/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121204.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, December 4, 2012, Vol. 15, No. 241 Headlines A U S T R A L I A GOURMET GROUP: Ferrier Hodgson Appointed as Receivers ONE.TEL LTD: Liquidators Still Pursue Directors Over Collapse RAPTIS GROUP: Administrators Eliminates AUD11.6MM Tax Claim RETAIL ADVENTURES: Owner Pleads Suppliers to Stay SKELTON SHERBORNE: Founder Partially Regains Control of Firm C H I N A CHINA AUTOMATION: Moody's Reviews 'Ba3 CFR for Downgrade SUNRISE REAL ESTATE: Incurs $1.4 Million Net Loss in 3rd Quarter H O N G K O N G GOLDGOOD PROPERTIES: Creditors' Proofs of Debt Due Dec. 14 INCORPORATED OWNERS: Court Enters Wind-Up Order INCORPORATED OWNERS OF WAH: Court Enters Wind-Up Order KEEN WISH: Court Enters Wind-Up Order KING MILLION: Court to Hear Wind-Up Petition on Jan. 9 TAK CHEONG: Court to Hear Wind-Up Petition on Jan. 9 TAK CHEONG NURSING: Court to Hear Wind-Up Petition on Jan. 9 TAK ON: Court to Hear Wind-Up Petition on Jan. 9 TECHWELL ENGINEERING: Court Enters Wind-Up Order WINNER CREST: Court Enters Wind-Up Order I N D I A JALARAM COTTON: CARE Reaffirms 'BB-' Rating on INR43.52cr Loan KALYANI EDUCATION: CARE Rates INR10.55cr LT Loan at 'CARE B+' KANCHAN INDIA: CARE Assigns 'CARE BB+' Rating to INR232.26cr Loan MONAD EDUKASIONAL: CARE Assigns 'B+' Rating to INR27.4cr Loan NARMADA SOLVEX: CARE Rates INR28cr Long-Term Loan at 'CARE B+' RAJLAKSHMI BHANDAR: CARE Puts 'CARE BB+' Rating on INR15cr Loan RSK INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR2.33cr Loan RUHATIYA COTTON: CARE Rates INR7cr Long-Term Loan at 'CARE B+' RUHATIYA SPINNERS: CARE Rates INR8cr LT Loan at 'CARE B+' SKL HOTELS: CARE Rates INR25cr Long-Term Loan at 'CARE B' K O R E A HANKOOK SILICON: Moody's Says Unit's Insolvency Credit Negative KOREA LAND: S&P Lowers Stand-Alone Credit Profile to 'b+' P H I L I P P I N E S RURAL BANK OF DASMARINAS: Placed Under PDIC Receivership S I N G A P O R E GEOCON PILING: Creditors' Meetings Set for Dec. 10 HLK TECHNO: Creditors' Meetings Set for Dec. 11 HOKKAIDO GOURMET: Creditors' Meetings Set for Dec. 17 P. TRADING: Court to Hear Wind-Up Petition Dec. 7 VANGUARD INVESTIGATION: Creditors' First Meeting Set for Dec. 7 T A I W A N PRIMASIA SECURITIES: Fitch Withdraws 'BB' Nat'l Long-Term Rating X X X X X X X X * BOND PRICING: For the Week Nov. 26 to Nov. 30, 2012 - - - - - ================= A U S T R A L I A ================= GOURMET GROUP: Ferrier Hodgson Appointed as Receivers ----------------------------------------------------- Steve Sherman, John Lindholm, and Jim Sarantinos of Ferrier Hodgson were appointed joint and several receivers and managers of food manufacturer Gourmet Food Holdings and related entities on Nov. 30, 2012, pursuant to the provisions of a registered debenture charge created by the Gourmet Group: -- Gourmet Food Holdings Pty Limited -- Australian Company Number -- Rosella Foods Pty Limited -- Philemon Pty Limited (t/as Waterwheel Industries) -- TCM Foods Pty Limited -- Gourmet Food Holdings New Zealand Limited -- Pitango Innovative Cuisine Limited "The Receivers' appointment follows the appointment of Voluntary Administrators to the Gourmet Group," Ferrier Hodgson said. "The Receivers now control the Gourmet Group's assets and affairs and are undertaking an urgent assessment of the Gourmet Group's financial position. The Gourmet Group's directors have been requested to prepare a statement about the Gourmet Group's business, property, affairs and financial circumstances as at the date of the Receivers' appointment. "The Receivers will be seeking expressions of interest in the Group." The receivers and managers may be reached at: Steve Sherman John Lindholm Jim Sarantinos Ferrier Hodgson Level 13, Grosvenor Place 225 George Street Sydney NSW 2000 E-mail: jim.sarantinos@fh.com.au steven.sherman@fh.com.au john.lindholm@fh.com.au About Gourmet Group Gourmet Group is an Australian food manufacturer. The group's interests include sauce, spice and chutney manufacturer Rosella; organic soups and pre-made meals maker Pitango; and crispbreads and cracker maker Waterwheel. ONE.TEL LTD: Liquidators Still Pursue Directors Over Collapse ------------------------------------------------------------- The Sydney Morning Herald reports that James Packer and Lachlan Murdoch and their associated companies are still being pursued by One.Tel's liquidators for nearly AUD400 million for their involvement in the collapsed telco. It is the final act in a liquidation process that ranks alongside Ansett, insurer HIH, Duke Group and Bell Group as one of Australia's longest-running corporate wind-ups, according to SMH. SMH says the New South Wales Supreme Court's equity division heard last week a brief notice of motion from Mr. Packer's and Mr. Murdoch's legal teams as well as their associated companies. A hearing date has not yet been set. According to SMH, the case was lodged in June by a special- purpose liquidator who was appointed in late 2003 by the NSW Supreme Court to investigate suing the directors, including Mr. Packer and Mr. Murdoch, over their decision to abandon a AUD132 million capital raising shortly before One.Tel's collapse in 2001. The bulk of the One.Tel liquidation is being overseen by insolvency firm Ferrier Hodgson, the report notes. The report notes that the case is proceeding even though the original special-purpose liquidator, Paul Weston of Pitcher Partners, was replaced by Stephen Parbery of PPB Advisory in June. The report relates that the legal action is the final act before Ferrier Hodgson can close its file on One.Tel, which has been in liquidation for more than a decade. Ferrier Hodgson managing partner Steve Sherman said that so far 21 cents in the dollar, or AUD71 million, has been returned to One.Tel creditors, the report discloses. Another 2 cents to 3 cents per dollar was expected to come, Mr. Sherman, as cited by SMH, said. However, the liquidator has so far spent AUD25.7 million on legal fees and expenses. SMH notes the case against Messrs. Packer and Murdoch is being funded by a third party -- Hong Kong-based investor Louis Reijtenbagh. The report says Ferrier Hodgson is still chasing nearly AUD340 million on behalf of more than 1,600 One.Tel creditors. The largest creditor is rival telco Optus, which was left AUD65 million out of pocket. Telstra, another rival, is owed AUD48 million, the report relays. According to SMH, liquidators are currently sitting on about AUD15 million in cash. This is all creditors are expected to receive unless the special-purpose liquidator wins its case against the former directors. Liquidator John Sheahan said he expects the process to be wrapped up in 2013 after it was delayed by two "extremely lengthy" court cases, SMH adds. About One.Tel One.Tel Limited is an Australian based telecommunications company, belonging to One.Tel Group. One.Tel Ltd. was established in 1995 soon after the deregulation of the Australian telecommunications industry, most of which are currently under external administration by court appointed liquidators. One.Tel is currently in liquidation due to financial problems. Ferrier Hodgson was appointed as voluntary administrator on May 29, 2001. The administrator's report stated that the company was insolvent as of March 2001. Accordingly, the administrator terminated approximately 3,000 employees in June that same year. Steve Sherman and Peter Walker of Ferrier Hodgson were then named liquidators on July 24, 2001. RAPTIS GROUP: Administrators Eliminates AUD11.6MM Tax Claim ----------------------------------------------------------- Jonathan Chancellor at Property Observer reports that the administrators of the Raptis Group construction company, Rapcivic Contractors Pty Ltd, have eliminated an AUD11.6 million claim against the company from the Australian Tax Office. According to the report, the administrators Brian Silvia and Andrew Cummins of BRI Ferrier not only defeated the claim but secured a GST refund of AUD302,000 after working in co-operation with the Raptis management team. Additionally Rapcivic's chairman Jim Raptis has been successful before the Federal Court in having an ATO assessment for a AUD19.5 million also set aside, although the ATO is seeking leave to appeal to the High Court, says Property Observer. The report says the ATO's claim made up almost 75% of the estimated unsecured creditors' claims against Rapcivic, which is now estimated to be between AUD11 million and AUD12 million. The report notes that the removal of this claim means the likely return to unsecured creditors under the company's deed of company arrangement is now between 5.38 cents to 10.26 cents on the dollar. According to the report, the veteran property developer said he was determined to bring the group back under shareholders' control and back to operational status. "Creditors will become shareholders under the deed of company arrangement and any future operations will benefit them directly," Property Observer quotes Mr. Raptis as saying. "This is why we have worked tirelessly to resolve the dispute with the tax office, and the withdrawal of the claim brings us another step closer to returning to operations." About Raptis Group Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) -- http://www.raptis.com/-- engaged in property development, property investment, residential property management and resort hotel operations. Its projects include Platinum on the river Brisbane, Southport Central Tower 1 Southport Gold Coast and Southport Central Tower 2 Southport Gold Coast. * * * The Troubled Company Reporter-Asia Pacific reported on Feb. 5, 2009, that Raptis Group appointed Brian Silvia and Andrew Cummins of BRI Ferrier (NSW) Pty Ltd as administrators to the company. Raptis Group has more than 90 subsidiary entities, with all assets having been mortgaged to 27 banks and financiers owed in excess of AUD940 million, Mr. Silvia said. Raptis Group, according to The Australian, has more than AUD1 billion in total liabilities. The TCR-AP, citing The Australian, reported on April 2, 2009, that Raptis Group's creditors approved a restructure plan. The proposed deed of company arrangement (DOCA) was approved on March 31, 2009, by two meetings of creditors on the Gold Coast. The DOCA involves a debt-for-equity swap that will result in creditors owning 40 million shares in the publicly listed group. It also paves the way for the group's relisting on the Australian Stock Exchange, after being suspended since Sept. 12, 2008. RETAIL ADVENTURES: Owner Pleads Suppliers to Stay ------------------------------------------------- NBR Online reports that Australian-domiciled National Business Review Rich Lister Jan Cameron is pleading with suppliers to stay on board as she tries to restructure her collapsed Retail Adventures discount chain in Australia. Ms. Cameron, who lives in Triabunna, Tasmania, is competing with eight others who have expressions of interest for Retail Adventures, NBR relates citing the Australian Financial Review. NBR says Ms. Cameron has written to suppliers and landlords explaining how she will restructure the business and invest AUD50 million to keep the stores trading during administration. NBR notes the business, which has a turnover of AUD648 million, went into voluntary administration in October. According to NBR, the 59-year-old bought Retail Adventures -- which includes 236 Sam's Warehouse and Crazy Clark's stores -- out of receivership for about AUD85 million in 2009. She claimed when she bought Retail Adventures that "it would be difficult for a company like this to lose money," NBR relays. But the business has since lost $A70 million and more than 50 stores have been closed, the report notes. NBR relates that Ms. Cameron has loaned the business AUD80 million out of her personal funds to prop up the business. She maintained that closing 60 stores would return Retail Adventures to profitability, according to NBR. About Retail Adventures Retail Adventures Pty Ltd is an Australia-based discount variety retailer and operates nationally under brand names Chickenfeed, Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates around 270 stores across the four brands. Deloitte Restructuring Services Partners Vaughan Strawbridge, David Lombe and John Greig have been appointed Joint Voluntary Administrators of Retail Adventures Pty Limited, effective Oct. 26, 2012. Mr. Strawbridge said a license agreement is in place between Retail Adventures Pty Ltd and DSG Holdings Australia Pty Ltd for them to manage the 238 Crazy Clark's and Sam's Warehouse stores. SKELTON SHERBORNE: Founder Partially Regains Control of Firm ------------------------------------------------------------ SmartCompany reports that Brad Skelton, founder and director of transport company Skelton Sherborne, has regained partial control of the AUD68.5 million shipping company after it was placed in receivership last week, but says the deal is "the hospital pass from hell." SmartCompany notes that Deloitte was appointed by HSBC bank as receivers to Skelton Sherborne last week, prompting Mr. Skelton to post an apology letter to clients and staff on the internet. At that time, Mr. Skelton told SmartCompany he was "fighting like hell" to save his business. According to the report, it appeared Mr. Skelton had succeeded in his wish when just before 5pm on Friday Deloitte advised him the receivers had been "partially" retired by HSBC and handed control of the business back to him. However, Mr. Skelton has taken to the internet again to explain the problems in being only partially given back control of Skelton Sherborne, SmartCompany relays. "I should be really happy as I am largely in control again but I have been handed back a company that has literally had its heart ripped out as a consequence of HSBC's actions in unjustifiably freezing bank accounts and then appointing receivers who brutally carried out their task in getting the banks money with little or no regard for our clients and our ongoing relationship with them, the future security of employment of my team and payment of other creditors who are owed money too," SmartCompany quotes Mr. Skelton as saying on his blog Sunday. SmartCompany relates that Mr. Skelton said he is urgently seeking advice on potential liability for trading and the exact financial position of the company. In the meantime, Mr. Skelton said he may not be legally able to resume normal trading and cargo deliveries right away, the report relays. SmartCompany adds Mr. Skelton said Deloitte continues to maintain control over bank accounts, the debtor book as at November 30 and statutory refunds. Skelton Sherborne specialized in transporting heavy equipment around the world and has offices worldwide with 25 staff. ========= C H I N A ========= CHINA AUTOMATION: Moody's Reviews 'Ba3 CFR for Downgrade -------------------------------------------------------- Moody's Investors Service has placed China Automation Group Ltd's Ba3 corporate family rating and senior unsecured debt ratings under review for downgrade. This review follows China Automation's announcement on 26 November of a profit warning for FY2012 (January to December). Ratings Rationale "The review is driven by the weaker-than-expected performance of China Automation's railways business," says Alan Gao, a Moody's Vice President and Senior Analyst. In its profit warning, the company forecast a year-on-year decline for its FY2012 annual results due to the suspension in orders for its core railway signaling systems. Although China's Ministry of Railway -- its main customer -- has announced a resumption in orders and an increase in railway project investments in 2H 2012, China Automation's announcement indicates that actual project executions, particularly in the signaling area, have been much slower than Moody's expectations. Such developments raise questions over the company's ability to secure contracts and the sustainability of its business model. Such uncertainty could, Moody's considers, impact its financial position. Moreover, China Automation has suffered a decline in orders from the oil refinery sector which is experiencing reduced sales. "Additionally, the large amount of provisions on its trade receivables signals deteriorating earnings quality, and could pressure liquidity," adds Mr. Gao. China Automation is required to treat accounts receivables of over two years as doubtful though they are related to projects from China Railway, China Railway Construction, the Ministry of Railways. Such doubtful accounts receivables have reached a significant level and consequently the company's liquidity position is tight. At June 30, 2012, it had RMB548 million in cash on hand, not enough to cover short-term debt of RMB334 million and working capital requirements. The company is also likely to generate negative operating cash flows for FY2012. In its review, Moody's will closely monitor (i) China Automation's operational performance, as measured by sales and contract wins, particularly in its core railway signaling business; (ii) its liquidity position and management of working capital; and (iii) any further impairment risk associated with its trade receivables and investments. The principal methodology used in rating China Automation Group Limited was the Global Manufacturing Industry Methodology published in December 2010. China Automation Group Limited specializes in providing safety & critical control systems for the petrochemicals industry and for railways signaling. It began its operations in 1999 and listed on the Main Board of the Stock Exchange of Hong Kong Limited on 12 July 2007. Its three founders, Mr. Xuan Rui Guo (Chairman & Executive Director), Mr. Kuang Jian Ping (CEO & Executive Director), and Mr. Huang Zhi Yong (Executive Director), collectively own 44.89%. SUNRISE REAL ESTATE: Incurs $1.4 Million Net Loss in 3rd Quarter ---------------------------------------------------------------- Sunrise Real Estate Group, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of US$1.37 million on US$1.68 million of net revenues for the three months ending Sept. 30, 2012, compared with a net loss of US$706,124 on US$1.83 million of net revenues for the same period during the preceding year. For the nine months ending Sept. 30, 2012, the Company reported a net loss of US$2.87 million on US$5.24 million of net revenues, compared with a net loss of US$2.04 million on US$6.55 million of net revenues for the same period a year ago. The Company's balance sheet at Sept. 30, 2012, showed US$39.87 million in total assets, US$34.44 million in total liabilities and US$5.43 million in total shareholders' equity. A copy of the Form 10-Q is available for free at: http://is.gd/54Z2b0 About Sunrise Real Estate Headquartered in Shanghai, the People's Republic of China, Sunrise Real Estate Group, Inc. was initially incorporated in Texas on Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On Dec. 12, 2003, Parallax changed its name to Sunrise Real Estate Development Group, Inc. On April 25, 2006, Sunrise Estate Development Group, Inc., filed Articles of Amendment with the Texas Secretary of State, changing the name of Sunrise Real Estate Development Group, Inc. to Sunrise Real Estate Group, Inc., effective from May 23, 2006. The Company and its subsidiaries are engaged in the property brokerage services, real estate marketing services, property leasing services and property management services in China. In its report accompanying the 2011 financial statements, Kenne Ruan, CPA, P.C., in Woodbridge. CT, USA, noted that the Company has significant accumulated losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. The Company incurred a net loss of US$1.41 million in 2011 and a net loss of US$25,487 in 2010. ================ H O N G K O N G ================ GOLDGOOD PROPERTIES: Creditors' Proofs of Debt Due Dec. 14 ---------------------------------------------------------- Creditors of Goldgood Properties Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 14, 2012, to be included in the company's dividend distribution. The company's liquidators are: Cosimo Borrelli G Jacqueline Fangonil Walsh Level 17, Tower 1 Admiralty Centre 18 Harcourt Road Hong Kong INCORPORATED OWNERS: Court Enters Wind-Up Order ----------------------------------------------- The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind up the operations of The Incorporated Owners of 100, Caine Rd, Hong Kong. The official receiver is Teresa S W Wong. INCORPORATED OWNERS OF WAH: Court Enters Wind-Up Order ------------------------------------------------------ The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind up the operations of The Incorporated Owners of Wah Yuen Building, Hoi Wan Street. The official receiver is Teresa S W Wong. KEEN WISH: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind up the operations of Keen Wish Limited. The official receiver is Teresa S W Wong. KING MILLION: Court to Hear Wind-Up Petition on Jan. 9 ------------------------------------------------------ A petition to wind up the operations of King Million Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. Li Ching Yiu filed the petition against the company on Oct. 26, 2012. The Petitioner's solicitors are: Hobson & Ma 13th Floor, Tower 2 New World Tower 18 Queen's Road Central, Hong Kong TAK CHEONG: Court to Hear Wind-Up Petition on Jan. 9 ---------------------------------------------------- A petition to wind up the operations of Tak Cheong Nursing Center Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. Li Ching Yiu filed the petition against the company on Oct. 26, 2012. The Petitioner's solicitors are: Hobson & Ma 13th Floor, Tower 2 New World Tower 18 Queen's Road Central, Hong Kong TAK CHEONG NURSING: Court to Hear Wind-Up Petition on Jan. 9 ------------------------------------------------------------ A petition to wind up the operations of Tak Cheong Nursing Center (Kwai Hing Branch) Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. Li Ching Yiu filed the petition against the company on Oct. 26, 2012. The Petitioner's solicitors are: Hobson & Ma 13th Floor, Tower 2 New World Tower 18 Queen's Road Central, Hong Kong TAK ON: Court to Hear Wind-Up Petition on Jan. 9 ------------------------------------------------ A petition to wind up the operations of Tak On International Limited will be heard before the High Court of Hong Kong on Jan. 9, 2013, at 9:30 a.m. Li Ching Yiu filed the petition against the company on Oct. 26, 2012. The Petitioner's solicitors are: Hobson & Ma 13th Floor, Tower 2 New World Tower 18 Queen's Road Central, Hong Kong TECHWELL ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------ The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind up the operations of Techwell Engineering Limited. The official receiver is Teresa S W Wong. WINNER CREST: Court Enters Wind-Up Order ---------------------------------------- The High Court of Hong Kong entered an order on Nov. 21, 2012, to wind up the operations of Winner Crest Investments Limited. The official receiver is Teresa S W Wong. ========= I N D I A ========= JALARAM COTTON: CARE Reaffirms 'BB-' Rating on INR43.52cr Loan -------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Jalaram Cotton & Proteins Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 43.52 CARE BB- Reaffirmed Rating Rationale The rating continues to be constrained by the working capital intensive operations of Jalaram Cotton & Proteins Limited (JCPL), its low profitability and high leverage. Susceptibility of JCPL's margins to the volatile cotton prices, impact of the changes in government policies and presence in the highly fragmented cotton ginning industry further constrains the rating. The rating continues to take into account the vast experience of the promoters of JCPL in cotton ginning industry, its favorable location and established marketing and distribution network. The ability of JCPL to move up the cotton value chain and thereby improve its profitability and efficient management of inventory in light of volatile prices are the key rating sensitivities. JCPL, based in Rajkot was originally incorporated in 2007 as a partnership firm in the name of 'Jalaram Cottex' and was subsequently converted into a closely held public limited company during 2008-09. JCPL is engaged in cotton ginning, pressing and manufacturing of refined cottonseed oil. The promoter family of JCPL has been involved in the cotton ginning business since 1969. JCPL earned a PAT of INR1.80 crore on a total operating income of INR314.48 crore in FY12 (refers to the period April 1 to March 31) as against a PAT of INR 2.86 crore on a total operating income of INR333.71 crore in FY11. KALYANI EDUCATION: CARE Rates INR10.55cr LT Loan at 'CARE B+' ------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Kalyani Education Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10.55 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Kalyani Education Private Limited (KEPL) is constrained by the dependence of its revenue on the parent entity Kalyani Charitable Trust), which operates various education institutes, small scale of operations, stretched operating cycle and project execution risk associated with the construction of new buildings for KCT. The rating, however, does find some support from the experienced promoters and growth in income along with comfortable profitability and satisfactory capital structure. The ability of KEPL to extend lease period along with KCT's availability to maintain healthy enrollment ratio and healthy financial risk profile would be the key rating sensitivity. Kalyani Education Private Limited was established in July 2003 by the trustees of Kalyani Charitable Trust namely Mr Ravindra Sapkal and his wife Mrs. Kalyani Ravindra Sapkal. KEPL operates as a Special Purpose Vehicle (SPV) for Kalyani Charitable Trust (KCT) and provides infrastructure, canteen and transportation services to various education institutes of KCT in Nashik, Maharashtra. KEPL has completed four projects till date and has signed lease agreements with KCT for these projects. Currently, KEPL is constructing new premises for pre-primary and primary section for Orchid International School and two building blocks for Engineering College. KEPL takes loan for the construction of buildings and service the same from lease rental income from KCT and income from canteen & transportation services. During FY12 (refers to the period April 2011 to March 2012-), KEPL registered a PAT of INR1.10 crore against a total operating income of INR4.11 crore as against the loss of INR0.13 crore on a total operating income of INR2.13 crore in FY11. KANCHAN INDIA: CARE Assigns 'CARE BB+' Rating to INR232.26cr Loan ----------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Kanchan India Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 232.26 CARE BB+ Assigned Short-term Bank Facilities 1.92 CARE A4+ Assigned Rating Rationale The ratings are constrained by the thin profitability, high leverage and modest debt protection indicators of Kanchan India Limited. Stabilization and saleability risk associated with the recently completed projects and inherent cyclicality associated with the textile industry further constrain the ratings. The ratings, however, derive strength from its experienced promoters, integrated operations and an established marketing network. The ratings also take into account its moderate liquidity position. Execution of the large-sized debt-funded capex adversely affecting the credit profile of KIL, generation of envisaged cash flows from added capacities, the ability to pass on volatility in the raw material prices to the customers and improvement in the capital structure are the key rating sensitivities. Incorporated in 1996 and promoted by the Banger family, KIL is engaged in the manufacturing of blended yarn, synthetic and denim fabric at Bhilwara, which is a major textile hub of India. KIL has merged its four group companies engaged in the processing and manufacturing of woolen yarn with itself from April 1, 2008, to rationalize its overheads. KIL has also undertaken backward integration projects in its spinning division for manufacturing blended yarn during the last two years and has become an integrated player with presence in spinning, weaving and processing. During FY12 (refers to the period April 1 to March 31), KIL reported total operating income of INR 415.45 crore (P.Y. INR315.99 crore) and Profit after Tax (PAT) of INR2.19 crore (P.Y. INR1.38 crore) based on the audited results. MONAD EDUKASIONAL: CARE Assigns 'B+' Rating to INR27.4cr Loan ------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Monad Edukasional Society. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 27.4 CARE B+ Assigned Rating Rationale The rating assigned to the bank facility of Monad Edukasional Society (MES) is primarily constrained by post implementation risk associated with attracting large number of students & high quality faculty for its various courses and establishing its brand image, high competition from established and upcoming educational institutes, stringent regulatory framework for education sector in India, capital intensive nature of business and delay in the commercial start of operations. The aforesaid constraints are partially offset by the presence of experienced members on the advisory board of the society, the status of private university and good growth potential for the educational sector in India. Going forward, the ability of MES to establish a brand name for itself amidst intense competition and ensure adequate student intake would be the key rating sensitivities. MES was established in April 2007 as a non-profit charitable society, registered under the Societies Act, 1860, for the purpose of establishing a private university. The society has set up a university under the name 'Monad University.' MU is an autonomous body promulgated by the Government of Uttar Pradesh through an Act 23 of 2010 and is also recognised by the University Grants Commission). The society has recently completed a green field project of setting up a university campus at an aggregate cost of INR80 crore being funded at debt equity mix of 1.25:1. The campus is located at Hapur city of Uttar Pradesh, spread over an area of 61 acre with modern infrastructure and latest available technology. MU is providing post-graduation, graduation, diploma and certification courses from academic year (AY) 2012-13. NARMADA SOLVEX: CARE Rates INR28cr Long-Term Loan at 'CARE B+' -------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Narmada Solvex Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 28 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Narmada Solvex Private Limited (NSPL) is primarily constrained by low & fluctuating profitability margins with susceptibility to volatile soya prices and highly leveraged capital structure. The rating is further constrained by NSPL's presence in a highly fragmented and intensely competitive edible oil industry. The aforesaid constraints far outweigh the strength derived from the long and established track record of the Ruhatiya group along with their extensive experience in agro-based industries and proximity of NSPL plant to raw material cultivation areas. The ability of NSPL to improve its overall financial risk profile along with efficient management of working capital and improvement in liquidity position are the key rating sensitivities. Narmada Solvex Private Limited (NSPL) was incorporated in 1995 by the Ruhatiya family and is engaged in the business of soya solvent extraction since 2008. The company's plant is located in Washim, Maharashtra, with an installed capacity of 700 tonnes per day. The company earns the entire revenue from the domestic market where it sells crude soya oil (60% of FY12 [refers to the period April 01 to March 31] revenue) to oil refining companies & De-oiled cake (DOC) (40% of FY12 revenue), mainly to poultry farms. The company has received subsidy of INR1 crore during FY12 and is expected to receive additional subsidy of INR2 from the central & state government during FY13 under Industrial Promotion (Subsidy) Scheme 2007. During FY12, NSPL reported total operating income of INR154.55 crore (up by 19.49% vis-a-vis FY11) and PAT of INR0.62 crore (up by 81.18% vis-a-vis FY11). RAJLAKSHMI BHANDAR: CARE Puts 'CARE BB+' Rating on INR15cr Loan --------------------------------------------------------------- CARE assigns 'CARE BB+' rating to the bank facilities of Rajlakshmi Bhandar Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15.0 CARE BB+ Assigned Rating Rationale The above rating is constrained by RBPL's moderate scale of operations, seasonality of business and dependence on vagaries of nature, financial risk profile marked by low profitability, low networth base & working capital intensive nature of operations, highly regulated sector and its presence in a highly fragmented and competitive industry. The aforesaid constraints are partially offset by the rich experience of the management, high capacity utilization, proximity to paddy growing areas, comfortable capital structure with zero debt equity ratio. Ability of the company to increase its scale of operations & profitability in the midst of high competition and its ability to manage working capital effectively will be the key rating sensitivities. Rajlakshmi Bhandar Private Limited, incorporated in May 14, 1987, was promoted by the Hazra family of Burdwan. RBPL is engaged in processing and sale of non basmati rice through its unit named 'Giriraj Rice Mill' at Burdwan, WB with a capacity of 90,000 MT of paddy per annum (contributing around 70% of the total revenue in FY11). Apart from this, RBPL is also involved in trading of agricultural products mainly potato (contributing 27% of the total revenue in FY11) and it also runs a cold storage unit named 'Ganada Cold Storage' with a storage capacity of 2,50,000 quintals per annum. In FY11 (refers to a period from April 1 to March 31), the company achieved a PBILDT of INR5.2 crore (FY10 - INR5.6 crore) and a PAT (after deferred tax) of INR2.6 crore (FY10 - INR3.7 crore) on total income of INR120.2 crore (FY10 - INR 110.3 crore). As per provisional results for FY12, RBPL achieved a PBILDT & PAT of INR 5.7 crore & INR 2.7 crore respectively on total income of INR 127.4 crore. RSK INDUSTRIES: CARE Assigns 'CARE BB-' Rating to INR2.33cr Loan ---------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of RSK Industries Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.33 CARE BB- Assigned Long-term/Short-term Bank 4.00 CARE BB-/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of RSK Industries Pvt. Ltd. are primarily constrained on account of its short track record of operations, leveraged capital structure and stabilization risk associated with the on-going capex. The ratings are further constrained on account of its presence in the highly competitive steel products industry and susceptibility of its profitability to the raw material price fluctuation. The ratings, however, favorably take into account the experience of the promoters and support from associate concerns. The ability of RSK to achieve the envisaged level of sales, stabilization of the operations and improvement in the profit margins while managing raw material price fluctuation is the key rating sensitivity. RSK, based in Bhavnagar, was incorporated as a private limited company by Mr Anil Jain and Mr. Rakesh Bansal in April 2010. Initially, RSK started its operations of manufacturing Mild Steel Ingots with installed capacity of 16,000 Metric Tonnes Per Annum (MTPA) at its plant located at Bhavnagar. Subsequently, in FY12 (refers to the period April 1 to March 31), RSK undertook forward integration project and started manufacturing of Mild Steel Billets with an installed capacity of 16,000 MTPA which finds application in the manufacturing of TMT Bars and MS Angles. RSK procures key raw material from the domestic market and sells the entire finished goods domestically. Furthermore, RSK has undertaken forward integration project of manufacturing of TMT bars and MS Angle by installing rolling machine. The promoters are also engaged in the ship-breaking business through other entities, namely, Atam Manohar Ship Breakers Private Limited (promoted by Mr Anil Jain) and K.P.G. Enterprise (promoted by Mr. Rakesh Bansal, rated CARE BB-; CARE A4+). As per the provisional results for FY12, RSK reported total operating income of INR44.60 crore (FY11: INR13.21 crore) and PAT of INR0.36 crore (FY11: INR0.05 crore) RUHATIYA COTTON: CARE Rates INR7cr Long-Term Loan at 'CARE B+' -------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Ruhatiya Cotton & Metal Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Ruhatiya Cotton & Metal Private Limited (RCMPL) is primarily constrained by its low & fluctuating profitability margin which is susceptible to volatile raw material prices, moderately high leverage and weak debt coverage indicators. The rating is further constrained by RCMPL's presence in a highly fragmented and competitive cotton yarn industry. The aforesaid constraints far outweigh the strength derived from the long & established track record and extensive experience of the Ruhatiya group in agro-based industries. The ability of RCMPL to improve the overall financial risk profile along with efficient management of working capital and improvement in liquidity position are the key rating sensitivities. Ruhatiya Cotton & Metal Private Limited (RCMPL) was incorporated in 1984 by the Ruhatiya family and is engaged in the manufacturing of fully pressed cotton bales & seeds through cotton ginning and pressing activity. The plant is located in Akola, Maharashtra, with an installed capacity of 500 metric tonnes per day. The company earns almost the entire revenue from the domestic market (90%) where it sells cotton bales (89% of FY12 [refers to the period April 01 to March 31] revenue) & cotton seeds (10% of FY12 revenue) mainly to ginning companies. The company procures the raw materials from the domestic market through "Mandis" and through commission agents. During FY12, RCMPL reported total operating income of INR74.28 crore (up by 9.33% vis-a-vis FY11) and PAT of INR0.13 crore (down by 7.14% vis-a-vis FY11). RUHATIYA SPINNERS: CARE Rates INR8cr LT Loan at 'CARE B+' --------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Ruhatiya Spinners Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 8 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Ruhatiya Spinners Private Limited is primarily constrained by low & fluctuating profitability margins along with their susceptibility to volatile raw material prices, weak debt coverage indicators and moderately leveraged capital structure. The rating is further constrained by RSPL's presence in a highly fragmented and competitive cotton yarn industry. The aforesaid constraints far outweigh the strength derived from the long & established track record and extensive experience of the Ruhatiya group in agro-based industries. The ability of RSPL to improve the overall scale of operations along with its financial risk profile and efficient management of working capital are the key rating sensitivities. Ruhatiya Spinner Private Limited was incorporated in 1996 by the Ruhatiya family and is engaged in the business of manufacturing of cotton yarn (33% of total income in FY12 [refers to the period April 01 to March 31] vis-�-vis 60% in FY11) and trading of cotton. The plant is located at Akola, Maharashtra, and has an installed capacity of 20,000 spindles. The company earns its entire revenue from the domestic market & also procures the raw materials from the domestic market through Mandis and agents. As per FY12 results, RSPL reported total operating income of INR64.47 crore (up by 86.85% vis-a-vis FY11) and PAT of INR0.05 crore (down by 79.75% vis-a-vis FY11). SKL HOTELS: CARE Rates INR25cr Long-Term Loan at 'CARE B' --------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of SKL Hotels Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 25.00 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of SKL Hotels Private Limited (SHPL) is mainly constrained by limited experience of the promoters in the hotel industry, risk associated with implementation of its greenfield hotel project where there has been a cost and time overrun with partial financial closure yet to be achieved. The rating, however, favorably takes into account the tie up with Starwood Hotel & Resorts Worldwide Inc. for initial operations and marketing functions thereby imparting brand recognition and location advantage due to the proximity to airport. Going forward, the ability of the company to timely commence the commercial operations without further cost overrun and to achieve the occupancy levels would be the key rating sensitivities. SHPL was incorporated in 2010 and is a family-owned business promoted by Mr. S. Kannayalal and family. SHPL is setting-up a three-star hotel located at Devanahalli area, Bangalore. SHPL started implementation of the project in April 2010 and has envisaged completing it by March 2013 as against the initial scheduled COD of October 2011. The delay was on account of getting construction approvals for the project. The total project cost is estimated at INR46.44 crore which is to be funded through a term loan of INR30.60 crore, equity capital of INR7.0 crore and balance in the form of quasi equity. As on Oct. 30, 2012, INR24.44 crore has been incurred and approximately 70% of the civil work has been completed. ========= K O R E A ========= HANKOOK SILICON: Moody's Says Unit's Insolvency Credit Negative --------------------------------------------------------------- Moody's Investors Service says that the insolvency of Hankook Silicon Company Limited (HK Silicon), a 33.4% owned joint venture (JV) affiliate of S-OIL Corporation, is credit negative, but it will not immediately affect S-OIL's Baa2 issuer rating and stable outlook. "S-OIL could face contingent liabilities because of moral obligations and subject to the position of HK Silicon's creditors, given that it is the second-largest shareholder and a JV partner of the insolvent affiliate," says Mic Kang, a Moody's Vice President and Senior Analyst. "However, Moody's expects the company's credit profile to remain consistent with the current rating, because such potential liabilities would be manageable," adds Kang. On November 29, HK Silicon, a manufacturer of polysilicon for solar power, applied for a receivership at a court in Korea, because of its increasing leverage and interest expenses, weak profitability, and its failure to issue new shares to investors. It could take about a year for the court to decide whether HK Silicon would remain a going-concern or be liquidated. S-OIL acquired the stake in HK Silicon for KRW265 billion in June 2011 to become a JV partner with a smaller local company called Osung LST Company Limited (unrated), in order to diversify its business into renewable energy, such as solar. As of June 30, 2012, HK Silicon's debt amounted to KRW354 billion, which accounted for around 9% of S-OIL's debt. On the other hand, S-OIL currently does not have any legal obligations -- such as intercompany lending, guarantees, and transactions -- related to HK Silicon, based on its public filings with the Korea Stock Exchange. Even if S-OIL incurs impairment losses on its investment in HK Silicon, its cash flows would not be affected because such losses would be non-cash in nature. Moody's believes that S-OIL has a solid financial buffer against unfavorable developments in its business conditions. Its average ratio of funds from operation to debt was 42%, while retained cash flow (RCF)/debt stood at 32%, from 2010 to 1H 2012. In addition, Moody's expects that over the next couple of years S-OIL's adjusted RCF/debt ratio will remain above 15% on a sustainable basis, a level consistent with its underlying credit strength. However, if S-OIL provides significant financial support to HK Silicon -- a situation that is unlikely, given S-OIL's recent public announcement that it would not make additional investments in the affiliate -- then its credit profile could be under pressure. S-OIL's final Baa2 rating includes an uplift of two notches from its underlying credit strength, owing to the expected parental support from Saudi Aramco (unrated), a fully state-owned company of the Kingdom of Saudi Arabia (Aa3 stable), and the strong institutional support for the refining sector in Korea. The principal methodology used in rating S-OIL was the Global Refining and Marketing Rating Methodology, published in December 2009. S-OIL Corporation (S-OIL) is the third-largest oil refining and marketing company in Korea, with a refining capacity of 669,000 barrels per day, or around 23% of the national refining capacity. In addition, S-OIL operates its paraxylene plants with a production capacity of 1.60 million metric tons per annum (MTA), and BTX plants with 0.93 million MTA of production capacity. It also has a lubricant plant with a production capacity of 38,000 barrels per day. Listed on the Korean Stock Exchange, it is 35% owned by Aramco Overseas Company and 28.4% owned by Korea-based Hanjin Group. KOREA LAND: S&P Lowers Stand-Alone Credit Profile to 'b+' --------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'A+' foreign currency and 'AA-' local currency long-term corporate credit and debt ratings on Korea-based property developer Korea Land and Housing Corp. The outlook on the ratings remains stable. "We lowered the stand-alone credit profile (SACP) for KLHC to 'b+' from 'bb-'," S&P said. "We lowered the SACP for KLHC to 'b+' from 'bb-' because we expect its financial risk profile to deteriorate due to its heavy interest burden, continuing losses from its public rental housing businesses, and large debt-financed capital expenditures and working capital needs over the next few years," S&P said. "Though we expect the increase in land and housing sales backed by existing government projects and the government's strong ongoing support through National Housing Fund, KLHC will, in our view, increase its leverage to fund deficits in its cash flow and repay bonds. The increase in KLHC's debt will likely raise the ratio of its debt to total capital over 80% over the next few years," S&P said. "Still, we continue to equalize the ratings on KLHC with the sovereign ratings on the Republic of Korea (local currency rating AA-/Stable/A-1+; foreign currency rating A+/Stable/A-1). This reflects Standard & Poor's opinion that there is an almost certain likelihood that the Korean government would provide KLHC with timely and sufficient extraordinary support in the event it was to suffer financial distress," S&P said. "In accordance with our criteria for government-related entities (GREs), we base our rating approach on our view that KLHC plays a critical role for the government as the sole government-owned entity responsible for meeting the government's objectives of providing a stable supply of land and low-cost public housing. Furthermore, we believe KLHC has an integral link with the government due to the government's full ownership, strong ongoing financial support, and tight supervision and control through the Ministry of Land, Transportation, and Maritime Affairs," S&P said. "The stable outlook on the ratings on KLHC reflects ongoing financial support and extraordinary support from the Republic of Korea in the event of financial distress. Due to our equalization of the ratings on KLHC with those on the sovereign, we would lower or raise the ratings on the agency in line with changes to the ratings on the Republic of Korea. Furthermore, we could lower the ratings if, in our assessment, KLHC's role as a policy arm of, or link with, the government weakens. This could happen if the government reduces its ownership in the agency or if the private sector significantly expands its share in large government-led property development projects," S&P said. ===================== P H I L I P P I N E S ===================== RURAL BANK OF DASMARINAS: Placed Under PDIC Receivership -------------------------------------------------------- The Monetary Board placed Rural Bank of Dasmarinas, Inc. under the receivership of the Philippine Deposit Insurance Corporation by virtue of MB Resolution No. 1969 dated November 29, 2012. As receiver, PDIC took over the bank on November 29, 2012. In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of PHP500,000. PDIC also announced that it will conduct Depositors Forum on Dec. 5, 2012, to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during the Depositors Forum. The schedule and venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph. Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Depositor Update Forms to be furnished by PDIC representatives. Duly accomplished Depositor Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until Dec. 7, 2012. Depositors with valid savings accounts with balances of PHP15,000 and below, who have no outstanding obligations with RB Dasmari�as and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the second week of December 2012. RB Dasmarinas is single-unit bank based in Dasmarinas, Cavite. Latest available records show that as of Sept. 30, 2012, RB Dasmarinas had 2,624 accounts with total deposit liabilities of PHP156.69 million. According to the latest Bank Information Sheet (BIS) as of Jan. 31, 2011 filed by RB Dasmarinas with the PDIC, the bank is majority owned by the Campos Family (80.47%). Its Chairman and President is Atty. Paulo Jose E. Campos, Jr. ================= S I N G A P O R E ================= GEOCON PILING: Creditors' Meetings Set for Dec. 10 -------------------------------------------------- Geocon Piling and Engineering Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on Dec. 10, 2012, at 10:00 a.m., at 6 Shenton Way, #32-00 DBS Building Tower Two, in Singapore 068809. Agenda of the meeting include: a. to receive and consider a status update of the liquidation administration including the ongoing legal suits; b. to consider and approve professional fees for the liquidator and solicitors; and c. discuss other business. The company's liquidator is Tam Chee Chong. HLK TECHNO: Creditors' Meetings Set for Dec. 11 ----------------------------------------------- HLK Techno Pacific Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on Dec. 11, 2012, at 3:00 p.m., at 6 Shenton Way, #32-00 DBS Building Tower Two, in Singapore 068809. Agenda of the meeting include: a. to update on the liquidation administration; b. to approve the final professional fees and liquidation expenses; c. to approve the Liquidators' application to Court for release & discharge and destruction of the Company's books and records; and d. discuss other business. The company's liquidator is Lim Loo Khoon. HOKKAIDO GOURMET: Creditors' Meetings Set for Dec. 17 ----------------------------------------------------- Hokkaido Gourmet Foods (Sandwiches and Sashimi) Private Limited will hold a meeting for its creditors on Dec. 17, 2012, at 4:00 p.m., at 46 South Bridge Road, #02-01 Kingly Building, in Singapore 058679. Agenda of the meeting includes: a. to receive a full statement of the company's affairs together with a list of creditors and the estimated amount of their claims; b. to nominate Liquidator(s) or confirm members' nomination of Liquidator; and c. to consider and if thought fit, appoint a Committee of Inspection ("COI") for the purpose of winding up the Company. P. TRADING: Court to Hear Wind-Up Petition Dec. 7 ------------------------------------------------- A petition to wind up the operations of P. Trading Pte Ltd will be heard before the High Court of Singapore on Dec. 7, 2012, at 10:00 a.m. Standard Chartered Bank filed the petition against the company on Nov. 21, 2012. The Petitioner's solicitors are: Rajah & Tann LLP 9 Battery Road #25-01 Straits Trading Building Singapore 049910 VANGUARD INVESTIGATION: Creditors' First Meeting Set for Dec. 7 --------------------------------------------------------------- Creditors of Vanguard Investigation And Security Services Pte Ltd will hold their first meeting on Dec. 7, 2012, at 10:00 a.m., at One Raffles Place, Tower 2, at #10-62, in Singapore 048616. At the meeting, Jason Kardachi, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. =========== T A I W A N =========== PRIMASIA SECURITIES: Fitch Withdraws 'BB' Nat'l Long-Term Rating ---------------------------------------------------------------- Fitch Ratings has affirmed Taiwan-based Primasia Securities Co., Ltd's National Long-Term rating at 'BB(twn)' and National Short- Term rating at 'B(twn)'. The Outlook is Stable. Simultaneously, the ratings have been withdrawn as they are no longer considered by Fitch to be relevant to its coverage. The ratings reflect inherent high risks within Primasia's business model, given its reliance on proprietary trading. This makes its capital position vulnerable to volatile earnings performance. Fitch will no longer provide ratings or analytical coverage of the issuer. =============== X X X X X X X X =============== * BOND PRICING: For the Week Nov. 26 to Nov. 30, 2012 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 4/19/2022 AUD 73.99 MIDWEST VANADIUM 11.50 2/15/2018 USD 66.38 MIDWEST VANADIUM 11.50 2/15/2018 USD 65.50 NEW S WALES TREA 0.50 9/14/2022 AUD 69.68 NEW S WALES TREA 0.50 10/7/2022 AUD 69.48 NEW S WALES TREA 0.50 10/28/2022 AUD 69.30 NEW S WALES TREA 0.50 11/18/2022 AUD 69.18 NEW S WALES TREA 0.50 12/16/2022 AUD 69.76 NEW S WALES TREA 0.50 2/2/2023 AUD 69.40 NEW S WALES TREA 0.50 3/30/2023 AUD 69.00 TREAS CORP VICT 0.50 8/25/2022 AUD 72.07 TREAS CORP VICT 0.50 3/3/2023 AUD 70.82 TREAS CORP VICT 0.50 11/12/2030 AUD 51.24 CHINA ----- CHINA GOVT BOND 4.86 8/10/2014 CNY 102.98 CHINA GOVT BOND 1.64 12/15/2033 CNY 68.24 INDIA ----- JCT LTD 2.50 4/8/2011 USD 20.00 JSL STAINLESS LT 0.50 12/24/2019 USD 65.17 MASCON GLOBAL LT 2.00 12/28/2012 USD 9.88 PRAKASH IND LTD 5.63 10/17/2014 USD 67.93 PRAKASH IND LTD 5.25 4/30/2015 USD 68.14 PYRAMID SAIMIRA 1.75 7/4/2012 USD 1.00 REI AGRO 5.50 11/13/2014 USD 68.51 REI AGRO 5.50 11/13/2014 USD 68.51 SHIV-VANI OIL 5.00 8/17/2015 USD 53.91 SUZLON ENERGY LT 7.50 10/11/2012 USD 65.66 SUZLON ENERGY LT 5.00 4/13/2016 USD 41.16 JAPAN ----- COSMO OIL CO LTD 1.26 8/28/2020 JPY 72.83 EACCESS LTD 3.50 12/15/2016 JPY 104.00 EBARA CORP 1.30 9/30/2013 JPY 100.04 ELPIDA MEMORY 2.03 3/22/2012 JPY 12.25 ELPIDA MEMORY 2.10 11/29/2012 JPY 12.25 ELPIDA MEMORY 2.29 12/7/2012 JPY 10.13 ELPIDA MEMORY 0.50 10/26/2015 JPY 10.13 ELPIDA MEMORY 0.70 8/1/2016 JPY 15.00 JPN EXP HLD/DEBT 0.50 9/17/2038 JPY 63.36 JPN EXP HLD/DEBT 0.50 3/18/2039 JPY 63.19 KADOKAWA HLDGS 1.00 12/18/2014 JPY 108.80 SHARP CORP 1.42 3/19/2014 JPY 46.95 SHARP CORP 0.85 9/16/2014 JPY 42.67 SHARP CORP 1.14 9/16/2016 JPY 36.34 SHARP CORP 2.07 3/19/2019 JPY 33.70 SHARP CORP 1.60 9/13/2019 JPY 33.49 SOFTBANK CORP 1.50 3/31/2013 JPY 132.38 TOKYO ELEC POWER 2.35 9/29/2028 JPY 72.12 TOKYO ELEC POWER 2.40 11/28/2028 JPY 72.97 TOKYO ELEC POWER 2.21 2/27/2029 JPY 70.48 TOKYO ELEC POWER 2.11 12/10/2029 JPY 68.06 TOKYO ELEC POWER 1.96 7/29/2030 JPY 65.15 TOKYO ELEC POWER 2.37 5/28/2040 JPY 61.89 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.25 BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.25 SINGAPORE --------- BAKRIE TELECOM 11.50 5/7/2015 USD 45.00 BAKRIE TELECOM 11.50 5/7/2015 USD 42.37 BLD INVESTMENT 8.63 3/23/2015 USD 61.99 BLUE OCEAN 11.00 6/28/2012 USD 34.00 BLUE OCEAN 11.00 6/28/2012 USD 34.00 BUMI INVESTMENT 10.75 10/6/2017 USD 75.84 BUMI INVESTMENT 10.75 10/6/2017 USD 78.00 CAPITAMALLS ASIA 2.15 1/21/2014 SGD 99.72 CAPITAMALLS ASIA 3.80 1/12/2022 SGD 100.83 DAVOMAS INTL FIN 11.00 12/8/2014 USD 29.00 DAVOMAS INTL FIN 11.00 12/8/2014 USD 29.00 ENERCOAL RESOURC 9.25 8/5/2014 USD 72.14 F&N TREASURY PTE 2.48 3/28/2016 SGD 100.46 SOUTH KOREA ----------- CN 1ST ABS 8.00 2/27/2015 KRW 33.61 CN 1ST ABS 8.30 11/27/2015 KRW 34.97 EXP-IMP BK KOREA 0.50 8/10/2016 BRL 74.39 EXP-IMP BK KOREA 0.50 9/28/2016 BRL 74.02 EXP-IMP BK KOREA 0.50 10/27/2016 BRL 73.56 EXP-IMP BK KOREA 0.50 11/28/2016 BRL 73.19 EXP-IMP BK KOREA 0.50 12/22/2016 BRL 72.85 EXP-IMP BK KOREA 0.50 10/23/2017 TRY 73.51 EXP-IMP BK KOREA 0.50 11/21/2017 BRL 69.34 EXP-IMP BK KOREA 0.50 12/22/2017 BRL 69.23 EXP-IMP BK KOREA 0.50 12/22/2017 TRY 72.72 KIBO GRE 2ND ABS 10.00 3/20/2015 KRW 30.59 SINBO 10TH ABS 10.00 12/27/2014 KRW 29.96 SINBO 4TH ABS 8.00 8/18/2014 KRW 30.38 SINBO 7TH ABS 8.00 9/22/2014 KRW 30.17 SRI LANKA --------- SRI LANKA GOVT 5.65 1/15/2019 LKR 69.17 SRI LANKA GOVT 8.00 6/1/2020 LKR 73.36 SRI LANKA GOVT 6.20 8/1/2020 LKR 64.62 SRI LANKA GOVT 8.00 1/1/2022 LKR 70.41 SRI LANKA GOVT 7.00 10/1/2023 LKR 62.27 SRI LANKA GOVT 5.35 3/1/2026 LKR 49.16 SRI LANKA GOVT 8.00 1/1/2032 LKR 61.23 THAILAND -------- BANGKOK LAND 4.50 10/13/2003 USD 5.25 VIETNAM ------- VIETNAM GOVT 7.20 4/4/2014 VND 40.50 VIETNAM GOVT 8.95 3/28/2016 VND 14.71 ********* 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 ***