
Rating Rationale
The rating assigned to the bank facilities of Harak Chandra Flour
Mills Limited is primarily constrained by its small scale of
operations with leveraged capital structure, fluctuating
total operating income coupled with low and declining
profitability margins. The rating is further constrained on
account of its susceptibility to fluctuations in raw material
prices and its presence in a fragmented industry.
The rating, however, does draw comfort from the experience of the
promoters of HCFML and a wide distribution network. Going
forward, the ability of the company to increase its scale of
operation while improving its profitability margin and capital
structure would be the key rating sensitivities.
HCFML was incorporated in February 1981, by Mr. Bharat Jain and
is engaged in the processing of wheat grains and paddy. The main
products of the company are maida (contributes 55% to its total
revenue), bran (17%), wheat flour (11%), suji (11%) and other by-
products, which find their use as cattle feeds.
The company has its manufacturing facility at Sitapur, Uttar
Pradesh, with an annual installed capacity to produce 80,000
tonnes per annum (TPA) and 25,000 TPA of wheat flour and rice,
respectively. Rice processing facility has been non-functional
since 2006. The company sells its products directly through
distributors, under the brand name 'Double Gulab' in Uttar
Pradesh, Madhya Pradesh, Maharashtra and West Bengal. HCFML sells
its products in bulk packaging only in 90 kg and 50 kg packaging.
For FY12 (refers to the period April 1 to March 31), HCFML
achieved total operating income of INR16.73 crore with PBILDT and
PAT of INR0.69 crore and INR0.06 crore, respectively.
JOBBY ENGINEERS: CARE Rates INR2.96cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+'and 'CARE A4+' ratings to the bank
facilities of Jobby Engineers Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 2.96 CARE BB+ Assigned
Short-term Bank Facilities 6.50 CARE A4+ Assigned
Rating Rationale
The ratings assigned to the bank facilities of Jobby Engineers
Private Limited derive strength from the experience of the
promoters and long track record of operations of JEPL with
established customer relationship. The ratings are further
strengthened by JEPL's comfortable capital structure and debt
coverage indicators.
The ratings, however, are constrained by the modest scale of
operations of JEPL with low capitalization and high working
capital intensity of its business. The ratings are further
constrained by the operations in highly fragmented industry with
suspectibility of margins to volatile raw material prices.
The timely completion of the existing projects, the ability to
successfully bid for new contracts and efficient management of
working capital cycle are the key rating sensitivities.
Established in 1970 as a proprietorship concern, Jobby
Engineering Private Limited is engaged in undertaking turnkey
engineering projects which involves fabrication, erection,
procurement & commissioning and also provides maintenance
services. JEPL's business is primarily tender based; however, the
company directly receives repair and maintenance contracts for
the
plants erected & commissioned by the company. The company earns
majority of its revenue from job work activities forming
approximately 63% of total revenue for FY12 (refers to the period
April 1 to March 31).
As per the provisional results for FY12 results, JEPL has
reported total income of INR42.24 crore (up by 38% vis-a-viz
FY11) and PAT of INR1.33 crore (up by 17% vis-a-viz FY11).
MAHALAXMI STONE: CARE Assigns 'CARE B+' Rating to INR8.05cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mahalaxmi
Stone Industries.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.05 CARE B+ Assigned
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale
The rating assigned to the bank facilities of M/s. Mahalaxmi
Stone Industries is primarily constrained by its small scale of
operations, seasonal availability of the raw material, stiff
competition within the unorganized sector and corresponding
environmental issues associated with stone crushing. The rating
is further constrained due to its working capital intensive
nature of operations, customer concentration risk and sluggish
outlook of the construction sector.
The aforesaid constraints are partially offset by the experience
of the partners in stone crushing business and presence of owned
transportation system.
The ability of the firm to improve its scale of operation along
with the improvement in profitability margins while managing its
working capital effectively would be the key rating
sensitivities.
M/s. Mahalaxmi Stone Industries was formed as a partnership firm
in December 2006 and commenced operation in March 2007. It was
promoted by Mr. Adeep Bedi, Mr. Premjeet Singh Sehgal and Mr.
Vijay Singh Minocha of Uttarakhand (sharing equal profits), for
undertaking business of stone crushing which encompasses
activities such as crushing, screening, material handling and
transfer operations of final product. The firm, currently, has an
installed capacity of 250 Metric Tonnes per Hour (MTPH), located
in an owned plot of 10 acres in Chorgalia, Sitarganj Road,
Uttarakhand, an area, densely populated with stone crushing
units.
During FY11 (refers to the period April 1, 2010 to March 31,
2011), MSI reported a total operating income of INR1054.0 lakh
(FY10: INR 919.3 lakh) and a PAT of INR8.3 lakh (FY10: INR10.3
lakh). Furthermore, as per the provisional results for FY12, the
firm has achieved a total operating income of INR1150.0 lakh.
MAHAVIR INDUSTRIES: CARE Rates INR8.64cr LT Loan at 'CARE BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Mahavir
Industries.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.64 CARE BB Assigned
The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the proprietor in addition to
the financial performance and other relevant factors.
Rating Rationale
The rating assigned to the bank facilities of Mahavir Industries
is primarily constrained by its Small scale of operations, low
profitability margins, high overall gearing coupled with stressed
liquidity indicators, susceptibility to fluctuation in raw
material prices and high dependence on government policies. The
rating is further constrained by MI's presence in highly
fragmented food processing industry and its constitution as a
proprietorship concern.
The rating, however, draws comfort from the vast experience of
the promoter of MI, benefits derived by being a part of Agro Pure
group, diversified product portfolio and large customer base of
the group. Going forward, the company's ability to improve its
profit margins and effective management of working capital along
with its liquidity position are the key sensitivities.
Incorporated in January 2007, MI was promoted by Mr. Ghanshyam
Dass and is a part of the Agro Pure Capital group. The Agro Pure
group has business interests in the food processing industry,
with group associates namely Agro Pure Capital Foods (rated 'CARE
BB'), R.S Triveni (rated 'CARE BB'), Hindustan Dall & Flour Mill
and Ram Swaroop Dass Foods Pvt. Ltd., all engaged in the business
of processing and trading of pulses. Mr. Ghanshyam Dass has more
than three decades of experience in the food processing industry.
MI is engaged in processing and trading of Urad Dall. MI has its
processing facility located at Narela, Delhi. The total installed
capacity of MI is 8,250 tonnes per annum (TPA) for pulses and
3,000 TPA for cattle feed. The major raw material is Urad which
is domestically procured from Mandis in north India through
agents in bulk on cash basis.
During FY12 (refers to the period April 1 to March 31), MI
achieved total operating income of INR36.01 crore with a PAT of
INR0.16 crore, while during H1FY13 (refers to the period April 1
to September 30), MI has made total sales of INR 32.28 crore.
PARAMOUNT POWDERS: CARE Assigns 'BB+' Rating to INR7.5cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of Paramount Powders Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 7.55 CARE BB+ Assigned
Short-term Bank Facilities 4.00 CARE A4+ Assigned
Rating Rationale
The ratings assigned to the bank facilities of Paramount Powders
Private Limited are primarily constrained by its small scale of
operations coupled with the low net worth base and declining
profitability margins, working capital intensive nature of
operations and moderate liquidity position, highly fragmented
powder coating industry, exposure to foreign currency fluctuation
and vulnerability of operating margin to fluctuation in raw
material prices.
The ratings, however, draw comfort from the experienced promoters
with established track record of operations, established
marketing and distribution network and moderate leverage and
coverage indicators. Going forward, increase in the scale of
operations with improvement in the profitability margins,
effective working capital utilization and the ability of the
company to manage foreign currency fluctuation risk would be the
key rating sensitivities.
Paramount Powders Private Limited was incorporated in 1997 and is
engaged in the manufacturing of powder coating material which
mainly finds usage as a protective coating on component of white
goods and automobile components. PPPL's manufacturing facility is
located in Gurgaon with combined capacity of 3,000 Tonne Per
Annum (TPA). The processes of company areISO 9001:2000
certified.
The main raw materials of the company are polyester, epoxy resins
and titanium, which are procured domestically and also imported
from Thailand, China and Taiwan.
For FY12 (refers to the period April 1 to March 31), PPPL
achieved total operating income of INR39.11 crore with PBILDT and
PAT of INR1.88 crore and INR0.02 crore, respectively.
RADHESHYAM TRENDZ: CARE Rates INR6cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Radheshyam Trendz Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 6 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Radheshyam Trendz
Private Limited is primarily constrained on account of its
presence in a highly fragmented textile industry with the
trading nature of operations, limited track record and weak
financial risk profile marked by thin profit margin, highly
leveraged capital structure and moderate liquidity position.
The rating, however, favorably takes into account the significant
experience of the promoters in the textile industry and the
proximity to suppliers as well as customers.
The ability of RTPL to improve its overall financial risk profile
with increase in the scale of operations and profitability and
efficient management of the working capital are the key rating
sensitivities.
Radheshyam Trendz Private Limited based in Surat, was initially
formed as M/s Radhey Shyam Creation, a proprietorship firm, in
2005, by Mr.. Ashok Kumar Shyamlal Goyal. Later on, in 2009, RSC
was discontinued and the promoters incorporated a new company
named RTPL. The company is primarily engaged in the trading of
finished fabric. RTPL procures grey cloth from the weavers, gets
it processed on job work basis and sells the finished goods in
the market. The fabric sold by RTPL is mainly used for making
sarees and dress material. The company started the commercial
operation since January 2011.
During FY12 (as per the audited results; refers to the period
April 1 to March 31), RTPL reported a total operating income of
INR44.51 crore (FY11: INR4.75 crore) and Profit After Tax (PAT)
of INR0.31 crore (FY11: INR0.01 crore).
As per the provisional figures for 5MFY12, the company has
reported a total income of INR17.80 crore.
=========
J A P A N
=========
GODO KAISHA: S&P Cuts Rating on JPY7-Bil. Bonds to 'CCC-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' its rating on the JPY7.0 billion series 1 unsecured
bonds issued under the Godo Kaisha MF2 Alpha (MF2 Alpha)
transaction in September 2008.
"The nonrecourse loan, which secures the class B asset-backed
loan (ABL), defaulted on its maturity date in March 2012. In line
with collection method stipulated in the transaction documents,
sales activities for the three office buildings in Tokyo that
back the nonrecourse loan have begun but none of them have yet
been sold. We lowered our ratings on the series 1 unsecured
bonds to reflect our view that the recovery prospect from the
properties backing the transaction's nonrecourse loan is under
downward pressure, given the status of the sales of these
properties," S&P said.
"In the MF2 Alpha transaction, we assigned our ratings to the
JPY7.0 billion unsecured bonds that MF2 Alpha issued. A JPY7.0
billion ABL (class B ABL; mezzanine loan) extended to Godo Kaisha
MF2 (MF2) backs the bonds. The class B ABL that backs the bonds
is, in turn, backed by a nonrecourse loan. Four properties
initially secured this nonrecourse loan, which MF2, serving as
the lending special-purpose company (SPC), extended to another
company. The nonrecourse loan backs not only MF2 Alpha's class B
ABL, but also the class A1 to A4 senior ABLs (initial issue
amount: JPY25.4 billion) issued under the MF2 senior Loan
transaction," S&P said.
"Morgan Stanley Japan Securities Co. Ltd. arranged this
commercial mortgage-backed securities (CMBS) transaction. The
rating reflects our opinion on the likelihood of the full payment
of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in April 2014 for the
unsecured bonds," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATING LOWERED
Godo Kaisha MF2 Alpha
JPY7.0 billion unsecured bonds due April 2014
To From Initial issue amount
CCC- (sf) CCC (sf) JPY7.0 bil.
L-JAC5 TRUST: Moody's Withdraws Junk Ratings on Certificates
------------------------------------------------------------
Moody's Japan K.K. has withdrawn the ratings for the Class B
through Class J-1 Trust Certificates issued by L-JAC5 Trust.
The withdrawal is for business reasons.
Class B, Withdrawn the Caa1 (sf); previously on 9 September, 2011
Downgraded to Caa1 (sf)
Class C, Withdrawn the Ca (sf); previously on 18 August, 2011
Downgraded to Ca (sf)
Class D-1, Withdrawn the Caa3 (sf); previously on 22 June, 2011
Downgraded to Caa3 (sf)
Class D-2, Withdrawn the C (sf); previously on 18 August, 2011
Downgraded to C (sf)
Class D-3, Withdrawn the Caa3 (sf); previously on 22 June, 2011
Downgraded to Caa3 (sf)
Class E-1, Withdrawn the C (sf); previously on 20 January, 2012
Downgraded to C (sf)
Class E-2, Withdrawn the C (sf); previously on 18 August, 2011
Downgraded to C (sf)
Class F-1, Withdrawn the C (sf); previously on 20 January, 2012
Downgraded to C (sf)
Class F-2, Withdrawn the C (sf); previously on 18 August, 2011
Downgraded to C (sf)
Class G-1, Withdrawn the C (sf); previously on 20 January, 2012
Downgraded to C (sf)
Class G-2, Withdrawn the C (sf); previously on 18 August, 2011
Downgraded to C (sf)
Class H-1, Withdrawn the C (sf); previously on 20 January, 2012
Downgraded to C (sf)
Class I-1, Withdrawn the C (sf); previously on 20 January, 2012
Downgraded to C (sf)
Class J-1, Withdrawn the C (sf); previously on 2 December, 2011
Downgraded to C (sf)
Deal Name: L-JAC 5 Trust
Class: Class B through J-1 Trust Certificates
Issue Amount (initial): JPY22.13 billion
Dividend: Floating
Transfer Date of Trust Certificates: September 7, 2007
Final Maturity: August 2015
Underlying Asset (initial): 13 non-recourse loans
Entrustor: Lehman Brothers Japan Inc. and New Century Finance Co.
Ltd. (as of issue date)
Arranger: Lehman Brothers Japan Inc (as of issue date)
The L-JAC 5 Trust, effected in September 2007, represents the
securitization of 13 loans.
The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee. The Trustee in turn issued the Trust
Certificates of Class A through J-1 and Class X-1 and X-2. The
Trust Certificates are rated by Moody's.
Ratings Rationale
Moody's Japan K.K. has withdrawn the credit rating for its own
business reasons.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan"
(June 2010) published on September 30, 2010.
MF2 SENIOR LOAN: S&P Lowers Rating on Class A4 ABL to 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A3 and A4 senior asset-backed loans (ABLs) issued under the
MF2 Senior Loan transaction and placed the ratings on the class
A1 and A2 ABLs on CreditWatch with negative implications.
"We lowered our ratings on the class A3 and A4 ABLs to reflect
our view that the recovery prospects from the three properties
backing the transaction's nonrecourse loan are under downward
pressure, given the status of the sales of these properties.
Three office buildings in Tokyo back the nonrecourse loan, which
defaulted in March 2012," S&P said.
"Meanwhile, we placed our ratings on the class A1 and A2 ABLs on
CreditWatch negative, because the cash flows from some of the
properties backing the transaction's nonrecourse loan are lower
than the assumptions we made when we last reviewed our ratings in
October 2011. We therefore see a possibility that the likely
collection amounts from these properties could be under
additional downward pressure. In addition, regarding the class A1
ABL, we also believe that the likelihood of the recovery of this
class by the transaction's legal final maturity date in March
2014 is falling close to a level that is no longer commensurate
with the current rating, given the limited amount of time
remaining until that date," S&P said.
"We intend to review our ratings on the class A1 and A2 ABLs
after considering the results of our review of the likely
recovery amount from the properties backing the transaction's
nonrecourse loan, and the progress in the sales of these
properties," S&P said.
"In this commercial mortgage-backed securities (CMBS)
transaction, we assigned our ratings to the JPY25.4 billion class
A1 to A4 senior ABLs extended to Godo Kaisha MF2 (MF2). A
nonrecourse loan that MF2, serving as the lending special-purpose
company (SPC), extended to another company backs the ABLs. Apart
from the class A1 to A4 ABLs, MF2 also has a mezzanine loan, the
initial amount of which was JPY7 billion. Morgan Stanley Japan
Securities Co. Ltd. arranged this transaction, and ORIX Asset
Management & Loan Services Corp. acts as the servicer," S&P said.
"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in March
2014 for the class A1 ABL and the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class A2 to A4 ABLs," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LOWERED
MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class To From Initial issue amount
A3 ABL B- (sf) B (sf) JPY1.4 bil.
A4 ABL CCC (sf) B- (sf) JPY1.0 bil.
RATINGS PLACED ON CREDITWATCH NEGATIVE
MF2 Senior Loan
Class To From Initial issue
amount
A1 ABL AA- (sf)/Watch Neg AA- (sf) JPY19.0 bil.
A2 ABL BB (sf)/Watch Neg BB (sf) JPY4.0 bil.
RENESAS ELECTRONICS: NEC Unlikely to Take on Renesas Workers
------------------------------------------------------------
The Japan Times reports that NEC Corp., which cut 10,000 jobs
this year, will probably reject workers from ailing affiliate
Renesas Electronics Corp. while a consortium negotiates a bailout
package.
"I'm negative" on accepting Renesas employees, Chief Financial
Officer Isamu Kawashima said in an interview at NEC's
headquarters in Tokyo this week, The Japan Times relates.
He declined to elaborate on plans for the unprofitable chip-
maker, which is 35% owned by NEC, saying no decisions have been
made, the report relays.
According to the report, Innovation Network Corp. of Japan, a
government-affiliated fund, is reportedly preparing a rescue plan
for Renesas that may include as many as 5,000 job cuts. The
company may get an investment of more than JPY180 billion from
the fund, the report relates citing a source with knowledge of
the plan.
The Japan Times relates that the Nikkei newspaper reported Monday
that Mitsubishi Electric Corp., which owns 25% of Renesas, will
accept a few hundred workers from the Kawasaki-based chip-maker.
About Renesas Electronics
Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.
Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.
For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion. In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.
=========
K O R E A
=========
MAGNACHIP SEMICONDUCTOR: Moody's Changes 'B2' CFR Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook for the B2 corporate family rating of MagnaChip
Semiconductor Corporation and the B2 senior unsecured bond rating
of its supported subsidiary, MagnaChip Semiconductor S.A.
Ratings Rationale
"The change in outlook reflects improvements in MagnaChip's
business and financial profile as it has diversified its product
portfolio by building a Power Solutions (PS) division and
strategically focusing on the applications segment, such as
smartphones and tablets, which continues to see strong demand,"
says Yoshio Takahashi, a Moody's Assistant Vice President, adding
"Growing earnings from the PS business will continue to offset
the ongoing decline in earnings from the traditional Display
Solutions (DS) business."
"Furthermore, despite challenging economic conditions,
MagnaChip's core foundry business continues to generate
relatively stable earnings," comments Mr. Takahashi.
Revenue and profit contributions from DS are expected to continue
to decline because of weak demand for TVs, however, the company's
shift to the growing applications segment (which includes small-
and medium-sized displays), as well as its long-established
relationships with leading Korean customers, will also mitigate
downside risk on earnings in this segment.
Accordingly, Moody's expects Magnachip's adjusted debt/EBITDA to
improve over the next 2 years and remain in the 1.5x-2.0x range.
The build-up in retained earnings will result in adjusted
debt/capitalization improving to around 55% in 2012 (down from
about 60% in 2011) and 50% in 2013.
MagnaChip's liquidity profile remains strong, given the absence
of mandatory debt payments and relatively low capital expenditure
due to its focus on analog and mixed signal chips. It also held
USD166 billion in cash and deposits in 3Q 2012, against USD202
billion in total debt maturing in 2018. However, such a liquidity
position is required given that the company does not currently
have a committed revolving credit facility in place.
Despite the improved business and financial profile, the rating
remains constrained by MagnaChip's end exposure to the volatile
and competitive consumer electronics industry as well as a high
degree of customer concentration, although this is an industry-
wide phenomenon. While MagnaChip is relatively lowly geared, this
is a function of its 2009 debt restructuring following default on
$845 million of debt and its access to bank financing has been
limited.
Upward rating pressure could arise if the company can: (1)
maintain its solid quarterly performance by improving its
competitive positions and diversifying its customers and
applications; (2) sustain its strong liquidity position; and (3)
improve access to financing. Maintaining debt/EBITDA in the 1.5x-
2.0x range and debt/capital below 55% would also be positive for
the rating.
Downward rating pressure is limited, given the positive outlook.
However, the outlook could revert to stable if: (1) the company's
profitability and cash flow weakened, such that debt/EBITDA
increases to 2.5x-3.0x and EBITDA/interest falls below 3.0x; (2)
its balance sheet liquidity deteriorates significantly as a
result of aggressive investment plans, high dividend payments, or
negative free cash flow or; (3) it fails to improve access to
bank facilities.
The principal methodology used in rating MagnaChip was the Global
Semiconductor Industry Methodology published in November 2009.
MagnaChip is a Korean-based designer and manufacturer of analog
and mixed-signal semiconductor products mainly for high-volume
consumer applications, such as TVs, PCs, mobile phones, and
tablets.
====================
N E W Z E A L A N D
====================
ROSS ASSET: Could Have Been Saved If Clients Speak Up, FSC Says
---------------------------------------------------------------
The New Zealand Herald reports that a financial disputes service
said some investments in David Ross' failed business could have
been saved if his clients had voiced concerns about their money
sooner.
The Herald says Ross Asset Management (RAM) and some associated
companies were placed into receivership this month after
investors complained to the Financial Markets Authority.
Receivers PwC have identified around $11.5 million of $449.6
million the Wellington financial adviser was believed to be
controlling on behalf of 900 investors and do not expect to
discover any more significant assets.
According to the report, Financial Services Complaints -- a
disputes resolution scheme that RAM was part of -- said that
newly invested funds might have been saved if Ross' concerned
clients had spoken up.
"After the initial complaints had been received, we became aware
that some investors had been concerned some months earlier about
their RAM investments," the report quotes FSCL chief executive
Susan Taylor as saying. "The sooner a complaint is received, the
sooner action can be taken." It had alerted the FMA as soon as it
became aware of problems at RAM.
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.
=====================
P H I L I P P I N E S
=====================
DEVELOPMENT BANK: S&P Affirms 'BB+/B' Issuer Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings on Development Bank of
the Philippines. The outlook on the long-term rating is stable.
At the same time, Standard & Poor's affirmed the 'axBBB+' long-
term and 'axA-2' short-term ASEAN regional scale ratings on the
bank.
"We have equalized the ratings on DBP with the sovereign credit
ratings on the Philippines because of the bank's critical public
policy role and integral link with the government," said Standard
& Poor's credit analyst Agost Benard.
"We see an 'almost certain' likelihood that the government of the
Republic of the Philippines (BB+/Stable/B; axBBB+/axA-2) will
provide timely and sufficient extraordinary support to DBP in the
event of financial distress," S&P said.
In accordance with its criteria for government-related entities,
S&P's rating approach is based on its view of these DBP
characteristics:
-- "Critical" role as a legally mandated policy bank supporting
the social and economic development agenda of national and
local governments in the Philippines; and
-- "Integral" link as a financial agency of the Philippine
government.
"We assess DBP's stand-alone credit profile (SACP) as 'bb-'.
DBP's SACP reflects the bank's satisfactory financial profile and
strategy and competent management. The profile is constrained by
the bank's narrow sector focus, limited diversification, and
exposure to non-commercial projects," S&P said.
"Our overall assessment reflects the history of capital support
and sovereign guarantees by the national government for DBP's
external borrowing," said Mr. Benard. "However, the bank's
business profile is constrained by its narrow focus on corporate
and small and midsize enterprise lending, by virtue of its policy
role."
"In our opinion, DBP has a stable earnings profile. We assess the
bank's capitalization as moderate relative to the scale and risk
profile of its operations," S&P said.
"The stable outlook reflects the stable outlook on the Republic
of the Philippines. We expect DBP to remain an important
instrument of the government's medium-term development strategy.
We also believe the bank's public policy role will not change
during this time. Nevertheless, a change in government policy
that reduces the critical role or importance of DBP could lead us
to lower the ratings on the bank. Conversely, we could raise the
ratings if we upgrade the sovereign," S&P said.
===============
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 ***