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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 18, 2013, Vol. 16, No. 13
Headlines
A U S T R A L I A
PATINACK FARM: New Business Not a Phoenix Firm, Liquidator Says
C H I N A
CHINA SHEN: NYSE MKT Extends Listing Compliance Date to April 24
HENGDELI HOLDINGS: Moody's Assigns 'Ba1' CFR; Outlook Stable
H O N G K O N G
A.H.M. (CHINA): Commences Wind-Up Proceedings
GEODIS WILSON: Creditors' Proofs of Debt Due Feb. 1
GOLD SUNBEAM: Commences Wind-Up Proceedings
GRAND OCEAN: Creditors' Proofs of Debt Due Feb. 14
KEMCLAY LIMITED: Commences Wind-Up Proceedings
LI & FUNG LOGISTICS: Commences Wind-Up Proceedings
MEDIAPRO LIMITED: Commences Wind-Up Proceedings
MODERN GOOD: Creditors' Proofs of Debt Due Feb. 14
RICHE MONDE: Creditors' Proofs of Debt Due Feb. 14
SEAMAKE LIMITED: Creditors' Proofs of Debt Due Feb. 14
SUITABLE INVESTMENT: Creditors' Proofs of Debt Due Feb. 14
YIU CHEUNG: Yan and Haughey Step Down as Liquidators
I N D I A
ANUBHUTI COLD: CRISIL Assigns 'BB-' Rating to INR62.8MM Loans
BRAMHACORP HOTELS: CRISIL Places 'B' Rating on INR1.89BB Loans
GUJARAT FLOTEX: CRISIL Places 'BB+' Rating on INR230MM Loans
JAI BHARAT: CRISIL Assigns 'B' Rating to INR190MM Loans
KINGFISHER AIRLINES: Obtains NOC From Oil & Leasing Firms
KRITIKA ENTERPRISES: CRISIL Rates INR50MM Cash Credit at 'B+'
MAHADEO STEEL: CRISIL Rates INR90MM Cash Credit at 'CRISIL B'
MAHESH EXTRUSIONS: Delay in Loan Payment Cues CRISIL Junk Ratings
MAPSKO BUILDERS: CRISIL Rates INR1.2BB LT Loan at 'CRISIL B+'
NIRUPAMA COLD: CRISIL Assigns 'C' Ratings to INR90.5MM Loans
PATTABI ENTERPRISES: CRISIL Places 'B-' Rating on INR87.9MM Loans
SABA EXPORTS: CRISIL Upgrades Rating on Long-Term Loans to 'BB+'
SAISONS TECHNOCOM: CRISIL Puts 'BB-' Rating on INR150MM Loans
I N D O N E S I A
GAJAH TUNGGAL: Moody's Rates Senior Secured Notes '(P)B3'
GAJAH TUNGGAL: S&P Assigns 'B' Rating to Proposed US$500MM Notes
J A P A N
JLOC 37: Fitch to Withdraws 'D' Ratings on Class D1 and D2 Notes
RENESAS ELECTRONICS: Plans to Cut More Than 3,000 Additional Jobs
SHARP CORP: In Talks With Lenovo Over TV Factory Sale
K O R E A
SAMWHAN CORP: Seoul Court Ends Builder's Six-Month Receivership
* KOREA: Moody's Says Basel III Implementation Neg. for Banks
N E W Z E A L A N D
ROSS ASSET: ICA Removes David Ross From Membership
V I E T N A M
VIETNAM BANK: Moody's Affirms 'B2' Long-Term Issuer Ratings
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
PATINACK FARM: New Business Not a Phoenix Firm, Liquidator Says
---------------------------------------------------------------
Cara Waters at SmartCompany reports that following the
liquidation of his Patinack Farm horse racing empire, Nathan
Tinkler has created a new company to employ the thoroughbred
operation's staff, but Patinack Farm Administration's
administrator said the new business is not a phoenix company.
SmartCompany says the embattled former billionaire and Rich
Lister has been fighting to save Patinack Farm Administration,
which owed creditors AUD4.8 million when it was liquidated late
last year over outstanding employee payments.
Since then, Mr. Tinkler has sold several hundred of the 1,000
breeding and racing horses in his Patinack Farm empire, the
report relates.
Anthony Matthews & Associates is conducting the liquidation and
liquidator Raymond Nolan told SmartCompany Patinack Farm
Administration was allowed to temporarily continue operations
after director Troy Palmer paid AUD270,000 as a surety and the
outstanding entitlements to staff.
According to the report, Patinack Farm Administration did not own
any of the horses or properties which make up Mr. Tinkler's
racing operations but it did employ the 147 staff behind Patinack
Farm.
"The only thing that was really in this company was the
employees, it was basically a service entity that provided
employees to the Patinack Farm group," SmartCompany quotes
Mr. Nolan as saying.
Following the liquidation, all but three of those staff have
resigned from Patinack Farm Administration and have been re-
employed by a new company, Thoroughbred Administration.
Thoroughbred Administration is controlled by Palmer and was
created after Patinack Farm Administration's collapse.
Mr. Nolan says following the creation of the new company and
resignation of staff, the liquidation is continuing as normal and
the liquidators are continuing to take action with regard to
debts and action on insolvent trading.
Whitehave Coal Stake Sale
SmartCompany reports that the establishment of Mr. Tinkler's new
company follows speculation lenders to the embattled entrepreneur
are ready to sell his stake in Whitehaven Coal, which is the
major source of his remaining wealth.
According to SmartCompany, news agency Reuters reported earlier
this week that Mr. Tinkler's main lender, Noonday, an arm of US
hedge fund Farallon Capital, was in talks with Chinese miner
Shenhua and an unidentified Japanese firm, about the sale of
Mr. Tinkler's 19.4% stake in Whitehaven, which is currently worth
around $675 million.
Tinkler's spokesperson told SmartCompany the coal baron would not
comment on the reports as they were just speculation.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, smh.com.au said Mr. Tinkler's legal battles
continue, with the ATO confirming it will seek to wind up one of
his main private entities, Tinkler Group Holdings Administration,
over unspecified debts. Two of Mr. Tinkler's companies, Mulsanne
Resources and Patinack Farm Administration, are in liquidation
and another, TGHA Aviation, is in receivership. The ATO has also
filed wind-up proceedings against Queen St Capital.
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C H I N A
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CHINA SHEN: NYSE MKT Extends Listing Compliance Date to April 24
----------------------------------------------------------------
China Shen Zhou Mining & Resources, Inc. on Jan. 16 disclosed
that the Company received notice from the NYSE MKT LLC advising
that China Shen Zhou's plan to regain compliance previously
submitted to the Exchange has been approved with an extended
compliance date of April 24, 2013.
On October 24, 2012, the Company received notice from the NYSE
Amex advising that it was not in compliance with Section
1003(a)(iv) continued listing standards, which applies if a
listed company has sustained losses that are substantial in
relation to its overall operations or its existing financial
resources.
The Company presented a plan of compliance to the Exchange on
November 30, 2012 and has provided supplemental information as
requested. On January 11, 2013, the Exchange communicated that
it accepted the Company's plan of compliance and granted the
Company an extension until April 24, 2013 to regain compliance
with the continued listing standards. The Company will be
subject to periodic review by the Exchange Staff during the
extension period. Failure to make progress consistent with the
plan or to regain compliance with the continued listing standards
by the end of the plan period could result in the Company being
delisted from the NYSE Amex. China Shen Zhou's management fully
expects to execute the plan within the time frame prescribed by
the Exchange.
About China Shen Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its
subsidiaries, is engaged in the exploration, development, mining,
and processing of fluorite, barite and nonferrous metals such as
zinc, lead and copper in China. The Company has the following
principal areas of interest in China: (a) fluorite extraction and
processing in the Sumochaganaobao region of Inner Mongolia;
(b)fluorite and barite extraction and processing in the Wuchuan
County of Guizhou province (c)fluorite and barite extraction and
processing in the Yanhe County of Guizhou province.(d)fluorite
extraction and processing in Jingde County, Anhui Province; (e)
zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and
(f) zinc/copper exploration, mining and processing in Xinjiang.
HENGDELI HOLDINGS: Moody's Assigns 'Ba1' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Hengdeli Holdings Limited.
At the same time, Moody's has assigned a (P) Ba1 provisional
rating to the proposed US$ bonds to be issued by Hengdeli
Holdings Limited.
The ratings outlook is stable.
This is the first-time Moody's has assigned ratings to Hengdeli.
Ratings Rationale
"The Ba1 rating reflects Hengdeli's leading position in China's
fast-growing luxury watch market," says Alan Gao, a Moody's Vice
President and Senior Analyst.
Hengdeli enjoys approximately 20% share of the imported high-end
Swiss watch segment in Mainland China and Hong Kong.
"The company's leading market position is also supported by its
broad retail and distribution network in the Greater China
region, including Hong Kong and Taiwan, which targets different
tiers of customers," says Mr. Gao who is also the lead analyst
for Hengdeli.
Hengdeli generates most of its sales -- around 76% in 1H 2012 --
through its 428 outlets in Mainland China, Hong Kong, Macau and
Taiwan. In addition, it acts as a sole wholesaler for some
internationally renowned watches, including luxury brands, to 400
retailers in 100 cities in Mainland China.
Such a broad range means that Hengdeli can sell to different
tiers of customers. It also enables it to manage its
profitability through changes in product mix.
"Moody's also considers that Hengdeli's rating is supported by
its close relationship with suppliers who are also its strategic
investors," says Mr. Gao.
Specifically, it has established relationships with key
suppliers, including Swatch Group and LVMH Group, which are also
shareholders, holding interests of 9.06% and 6.33% respectively.
They are among the few large Swiss watch makers that dominate the
luxury end of China's market.
"Another reason for the Ba1 rating is Hengdeli's good track
record of managing growth," says Mr. Gao.
The company has demonstrated fast growth since it listed on the
Stock Exchange of Hong Kong in 2005. This growth has been
supported by China's growing affluence, which will in turn
translate into continued demand for luxury and fine watches over
the medium and long term.
As a result, the company's total annual revenue increased by
almost 5 fold from RMB2.4 billion in 2006 to RMB11.4 billion in
2011, translating into compound annual growth of 37% over the
past 5 years. At the same time, it has maintained a stable EBIT
margin, ranging between 12 and 14%.
On the other hand, Hengdeli's rating is constrained its focus on
a single product -- namely watches -- the susceptibility to
economic cycles of the luxury and fine watch business, the
reliance of its sales on luxury watches, and weak free cash flow
generation, resulting from the large amounts of working capital
needed to fund growth.
Hengdeli's single-product risk is mitigated partly by the fact
that its portfolio shows diversified brands and a broad range of
watches, but concentration risk is still evident.
The company's luxury watch outlets represent less than 4% of its
total store numbers but contributed to a significant part of its
total retail sales in 2011 and 1H 2012 respectively.
Moody's expects that its strategy of increasing sales of mid-
range watches could partially offset any sluggish performance in
the luxury segment.
When compared with luxury watches, entry-level and mid-range
sales have fared better during the current economic slowdown and
China's lower tier cities offer secular growth opportunities for
this segment.
Moreover, Hengdeli's sales are affected by economic cycles, given
luxury watches are viewed as discretionary items. Therefore,
Moody's expects total revenue growth to slow in the next 12
months and to see some downward pressure on profit margins.
Nevertheless, Debt/EBITDA will remain around 4x and
EBITDA/Interest around 4X.
The company's high growth has boosted its need for high levels of
working capital. Specifically, it has to stock its new stores and
low turnover rates for luxury watches mean that they could sit on
the shelves for around 180 days.
Despite good relationships with its suppliers, Hengdeli's high
working capital needs are evident from its operating cash flow of
RMB679 million in FY2011 when funds from operations were high at
RMB1.55 billion. Moody's expects it to adjust its growth rate and
maintain good relationships with its banks to manage its working
capital position.
Hengdeli has maintained a strong liquidity profile, supported by
sufficient cash on hand, which covers its short-term debt
position more than adequately. As of June 2012, it had a cash
balance of RMB3.4 billion, fully covering the RMB2.5 billion in
bank loans due over the next 12 months.
Its strong liquidity profile is likely to continue as it will
have only modest capital and investment requirements over the
next 12 months, and will focus its expansion in China's second
and third tier cities to cater to the entry-level and mid-range
segments.
The stable outlook reflects Moody's expectation that Hengdeli
will maintain its leading market position, prudently manage its
expansion, and preserve its strong liquidity.
Upward pressure on the ratings could be limited in the near term
in light of the softness in the luxury watch segment. However, in
the medium term upward pressure could emerge if the company can
demonstrate balanced growth from its luxury and mid-range
products and improve free cash flow generation.
Upgrade pressure could emerge if Hengdeli can sustain Adjusted
Debt/EBITDA below 3.0x-3.5x, EBITDA/interest above 5x, and
RCF/Net Debt above 20%.
On the other hand, the ratings could be downgraded if Hengdeli:
(i) takes on further material debt-funded acquisitions or expands
its number of stores aggressively; (ii) faces margin declines due
to lower operating efficiency or a worse-than-expected
deterioration in market conditions; or (iii) experiences
significant deterioration in its liquidity and/or working capital
positions due to imprudent expansion or poor inventory
management.
Credit metrics indicative of downgrade pressure would include
Adjusted Debt/EBITDA above 5.0x, EBITDA/Interest below 3.0-3.5x,
or RCF/Net Debt below 10% - 15% consistently.
The principal methodology used in this rating was Global Retail
Industry Methodology published in June 2011.
Founded in 1997 and headquartered in Shanghai, Hengdeli is
China's largest retailer and distributor of fine and luxury
watches with over 428 outlets across Mainland China, Hong Kong
and Taiwan as of June 2012. Mr Zhang Yuping and his family are
the single largest shareholder with a 35.75% interest. It listed
on the Stock Exchange of Hong Kong in 2005.
================
H O N G K O N G
================
A.H.M. (CHINA): Commences Wind-Up Proceedings
---------------------------------------------
Members of A.H.M. (China) Engineering Co. Limited, on Dec. 31,
2012, passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidator is:
Poon Wai Hung Richard
Room 1410, Harbour Centre
25 Harbour Road
Wanchai, Hong Kong
GEODIS WILSON: Creditors' Proofs of Debt Due Feb. 1
---------------------------------------------------
Creditors of Geodis Wilson Far East Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 1, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 31, 2012.
The company's liquidators are:
Chan Mi Har
Betty Yuen Yeung
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
GOLD SUNBEAM: Commences Wind-Up Proceedings
-------------------------------------------
Members of Gold Sunbeam Limited, on Dec. 31, 2012, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidators are:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
22/F, Prince's Building
Central, Hong Kong
GRAND OCEAN: Creditors' Proofs of Debt Due Feb. 14
--------------------------------------------------
Creditors of Grand Ocean International Trading Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Feb. 14, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Jan. 3, 2013.
The company's liquidator is:
Sung Mi Yin Mella
Suite No. A, 11th Floor
Ritz Plaza, 122 Austin Road
Tsimshatsui, Kowloon
Hong Kong
KEMCLAY LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Kemclay Limited, on Jan. 4, 2013, passed a resolution
to voluntarily wind-up the company's operations.
The company's liquidators are:
Osman Mohammed Arab
Wong Kwok Keung
29/F, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
LI & FUNG LOGISTICS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Li & Fung Logistics Limited, on Dec. 31, 2012, passed
a resolution to voluntarily wind-up the company's operations.
The company's liquidators are:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
22/F, Prince's Building
Central, Hong Kong
MEDIAPRO LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Mediapro Limited, on Dec. 31, 2012, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidator is:
Victor Robert Lew
22nd Floor, Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
MODERN GOOD: Creditors' Proofs of Debt Due Feb. 14
--------------------------------------------------
Creditors of Modern Good Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 14, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 30, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Hong
RICHE MONDE: Creditors' Proofs of Debt Due Feb. 14
--------------------------------------------------
Creditors of Riche Monde (China) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 14, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 30, 2012.
The company's liquidators are:
Pau Lai Mei
Ho Siu Pik
Level 28, Three Pacific Place
1 Queen's Road
East, Hong Kong
SEAMAKE LIMITED: Creditors' Proofs of Debt Due Feb. 14
------------------------------------------------------
Creditors of Seamake Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 14, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 30, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Hong
SUITABLE INVESTMENT: Creditors' Proofs of Debt Due Feb. 14
----------------------------------------------------------
Creditors of Suitable Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 14, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Dec. 30, 2012.
The company's liquidators are:
Puen Wing Fai
Lo Yeuk Ki Alice
6/F, Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Hong
YIU CHEUNG: Yan and Haughey Step Down as Liquidators
----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Yiu Cheung Glass Mirror Company Limited on Jan. 4,
2012.
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I N D I A
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ANUBHUTI COLD: CRISIL Assigns 'BB-' Rating to INR62.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Anubhuti Cold Chains Private Limited (ACCPL, part
of the Anubhuti Group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60.0 CRISIL BB-/Stable (Assigned)
Term Loan 2.8 CRISIL BB-/Stable (Assigned)
The rating reflects the benefits that Anubhuti Group derives from
its promoters' extensive experience in the cold storage industry
and benefits that AG will get from the location of the plant.
These rating strengths are partially offset by company's average
financial risk profile, marked by high gearing and moderate debt
protection metrics, and its small scale of operations in the cold
storage industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ACCPL and its group company, Anubhuti
Logistics Private Limited, together referred to as AG. This is
because both the entities are in same line of business, and are
owned and managed by the same promoter.
Outlook: Stable
CRISIL expects Anubhuti group (AG) to benefit over the medium
term backed by promoter's extensive experience in the industry.
The outlook may be revised to 'Positive' if the group improves
its' scale of operations along with sustenance of profitability
level or improves its working capital management leading to
better liquidity profile. Conversely, the outlook may be revised
to 'Negative' if the company's financial risk profile
deteriorates due to pressure on its profitability or higher than
expected debt funded capex or deterioration of liquidity profile
due to stretch in working capital management.
About Anubhuti Cold
Incorporated in 2009, ACCPL is promoted by Chandigarh (Punjab)
based Mr. Rajinder Garg and Mr. Jai Khan. ACCPL deals in cold
storage and trading of fruits and vegetables.
Incorporated in 2011, ALPL is promoted by Mr. Rajinder Garg and
Mr. Raj Kumar. ALPL also deals in cold storage and trading of
fruits and vegetables.
AG reported a net profit of INR2.89 million on a net sales of
INR293.2 million for 2011-12 (refers to financial year, April 1
to March 31), as against a net profit of INR1.5 million on net
sales of INR140.5 million for 2010-11.
BRAMHACORP HOTELS: CRISIL Places 'B' Rating on INR1.89BB Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of BramhaCorp Hotels and Resorts Ltd (BHRL;
formerly known as Bramha Luxury Hotels Ltd).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1337.6 CRISIL B/Stable (Assigned)
Proposed Long Term 102.4 CRISIL B/Stable (Assigned)
Bank Loan Facility
Overdraft Facility 450.0 CRISIL B/Stable (Assigned)
Bank Guarantee 10.0 CRISIL A4 (Assigned)
The ratings reflect BHRL's susceptibility to intense competition
and cyclicality in the hospitality industry and exposure to risks
related to implementation of the ongoing Mahabaleshwar
(Maharashtra) hotel project. The ratings also reflect
deterioration in BHRL's financial risk profile, driven by
consistent profit-after-tax losses for the past three years and
increasing debt levels, led by large ongoing debt-funded capital
expenditure (capex) programme. These rating weaknesses are
partially offset by the established market position, supported by
the association with the Le M‚ridien brand.
Outlook: Stable
CRISIL believes that BHRL will continue to benefit from the
established market position, supported by association with the Le
M‚ridien brand. The outlook may be revised to 'Positive' in case
the company achieves significant sustained improvement in the
average room rentals and occupancy rates, resulting in better-
than-expected revenues and profitability, while completing the
ongoing project on time within the budgeted cost. Conversely, the
outlook may be revised to 'Negative' in case of continuing
pressure on occupancy levels and profitability, withdrawal of or
delayed funding support from promoters, or undertaking further
financial exposure to group or unrelated entities, resulting in
further deterioration of liquidity. Time or cost overruns in the
ongoing project or large, debt-funded capex may also result in
the revision of outlook to 'Negative'.
Incorporated in 1987, BHRL is part of the Pune-based Bramha group
promoted by Mr. Ramkumar Agarwal and his family. The company owns
a five-star hotel in Pune under the brand name Le M‚ridien since
1999 and is currently constructing a five-star hotel-cum-resort
in Mahabaleshwar, also under the brand name of Le M‚ridien.
GUJARAT FLOTEX: CRISIL Places 'BB+' Rating on INR230MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank loan facilities of Gujarat Flotex Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 85 CRISIL BB+/Stable
Standby Line of Credit 10 CRISIL BB+/Stable
Cash Credit 135 CRISIL BB+/Stable
Letter of Credit 20 CRISIL A4+
The ratings reflect the benefits GFPL will derive from extensive
experience of GFPL's promoters in the textile industry, leading
to established customer and supplier relations, and moderate
financial risk profile, marked by moderate gearing and debt
protection metrics. These rating strengths are partially offset
by GFPL's small scale of operations and the susceptibility of its
operating margin to raw material price volatility.
Outlook: Stable
CRISIL believes that GFPL will maintain its business risk profile
over the medium term, backed by its promoters' experience in the
textile industry. The outlook may be revised to 'Positive' in
case of improvement in its scale of operations and sustained
profitability, leading to larger-than-expected accruals or
improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if the company's accruals
are less than expected,due to reduced order flow or profitability
or if the company's financial risk profile deteriorated due to
stretch in working capital or a larger-than-expected, debt-funded
capital expenditure programme.
About Gujarat Flotex
Incorporated in 2000, GFPL is promoted by Ahmedabad (Gujarat)-
based was established by Mr. Jay Prakash Tosniwal, Mr. Anand
Choudhary, and Mr. Vikas Mehta. GFPL, based in Ahmedabad,
manufactures various kinds of flocked fabrics.
GFPL reported a net profit of INR14.2million for net sales of
INR720.7 for 2011-12 as against a net profit of INR13.1 million
for net sales of INR498.6 for 2010-11.
JAI BHARAT: CRISIL Assigns 'B' Rating to INR190MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jai Bharat Rice Mills. The rating reflects
JBRM's weak financial risk profile due to working capital
intensive nature of operations and small scale of operations in
highly fragmented industry. These rating strengths are partially
offset by extensive experience of JBRM's promoters in the rice
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 180 CRISIL B/Stable (Assigned)
Term Loan 10 CRISIL B/Stable (Assigned)
Outlook: Stable
CRISIL expects JBRM to maintain a stable business risk profile
over the medium term on the back of promoter's extensive
experience in the rice milling industry. The outlook may be
revised to 'Positive' in case of better than expected sales or
profitability or in case of equity infusion leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of less than expected demand
or in case the firm under takes substantial debt-funded
expansions that further deteriorate the capital structure or any
equity with drawl by the partners.
About Jai Bharat
JBRM is engaged in processing and sale of basmati rice. Its
facility is located at Firozpur, Punjab. The firm is currently
managed by Mr. Surinder Pal and Mr. Sukhwinder Singh.
JBRM reported net profit of INR2 million on net sales of INR359
million for 2011-12 (refers to financial year, April 1 to
March 31), against net profit of INR1.4 million on net sales of
INR363 million for 2010-11.
KINGFISHER AIRLINES: Obtains NOC From Oil & Leasing Firms
---------------------------------------------------------
Anirban Chowdhury at The Wall Street Journal reports that
Kingfisher Airlines Ltd. has received statements from debtors
such as oil suppliers and some aircraft leasing companies saying
that they have no objection to the airline's plans to restart
flights, a company executive said Wednesday.
But India's airport operators, which Kingfisher also owes money
to, haven't given the go-ahead yet, the executive told The Wall
Street Journal.
The approvals are essential for Kingfisher to get back its now
defunct license, the news agency notes.
The Journal says the permit was suspended by the country's
aviation regulator in December after Kingfisher employees went on
strike because they hadn't been paid in months.
According to the Journal, the regulator said the airline has to
get "no objection certificates" from all stakeholders --
including airport operators, oil companies and leasing firms --
if it wants its license back.
The executive said Kingfisher Chief Executive Sanjay Aggarwal
earlier on Jan. 16 met the head of the country's aviation
regulator and showed him the certificates of approval, the
Journal relates.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.
KRITIKA ENTERPRISES: CRISIL Rates INR50MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Kritika Enterprises.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50.00 CRISIL B+/Stable (Assigned)
The rating reflects KRE's small scale of operations, large
working capital requirements, and susceptibility to intense
competition in the iron and steel industry and to volatility in
raw material prices; the rating also factors in the firm's low
operating margin on account of the trading nature of its
business, and weak financial risk profile marked by a small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the benefits that KRE derives from its
promoters' industry experience and its wide product range.
Outlook: Stable
CRISIL believes that KRE will continue to benefit over the medium
term from the extensive trading experience of its promoters. The
outlook may be revised to 'Positive' in case KRE's financial risk
profile improves significantly, most likely because of capital
infusion by its promoters and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case KRE's profitability or revenues decline or if
the firm's working capital cycle lengthens, resulting in lower-
than-expected cash accruals, or if KRE undertakes any larger-
than-expected, debt-funded capital expenditure programme, leading
to deterioration in its financial risk profile.
KRE trades in iron and steel products such as iron rod ingots,
pig iron, sponge iron, polled iron, sulphur, hot rolled coils,
and cold rolled coil. The firm is based in Jamshedpur
(Jharkhand). The firm is managed by Mr. Amarnath Singh, Mr. Uday
Sankar Prasad, Mr. Suresh Kumar Sharma and Mrs. Rita Gupta.
MAHADEO STEEL: CRISIL Rates INR90MM Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Mahadeo Steel Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B/Stable (Assigned)
The rating reflects MSPL's small scale of and working-capital-
intensive operations, and weak financial risk profile, marked by
a small net worth and high gearing. These rating weaknesses are
partially offset by the benefit MSPL derives from its promoter's
extensive experience in the steel industry.
Outlook: Stable
CRISIL believes that MSPL will maintain its business risk
profile, backed by its promoter's extensive experience in the
steel industry. The outlook may be revised to 'Positive' in case
of higher than expected accruals coupled with better working
capital management, leading to improvement in its overall
financial risk profile particularly liquidity. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
liquidity on account of stretch in working capital, lower-than-
expected accruals or if the company undertakes any significant
debt-funded capital expenditure.
Incorporated in 2006, MSPL process hot-rolled and cold-rolled
steel coils based on customer's requirements and convert them
into steel plates. The company is promoted and managed by Mr
Bharat Singh.
In 2011-12 (refers to financial year, April 1 to March 31), MSPL
reported a profit after tax (PAT) of INR1.9 million on an
operating income of INR267.5 million, as against a PAT of INR1.3
million on an operating income of INR147.4 million for 2010-11.
MAHESH EXTRUSIONS: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Mahesh Extrusions Ltd (MEL). The ratings
reflect instances of delay by MEL in servicing its debt; the
delays have been caused by weak liquidity position of the
company.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 5.1 CRISIL D (Assigned)
Letter of Credit 40.0 CRISIL D (Assigned)
Cash Credit 65.0 CRISIL D (Assigned)
Bank Guarantee 5.0 CRISIL D (Assigned)
Bill Discounting 20.0 CRISIL D (Assigned)
MEL also has a weak financial risk profile, marked by high
gearing and below-average debt protection metrics, and a modest
scale of operations in the intensely competitive pipe and
fittings industry. However, MEL benefits from the extensive
industry experience of its promoters.
MEL was set up in 1991 by Mr. A Prasad Shetty and Mr. S P Y
Reddy. The company manufactures polyvinyl chloride and high
density polyethylene pipes which are used in the construction and
agriculture sectors.
For 2011-12 (refers to financial year, April 1 to March 31), MEL
reported a profit after tax (PAT) of INR2.8 million on net sales
of INR405.5 million as against a PAT of INR2.5 million on net
sales of INR309.3 million for 2010-11.
MAPSKO BUILDERS: CRISIL Rates INR1.2BB LT Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mapsko Builders Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 450 CRISIL A4 (Assigned)
Proposed Long-Term 1200 CRISIL B+/Stable (Assigned)
Bank Loan Facility
The ratings reflect implementation and demand risk associated
with Mapsko's real estate projects as well as exposure to risks
and cyclicality inherent in the real estate sector in India.
These rating weaknesses are partially offset by its established
position in the real estate business and funding support from the
promoters.
Outlook: Stable
CRISIL believes that Mapsko will maintain its current business
risk profile on the back of the extensive experience of the
promoters. The outlook may be revised to 'Positive' if there is a
significant improvement the company's business and financial risk
profile backed by timely implementation and high saleability of
its ongoing projects leading to sustained healthy cash accruals.
The outlook may be revised to 'Negative' if there is time and
cost overrun in the ongoing projects or significant pressure on
Mapsko's liquidity if there are delays in receiving customer
advances leading to pressure on revenue and profitability.
About Mapsko Builders
Mapsko develops residential real estate projects and is a part of
the Krishna Apra group that was set up in 1997 by Mr. Amrit
Singla (director, Apra Builders Ltd). Mapsko was incorporated in
January 2003. Mr. Singla, chairman and managing director, looks
after Mapsko's day-to-day operations.
NIRUPAMA COLD: CRISIL Assigns 'C' Ratings to INR90.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Nirupama Cold Storage Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 68.50 CRISIL C (Assigned)
Term Loan 22.00 CRISIL C (Assigned)
The rating reflects NCSPL's weak liquidity, which is expected to
impair the company's ability to service its debt in a timely
manner. The ratings also reflect NCSPL's weak financial risk
profile marked by a small net worth, a high gearing, and weak
debt protection metrics, and exposure to the highly regulated and
fragmented nature of the cold storage industry in West Bengal.
These rating weaknesses are partially offset by the extensive
experience of NCSPL's promoters in the cold storage business.
NCSPL was set up in 1997 by Mr. Sunil Kumar Mal and his family
members. The company has a cold storage facility, with capacity
of 214,000 tonnes, in Bankura (West Bengal) for the potato
traders and farmers of West Bengal.
PATTABI ENTERPRISES: CRISIL Places 'B-' Rating on INR87.9MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Pattabi Enterprises.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30.0 CRISIL B-/Stable (Assigned)
Export Packing Credit 4.0 CRISIL B-/Stable (Assigned)
Bank Guarantee 3.9 CRISIL A4 (Assigned)
Rupee Term Loan 53.9 CRISIL B-/Stable (Assigned)
The ratings reflect Pattabi's constrained liquidity driven by
inadequate cash accruals to meet its maturing debt obligations,
and average financial risk profile, marked by moderate gearing, a
modest net worth, and average debt protection metrics. The rating
also factor in the firm's small scale of operations in the highly
fragmented printing industry, and susceptibility of its operating
margin to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of Pattabi's promoters, and established relationships
with customers.
Outlook: Stable
CRISIL believes that Pattabi will continue to benefit over the
medium term from its diversified client base and extensive
experience of its promoters in the label printing industry. The
outlook may be revised to 'Positive' if Pattabi's turnover and
profitability are better than anticipated, leading to higher-
than-expected cash accruals and hence to an improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of further deterioration in Pattabi's liquidity,
resulting from lower-than-expected funding support from promoters
or substantial increase in working capital requirements.
About Pattabi Enterprises
Pattabi was established as a proprietorship firm in 1992 by Mr. J
B Pattabi, and was later reconstituted as a partnership firm in
2006 by introducing Mr. J B Nataraj (his brother), Mrs. J P
Suchitra (wife), and Mrs. J N Shruthi (sister-in-law) as
partners. The firm is engaged in the business of printing labels,
stickers, cartons, covers, envelopes, and other such items.
SABA EXPORTS: CRISIL Upgrades Rating on Long-Term Loans to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Saba Exports to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable, while reaffirming the rating on the firm's short-term
bank facilities at 'CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 111.5 CRISIL A4+
Cash Credit 1.0 CRISIL BB+/Stable
Standby Line of Credit 10.0 CRISIL BB+/Stable
Letter of Credit 10.0 CRISIL A4+
Derivative Facility 1.5 CRISIL A4+
Term Loan 9.0 CRISIL BB+/Stable
The rating upgrade reflects improvement in SE's business risk
profile, backed by its promoters' extensive industry experience
and its strong and diversified customer base, in spite of its
exposure to intense competition from organised and unorganised
players in the leather industry. CRISIL believes that SE will
maintain its improved business risk profile over the medium term,
supported by the healthy growth prospects of the leather
industry, and the successful ramp-up of operations in its
increased capacity leading to higher revenues and improved
operating efficiencies, and, in turn, to increase in cash
accruals. SE's revenues witnessed a compound annual sales growth
of around 47 per cent over the past three years. For 2012-13
(refers to financial year, April 1 to March 31), SE is expected
to register revenues of around INR1 billion. The firm has been
able to garner healthy export orders and is expected to continue
to receive healthy orders because of high demand for finished
leather and leather footwear from countries such as Italy, Hong
Kong, France, and Japan.
The ratings continue to reflect SE's wide geographic reach and
diversified customer base, and healthy financial risk profile
marked by a comfortable gearing and healthy debt protection
metrics. These rating strengths are partially offset by SE's
exposure to risks related to volatility in raw material prices
and in foreign exchange rates, and susceptibility to intense
industry competition.
Outlook: Stable
CRISIL believes that SE will continue to benefit over the medium
term from its wide geographic reach and its diversified customer
base. The outlook may be revised to 'Positive' if the firm
registers higher-than-expected improvement in its scale of
operations and substantial increase in its net cash accruals,
driven by improvement in its profitability. Conversely, the
outlook maybe revised to 'Negative' in case SE registers
significant increase in its working capital requirements or if it
undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to weakening in its financial risk
profile.
SE, a partnership firm established in 2002, is an export-oriented
unit, which manufactures and exports leather shoe upper, leather
belts, and finished leather. SE's day-to-day operations are
managed by Mr. Ishrat Ishtiaque, who is one of the partners of
the firm and has experience of more than a decade in the leather
industry.
SE reported profit after tax (PAT) of INR3.9 million on net sales
of INR748.5 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.3 million on net
sales of INR447.8 for 2010-11.
SAISONS TECHNOCOM: CRISIL Puts 'BB-' Rating on INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Saisons Technocom Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 30 CRISIL BB-/Stable (Assigned)
Cash Credit 120 CRISIL BB-/Stable (Assigned)
Letter of Credit 30 CRISIL A4+ (Assigned)
The ratings reflect STPL's promoter's extensive experience in the
engineering and electrical products industry, established
relationships with reputed clientele base leading to healthy
growth in revenues. These rating strengths are partially offset
by STPL's moderate financial risk profile, marked by modest
networth, high gearing and subdued debt protection metrics, and
working capital intensive nature of activity.
Outlook: Stable
CRISIL believes that STPL will benefit over the medium term from
its established customer relationships and extensive industry
experience of its promoters. The outlook may be revised to
'Positive' in case the company reports higher-than-expected
revenues while maintaining its profitability and improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case there is significant decline in STPL's
revenues or its profitability or if it undertakes any large debt-
funded capex programme, adversely affecting its financial risk
profile.
About Saisons Technocom
STPL incorporated in 1999, by Mr. Siddharth Shah, is engaged in
manufacturing of various electrical and engineering products like
electrical panel, telecom wire harness, PCB assembly and
fabrication of various products. The company's manufacturing
facilities are located in Mahape (Navi Mumbai) and Goa.
STPL reported a profit after tax (PAT) of INR13.2 million on net
sales of INR754 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR9.5 million on net
sales of INR501 million for 2010-11.
=================
I N D O N E S I A
=================
GAJAH TUNGGAL: Moody's Rates Senior Secured Notes '(P)B3'
---------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the proposed USD denominated notes to be issued by PT Gajah
Tunggal Tbk.
Gajah Tunggal's B3 corporate family rating and the ratings on the
proposed notes and its existing USD denominated bonds issued by
GT 2005 Bonds BV, and guaranteed by GT, continue to remain on
review for upgrade, where they were placed on December 19, 2012.
The provisional status of the rating will be removed and the
review for upgrade will conclude with a likely upgrade by one
notch to B2 upon completion of the issuance and review of final
documentation.
Ratings Rationale
The rating on the proposed notes is in line with the corporate
family rating of GT as the proposed notes are senior obligations
of the company and also benefit from the security of certain
moveable and immovable properties of the company and a pledge on
GT's stake in PT Prima Sentra Megah and PT Polychem Indonesia
Tbk.
The proceeds from the issue of the notes will be used to fund the
tender/ redemption of the existing USD413 million Notes and the
remainder will be used for capital expenditure in connection with
the development of GT's Truck & Bus Radial tire production plant.
"We view the proposed transaction as credit positive given that
it addresses the company's refinancing risk well ahead of time.
We will in all likelihood upgrade the corporate family rating of
GT and the rating of the proposed bonds to B2, once the company
successfully completes the transaction," says Vikas Halan, a
Moody's Vice President and Senior Analyst.
On December 19, 2012, Moody's placed Gajah Tunggal's B3 corporate
family rating (CFR) on review for upgrade following the company's
announcement that it was seeking approval from its shareholders
to issue a bond of up to US$500 million, the proceeds of which
will be used to fund the tender for the existing notes that
mature in July 2014. GT has received the shareholder approval on
January 14, 2013.
As part of the refinancing process, on January 9, 2013, the
company announced a tender offer for the bonds along with a
consent to reduce the notice period to call the bonds. The bonds
are already callable at par and have been tendered for at par.
"Over the next 12 to 18 months, the rating could see further
upward momentum, if the company is successful in a) diversifying
its funding sources with more spread out debt maturity schedule,
b) reducing exposure to volatile foreign exchange fluctuation and
c) executing its expansion plans while maintaining its credit
metrics such that its debt/EBITDA remains below 3.0x and
EBIT/Interest is maintained at above 2.0x on a sustained basis"
adds Halan.
"On the other hand, if the company fails to execute its
refinancing plan within the next six months, the rating may face
downward pressure" adds Halan.
GT's corporate family rating reflects its leading and competitive
position in the Indonesian domestic tire market and its balanced
product and geographical sales mix. While its financial profile
is currently solid for the rating, indicated by Debt/EBITDA of 2x
and retained cash flow RCF/net debt of 50% for the nine months
ending September 2012, its rating is constrained by the company's
history of debt restructuring, and its exposure to cyclical raw
material prices and FX movements, leading to volatile operating
performance.
The principal methodology used in these ratings was Global
Automotive Supplier Industry Methodology published in January
2009.
Gajah Tunggal is Southeast Asia's largest integrated tire
manufacturer producing over 36 million tires covering
motorcycles, passenger cars and commercial vehicles. Exports
accounted for 37% of sales during the nine months ending
September 2012 and replacement market sales accounted for almost
86% during the same period. Giti Tire, a Chinese tire
manufacturer, is a 49.7% shareholder in the company through its
subsidiary, Denham Pte Ltd while Compagnie Financiere Michelin
holds a 10% interest.
GAJAH TUNGGAL: S&P Assigns 'B' Rating to Proposed US$500MM Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to a
proposed issuance of up to US$500 million in senior secured notes
due 2018 by Indonesia-based tire manufacturer PT Gajah Tunggal
Tbk. (B/Watch Pos/--; axBB-/Watch Pos). The rating on the notes
is on CreditWatch with positive implications and is subject to
S&P's review of the final issuance documentation.
"We rate the proposed issue at the same level as the corporate
credit rating on Gajah Tunggal because we believe secured
priority debt ranking higher than the notes will be less than 15%
of Gajah Tunggal's total assets over the next two years. Our
CreditWatch status on the proposed notes reflects the placement
of our corporate credit rating on Gajah Tunggal on CreditWatch
positive on Dec. 27, 2012," S&P said.
Gajah Tunggal intends to use the proceeds of the proposed notes
to repay about US$413 million outstanding under its 2009
restructured bond, and for capital spending and general corporate
purposes.
PT Gajah Tunggal Tbk. will be the issuer of the proposed notes.
The major assets used to secure the notes are expected to be
three of the company's production plants and related equipment
and Gajah Tunggal's 25.6% stake in Indonesia-based chemical
producer PT Polychem Indonesia Tbk. (not rated).
"We note, however, that the security package does not include the
industrial land in Karawang that Gajah Tunggal purchased in 2012,
for about US$108 million. This land asset represents, in our
view, a sizable proportion of the company's fixed assets (about
17%) and equity (about 20%). In addition, the company's facility
manufacturing radial tires for passenger cars, which contributes
a significant part of Gajah Tunggal's revenues, is not pledged to
bondholders. We expect the passenger car radial tire operations
to account for 40%-45% of Gajah Tunggal's revenues over the next
two years," S&P added.
"The financial covenants under the proposed issue are somewhat
looser, in our opinion, than the covenants under Gajah Tunggal's
2009 restructured bond. The company can incur additional debt if
its fixed charge coverage ratio exceeds 2.75x on a rolling 12-
month basis. The 2009 restructured bond allowed additional debt
as long as the company satisfied the following three financial
covenants: a debt-to-EBITDA ratio of less than 4.0x; a debt-
consolidated net worth of less than 2.0x; and a ratio of current
assets to current liabilities above 1.0x. Nevertheless, we
expect the company to remain in compliance with the covenant on
fixed-charge coverage ratio over the next two years in our base-
case scenario," S&P noted.
The rating on PT Gajah Tunggal Tbk. reflects the company's
aggressive capital structure and its exposure to the cyclical and
competitive tire manufacturing industry, and volatile raw
material prices. The rating also factors in some affiliation
risk with sister company Giti Tires Pte. Ltd. Gajah Tunggal's
low cost position and strong share in the Indonesian tire market
temper these weaknesses. S&P assessed the company's business
risk profile as "weak" and its financial risk profile as
"aggressive."
=========
J A P A N
=========
JLOC 37: Fitch to Withdraws 'D' Ratings on Class D1 and D2 Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'Dsf' ratings of JLOC 37, LLC's
class D1 and D2 notes due to tranche default. The transaction is
a Japanese multi-borrower type CMBS securitisation.
The class D1 and D2 notes were written down further to zero on
the January 2013 payment date, after the workout activity of the
remaining defaulted loan resulted in partial recovery.
Since the previous rating action in July 2012, the last remaining
property backing the transaction's loan was sold. The repayment
proceeds from the loan were applied to the repayment of the note
principal sequentially and as a result, the class C1 and C2 notes
were redeemed in full on the same payment date.
Fitch will no longer calculate the Recovery Estimate for the
class D1 and D2 notes following the withdrawal of the ratings.
At closing in July 2007 the notes were ultimately secured by 10
loans collateralised by 61 properties.
RENESAS ELECTRONICS: Plans to Cut More Than 3,000 Additional Jobs
-----------------------------------------------------------------
Naoko Fujimura at Bloomberg News reports that Renesas Electronics
Corp. plans to cut more than 3,000 additional jobs as it prepares
to raise at least JPY150 billion (US$1.7 billion) from a
government-backed fund and customers.
Bloomberg relates that Renesas said the company has began talks
with labor unions and plans to eliminate the positions through
buyouts by Sept. 30. No upper limit for buyout applications has
been set, and the impact on earnings hasn't been determined,
Renesas said.
Bloomberg notes that the reduction adds to about 7,500 positions
cut through a buyout program in October, taking the planned job
losses to about 25% of Renesas's workforce. According to
Bloomberg, the supplier to Apple Inc. and Nintendo Co. agreed to
sell new shares to a group led by Innovation Network Corp. of
Japan last month to raise funds as Japan's chipmakers struggle
amid falling demand, a strong yen and competition from Samsung
Electronics Co.
Bloomberg recounts that the chipmaker said last month that it may
get an additional JPY50 billion of investment or financing from
INCJ if more funds are needed. A group of companies including
Toyota Motor Corp., Nissan Motor Co., Denso Corp., Keihin Corp.,
Panasonic Corp., Nikon Corp., Yaskawa Electric Corp. and Canon
Inc. will also invest in Renesas, the company previously related.
About Renesas Electronics
Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.
Renesas, which has been unprofitable since it was established in
2010, announced a restructuring plan which included a reduction
of about 5,000 workers, or 12% of its workforce, in a bid to turn
around its bottom line.
For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion. In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.
SHARP CORP: In Talks With Lenovo Over TV Factory Sale
-----------------------------------------------------
Mariko Yasu at Bloomberg News reports that the Nikkei newspaper
said Sharp Corp. may sell a TV factory to Lenovo Group Ltd. and
form a China sales venture with the PC maker.
According to the report, Nikkei reported that Sharp is in final
talks on selling the Chinese plant and another in Malaysia in
separate deals that may raise about JPY30 billion (US$339
million). The company has said it's seeking to raise funds as it
heads toward a record annual loss because of slumping TV sales.
Osaka, Japan-based Sharp isn't the source of the information in
the Nikkei report, Miyuki Nakayama, a spokeswoman told Bloomberg.
Lenovo may buy a liquid-crystal-display TV plant in Nanjing from
Sharp by year's end, Nikkei said, without citing anyone,
Bloomberg relates. The companies also may form a China sales
venture that could expand to Southeast Asia and Latin America,
Nikkei said.
Bloomberg adds that Nikkei said Hsinchu, Taiwan-based Wistron
Corp. is in talks about the possible purchase of the TV plant in
Malaysia.
About Sharp Corp.
Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 18, 2012, Fitch Ratings is maintaining Sharp Corporation's
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) of 'B-' on Rating Watch Negative (RWN).
The RWN reflects growing risks to Sharp's liquidity position in
the short-term, due to its upcoming debt maturity and limited
access to the capital market, as the technology company struggles
to turn its business around.
Sharp's cash balance was JPY221 billion as of end-September 2012,
significantly short of the JPY898 billion debt maturing within
the next one year. In addition, Sharp is likely to see the
previously agreed capital injection of JPY67 billion from Hon-Hai
Group reduced following the fall in its share price to around 60%
below the JPY550/share agreed with Hon Hai Group. The company is
undertaking asset sales to raise cash.
=========
K O R E A
=========
SAMWHAN CORP: Seoul Court Ends Builder's Six-Month Receivership
---------------------------------------------------------------
Yonhap News reports that a Seoul court said Thursday that it
ended its six-month oversight of Samwhan Corp. as the mid-sized
builder vowed to become a profitable company again.
The news agency says the decision by the bankruptcy division of
the Seoul Central District Court came after the builder sold its
assets and took other restructuring measures to pay debts and cut
costs.
The builder had been placed under a court receivership since
July, Yonhap notes.
According to Yonhap, a Samwhan official said his company will
faithfully carry out its restructuring plan and increase its
sales to ensure that the company regains its competitiveness.
The latest move reduces the number of local builders under either
a debt workout program or court receivership to 20, the report
adds.
* KOREA: Moody's Says Basel III Implementation Neg. for Banks
-------------------------------------------------------------
Moody's Investors Service says that Korea's decision to delay the
implementation of Basel III is moderately credit negative for the
country's banks.
"Korea's decision to delay is moderately credit negative for the
country's banks, as we see this delay as representing a missed
opportunity for Korea to strengthen its bank regulatory framework
in advance of the major industrial economies," says Young Il
Choi, a Moody's Vice President and Senior Credit Officer.
On December 21, 2012, Korea's Financial Services Commission said
that it would delay adoption of Basel III capital requirements
because it wanted to first observe how other countries
implemented these rules. The delay was a last-minute reversal of
Korea's original schedule to implement the guidelines at the
start of 2013. The regulator has not provided an updated time
frame.
Furthermore, the delay has come despite the fact that the capital
adequacy levels of almost all rated Korean banks are already
sufficiently above the minimum requirements stipulated under
Basel III.
"In our view, the postponement also reflects the regulator's
ongoing reservations over the potential impact on the banks from
the requirement that they maintain more capital over time, as
Basel III norms will become more onerous. A related concern would
be whether the banks would, as a result, be less inclined to lend
to certain small-to-medium-sized enterprises or individuals over
time" adds Mr. Choi.
Mr. Choi was speaking on Moody's release of a special report
titled "Delay in Korea's Implementation of Basel III: Answers to
Frequently Asked Questions ". The report addresses questions
frequently asked by investors regarding the delay in the
implementation of Basel III norms for Korean banks.
====================
N E W Z E A L A N D
====================
ROSS ASSET: ICA Removes David Ross From Membership
--------------------------------------------------
stuf.co.nz reports that Wellington's David Ross, at the centre of
the collapse of a suspected Ponzi scheme involving about
NZ$450 million, has been stripped of his membership of the
Institute of Chartered Accountants (ICA), for now.
Under an "interim suspension", David Robert Gilmour Ross lost his
institute membership after a hearing held in secret in the middle
of last month, the report relates. The suspension, according to
stuff.co.nz, was announced by the ICA disciplinary tribunal on
Jan. 16.
stuff.co.nz recalls that Financial Markets Authority (FMA) staff
raided Ross' offices on The Terrace late last year after
investors complained they could not get their money.
Receivers have been able to locate only about NZ$11 million of
the almost NZ$450 million some 900 investors believed was being
managed on their behalf by Ross Asset Management (RAM).
Last month, the first disciplinary action was taken against Ross,
with the Financial Markets Authority suspending his license as an
authorized financial adviser for six months as it continues to
investigate possible Securities Act breaches, stuff.co.nz
recounts.
After the FMA action, the report relates, the ICA said matters
identified by RAM's receivers warranted a complaint to the
professional conduct committee from the institute's chief
executive, which led to the interim suspension.
Ultimately, the institute's disciplinary tribunal has the power
to strike off Mr. Ross as a chartered accountant, the report
notes.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:
* Bevis Marks Corporation Limited;
* Dagger Nominees Limited;
* McIntosh Asset Management Limited;
* Mercury Asset Management Limited;
* Ross Investment Management Limited;
* Ross Unit Trusts Management Limited;
* United Asset Management Limited;
* Chapman Ross Trust;
* Woburn Ross Trust;
* Ace Investments Limited or Ace Investment Trust Limited or
Ace Investment Trust;
* Vivian Investments Limited; and
* Ross Units Trusts Limited.
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:
-- Ross Asset Management Limited (In Receivership);
-- Bevis Marks Corporation Limited (In Receivership);
-- McIntosh Asset Management Limited (In Receivership); and
-- Mercury Asset Management Limited (In Receivership).
=============
V I E T N A M
=============
VIETNAM BANK: Moody's Affirms 'B2' Long-Term Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed the debt and deposit
ratings of Vietnam Bank for Industry and Trade (VietinBank) and
their stable outlook. More specifically, Moody's has affirmed
VietinBank's:
- long-term/short-term foreign currency and local currency
issuer ratings of B2/Not Prime;
- long-term/short-term local currency deposit ratings of B2/Not
Prime;
- long-term/short-term foreign currency deposit ratings of
B3/Not Prime; and
- foreign currency senior unsecured rating of B2.
At the same time, Moody's has indicated that VietinBank's
standalone bank financial strength rating (BFSR) of E, which maps
to a baseline credit assessment (BCA) of caa1 on the long-term
ratings scale, would likely be positively affected by the
completion of a share issuance transaction underway with the Bank
of Tokyo Mitsubishi UFJ's (BTMU, Aa3 stable; C/a3 stable). As a
result, VietinBank's BFSR was put under review for upgrade.
Ratings Rationale
Moody's rating affirmation follows the announcement made on 28
December 2012 that the State Bank of Vietnam, the country's
central bank, had approved BTMU's proposal to buy almost 20% new
shares issued by VietinBank for VND15.5 trillion (USD743
million).
The transaction will result in a substantial increase in
VietinBank's capital ratio, to approximately 17% from 11.15% as
of June 2012, if the bank keeps the proceeds.
A substantial capital increase of this magnitude will not address
the fundamental weaknesses that characterize the Vietnamese
banking system -- such as asset quality pressure arising from a
difficult operating environment, weak accounting, the lack of
transparency, and weak governance frameworks. However, VietinBank
could become -- among Moody's-rated Vietnamese banks -- the
institution with the highest capitalization by a significant
margin, thereby materially distancing it from the risk of
insolvency on a comparative basis.
Moody's expects to make a decision on a possible upward movement
in VietinBank's BFSR and BCA after the completion of the
transaction and the confirmation that the funds raised have
boosted the bank's capitalization to the extent anticipated. The
bank has indicated that it expects to receive the cash injection
by the end of March 2013.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Headquartered in Hanoi, VietinBank reported total assets of
VND443.0 trillion (US$21.26 billion) at end-September 2012.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AACL HOLDINGS LT AAY 39.61 -4.66
AAT CORP LTD AAT 32.50 -13.46
AAT CORP LTD AAT 32.50 -13.46
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BECTON PROPERTY BEC 267.47 -15.73
BIRON APPAREL LT BIC 19.71 -2.22
BOWEN ENERGY LTD BWN 10.06 -1.19
CLARITY OSS LTD CYO 28.67 -8.42
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 12.09 -1.29
HAOMA MINING NL HAO 25.26 -27.35
MACQUARIE ATLAS MQA 1,618.82 -941.02
MISSION NEWENER MBT 22.05 -27.72
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORNDC 10.91 -0.31
QUICKFLIX LTD QFX 15.84 -1.91
REDBANK ENERGY L AEJ 295.35 -13.08
RENISON CONSOLID RSN 10.50 -9.23
RENISON CONSO-PP RSNCL 10.50 -9.23
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 60.12 -61.63
STERLING PLANTAT SBI 37.84 -10.78
CHINA
ANHUI GUOTONG-A 600444 70.61 -3.64
BAOCHENG INVESTM 600892 42.73 -3.58
CHANG JIANG-A 520 1,387.12 -64.68
CHENGDU UNION-A 693 26.99 -26.74
CHIFENG JILONG-A 600988 14.83 -3.52
CHINA KEJIAN-A 35 61.36 -211.36
DONGXIN ELECTR-A 600691 13.31 -35.40
HEBEI BAOSHUO -A 600155 107.75 -89.29
HUASU HOLDINGS-A 509 84.22 -18.79
HUBEI MAIYA CO-A 971 133.45 -1.85
HULUDAO ZINC-A 751 1,025.01 -104.94
HUNAN TIANYI-A 908 62.99 -4.40
JILIN PHARMACE-A 545 31.52 -6.57
JINCHENG PAPER-A 820 113.20 -102.79
QINGDAO YELLOW 600579 163.31 -103.32
SHANDONG HELON-A 677 726.23 -199.92
SHANG BROAD-A 600608 38.89 -11.05
SHANXI GUANLU-A 831 263.65 -38.86
SHENZ CHINA BI-A 17 28.69 -271.45
SHENZ CHINA BI-B 200017 28.69 -271.45
SHENZ INTL ENT-A 56 260.84 -53.74
SHENZ INTL ENT-B 200056 260.84 -53.74
SHIJIAZHUANG D-A 958 211.99 -123.23
SICHUAN GOLDEN 600678 71.51 -107.85
TAIYUAN TIANLO-A 600234 65.61 -14.45
TIANJIN GLOBAL-A 600800 134.90 -2.42
TIANJIN MARINE 600751 49.95 -92.48
TIANJIN MARINE-B 900938 49.95 -92.48
TIBET SUMMIT I-A 600338 91.79 -14.79
TOPSUN SCIENCE-A 600771 125.72 -115.82
WUHAN BOILER-B 200770 173.56 -191.42
WUHAN GUOYAO-A 600421 10.41 -27.07
WUHAN XIANGLON-A 600769 168.96 -5.24
XIAMEN OVERSEA-A 600870 274.55 -133.44
XIAN HONGSHENG-A 600817 95.47 -241.46
XINJIANG CHALK-A 972 667.59 -46.89
YANBIAN SHIXIA-A 600462 106.82 -136.87
YIBIN PAPER IN-A 600793 127.35 -4.70
YUEYANG HENGLI-A 622 34.87 -25.93
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.92 -45.22
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CROSBY CAPITAL 8088 22.66 -12.05
FIRST NTUL FOODS 1076 17.52 -56.24
FU JI FOOD & CAT 1175 73.43 -389.20
GRANDE HLDG 186 255.10 -208.18
MELCOLOT LTD 8198 36.29 -86.21
MITSUMARU EAST K 2358 22.77 -20.63
PALADIN LTD 495 173.10 -13.20
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 38.67 -23.83
SUNLINK INTL HLD 2336 17.79 -36.13
SURFACE MOUNT SMT 64.14 -29.40
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 187.46 -3.73
ARGO PANTES ARGO 154.01 -3.12
ARPENI PRATAMA APOL 416.73 -206.52
ASIA PACIFIC POLY 371.81 -836.19
JAKARTA KYOEI ST JKSW 29.81 -41.48
MATAHARI DEPT LPPF 254.86 -270.94
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.93 -21.52
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 11.11 -20.32
RENUKA COALINDO SQMI 15.30 -0.51
SEKAR BUMI TBK SKBM 18.90 -0.90
SUMALINDO LESTAR SULI 166.28 -18.26
TOKO GUNUNG AGUN TKGA 13.22 -1.15
TOKO GUNUNG-RTS TKGA/R 13.22 -1.15
UNITEX TBK UNTX 15.58 -20.80
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUJARAT STATE FI GSF 10.26 -303.64
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 123.83 -517.57
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JOG ENGINEERING VMJ 50.08 -10.08
JYOTHY CONSUMER JYOC 69.07 -31.72
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
KM SUGAR MILLS KMSM 19.14 -0.47
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 50.66 -70.76
MADRAS FERTILIZE MDF 158.91 -64.91
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 76.23 -31.89
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 354.99 -105.00
RELIANCE MED-SLB RMW/S 354.99 -105.00
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 14.42 -73.93
SADHANA NITRO SNC 16.74 -0.58
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SITI CABLE NETWO SCNL 110.69 -14.26
SOPAF SPA SSZ 153.76 -24.22
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STATE TRADING CO STC 1,279.23 -219.37
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA - PP SPADVPP 16.81 -13.07
SUN PHARMA ADV SPADV 16.81 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
DDS INC 3782 19.54 -1.03
FUJITSU COMP LTD 6719 388.54 -11.97
HARAKOSAN CO 8894 193.09 -4.52
HIMAWARI HD 8738 288.37 -50.80
ISHII HYOKI CO 6336 144.19 -23.48
KANMONKAI CO LTD 3372 55.07 -3.19
MISONOZA THEATRI 9664 64.39 -5.55
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
T&C HOLDINGS INC 3832 12.42 -2.66
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 42.96 -73.74
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
CORENTEC CO LTD 104540 27.48 -4.53
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 45.56 -16.24
LFE CORP BHD LFE 39.08 -0.85
PETROL ONE RESOU PORB 51.39 -4.00
PUNCAK NIA HLD B PNH 4,315.38 -21.35
SILVER BIRD GROU SBG 44.30 -30.68
SUMATEC RESOURCE SMTC 201.52 -2.77
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
ALLIED FARMERS ALF 27.12 -2.16
NZF GROUP LTD NZF 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.62 -102.98
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 24.36 -0.25
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 176.29 -5.33
SINGAPORE
ADVANCE SCT LTD ASCT 48.74 -2.27
CEFC INTL LTD SUNE 12.67 -0.90
HL GLOBAL ENTERP HLGE 83.35 -5.01
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TRANSCU GROUP LT TSCU 19.86 -1.38
TT INTERNATIONAL TTI 231.48 -88.02
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ANANDA DEV PCL ANAN 283.54 -3.55
ANANDA DEVELOP-F ANAN/F 283.54 -3.55
ANANDA DEVE-NVDR ANAN-R 283.54 -3.55
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 83.61 -7.85
M LINK ASIA-FOR MLINK/F 83.61 -7.85
M LINK ASIA-NVDR MLINK-R 83.61 -7.85
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SHUN THAI RUBBER STHAI 19.89 -0.59
SHUN THAI RUBB-F STHAI/F 19.89 -0.59
SHUN THAI RUBB-N STHAI-R 19.89 -0.59
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.90 -0.22
BEHAVIOR TECH-EC 2341O 30.90 -0.22
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
POWERCHIP SEM-EC 5346S 2,036.01 -52.74
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
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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 ***