/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130103.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 Thursday, January 3, 2013, Vol. 16, No. 2 Headlines A U S T R A L I A BROKEN HILL: Miner Demand Could Force City Into Administration MURCHISON METALS: Seeks Investors OK for Shares Buy Back Plan H O N G K O N G ABLE GRACE: Members' Final Meeting Set for Jan. 22 AFEX INTERNATIONAL: Lui and Chan Step Down as Liquidators AFEX PROCUREMENT: Lui and Chan Step Down as Liquidators AIRCRAFT INSTRUMENT: Creditors' Proofs of Debt Due Jan. 31 ALNERY NO. 133: Members' Final Meeting Set for Jan. 22 APEX WINNING: Members' Final Meeting Set for Jan. 21 AVNET HK: Chiu and Har Step Down as Liquidators B C S LIMITED: Members' Final Meeting Set for Jan. 21 BARCLAYS CAPITAL: Middleton and Lui Step Down as Liquidators BOUR INVESTMENTZ: Commences Wind-Up Proceedings BOYLE LIMITED: Members' Final Meeting Set for Jan. 22 BYRNE CORPORATE: Members' Final Meeting Set for Jan. 21 CAMIS METAL: Chan Yui Hang Appointed as Liquidator CANTRONIC INDUSTRIES: Annual Meetings Set for Jan. 11 CARRINGTON CAPITAL: Members' Final Meeting Set for Jan. 25 CENTRAL WAY: Commences Wind-Up Proceedings CITY (HONG KONG): Members' Final Meeting Set for Jan. 23 DEAR GREEN: Man Yun Wah Steps Down as Liquidator DOUBLE FIRST: Creditors' Proofs of Debt Due Jan. 31 DTC ASIA: Philip Brendan Gilligan Steps Down as Liquidator ECO-HARU PROPERTY: Annual Meetings Set for Jan. 9 I N D I A ASHISH VESSEL: CRISIL Rates INR50MM Long-Term Loan at 'B+' ASHTAVINAYAK STEEL: Delays in Loan Payment Cue CRISIL Junk Rating CHEMICAL DE ENTERPRISES: CRISIL Puts 'B+' Rating on INR90MM Loans ESHWARR STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings HARYANA HATCHERY: CRISIL Puts 'B' Rating on INR70.2MM Loans JAGANNATH RICE: CRISIL Assigns 'B+' Rating to INR100MM Loans KATALINE INFRA: CRISIL Cuts Ratings on INR27.5MM Loans to 'D' PACIFIC ORIENT: CRISIL Rates INR80MM Term Loan at 'CRISIL D' RAGHAV EXPORT: CRISIL Puts 'CRISIL B+' Rating on INR87MM Loans R. N. OSWAL: CRISIL Rates INR65MM Loan at 'CRISIL B+' SHINDE AND SONS: Delay in Loan Payment Cues CRISIL Junk Ratings SRI JAGANNATH: CRISIL Puts 'CRISIL B' Rating on INR235MM Loans SRI VENKATESWARA: CRISIL Assigns 'B' Rating to INR50MM Loans T.J.S. ENGINEERING: CRISIL Rates INR90MM Term Loan at 'CRISIL B' TRIMULA G: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans VAIGAI LEATHER: CRISIL Rates INR17.5MM Loan at 'CRISIL B' VESSER ENGINEERING: CRISIL Rates INR100MM Loan at 'CRISIL B+' J A P A N SHARP CORP: Mulls JPY100-Bil. Public Offering Early This Year N E W Z E A L A N D PROPERTY VENTURES: Unit Fails to Settle NZ$1.52 Million Debt P H I L I P P I N E S CALATA CORP: Director Quits As Firm Faces Insider Trading Probe RURAL BANK OF BANGAR: Placed Under PDIC Receivership * PHILIPPINES: 10 Listed Firms Face Trading Suspension - - - - - ================= A U S T R A L I A ================= BROKEN HILL: Miner Demand Could Force City Into Administration -------------------------------------------------------------- Margaret Paul at ABC News reports that Broken Hill City Mayor Wincen Cuy said the City Council has become too dependent on mining revenue, and faces administration. The Broken Hill City Council faces the prospect of having to pay mining company Perilya $6.8 million, after the Land and Environment Court found the state's Valuer-General had massively overestimated the worth of company's land, according to ABC News. The report relates that the NSW government will appeal against that decision, but the council could be forced to pay back the money before that appeal can be heard. The council, the report notes, will vote on whether to reduce capital works, cut nearly 10 jobs and apply to increase rates. The council gets more than a quarter of its annual revenue from mining rates, the report discloses. Mr. Cuy said the case is an opportunity for the council to re- evaluate that, the report adds. MURCHISON METALS: Seeks Investors OK for Shares Buy Back Plan ------------------------------------------------------------- Australian Associated Press reports that failed former Pilbara iron ore miner Murchison Metals has asked investors to support its buy back of shares before the company is wound up, but its largest shareholder won't be involved. Mercantile Investment, the listed investment arm chaired by corporate raider Sir Ron Brierley and 17% shareholder, rejects the plan as it stands, the report says. AAP recalls that Sir Ron recently successfully sought the departure of two Murchison board members including managing director Greg Martin and replaced them with his own representatives. According to the report, Murchison Metals said Dec. 28 that it expects to offer to buy back its remaining issued shares at 4 cents to 4.2 cents per share (AUD18 million to AUD19 million). AAP notes that Murchison got into trouble in mid-2011 when it could not get funding it had hoped to attract from Chinese interests for the $6 billion Pilbara Oakajee Port and Rail project it was a major partner in. It was forced to sell its interest in that and its producing Jack Hills iron ore mine to joint venture partner Japan's Mitsubishi for AUD325 million, the report says. AAP says that while the company was expected to de-list with liquidators appointed soon, the move by Sir Ron to nearly double his stake to 17% in November has raised speculation he may have his own plans for the shell company. According to the news agency, Murchison said that the board believed the proposed buy back offered shareholders a choice between exiting their investments in the company and retaining their shares. AAP relates that the offer would need a majority of shareholders to approve the plan, with Mercantile's 17% likely opposed and second-largest shareholder, Korean steel giant POSCO (13.45%) yet to decide. A meeting to discuss the proposed buyback is due to be held after February 20, AAP adds. Murchison Metals was a Pilbara-based iron ore miner. ================ H O N G K O N G ================ ABLE GRACE: Members' Final Meeting Set for Jan. 22 -------------------------------------------------- Members of Able Grace Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, at 11:30 a.m., at 12/F, No. 3 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Chang Shuk Chien Leslie, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. AFEX INTERNATIONAL: Lui and Chan Step Down as Liquidators --------------------------------------------------------- Lui Chi Kit and Chan Ka Chi Edmund stepped down as liquidators of Afex International (HK) Limited on Dec. 11, 2012. AFEX PROCUREMENT: Lui and Chan Step Down as Liquidators ------------------------------------------------------- Lui Chi Kit and Chan Ka Chi Edmund stepped down as liquidators of Afex Procurement Company Limited on Dec. 11, 2012. AIRCRAFT INSTRUMENT: Creditors' Proofs of Debt Due Jan. 31 ---------------------------------------------------------- Creditors of Aircraft Instrument and Electronics Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 10, 2012. The company's liquidators are: Dennis Richard Lewis Cheng Wai Kwan 16B, Yam Tze Commercial Building 23 Thomson Road Wanchai, Hong Kong ALNERY NO. 133: Members' Final Meeting Set for Jan. 22 ------------------------------------------------------ Members of Alnery No. 133 Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Chan Mi Har and Ying Hing Chiu, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. APEX WINNING: Members' Final Meeting Set for Jan. 21 ---------------------------------------------------- Members of Apex Winning Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 21, 2013, at registered Office. At the meeting, Chim Fun Lung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. AVNET HK: Chiu and Har Step Down as Liquidators ----------------------------------------------- Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of Avnet Hong Kong Limited on Dec. 17, 2012. B C S LIMITED: Members' Final Meeting Set for Jan. 21 ----------------------------------------------------- Members of B C S Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 21, 2013, at 11:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, at 15 Queen's Road Central, in Hong Kong. At the meeting, Iain Ferguson Bruce, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BARCLAYS CAPITAL: Middleton and Lui Step Down as Liquidators ------------------------------------------------------------ Edward Simon Middleton and Lui Yee Man stepped down as liquidators of Barclays Capital Securities Asia Limited on Dec. 12, 2012. BOUR INVESTMENTZ: Commences Wind-Up Proceedings ----------------------------------------------- Members of Bour Investment Limited, on Dec. 19, 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 BOYLE LIMITED: Members' Final Meeting Set for Jan. 22 ----------------------------------------------------- Members of Boyle Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 22, 2013, 10:00 a.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Chan Mi Har and Ying Hing Chiu, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. BYRNE CORPORATE: Members' Final Meeting Set for Jan. 21 ------------------------------------------------------- Members of Byrne Corporate Services Limited, which is in members' voluntary liquidation, will hold their final general meeting on Jan. 21, 2013, at 12:00 p.m., at 8th Floor, Gloucester Tower, The Landmark, at 15 Queen's Road Central, in Hong Kong. At the meeting, Iain Ferguson Bruce, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CAMIS METAL: Chan Yui Hang Appointed as Liquidator -------------------------------------------------- Chan Yui Hang on Dec. 14, 2012, was appointed as liquidator of Camis Metal Manufacturing Limited. The liquidator may be reached at: Chan Yui Hang Room 1703, 17/F Landmark Norht 39 Lung Sum Avenue, Sheung Shui New Territories, Hong Kong CANTRONIC INDUSTRIES: Annual Meetings Set for Jan. 11 ----------------------------------------------------- Creditors and members of Cantronic Industries Limited will hold their annual meetings on Jan. 11, 2013, at 10:30 a.m., and 11:00 a.m., respectively at 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street, Central, in Hong Kong. At the meeting, Yuen Tsz Chun Frank, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CARRINGTON CAPITAL: Members' Final Meeting Set for Jan. 25 ---------------------------------------------------------- Members of Carrington Capital Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 25, 2013, 9:30 a.m., at 8/F, Prince's Building, 10 Chater Road, Central, in Hong Kong. At the meeting, Wing Sze Tiffany Wong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CENTRAL WAY: Commences Wind-Up Proceedings ------------------------------------------ Members of Central Way Investment Limited, on Dec. 19, 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 CITY (HONG KONG): Members' Final Meeting Set for Jan. 23 -------------------------------------------------------- Members of City (Hong Kong) Limited, which is in members' voluntary liquidation, will hold their final meeting on Jan. 23, 2013, at 10:15 a.m., at 19/F, Berverly House, Nos. 93-107 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Cheng Kai Tai Allen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. DEAR GREEN: Man Yun Wah Steps Down as Liquidator ------------------------------------------------ Man Yun Wah stepped down as liquidator of Dear Green Environmental Foundation Limited on Dec. 21, 2012. DOUBLE FIRST: Creditors' Proofs of Debt Due Jan. 31 --------------------------------------------------- Creditors of Double First Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Jan. 31, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Dec. 13, 2012. The company's liquidator is: Lau Cheuk Man Timothy Unit 9, 17/F Citicorp Centre, 18 Whitfield Road Causeway Bay, Hong Kong DTC ASIA: Philip Brendan Gilligan Steps Down as Liquidator ---------------------------------------------------------- Philip Brendan Gilligan stepped down as liquidator of DTC Asia Pacific Limited on Dec. 17, 2012. ECO-HARU PROPERTY: Annual Meetings Set for Jan. 9 ------------------------------------------------- Creditors and members of Eco-Haru Property Investment Limited will hold their annual meetings on Jan. 9, 2013, at 11:30 a.m., and 12:00 p.m., respectively at 8th Floor, Prince's Building, at 10 Chater Road, Central, in Hong Kong. At the meeting, Fergal Power and Edward Middleton, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= ASHISH VESSEL: CRISIL Rates INR50MM Long-Term Loan at 'B+' ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Ashish Vessel Demolition Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Letter of Credit 150 CRISIL A4 Proposed Long-Term 50 CRISIL B+/Stable Bank Loan Facility The ratings reflect AVDPL's exposure to risks relating to small scale of operations in the highly fragmented ship-breaking industry, to cyclicality in the industry, and to volatility in foreign exchange rates and steel prices. The ratings also factor in the company's weak financial risk profile, marked by high total outside liabilities to tangible net worth ratio and moderate debt protection metrics. These rating weaknesses are partially offset by the benefits that AVDPL derives from the extensive experience of its promoters, and the favorable growth prospects for the ship-breaking industry. Outlook: Stable CRISIL believes that AVDPL will continue to benefit over the medium term from its promoters' extensive experience in the ship- breaking industry. The outlook may be revised to 'Positive' if AVDPL strengthens its capital structure, or if there is significant improvement in its revenues with sustainable margins and improvement in operating efficiency, on the back of hedging for fluctuation in foreign exchange fluctuation risk. Conversely, the outlook may be revised to 'Negative' if there is significant deterioration in AVDPL's capital structure, or if its liquidity weakens because of an adverse steel scrap price scenario, resulting in inability to recover cost of ship purchase, or any change in risk management policies, or if adverse forex rates lead to unprecedented losses for the company. About Ashish Vessel Incorporated in 2003, AVDPL is promoted by Mr. Ashish Agarwal. The company undertakes ship-breaking activities at Alang Ship Breaking Yard, Bhavnagar (Gujarat) and started its operations in 2008-09. AVDPL's net profit and net sales are estimated at INR10.77 million and INR220 million respectively for 2011-12 (refers to financial year, April 1 to March 31). AVDPL reported a net profit of INR3.59 million on net sales of INR0.01 million for 2010-11, as against a net profit of INR2.77 million for net sales of INR113.2 million for 2009-10. ASHTAVINAYAK STEEL: Delays in Loan Payment Cue CRISIL Junk Rating ----------------------------------------------------------------- CRISIL has downgraded its ratings on the long-term bank facilities of Ashtavinayak Steel Pvt Ltd(ASPL; part of the Goel group) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 110.0 CRISIL D (Downgraded from 'CRISIL B-/Stable') Letter of Credit 25.0 CRISIL D (Downgraded from 'CRISIL A4') The ratings downgraded reflect delays by the Goel group in servicing its debt because of the group's weakening liquidity. Its liquidity is weak on account of pressure on profitability and cash accruals. The Goel group also has modest scale of operations, is exposed to volatility in raw material prices, and is vulnerable to cyclicality in the steel industry. However, the group benefits from its extensive experience of its promoters in the industry. CRISIL has consolidated the financial and business risk profiles of ASPL and Jai Jyotawali Steel Pvt Ltd, together referred to as the Goel group, on account of operational linkages and financial fungibility between them. ASPL makes its entire sales to JJSPL. Besides being a part of the value chain, the promoters belong to the same family and both companies have extended corporate guarantees for each other's facilities. About the Group Part of the Goelgroup, ASPL was incorporated in 2002 by Mr. AshishGoel. It manufacturesmild steel (MS) ingots from MS scrap. ASPL's sales are made to JJSPL, which is managed and owned by Mr. Girish Goel, brother of Mr. AshishGoel. JJSPL, incorporated in 1992, manufactures thermo-mechanically-treated bars. CHEMICAL DE ENTERPRISES: CRISIL Puts 'B+' Rating on INR90MM Loans ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Chemical de Enterprises. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 20 CRISIL B+/Stable Bank Loan Facility Cash Credit 70 CRISIL B+/Stable Letter of credit & 30 CRISIL A4 Bank Guarantee The ratings reflect the weak financial risk profile, marked by small net worth and high gearing, and small scale of, and working-capital-intensive, operations. These rating weaknesses are partially offset by extensive industry experience of CE's promoter and established linkages with suppliers. Outlook: Stable CRISIL believes that CE will benefit over the medium term from its established linkages with suppliers and promoter's extensive industry experience. The outlook may be revised to 'Positive' in case of substantial increase in the firm's scale of operations and profitability or sharp improvement in capital structure. Conversely, the outlook may be revised to 'Negative' in case of pressure on profitability or working capital management due to delays in receivables or high inventory holdings, leading to weakening in its financial risk profile especially liquidity. About Chemical de Enterprises CE was incorporated in 1966 by Rajendra Gupta. The firm has been selling different types of chemicals past 45 years. The major chemical that CE trades is titanium dioxide ESHWARR STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings ------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Eshwarr Steel Tech Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL D (Downgraded from 'CRISIL B+/Stable') Long-Term Loan 35 CRISIL D (Downgraded from 'CRISIL B+/Stable') The rating downgrade reflects instances of delay by ESTPL in servicing its term debt; the delays have been caused by ESTPL's weak liquidity, resulting from its large working capital requirements. ESTPL also has a below-average financial risk profile marked by high gearing and moderate debt protection metrics, and small scale of operations in a highly fragmented castings industry. The above-mentioned weaknesses are partially offset by the extensive industry experience of ESTPL's promoters. About Eshwarr Steel Incorporated in 2007 and based in Shimoga (Karnataka), ESTPL manufactures steel and alloy steel castings. The company's day- to-day operations are managed by Mr. Maheswarappa, Mr. Parmeshwar, and Mr. Lokesh, who, along with six other friends, jointly own ESTPL. ESTPL reported a profit after tax (PAT) of INR1 million on net sales of INR190.05 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR2.45 million on net sales of INR130.92 million for 2010-11. HARYANA HATCHERY: CRISIL Puts 'B' Rating on INR70.2MM Loans ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Haryana Hatchery. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15.5 CRISIL B/Stable Term Loan 54.7 CRISIL B/Stable The rating reflects Haryana Hatchery's weak financial risk profile, marked by a high gearing and a small net worth, and vulnerability of the firm's margins to risks inherent in the poultry industry. These rating weaknesses are partially offset by the extensive experience of Haryana Hatchery's promoters in the poultry industry. Outlook: Stable CRISIL believes that Haryana Hatchery will benefit over the medium term from its promoters' extensive experience in the poultry industry and its established relationship with its customers and suppliers. The outlook may be revised to 'Positive' if the firm significantly increases its scale of operations, while it maintains its profitability and improves its capital structure. Conversely, the outlook may be revised to 'Negative' if Haryana Hatchery's profitability declines or if its capital structure weakens because of larger-than-expected debt-funded capital expenditure. About Haryana Hatchery Haryana Hatchery, a partnership firm, was set up in 2002 by Mr. Balwan Singh and Mr. Surender Singh in Haryana. The firm is in the business of poultry farming wherein it purchases the egg laying bird, sells the chicks produced and the birds. The facility is at Panipat (Haryana). Haryana Hatchery reported a book profit of INR0.21 million on net sales of INR50.4 million for 2011-12 (refers to financial year, April 1 to March 31), against a book loss of INR0.04 million on net sales of INR22.4 million for 2010-11. JAGANNATH RICE: CRISIL Assigns 'B+' Rating to INR100MM Loans ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Jagannath Rice Mills. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B+/Stable Proposed Cash Credit 35 CRISIL B+/Stable Limit The rating reflects JRM's weak financial risk profile, marked by small networth, high gearing and weak debt protection measures, modest scale of operations, and susceptibility to adverse changes in government policies. These rating weaknesses are partially offset by the extensive experience of JRM's promoters in the flour mill industry. Outlook: Stable CRISIL believes that Jagannath Rice Mills will continue to benefit from the promoters' long standing experience in the flour mill industry. The outlook may be revised to 'Positive' in case of significant increases in the firm's scale of operations resulting in higher than expected cash accruals and subsequent improvement in the capital structure and overall financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of in case of larger than expected working capital requirements or larger than expected cash outflow towards related parties. About Jagannath Rice Jagannath Rice Mills was established in 1974 as a partnership firm by Gupta family. The firm is engaged in the manufacture and sale of grinded wheat products such as atta, maida and suji. The firm has a manufacturing plant in Bhubaneswar, Orissa. KATALINE INFRA: CRISIL Cuts Ratings on INR27.5MM Loans to 'D' ------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Kataline Infraproducts Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2.5 CRISIL D(Downgraded from 'CRISIL A4') Cash Credit 10.0 CRISIL D (Downgraded from 'CRISIL B+/Stable') Letter of Credit 50.0 CRISIL D(Downgraded from 'CRISIL A4') Proposed Long-Term 17.5 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B+/Stable') The downgrade reflects instances of devolvement of KIP's letter of credit (LC) limits and overutilisation of the company's cash credit (CC) limit for more than 30 days. The devolvement in LC and the overutilisation of the CC limit have been caused by weakening of the company's liquidity. KIP's liquidity has weakened because of large incremental working capital requirements. KIP also has a below-average financial risk profile, marked by a small net worth. Moreover, it has a small scale of operations, and a limited track record. However, KIP benefits from its promoters' extensive industry experience. About Kataline Infraproducts KIP, incorporated in 2008, is promoted by its director, Mr. Amit Thatte, and his wife, Mrs. Ketki Thatte. It manufactures road marking paints and application equipment. The company's day-to- day operations are handled by Mr. Amit Thatte. KIP reported a profit after tax (PAT) of INR4.4 million on net sales of INR261.0 million in 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR6.4 million on net sales of INR232.4 million in 2010-11. PACIFIC ORIENT: CRISIL Rates INR80MM Term Loan at 'CRISIL D' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL D' rating to the term Loan facility of Pacific Orient Genesis Associates. The rating reflects instances of delay by POA in servicing its debt; the delays have been caused by the firm's weak liquidity due to delays in project completion. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 80 CRISIL D POA also has a weak financial risk profile, driven by low customer advances and delays in project execution leading to exposure to risk related to completion, funding, and saleability of the project. These rating weaknesses are partially offset by the extensive experience of POA's partners in the real estate industry. Established as a joint venture in January 2005 for a housing project, ENGRACIA, POA is currently being managed by Mr. Parvez Khan and Mr. Sameer Khan. POA is based in Pune (Maharashtra) and undertakes real estate construction for residential purposes. Currently, POA has only one ongoing project, ENGRACIA, in Pune. ENGRACIA started in 2007-08 (refers to financial year, April 1 to March 31) and involves construction of six buildings consisting of 252 flats of 2-BHK, 2-and-a-half BHK, 3-BHK, and 3-and-a-half BHK. RAGHAV EXPORT: CRISIL Puts 'CRISIL B+' Rating on INR87MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Raghav Export (part of the Raghav group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 50 CRISIL B+/Stable Cash Credit 37 CRISIL B+/Stable Foreign Letter of Credit 5 CRISIL A4 Bank Guarantee 3 CRISIL A4 The ratings reflect the Raghav group's average financial risk profile, marked by weak debt protection metrics, its modest scale of operations in a fragmented industry and its large working capital requirements. These rating weaknesses are partially offset by the experience of the group's promoters in the industry, their funding support and the group's moderate operating efficiency. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of RE and its group entity R. N. Oswal Hosiery factory (RN). This is because both the firms, together referred to as the Raghav group, are in the same line of business and managed by the same promoters, and have financial and operational linkages with each other. Outlook: Stable CRISIL believes that the Raghav group will continue to benefit from its promoters' industry experience over the medium term. The outlook may be revised to 'Positive' if the group's liquidity improves, driven most likely by a significant improvement in sales and profitability leading to larger-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' if the group's financial risk profile, particularly liquidity, weakens further, caused most likely by larger-than-expected working capital requirements or a decline in cash accruals. About the Group RE set up by Mr. Sant Kumar Jain and family, is engaged into manufacturing of ready made garments mainly winter wear such as pullovers and sweaters, and t-shirts, and caps for men and women. Promoters have one more group entity, RN, engaged in similar line of business. The group has two manufacturing units located at Ludhiana, Punjab. R. N. OSWAL: CRISIL Rates INR65MM Loan at 'CRISIL B+' ----------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of R. N. Oswal Hosiery factory (RN; part of the Raghav group). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL B+/Stable Letter of Credit 9 CRISIL A4 The ratings reflect the Raghav group's average financial risk profile, marked by weak debt protection metrics, its modest scale of operations in a fragmented industry and its large working capital requirements. These rating weaknesses are partially offset by the experience of the group's promoters in the industry, their funding support and the group's moderate operating efficiency. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of RN and its group entity Raghav Export (RE). This is because both the firms, together referred to as the Raghav group, are in the same line of business and managed by the same promoters, and have financial and operational linkages with each other. Outlook: Stable CRISIL believes that the Raghav group will continue to benefit from its promoters' industry experience over the medium term. The outlook may be revised to 'Positive' if the group's liquidity improves, driven most likely by a significant improvement in sales and profitability leading to larger-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative' if the group's financial risk profile, particularly liquidity, weakens further, caused most likely by larger-than-expected working capital requirements or a decline in cash accruals. About the Group RN set up in 1950 by Mr. Sant Kumar Jain and family, is engaged into manufacturing of ready made garments mainly winter wear such as pullovers and sweaters, and t-shirts, and caps for men and women. Promoters have one more group entity, RE, engaged in similar line of business. The group has two manufacturing units located at Ludhiana, Punjab. SHINDE AND SONS: Delay in Loan Payment Cues CRISIL Junk Ratings --------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Shinde and Sons (part of the Kalika group) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 25 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 22 CRISIL D (Downgraded from 'CRISIL B+/Stable') Working Capital Demand 28 CRISIL D (Downgraded from Loan 'CRISIL B+/Stable') The downgrade reflects instances of delay by the Kalika group in servicing its term debt and working capital demand loan obligations; its cash credit account has also occasionally been overdrawn for more than 30 days. This is because the group's liquidity is weak, on account of delayed payments by Government of Maharashtra entities. The Kalika group's scale of operations is small, it is exposed to geographical concentration in its revenue profile, has a small order book, and is susceptible to the tender-based nature of its operations. The group, however, benefits from the extensive experience of its promoters in the construction industry. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Kalika Construction (KC) and SS, together referred to as the Kalika group. This is because both firms are in the same line of business and are under common management. About the Group KC undertakes civil construction projects for earthwork, paver lining and structures, and construction of stretches for bridges across rivers in Maharashtra. Set up by Mr. Ramesh Shinde and his family members, KC mainly executes projects for Public Works Department of Jalna (Maharashtra), and other state government authorities such as Majalgaon Canal Division and Godavari Irrigation Development Corporation. The partners also operate SS, which is in the same line of business. SRI JAGANNATH: CRISIL Puts 'CRISIL B' Rating on INR235MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Sri Jagannath Roller Flour Mills. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL B/Stable Proposed Cash Credit 120 CRISIL B/Stable Limit Proposed Long-Term Bank 15 CRISIL B/Stable Loan Facility The rating reflects SJRFM's exposure to risks related to project implementation, which is currently in the nascent stage. Also, the firm is expected to have a below-average financial risk profile marked by a moderate gearing over the medium term. These rating weaknesses are partially offset by the benefits that SJRFM derives from its promoters' extensive experience in the agro industry along with their funding support. Outlook: Stable CRISIL expects SJRFM to benefit from the expected funding support from the promoters. The outlook may be revised to 'Positive' in case of timely completion of project along with better than expected cash accruals after the commencement of operations resulting in overall improvement of the financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of time or cost overruns in implementation of project or in the event of lower than expected cash accruals or larger than expected working capital requirements during the initial phase of operations resulting in a pressure on the liquidity profile of the firm. About Sri Jagganath Sri Jagganath Roller Flour Mills was established in 1980 as partnership firm. It has been engaged in flour milling ever since. The firm has now moved to Khurda Industrial City situated outside Bhubaneswar city limits in order to set up a new flour mill. The commercial operations of new plant are expected to start from April 2013 onwards. SRI VENKATESWARA: CRISIL Assigns 'B' Rating to INR50MM Loans ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Sri Venkateswara Ginning and Pressing. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 32.5 CRISIL B/Stable Long-Term Loan 17.5 CRISIL B/Stable The rating reflects SVGP's small scale of operations in highly fragmented and competitive cotton industry and weak financial risk profile, marked by high gearing, small net worth, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive entrepreneurial experience of SVGP's promoters. Outlook: Stable CRISIL believes that SVGP will continue to benefit over the medium term from its promoters' extensive entrepreneurial experience. The outlook may be revised to 'Positive' if the company's revenues and profitability increase substantially, leading to an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company undertakes aggressive debt-funded expansions, or if its revenues and profitability decline substantially, leading to weakening in its financial risk profile. About Sri Venkateswara Set up in 2011 as a proprietorship concern, SVGP is engaged in ginning and pressing of raw cotton and sells cotton lint and cotton seeds. The company was promoted by Mr.K.Ramakrishna. SVGP reported a profit after tax (PAT) of INR1 million on net sales of INR117 million for 2011-12 (refers to financial year, April 1 to March 31). T.J.S. ENGINEERING: CRISIL Rates INR90MM Term Loan at 'CRISIL B' ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan facility of T.J.S. Engineering College part of the TJ Sivananda Mudaliar Educational Trust. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 90 CRISIL B/Stable The rating reflects TJSMET's susceptibility to changing student preferences and competition, and vulnerability to regulatory risks associated with educational institutions. These rating weaknesses are partially offset by the extensive entrepreneurship experience of TJSMET's l promoters and their established business relations. Outlook: Stable CRISIL believes that TJSMET will continue to benefit over the medium term from the diversified courses offerings. The outlook may be revised to 'Positive' if TJSMET scales up its operations while maintaining its margins and capital structure. Conversely, the outlook may be revised to 'Negative' in the event of a substantial decline in student intake leading to drop in revenues and margins or if the institutes undertake a large debt funded capital expenditure resulting in deterioration in its financial risk profile. TJ Sivananda Mudaliar Educational Trust was setup in 2007 by Late Mr. T.J.Sivananda Mudaliar. TJSMET has established two educational institutions over a 11.5 acre campus located at Peruvoyal in Thiruvallur district of Tamil Nadu. The trust established TJS Engineering College (TJSEC), which started its first academic session in 2009-10, offering B. Tech degree and T.J.S Polytechnic College (TJSPC), which started its academic session in 2010-11, offering Diploma in Engineering. The institutes are affiliated with Anna University, Chennai, and accredited by AICTE. T. J. Govindarajan is the chairman of the trust and oversees the day-to-day operations of the institutes. TRIMULA G: CRISIL Assigns 'CRISIL B+' Rating to INR80MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Trimula G Basmati Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 75 CRISIL B+/Stable Term Loan 5 CRISIL B+/Stable The rating reflects TBRPL's below-average financial risk profile, mainly because of its large working capital requirements, and the company's modest scale of operations in the intensely competitive rice milling industry. The rating also factors in the susceptibility of TBRPL's operating margin to adverse government regulations and to erratic rainfall. These rating weaknesses are partially offset by the funding support that the company derives from its promoters, and the healthy growth prospects of the basmati rice industry. Outlook: Stable CRISIL believes that TBRPL will continue to benefit over the medium term from the funding support that it receives from its promoters, and the healthy growth prospects of the basmati rice industry. The outlook may be revised to 'Positive' in case the company improves its scale of operations, while it maintains its profitability, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case TBRPL's financial risk profile deteriorates, because of significant increase in its inventory, leading to large incremental bank borrowings, or in case of large, debt-funded capital expenditure. About Trimula G TBRPL was established in 2009 by Mr. Sudhir Kumar, Mr. Shilpi Kumar, and Mr. Ankur Kumar. The company is in the basmati rice milling business. Its manufacturing unit, located in Nehtaur (Uttar Pradesh), has milling capacity of 5 tonnes per hour (tph) and sorting capacity of 5 tph. TBRPL reported a profit after tax (PAT) of INR1 million on net sales of INR221 million for 2011-12 (refers to financial year, April 1 to March 31), against a PAT of INR0.4 million on net sales of INR194 million for 2010-11. VAIGAI LEATHER: CRISIL Rates INR17.5MM Loan at 'CRISIL B' --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Vaigai Leather Corporation. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Packing Credit 30 CRISIL A4 Bill Discounting 12.5 CRISIL A4 Long-Term Loan 17.5 CRISIL B/Stable The ratings reflect VLC's small scale of operations in an intensely competitive leather industry and it's below average financial risk profile marked by weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of VLC's promoters in the leather industry. Outlook: Stable CRISIL believes that the VLC will continue benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the firm substantially improves its revenues and profitability resulting in improvement in financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of any significant decline on the firm's revenues or margins or if their working capital management deteriorates resulting in stretched liquidity or in case VLC undertakes large debt-funded capital expenditure programme impacting their financial risk profile. About Vaigai Leather Established in 1986, VLC derives its revenues from processing of finished leather. The day to day operations are managed by Mr. Mani. VLC's profit after tax (PAT) and net sales are estimated at of INR 0.08 million and INR 129 million respectively for 2011-12 (refers to financial year, April 1 to March 31); the company reported a PAT of INR2.6 million on net sales of INR132 million for 2010-11. VESSER ENGINEERING: CRISIL Rates INR100MM Loan at 'CRISIL B+' ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facility of Vesser Engineering Services Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable The rating reflects the company's modest scale of operations coupled with customer concentration in its revenue profile and working-capital-intensive nature of operations. These weaknesses are partially offset by extensive industry experience of VESPL's promoters and established relationship with its principals. Outlook: Stable CRISIL believes that VESPL will continue to benefit from its promoters' extensive industry experience and established relationship with the principals over the medium term. The outlook may be revised to 'Positive' in case there is significant and sustained improvement in the company's revenues and profitability, while maintaining its capital structure. The outlook may be revised to 'Negative' in case of a significant decline in the company's revenues or profitability margins or an elongation of its working capital cycle or a larger than anticipated debt funded capital expenditure (capex) resulting in a weakening in its financial risk profile. About Vesser Engineering VESPL, set up in 1996 by Mr. Baljit Singh Dhami and his brother Mr. Sukhjeet Singh Dhami, is a supplier of industrial equipment, spares and technical supplies to manufacturing units in steel sector. VESPL represents more than 40 international principals like Japan based JP Steel Plantech Company, MWE Germany, France based OEL Technik, etc. amongst others in India. The company has its head office in Bhilai (Chhattisgarh). VESPL reported a profit after tax (PAT) of INR8.49 million on operating income of INR166.24 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR8.11 million on net sales of INR139.80 million for 2010-11. ========= J A P A N ========= SHARP CORP: Mulls JPY100-Bil. Public Offering Early This Year ------------------------------------------------------------- Japan Today, citing the Yomiuri Shimbun newspaper, reports that Sharp Corp. is considering making a public share offering worth more than JPY100 billion early this year. According to Japan Today, the paper said the public offering could take place in the spring with the firm hoping to use the funds to strengthen its mainstay liquid crystal display (LCD) business and improve its creditworthiness. Japan Today relates the Yomiuri said Sharp has started talks with major creditor banks and wants to include the capital increase scheme in a mid-term business plan to be announced as early as February. Japan Today notes that the cash-strapped company said in December, it had struck a 9.9-billion-yen capital injection deal with U.S.-based chipmaker Qualcomm as it moves to repair its tattered balance sheet. The Qualcomm deal will see the pair jointly develop energy- efficient LCD panels for smartphones using the Japanese firm's technology, with the U.S. company initially getting about 2.64% of Sharp's stock, the report adds. ==================== N E W Z E A L A N D ==================== PROPERTY VENTURES: Unit Fails to Settle NZ$1.52 Million Debt ------------------------------------------------------------ Michael Berry at stuff.co.nz reports that Associate Judge Rob Osborne, on Dec. 21 last year, opined that Gibbston Downs Wines failed in its attempt to have set aside a NZ$1.52 million debt owed to its failed parent Property Ventures. Property Ventures (PVL), the central company of the David Henderson property development ventures, was put into receivership in March 2010, and then into liquidation in July the same year, the report relates. Bankrupt Christchurch developer David Henderson is a former director of both PVL and Gibbston Downs Wines. PVL liquidator Robert Walker -- walkerrb@actrix.co.nz -- retrieved, "after some resistance", electronic files from the company that showed an advance made by PVL to Gibbston Downs of NZ$1.5 million in the trial balance at March 31, 2008, stuff.co.nz relates. The advance was matched by a liability reported in Gibbston Downs' records, which remained at the time of PVL's liquidation. In June, stuff.co.nz recounts, Mr. Walker wrote to Gibbston Downs director Ian Hyndman demanding the money. Mr. Hyndman replied saying he would have nothing to do with Mr. Walker, calling him "a crook". Mr. Walker then issued the statutory demand for payment of the debt, the report relates. stuff.co.nz notes that Gibbston Downs applied to the High Court to set aside the demand on the grounds that the debt was disputed; the liquidator was not authorized to issue the demand; and the liquidator had acted improperly. According to stuff.co.nz, Judge Osborne dismissed Gibbston Downs's application saying that the wine company had to show there was a genuine and substantial dispute over the debt. The judge found the liquidator was entitled to order repayment of debt owing to PVL, the report adds. ===================== P H I L I P P I N E S ===================== CALATA CORP: Director Quits As Firm Faces Insider Trading Probe --------------------------------------------------------------- BusinessWorld Online reports that another director of embattled listed firm Calata Corp. has quit amid an ongoing probe on alleged insider trading. "We advise the exchange that the board of directors of Calata received and accepted the resignation of Mr. Baltazar N. Endriga as member of the board of directors of the company," the firm said in a disclosure obtained by BusinessWorld. "The company was advised that as president of Credit Information Corp., a government-owned and -controlled corporation, Mr. Endriga would like to ensure that no circumstance tending to create a potential conflict of interest might arise," Calata added. BusinessWorld relates that the company said Mr. Endriga will also tender his resignation as a director in other private companies. The resignation "is not expected to have any material impact on the company's current or future operations or its financial position or results of operation," Calata, as cited by BusinessWorld, stated. Mr. Endriga's resignation followed that of Jaime C. Laya, former central bank governor, who quit the board on Dec. 12, 2012, the report notes. According to BusinessWorld, the Securities and Exchange Commission has filed a complaint with the Justice department on alleged insider trading involving company officials and the financial advisor. Calata Corp. distributes farming and agricultural products. RURAL BANK OF BANGAR: Placed Under PDIC Receivership ---------------------------------------------------- The Monetary Board placed the Rural Bank of Bangar (La Union), Inc. under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 2107 dated Dec. 19, 2012. As Receiver, PDIC took over the bank on Dec. 20, 2012. Rural Bank of Bangar is located at 2 Central East, Bangar, La Union. Latest available records show that as of September 30, 2012, Rural Bank of Bangar had 1,256 accounts with total deposit liabilities of PHP21.37 million. According to the latest Bank Information Sheet (BIS) as of June 30, 2012 filed by the Rural Bank of Bangar with the PDIC, the bank is majority owned by Juanito Jun S. Valdez (17.63%), Dionisia M. Lagunilla (9.22%), Zenaida Hermelina V. Galvez (9.01%); and Dante S. Valdez, Pedro Dominic S. Valdez, Melvin S. Valdez and Wilfredo S. Valdez (8.99% each). Its Chairman and President is Angeles O. Valdez. In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of PHP500,000. PDIC also announced that it will conduct a Depositors Forum on Jan. 4, 2013, to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during the Depositors Forum. The schedule and venue of the Depositors Forum will be posted in the bank premises and in the PDIC website, www.pdic.gov.ph. Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Depositor Update Forms to be furnished by PDIC representatives. Duly accomplished Depositor Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until Jan. 9, 2013. Depositors with valid savings accounts with balances of PHP15,000 and below, who have no outstanding obligations with the Rural Bank of Bangar and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the third week of January 2013. * PHILIPPINES: 10 Listed Firms Face Trading Suspension ------------------------------------------------------ Manila Standard Today reports that 10 publicly-listed companies, including San Miguel Brewery Inc. and PAL Holdings Inc., face trading suspension starting Jan. 2, after failing to comply with the 10 % minimum public float rule of the Philippine Stock Exchange. Other companies whose stocks will be suspended from trading are Allied Banking Corp., Alphaland Corp., Cosmos Bottling Corp., Nextstage Inc., Southeast Asia Cement Holdings Inc., PNOC- Exploration Corp., Philcomsat Holdings Corp. and San Miguel Properties Inc., Manila Standard discloses. The report notes that the companies will be given the six-month trading suspension as a penalty for their failure to sell more shares to the public. According to the report, the PSE said in a memorandum the trading suspension will take effect on Jan. 2, the stock market's first trading day in 2013. PSE said the trading suspension on the shares of non-compliant listed companies would cover not more than six months, or until June 30, 2013, Manila Standard relays. The report adds the Bureau of Internal Revenue will also impose capital gains tax and a documentary stamp tax on every sale, barter, exchange or other disposition of shares of listed companies that are not compliant with the public ownership rule. The PSE said if a listed company remained non-compliant after June 30, 2013, its shares would be delisted effective July 1, 2013, according to Manila Standard. The report notes the PSE will lift the trading suspension imposed on the company's shares if the erring firm presents proof of compliance with the public ownership requirement. ********* 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., Washington, D.C., 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 2013. 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$775 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 215-945-7000 or Nina Novak at 202-241-8200. *** End of Transmission ***