/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130129.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 29, 2013, Vol. 16, No. 20 Headlines A U S T R A L I A CREATIVE PACK: PakTech Aussie Sale Representative Collapses HARVEY RMBS: Fitch Affirms 'BBsf' Ratings on Class B Securities PPI CORPORATION: 29 Buyers Express Interest in Acquiring Firm C H I N A CHINA ORGANIC: Files Amended Annual Report for 2010 H O N G K O N G HCT METAL: Puen and Lo Step Down as Liquidators HENRY ENGINEERING: Members' Final Meeting Set for Feb. 19 JOINT PACIFIC: Tong Piu Steps Down as Liquidator JONES LANG: Creditors' Proofs of Debt Due Feb. 18 MEGA BOLO: Members' Final Meeting Set for Feb. 22 MORI INVESTMENTS: Members' Final General Meeting Set for Feb. 22 NANOX LIMITED: Lam and Boswell Step Down as Liquidators NEW TERRITORIES: Creditors' Proofs of Debt Due Feb. 2 PEARL PARTNERS: Commences Wind-Up Proceedings POWERFUL CLUB: Members' Final General Meeting Set for Feb. 20 REGENT EARNING: Members' Final Meetings Set for March 8 RUNTOP INT'L: Members' Final Meeting Set for Feb. 21 SUNRICH PRODUCTS: Creditors' Meeting Set for Feb. 2 YEE YOUNG: Members' Final General Meeting Set for Feb. 22 ZFIC LIMITED: Lam King Lin Steps Down as Liquidator * HK Banks' Trade Finance to Grow Steadily, Fitch Says * HK Banks Under Pressure From Foreign Competition, Fitch Says I N D I A BIRLA POWER: CARE Cuts Rating on INR50cr LT Loan to 'CARE C' GODHANI GEMS: CARE Reaffirms 'BB' Rating on INR165cr LT Loan KARNI PROCESSORS: CARE Rates INR7.88cr LT Loan at 'CARE BB-' MADHU INDIA: CARE Reaffirms 'B+' Rating on INR5.82cr LT Loan MEWAR HI TECH: CARE Rates INR7.03cr LT Loan at 'CARE B-' OMKARA POLYPLAST: CARE Assigns 'B+' Rating to INR20.64cr LT Loan PASHUPATI LAMINATORS: CARE Puts 'BB+' Rating on INR40.79cr Loan SINDIA STEEL: CARE Reaffirms 'BB+' Rating on INR3.5cr Loan VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.41cr Loan WEST COAST: CARE Reaffirms 'B' Rating on INR5cr LT Loan I N D O N E S I A BAKRIE SUMATERA: Moody's Withdraws 'Caa2' Corp. Family Rating INDO ENERGY: Moody's Assigns 'B1' Senior Secured Rating XL AXIATA: Fitch Upgrades Issuer Default Rating From 'BB' J A P A N GODO KAISHA: Moody's Withdraws Junk Ratings on Various Notes JLOC 36: Fitch Downgrades Rating on Class D Notes to 'Dsf' M Y A N M A R * MYANMAR: Clears $1-Bil. ADB, World Bank Overdue Debt N E W Z E A L A N D ST LAURENCE: Receivership May Wrap Up in March, Investors Told P H I L I P P I N E S CAPITOL CITY BANK: MB Places Bank Under PDIC Receivership S I N G A P O R E AGRI INTERNATIONAL: Moody's Withdraws 'Caa2' Corp. Family Rating GBLT SHIPMANAGEMENT: Court to Hear Wind-Up Petition on Feb. 5 JOINT PILING: Creditors Get 100% Recovery on Claims NAVMAN WIRELESS: Creditors' Proofs of Debt Due on Feb. 21 PROBILT PTE: Court to Hear Wind-Up Petition on Feb. 1 PTG TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 1 X X X X X X X X * BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013 - - - - - ================= A U S T R A L I A ================= CREATIVE PACK: PakTech Aussie Sale Representative Collapses ----------------------------------------------------------- Kate Tilley at PlasticNews reports that Oregon Precision Industries Inc., trading as PakTech, said it is "exploring the economics of serving the Australian market" after its only Australian sales representative, Sydney-based promotional packaging manufacturer Creative Pack Pty. Ltd., went into voluntary administration in November. According to the report, marketing manager Amie Thomas said PakTech now has no Australian sales representative. "We have had discussions with companies interested in representing PakTech in Australia. We hope to find a good match because we believe the market is ready for [our] products. However, we will not force the process," the report quotes Ms. Thomas as saying. PlasticNews relates that Ms. Thomas said PakTech had an informal, non-exclusive partnership with Creative Pack. "We regret hearing they are no longer in business." The report says Creative Pack stopped trading Nov. 15 after Sydney-based chartered accountancy firm Emgejay Pty. Ltd., trading as Jones Partners Insolvency & Business Recovery, reviewed its cash flow and determined it is no longer viable. A Jones Partners spokesman said Creative Pack went into voluntary administration because it had insufficient cash and assets to pay trade creditors and service its debt, the report relays. Creative Pack manufactures packaging for promotional samples and retail packs. Its products include inserts for in-pack promotions and trial packs. The company had about 20 employees. HARVEY RMBS: Fitch Affirms 'BBsf' Ratings on Class B Securities --------------------------------------------------------------- Fitch Ratings has affirmed two Harvey RMBS transactions. Both transactions are backed by pools of Australian conforming residential full-documentation mortgages originated by Credit Union Australia Limited. The rating actions are: Series 2009-1 Harvey Trust (Harvey 2009-1): - AUD212.4m Class A-1 (ISIN AU3FN0007738) affirmed at 'AAAsf'; Outlook Stable - AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at 'AAAsf'; Outlook Stable - AUD13.5m Class B (ISIN AU3FN0007753) affirmed at 'BBsf'; Outlook Stable Series 2010-1 Harvey Trust (Harvey 2010-1): - AUD333.3m Class A-1 (ISIN AU3FN0010179) affirmed at 'AAAsf'; Outlook Stable - AUD26m Class A-2 (ISIN AU3FN0010187) affirmed at 'AAAsf'; Outlook Stable. The affirmations reflect an increase in credit enhancement due to seasoning and amortisation since issuance. The credit quality has remained largely in line with that of the initial portfolio and Fitch expects arrears to remain low compared with Fitch's conforming Dinkum index. The Stable Outlook reflects Fitch's view that the available credit enhancement and performance of the underlying assets will continue to support the ratings at their current levels. At end-November 2012, 30+ days arrears were 0.65% and 0.3% for Harvey 2009-1 and Harvey 2010-1, respectively. Harvey 2009-1 has experienced one default to date resulting in a loss covered mainly by a Lenders Mortgage Insurance provider and the remainder covered by excess spread. Harvey 2010-1 has not experienced any defaults to date. All loans in the underlying portfolios are covered by mortgage insurance, with policies provided by Genworth Financial Mortgage Insurance Pty Ltd and QBE Lenders Mortgage Insurance Pty Limited ('AA-'/Stable). PPI CORPORATION: 29 Buyers Express Interest in Acquiring Firm ------------------------------------------------------------- James McCullough at The Courier-Mail reports that about 29 separate groups are interested in acquiring PPI Corporation after the company went into voluntary administration. "We're encouraged by the strong level of inquiry we've received to date from parties who have formally expressed interest in acquiring PPI," the report quotes administrator Stephen Longley of PPB as saying. The Courier-Mail relates that Mr. Longley said anyone keen on acquiring the pipe-manufacturing business as a going concern had until the end of last week to register their interest. They would then have until February 1 to submit a formal offer, and PPB hoped to have the business sold by the end of that month, the report notes. According to the report, since the company was put into voluntary administration just over a week ago, 29 parties have put their hands up, including former executive director Keith O'Connor, who has staged a rally outside the company's Geebung head office to drum up support and inform staff of developments. Peter Newman, who has worked for PPI for seven years, said the company was travelling well when it was a family-run business, but new management changed things, The Courier-Mail relays. "We did not get paid out, just two weeks' pay, and now no one knows what is happening," The Courier-Mail quotes Mr. Newman, who is also the union representative, as saying. PPI, Australia's only wholly Australian-owned poly pipe manufacturer, was founded by Mr. O'Connor's father-in-law, the late Bob Macklin, in 1979, the report discloses. According to The Courier-Mail, PPI was effectively taken over by Lazard Carnegie Wylie (LCW) in August 2007, and Mr. O'Connor and many staff members laid the blame for the collapse on the merchant bank. He said he already had a consortium in place "ready to pounce" and was awaiting further financial details from the administrator, the report adds. About PPI PPI develops, manufactures and distributes polyethylene pipes and fittings, hoses and garden products, irrigation, drainage and filtration systems for the plumbing, resources and agricultural industries, and consumer/retail markets. Its principal brand names include PPI and Neta. It is headquartered in Brisbane and employs 275 staff. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 24, 2013, the directors of PPI Corporation Pty Ltd have appointed Stephen Longley, David McEvoy and Michael Owen of PPB Advisory as voluntary administrators. PPB is now searching for buyers for the company, with assets including a large customer base across the retail, plumbing and agricultural industries, along with a headquarters in Brisbane and factories and sales offices across Australia, SmartCompany reported. ========= C H I N A ========= CHINA ORGANIC: Files Amended Annual Report for 2010 --------------------------------------------------- China Organic Fertilizer, Inc., has further amended its annual report on Form 10-K/A for the fiscal year ended March 31, 2010, in order to restate the consolidated financial statements. Nothing else has been changed in the Report and no effort to update the information has been made. The restatement had no effects to the Company's net loss for the period. The Company's restated balance sheet at March 31, 2010, showed $3.42 million in total assets, $1.71 million in total liabilities, all current, and $1.71 million in total stockholders' equity. The Company previously reported $3.67 million in total assets, $3.61 million in total liabilities, all current, and $66,202 in total stockholders' equity. A copy of the Amended Annual Report is available at: http://is.gd/HaRiEj About China Organic Headquartered in Beijing, PRC, China Organic Fertilizer, Inc., is a holding company that carries on the business of manufacturing and distributing organic fertilizer through wholly-owned subsidiaries located in the People's Republic of China. Indirectly, through a Delaware corporate subsidiary, it owns 100% of the registered capital stock of Beijing Shennongxing Technology Co., Ltd. Paritz & Company, P.A., in Hackensack, New Jersey, expressed substantial doubt about China Organic's ability to continue as a going concern following the March 31, 2011, annual results. The independent auditors noted that the Company had a working capital deficit of $1.5 million, an accumulated deficit of $4.8 million and a stockholders' deficiency of $668,361. The Company reported a net loss of $2.5 million on $954,143 of revenue in fiscal year 2011, compared with a net loss of $700,199 on $36,413 of revenue in fiscal year 2010. The Company's balance sheet at March 31, 2011, showed $1.1 million in total assets, $1.8 million in total current liabilities, and a stockholders' deficit of $668,361. ================ H O N G K O N G ================ HCT METAL: Puen and Lo Step Down as Liquidators ----------------------------------------------- Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of HCT Metal Hong Kong Limited on Jan. 4, 2013. HENRY ENGINEERING: Members' Final Meeting Set for Feb. 19 --------------------------------------------------------- Members of Henry Engineering System Company Limited will hold their final meeting on Feb. 21, 2013, at 10:00 a.m., at Flat A, 5/F, Winbase Centre, 218 Queen's Road, Central, in Hong Kong. At the meeting, Lau Angela Fun Chan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. JOINT PACIFIC: Tong Piu Steps Down as Liquidator ------------------------------------------------ Tong Piu stepped down as liquidator of Joint Pacific International Limited on Jan. 10, 2013. JONES LANG: Creditors' Proofs of Debt Due Feb. 18 ------------------------------------------------- Creditors of Jones Lang Lasalle Facility Management Services Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 18, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 10, 2013. The company's liquidators are: Wong Lung Tak Patrick Wong Chun Sek Edmund Room 1101, 11/F China Insurance Group Building 141 Des Voeux Road Central, Hong Kong MEGA BOLO: Members' Final Meeting Set for Feb. 22 ------------------------------------------------- Members of Mega Bolo Limited will hold their final general meeting on Feb. 22, 2013, at 11:00 a.m., at Room 502 Hang Bong Commercial Centre, at 28 Shanghai Street, in Kowloon. At the meeting, Ying Tze Yeuk, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MORI INVESTMENTS: Members' Final General Meeting Set for Feb. 22 ---------------------------------------------------------------- Members of Mori Investments Company Limited will hold their final general meeting on Feb. 22, 2013, at 10:55 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Lam Yan Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. NANOX LIMITED: Lam and Boswell Step Down as Liquidators ------------------------------------------------------- Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped down as liquidators of Nanox Limited on Jan. 8, 2013. NEW TERRITORIES: Creditors' Proofs of Debt Due Feb. 2 ----------------------------------------------------- Creditors of New Territories West District Residents Association Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 2, 2013, to be included in the company's dividend distribution. The company's liquidators are: Lui King Wai Room 701, 7/F Fourseas Building Nos. 208-212 Nathan Road Jordan, Kowloon PEARL PARTNERS: Commences Wind-Up Proceedings --------------------------------------------- Members of Pearl Partners Limited, on Jan. 11, 2013, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is: Yang Sih Yu Samuel Room 2, 1st Floor Block A, Sea View Estate 2-8 Watson Road North Point, Hong Kong POWERFUL CLUB: Members' Final General Meeting Set for Feb. 20 ------------------------------------------------------------- Members of Powerful Club Limited will hold their final general meeting on Feb. 20, 2013, at 10:00 a.m., at Room 1205, 12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon. At the meeting, Ho Man Kit and Kong Sau Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. REGENT EARNING: Members' Final Meetings Set for March 8 ------------------------------------------------------- Members and creditors of Regent Earning Limited will hold their final general meeting on March 8, 2013, at 2:30 p.m., and 2:45 p.m., respectively at Rooms 1909-10, Nan Fung Tower, 173 Des Voeux Road, Central, in Hong Kong. At the meeting, Lau Siu Hung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RUNTOP INT'L: Members' Final Meeting Set for Feb. 21 ---------------------------------------------------- Members of Runtop Int'l (H.K.) Limited will hold their final meeting on Feb. 21, 2013, at 2:30 p.m., at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Ho Man Kit and Kong Sau Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SUNRICH PRODUCTS: Creditors' Meeting Set for Feb. 2 --------------------------------------------------- Creditors of Sunrich Products Limited will hold their meeting on Feb. 2, 2013, at 10:00 a.m., for the purposes provided for in Sections 242, 243, 244 and 255A of the Companies Ordinance. The meeting will be held at Unit 3007, 30/F, Tower 2, Metroplaza, 223 Hing Fong Road, Kwai Chung, New Territories, in Hong Kong. YEE YOUNG: Members' Final General Meeting Set for Feb. 22 --------------------------------------------------------- Members of Yee Young Company Limited will hold their final general meeting on Feb. 22, 2013, at 10:50 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Lam Yan Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ZFIC LIMITED: Lam King Lin Steps Down as Liquidator --------------------------------------------------- Lam King Lin stepped down as liquidator of ZFIC Limited on Jan. 14, 2013. * HK Banks' Trade Finance to Grow Steadily, Fitch Says ------------------------------------------------------ Fitch Ratings says in a new report that Hong Kong banks' trade finance will continue to grow steadily and become more China- biased. In addition, banks will continue to expand their non-trade related China businesses as the two economies further integrate and domestic lending remains muted. This could increase banks' risk profiles and pressure ratings, unless managed prudently. Fitch expects Hong Kong banks' trade-related exposures to grow at a healthy pace at about 20% per annum in 2012-2013. Expansion into China appeals to Hong Kong banks due to increasing domestic competition. Given their franchise in China and/or international connectivity, subsidiaries of Chinese banks and large global banks are best positioned to capture growth in this market. The 2010-2011 trade finance boom, triggered by interest and foreign-exchange rate arbitrage transactions, is unlikely to continue. Rather, growth is likely to be underpinned by genuine trade volumes as expectations for the renminbi to appreciate wanes and lending restrictions for Chinese banks ease. Hong Kong banks' loss rates for trade-finance products have generally remained low. A Fitch survey of the rated banks shows that credit losses are well covered by trade-finance revenues (1%- 3% of total exposure in H112 if annualised) and no banks reported operational losses. Guarantees and standbys provided to cover transactions likely involving Chinese companies had the highest loss rate among trade-finance products in 2010-11. Fitch believes the introduction of Basel III will not have a significant negative impact on Hong Kong banks' trade finance growth, despite industry concern. Hong Kong banks' capital charges are likely to remain between 2%-8% for on-balance-sheet items and below 2% for off-balance-sheet products. The report, 'Hong Kong Banks: Healthy Growth for Trade Finance - China Remains Key to Both Growth and Risk', is available at www.fitchratings.com, or by clicking on the link above. * HK Banks Under Pressure From Foreign Competition, Fitch Says -------------------------------------------------------------- Fitch Ratings says in a new report that Hong Kong banks are facing intensifying competition from foreign banks, in particular from aggressively expanding Chinese banks. As a result, small Hong Kong banks risk being marginalised while their larger counterparts would see their rating upside capped by rising margin pressure. Foreign and Chinese banks account for about 95% of the Hong Kong banking system, as they continue investing in the territory to tap one of the highest-growth markets, greater China. In particular, Chinese banks significantly increased their presence in Hong Kong to about 15% of system-wide assets at end-H112 from 9% at end- 2009. The foreign bank-dominated market with significant cross-border exposures also renders the system-wide liquidity vulnerable to stress in other banking systems and economies. The system's cross- border claims and liabilities accounted for 51.4% and 37.7%, respectively, of total assets/liabilities at end-9M12. Claims on China increased substantially to 13.8% at end-9M12 from 4.3% at end-2008 while claims on Europe declined. Foreign banks may view the small Hong Kong banks as takeover targets as they look to boost market presence via these banks' established branch network. Chinese banks will continue to expand their Hong Kong operations and use them as an offshore banking platform to source US and Hong Kong dollar funding. The ratings of the three small banks, Wing Hang Bank Limited ('A- '/Stable), Dah Sing Bank ('BBB+'/Stable) and Chong Hing Bank Limited ('BBB+'/Stable), are most sensitive to competitive pressure, in light of their weaker market position, customer base and regional connectivity. Their market share fell to 2.4% at end- H112 from 2.7% at end-2009. The three largest banking groups' (HSBC Holdings ('AA-'/Stable), Bank of China ('A'/Stable) and Standard Chartered ('AA- '/Negative)) domestic operating banks still dominate the Hong Kong market, accounting for 46% of the system assets at end-H112. They are well placed to defend their leading positions, supported by broad retail deposit bases, strong brand recognition and wide branch coverage. However, rating upside is limited as competition continues to put pressure on profitability, in turn causing the banks to expand into higher-risk markets, including China via credit lending and minority stakes in Chinese financial institutions. Growing integration with its weaker mainland owner will continue to be a negative rating driver for the Viability Ratings of Bank of China (Hong Kong) Limited ('A'/Stable) and other subsidiaries of Chinese banks like China CITIC Bank International ('BBB'/Stable). The report, 'Changing Landscape for Hong Kong Banks: Aggressive Competition from Chinese Banks Limits Rating Prospects', is available at www.fitchratings.com. ========= I N D I A ========= BIRLA POWER: CARE Cuts Rating on INR50cr LT Loan to 'CARE C' ------------------------------------------------------------ CARE revises/reaffirms the rating assigned to the bank facilities of Birla Power Solutions Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 50 CARE C Revised from (Cash Credit) CARE B Short-term Bank Facilities 10 CARE A4 Reaffirmed Rating Rationale The rating revision takes into consideration the deterioration in the credit profile of the company leading to delays in debt servicing in respect of fixed deposits, ICDs and bill of exchange. The ratings continue to be constrained by elongated operating cycle leading to stretched liquidity position, high exposure to group entities and stretched coverage indicators. The ratings, however, continue to draw comfort from the established track record of operations and comfortable capital structure. Going forward, the ability of Birla Power Solutions Limited to improve its profitability along with effective working capital management would be the key rating sensitivities. Birla Power Solutions Ltd was originally incorporated as Birla Yamaha Limited on April 27, 1984. The company is engaged in the trading as well as manufacturing of Gensets, multipurpose engines and its application products such as pumpsets, sprayers, vibrators, and lawn mowers. The trading income (appliances trading and commodity trading) constituted 92% of total sales in FY12. The manufacturing unit is located at Dehradun (Uttaranchal) with annual manufacturing capacity of 127,000 generators, 75,000 multi- purpose engines, and 60,000 inverters as on March 31, 2012. Credit Risk Assessment Deterioration in credit profile leading to delays in servicing of debt obligations The liquidity position of the company continues to be stretched on account of declining profitability, stretched coverage indicators and long operating cycle. Also, the lenders, including individual depositors and companies, have filed suits against BPSL for payment defaults. This was majorly due to the labor unrest which had crippled production at its factory in Uttarakhand. The company delayed its obligations in respect of fixed deposits, inter-corporate deposits and bills of exchange. However, the company and its bankers have indicated that servicing of the bank facilities has been on time. GODHANI GEMS: CARE Reaffirms 'BB' Rating on INR165cr LT Loan ------------------------------------------------------------ CARE reaffirms the long-term rating and assign the short-term rating to the bank facilities of Godhani Gems Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 165.00 CARE BB Reaffirmed Short-term Bank Facilities 4.92 CARE A4 Assigned Rating Rationale The ratings continue to factor in the significant deterioration in the financial position due to part conversion of the partners' networth into a redeemable preference share capital during reconstitution to the company, geographical concentration risk and subdued demand for the cut and polished diamonds. The rating is also constrained by the company's long working capital cycle, tight liquidity arising out of delayed realizations of export bills, delay in its payment of statutory dues, low profit margins, forex risk and the strong competition from the large number of players in the organised and unorganised diamond processing and trading sector. The ratings, however, derive strength from the experience of the promoters in the diamondprocessing industry. The ability of the company to recover its receivables on timely manner, diversify its global presence and improve its profitability margins and financial risk profile in an uncertain global environment are the key rating sensitivities. GGPL, established in 1995 as a partnership firm, was converted into a private limited company w.e.f. June 2, 2011. The company has its diamond processing facilities in Surat and is engaged in the import of rough diamonds, processing and export of cut and polished diamonds. GGPL is managed by its promoters, members of the same family, who look after the various business functions. KARNI PROCESSORS: CARE Rates INR7.88cr LT Loan at 'CARE BB-' ------------------------------------------------------------ CARE assigns 'CARE BB-' ratings to the bank facilities of Karni Processors Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.88 CARE BB- Assigned Rating Rationale The rating assigned to the bank facilities of Karni Processors Private Limited is constrained mainly on account of its presence in a highly competitive and fragmented synthetic fabric industry and its limited presence in the textile value chain resulting in thin profitability. The rating is further constrained on account of its leveraged capital structure and moderately stressed liquidity position coupled with the susceptibility of profit margins to volatile raw material prices. The rating, however, favorably takes into account the rich experience of the promoters in the synthetic fabrics industry and its presence in the textile cluster of Bhilwara (Rajasthan). Improvement in the overall financial risk profile with increase in the scale of operations and profitability while managing volatility in the raw material prices and intense industry competition remains the key rating sensitivity. KPPL was incorporated in 1994 by Mr Inder Chand Baid and Mr Vikas Baid. Subsequently, after the resignation of the erstwhile directors, Mr. Nand Lal Jalan and Mr Navin Jalan joined the company and are presently managing the overall business operation. KPPL is engaged into the manufacturing & trading of synthetic fabric (i.e grey fabric and finished fabric) at its manufacturing facility located at Bhilwara in Rajasthan. The company has an installed capacity of 53.72 lakh Meter Per Annum (LMPA) as on March 31, 2012. KPPL sells its products through the network of its 20 agents primarily spread in the western and northern India. During FY12 (refers to the period April 1 to March 31), KPPL reported a total operating income of INR40.54 crore and PAT of INR0.26 crore as against a total operating income of INR28.48 crore and PAT of INR0.17 crore in FY11. MADHU INDIA: CARE Reaffirms 'B+' Rating on INR5.82cr LT Loan ------------------------------------------------------------ CARE reaffirms the ratings assigned to the bank facilities of Madhu India Deco Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.82 CARE B+ Reaffirmed Short-term Bank Facilities 6.00 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Madhu India Deco Limited continue to remain constrained by its weak financial risk profile marked by net losses, leveraged capital structure, weak debt coverage indicators, stretched liquidity position and its small scale of operations in floor and window coverings industry. The ratings also remain constrained due to high exposure to export markets and foreign exchange fluctuation risk. The ratings, however, continue to take comfort from the vast experience of the promoters in the existing line of business, established manufacturing facilities and long-term relationship with the clients. The increase in the scale of operations with improvement in the financial risk profile is the key rating sensitivity. Lucknow-based (Uttar Pradesh) MIDL was incorporated in 1991 as Madhu India Limited by Mr Anand Gupta and Mrs Madhu A. Gupta. MIDL manufactures floor coverings (from artificial leather, cotton rugs, and paper rugs) and window coverings which include blinds. MIDL has a weaving capacity of 8 lakh square meters per annum and bleaching and dyeing capacity of 1,000 metric tonnes per annum as on March 31, 2012, at its units in Biswan and Ataria near Lucknow. MIDL has received ISO 9001:2000, ISO 14001: 2004 and AS/NZS 4801:2001 certification for its Ataria unit which is a 100% Export Oriented Unit (EOU). During FY12 (refers to the period April 1 to March 31), MIDL reported a net loss of INR1.16 crore on a total operating income (TOI) of INR15.21 crore against a net loss of INR2.76 crore on a TOI of INR10.75 crore in FY11. MEWAR HI TECH: CARE Rates INR7.03cr LT Loan at 'CARE B-' -------------------------------------------------------- CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank facilities of Mewar Hi Tech Engineering Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.03 CARE B- Assigned Short-term Bank Facilities 2.30 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Mewar Hi Tech Engineering Limited are primarily constrained on account of its weak financial risk profile marked by small scale of operations, stressed liquidity position leading to delays in debt servicing in the past, fluctuating profitability margin, moderate capital structure. The ratings, however, favorably take into account the vast experience of the management in the manufacturing of stone crusher industry and its strong marketing and distribution network. Improvement in the overall financial risk profile with improvement in the profitability by managing volatile raw material prices and better working capital management are the key rating sensitivities. MHTEL, based in Udaipur (Rajasthan), was incorporated in June 2006 as a private limited company, and subsequently changed its constitution as a public limited company in March 2009. MHTEL is promoted by Mr Chatar Singh Rathore along with his wife Mrs Reena Kunwar Rathore. The company is engaged in the business of manufacturing various types of stone crusher machines and supplies it to the market under the brand name of "Kingson". It offers wide array of stone crusher machines, including mobile crushing plants, jaw crusher, cone crusher, impactor, sand making machine, feeders, vibrating screen and conveyors. The promoter family also manages Kingson Hi Tech Industries, a proprietorship concern incorporated in 1997 and is engaged in the business of manufacturing various types of stone crusher machines and Mewar Tecnocast Private Limited (MTPL; incorporated in 2006) which is engaged in the manufacturing of spare parts used in the production of stone crusher machines. MTPL has given corporate guarantee to the bank facilities of MHTEL. OMKARA POLYPLAST: CARE Assigns 'B+' Rating to INR20.64cr LT Loan ---------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Omkara Polyplast Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 20.64 CARE B+ Assigned Long-term/Short-term 3.00 CARE B+/CARE A4 Bank Facilities Assigned Short-term Bank Facilities 0.31 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Omkara Polyplast Pvt. Ltd. are constrained by relatively small size with short track record of operations, high leverage ratios, volatility in the raw material prices and highly competitive and fragmented nature of the industry. The aforesaid constraints are partially offset by the experience of the promoters with lack of experience in the packaging industry and favorable industry scenario. The ability of the company to stabilize operations at its newly commissioned unit and increase its scale of operation & profitability margins are the key rating sensitivities. Omkara Polyplast Pvt. Ltd, incorporated on August 10, 2007, as Elegant Dealcomm Pvt Ltd was initially a share broking company engaged in the trading of securities and commodities. Subsequently, in December 2009, Mr Sumit Kumar Agarwal of Kolkata, acquired the company and undertook a project to set up a manufacturing unit for High Density Poly Ethylene/Polypropylene (PP) Woven fabrics, bags & tarpaulins at Asansol (North), West Bengal, having an installed capacity of 4,752 MTPA. The plant became operational since December 28, 2011, and was set up at an aggregate project cost of INR25 crore, being financed at an overall debt: equity ratio of 1.11:1. During 3MFY12 (refers to the period January 1, 2012 to March 31, 2012), the company reported a net loss of INR0.36 crore on a total income of INR4.65 crore. During 9MFY13, the company has achieved a turnover of about INR20 crore. PASHUPATI LAMINATORS: CARE Puts 'BB+' Rating on INR40.79cr Loan --------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Pashupati Laminators Private Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 40.79 CARE BB+ Assigned Short-term Bank Facilities 0.90 CARE A4+ Assigned Rating Rationale The ratings are constrained on account of moderate debt protection indicators of Pashupati Laminators Pvt Ltd and volatility of profitability margins. The ratings are further constrained on account of susceptibility of profitability margins to raw material price fluctuations, coupled with limited bargaining power with suppliers, working capital intensive nature of operations and highly competitive industry with low entry barriers and limited product differentiation. The ratings, however, favorably factor in the experience of the promoters and improvement in the operational performance in FY11 and FY12 (refers to the period April 1 to March 31) and established customer base. The ability of the company to enhance the scale of operations while improving the profitability in a highly competitive industry and manage the working capital requirements effectively while maintaining optimum capital structure would be the key rating sensitivities. Pashupati Laminators Pvt Ltd, incorporated in 2007, is promoted by Mr. V.P Goenka. The company is engaged in the manufacturing of HDPE (High Density Polyethylene) and PP (Polypropylene) woven fabric, bags, sacks and tarpaulin. HDPE /PP bags are used in packaging and transport of products in the fertilizers, cement, textiles, food grains, chemicals and salt industries (approximately 80% of sales comprise woven fabric sales to dealers; the same is used for manufacturing of bags and sacks). The manufacturing facility is located in Kashipur, Uttrakhand with an installed capacity of 18,754 Metric Tonnes per annum (MTPA) as on March 31, 2012. SINDIA STEEL: CARE Reaffirms 'BB+' Rating on INR3.5cr Loan ---------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Sindia Steel Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.50 CARE BB+ Reaffirmed Short-term Bank Facilities Rating Rationale The ratings continue to be constrained by the relatively small size of operations of Sindia Steels Ltd. in the highly fragmented steel industry, low profitability margin and higher gearing levels. The ratings are further constrained by the lack of backward integration and exposure to adverse movements in the raw material prices, foreign exchange fluctuation risk on exports and inherent cyclicality in the steel industry. The ratings, however, continue to derive strength from the significant experience of the promoters in the steel industry. Going forward, the ability of SSL to improve profit margins and manage the working-capital requirement efficiently are the key rating sensitivities. SSL is promoted by Mr. V. K. Modi. It is engaged in the manufacturing of stainless steel (SS) bright bars at its plant situated at Sinnar, Nashik (Maharashtra). It has wire drawing plant and cold drawn steel bars plant and manufactures SS wire, mild steel (MS) bright bars, MS wire, and SS-threaded bars. SSL reported a profit after tax of INR0.59 crore on the total income of INR81.45 crore in FY12 (refers to the period April 1 to March 31) as against the profit after tax of INR0.44 crore on the total income of INR65.02 crore in FY11. Further during 9MFY13, SSL reported a total income of INR69.31 crore. VAIBHAV COTTON: CARE Reaffirms 'B' Rating on INR5.41cr Loan ----------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Vaibhav Cotton Industries. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.41 CARE B Reaffirmed The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of a withdrawal of the capital or the unsecured loans brought by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating continues to remain constrained on account of the presence of Vaibhav Cotton Industries in the highly competitive and fragmented cotton ginning business and limited value addition resulting into thin profitability. The rating is further constrained on account of the weak financial risk profile marked by highly leveraged capital structure and stressed liquidity position, susceptibility of its profitability to volatile raw material prices, seasonality associated with availability of cotton and impact of changes in the government policy on cotton. The rating, however, favourably takes into account the experience of the promoters in the cotton ginning industry and location advantage of being situated within the cotton-producing belt of Gujarat. The ability of VCI to increase its scale of operations while managing volatility associated with the cotton prices and improvement in its overall financial risk profile are the key rating sensitivities. Vaibhav Cotton Industries was constituted in April 2009 by 11 partners with unequal profit and loss sharing agreement between them and commenced commercial operations in November 2009. All the key activities of the firm are mainly controlled by the managing partner Mr Satish Gojaria. VCI is engaged in cotton ginning and pressing and has an installed capacity of 4,250 Metric Tonnes Per Annum (MTPA) for cotton bales, 7,500 MTPA for cotton seeds as on March 31, 2012, at its sole manufacturing facility located at Amreli (Gujarat). WEST COAST: CARE Reaffirms 'B' Rating on INR5cr LT Loan ------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of West Coast Ingots Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5 CARE B Reaffirmed Short-term Bank Facilities 8 CARE A4 Reaffirmed Rating Rationale The ratings of West Coast Ingots Pvt Ltd continue to be constrained by its weak financial risk profile characterized by relatively small scale of operations, low profitability, high leverage and weak liquidity position. The ratings are further constrained by cyclical nature of the steel industry, susceptibility of operating margins to volatility in raw material prices and its linkage with a group company having a weak financial risk profile. The ratings continue to factor in the benefit derived from the company's long-track record, experience of the promoters and their financial support in the past. The ability of WCIPL to improve its overall financial risk profile, diversifying revenue base and improvement in liquidity position of WCIPL and its group company are the key rating sensitivities. Incorporated in 1997 by Mr. Harsh Vardhan Mittal, WCIPL is engaged in the business of manufacturing mild steel (MS) ingots. The company procures it main raw material i.e. pig iron and mild steel (MS) scrap, from the domestic market and supplies primarily to its group company, Mohit Ispat Ltd. MIL is mainly engaged in the business of manufacturing of thermomechanically- treated (TMT) bars. During FY12 (refers to the period April 1 to March 31), AIL reported a total operating income of INR59.48 crore (up by 9.94% vis-a-vis FY11) and a PAT of INR3.02 crore (up by 24.79% vis-a-vis FY11). As per H1FY13 provisional results, the company has achieved a total operating income of INR17.93 crore and a PBT of INR1.04 crore. During FY12, WCIPL reported a total operating income of INR70.70 crore (up by 39.49% vis-a-vis FY 11) and a PAT of INR0.54 (as compared to INR0.02 crore in FY11. ================= I N D O N E S I A ================= BAKRIE SUMATERA: Moody's Withdraws 'Caa2' Corp. Family Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn the Caa2 corporate family rating of PT Bakrie Sumatera Plantations Tbk due to business reasons. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Bakrie Sumatera Plantations Tbk, is an Indonesian plantation company operating mainly in Sumatra, Indonesia. It is 3.50%-owned by the conglomerate PT Bakrie & Brothers Group (BNBR) (as of September 30, 2012) and is accounted for as an available-for-sale security in BNBR's financial statements. BSP was listed on both the Jakarta and Surabaya Stock Exchanges in 1990. INDO ENERGY: Moody's Assigns 'B1' Senior Secured Rating ------------------------------------------------------- Moody's Investors Service has assigned a definitive B1 senior secured rating to the US$500 million 6.375% senior secured notes due in 2023, issued by Indo Energy Finance II B.V., a wholly owned subsidiary of PT Indika Energy Tbk. The notes are guaranteed by Indika and its other wholly owned subsidiaries, PT Indika Inti Corpindo (unrated) and the Tripatra Entities (unrated). The rating outlook is stable. Ratings Rationale The definitive rating on this debt obligation confirms the provisional (P)B1 bond rating that Moody's assigned on January 9, 2013, given that the amount raised from the bond issue and the covenants stated in the Offering Memorandum Circular of January 16, 2013 are consistent with Moody's expectations. Moody's rating rationale was set out in a press release and explored more fully in a Credit Opinion issued January 9, 2013. Indika plans to use the proceeds from the notes to repay bank credit facilities worth US$235 million and to redeem US$230 million of senior secured notes due in 2016, pursuant to the bond's optional redemption feature. It will use the remainder to repay other debt, and for working capital and other general corporate purposes. Indo Energy Finance II B.V.'s ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Indo Energy Finance II B.V.'s core industry and believes Indo Energy Finance II B.V.'s ratings are comparable to those of other issuers with similar credit risk. PT Indika Energy Tbk is a listed integrated energy group based in Indonesia. Its principal investment is a 46% stake in PT Kideco Jaya Agung, which is Indonesia's third-largest domestic coal producer by tonnage. In addition, Indika is involved in the engineering, procurement and construction and operating and maintenance businesses through its wholly owned subsidiary, Tripatra. In May 2012, Indika acquired an 85% stake in PT Multi Tambang Jaya Utama, a thermal and coking coal produer based in Central Kalimantan. In March 2012, Indika acquired 60% of a greenfield coal asset, PT Mitra Energi Agung, located in East Kalimantan. Indika also acquired a 51% stake in PT Mitrabahtera Segara Sejati Tbk, an Indonesian coal transport and logistics services company, in April 2011. XL AXIATA: Fitch Upgrades Issuer Default Rating From 'BB' --------------------------------------------------------- Fitch Ratings has upgraded Indonesia-based P.T. XL Axiata Tbk's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BBB' from 'BB+'. Simultaneously, Fitch has upgraded XL's National Long-Term rating to 'AAA(idn)' from 'AA+(idn)'. The Outlook is Stable. The upgrade reflects Fitch's view that XL's ratings should be more closely aligned to the credit profile of its 66.7% parent, Axiata Group Berhad (Axiata), due to strengthening links between the two companies. At end-September 2012, XL was Axiata's largest subsidiary; as it contributed about 40% and 46% of Axiata's consolidated revenue and EBITDA, respectively, up from 34% and 36% in 2009. XL is also Axiata's fastest growing subsidiary with double-digit revenue growth. Fitch believes that Axiata has a strong ability to support XL with cash injection should this be required, given its conservative credit profile and established cash-generative Malaysian operations. Fitch also believes that XL's standalone credit profile will improve in 2013 as capex peaked in 2012 at IDR8.5trn, mainly to expand 3G infrastructure. This should allow XL to return to positive free cash flow (FCF) this year after recording negative FCF in 2012. The company's strong credit profile is also underpinned by its above-industry revenue growth and solid operating EBITDAR margin of 47% which can sustain an annual capex plan of IDR7trn-IDR8trn and a dividend payout ratio of 30% of net income. Fitch believes that XL's decision to invest more in 2012 than the country's second-largest telco, PT Indosat Tbk (Indosat, 'BBB'/Stable), could benefit its profitability and reduce customer churn. XL is Indonesia's third largest telco, with a narrowly smaller market share than that of Indosat. Fitch believes that Indonesia's top-three telcos will dominate the fast-growing data market given their strong hold in the voice market and their ability to invest in 3G infrastructure. The weaker telcos will struggle to gain any meaningful market share as they continue to make overall EBITDA losses and do not have the balance sheet strength to support infrastructure investments needed for data expansion. Also, code division multiple access telcos are struggling to grow profitably as they continue to lose subscribers and are therefore investing less than GSM telcos. What Could Trigger A Rating Action? Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- an upgrade in Fitch's credit view of Axiata will benefit XL's International ratings. However, an upgrade of the Foreign-Currency IDR would be contingent on the Country Ceiling being upgraded. XL's Foreign Currency IDR is currently at the same level as the Country Ceiling. Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- a downgrade of Indonesia's Country Ceiling, which would lead to a downgrade in XL's Foreign-Currency IDR -- weakening of linkages with Axiata -- a downgrade of Fitch's credit view of Axiata ========= J A P A N ========= GODO KAISHA: Moody's Withdraws Junk Ratings on Various Notes ------------------------------------------------------------ Moody's Japan K.K. has withdrawn the ratings for the Class C through F Notes issued by Godo Kaisha Orso Funding CMBS 6. The withdrawal is for business reasons. Complete rating actions are as follows: Deal Name: Godo Kaisha Orso Funding CMBS 6 Class C, Withdrawn the Caa1 (sf); previously on February 29, 2012 Downgraded to Caa1 (sf) Class D, Withdrawn the Ca (sf); previously on February 29, 2012 Downgraded to Ca (sf) Class E, Withdrawn the C (sf); previously on February 29, 2012 Downgraded to C (sf) Class F, Withdrawn the C (sf); previously on February 29, 2012 Downgraded to C (sf) Class: Class C through F Notes Issue Amount (initial): JPY10.4 billion Dividend: Floating Issue Date (initial): March 19, 2007 Final Maturity: November, 2013 Underlying Asset (initial): Two non-recourse loans and four TMK bonds and cash Originator: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue date) Arranger: Bear Stearns Japan Ltd. Tokyo Branch (as of the issue date) Godo Kaisha Orso Funding CMBS 6, effected in March 2007, represents the securitization of two non-recourse loans and four TMK bonds. The Originator transferred six loans and TMK bonds in total to the Issuer and issued the Class A through F notes. The notes were sold to investors. The notes are rated by Moody's. Moody's has withdrawn the rating for its own business reasons. JLOC 36: Fitch Downgrades Rating on Class D Notes to 'Dsf' ---------------------------------------------------------- Fitch Ratings has downgraded JLOC 36 LLC's class D notes due February 2016 to 'Dsf' and affirmed the remaining class C1 and C2 notes. The transaction is a Japanese multi-borrower type CMBS securitization. The rating actions are: -- JPY2,293m* Class C1 affirmed at 'BBB-sf'; Outlook Stable -- EUR15m* Class C2 affirmed at 'BBB-sf'; Outlook Stable -- JPY2,830m* Class D downgraded to 'Dsf' from 'Csf'; Recovery Estimate revised to 50% from 45% * as of Jan. 24, 2013 The downgrade of the class D notes reflects Fitch's view that the written down principal on the notes will not be recovered. The principal on the class D notes was partially written down on the May and August 2011 payment dates, following the completion of the workout on two defaulted loans. Fitch believes full recovery of the principal is highly unlikely, given the expected loss amount from the remaining two defaulted loans and the already written down amount are unlikely to be recovered by applying the transaction's reserved cash at the final redemption date. The affirmations of the class C1 and C2 notes reflect Fitch's view of possible full redemption due to substantial principal repayment on a sequential basis to date. It also reflects the limited prospect of principal repayment on a pro-rata basis resulting from the prepayment of the underlying loans. Workout on three defaulted loans has been completed and three other underlying loans have been fully repaid on or prior to their maturity dates since Fitch's previous rating action in March 2012. As a result, the class A1 to B notes were redeemed in full during 2012. The transaction was initially backed by 34 loans secured by 99 properties. The transaction is now backed by four non-recourse loans secured by a total of four properties, proceeds from property sales as well as by loan prepayment proceeds. ============= M Y A N M A R ============= * MYANMAR: Clears $1-Bil. ADB, World Bank Overdue Debt ------------------------------------------------------ Daniel Ten Kate and Kyaw Thu at Bloomberg News report that Myanmar cleared about $1 billion in overdue debt with the Asian Development Bank and World Bank using a bridge loan from Japan, opening the door for increased lending as the country seeks to overhaul its infrastructure. Bloomberg relates that the ADB announced a $512 million loan, its first to Myanmar in more than 30 years, while the World Bank separately said it would lend $440 million to the Southeast Asian nation. According to Bloomberg, the funds will be used to pay back the Japan Bank for International Cooperation, which this month provided financing to Myanmar to clear arrears with the government-backed lenders. "We need capital investment to do development and business," Maung Maung Thein, Myanmar's deputy finance minister, told Bloomberg by phone. "This will help for financing development work." Bloomberg notes that Myanmar is aiming to resolve $11 billion in overdue debt from decades of military rule that left the country among Asia's poorest. President Thein Sein's moves to modernize the country's financial and physical infrastructure after years of neglect have lured private equity funds and companies such as General Electric Co. and Norway's Telenor ASA, the report says. Bloomberg recalls that Japan, Myanmar's largest creditor, agreed last year to settle $6.6 billion in arrears. Myanmar's finance ministry said that Norway canceled $534 million in debt after a meeting with the 19-member Paris Club group of creditor nations, which includes the U.S., Australia, Canada, Japan, Russia and 14 European nations, Bloomberg adds. "More debt cancellation is coming on the way in the next six months," the ministry, as cited by Bloomberg, said in a statement. Myanmar had about $3.5 billion in arrears with Paris Club members other than Japan, according to the International Monetary Fund. ==================== N E W Z E A L A N D ==================== ST LAURENCE: Receivership May Wrap Up in March, Investors Told -------------------------------------------------------------- Rob Stock at stuff.co.nz reports that the grinding wait for investors in failed finance company St Laurence to find out exactly how much they have lost is almost over. The report says investors have been told the receivership could end in March. According to the report, the investors have been sent "before and after" photos of the company's last remaining asset - an asbestos-clad glass recycling building in New South Wales - where hundreds of tonnes of crushed glass and scrap metal had to be laboriously removed before the vast industrial property could be marketed. St Laurence receiver Barry Jordan, of Deloitte, hopes a deal to sell the former recycling plant in Campbelltown, Sydney, will be signed shortly, allowing the receivership to be wrapped up in March, stuff.co.nz reports. The report notes that the former property owner had been recycling glass and scrap metal on the site but the glass mounted as customer demand dried up due to the end of a government-sponsored home-insulation subsidy. Efforts to sell the recycling company as a going concern failed and the receivers ended up having to clear hundreds and hundreds of tonnes of crushed glass and scrap, the report relays. Stuff.co.nz relates that Mr. Jordan expects the sale will deliver another 2 cents in the dollar to investors but that could still mean final losses will add up to about NZ$230 million. The receiver has returned 14 cents in the dollar to debenture investors so far and at the end of October they were still owed NZ$225 million, the report states. Stuff.co.nz says capital noteholders owed more than NZ$12 million won't get anything back. Most investors bought their debentures direct or through financial planning firms such as Vestar. About St Laurence Ltd Headquartered in Wellington, New Zealand, St Laurence Limited -- http://www.stlaurence.co.nz/st_laurence.php-- is a property- based funds management and finance company with over NZ$1.2 billion in assets under management. Since 1995, it has been developing and promoting investments, lending to property borrowers, and managing its property assets and investments for its investors. * * * On April 29, 2010, St. Laurence Limited was placed into receivership, owing 9,000 investors NZ$245 million. The company's trustee, Perpetual Trust appointed Barry Jordan and David Vance of Deloitte as receivers of St. Laurence and some of its subsidiaries. The receivership does not include the companies which are the managers of The National Property Trust, Irongate Property Limited and its proportionate ownership schemes and syndicates. ===================== P H I L I P P I N E S ===================== CAPITOL CITY BANK: MB Places Bank Under PDIC Receivership --------------------------------------------------------- The Monetary Board (MB) placed the Capitol City Bank, Inc. (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 119 dated January 24, 2013. As Receiver, PDIC took over the bank on Jan. 24, 2013. Capitol City Bank is a four-unit rural bank with Head Office located along Governor's Drive, Trece Martires City, Cavite. Its three branches are in Alabang in Muntinlupa City; and in General Trias and Trece Martires City in Cavite. Latest available records show that as of June 30, 2012, Capitol City Bank had 24,812 accounts with total deposit liabilities of PHP460.72 million. Based on the latest Bank Information Sheet (BIS) submitted by Capitol City Bank to the PDIC, the bank is majority owned by Nellie M. Ilas (47.88%) and Lutgarda P. Morabe (19.2%). Its Chairman is Nellie M. Ilas while its President is Lutgarda P. Morabe. In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of PHP500,000. PDIC also announced that it will conduct Depositors Forums from January 31 to Feb. 2, 2013 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim forms will also be distributed during the Depositors Forum. Depositors may update their addresses with PDIC representatives at the bank premises or during the Depositors Forum using the Mailing Address Update Forms to be furnished by PDIC representatives. Duly accomplished Mailing Address Update Form should be submitted to the PDIC representatives accompanied by a photo-bearing ID of the depositor with signature. Depositors may update their addresses until Feb. 5, 2013. Depositors with valid deposit accounts with balances of PHP15,000 and below, who have no outstanding obligations with Capitol City Bank and who have either complete and updated addresses with the bank or have updated their addresses using the Mailing Address Update Form, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to their addresses recorded in the bank by the second week of February 2013. Depositors whose accounts have balances of more than PHP15,000 and who have outstanding obligations with Capitol City Bank should file their deposit insurance claims. The PDIC targets to start claims settlement operations for these accounts by the third week of February 2013. ================= S I N G A P O R E ================= AGRI INTERNATIONAL: Moody's Withdraws 'Caa2' Corp. Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the Caa2 corporate family rating of Agri International Resources Pte Ltd due to business reasons. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Agri International Resources Pte Ltd was incorporated in Singapore in May 2007. AIRPL became a subsidiary of PT Bakrie Sumatera Plantations Tbk in March 2010 and was 99.02% owned by BSP as of September 2012. GBLT SHIPMANAGEMENT: Court to Hear Wind-Up Petition on Feb. 5 ------------------------------------------------------------- A petition to wind up the operations of GBLT Shipmanagement Pte Ltd will be heard before the High Court of Singapore on Feb. 5, 2013, at 10:00 a.m. Alphatron Marine Systems Pte Ltd filed the petition against the company on Jan. 15, 2013. The Petitioner's solicitors are: Messrs Dennis Chua & Co 20 Maxwell Road Maxwell House, #12-07A Singapore 069113 JOINT PILING: Creditors Get 100% Recovery on Claims --------------------------------------------------- Joint Piling and Construction Pte Ltd declared the first and final dividend on Jan. 16, 2013. The company paid 100% for preferential dividends under section 328(1)(b),(e),(f) and 74.48526% for preferential dividends under section 328(1)(g) to the received claims. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 NAVMAN WIRELESS: Creditors' Proofs of Debt Due on Feb. 21 --------------------------------------------------------- Creditors of Navman Wireless Singapore Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 21, 2013, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 PROBILT PTE: Court to Hear Wind-Up Petition on Feb. 1 ----------------------------------------------------- A petition to wind up the operations of Probilt Pte Ltd will be heard before the High Court of Singapore on Feb. 1, 2013, at 10:00 a.m. Sanhe Construction Pte Ltd filed the petition against the company on Jan. 14, 2013. The Petitioner's solicitors are: Joseph Tan Jude Benny LLP 6 Shenton Way, Tower 2 #23-08 Singapore 068809 PTG TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 1 -------------------------------------------------------- A petition to wind up the operations of PTG Technology Pte Ltd will be heard before the High Court of Singapore on Feb. 1, 2013, at 10:00 a.m. Neff GMBH filed the petition against the company on Jan. 15, 2013. The Petitioner's solicitors are: Bernard & Rada Law Corporation 143 Cecil Street #18-00 GB Building Singapore 069542 =============== X X X X X X X X =============== * BOND PRICING: For the Week Jan. 21 to Jan. 25, 2013 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- AUSTRALIAN I/L 4.00 8/20/2015 AUD 181.79 AUSTRALIAN I/L 4.00 8/20/2020 AUD 191.78 AUSTRALIAN I/L 3.00 9/20/2025 AUD 135.39 AUSTRALIAN I/L 2.50 9/20/2030 AUD 127.60 COM BK AUSTRALIA 1.50 4/19/2022 AUD 73.02 MIDWEST VANADIUM 11.50 2/15/2018 USD 65.50 MIDWEST VANADIUM 11.50 2/15/2018 USD 62.25 NEW S WALES TREA 0.50 9/14/2022 AUD 69.24 NEW S WALES TREA 0.50 10/7/2022 AUD 69.05 NEW S WALES TREA 0.50 10/28/2022 AUD 68.87 NEW S WALES TREA 0.50 11/18/2022 AUD 68.68 NEW S WALES TREA 0.50 12/16/2022 AUD 68.60 NEW S WALES TREA 0.50 2/2/2023 AUD 68.16 NEW S WALES TREA 0.50 3/30/2023 AUD 67.71 NSWTC-I/L 3.75 11/20/2020 AUD 129.11 NSWTC-I/L 2.75 11/20/2025 AUD 128.55 NSWTC-I/L 2.50 11/20/2035 AUD 116.42 QUEENSLAND TREAS 2.75 8/20/2030 AUD 123.29 TREAS CORP VICT 0.50 8/25/2022 AUD 70.54 TREAS CORP VICT 0.50 3/3/2023 AUD 68.90 TREAS CORP VICT 0.50 11/12/2030 AUD 48.02 CHINA ----- CHINA GOVT BOND 1.64 12/15/2033 CNY 67.45 INDIA ----- JCT LTD 2.50 4/8/2011 USD 20.50 MASCON GLOBAL LT 2.00 12/28/2012 USD 9.88 PRAKASH IND LTD 5.63 10/17/2014 USD 67.78 PRAKASH IND LTD 5.25 4/30/2015 USD 68.88 PYRAMID SAIMIRA 1.75 7/4/2012 USD 0.50 REI AGRO 5.50 11/13/2014 USD 67.22 REI AGRO 5.50 11/13/2014 USD 67.22 SHIV-VANI OIL 5.00 8/17/2015 USD 54.17 SUZLON ENERGY LT 5.00 4/13/2016 USD 43.83 JAPAN ----- EBARA CORP 1.30 9/30/2013 JPY 100.16 ELPIDA MEMORY 2.03 3/22/2012 JPY 8.38 ELPIDA MEMORY 2.10 11/29/2012 JPY 8.38 ELPIDA MEMORY 2.29 12/7/2012 JPY 8.38 ELPIDA MEMORY 0.70 8/1/2016 JPY 8.50 JPN EXP HLD/DEBT 0.50 9/17/2038 JPY 61.99 JPN EXP HLD/DEBT 0.50 3/18/2039 JPY 62.41 KADOKAWA HLDGS 1.00 12/18/2014 JPY 108.65 SHARP CORP 1.14 9/16/2016 JPY 60.75 SHARP CORP 2.07 3/19/2019 JPY 58.50 SHARP CORP 1.60 9/13/2019 JPY 58.88 TOKYO ELEC POWER 2.35 9/29/2028 JPY 73.38 TOKYO ELEC POWER 2.40 11/28/2028 JPY 73.75 TOKYO ELEC POWER 2.21 2/27/2029 JPY 71.13 TOKYO ELEC POWER 2.11 12/10/2029 JPY 69.07 TOKYO ELEC POWER 1.96 7/29/2030 JPY 66.78 TOKYO ELEC POWER 2.37 5/28/2040 JPY 62.60 MALAYSIA -------- DUTALAND BHD 7.00 4/11/2013 MYR 0.80 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.63 BAYAN TELECOMMUN 13.50 7/15/2049 USD 22.63 SINGAPORE --------- BAKRIE TELECOM 11.50 5/7/2015 USD 54.18 BAKRIE TELECOM 11.50 5/7/2015 USD 56.75 BLD INVESTMENT 8.63 3/23/2015 USD 70.31 BLUE OCEAN 11.00 6/28/2012 USD 32.88 BLUE OCEAN 11.00 6/28/2012 USD 32.88 CAPITAMALLS ASIA 2.15 1/21/2014 SGD 99.80 CAPITAMALLS ASIA 3.80 1/12/2022 SGD 100.87 DAVOMAS INTL FIN 11.00 12/8/2014 USD 28.50 DAVOMAS INTL FIN 11.00 12/8/2014 USD 28.50 F&N TREASURY PTE 2.48 3/28/2016 SGD 100.41 KOREA ----- CHEJU REGION DEV 3.00 12/29/2034 KRW 67.04 CN 1ST ABS 8.00 2/27/2015 KRW 34.01 CN 1ST ABS 8.30 11/27/2015 KRW 35.41 EXP-IMP BK KOREA 0.50 10/27/2016 BRL 74.93 EXP-IMP BK KOREA 0.50 11/28/2016 BRL 74.81 EXP-IMP BK KOREA 0.50 12/22/2016 BRL 74.37 EXP-IMP BK KOREA 0.50 10/23/2017 TRY 74.01 EXP-IMP BK KOREA 0.50 11/21/2017 BRL 69.24 EXP-IMP BK KOREA 0.50 12/22/2017 BRL 68.78 EXP-IMP BK KOREA 0.50 12/22/2017 TRY 73.16 SINBO 10TH ABS 10.00 12/27/2014 KRW 30.30 SINBO 14TH ABS 8.00 2/2/2015 KRW 29.73 SRI LANKA --------- SRI LANKA GOVT 7.00 10/1/2023 LKR 70.74 SRI LANKA GOVT 5.35 3/1/2026 LKR 56.14 SRI LANKA GOVT 8.00 1/1/2032 LKR 72.73 THAILAND -------- BANGKOK LAND 4.50 10/13/2003 USD 5.38 VIETNAM ------- VIETNAM GOVT 7.20 4/4/2014 VND 44.05 VIETNAM GOVT 7.30 4/18/2014 VND 42.98 ********* 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 ***