/raid1/www/Hosts/bankrupt/TCRAP_Public/130201.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
Friday, February 1, 2013, Vol. 16, No. 23
Headlines
A U S T R A L I A
DENNIS PUBLISHING: The Week Collapse Blamed on Poor Management
HASTIE GROUP: Creditors Opt to Liquidate 42 Subsidiaries
KILLARNEY STATION: NAB Appoints McGrathNicol as Receivers
MOTHERCARE AUSTRALIA: In Administration, Joint Venture Collapses
* AUSTRALIA: Record Shows More SMEs Sit on the Edge of Collapse
C H I N A
FUTURE LAND: Fitch Assigns Final 'B+' Rating to US$200MM Notes
HOPSON DEVELOPMENT: Moody's Changes Outlook on 'B3' CFR to Stable
H O N G K O N G
ACCELLENT INSURANCE: Court Enters Wind-Up Order
CHERISON ENGINEERING: Court Enters Wind-Up Order
EAGLETON TELECOMMUNICATIONS: Court Enters Wind-Up Order
ENVIRO PROCESS: Court Enters Wind-Up Order
EVERTOP FORTUNE: Court Enters Wind-Up Order
FRANCE DECOR: Court Enters Wind-Up Order
FUNG'S INTERNATIONAL: Court Enters Wind-Up Order
FYM INTERNATIONAL: Court Enters Wind-Up Order
GLOBAL ALLIANZ: Court Enters Wind-Up Order
GRAND WIN: Court Enters Wind-Up Order
GRUPPEM HK: Court Enters Wind-Up Order
HANG WAY: Court Enters Wind-Up Order
HIGH & NEW: Court Enters Wind-Up Order
H.K. CASHMERE: Court Enters Wind-Up Order
H.K. JOER: Court Enters Wind-Up Order
JADE CAPITAL: Court Enters Wind-Up Order
JET HK: Court Enters Wind-Up Order
KARBO DEVELOPMENT: Court Enters Wind-Up Order
KOALA PRODUCTION: Court Enters Wind-Up Order
PENSON FINANCIAL: Philip Gilligan Steps Down as Liquidator
I N D I A
ABHA POWER: ICRA Assigns 'B+' Rating to INR9cr Loans
ADVANCE STIMUL: ICRA Assigns 'BB-' Rating to INR3cr Loan
AEGIS LIMITED: Fitch Affirms 'BB-' IDR; Outlook Negative
AL-NASIR AGRO: ICRA Rates INR20cr Loan at '[ICRA]BB-'
ARIHANT WHEELS: ICRA Rates INR6.74cr Loan at '[ICRA]B-'
AROMATICS (INDIA): ICRA Assigns 'B+' Rating to INR16cr Loans
BALAJI ELECTRICAL: ICRA Rates INR5cr Loan at '[ICRA]B'
GOPINATH ENTERPRISE: ICRA Puts 'BB-' Rating on INR4.16cr Loans
IPL PRODUCTS: ICRA Assigns 'B+' Ratings to INR4.70cr Loans
KANAIYA EXPORTS: ICRA Assigns 'B' Ratings to INR4.4cr Loans
RADHESHYAM FIBERS: ICRA Reaffirms 'BB-' Rating on INR15cr Loan
SHAPE MACHINE: ICRA Assigns 'B+' Rating to INR4.5cr Working Loan
I N D O N E S I A
* INDONESIA: Fitch Maintains Stable Outlook for Domestic Banks
* Moody's Sees Stable Performance of Indonesian Banks
J A P A N
ORSO FUNDING: Fitch Withdraws 'Dsf' Rating on Class E & F TBIs
N E W Z E A L A N D
SUMMIT WOOL: Closes Oamaru Plant; 192 Workers Lose Jobs
X X X X X X X X
* ASIA PACIFIC: Rapid Credit Growth Ups Banks' Risks, Fitch Says
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
DENNIS PUBLISHING: The Week Collapse Blamed on Poor Management
--------------------------------------------------------------
Sally Jackson at The Australian reports that the bid by British
publishing magnate Felix Dennis to launch a local version of
weekly news digest The Week was scuttled by "poor strategic
management of the business and high cash use", according to a
report prepared for the failed Dennis Publishing Pty Ltd's
creditors.
The Australian says the report by administrator Holzman
Associates lays bare the high cost of Mr. Dennis's attempt to
crack the Australian market, showing the local arm of his Dennis
Publishing firm had generated trading losses totalling AUD16.4
million since its 2008 launch.
According to the Australian, the administrator's report revealed
that by October last year, Mr. Dennis "didn't believe the
business could succeed and so withdrew funding". However, a week
before it went into administration, the British parent company
pumped a further AUD250,000 into the Australian business in order
to pay staff entitlements. A meeting of creditors last month
voted the company be liquidated after the administrator advised
it was insolvent and unable to pay its debts, The Australian
relays.
The Australian notes that the biggest creditor is parent company
Dennis Publishing, which is listed as being owed AUD8.67 million,
with other creditors including Roy Morgan Research, Southern
Newsprint Distributors, and newsagency chain Newslink. Also
losing out were the magazine's 18,646 subscribers.
According to The Australian, Dennis Publishing had high hopes for
The Week in Australia after successful launches of the British
and US editions of the magazine, a weekly current affairs round-
up that promised readers "all you need to know about everything
that matters".
After the successful 1995 launch of the British edition, which
now has a subscription base of 150,000 copies a week, a US
version followed in 2001. The Australian edition needed to sell
about 35,000 copies a week to break even, but when it folded
after four years, sales had climbed to only 28,000 copies, with a
readership of about 83,000.
According to the administrator's report, the directors of the
company blamed its difficulties on "revenue shortfall compared to
cost structure and expectation" and the fact that "magazines are
in a state of decline and so are less popular with buyers," The
Australian relates.
However, the administrator added: "From information furnished to
us and from our investigations to date, it would appear that, in
addition to the above, the causes of the failure of the company
can be attributed to poor strategic management of the business
and high cash use," The Australian reports.
HASTIE GROUP: Creditors Opt to Liquidate 42 Subsidiaries
--------------------------------------------------------
Australian Associated Press reports that creditors of Hastie
Group have unanimously voted for all 42 of the company's
subsidiaries to be placed into liquidation.
AAP relates that liquidator PPB Advisory said the creditors voted
at a number of meetings across Australia over the past two days.
According to the news agency, a PPB Advisory spokesman said
liquidators have greater rights to investigate and examine the
affairs of the company. This includes, subject to funding,
conducting examinations of persons of interest, which may include
directors, auditors and advisers to Hastie Group.
In its second creditors' report, AAP notes, PPB Advisory said
that Hastie Group directors may have breached their duties as the
company collapsed in 2012 under poor management.
AAP relates that the report said Hastie failed because of poor
strategic, operational and financial management and increased
competition.
It said creditors may be able to claim compensation against the
directors for breaching their duties, the news agency adds.
About Hastie Group
Hastie Group provided technical and engineering services to the
building, infrastructure and resources sectors. It had operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and had approximately 7,000 employees worldwide
including approximately 4,000 in Australia.
The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.
Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were also appointed Receivers and Managers over a
limited number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.
McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future. A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.
The company was found to owe its bankers bankers AUD529.9 million
and other creditors about AUD100 million, Australian Associated
Press discloses.
KILLARNEY STATION: NAB Appoints McGrathNicol as Receivers
---------------------------------------------------------
James Nason at Beef Central reports that large-scale Northern
Territory cattle aggregation Killarney Station has been placed
into receivership.
According to the report, the live export-geared Victoria River
District holding was placed into the hands of corporate recovery
firm McGrathNicol on Jan. 29, 2013, on the instructions of major
creditor the National Australia Bank.
Beef Central says the 5,414 square kilometre breeding operation
was offered at auction in Brisbane last August but did not sell,
and has since been the subject of ongoing speculation about its
future.
Beef Central says Jamie Harris -- jharris@mcgrathnicol.com -- a
partner of McGrath Nichol, confirmed Killarney had been placed
into receivership, and said the firm was still working through
the details of its position.
"We are just about trying to understand where management is at,
where staff are at - there will be a skeleton staff there
obviously - and to get an idea of cattle numbers to make sure
they are being appropriately cared for as you can at this time of
year, and work out the strategy to go forward," the report quotes
Mr. Harris as saying.
The holding comprises two properties, Killarney Station
(2,819 sq km) and Birrimba Lease (2,595 sq km). It is owned by
Wallco Pastoral Co, a consortium of owners who have had a close
association with the northern livestock export trade for the past
20 years.
MOTHERCARE AUSTRALIA: In Administration, Joint Venture Collapses
----------------------------------------------------------------
Manchester Evening News reports that Mothercare Australia,
which is an associate of London-listed Mothercare, has called in
administrators after it could not reach an agreement to sell the
business to the Myer Family Company, which is behind Australia's
biggest department store chain.
Mothercare, which held a 23% stake in the joint venture and
generates 7% of its international sales from Australia, had
agreed to sell its holding in November following the
deterioration of trading conditions in Australia, according to
Manchester Evening News.
The report relates that it had hoped the Myer family as co-
shareholders would inject cash into the business, which was set
up in 2010 and has 29 Mothercare and 19 Early Learning Centre
shops.
Mothercare said the venture's collapse would have a "minimal"
impact on profits, having set aside GBP10.6 million to cover the
remaining value of its investment and other payments due from
Mothercare Australia in November, operating on short payment
terms since then, the report notes.
Matthew McEachran, analyst at N+1 Singer, said there would be
very little change to forecasts for the group as the statement
suggested no royalties were being paid and there was no inclusion
of future royalties in the forward plans, the report discloses.
Mothercare plans to grow profits in its international business as
its scales back its UK operations, the report says.
New boss Simon Calver was brought in last year and has set out on
a cost-cutting plan to reduce its UK store numbers from 311 to
200 by 2015, the report adds.
* AUSTRALIA: Record Shows More SMEs Sit on the Edge of Collapse
---------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that once again, private
business sales listings have increased in the December quarter,
with the BizExchange Index for Private Business Values reporting
a 13% rise in sale listings, reaching record levels.
SmartCompany relates that the report coincided with findings from
accountancy firm Taylor Woodings, which suggested business
insolvencies were expected to remain high over the next four
years.
According to the report, Perth managing partner of Taylor
Woodings, Mike Ryan, told a roundtable on Jan. 30, 2013, that
more small and medium-sized businesses were "sitting on the edge"
of collapse.
"We expect an increase in insolvencies at the smaller company
end, due largely to attrition. We do not see 2013 being any
better for businesses than 2012 and possibly a bit harder,"
SmartCompany quotes Mr. Ryan as saying.
BizExchange chairman David Bird told SmartCompany it was hard to
tell how many private businesses were for sale because they're
not all advertised, but what is advertised was a good example.
The BizExchange report found the percentage of businesses with
EBIT (Earnings Before Interest and Tax) values between 1 and 2
remained fairly steady from the previous quarter.
The quarter also saw some softening in prices, particularly
businesses with turnovers of $500,000 to $1 million and $5
million to $15 million.
For the March quarter, BizExchange predict an increase in
business failures and unemployment figures.
=========
C H I N A
=========
FUTURE LAND: Fitch Assigns Final 'B+' Rating to US$200MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned property developer Future Land
Development Holdings Limited's (Future Land, 'B+'/Stable)
US$200 million 10.25% notes due 2018 a final rating of 'B+'. The
assignment of the final rating follows the receipt of documents
conforming to information already received and the final rating
is in line with the expected rating assigned on Jan. 21, 2013.
Its ratings reflect the company's limited geographic
diversification, cash flow subordination to its key operating
subsidiary, Jiangsu Future Land Co., Ltd., as well as its
resilient business model. Future Land's business profile is
commensurate with a 'BB-' rating but significant structural
subordination to JFL constrains the ratings at the 'B+' level.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- A significant decrease in contracted sales of the company's
non-JFL business in 2013 from the CNY3bn level achieved in
2012
- A significant decline in the contracted sales/total debt ratio
to below 1.0x at the holding company level on a sustained
basis (1.6x at end-H112)
- Proportionately consolidated net debt/ adjusted inventory
rising above 40% on a sustained basis. (Fitch estimates the
ratio to be around 35% at end-H112)
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Substantial increase in the scale of the company's non-JFL
business, with annual contracted sales exceeding CNY10bn
(Fitch estimates LTM contracted sales of non-JFL business at
end-H112 to be CNY3.9bn)
- Unrestricted access to JFL's cash flows
HOPSON DEVELOPMENT: Moody's Changes Outlook on 'B3' CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook for Hopson Development Holdings Limited's B3 corporate
family rating and Caa1 senior unsecured rating.
Ratings Rationale
"The change in outlook reflects Hopson's success in completing
its proposed senior notes issuance in January 2013. This issuance
of USD300 million with a 5-year tenor helps the company partly
improve its liquidity and debt maturity profile, thereby
contributing to stabilizing the company's near-term credit
outlook," said Jiming Zou, a Moody's analyst.
While the amount of new notes is small -- relative to its
estimated total short-term debt of RMB14 billion -- the issuance
is a credit positive development that could help Hopson in its
requests for refinancing or extending its short-term debt from
domestic lenders or investors.
Moody's notes that Hopson has no offshore debt maturing in the
next two years.
"The stable outlook also reflects Moody's expectation of a
stabilizing operating environment in 2013, which will in turn
help Hopson achieve improved contract sales," says Zou, who is
also the lead analyst for Hopson.
For 2012, the company reported a 17% year-over-year increase in
contract sales to RMB11.6 billion. A continuous improvement is
expected in January 2013.
Despite the improving contract sales, Hopson faces the challenge
of working down its huge inventory. Its total inventory --
combined with work-in-process and completed inventory -- stands
at about RMB63 billion, or equal to more than 5 years of current
book sales.
This high level of inventory has kept Hopson's gross debt at a
high level of RMB35 million versus contract sales of about RMB11
billion. Thus, Moody's expects Hopson's B3 rating will continue
to be constrained by its unsold inventory.
In addition, the high level of debt has resulted in weak interest
coverage, which is expected to stand at 1.0x-1.5x in the next 12
-- 18 months. Such low interest coverage constrains Hopson at the
low B rating level.
On the other hand, Hopson's B3 corporate family rating continues
to reflect its established market position and track record of
property development in Guangzhou, Beijing and Shanghai, as well
as its sizable land bank available for development over the next
few years.
The ratings could be upgraded, if Hopson is able to (1) further
improve its liquidity position, such that its unrestricted cash
can cover a substantial portion of its debt maturing in the next
12 months; (2) achieve its contract sales target; (3) reduce
unsold inventory to below 2 -- 2.5 years of contract sales; and
(4) improve interest coverage -- EBITDA/interest -- close to
2.0x.
The ratings could be downgraded, if Hopson (1) shows a
deterioration in its liquidity position, as evidenced by
declining cash, or an inability to refinance debt, or only
manages to extend maturing debt for short tenors; or (2)
experiences declines in sales and profit margins; or (3) shows
EBITDA/interest coverage below 1.0x.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 31.9 million
square meters in gross floor area as of 1H2012. Its principal
business interests are residential developments in four major
cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and their
surrounding areas.
================
H O N G K O N G
================
ACCELLENT INSURANCE: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Accellent Insurance Brokers Limited.
The official receiver is Teresa S W Wong.
CHERISON ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on April 10, 2012,
to wind up the operations of Cherison Engineering Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
EAGLETON TELECOMMUNICATIONS: Court Enters Wind-Up Order
-------------------------------------------------------
The High Court of Hong Kong entered an order on Oct. 21, 2011, to
wind up the operations of Eagleton Telecommunications Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
ENVIRO PROCESS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Dec. 18, 2012, to
wind up the operations of Enviro Process Engineering (HK) Company
Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
EVERTOP FORTUNE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Evertop Fortune Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
FRANCE DECOR: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2010, to
wind up the operations of France Decor Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
FUNG'S INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 19, 2010, to
wind up the operations of Fung's International Company Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
FYM INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on July 19, 2011, to
wind up the operations of FYM International Automobile Company
Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
GLOBAL ALLIANZ: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 16, 2013, to
wind up the operations of Global Allianz Limousine Services
Limited.
The official receiver is Teresa S W Wong.
GRAND WIN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 2, 2012, to
wind up the operations of Grand Win Group Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
GRUPPEM HK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 3, 2012, to
wind up the operations of Gruppem Hong Kong Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
HANG WAY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on June 15, 2011, to
wind up the operations of Hang Way Property Management Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
HIGH & NEW: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on April 10, 2012,
to wind up the operations of High & New Grand Holdings Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
H.K. CASHMERE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Feb. 8, 2012, to
wind up the operations of H.K. Cashmere Knitting Factory Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
H.K. JOER: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Nov. 22, 2011, to
wind up the operations of H.K. Joer Goldlion (Int'l) Group
Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
JADE CAPITAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Sept. 1, 2011, to
wind up the operations of Jade Capital Trading Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
JET HK: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on June 10, 2011, to
wind up the operations of Jet Hong Kong Trading Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
KARBO DEVELOPMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Nov. 9, 2011, to
wind up the operations of Karbo Development Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
KOALA PRODUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 13, 2011, to
wind up the operations of Koala Production Limited.
The company's liquidators are Wong Tak Man Stephen and Osman
Mohammed Arab.
PENSON FINANCIAL: Philip Gilligan Steps Down as Liquidator
----------------------------------------------------------
Philip Brendan Gilligan stepped down as liquidator of Penson
Financial Services Asia Limited on Jan. 21, 2013.
=========
I N D I A
=========
ABHA POWER: ICRA Assigns 'B+' Rating to INR9cr Loans
----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR3.00 crore term
loans and INR6.00 crore cash credit facilities of Abha Power and
Steel Private Limited.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Limits- 3.00 [ICRA]B+ assigned
Term Loan
Fund Based Limits- 6.00 [ICRA]B+ assigned
Cash Credit
The rating takes into account the weak financial profile of the
company as reflected by its low net profitability, depressed
level of the coverage indicators and a high working capital
intensity of operations adversely impacting its liquidity
position which leads to a very high level of utilization of the
working capital limits of the company, reducing its financial
flexibility. In addition, the high debt service obligation of the
company is likely to further impact its liquidity position in the
short to medium term, given the current level of cash accruals.
The rating also reflects the small scale of APSPL's current
operations despite a gradual increase in top-line in recent
years, the absence of backward integration in the company's
operations which results in vulnerability of profitability to the
fluctuations in the raw material prices, and the exposure of
APSPL's business to the cyclicality inherent in the steel
industry which leads to volatile cash flows. The rating, however,
also factors in the experience of the promoters in the steel
industry, the locational advantage of the plant, set up in close
proximity to the raw material sources, which leads to low freight
costs and the improvement witnessed in the company's operational
profile since 2010-11 following the commencement of the
production of spheroidal graphite cast iron (SGCI) insert which
is a value added item used as a component of railway sleepers.
APSPL, set up in 2005 by Mr. Subhas Chand Agarwal and Mr. Harish
Shah and their family members, is engaged in the manufacturing of
mild steel (MS) ingots and spheroidal graphite cast iron (SGCI)
inserts. The company's manufacturing facility is located at the
Silpahari Industrial Area, close to Bilaspur in Chhattisgarh with
the annual capacity of 14, 256 tons per annum (tpa) of mild steel
ingot and 4,800,000 pcs of SGCI inserts.
Recent Results
The company posted a net profit of INR0.22 crore on an operating
income of INR41.86 crore during 2011-12, as compared to a net
profit of INR0.18 crore on an operating income of INR35.98 crore
during 2010-11.
ADVANCE STIMUL: ICRA Assigns 'BB-' Rating to INR3cr Loan
--------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR3.00 crore fund
based limits and '[ICRA]A4' rating to the INR6.50 crore non fund
based limits of Advance Stimul Engineering Private Limited. The
outlook on the long term rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund based limits 3.00 [ICRA]BB- assigned
Non Fund Based Limits 6.50 [ICRA]A4 assigned
The assigned ratings take into account the company's limited
scale of operations, limited track record of operations and
execution risk in ASEP's core business of laying of pipelines
arising from delay in handing over the right of way by the
client. The ratings are also constrained by geographical
concentration risk as ASEP's projects are concentrated in
southern India and client concentration risk with Gas Authority
of India (GAIL) being the sole client of the company. Further,
the order book of the company consists of only three projects
thereby exposing it to delays and execution risks in these
contracts. Nevertheless, the ratings draw comfort from the
moderate debt coverage indicators and moderate entry barriers for
new players on account of stringent technical and financial
qualification criteria which translate into favorable business
potential for pipeline laying companies. Going forward, the
ability of the company to secure contracts and execute them in a
timely manner while maintaining its working capital intensity
will be key rating sensitivities.
ASEP was established in April 2010 as a private limited company
by Mr. Aashish Agrawal and Mr. Chandra Bhushan Jee. ASEP executes
contracts for 'Advance Stimul' consortium formed by 'Advance
Steel Tubes Limited' of India and 'PKP Stimul' of Russia. ASEP is
engaged in laying of pipelines. The company is presently
executing three projects for GAIL in southern India with an
aggregate contract value of INR65 crores.
Recent Results
The company reported a net profit of INR0.61 crore on an
operating income of INR14.53 crore in FY12
AEGIS LIMITED: Fitch Affirms 'BB-' IDR; Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed India-based technology company Aegis
Limited's Issuer Default Rating (IDR) at 'BB-' with Negative
Outlook.
The Negative Outlook factors in likely deterioration in Aegis's
FFO (funds from operations) adjusted leverage to over 5x by end-
March 2013 (FY13) and the ratings will be downgraded if leverage
remains above 4.0x in FY14.
Fitch, however, expects Aegis to deleverage in FY14, supported by
free cash flow generation due to strong EBITDA margins (FY12:
11.9%) and low capex/revenue of 4%-5%. Fitch expects current
EBITDA margins to be maintained as Aegis transitions its Indian
operations to low-cost facilities and consolidates its Australian
operations. Further, on-going cost-saving measures are likely to
reduce costs by USD5m per year and there are plans to improve
operational efficiencies. As a result its Q3 FY13 EBITDA margins
improved to 13.2% (based on unaudited numbers) from 9.8% in
Q3FY12.
Aegis's 'BB-' rating continues to reflect its diversification by
geography and business, with low client concentration risk,
strong counterparties, and customer loyalty. It also benefits
from an onshore business model as it has few outsourced
operations to low-cost countries which protects it from any
potential anti-offshoring regulations in US.
The rating reflects Aegis's acquisitive nature, its highly
leveraged balance sheet, limited funds from operations (FFO) and
volatile EBITDA margins. These factors are constraining the
rating at 'BB-'.
What Could Trigger A Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- FFO-adjusted leverage of above 4x on a sustained basis due to
a fall in EBITDA margin to below 11% or debt-led capex
Positive: Future developments that may, individually or
collectively, lead to outlook being revised to stable include:
- FFO-adjusted leverage falling below 4x on a sustained basis
- Sustained positive free cash flow generation
AL-NASIR AGRO: ICRA Rates INR20cr Loan at '[ICRA]BB-'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' for INR20.0
crore bank lines of Al- Nasir Agro Foods. The outlook on the long
term rating is stable.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Unallocated 20.0 [ICRA]BB- (Stable) assigned
In assigning the rating, ICRA has taken a consolidated view of
the financial and operating position of ANAF along with its group
companies - S.S. Brothers and Al-Nasir Exports Private Limited,
given the common management and strong operational linkage. While
ANEPL and ANAF are engaged in processing of buffalo meat, SSB
primarily operates as the trading arm of the group.
The rating action factors in the long experience of the promoters
in the core business of buffalo meat processing; steady revenue
growth achieved by the firm in recent years, on the back of
group's increasing level of exports; and favorable location of
the firm's manufacturing facility in Uttar Pradesh, which ensures
easy access to raw material. The group is also in the process of
setting up its own abattoir (under ANEPL), which is expected to
get commissioned during the current financial year and drive the
future revenue growth. The rating is however constrained by the
competitive and fragmented nature of the industry which limits
the firm's pricing flexibility; and thin profitability on account
of vulnerability to raw material price volatility and
susceptibility of the business to changes in regulations and
inherent social, political and disease out-break risks.
Al- Nasir Agro Foods is engaged in the processing of buffalo
meat. ANAF was promoted in the year 2007 by members of the
Qureshi family. The firm's manufacturing facility is located in
Moradabad Uttar Pradesh. In addition to ANAF, the promoter group
has also promoted other entities (S.S. Brothers and Al-Nasir
Exports Private Limited) which are engaged in the meat processing
business, with their facilities located in Uttar Pradesh.
Recent Results
The firm has reported a profit after tax of INR0.34 crore on an
operating income of INR121.12 crore in FY2012.
ARIHANT WHEELS: ICRA Rates INR6.74cr Loan at '[ICRA]B-'
-------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to the INR6.74 crore fund
based limits of Arihant Wheels and Cycles Private Limited.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund based limits 6.74 [ICRA]B- assigned
The rating takes into account AWCL's small scale of operations,
its relatively low value additive nature of the business and high
competitive pressures in the cycle industry. These factors
coupled with high interest cost have resulted in net loss for the
company in the last two years. The rating is also constrained by
the fact that the company's revenues & profitability are exposed
to economic cycles. Further, AWCL's profitability remains
susceptible to adverse movements in the prices of major raw-
materials; the risk being further pronounced because the raw
material procurement is not always order backed. However the
rating draws comfort from the long track record of promoters in
the cycle industry and their established relationships with
clients. Going forward, ability of the company to scale up its
operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.
AWCL, incorporated in 2007, has been promoted by Mr. Bimal
Choudhary and Mr. K.K. Choudhary. The company is engaged in the
manufacturing of cycle parts with the manufacturing facility
situated in Gorakhpur, Uttar Pradesh.
Recent Results
The company reported a net loss of INR0.08 crore on an operating
income of INR3.71 crore in FY12 as against net loss of INR0.24
crore on an operating income of INR0.39 crore in FY11.
AROMATICS (INDIA): ICRA Assigns 'B+' Rating to INR16cr Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR15.36 crore
long-term fund-based limits and term loans of Aromatics (India)
Private Limited. The rating of '[ICRA]A4' has been assigned to
the INR4.5 crore short-term non-fund based facilities of AIPL.
The ratings of [ICRA]B+/[ICRA]A4 has also been assigned to the
INR0.44 crore unallocated limits of AIPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund-Based, Long- 15.00 [ICRA]B+ assigned
Term Limits
Term Loans 0.36 [ICRA]B+ assigned
Non-Fund Based,
Short-Term Limits 4.50 [ICRA]A4 assigned
Unallocated Limits 0.44 [ICRA]B+/[ICRA]A4
Assigned
The ratings factor in the fragmented and highly competitive
nature of the surfactants industry due to low capital intensity,
leading to weak profitability. The customer base of the company
includes unorganized players, from whom volumes remain uncertain
in the absence of any long-term agreements. Further, the company
has low bargaining power with its suppliers due to small scale of
operations in comparison to that of the suppliers, which are
primarily large petrochemical companies. Increasing competition
from alternative surfactants or backward integration by detergent
players may impact sales volumes in the LABSA industry, although
the impact is not likely to be significant for the diverse
customer segment that the company caters to. The weak financial
risk profile of the company is characterized by low
profitability, high gearing levels due to a small net worth and
weak debt coverage indicators. The debt-funded capex in progress
will lead to continuation of elevated gearing levels in the
medium term, given the small net worth of the company. The
ratings, however, factor in the long track record of the
promoters of over three decades in the surfactants industry, the
stable growth prospects of the domestic detergents industry and
healthy growth in sales volumes and revenues post the
commissioning of the Udaipur plant in 2009. Going forward, the
ability of the company to improve its profitability and capital
structure leading to an improvement in debt coverage metrics will
be the key rating sensitivities.
Aromatics (India) Private Limited is engaged in the business of
sulphonation of Linear Alkyl Benzene (LAB) to manufacture Linear
Alkyl Benzene Sulphonic Acid (LABSA)-90% (also called acid
slurry). LABSA is mainly used for the manufacture of detergent
powder and detergent cake / bar. The company began operations as
a proprietorship of the promoter, Mr. Kailash Chander Kochhar, in
1976 in Delhi in the name of M/s Aromatics India and commenced
production of LABSA at its manufacturing facility located in
Nangloi (Delhi). In 1996, the proprietorship was incorporated as
a private limited company and renamed as AIPL. The company began
operating another plant in Sikandrabad (Uttar Pradesh) in 2002;
however, the operations were closed in 2009 due to adverse cost
structure. In February 2009, the company began operations in
another manufacturing plant in Udaipur (Rajasthan). Since then,
the company has been able to achieve healthy growth in revenues
and volumes. The capacity of the Udaipur plant is 24,000 metric
tonnes per annum (MTPA), which is in the process of being
increased to 45,000 MTPA. The company sells its product across 10
states in India.
In 7m 2012-13, AIPL reported a net profit (provisional) of
INR0.85 crore on an operating income (provisional) of INR111.35
crore against a net profit of INR0.46 crore on an operating
income of INR108.98 crore in 2011-12.
BALAJI ELECTRICAL: ICRA Rates INR5cr Loan at '[ICRA]B'
------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR5.0 crore fund based
limits of Balaji Electrical & Hardware.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Limits 5.00 [ICRA]B
The assigned rating positively factors in track record of
promoters in the line of trading electrical goods and diversified
market segments that BEH caters to. The rating is however
constrained on account of thin profit margins on account of
trading nature of business, low pricing power due to strong
competition from other companies in same product lines and
regional concentration of business in Noida, Greater Noida and
Ghaziabad. In addition, the financial risk profile of BEH is
characterized with modest debt coverage indicators as reflected
in interest coverage of 1.3x, NCA/Total debt of 4.7% and Total
Debt/OPBDITA of 5.4x for 2011-12.
Balaji Electrical & Hardware is a Noida based sole proprietorship
which is engaged in trading of electrical goods. BEH has been in
this line of business for the last thirteen years. BEH has
authorized distributorship of companies like ABB, NICCO, BEC
Industries, RR Kabel etc and trades in products like wires &
cables, MCBs & switches, conduits and others
GOPINATH ENTERPRISE: ICRA Puts 'BB-' Rating on INR4.16cr Loans
--------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]BB-' to the INR4.16 crore
long-term fund based facilities of Gopinath Enterprise Private
Limited. The outlook on the long term rating is Stable. ICRA has
also assigned a rating of '[ICRA]A4' to the INR1.00 crore short
term non fund based facilities of GEPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit 3.25 [ICRA]BB-(Stable) assigned
Term Loan 0.91 [ICRA]BB- (Stable) assigned
Letter of Credit 1.00 [ICRA]A4 assigned
The assigned ratings are constrained by GEPL's small scale of
operations; low profitability indicators due to limited value
addition; low profitability indicators due to limited value
addition; exposure to fluctuation in raw material prices and the
highly competitive business environment on account of the
fragmented industry structure, with limited entry barriers. The
ratings further take into account of the high working capital
intensity in the operations. The ratings however favorably
consider the long track record of the promoter in the tarpaulin
segment, diversified customer profile and established supply
relationships with its customer base in domestic market.
Gopinath Enterprise Private Limited (GEPL) is engaged in the
business of manufacturing HDPE based tarpaulin, fabric and woven
sacks under its own brand name as well as contract manufacturing
for other entities. GEPL is promoted by Mr Bharat and Mr Manish
Agrawal who set up the entity in 2008. GEPL operates from its
plant located near Santej, Gandhinagar with a total installed
capacity 3890 MT per annum. GEPL manufactures tarpaulin sheets
ranging between 70 GSM to 250 GSM; which it markets under its
"Sparrow Tarpaulin" brand name.
Recent Results
For the year ended on March 31, 2012, the company reported an
operating income of INR25.63 crore and profit after tax of
INR0.40 crore as against an operating income of INR22.56 crore
and a profit after tax of INR0.59 crore for FY 2011.
IPL PRODUCTS: ICRA Assigns 'B+' Ratings to INR4.70cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR3.00
crore fund based facilities and Rs.1.70 crore proposed term loan
facilities of IPL Products. ICRA has also assigned a short- term
rating of '[ICRA]A4' to the INR0.80 crore fund based facilities,
and Rs.4.5 crore non-fund based bank facilities of the firm.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund based facilities- 3.00 [ICRA]B+/assigned
Cash Credit
Proposed long term loans 1.70 [ICRA]B+/assigned
Fund based facilities- 0.80 [ICRA]A4/assigned
Stand by Line of credit
Non-Fund based facilities- 3.75 [ICRA]A4/assigned
Bank Guarantee
Non-Fund based facilities- 0.75 [ICRA]A4/assigned
Letter of Credit
The assigned ratings consider the significant experience of the
promoter in the electrical industry, reputed clientele base
(although plagued by issues of delayed collections) and the long
term favorable outlook for the domestic power sector. The ratings
are however constrained by the entity's limited scale of
operations which restricts its pricing flexibility, risk of high
customer concentration (with the top customer, Tamil Nadu
Electricity Board, contributing to 37% of sales during nine
months period 2012-13), and stretched financial profile
characterized by thin margins, moderate capital structure and
stretched working capital intensity resulting in higher
dependence on high cost external funds. Going forward, the
entity's ability to diversify the customer profile, manage
receivables position and improve the networth position and debt
indicators will be critical in improving the credit profile of
the entity.
IPL Products is an SSI unit promoted by Mr. A Shanmugavelayuthan
in the year 1974 as a sole proprietorship concern. Initially
started as M/s International Piston Linear Products, the entity
was involved in the manufacturing of Grey Iron castings and
gradually expanded its product profile by adding electrical
accessories such as Pillar boxes, Isolator/Air break switches and
Transformers catering majorly to the power industries. The firm
has been supplying bulk of the produces to TNEB over the last few
years and currently supplies to private parties too. The firm has
two manufacturing units for manufacturing Isolators and
Transformers.
Recent Result
According to unaudited results, The Firm's net profits stood at
INR0.5 crore on an operating income of INR18.5 crore during the
nine months period ending December 2012. For the fiscal, 2011-12,
the firm reported an operating income of INR14.3 crore with a net
profit of INR0.4 crore.
KANAIYA EXPORTS: ICRA Assigns 'B' Ratings to INR4.4cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR4.40 fund-
based facilities of Kanaiya Exports Private Limited. The rating
of '[ICRA]A4' has also been assigned to the INR7.00 crore short-
term fund based facilities of KEPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit 3.00 [ICRA]B assigned
Stand by Limit 1.40 [ICRA]B assigned
Export Packing Credit 7.00 [ICRA]A4 assigned
The assigned ratings take into account the company's modest scale
of operations and its weak financial profile characterized by
high gearing levels, low profitability and weak coverage
indicators. The ratings further takes into account the high
competitive intensity in agro-commodities trading resulting from
low entry barriers; exposure of company's profitability to any
adverse changes in export incentives; vulnerability of the
company's operations to government's export policies and to agro-
climatic conditions. The rating however positively considers the
experience of the promoter in agro-commodities trading, favorable
location of the company with proximity to raw material sources
and stable export prospects for agro-products.
Kanaiya Exports Private Limited (KEPL) was incorporated in 1994
and is primarily engaged in the trading of psyllium Husk, sesame
seeds, cumin seeds, fennel seeds and other agro products. The
company is currently managed by Mr. Rameshchandra Nayak and Mr.
Ashvin Nayak and the family has been in this business since last
20 years.
Recent Results
During FY2012, KEPL reported an operating income of INR65.99
crore (as against INR51.45 crore during FY 2011) and profit after
tax of INR0.35 crore (as against INR0.18 crore during FY 2011).
RADHESHYAM FIBERS: ICRA Reaffirms 'BB-' Rating on INR15cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR15.00 crore
(enhanced from INR11.00 crore) fund-based cash credit facility
and assigned '[ICRA]BB-' rating to the INR1.24 crore fund based
term loan facility of Radheshyam Fibers (Gujarat) Private
Limited. The outlook on long-term rating is 'stable'.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Cash Credit 15.00 [ICRA]BB-(Stable)
Reaffirmed/assigned
Term Loan 1.24 [ICRA]BB-(Stable) assigned
The rating continues to be constrained by weak financial profile
of the company as reflected by low profitability on account of
low value additive nature of the cotton ginning and crushing
business, and highly working capital intensive nature of
operations resulting into a stretched leveraged capital structure
and weak coverage indicators. The rating is further constrained
by susceptibility of the cotton prices to seasonality and
regulatory risks which together with the highly competitive
industry environment further exert pressure on margins. The
rating, however, positively considers the long experience of the
promoters in the cotton ginning and pressing business and
favorable location of the company which gives it easy access to
raw cotton.
Radheshyam Fibers (Gujarat) Private Limited was set up in 2008 by
Mr. Ramnik Bhai Bhalara and his brothers to produce cotton bales,
cotton seeds, cotton seed oil cake and cotton oil. The
manufacturing facility of the company is located at Prabhani
District of Maharashtra. At present the plant is equipped with 48
ginning machines and 1 fully automatic pressing machine having a
production capacity of 400 cotton bales per day and 8 crushing
machine having seed crushing capacity of 45 MTPD. The company was
sold to Mr. Girdhar Vekariya in November, 2010. Mr. Girdhar
Vekariya has two other cotton ginning and pressing plants Giriraj
fibers Pvt. Ltd. and Avadh cotton Pvt. Ltd. located in
Maharashtra and Gujarat respectively.
Recent Results
For the year ended 31st March, 2012, the company reported an
operating income of INR64.36 crore with profit after tax (PAT) of
INR0.11 crore. Till November, 2012 RFGPL has achieved the
operating income of INR59.27 crore as per unaudited provisional
financials.
SHAPE MACHINE: ICRA Assigns 'B+' Rating to INR4.5cr Working Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR4.50
crore* bank lines of Shape Machine Tools Private Limited. ICRA
has also assigned a short-term rating of '[ICRA]A4' to INR1.50
crore non fund based limits of SMTPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Working Capital Limits 4.50 [ICRA]B+ assigned
Non Fund Based Limits 1.50 [ICRA]A4 assigned
The assigned ratings factor in the experience of the promoters,
long track record of operations of the company in its core
business of manufacturing machine parts, steady growth in the
operating income during the last two years, and established
relationships with reputed customers like Bharat Heavy
Electricals Limited, Tata Growth Group, Goodyear India Limited,
Bharat Electronics Limited and McNally Bharat Engineering Company
etc. However, the ratings are constrained by the relatively
modest scale of operations of the company, high competitive
intensity of the industry, low value additive nature of the
company's core business of manufacturing machine parts and
limited bargaining power of SMTPL with its customers. Further,
the ratings also factor in the working capital intensive nature
of operations, which has resulted in high utilization of working
capital limits. This, coupled with high long term borrowings has
led to relatively high gearing levels for the company (2.3 times
as on 31st March 2012) and moderate debt indicators (Net
Debt/OPBDITA of 3.6 times and NCA/Total Debt of 13% as on
March 31, 2012).
Shape Machine Tools Private Limited was incorporated in the year
1989 by Mr. Ranjit Kumar Anand and Ms. Rita Anand, who were also
founders of the firms - Press Tool Industries and Anand Auto
Engineering Works which are present in the field of machining,
grinding of heavy industrial items related to sugar mill, cement
plant, sponge iron plant, paper mill, wind mill, thermal & hydro
power station etc. SMTPL is into the field of manufacturing
(including on job work basis) rollers, gears, mill heads and
other tools for heavy machinery companies and its unit is located
in Ghaziabad.
Recent Results
For FY2012, the company has achieved an operating income of
INR29.23 crore and a net profit of INR0.62 crore.
=================
I N D O N E S I A
=================
* INDONESIA: Fitch Maintains Stable Outlook for Domestic Banks
--------------------------------------------------------------
Fitch Ratings says Indonesia's major banks are able to withstand
stress, largely due to their strong loss-absorption qualities
and/or tangible parental support. Therefore, the Rating Outlook
for most domestic banks continues to be Stable, even as rapid
credit growth in the country over the past three years has led to
a build-up of asset quality risk on the local banking sector.
Most major Indonesian banks have superior margins and
profitability relative to other banking systems in emerging
markets, providing them with a strong buffer against potential
impairment risks. Under a stress test conducted by Fitch,
Indonesia's nine major lenders are estimated to incur, on
average, loan losses of 3.8% of their loans, but which will be
comfortably covered by their pre-provision profits - that Fitch
has also stressed downwards - which equaled 5.2% of loans. Under
normal economic cycles over the past five years, loan losses have
ranged between 1% and 2% of loans, while pre-provision profits
equaled 6%-7% of loans.
Fitch's stress test reveals that the major domestic banks show
varying degree of resilience and vulnerability, which is broadly
captured in their Viability Ratings (VR). Larger, systemically
important Indonesian banks are able to cope with "stressed"
losses with their steady core earnings alone. Medium-sized banks'
weaker loan loss tolerance is reflected in their lower VRs,
although downside risks are mitigated by ordinary support from
their higher-rated foreign parent banks.
Fitch stress tests also found that, with earnings fully covering
loan losses in a stress environment, capital would likely remain
intact for most major Indonesian banks. The combined Tier 1
capital, which is composed entirely of high-quality common
equity, of these banks stood at an average 14% of risk-weighted
assets at end-H112 - one of the highest among banks in Asia-
Pacific.
Fitch points out that the outcome of the stress test does not
represent the agency's base-case forecast for the Indonesian
banks - which are expected to remain very profitable on the back
of stable economic growth in Indonesia. Fitch's forecast is for
Indonesia's GDP to continue growing 6% in 2013. Moreover, the
stress test gives little benefit to banks' likely preventive
measures that could help arrest asset quality deterioration and
support recoveries and costs savings in a distressed scenario.
The report titled "Indonesian Banks' Stress Test" is available on
www.fitchratings.com or by clicking on the link above.
The ratings of Fitch-rated nine major Indonesian banks are:
PT Bank Mandiri (Persero) Tbk:
- Long-Term Issuer Default Rating (IDR) at 'BBB-'; Outlook Stable
- Viability Rating at 'bb+'
PT Bank Rakyat Indonesia (Persero) Tbk:
- Long-Term IDR at 'BBB-'; Outlook Stable
- Viability Rating at 'bb+'
PT Bank Central Asia Tbk:
- Long-Term IDR at 'BBB-'; Outlook Stable
- Viability Rating at 'bbb-'
PT Bank Negara Indonesia (Persero) Tbk:
- Long-Term IDR at 'BBB-'; Outlook Stable
- Viability Rating at 'bb'
PT Bank CIMB Niaga Tbk:
- Long-Term IDR at 'BBB'; Outlook Stable
- Viability Rating at 'bb'
PT Bank Danamon Indonesia Tbk:
- Long-Term IDR at 'BB+' on Rating Watch Positive
- Viability Rating at 'bb+'
PT Bank Internasional Indonesia Tbk:
- Long-Term IDR at 'BBB'; Outlook Stable
- Viability Rating at 'bb'
PT Bank Pan Indonesia Tbk:
- Long-Term IDR at 'BB'; Outlook Stable
- Viability Rating at 'bb'
PT Bank OCBC NISP Tbk:
- Long-Term IDR at 'BBB'; Outlook Stable
- Viability Rating at 'bb'
* Moody's Sees Stable Performance of Indonesian Banks
-----------------------------------------------------
Moody's Investors Service says that the outlook on the Indonesian
banking system for the next 12-18 months remains stable, based on
a conducive operating environment that is expected to support
asset quality and profits.
"We expect 6% GDP growth, 20% loan growth and low credit costs in
2013. These trends will protect the Indonesia banks' strong
capital generation capacity" says Wee Siang Ng, a Moody's Vice
President and Senior Analyst.
"However, with the Indonesian banking system's non-performing
loan ratio at 2%, further improvements will be hard to come by,
and there are downside risks that we remain mindful of, more
particularly the risk of asset quality deterioration posed by
several consecutive years of rapid credit growth and by political
uncertainty" concludes the Moody's analyst.
Ng was speaking on the release of Moody's "Banking System
Outlook: Indonesia," and which he co-authored.
The outlook examines key factors for the banking system,
including the operating environment, asset quality, funding and
liquidity, profitability, and systemic support.
"With the operating environment, our assessment is stable as we
expect monetary policy to stay accommodative, the persistence of
a relatively low and steady inflationary environment, and Bank
Indonesia's continued emphasis on growth," says Ng.
"But, while our stable outlook assumes that the general business
environment will remain supportive to banks' credit quality, we
remain mindful of various downside risks, more particularly the
risk of asset quality deterioration after several consecutive
years of rapid credit growth and because of a certain level of
political uncertainty, given the approach of the presidential
election in 2014," says Ng.
In regard to funding and liquidity, the report says that with
credit growth expected to continue outpacing deposit growth, the
system's loan-to-deposit ratio (LDR) should trend higher in 2013,
up from its 15-year high of 84%. But liquidity risks remain
limited.
Profitability will be supported by strong credit expansion, low
credit costs, and stronger fee income offsetting a modest squeeze
on net interest margins and a rise in overheads. Moody's-rated
Indonesian banks are further heading for another strong year of
profits in 2013.
Finally, on systemic support, the report notes that the
government has a history of providing support in past crises. The
concentration of a large share of deposits among rated banks
presents a strong incentive for government support.
On the other hand, the Moody's report also notes that the
government's involvement in the banking system remains strong. It
controls 35% of the system's assets through its stakes in four
state-owned banks and, as such, there is a risk of the government
distorting lending. Indonesia is also overcrowded in terms of its
number of financial institutions. As of September 2012, it had
120 entities.
Moody's rates nine of the largest 10 banks in Indonesia,
including all four state-owned banks. They collectively account
for 60% of system assets. Their bank financial strength ratings
range from D- to D+. Moody's stable outlook for the Indonesian
banking system is consistent with the stable ratings outlooks for
the Indonesian government.
=========
J A P A N
=========
ORSO FUNDING: Fitch Withdraws 'Dsf' Rating on Class E & F TBIs
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'Dsf' ratings of Orso Funding
CMBS 5's class E and F trust beneficiary interests (TBIs) due to
tranche default. The transaction is a Japanese multi-borrower
type CMBS securitisation.
The class E TBIs were further written down to zero on the January
2013 payment date, after the workout activity of the remaining
defaulted loan resulted in partial recovery. The class F TBIs has
already been fully written down in January 2012.
Since the previous rating action in May 2012, the last remaining
seven properties backing the transaction's loan have been sold.
The proceeds from the loan were applied to the repayment of the
TBIs principal sequentially and as a result, the class C and D
TBIs were redeemed in full in H212.
Fitch will no longer calculate the Recovery Estimate for the
transaction following the withdrawal of the ratings.
At closing in August 2006, the transaction was backed by seven
loans secured by 43 properties.
====================
N E W Z E A L A N D
====================
SUMMIT WOOL: Closes Oamaru Plant; 192 Workers Lose Jobs
-------------------------------------------------------
Darryl May at The New Zealand Herald reports that Japan's
Sumitomo Corp confirmed Thursday that it has sold Summit Wool
Spinners plant to Australia's Godfrey Hirst, leading to the
closure of the Oamaru plant.
Members of the EPMU and FIRST Union were told of the decision at
a site meeting on January 31.
According to the report, EPMU organiser John Gardner said Summit
-- Oamaru's second biggest employer - had been hit hard by the
high New Zealand dollar.
"These redundancies are devastating for staff and for the whole
community of Oamaru which relies so heavily on these jobs," the
report quotes Mr. Gardner as saying.
Greens co-leader Metiria Turei said the the jobs were "sacrificed
because of the National Government's devotion to a failed
monetary policy and its unwillingness to change with the times."
"This week, manufacturers came to the Parliamentary Inquiry into
Manufacturing and warned us that more businesses would close and
more jobs would be lost unless the Government gets the dollar
down to a fair level quickly.
"These 192 redundancies, and the other jobs that will surely be
lost in Oamaru as the shock of the loss of its iconic employer
ripples through the community, are proof that the manufacturers
were not exaggerating in their plea for government intervention,"
she said.
Sumitomo said the decision to sell was driven by a number of
factors affecting trading results, including an unfavourable
exchange rate and less local demand for wool carpets.
Summit is New Zealand's largest independent spinner, supplying
carpet and rug yarn for the domestic and international markets.
===============
X X X X X X X X
===============
* ASIA PACIFIC: Rapid Credit Growth Ups Banks' Risks, Fitch Says
----------------------------------------------------------------
Rising banking system leverage in Asia-Pacific is increasing
rating pressure for banks in the region, Fitch Ratings says.
Strong credit growth across the region, particularly in China, is
driving the region's credit-to-GDP up towards its 1998-1999 peak.
Credit growth in APAC has accelerated since 2007 due to
underlying economic growth and loose global and regional monetary
conditions, in particular China's stimulus measures. The rapid
balance-sheet expansion for the banks in some financial systems
is likely to be unsustainable.
Rapid expansion often puts pressure on banks' financial profiles.
Relaxed underwriting standards, inadequate controls and
speculative investments typically accompany strong credit and
asset-price growth. This build-up of credit risks will constrain
upward rating momentum and could even lead to downgrades for
banks in the region, particularly ones with greater sensitivity
to Chinese risk, where the build-up in credit has been greatest
and which accounts for 37% of GDP in APAC.
Credit growth in China remains relatively rapid and is likely to
gather pace in support of generating higher GDP, with credit-to-
GDP likely to exceed 200% in 2013. But funding and capital
constraints in the banks could act as a brake on growth after the
leadership transition. Our measure of broad credit adjusts the
official total societal financing (TSF) metric to include shadow
and offshore sources, as other channels for credit disbursement
beyond on-balance-sheet lending have become increasingly
important.
Hong Kong banks are also vulnerable to higher risks due to their
rapid expansion in China and the growing links between the two
economies and their banking systems. The risks are partly offset
by the high financial intermediation involving many foreign-owned
banks. But credit growth in Hong Kong remains strong and its
credit-to-GDP is more than 20% above trend.
"Across the rest of APAC we expect the pace of credit growth to
slow as the economy grows at a more moderate rate in 2013-2014.
This should help unwind risks accumulated from the recent growth
phase. However, loose global monetary conditions, including the
likelihood of further easing by the Bank of Japan, pose a risk to
this forecast. Asian central banks that leave monetary conditions
too easy for too long, whether to promote growth or to avoid
attracting capital inflows, could see overheating pressures
build," Fitch states.
"APAC remains the region with the highest proportion of countries
classified as '3', high, in our macro-prudential indicator (MPI)
scale, which we use to identify potential systemic stress. China,
Hong Kong, Indonesia, Mongolia and Sri Lanka, all MPI 3, account
for 43% of our 2012 GDP estimate for the region," Fitch says.
Growth of real credit in Mongolia was particularly rapid in 2011
as was real exchange rate and equity market appreciation. Credit
growth eased into 2012 but is still at a high-rate and the real
policy interest rate remained negative. Indonesia and Sri Lanka
had some of the fastest real credit growth among emerging markets
in 2010 (15% and 18%, respectively) and 2011 (20% and 26%).
Credit-to-GDP in these three countries is relatively low, which
partially justifies more rapid credit growth as credit
penetration increases and where the need for infrastructure
investment is greater.
* 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.
*********
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 ***