/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/121226.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 26, 2012, Vol. 15, No. 255 Headlines A U S T R A L I A GRAIN PRODUCTS: Goes Into Voluntary Administration IRIS DATA: Australian Unit Place Into Liquidation WARATAH CO-OPERATIVE: Placed Into Receivership After Loan Default * WESTERN AUSTRALIA: Moody's Changes Rating Outlook to Negative C H I N A CHINA TAIPING: S&P Raises Insurer Finc'l. Strength Rating to BBpi H O N G K O N G AMERICA HK: Cheng Chi Man Appointed as Liquidator CAPE TRANS: Members' Final Meeting Set for Jan. 18 CHEE LICK: Chan Yui Hang Appointed as Liquidator EMERY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings HAINAN WENCHANG: Creditors' Proofs of Debt Due Jan. 18 HOLLINGSWORTH & VOSE: Commences Wind-Up Proceedings HONGKONG TERRITORIAL: Choi Steps Down as Liquidator HOSPIRA HK: Creditors' Proofs of Debt Due Jan. 14 MATE PLASTIC: Wardell and Ip Step Down as Liquidators MOST VIEW: Commences Wind-Up Proceedings S.O.I. LIMITED: Seng and Cheng Step Down as Liquidators WAPTX HOLDINGS: Creditors' Proofs of Debt Due Dec. 28 I N D I A BAJAJ HOTELS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+' C.C.CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'C' ISHAAN PLASTICS: Delay in Loan Payment Cues CRISIL Junk Ratings KHR INFRA: CRISIL Ups Rating on INR75MM Loans to 'CRISIL B' MAHENDRA SUBMERSIBLE: CRISIL Puts 'B+' Rating to INR93.5MM Loans MANAV AGRI: CRISIL Assigns 'B' Rating to INR75MM Cash Credit MAVIN SWITCHGEARS: CRISIL Rates INR40MM Loan at 'CRISIL BB-' NIRVIN COLD: CRISIL Cuts Rating on INR56.1MM Loans to 'CRISIL D' SHYAMRAI ECOPACK: CRISIL Assigns 'B-' Rating to INR130MM Loans UNNATHI PROJECTS: CRISIL Rates INR65MM LT Loan at 'CRISIL B-' J A P A N * Fitch Affirms Rating on 29 Japanese Structured Finance Deals N E W Z E A L A N D PUBLICIS MOJO: Shareholder Places Ad Agency Into Liquidation P H I L I P P I N E S PHILIPPINES: S&P Puts Positive Outlook on BB+ Sov. Credit Rating PHILIPPINES: S&P Revises Outlook on 4 Entities to Positive S I N G A P O R E ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 4 AML CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 3 EQUINOX OFFSHORE: Court to Hear Wind-Up Petition Jan. 3 FLEXTRONICS GLOBAL: Creditors' Proofs of Debt Due Jan. 21 INNOVATIVE NANO: Court to Hear Wind-Up Petition Jan. 3 LION FAIRFIELD: Creditors' Proofs of Debt Due Jan. 21 NAFA - ASIAGATE: Creditors' Proofs of Debt Due Jan. 21 ONSYS ENERGY: Court to Hear Wind-Up Petition Jan. 3 PLD BAEKAM: Creditors' Proofs of Debt Due Jan. 19 PLD GG3: Creditors' Proofs of Debt Due Jan. 19 X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= GRAIN PRODUCTS: Goes Into Voluntary Administration -------------------------------------------------- Kerrin Thomas and Catherine Clifford at ABC News report that the future of 68 employees is in limbo after Grain Products Australia announced it has gone into voluntary administration. ABC News relates that McGrath Nicol has been appointed to try and find a buyer for the financially-troubled grain processor, which has existed at its present site since 1938. According to the report, Managing Director Robert Lowndes said he believes there are interested buyers, but said it's too early to say if the company can be saved. "It's hard to say at the moment, the idea of the Administrator is to try and sell the company, we have been trying, we have some people interested but we haven't been able to complete the sale," the report quotes Mr. Lowndes as saying. "The Administrator may be able to do that, there's no guarantee of that, but part of their job is to re-advertise the business, so they will be looking to spread the net for possible buyers." Tamworth-based Grain Products Australia manufactures and supplies wheat protein, wheat starch and related products. IRIS DATA: Australian Unit Place Into Liquidation ------------------------------------------------- Iris Pty Ltd, the collapsed Australian subsidiary of Kansas City, Missouri-based IT company Iris Data Services Inc, traded and incurred debts while insolvent, and directors illegally withdrew bank account funds while the company was in the hands of its liquidator. According to a damning report released by the company's liquidator, company assets including computer equipment and software were also removed without permission after Iris had been placed into the hands of its administrator last year. The Australian company was forced into liquidation by creditors last year owing more than AUD1.28 million (US$1.32 million), including unpaid tax debts to the Australian Taxation Office. Parent company Iris Data Services has effectively walked away from Australia leaving a trail of unhappy creditors. Iris, which describes itself as a leading provider of electronic discovery services, and recently announced that it had made it onto the 2011 Inc. 500 list of the fastest-growing private companies in America, opted to pull the pin on its Australian subsidiary and place the affairs of the company into the hands of chartered accountants and liquidators Sheridans. In documentation signed by Iris Data Services President Major Baisden, the company has listed its total assets at just AUD41,578, with a total estimated realizable value of AUD18,470. The largest creditor of the Australian unit is listed as Iris Data Services which, according to court documentation lodged by the liquidator, is owed AUD1.26 million. Iris Data Services notes that preferential creditors are entitled to AUD14,774, leaving only AUD3,696 to be split between unsecured creditors. The total listed deficiency is AUD1.27 million. Owed more than AUD89,000 is Perth, Western Australia-based property company Royal Glow Nominees, which has appointed leading attorneys Slater & Gordon to recover outstanding rent, outgoings and fit-out costs on a property lease breached by Iris Pty Ltd. Iris Data Services no longer has an active operation in Australia but has offices across the United States, as well as one international office in Nanjing, China. In its report to creditors, liquidator Jennifer Low -- general@sheridansac.com.au -- of Sheridans noted that the company's bank account had a balance of more than $18,000 in August last year, but that $11,198 had been withdrawn by the company's directors on August 18 without liquidator approval. The bank account was closed down by Sheridans the next day. Ms. Low said it was a legal requirement that these funds be repaid to the liquidator, but added: "Unfortunately, as the two directors are based in the United States of America (USA), it is difficult and costly to commence legal proceedings against the directors to recover this debt." Ms. Low attributed the failure of the Iris subsidiary to its income being "insufficient to discharge running costs". "I believe that the directors allowed the company to incur further debt whilst the company was insolvent, which remained unpaid at the date of liquidation. Furthermore, I believe the directors of the company had reasonable grounds to suspect that the company was insolvent at this point in time." Ms. Low said she had lodged her detailed liquidator's report with the Australian Securities and Investments Commission in January 2012, however due to the likely difficulties in pursuing the company and its directors for recovery she and ASIC had determined they would take no further action. WARATAH CO-OPERATIVE: Placed Into Receivership After Loan Default ----------------------------------------------------------------- BRW reports that Queensland-based Waratah Co-operative Housing Society has been placed into receivership after the organization on its loan with the Commonwealth Bank of Australia. Michael McCann -- michael.mccann@au.gt.com -- recovery and reorganisation partner with Grant Thornton said Waratah is the umbrella entity for the five separate Queensland co-ops that provide loans to "many hundreds of people," says BRW. While CBA was the major lender to Waratah, there are other creditors on the books, Mr. McCann said. BRW says the receivers are in the process of transitioning the management of the loan portfolio and expect to begin approaching potential buyers for the loan book early in the New Year. According to the report, Mr. McCann said it's too early in the process to comment on how large the loan book in question is other than to said it is comparable to other recent receiverships in the state. Earlier this year, Poinciana and Jacaranda Co-operative Housing Societies were placed in receivership after defaulting a loan book of AUD120 million, BRW recalls. * WESTERN AUSTRALIA: Moody's Changes Rating Outlook to Negative --------------------------------------------------------------- Moody's Investors Service has changed the outlook on the State of Western Australia's Aaa rating to negative from stable. Ratings Rationale The change in outlook reflects the state's widening deficit position and the deterioration in its debt metrics. Challenges to improving this situation include greater volatility in the state's revenue base, reflecting its increasing reliance on royalty income, and the ongoing expenditure pressures related to the rapid expansion in the state's economy and population. Deficits (net lending) emerged in Western Australia's general government sector in 2008/09, reflecting the state's elevated current and capital spending in the context of a still strong but slower pace of revenue growth. These deficits have widened recently and led to a rapidly rising debt burden. Moody's expects this situation to persist over the medium term. Following several years of relatively moderate deficits, the state's budget gap widened to 6.8% of revenues in 2011/12 and is forecast to remain elevated over the next several years. In part, this budget gap reflects the fact that revenues have not grown in line with the economic expansion due to the weakness in duties on property-related conveyancing and royalty income. It also reflects the persistently high level of spending, as the state needs to meet the service demands of a growing population as well as provide infrastructure to support resource development. For 2012/13, the state has forecast a deficit equal to 6.8% of revenues and over the medium term the deficit will peak at 7.3% of revenues in 2013/14, before moving into a surplus position equivalent to 2.1% of revenues in 2015/16. The widening deficits have led to a rapid rise in the state's debt burden. Net direct and indirect debt has been estimated to have risen to around 100% in 2011/12 from a moderate level of 59% of revenues in 2008/09, although the figure is closer to 80% excluding pre-financing for the subsequent year. This debt burden is high in comparison with other Australian states and international peers. Despite these concerns, the Aaa rating is still supported by the state's strong economic prospects. Western Australia is the fastest-growing state in the country, and has a strong record of generating financial outcomes that are better than budgeted projections. It also has inherently strong budget flexibility, including tax rates that are below the average for Australian states and high levels of capital spending that could be re-prioritized. In addition, the government, in the near term, is expected to implement corrective budgetary measures, which have the potential to reverse this deterioration. Therefore, the government's resolve to develop and implement a strong policy response that leads to narrower deficits and a slower pace of debt accumulation will be of key importance to future credit quality. What Could Change the Rating -- Up/Down The outlook could revert to stable if the state implements robust policies that dampen deficits and slow the rate of debt accumulation. A delay in the development and implementation of budgetary measures to address the current situation, could result in a one-notch downgrade of the Aaa rating. Moody's assigns long-term debt and issuer ratings of Aaa to the Western Australia Treasury Corporation (WATC), the entity that issues debt on behalf of the State of Western Australia and state-owned corporations. WATC's debt is guaranteed by the State of Western Australia and the rating is based on the credit quality of the state. Moody's also assigns a short-term rating of Prime-1 to Western Australia's commercial paper program. The methodologies used in this rating were Regional and Local Governments Outside the US published in May 2008, and The Application of Joint-Default Analysis to Regional and Local Governments published in December 2008. ========= C H I N A ========= CHINA TAIPING: S&P Raises Insurer Finc'l. Strength Rating to BBpi ----------------------------------------------------------------- Standard & Poor's Ratings Services raised its insurer financial strength rating on China Taiping Insurance (UK) Co. Ltd. to 'BBpi' (marginal), from 'Bpi' (weak). "The upgrade was triggered by an improvement in the firm's capital adequacy and significant reduction of risk in its investment portfolio. The rating reflects the company's good capitalization and reduced exposure to volatile equity markets. Negative rating factors include the company's weak competitive position and its marginal, if improving, operating performance," S&P said. The rating is based on the 2012 annual accounts, 2012 interim accounts, the 2011 U.K. regulatory return, and limited input from management. CTIC is part of the China Taiping Insurance Group. "CTIC's core business is providing cover for the Chinese community living and working within the U.K. Based on 2011 gross premium written (GPW), 70% relates to property risks, mainly relating to catering and other retail business risks in the U.K. The company also has small motor and travel accounts. Most of the business written relates to U.K. risks, but 11% of GPW in 2011 relates to commercial business lines stemming from the company's branch in Rotterdam, and a very small amount stems from Ireland. GPW has increased by 3% in the year, mainly due to growth in the nonproperty direct lines (25%). The company has continued to suffer from downward pressure on U.K. rates as a result of continued intense competition for business. We regard CTIC's overall competitive position as weak, limited by its small size and narrow niche business lines," S&P said. "CTIC reported a release of prior-year loss reserves in 2011 of GBP1.7 million, a significant improvement on the prior-year strengthening of GBP8.4 million in 2010. However, we remain wary of CTIC's reserve adequacy, considering the deterioration we have seen in recent years. CTIC has decreased its exposure to reinsurer counterparty credit risk, with 27% of gross premiums ceded in 2011 (2010; 41%). Most of CTIC's major reinsurers have a Standard & Poor's rating in the 'A' range or better," S&P said. Liquidity is considered good; investments cover gross technical reserves 1.5x (2010; 1.4x). "We consider CTIC's investments as good. During the first six months of 2012, the company reduced its equity exposure significantly to 9% (2011; 25%) and increased its investment in fixed income to 57% (52%) and cash and cash equivalents to 34% (23%)," S&P said. ================ H O N G K O N G ================ AMERICA HK: Cheng Chi Man Appointed as Liquidator ------------------------------------------------- Cheng Chi Man on Aug. 17, 2012, was appointed as liquidator of America Hong Kong Electronics Association Limited. The liquidator may be reached at: Cheng Chi Man 18/F, Tung Nam Commercial Centre 42 Pitt Street, Yaumatei Kowloon CAPE TRANS: Members' Final Meeting Set for Jan. 18 -------------------------------------------------- Members of Cape Trans Co. Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 18, 2013, at 10:00 a.m., at Unit 501, 5/F, Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, in Hong Kong. At the meeting, Tong Lap Hong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHEE LICK: Chan Yui Hang Appointed as Liquidator ------------------------------------------------ Chan Yui Hang on Dec. 3, 2012, was appointed as liquidator of Chee Lick Plastic Products Company Limited. The liquidator may be reached at: Chan Yui Hang Room 2611-13A, 26/F 113 Argyle Street, Kowloon Hong Kong EMERY ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------- At an extraordinary general meeting held on Nov. 30, 2012, creditors of Emery Enterprises Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Cheng Yun Sing Rooms 401-2, Tung Ming Building 40-42 Des Voeux Road Central, Hong Kong HAINAN WENCHANG: Creditors' Proofs of Debt Due Jan. 18 ------------------------------------------------------ Creditors of Hainan Wenchang Shi Changsa Overseas Chinese School Education Fund Limited, 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's liquidator is: Ma Kam Man Jasper Room 1502, 15/F 101 King's Road North Point, Hong Kong HOLLINGSWORTH & VOSE: Commences Wind-Up Proceedings --------------------------------------------------- Members of Hollingsworth & Vose (Hong Kong) Limited, on Dec. 3, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: John Chi Wai Wong Lay Hong Tan 21/F, Edinburgh Tower The Landmark 15 Queen's Road Central, Hong Kong HONGKONG TERRITORIAL: Choi Steps Down as Liquidator ---------------------------------------------------- Choi Wai Lung Edward stepped down as liquidator of Hongkong Territorial Trades Limited on Dec. 14, 2012. HOSPIRA HK: Creditors' Proofs of Debt Due Jan. 14 ------------------------------------------------- Creditors of Hospira Hong Kong Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 14, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 3, 2012. The company's liquidators are: Messrs. Darach E Haughey Lai Kar Yan (Derek) 35th Floor, One Pacific Place 88 Queensway, Hong Kong MATE PLASTIC: Wardell and Ip Step Down as Liquidators ----------------------------------------------------- James Wardell and Jackson Ip stepped down as liquidators of Mate Plastic Manufacturing Limited on Nov. 30, 2012. MOST VIEW: Commences Wind-Up Proceedings ---------------------------------------- Members of Most View (HK) Industrial Limited, on Dec. 7, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Chiu Wai Hon. S.O.I. LIMITED: Seng and Cheng Step Down as Liquidators ------------------------------------------------------- Natalia Seng Sze Ka Mee and Cheng Pik Yuk stepped down as liquidators of S.O.I. Limited on Dec. 6, 2012. WAPTX HOLDINGS: Creditors' Proofs of Debt Due Dec. 28 ----------------------------------------------------- Creditors of WAPTX Holdings 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's liquidator is: Leung Yee Ting Room 2303, 23rd Floor China Insurance Group Building 141 Des Voeux Road Central, Hong Kong ========= I N D I A ========= BAJAJ HOTELS: CRISIL Rates INR100MM Term Loan at 'CRISIL B+' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the term loan facility of Bajaj Hotels. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL B+/Stable The rating reflects BH's start-up nature of operations and vulnerability of its performance to the level of economic activity in and around its area of operations. These rating weaknesses are partially offset by benefits that BH derives from favorable location of the hotel and association with Ginger Hotels for management of the hotel. Outlook: Stable CRISIL expects Bajaj Hotels (BH) to benefit from established brand of 'Ginger Hotels' in hospitality industry. The outlook may be revised to 'Positive' upon successful stabilisation of operations of the hotel with significant improvement in the company's financial risk profile as a result of increase in the occupancy and average room revenue (ARR), resulting in better- than-expected cash accruals. Conversely the outlook may be revised to 'Negative' in case of sustained low occupancy rates, low ARR due to competitive pressures which may strain the company's debt repayment capacity. BH was setup in 2009, as a partnership firm of Mrs. Alka Bajaj and Mrs. Reeta Bajaj. The firm is managed by Mr. Ravi Bajaj (husband of Mrs. Alka Bajaj) and his brother, Mr. Raman Bajaj (Husband of Mrs. Reeta Bajaj). The firm is constructing a mall- cum-hotel in Amritsar (Punjab). The company has tied up with Ginger Hotels (Roots Corporation Limited, subsidiary of The Indian Hotels Company Limited) for management of the hotel. The hotel is expected to commence its commercial operations in January 2013. C.C.CONSTRUCTION: CRISIL Cuts Rating on INR40MM Loan to 'C' ----------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of C.C.Construction to 'CRISIL C/CRISIL A4' from 'CRISIL BB- /Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 40.00 CRISIL C (Downgraded from 'CRISIL BB-/Stable') Bank Guarantee 60.00 CRISIL A4 (Downgraded from 'CRISIL A4+') The downgrade reflects considerable weakening in the firm's liquidity because of delayed payments from Indian Railways as well as high work in progress. The stretch in liquidity is reflected in high bank limit utilization, at an average of 97 per cent, as well as instances of irregularities in conduct of equipment loan account with Tata Capital Ltd over the 12 months through October 2012. The rating reflects CCC's working-capital-intensive operations and geographical and customer concentration in its revenue profile. These weaknesses are partially offset by CCC's healthy project execution capabilities and experienced management. About C.C.Construction CCC was set up as a partnership firm in 1982 by Mr. S N Choudhary and his relatives. Currently, the firm's second-generation promoters are actively involved in the business. Since its inception, CCC has been engaged in civil construction activities in the north-eastern India involving earth cutting, earth filling, and bridgework for North East Frontier Railway (NEFR). Till date, CCC has executed work orders for only NEFR. CCC reported a profit after tax (PAT) of INR5.9 million on net sales of INR97 million for 2011-12 (refers to financial year, April 1 to March 31); the company reported a PAT of INR7.3 million on net sales of INR161 million for 2010-11. ISHAAN PLASTICS: Delay in Loan Payment Cues CRISIL Junk Ratings --------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Ishaan Plastics Pvt. Ltd. to 'CRISIL D/CRISIL D' from 'CRISIL B/ Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 40 CRISIL D (Downgraded from 'CRISIL B/Stable') Letter of Credit 5 CRISIL D (Downgraded from 'CRISIL A4') Term Loan 55 CRISIL D (Downgraded from 'CRISIL B/Stable') The downgrade reflects delay in servicing the term debt obligations by IPPL; because of its weak liquidity. The lengthening of the company's working capital cycle on account of large inventories and stretched receivables has intensified the liquidity pressures faced by the company. Its bank limits continued to remain high utilized at an average of above 95 per cent for the 6 months ended September 2012. The company's cash accruals are tightly matched with its term debt obligations for 2012-13. IPPL's financial risk profile is modest marked by its small net worth, high gearing, and subdued debt protection metrics. However, it continues to benefit from its established position in the polyethylene terephthalate (PET) bottles industry and diversified clientele. About Ishaan Plastics Incorporated in 2005 by Mr. Ajay Poddar, a Kolkata based entrepreneur, IPPL manufactures PET bottles, jars, and preforms for pharmaceutical, food products, mineral water and tea manufacturing companies. The company's manufacturing facilities are located in West Bengal. IPPL reported a profit after tax (PAT) of INR0.07 million on net sales of INR154 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR1.5 million on net sales of INR95.1 million for 2010-11. KHR INFRA: CRISIL Ups Rating on INR75MM Loans to 'CRISIL B' ----------------------------------------------------------- CRISIL has upgraded its ratings on the bank facilities of KHR Infrastructures Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 21.4 CRISIL B/Stable (Upgraded Bank Loan Facility from 'CRISIL D') Term Loan 53.6 CRISIL B/Stable (Upgraded from 'CRISIL D') The rating upgrade reflects improvement in the company's liquidity and adequate financial discipline, resulting in timely debt servicing by KHR over the eight months through November 2012. The upgrade also factors in CRISIL's belief that KHR will generate sufficient cash accruals to service its debt over the medium term, backed by healthy profitability and assured offtake from its customer. The rating reflects KHR's small scale of operations and seasonal nature of revenues, given that it operates in the agriculture processing industry. These rating weaknesses are partially offset by the extensive experience of KHR's promoters in the seed processing industry. Outlook: Stable CRISIL believes that KHR will continue to benefit over the medium term from its experienced management and assured offtake from its customer, Monsanto India Ltd. The outlook may be revised to 'Positive' in case of substantial improvement in the company's revenues while maintaining its healthy profitability or in case of substantial increase in its net worth, backed by equity infusion from promoters, thereby alleviating pressure on its liquidity. Conversely, the outlook may be revised to 'Negative' if there is steep decline in the company's profitability or in case of significant deterioration in its capital structure on account of larger-than-expected working capital requirements or due to any large, debt-funded capital expenditure programme. About KHR Infrastructures Set up in 2010, KHR is engaged in processing and conditioning of corn seeds for MIL, which produces and sells processed seeds. KHR was promoted by Mr. K. Hemanth Kumar and Mrs. K Karthika, who hails from an agricultural family. KHR has started its commercial operations in April 2011. In 2011-12 (refers to financial year, April 1 to March 31), KHR reported a profit after tax of INR9.4 million on net sales of INR39.5 million. MAHENDRA SUBMERSIBLE: CRISIL Puts 'B+' Rating to INR93.5MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Mahendra Submersible Pumps Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 28.5 CRISIL B+/Stable Cash Credit 65.0 CRISIL B+/Stable Letter of Credit 7.5 CRISIL A4 Bank Guarantee 0.5 CRISIL A4 Bill Discounting 0.5 CRISIL A4 The ratings reflect MSPPL's small scale of operations in the intensely competitive pump manufacturing industry, and the susceptibility of the company's operating margin, which is currently moderately low, to volatility in raw material prices. The ratings also factor in the company's below-average financial risk profile, marked by a small net worth and a high gearing, because of large working capital requirements and large debt- funded capital expenditure. These rating weaknesses are partially offset by the benefits that MSPPL derives from its established market position in the pump manufacturing industry, primarily in south India, supported by its long-standing presence in the pump manufacturing industry, its promoters' extensive industry experience, and its established relationships with its customers. Outlook: Stable CRISIL believes that MSPPL will continue to benefit over the medium term from its established position in the pump manufacturing industry, supported by its promoter's extensive industry experience. The outlook may be revised to 'Positive' if the company registers better-than-expected revenues and profitability, leading to larger-than-expected cash accruals, thus improving its liquidity and significantly improving its capital structure. Conversely, the outlook may be revised to 'Negative' if MSPPL's financial risk profile, especially its liquidity, deteriorates because of larger-than-expected working capital requirements, lower cash accruals, or larger-than- expected debt-funded capital expenditure. About Mahendra Submersible MSPPL, established in 1985, manufactures motors and pump sets especially submersible pumps. It has an integrated manufacturing facility (foundry and machine shop) at Kalapatty in Coimbatore (Tamil Nadu). Majority of the casting requirement of the company is met in-house. MSPPL also has two branches at Raipur (Chhattisgarh) and Bengaluru (Karnataka); these act as stock points for its finished goods. MSPPL reported a profit after tax (PAT) of INR2.2 million on net sales of INR260.9 million for 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR4.4 million on net sales of INR200.5 million for 2010-11. MANAV AGRI: CRISIL Assigns 'B' Rating to INR75MM Cash Credit ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable' rating to the cash credit facility of Manav Agri Foods Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B/Stable The rating reflects MAPL's small scale of operations in fragmented industry, high dependence on monsoon, exposure to adverse changes in government policies, and weak financial risk profile, marked by high gearing and weak debt protection measures, . These rating weaknesses are partially offset by the extensive industry experience of MAPL's promoters and healthy growth prospects for the basmati rice industry. Outlook: Stable CRISIL believes that MAPL business risk profile will be supported by the promoters' extensive experience in the basmati rice industry. However the financial risk profile is expected to remain constrained on account of working capital intensive nature of operations. The outlook may be revised to 'Positive' if the company increases its scale of operations while improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' lower than expected revenues, pressure on its profitability negatively affecting its cash accruals or more than expected working capital requirements, or if the company incurs more-than-expected debt-funded capital expenditure, leading to deterioration in its financial risk profile.. About Manav Agri MAPL was promoted by the Mr. Ashok Gheek in 2007 to undertake processing of rice. The company has started commercial production in April 2012. The company has a paddy processing plant at Holambi, Naya Bans (Delhi). MAVIN SWITCHGEARS: CRISIL Rates INR40MM Loan at 'CRISIL BB-' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to the bank facilities of Mavin Switchgears & Control. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 110 CRISIL A4+ Bank Guarantee 140 CRISIL A4+ Cash Credit 40 CRISIL BB-/Stable The ratings reflect extensive experience of MSC's promoters in the engineering, procurement and construction (EPC) business and healthy order book leading to strong revenue visibility. These rating strengths are partially offset by MSC's modest scale of operations, tender-based nature of business, and working-capital intensive nature of operations. Outlook: Stable CRISIL believes that MSC will continue to benefit from its promoters' extensive industry experience and healthy revenue visibility over the medium term. The outlook may be revised to 'Positive' in case MSC scales up its operations, while improving its working capital cycle and maintaining its capital structure and debt protection metrics. Conversely, the outlook may be revised to 'Negative' in case MSC's liquidity deteriorates due to further elongation of its working capital cycle or if the firm undertakes debt-funded capital expenditure (capex). About Mavin Switchgears Mavin Switchgears and Control, established in 1984 as a proprietorship concern by Mr. Irshad Ahmed Khan, is an EPC contractor in the electricity transmission and distribution vertical. The scope of projects includes engineering and design of transmission towers, setting up substations, executing line and ancillary works etc. MSC reported a profit after tax (PAT) of INR16.9 million on net sales of INR297 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR11.8 million on net sales of INR201.8 million for 2010-11. NIRVIN COLD: CRISIL Cuts Rating on INR56.1MM Loans to 'CRISIL D' ---------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Nirvin Cold Storage Pvt Ltd to 'CRISIL D' from 'CRISIL C. The downgrade reflects instances of delay by NSCPL in servicing its debt; the delays have been caused by the company's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 43.6 CRISIL D (Downgraded from CRISIL C) Cash Credit 12.5 CRISIL D (Downgraded from CRISIL C) NCSPL also has a weak financial risk profile, marked by a high gearing and weak debt protection metrics, and is exposed to intense competition in the cold storage industry in West Bengal. However, NCSPL benefits from its promoter's extensive industry experience. NCSPL, incorporated in 1985, provides cold storage facility to potato farmers and traders. The company is promoted by Mr. Niraj Bansal. NCSPL's cold storage, with capacity of about 19,465 tonnes, is divided into three chambers; it is located in Bankura district (West Bengal). NCSPL reported a profit after tax (PAT) of INR1.1 million on net sales of INR39.7 million for 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR0.8 million on net sales of INR18.1 million for 2010-11. SHYAMRAI ECOPACK: CRISIL Assigns 'B-' Rating to INR130MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long- term bank facilities of Shyamrai Ecopack Inc. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL B-/Stable Working Capital 30 CRISIL B-/Stable Term Loan The rating reflects SREP's weak financial risk profile, marked by high gearing, low net worth and weak debt protection metrics, and susceptibility to intense competition in the disposable plastic based kitchenware industry and to volatility in raw material prices. These rating weaknesses are partially offset by the extensive experience of SREP's promoters in the plastics industry. Outlook: Stable CRISIL believes that SREP will continue to benefit from its promoters' extensive industry experience. However, its financial risk profile is expected to remain under pressure over the medium term because of high gearing and small cash accruals. The outlook may be revised to 'Positive' if SREP's debt protection metrics improve, driven most likely by better-than-expected business growth leading to more-than-expected cash accruals, or if its capital structure improves, driven most likely by capital infusion by promoters. Conversely, the outlook may be revised to 'Negative' if there is a decline in the firm's revenues and profitability, resulting in further weakening in its debt servicing metrics. SREP was established in 2009 as a partnership firm by Mr. Brahm Prakash Aggarwal and Mr. S C Baruah. The firm manufactures disposable thermocole kitchenware at its facility located at Rudrapur, Uttarakhand. SREP reported a book profit of INR2.6 million on a net sales of INR115.4 million for 2011-12 (refers to financial year, April 1 to March 31). UNNATHI PROJECTS: CRISIL Rates INR65MM LT Loan at 'CRISIL B-' ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long- term loan facility of Unnathi Projects Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long-Term Loan 65 CRISIL B-/Stable The rating reflects UPL's weak financial risk profile, marked by a negative net worth, and the company's small scale of operations and exposure to risks related to wind power generation. These rating weaknesses are partially offset by the extensive entrepreneurial experience of UPL's promoters. Outlook: Stable CRISIL believes that UPL will continue to benefit over the medium term from the extensive entrepreneurial experience of its promoters. The outlook may be revised to 'Positive' in case the company scales up its operations, leading to significant and sustainable growth in its revenues and profitability, thereby resulting in improvement in its financial risk profile. Conversely the outlook may be revised to 'Negative' in case of decline in UPL's plant load factor, leading to decline in the company's revenues, or delay in realisation from its customers leading to further weakening of its liquidity. About Unnathi Projects UPL, based in Bengaluru (Karnataka), was set up in 1995 by Mr. Srinivasa Raju; the company is engaged in wind power generation. UPL reported net loss of INR15 million on a net sales of INR28 million during 2011-12 (refers to financial year, April 1 to March 31) as against net loss of INR24 million on a net sales of INR19 million during 2010-11. ========= J A P A N ========= * Fitch Affirms Rating on 29 Japanese Structured Finance Deals -------------------------------------------------------------- Fitch Ratings has affirmed five Japanese structured finance (SF) transactions, comprising 29 rated classes, and removed seven classes from Rating Watch Negative (RWN). . The RWN on the seven 'AAAsf' rated classes has been removed following remedial action by the respective transaction parties to appoint a new account bank in each affected transaction. The classes had been placed on RWN since 22 August 2012 due to their exposure to an ineligible account bank. The affirmation of all 29 classes reflects Fitch's view that available credit enhancement (CE) is sufficient to support the current ratings in all cases, given asset performance. In DTC Three Funding Limited, DTC Eight Funding Limited, Leopard Two Funding Limited and L-MAP One Funding Limited, the master lease structures in place have contributed to stable loan performance. Limited delinquencies and defaults, together with sequential payment to date, have resulted in higher CE levels. Fitch therefore believes that these transactions are protected against potential performance deterioration. In addition, for DTC Three and DTC Eight, Fitch continues to believe that these transactions have available cash reserves to address liquidity risk in the absence of an advancing agent. This view is based on the expected stable performance of the loan pools, note amortisation and a low interest rate environment in Japan. For L-STaRS One Funding Limited, default and recovery performance has remained within Fitch's expectations since the previous rating action in January 2012. The agency believes that stable excess spread will continue to absorb expected losses from the portfolio. L-STaRS is a securitisation of residential mortgage loans mainly backed by investment properties. The other four transactions are securitisations of mortgage loans backed by multi-family apartment properties. The full list of rating actions is as follows. DTC Three Funding Limited: -- JPY2.48bn* Class A-1 notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY1.69bn* Class A-2 notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY0.87bn* Class B notes affirmed at 'AAsf'; Outlook Stable -- JPY0.54bn* Class C notes affirmed at 'Asf'; Outlook Stable -- JPY0.69bn* Class D notes affirmed at 'BBBsf'; Outlook Stable -- JPY0.776bn* Class E notes affirmed at 'BBsf'; Outlook Stable DTC Eight Funding Limited: -- JPY14.03bn* Class A notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY1.68bn* Class B notes affirmed at 'AAsf'; Outlook Stable -- JPY1.53bn* Class C notes affirmed at 'Asf'; Outlook Stable -- JPY1.14bn* Class D notes affirmed at 'BBBsf'; Outlook Stable -- JPY0.2bn* Class E notes affirmed at 'BBsf'; Outlook Stable -- JPY0.82bn* Class N notes affirmed at 'BBBsf'; Outlook Stable Leopard Two Funding Limited: -- JPY3.89bn* Class A-1 notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY3.89bn* Class A-2 notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY0.52bn* Class B notes affirmed at 'AAsf'; Outlook Stable -- JPY0.52bn* Class C notes affirmed at 'Asf'; Outlook Stable -- JPY0.54bn* Class D notes affirmed at 'BBsf'; Outlook Stable -- JPY41m* Class E notes affirmed at 'BBsf'; Outlook Stable L-MAP One Funding Limited: -- JPY11.35bn* Class A notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY0.8bn* Class B notes affirmed at 'AAsf'; Outlook Stable -- JPY0.58bn* Class C notes affirmed at 'Asf'; Outlook Stable -- JPY0.39bn* Class D notes affirmed at 'BBBsf'; Outlook Stable -- JPY0.3bn* Class J-NIM notes affirmed at 'BBBsf'; Outlook Stable L-STaRS One Funding Limited: -- JPY5.41bn* Class A notes affirmed at 'AAAsf'; off RWN; Outlook Stable -- JPY0.45bn* Class B notes affirmed at 'AAsf'; Outlook Stable -- JPY0.3bn* Class C notes affirmed at 'Asf'; Outlook Stable -- JPY0.15bn* Class D notes affirmed at 'BBB+sf'; Outlook Stable -- JPY0.1bn* Class E notes affirmed at 'BBB-sf'; Outlook Stable -- JPY0.13bn* Class N-2 notes affirmed at 'BBBsf'; Outlook Stable The class N-1 notes were redeemed in full in November 2012. *as of December 18, 2012 ==================== N E W Z E A L A N D ==================== PUBLICIS MOJO: Shareholder Places Ad Agency Into Liquidation ------------------------------------------------------------ William Mace at stuff.co.nz reports that Auckland advertising agency Publicis Mojo has been put into liquidation by its major international shareholder Publicis Groupe. Kevin Bromwich of Mcdonald Vague has been appointed as the company's liquidator. stuff.co.nz relates that the agency was behind campaigns for Speights Summit, Steinlager Pure and Hallensteins but its output for major clients has slowed recently and its financial accounts for the 2010 year showed liabilities outweighing assets by over AUD9 million. Despite the financial state of the company and a revenue slump across the advertising industry, a senior industry source said the arrival of liquidators at the company's Parnell offices on Dec. 20 came as a surprise to the agency's employees, according to stuff.co.nz. Publicis Mojo is owned by New Zealand registered Publicis Communications Limited, which is 65% owned by France-based Publicis Groupe -- one of four major global holding companies. Publicis Groupe is also the ultimate owner of Saatchi & Saatchi New Zealand. ===================== P H I L I P P I N E S ===================== PHILIPPINES: S&P Puts Positive Outlook on BB+ Sov. Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on the ratings on the Republic of the Philippines to positive from stable. At the same time, Standard & Poor's affirmed its 'BB+' long-term and 'B' short-term sovereign credit ratings. "Likewise, we affirmed our ASEAN regional scale rating of 'axBBB+/axA-2' on the Philippines and the transfer and convertibility assessment at 'BBB-'. We also affirmed the ratings on the Philippines' senior unsecured debt," S&P said. "We revised the outlook to positive to reflect our reappraisal of the political and institutional factors underlying the ratings," said Standard & Poor's credit analyst Agost Benard. "In our view, the current administration possesses a level of legitimacy, support, and stability that reduces political uncertainty and allows for improved legislative efficiency. This conducive political setting enables the administration to focus on its key policy objectives of fiscal consolidation, increased infrastructure provision, and poverty reduction." "The ratings on the Philippines encompass the country's relatively low income, weak fiscal profile, and high, albeit improving, public debt and interest burden. These constraints are balanced by a robust external profile, as shown in a net external creditor position and strong liquidity ratios, as well as a consistent track record of moderately strong growth," S&P said. "The positive outlook reflects our more favorable assessment of the prevailing political conditions and of the administration's improved capacity to pursue its reform agenda," S&P said. "We may raise the ratings next year on an improved government revenue structure, a continued diminished reliance on foreign currency government debt financing, or a lower government debt burden. We may also raise the ratings if institutional and structural reforms lead to improved investment environment, and thus better growth potential," S&P said. "Conversely, we may revise the outlook back to stable if the Philippines' commitment to fiscal consolidation weakens or if the country's external liquidity position deteriorates significantly," S&P said. PHILIPPINES: S&P Revises Outlook on 4 Entities to Positive ---------------------------------------------------------- Standard & Poor's Ratings Services revised its rating outlooks on four Philippine entities -- Power Sector Assets & Liabilities Management Corp. (PSALM), National Power Corp. (Napocor), Philippine Long Distance Telephone Co. (PLDT), and Development Bank of the Philippines (DBP) -- to positive from stable. "At the same time, we affirmed all the ratings on the four entities. The outlook revision comes after a similar action on the sovereign credit rating on the Republic of Philippines (BB+/Positive/B; axBBB+/axA-2)," S&P said. RATINGS LIST To From Power Sector Assets & Liabilities Management Corp. National Power Corp. Corporate credit rating Foreign currency BB+/Positive/-- BB+/Stable/-- Local currency BB+/Positive/-- BB+/Stable/-- ASEAN regional scale axBBB+/-- axBBB+/-- Senior unsecured BB+ BB+ Philippine Long Distance Telephone Co. Corporate credit rating Foreign currency BBB-/Positive/-- BBB-/Stable/-- ASEAN regional scale axA-/-- axA-/-- Senior unsecured BBB- BBB- Development Bank of the Philippines Issuer credit rating BB+/Positive/B BB+/Stable/B ASEAN regional Scale axBBB+/axA-2 axBBB+/axA-2 Senior Unsecured BB+ BB+ axBBB- axBBB- Subordinated BB- BB- Junior Subordinated BB- BB- "We consider the stand-alone credit profiles of PSALM and Napocor as weak and heavily dependent on the support of the Philippine government. The outlook revision reflects our opinion that both utilities are almost certain to receive timely and sufficient extraordinary government support in the event of financial distress. Our view is based on our assessment that PSALM and Napocor: (1) play a critical role in implementing government reforms in the power sector and providing missionary electrification in the country; and (2) benefit from an integral link with the government, which fully owns both utilities and has control over key budgetary and strategic decisions. The Philippine government also provides an irrevocable, unconditional, and timely guarantee on all debt obligations of PSALM and Napocor," S&P said. "The foreign currency rating on PLDT remains constrained by our 'BBB-' transfer and convertibility assessment on the Philippines. The rating reflects the company's strong position in the domestic market, diversified services, integrated network, and solid cash flow measures. The country and macroeconomic risk of the Philippines and intense competition in the matured domestic cellular market temper these strength," S&P said. "The ratings on DBP are equalized with the sovereign credit ratings on the Philippines. DBP plays a critical public policy role in supporting the economic and social development of the Philippines and has an integral link to the government. Therefore, we see an 'almost certain' likelihood that the government will provide timely and sufficient extraordinary support to DBP in the event of financial distress," S&P said. ================= S I N G A P O R E ================= ALTUS TECHNOLOGIES: Creditors' Proofs of Debt Due Jan. 4 -------------------------------------------------------- Creditors of Altus Technologies Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 4, 2013, to be included in the company's dividend distribution. The company's liquidator is: Tay Swee Sze c/o Tay Swee Sze & Associates 78 South Bridge Road #04-01 TKH Building Singapore 058708 AML CONSTRUCTION: Court to Hear Wind-Up Petition Jan. 3 ------------------------------------------------------- A petition to wind up the operations of AML Construction Pte Ltd will be heard before the High Court of Singapore on Jan. 3, 2013, at 10:00 a.m. Lion (S) Pte Ltd filed the petition against the company on Dec. 11, 2012. The Petitioner's solicitors are: Rodyk & Davidson LLP 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 EQUINOX OFFSHORE: Court to Hear Wind-Up Petition Jan. 3 ------------------------------------------------------- A petition to wind up the operations of Equinox Offshore Accommodation Limited will be heard before the High Court of Singapore on Jan. 3, 2013, at 10:00 a.m. Intec Maritime & Offshore Services Corp filed the petition against the company on Dec. 10, 2012. The Petitioner's solicitors are: Colin Ng & Partners LLP 36 Carpenter Street Singapore 059915 FLEXTRONICS GLOBAL: Creditors' Proofs of Debt Due Jan. 21 --------------------------------------------------------- Creditors of Flextronics Global Services (Singapore) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 21, 2013, to be included in the company's dividend distribution. The company's liquidators are: Low Sok Lee Mona Teo Chai Choo c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 INNOVATIVE NANO: Court to Hear Wind-Up Petition Jan. 3 ------------------------------------------------------ A petition to wind up the operations of Innovative Nano Systems Pte Ltd will be heard before the High Court of Singapore on Jan. 3, 2013, at 10:00 a.m. Nanayakkara Ambagahaduwage Don Saman Mangala Dharmatilleke filed the petition against the company on Nov. 2, 2012. The Petitioner's solicitors are: Nalpon & Company 11A Kampong Bahru Road Singapore 169344 LION FAIRFIELD: Creditors' Proofs of Debt Due Jan. 21 ----------------------------------------------------- Creditors of Lion Fairfield Capital Management Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 21, 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 NAFA - ASIAGATE: Creditors' Proofs of Debt Due Jan. 21 ------------------------------------------------------ Creditors of Nafa - Asiagate Education Corporation Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 21, 2013, to be included in the company's dividend distribution. The company's liquidators are: Low Mei Mei Maureen Catherine Lim Siok Ching c/o 8 Wilkie Road #03-01 Wilkie Edge Singapore 228095 ONSYS ENERGY: Court to Hear Wind-Up Petition Jan. 3 --------------------------------------------------- A petition to wind up the operations of Onsys Energy Pte Ltd will be heard before the High Court of Singapore on Jan. 3, 2013, at 10:00 a.m. TH KMG Singapore Pte Ltd filed the petition against the company on Dec. 12, 2012. The Petitioner's solicitors are: Rajah & Tann LLP No. 9 Battery Road #25-01 Straits Trading Building Singapore 049910 PLD BAEKAM: Creditors' Proofs of Debt Due Jan. 19 ------------------------------------------------- Creditors of PLD Baekam Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 PLD GG3: Creditors' Proofs of Debt Due Jan. 19 ---------------------------------------------- Creditors of PLD GG3 Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 19, 2013, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 =============== X X X X X X X X =============== * 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. 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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 ***