/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121212.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 12, 2012, Vol. 15, No. 247 Headlines A U S T R A L I A PAPERLINX LIMITED: CFO Richard Barfield Steps Down TINKLER GROUP: Tax Office Seeks to Wind Up Tinkler Main Entity C H I N A CHINA AOYUAN: Moody's Says Land Acquisition No Rating Impact CHINA SOUTH: Moody's Reviews 'B1' CFR for Downgrade H O N G K O N G AVENUE OF STAR: Court Enters Wind-Up Order BILLION WIN: Fok and Sutton Step Down as Liquidators CHINA HARMONY: Chiong and Sutton Step Down as Liquidators CITIBOND INDUSTRIAL: Fok and Sutton Step Down as Liquidators E.G. ENGINEERING: Court to Hear Wind-Up Petition on Jan. 30 PINE BASE: Creditors' Proofs of Debt Due Dec. 28 POWERFUL CLUB: Creditors' Proofs of Debt Due Jan. 8 REGENT SUMMIT: Members' and Creditors' Meetings Set for Dec. 31 SINCE-TECH: Final Meeting Set for Jan. 9 WINNER GLORY: Commences Wind-Up Proceedings YIK FOK: Placed Under Voluntary Wind-Up Proceedings I N D I A AMICUS OIL: CARE Rates INR5.71cr Long-Term Loan at 'CARE BB-' ANIL STEEL: CARE Rates INR12cr Long-Term Loan at 'CARE B-' BALAJI PLANTATIONS: Delays in Loan Payment Cues CARE Junk Ratings CAPARO ENG'G: CARE Reaffirms 'D' Rating on INR622.05cr Loans DNH PROJECTS: ICRA Rates INR18cr Cash Credit at '[ICRA]B' EMMAY LOGISTICS: CARE Rates INR100cr LT Loan at 'CARE BB' SERVALAKSHMI PAPER: CARE Assigns 'B-' Rating to INR324.51cr Loan TRIVEDI CORP: CARE Assigns 'C' Rating to INR31cr LT Loan VEER METAL: CARE Reaffirms 'CARE BB-' Rating on INR8.25cr Loan VETO CERAMIC: ICRA Assigns 'B' Rating to INR6.72cr Loans J A P A N SHARP CORP: Resona Reportedly to Join Lenders Offering Loan N E W Z E A L A N D BERGDORF INVESTMENTS: In Liquidation; Owes More Than NZ$1 Million ROSS ASSET: David Ross Assets Remain Frozen Until February SINGH SERVICES: High Court Issues Liquidation Order S I N G A P O R E MF GLOBAL: Creditors Get 100% Recovery on Claims MORGAN TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 18 NUTRITEK OVERSEAS: Court Enters Wind-Up Order ORCHARD SQUARE: Creditors' Proofs of Debt Due Jan. 7 ORCHARD SQUARE CAPITAL: Creditors' Proofs of Debt Due Jan. 7 PACIFIC KING: Creditors' Meetings Set for Dec. 14 X X X X X X X X * ASIA: Moody's Says Liquidity Stress Index Down 27.6% in Nov. * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= PAPERLINX LIMITED: CFO Richard Barfield Steps Down -------------------------------------------------- Australian Associated Press reports that PaperlinX Limited will embark on its restructure of its struggling European operations with a new chief financial officer. AAP relates that PaperlinX, which in November announced 370 jobs would be terminated at its European operations and flagged $13 million in cost-cutting efforts at its UK business, said chief financial officer Richard Barfield had left the company. The company said a replacement for Mr. Barfield is expected to be announced shortly. About PaperlinX Limited Based in Australia, PaperlinX Limited (ASX:PPX) -- http://www.paperlinx.com.au/-- is a fine paper merchant and manufacturer of communication and packaging paper. PaperlinX employs over 9,600 people in 28 countries. PaperlinX reported an annual loss of AUD108 million in the 2011 financial year, a loss of AUD225 million in 2010, and a loss of AUD798 million in 2009. PaperlinX booked an annual loss of AUD266.7 million for the year to June 30, 2012, after writing off the value of its European operations, smh.com.au disclosed. TINKLER GROUP: Tax Office Seeks to Wind Up Tinkler Main Entity -------------------------------------------------------------- Paddy Manning at smh.com.au reports that the former billionaire Nathan Tinkler's legal battles continue, with the Tax Office confirming it will seek to wind up one of his main private entities, Tinkler Group Holdings Administration, over unspecified debts. smh.com.au notes that in the NSW Supreme Court on Dec. 10, 2012, lawyers for Mr. Tinkler and the Deputy Commissioner of Taxation confirmed the Tax Office would replace the NSW Office of State Revenue as petitioning creditor in the wind-up proceedings. smh.com.au says Sentia Media withdrew from the proceedings against Tinkler Group Holdings Administration after being paid. According to the report, the case is one of almost half a dozen proceedings under way against private Tinkler entities: Mulsanne Resources, Patinack Farm Administration, Queen Street Capital and Aston Copper, TGHA Aviation and Hunter Sports Group. smh.com.au notes that Ferrier Hodgson is winding up Tinkler-owned Mulsanne Resources over an unpaid AUD28.4 million debt to Blackwood Corporation while Adelaide-based Anthony Matthews and Associates is balancing whether to proceed with the wind-up of Patinack Farm Administration -- the main employer at Mr. Tinkler's thoroughbred stud -- which also owes millions to the Tax Office but went into liquidation after a AUD17,000 debt to South Australia's Workcover agency went unpaid, apparently due to an "administrative error." The report says Queen Street Capital and Aston Copper are facing a wind-up by Brisbane-based HWL Ebsworth Lawyers for an unknown amount of money. smh.com.au adds that lender GE Capital has appointed Taylor Woodings as receivers of TGHA Aviation, which last week repossessed Mr. Tinkler's private jet and helicopter. According to smh.com.au, Hunter Sports Group is being sued by the NSW government for almost AUD600,000 in stadium rent owing from its Newcastle Knights rugby league team. Hunter Sports is also negotiating with the Knights to extend an audit deadline which falls this Saturday. The Knights also want to extend the AUD20 million bank guarantee, which the company provided when the club was privatized. If the negotiations fail, it could jeopardize Hunter Sports' ownership of the club, the report relays. ========= C H I N A ========= CHINA AOYUAN: Moody's Says Land Acquisition No Rating Impact ------------------------------------------------------------ Moody's Investors Service sees no immediate impact on China Aoyuan Property Group Limited's B2 corporate family rating and B3 senior unsecured debt ratings -- or its stable ratings outlook -- from its acquisition of land in the Panyu district of Guangdong Province for RMB3.4 billion. "While the investment amount is substantial, relative to Aoyuan's business scale, the company has adequate liquidity -- including unrestricted cash of RMB576 million as of June 2012, as well as total proceeds of around RMB3.4 billion from both the disposal of a Beijing asset and a bond issuance -- to support the purchase," says Kaven Tsang, a Moody's Vice President and Senior Analyst. The land purchase will be settled in two equal installments, with one to be paid upfront and the second in November 2013. This payment term will not pressure the company's near-term liquidity. Furthermore, Aoyuan has good development experience in Panyu which is one of its core markets in Guangdong province. Panyu accounts for around 9% of its total land bank of 8.8 million square meter (in gross floor area, GFA) as of June 2012. The new land parcel -- located at the major tourist area in Panyu -- has a GFA of approximately 501,000 square meters. It will strengthen the company's market position within the district. "Moody's expects Aoyuan's credit metrics to remain within its rating range after the purchase and with construction loans to develop the new project," says Tsang. After factoring in the construction loans, EBITDA interest coverage will stay around 2x-2.5x and debt leverage -- as measured by adjusted debt/capitalization -- will remain at 45-50% in the next 1-2 years. Aoyuan's B2 corporate family rating reflects its track record in property development in economically strong Guangdong province, and the strength of the company's management, which has guided Aoyuan through the last two down-cycles with some access to offshore bank debt funding. Aoyuan's B2 corporate family rating is also constrained by the company's small scale and track record of volatility in sales and profitability. The principal methodology used in rating China Aoyuan Property Group Limited was the Global Homebuilding Industry Methodology published in March 2009. China Aoyuan Property Group Limited was founded in 1997 by Mr. Guo Zi Wen. In October 2007, the company listed on the Hong Kong Stock Exchange. As of June 30, 2012, it had 26 projects over 5 provinces, and in the cities of Chongqing and Beijing. Its total land bank amounted to 8.8 million sqm of gross floor area (GFA) as of June 2012. The company subsequently disposed of the project in Beijing in October 2012. CHINA SOUTH: Moody's Reviews 'B1' CFR for Downgrade --------------------------------------------------- Moody's Investors Service has placed China South City Holdings Limited's B1 corporate family and its B2 senior unsecured debt ratings on review for downgrade. This review follows CSC's response on Dec. 5, 2012, to a news article alleging that some of its projects do not comply with certain legal requirements in China. Ratings Rationale "Moody's concern is that CSC has not received all certificates and permits from the local governments for some of its projects in a timely manner and which could in the long term delay sales and increase development costs as it carries out measures to meet the relevant requirements," says Zou Jiming, a Moody's Analyst. "If the financial impact from this non-compliance is significant, it would pressure the company's current ratings." "The issue also indicates that CSC's approach to the management of its projects is aggressive and that it has under-estimated development risk," says Zou, also a lead analyst for CSC. In its December 5, 2012 announcement, CSC said that was still coordinating with the respective local governments of its projects for seeking various development approvals, and that it will be subject to fines and additional land premium payments for some of its projects. Moody's will focus its review on the following: 1) The speed of reducing inventory which don't have all certificates and permits from the government. 2) The expected payments to be made to rectify the permits from the government. 3) The execution risk of the business model going forward. The principal methodology used in rating China South City Holdings Limited was the Global Homebuilding Industry Methodology published in March 2009. China South City, listed on the Hong Kong Stock Exchange, is one of the developers and operators of large scale integrated logistics and trade centers in China. The company operates one integrated logistics and trade center in Shenzhen and is developing new trade centers in Nanning, Nanchang, Xian, Harbin and Zhengzhou. It reported HKD3.7 billion in revenues for the fiscal year ending March 2012. ================ H O N G K O N G ================ AVENUE OF STAR: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on July 5, 2012, to wind up the operations of Avenue of Star Entertainment & Production Limited. The company's liquidator is Pui Chiu Wing. BILLION WIN: Fok and Sutton Step Down as Liquidators ---------------------------------------------------- Fok Hei Yu and Roderick John Sutton stepped down as liquidators of Billion Win International Enterprise Limited on Nov. 5, 2012. CHINA HARMONY: Chiong and Sutton Step Down as Liquidators --------------------------------------------------------- Desmond Chung Seng Chiong and Roderick John Sutton stepped down as liquidators of China Harmony Investment Company Limited on Aug. 8, 2012. CITIBOND INDUSTRIAL: Fok and Sutton Step Down as Liquidators ------------------------------------------------------------ Fok Hei Yu and Roderick John Sutton stepped down as liquidators of Citibond Industrial Limited on Sept. 18, 2012. E.G. ENGINEERING: Court to Hear Wind-Up Petition on Jan. 30 ----------------------------------------------------------- A petition to wind up the operations of E.G. Engineering Co. Limited will be heard before the High Court of Hong Kong on Jan. 30, 2013, at 9:30 a.m. Bank of China (Hong Kong) Limited filed the petition against the company on Nov. 28, 2012. The Petitioner's solicitors are: Rowland Chow, Chan & Co 21st Floor, Malaysia Building No. 50 Gloucester Road, Wanchai, Hong Kong PINE BASE: Creditors' Proofs of Debt Due Dec. 28 ------------------------------------------------ Creditors of Pine Base Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 28, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 28, 2012. The company's liquidator is: Chan Ka Ling 807 Fortress Tower 250 King's Road North Point, Hong Kong POWERFUL CLUB: Creditors' Proofs of Debt Due Jan. 8 --------------------------------------------------- Creditors of Powerful Club Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 8, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 7, 2012. The company's liquidator is: Kei Siu Kuen Lok Room 1205, 12/F Manulife Provident Funds Place No. 345 Nathan Road Kowloon, Hong Kong REGENT SUMMIT: Members' and Creditors' Meetings Set for Dec. 31 --------------------------------------------------------------- Members and creditors of Regent Summit Holding Limited will hold their annual meetings on Dec. 31, 2012 at 10:30 a.m., and 2:30 p.m., respectively at Suite 1710, 17/F., at 625 King's Road, North Point in Hong Kong. At the meeting, Jackson Ip, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SINCE-TECH: Final Meeting Set for Jan. 9 ---------------------------------------- Contributories and Creditors of Since-Tech Industrial Limited will hold their final meeting on Jan. 9, 2013, at 2:30 p.m., at 25/F, Tern Centre Tower I, at 237 Queen's Road Central in Hong Kong. At the meeting, Au Wai Keung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WINNER GLORY: Commences Wind-Up Proceedings ------------------------------------------- Sole member of Winner Glory Development Limited, on Dec. 6, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Lee King Yue 72-76/F, Two International Finance Centre 8 Finance Street Central, Hong Kong YIK FOK: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------- At an extraordinary general meeting held on Jan. 2, 2013, creditors of Yik Fok Investment Holding Company Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Leong Ting Kwok David Mok Mun Lan Linda Units 3401-2, 34/F AIA Tower, 183 Electric Road North Point, Hong Kong ========= I N D I A ========= AMICUS OIL: CARE Rates INR5.71cr Long-Term Loan at 'CARE BB-' ------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Amicus Oil & Chemicals Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.71 CARE BB- Assigned Short-term Bank Facilities 0.25 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Amicus Oil & Chemicals Pvt. Ltd. is primarily constrained due to AOCPL's vulnerability to fluctuation in the raw material prices, customer concentration risk, working capital intensive nature of operations and relatively small player in a highly competitive and fragmented edible oil industry. The above-mentioned constraints are partially offset by the experience of the promoter & long track record of operations and strong growth prospect. The ability of the company to improve its scale of operation & profitability margins and the ability to manage its working capital efficiently are the key rating sensitivities. Amicus Oil & Chemicals Pvt. Ltd. was incorporated in June 1993 by Mr. Satyanarayan Agarwal and Mrs. Mira Agarwal of Kolkata to refine crude Rice Bran Oil (RBO) into refined RBO. The company was then bought by Mr. Rajkumar Agarwal and Mrs. Munni Devi Agarwal (wife of Mr. Rajkumar Agarwal) of Kolkata in February 2001. The company has an installed capacity of 13,500 metric tonnes per annum (MTPA) at Kalyani in Nadia District, West Bengal. In addition to the refining and selling of byproducts such as Fatty Acid, Gum, Wax, etc, AOCPL is also engaged in the trading of refined Palm oil and refined RBO. The company sells its product in West Bengal, Andhra Pradesh, Orissa and Bihar. AOCPL is a part of the "Bansal Group of Companies" promoted by Mr. Rajkumar Agarwal. As per the audited results of FY12 (refers to the period April 1 to March 31), AOCPL reported PBILDT and PAT of INR2.2 crore (INR1.4 crore in FY11) and INR0.3 crore (INR0.02 crore in FY11), respectively, on a total income of INR21.2 crore (INR6.5 crore in FY11). ANIL STEEL: CARE Rates INR12cr Long-Term Loan at 'CARE B-' ---------------------------------------------------------- CARE assigns 'CARE B-' rating to the bank facilities of Anil Steel Works. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 12 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 capital or the unsecured loans brought by the partners in addition to the financial performance and other relevant factors Rating Rationale The rating assigned to the bank facilities of Anil Steel Work is primarily constrained on account of its weak financial risk profile marked by fluctuating turnover, fluctuating profitability margins, leveraged capital structure and stressed debt coverage indicators. The rating is further constrained on account of its working capital intensive nature of operations, high geographic & customer concentration risk and instance of significant amount of capital withdrawal by the partners observed in the past. The above constraints far offset the benefits derived from the established track record of operations and the vast experience of the partners in hydraulic gates and mild steel pipe business. The ability of AWS to increase its scale of operations through geographic and customer diversification and improve the overall financial risk profile through prudent working capital management remains the key rating sensitivity. Indore-based partnership firm, ASW was originally set up in 1984 by Mr. Punyapal Surana, Mr. Anil Surana (brother of Mr. Punyapal Surana) and Mrs. Anita Surana (wife of Mr. Anil Surana). However,after the change in the partners, the firm is presently owned and operated by Mr. Punyapal Surana, Mr. Arpit Surana (son of Mr. Punyapal Surana) and Mrs. Hansa Surana (wife of Mr. Punyapal Surana). The firm is engaged in the manufacturing, designing, engineering, installation and commissioning of different types of hydraulic gates used in dams, which accounted for 50% of the total operating income of ASW in FY12 (refers to the period April 1 to March 31). ASW is also engaged into the manufacturing of mild steel aqueducts used to transport water through the canals (accounted for remaining 50% of the total operating income in FY12). Since ASW's inception, Water Resources Department (WRD), Madhya Pradesh (MP) has been the sole customer, the orders from which are procured through bidding the tenders floated by WRD (MP). BALAJI PLANTATIONS: Delays in Loan Payment Cues CARE Junk Ratings ----------------------------------------------------------------- CARE assigns 'CARE D' rating to the bank facilities of Balaji Plantations. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.67 CARE D Assigned Rating Rationale The rating assigned to the bank facilities of Balaji Plantations primarily factors in the on-going delays in the servicing of its debt obligations owing to stressed liquidity position and weak financial risk profile marked by net loss over the past three years and weak debt coverage indicators. Balaji Plantations was formed in 2004 as a partnership firm by Mr. S. V. Gangaiah Hegde, Mrs. K. G. Vasanthi Hegde, Mr. V. G. Siddhartha and Mrs. Malavika Hegde. The firm is primarily engaged in the business of coffee plantations at Chikmagalur, Karnataka, and also engaged in the selling of other products like pepper, timber, etc. Balaji Plantations and its other group companies were promoted by first generation entrepreneurs, with a history of over 14 decades with diversified interests from coffee bean procuring to retailing. The firm sells coffee beans to its group company, Amalgamated Bean Coffee Trading Company Ltd. (rated 'CARE A+', 'CARE A1+'), India's largest coffee conglomerate and coffee exporter, established and promoted by Mr. V. G. Siddhartha. The firm has its fertilizers and other material suppliers based in and around Chikmagalur. During FY11 (refers to the period April 1 to March 31), the firm reported a total operating income of INR0.38 crore and during FY12 (UA), the firm has reported a total operating income of INR0.38 crore and a PAT of INR0.01 crore. CAPARO ENG'G: CARE Reaffirms 'D' Rating on INR622.05cr Loans ------------------------------------------------------------ CARE reaffirms the rating assigned to the bank facilities of Caparo Engineering India Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 503.05 CARE D Reaffirmed Short-term Bank Facilities 119.00 CARE D Reaffirmed Rating Rationale The ratings reaffirmation reflects the instances of delays by Caparo Engineering India Limited in servicing its debt obligations. CEIL incorporated in May 2000, is engaged in the manufacturing of auto components, including sheet metal components, tubes and fasteners. The company's product range includes outer body panel, large inner panels, brackets, frame add-on parts, fasteners, electric resistance-welded tubes and cold-drawn welded tubes for automobile Original Equipment Manufacturers (OEMs) viz Nissan Motors India Private Limited, Ford India Private Limited, Eicher Motors Limited, etc. Currently, the company has 16 manufacturing plants located at various locations across India. CEIL has diversified operations and caters to the demand of OEMs in the passenger vehicles, commercial vehicles and three-wheelers segment. During CY11 (refers to the period January 1 to December 31), CEIL registered a PBILDT and net loss of INR113.20 crore and INR36.85 crore, respectively, on a total operating income of INR1,108.35 crore. As per the provisional results for the half year ending June 30, 2012, the company has posted an income of INR478.96 crore with a PBDILT and net loss of INR65.93 crore and INR14.61 crore, respectively. DNH PROJECTS: ICRA Rates INR18cr Cash Credit at '[ICRA]B' --------------------------------------------------------- ICRA has assigned an '[ICRA]B' rating to the INR18.00 crore long term fund based facilities of DNH Projects Limited. ICRA has also assigned an '[ICRA]A4' rating to the INR10.00 crore short term non fund based facilities of DNH Projects Limited. Amount Facilities (INR Cr) Ratings ---------- --------- ------- Fund Based-Cash Credit 18.00 [ICRA]B assigned Non Fund Based-Bank 10.00 [ICRA]A4 assigned Guarantee The ratings are constrained by the firm's small scale of operations with geographically concentrated operations; high working capital intensity of operations resulting in leveraged capital structure; modest accruals resulting in weak debt coverage indicators; and the vulnerability of profitability to fluctuation in cement and steel prices in the absence of price escalation clause in most orders. The ratings also take note of the highly competitive business environment characterized by the presence of a large number of players. The ratings however, favorably factor in promoter's long-standing experience of over two decades in the business and the company's reputed customer base. ICRA further notes the healthy order book position of the company, providing revenue visibility over the medium term though availability of labor remains critical for timely completion of the projects. DNH Projects Limited is engaged in executing work orders for construction of industrial units, factories and corporate and institutional buildings. The company originally commenced its business as a Private Limited Company in 1996 under the name of M/s. Nagar Haveli Real Estate Pvt Ltd and later changed into a closely held public limited company in March, 2009. Mr. Vijay Desai, Mr. Ajay Desai and Mr. Ramkrishna Desai are the directors of the company. M/s. Ajay Enterprises and M/s. Morai Infrastructure Pvt Ltd are the associate companies of the company. Recent Results DNH Projects Limited recorded a net profit of INR0.17 crore on an operating income of INR23.57crore for the year ending March 31, 2012. EMMAY LOGISTICS: CARE Rates INR100cr LT Loan at 'CARE BB' --------------------------------------------------------- CARE assigns 'CARE BB' Rating to the bank facilities of Emmay Logistics (India) Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 100 CARE BB Assigned Rating Rationale The rating is constrained by the largely debt-funded nature of the project, involving establishment of a warehousing facility, undertaken by Emmay Logistics (India) Private Limited and the execution risk associated with the project. The rating also takes into account the concurrence of the commencement of principal repayments on the term loan with the commencement of commercial operations of the project. The rating also factors in the seasonality and agro-climatic risks associated with agro products which could impact the capacity utilisation levels of the project along with the regional competitive landscape involving presence of other warehousing facilities that offer competitive pricing for such services. These rating weaknesses of ELPL are partially offset by the demonstrated support from the promoter with strong credentials and resourcefulness. The rating is further underpinned by the strategic location of the project with ease of connectivity by various modes of transportation. The rating also favorably considers ELPL being part of the Emke group and the favorable business prospects for an advanced warehousing facility for agro commodities in Kerala with a considerable share of the available leasable area expected to be utilized by the group entities. The completion of the project within the estimated time and cost framework along with the ability of ELPL to achieve the anticipated occupancy levels, considering the large size of the leasable area available at the proposed warehousing facility would be key rating sensitivities. The financial risk profile of the company would depend on the continued support of the promoter towards the project in case of any time or cost overrun and achievability of the envisaged profit margin so as to meet the significant debt obligations in the medium term. ELPL was incorporated with an objective to set up a warehousing facility at Aluva, Ernakulam District, Kerala. The project scope includes establishment of a warehouse complex to provide warehousing, material handling, packaging and related activities. The complex would consist of three warehouse buildings of an aggregate area of nearly 7 lakh square feet and logistics support inclusive of forklift and other equipment, to be established at an estimated cost of INR126 crore funded with term debt of INR100 crore and equity share capital of INR26 crore. The project is expected to commence commercial operations in April 2014. Till June 30, 2012, ELPL had spent INR11 crore on the project, funded with term loans of INR5.7 crore and promoter contribution of INR5.4 crore. ELPL is promoted by 'Padma Shri' Mr. Yusuff Ali M.A. and is part of the Emke group, a large conglomerate having varied businesses operating in the Gulf Cooperation Countries (GCC), Egypt, India, Indonesia, Thailand, Hong Kong, China, Kenya, Tanzania and Benin. Founded in 1966 in Abu Dhabi, the Emke group operates popular brands of retail chain stores that include the Lulu chain of supermarkets, department stores, hypermarkets and shopping malls. SERVALAKSHMI PAPER: CARE Assigns 'B-' Rating to INR324.51cr Loan ---------------------------------------------------------------- CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank facilities Servalakshmi Paper Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 324.51 CARE B- Assigned Short-term Bank Facilities 11.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Servalakshmi Paper Limited (SPL) are constrained by its stressed financial risk profile characterized by cash losses in the first two years of operations consequent to production disruptions, the resultant restructuring of debt, its weak debt protection metrics marked by high debt levels, low coverage indicators and negative networth as on March 31, 2012. The ratings are further constrained by the susceptibility of the company's earning to volatile raw material prices and fluctuation in foreign exchange rates, limited product portfolio with relatively low operating margins, high working capital intensity and cyclical nature of the industry with relatively low entry barriers. The ratings do take comfort from the vast experience of the promoters in the paper industry and the established track record of the group. The ratings also factor in SPL's established relationship with key overseas raw material suppliers and proximity of its manufacturing facilities to the Tuticorin port providing ease of logistics for significant import of its key raw material - waste paper, proximity to the Thaimrabarani river ensuring copious water for paper manufacturing and availability of captive co-generation (power & steam) source ensuring uninterrupted supply of power and steam to the paper plant. Going forward, the ability of the company to improve its capacity utilization and turnaround its operations, improve its profitability amidst volatile raw material prices and strengthen its capital structure will be the key rating sensitivities. Additionally, the company's ability to effectively manage its working capital requirements would be another key rating sensitivity. SPL is part of the Servall group, founded by Mr. R. Ramaswamy in Coimbatore (Tamil Nadu). SPL is engaged in the business of manufacturing newsprint and writing & printing paper (WPP). It was initially incorporated as 'Sri Sai Shakthi Raam Papers Private Limited' in 2005. The company was later converted into a public limited company in April 2010 and was renamed SPL. The Servall group has presence in paper machinery manufacture, paper manufacture (Newsprint and Speciality papers), project consultancy and turnkey project implementation for paper mills through various group entities. SPL has paper manufacturing facilities with an installed capacity of 90,000 metric tonnes per annum (MTPA) to manufacture Newsprint and WPP using recycled/waste paper at Kodaganallur village, Tirunelveli, Tamil Nadu. The company has also installed a 15 MW captive co-generation (power & steam) plant at the paper manufacturing facilities. The company did not have any operations till FY10 (refers to the 12-month period April 1 to March 31) and the commercial production commenced in April 2010. Essentially, FY11 (refers to 15-month period April 1 to June 30) was the first full year of operations. Presently, the company manufactures high-end papers (ranging 45 to 48 GSM) in Newsprint and Cream wove, Maplitho, Offset Print and Text / Note book papers in WPP segment. During FY12 (refers to 9-month period July 1 to March 31), the newsprint segment contributed 72% of the total income (59% in FY11) followed by WPP segment contributing 19% (29% in FY11) and sale of power contributing 6% (9% in FY11) of the total income. The company mobilized funds through an Initial Public Offering in May 2011 aggregating INR60 crore and subsequently got listed at the Bombay Stock Exchange and National Stock Exchange. The funds from the IPO were deployed towards augmenting its long-term working capital requirements along with fixed assets additions towards improving productivity and producing value-added products. The day-to-day activities of the company are managed by Mr. R. Ramswamy, who is the Chairman and Managing Director of the company. During FY12, SPL has registered a net loss of INR58 crore on a total income of INR56.28 crore. Furthermore, during H1FY13, the company has registered a net loss of INR23.83 crore on a total income of INR94.24 crore. TRIVEDI CORP: CARE Assigns 'C' Rating to INR31cr LT Loan -------------------------------------------------------- CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities of Trivedi Corp Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 31.00 CARE C Assigned Short-term Bank Facilities 9.40 CARE A4 Assigned Long-term/ Short-term Bank 9.50 CARE C/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Trivedi Corp Private Limited (TCPL) are constrained mainly on account of its weakened financial risk profile marked by significant decline in the total income and net loss reported during FY12 (refers to the period April 1 to March 31), highly leveraged capital structure, elongated working capital cycle and weak debt protection metrics. The ratings are further constrained on account of stabilization risks associated with the ongoing debt-funded capacity expansion project with substantial delay in the project implementation, risk associated with the availability of raw material and exposure to volatile real estate market. The ratings, however, favorably take into account the rich experience of the promoters in the dimension stone industry and wide product portfolio with customized offerings. Increase in the scale of operations along with an improvement in the overall financial risk profile and timely completion and stabilization of its ongoing capacity expansion project are the key rating sensitivities. TCPL was initially incorporated in 1991 as Trivedi Crafts Private Limited and later changed its name to the current one in 2001. TCPL is a closely held private limited company promoted by the Trivedi family based out of Ahmedabad (Gujarat). It is engaged in the processing and designing of marble, granite, limestone, sandstone and various other stones into blocks, artistic monuments and polished slabs. The products are of premium range and find application in designing of buildings, homes, religious monuments, etc. TCPL has a processing capacity of 72,000 cubic feet per annum (CFPA) for carved stones as on March 31, 2012, at Ahmedabad and 256,876 square meters per annum (SMPA) for marble slab at Abu road. Marble slab facility was shifted from Ahmedabad to Rajasthan during February 2012 to October 2012 and became operational from November 2012. In addition to these, TCPL is currently undertaking a project to process marble slabs with a capacity of 770,628 SMPA at its facility at Abu Road (Rajasthan), which is scheduled to be operational from end of Q3FY13 (refers to the period April 1 to March 31). During FY12, TCPL reported total income of INR18.94 crore with a net loss of INR0.96 crore as against the total income of INR35.53 and PAT of INR2.72 crore during FY11. VEER METAL: CARE Reaffirms 'CARE BB-' Rating on INR8.25cr Loan -------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Veer Metal Industries Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 8.25 CARE BB- Reaffirmed Short-term Bank Facilities 0.50 CARE A4 Rating Rationale The ratings continue to be constrained by the financial risk profile of Veer Metal Industries Pvt. Ltd. (VMIPL) characterised by relatively small scale of operations, low profitability, highly leveraged capital structure and stressed liquidity. The ratings further continue to be constrained by operations of VMIPL in a highly fragmented & cyclical steel trading industry along with customer concentration risk. The ratings, however, continue to derive strength from the experienced management and their financial support in the past. The ability of VMIPL to improve the overall financial risk profile and improvement in the liquidity profile is the key rating sensitivity. Incorporated in 1990, VMIPL is engaged in the business of manufacturing and trading of stainless steel (SS) flat products including sheets & circles. The promoters have been in the business of trading of steel products since 1979. The company generates its entire revenue from the domestic market and raw materials are also sourced domestically. VMIPL's plant is located at Sarigaum, Gujarat, with an installed capacity of 9,600 metric tonnes per annum (MTPA), as on March 31, 2012, and current capacity utilization of approximately 65%. During FY12 (refers to the period April 1 to March 31), VMIPL reported total operating income of INR52.81 crore (up by 7.45% vis-a-vis FY11) and PAT of INR0.28 (down by 31.71% vis-�-vis FY11). Furthermore, during H1FY13, the company has reported total income of INR31.42 crore & PAT of INR 0.21 crore. VETO CERAMIC: ICRA Assigns 'B' Rating to INR6.72cr Loans -------------------------------------------------------- The rating of '[ICRA]B' has been assigned to the INR3.72 crore term loans and INR3.00 crore fund-based cash-credit facility of Veto Ceramic Private Limited. The rating of '[ICRA]A4' has also been assigned to the INR0.70 crore short-term non-fund based facility of VCPL. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit 3.00 [ICRA]B assigned OD* (1.50) [ICRA]B assigned Term Loans 3.72 [ICRA]B assigned Bank Guarantee 0.70 [ICRA]A4 assigned * Sub-limit of Cash Credit The assigned ratings are constrained by small scale of operations of the entity and its limited portfolio comprising only ceramic wall tiles which restricts its sales prospects and dealings with large institutional buyers. Further the ratings are constrained by the entity's moderate coverage indicators and relatively aggressive capital structure which is expected to be further stretched by the recent capex towards installation of new machinery; and the highly fragmented nature of the tiles industry which results in intense competitive pressures. The ratings also take into account the cyclical nature of the real estate industry which is the main consuming sector and exposure of profitability to availability and increasing prices of gas which is the major fuel for tile manufacturers. The ratings however take comfort from long experience of the promoter in the ceramic industry and the entity's competitive advantage in raw material procurement over other tile manufacturers on account of its favourable location in Morbi. Incorporated in November 2006, Veto Ceramic Private Limited commenced commercial production of ceramic wall tiles (initial production capacity of 24,000 MTPA) in June 2007. Its plant is located at Morbi in Rajkot district of Gujarat. VCPL is managed by Mr. Karsan Jivani and his brother Mr. Arvind Jivani. The company currently manufactures wall tiles of sizes 12"x12" and 12"x18" (current production capacity of 30,000 MTPA) and sells under 'Veto' brand. Recent Results For the year ended March 31, 2012 the company reported an operating income of INR13.50 crore and profit after tax of Rs0.09 crore as against an operating income of INR12.72 crore and profit after tax of INR0.26 crore for FY11. ========= J A P A N ========= SHARP CORP: Resona Reportedly to Join Lenders Offering Loan ----------------------------------------------------------- Shigeru Sato & Shingo Kawamoto at Bloomberg News report that Resona Holdings Inc. will join Japanese lenders offering JPY360 billion (US$4.4 billion) of emergency loans to Sharp Corp. (6753), three bank officials with knowledge of the matter said. Bloomberg relates that the officials, asking not to be named because the discussion is confidential, said Mitsubishi UFJ Trust & Banking Corp., Mizuho Trust & Banking Co. and Resona's banking unit are holding talks on a plan under which Resona would provide JPY20 billion and the two trust banks would each offer JPY10 billion to loans announced in September. Bloomberg notes that Sharp said on Sept. 28, 2012, that secured JPY180 billion in collateralized loans through its main lenders Mizuho Corporate Bank Ltd. and Bank of Tokyo-Mitsubishi UFJ Ltd. Osaka-based Sharp also got a JPY180 billion credit facility that expires at the end of June, Bloomberg notes. Japan's Yomiuri newspaper reported the three banks' contribution to the emergency loan, on Dec. 9 without citing anyone. About Sharp Corp. Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- http://sharp-world.com/-- manufactures and sells electronic telecommunication devices, electronic machines and components. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 7, 2012, Standard & Poor's Ratings Services lowered to 'B+' from 'BB+' its long-term corporate credit ratings on Sharp Corp. and its overseas subsidiaries Sharp Electronics Corp. and Sharp International Finance (U.K.) PLC. S&P also lowered to 'B+' from 'BB+' its senior unsecured debt ratings on Sharp. It kept both Its 'B+' long-term and 'B' short-term ratings on CreditWatch with negative implications. S&P has lowered Sharp's financial risk profile to 'highly leveraged' from 'significant' following its announcement of disappointing business results. On Nov. 1, 2012, Sharp announced a JPY387.5 billion net loss for the six months ended Sept. 30, 2012, and a forecast JPY450.0 billion net loss for fiscal 2012 (ending March 31, 2013), both significantly weaker than Standard & Poor's expectations and Sharp's earlier forecasts. Sharp's net loss for the first half of fiscal 2012 includes JPY84.4 billion in restructuring costs -- including a JPY30.1 billion asset impairment in solar batteries and a JPY53.4 billion inventory write-down -- and JPY61.0 billion in a reversal of deferred tax assets. Sharp's announced losses for fiscal 2012 follow a JPY376.0 billion net loss in fiscal 2011. In Standard & Poor's view, losses of this scale for two years running weaken Sharp's equity and its capital structure and are likely to exacerbate the company's difficulties in restoring earnings and liquidity. It expects the ratio of the company's debt to capital to deteriorate from 66% at the end of fiscal 2011 to around 86% at the end of fiscal 2012. Sharp's liquidity remains "less than adequate" in view of upcoming liquidity needs that could exceed sources in the coming 12 months. As of Sept. 30, 2012, Sharp remained highly dependent on short-term borrowings. It had JPY511.2 billion in short-term debt, JPY205.9 billion in bonds due to mature within a year (including JPY200.7 billion in convertible bonds maturing Sept. 30, 2013), and JPY167.5 billion in commercial paper. While Sharp in late September signed a JPY360 billion syndicated loan agreement with Mizuho Corporate Bank Ltd. (A+/Negative/A-1) and Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) that consisted of a JPY180 billion term loan and a JPY180 billion uncommitted line of credit, Standard & Poor's does not consider the signing of the loan agreement to have improved the company's debt profile materially, because the contract term is short, ending June 30, 2013, and Sharp's debt profile remains largely dependent on short-term debt. Weak internal cash flow has forced the company to repay its commercial paper primarily with bank borrowings. Still, ongoing support from the banks and from management's initiatives, including to slow funding uses for working capital and capital expenditures and to expand funding sources by disposing of assets, could alleviate pressure on the company's liquidity, S&P said. ==================== N E W Z E A L A N D ==================== BERGDORF INVESTMENTS: In Liquidation; Owes More Than NZ$1 Million ----------------------------------------------------------------- Rebecca Stevenson at stuff.co.nz reports that former NBR Rich- Lister Bill Birnie's Bergdorf Investments has been liquidated with creditors -- including the estate of his late wife -- out of pocket more than NZ$11 million. Bergdorf was liquidated at the end of November by Birnie. In his first report liquidator, Glenn Walker said the company owed NZ$11 million more than it held in assets, stuff.co.nz says. According to stuff.co.nz, the report said the company's principal assets comprised "various loans and investments made to growth technology-related companies." The report relates that the liquidator said Bergdorf believed its investments were worth about NZ$17.9 million but those assets were expected to have a realizable value of just over NZ$1.9 million. The company was formerly known as Birnie Capital Partners until October 23 this year, just before its liquidation. Mr. Birnie is Bergdorf's sole director and shareholder, the report notes. stuff.co.nz discloses that Mr. Birnie is a director and shareholder of Birnie Capital and is a current board member of public funding body Sport NZ and High Performance Sport New Zealand. The report adds that Mr. Walker said the businesses and assets the company had invested in required significant funding but the environment for "these types of investments" had deteriorated significantly in recent years. Most of the businesses have ceased trading or are in liquidation, the report says. ROSS ASSET: David Ross Assets Remain Frozen Until February ---------------------------------------------------------- NBR ONLINE reports that David Ross' assets will remain frozen until February after a decision to delay court update. NBR ONLINE relates that PwC receivers John Fisk and David Bridgman were to update the Wellington High Court on their progress into the receivership of Ross Asset Management but it has held over until February 4. Mr. Fisk told NBR ONLINE there was no particular reason for the delay, but said there was hardly any need for the hearing, given the application to liquidate RAM will be heard in court next Monday. In the meantime, the report says, the original High Court order freezing Mr. Ross' assets will remain in place. NBR ONLINE notes that Messrs. Fisk and Bridgman have so far only found about NZ$11.4 million of assets out of a purported NZ$450 million. "I have not been told of any significant change in that figure recently. Unfortunately, there's not a lot of money being identified," the report quotes Mr. Fisk as saying. While investors wait to find out whether RAM will be liquidated, Mr. Fisk said he is regularly meeting with Mr. Ross and his lawyer Gary Turkington, NBR ONLINE relays. According to the report, Mr. Fisk said they are continuing to provide updates to the Serious Fraud Office and the Financial Markets Authority and are working closely with the investors' group and other individual investors. NBR ONLINE adds that the FMA said the delay in the hearing will then allow it to update the court on the outcome of those liquidation applications. 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. SINGH SERVICES: High Court Issues Liquidation Order --------------------------------------------------- The Marlborough Express reports that Singh Services (NZ) Ltd was put into liquidation by Inland Revenue under an order issued by the High Court in Blenheim on Dec. 10, 2012. Lynda Smart and Keiran Horne from HFK Ltd have been appointed liquidators, the report says. The report relates that the company was registered in 2008 and also lists Mrinal Sardana as a director. Another of Mr. Singh's companies, Singh Services Ltd, which also lists Mrinal Sardana as a director, was placed into liquidation on August 20, the report says. The Marlborough Express notes that Singh Services lawyer Luke Radich had requested more time to allow his client to file a 2012 tax return and free up tax credits. According to the report, Associate Judge John Matthews said Inland Revenue was claiming NZ$300,000 in unpaid taxes, and Singh Services (NZ) had not filed tax returns for either 2011 and 2012. The report states that Mr. Radich confirmed that Singh Services had been placed into liquidation by Judge Matthews. Mr. Singh said he just needed more time to sort out his financial situation and he was disappointed the judge had refused that, The Marlborough Express relays. The report relates that Mr. Singh said contract rates in the viticulture industry had not been good during the past two seasons and more Marlborough companies like his were likely to go out of business. Singh Services (NZ) Ltd is a New Zealand-based vineyard contracting company. It employs 80 people during the peak season, the report adds. ================= S I N G A P O R E ================= MF GLOBAL: Creditors Get 100% Recovery on Claims ------------------------------------------------ MF Global Singapore Pte Limited declared the first and final dividend on Dec. 17, 2012. The company paid 100% for preferential and 15% for unsecured claims. The company's liquidators are: Chay Fook Yuen Bob Yap Cheng Ghee Tay Puay Cheng c/o KPMG Services Pte. Ltd. 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 MORGAN TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 18 ---------------------------------------------------------- Creditors of Morgan Technologies Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 18, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 29, 2012. The company's liquidator is: Mdm Chia Lay Beng 1 Scotts Road #21-08 Shaw Centre Singapore 228208 NUTRITEK OVERSEAS: Court Enters Wind-Up Order --------------------------------------------- The High Court of Singapore entered an order on Nov. 23, 2012, to wind up the operations of Nutritek Overseas Pte Ltd. Associates Corporate Services Pte Ltd filed the petition against the company. The company's liquidator is: Official Receiver The URA Centre, East Wing 45 Maxwell Road #06-11 Singapore 069118 ORCHARD SQUARE: Creditors' Proofs of Debt Due Jan. 7 ---------------------------------------------------- Creditors of Orchard Square Properties Private Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 7, 2013, to be included in the company's dividend distribution. The company's liquidators are: Sim Guan Seng Khor Boon Hong Victor Goh C/o Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 ORCHARD SQUARE CAPITAL: Creditors' Proofs of Debt Due Jan. 7 ------------------------------------------------------------ Creditors of Orchard Square Capital Assets Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 7, 2013, to be included in the company's dividend distribution. The company's liquidators are: Sim Guan Seng Khor Boon Hong Victor Goh C/o Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 PACIFIC KING: Creditors' Meetings Set for Dec. 14 ------------------------------------------------- Pacific King Shipping Holding Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on Dec. 14, 2012, at 10:00 a.m., at 8 Robinson Road #11-00 ASO Building, in Singapore 048544. Agenda of the meeting include: a. to update the status of the investigation into the affairs of the Company; and b. to discuss other business. The company's liquidator is: Timothy James Reid c/o Ferrier Hodgson 8 Robinson Road #12-00 ASO Building Singapore 048544 =============== X X X X X X X X =============== * ASIA: Moody's Says Liquidity Stress Index Down 27.6% in Nov. -------------------------------------------------------------- Moody's Investors Service says that its Asian Liquidity Stress Index (Asian LSI) has come off its recent highs, and fell to 27.6% in November from 29.1% in October. "Although there was a month-on-month improvement, this was the result of several changes: two companies moved out of the SGL-4 category, which is the lowest speculative-grade liquidity score, while only one company was added," says Laura Acres, a Moody's Senior Vice President. "While four ratings were assigned, two were withdrawn, so the number of companies in the index rose to 105 from 103," says Ms. Acres. Acres was speaking on the release of Moody's latest report on the index, entitled "Asian Liquidity Stress Index." "At the same time, the index -- which increases when speculative- grade liquidity appears to decrease -- remains elevated, but is also far from its record high of 37% recorded in Oct-Dec 2008, the height of the global financial crisis," says Ms. Acres. The new report notes that the liquidity sub-index for Chinese speculative-grade companies fell to 31.4% in November from 32% in October. The Chinese property companies' liquidity sub-index also improved, falling to 31.3% from 34.5%. However, both improvements were because of the addition of new ratings, which increased the base. At the same time, the sub- index for Indonesian companies remained unchanged at to 12%, which equates to three of the 25 companies in the index having a SGL-4 score. Looking ahead, Oct-Dec 2012 is currently on track to be the first quarter since Apr-Jun 2011 where corporate family rating upgrades exceeded downgrades. The Oct-Nov period has seen four upgrades to corporate family ratings and three downgrades. The report says that a very clear negative bias to ratings outlooks remains. Although, the percentage of speculative-grade companies with a negative outlook or on review for downgrade fell to 33.3% in November from 36.9% at end-October. There were six outlook changes in November: five were in a positive direction and only one was negative. Moody's had assigned speculative-grade ratings to 105 issuers in Asia (excluding Japan and Australia) covering $44.5 billion of rated debt as at the end of November, up from $42.7 billion at the end of October. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Feb. 20-22, 2013 AMERICAN BANKRUPTCY INSTITUTE VALCON Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ Apr. 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 13-16, 2013 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ July 11-13, 2013 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ July 18-21, 2013 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 8-10, 2013 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 22-24, 2013 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ Nov. 1, 2013 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Atlanta Marriott Marquis, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2, 2013 BEARD GROUP, INC. 19th Annual Distressed Investing Conference The Helmsley Park Lane Hotel, New York, N.Y. Contact: 240-629-3300 or http://bankrupt.com/ Dec. 5-7, 2013 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Terranea Resort, Rancho Palos Verdes, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. *** End of Transmission ***