/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130211.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 Monday, February 11, 2013, Vol. 16, No. 29 Headlines A U S T R A L I A BANKSIA SECURITIES: Creditors to get Up to 35% Repayment by June NINE ENTERTAINMENT: Moody's Assigns 'Ba2' CFR; Outlook is Stable REDZED TRUST: S&P Affirms 'BB' Rating on Class D RMBS SECRET RECIPE: Aussie Franchise Goes Into Administration WETTENHALLS GROUP: Receivers Sell Business in Management Buy-Out H O N G K O N G APC SOLUTIONS: Liu and Yen Step Down as Liquidators CAPE TRANS: Tong Lap Hong Steps Down as Liquidator CAPITALAND (HK): Tong Lap Hong Steps Down as Liquidator EASTERN COTTON: Tam Kwan Ping Ignatius Steps Down as Liquidator ETERNAL CHARTER: Creditors' Proofs of Debt Due Feb. 25 M & H INSURANCE: Leong and Mok Step Down as Liquidators MARINE ATSOURCE: Chan Sek Kwan Rays Steps Down as Liquidator MARINE OPERATING: Chan Sek Kwan Rays Steps Down as Liquidator MASSIVE MARINE: Chan Sek Kwan Rays Steps Down as Liquidator OSMONICS ASIA-PACIFIC: Seng and Ngai Step Down as Liquidators TEGO GARMENTS: Lui and To Step Down as Liquidators TSING-YI REALTY: Members' Final Meeting Set for March 1 UPBEST FINANCIAL: Creditors' Proofs of Debt Due March 4 I N D I A B. N. SONS: CARE Assigns 'BB-' Rating to INR6.42cr LT Loan GOPI SYNTHETICS: CARE Reaffirms 'BB+' Rating on INR60.93cr Loan GRANITE ZONE: CARE Reaffirms 'B' Rating on INR5.8cr LT Loan JOBBY ENGINEERS: CARE Reaffirms 'BB+' Rating INR2.96cr Loan RITURAJ HOLDINGS: CARE Reaffirms 'BB+' Rating on INR6.28cr Loan RPL PROJECTS: CARE Reaffirms 'B+' Rating on INR6.30cr LT Loan SHREE GANESH: CARE Reaffirms 'BB' Rating on INR27.6cr LT Loan SHRINATH COTTON: CARE Rates INR6.74cr LT Loan at 'CARE B' STEEL HYPERMART: CARE Rates INR40cr LT Loan at 'CARE BB-' SURYA BOARDS: CARE Reaffirms 'B+' Rating on INR25cr LT Loan SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR30cr LT Loan TT LIMITED: CARE Reaffirms 'BB+' Rating on INR217.05cr LT Loan N E W Z E A L A N D ACS (NZ) LTD: A.M. Best Upgrades FSR to 'B' MAINZEAL PROPERTY: CeresNZ Has "Strong Interest" in Buying Firm MAINZEAL PROPERTY: Subcons Urged to Take Any Issues to Receivers MAINZEAL PROPERTY: Directors Claim Full Knowledge of Finances S I N G A P O R E ALENTINO CREATION: Court to Hear Wind-Up Petition on Feb. 22 ALTO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 15 AML CONSTRUCTION: Court Enters Wind-Up Order EOS ENERGY: Creditors' Proofs of Debt Due March 8 CROSS MARKETING: Creditors' Proofs of Debt Due March 22 X X X X X X X X * Moody's Notes Lackluster Economic Climate in Pakistan - - - - - ================= A U S T R A L I A ================= BANKSIA SECURITIES: Creditors to get Up to 35% Repayment by June ---------------------------------------------------------------- ABC News reports that the receivers of insolvent Victorian regional lender, Banksia Group, said creditors will get some of their money back earlier than anticipated. ABC News relates that McGrathNicol said there has been strong interest in the business and it hopes to sell the remaining assets by April. The receivers anticipate they will be able to pay creditors between 20 and 35 cents for each dollar owed by June, the report relays. It is expected creditors will eventually get back at least half the money they are owed, the report relays. About Banksia Securities Banksia Securities Limited is a subsidiary of The Banksia Financial Group Ltd. TBFG is a privately owned, independent group of companies operating in the finance sector, largely operating as a National Financier and Mortgage Fund Manager. The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of McGrathNicol as receivers and managers of Banksia Securities Limited. The Trustee is the secured creditor of BSL. The Receivers and Managers may be reached at: Tony McGrath Joseph Hayes MCGRATHNICOL Level 31, 60 Margaret Street Sydney NSW 2000 Tel: +61-2-9338-2610 Email: tmcgrath@mcgrathnicol.com jhayes@mcgrathnicol.com -- and -- Matthew Caddy Robert Kirman MCGRATHNICOL Level 8, 60 City Road Southbank Victoria 3006 Tel: +61-3-9038-3157 Email: mcaddy@mcgrathnicol.com rkirman@mcgrathnicol.com The Trustee made the appointment of Receivers and Managers following a request of BSL's Board. McGrathNicol said BSL owes approximately $660 million to investors and advanced these funds to borrowers primarily to finance real property purchases. BSL holds first ranking real property mortgages to secure its advances. Control of the business and the assets of BSL rests with the Receivers and Managers who will be working in close consultation with the Trustee to ensure the interests of debenture holders are being protected. Interest payments and redemptions have been frozen as of Oct. 25, 2012. NINE ENTERTAINMENT: Moody's Assigns 'Ba2' CFR; Outlook is Stable ---------------------------------------------------------------- Moody's Investors Service assigned a definitive Ba2 corporate family rating and a definitive Ba2 rating to Senior Secured Syndicated Facilities entered into by Nine Entertainment Group Pty Ltd and Nine Entertainment (Delaware) Corporation, 100% owned and guaranteed subsidiaries of Nine Entertainment Co. Holdings Ltd. The outlook on the ratings is stable. The Senior Secured Syndicated Facilities were originally assigned a provisional (P)Ba2 rating on 9 January 2013; the assignment of the definitive Ba2 rating follows review of the final Term Loans documentation. The loans rated are: US$ 735 million Senior Secured Facility due February 2020 A$ 100 million Senior Secured Revolving Facility due February 2018 The loans are guaranteed by NEC and certain of its subsidiaries. The loans are secured on a first-priority basis by substantially all the material-owned assets of NEC and guarantors. Ratings Rationale NEC's Ba2 rating reflects its strong operating profile combined with a moderately conservative financial profile post implementation of the Scheme", says Maurice O'Connell, a Moody's Vice President -- Senior Analyst. "The company's strong operating profile is driven by its national scale operations which provide it with a good ability to withstand and absorb localized weak operating conditions or sporadic market disruptions, across its entire network," Ms. O'Connell adds. "At the same time NEC has a solid track record of strong audience and revenue share as well as a good degree of diversification across different advertising channels", Ms. O'Connell says, adding "Nevertheless NEC faces strong competition from other Free to Air networks which could impact on margins depending on the success of future content." "We expect growth in advertising revenue over the next 1-2 years to be slow and gradual." Post re-capitalization following successful completion of the Scheme, NEC will exhibit a conservative financial profile, but appropriate for a potentially volatile earnings platform. Following re-capitalization, Moody's expects the company's adjusted gross Debt/EBITDA to be around 3.5 times in FY2013. With no plans for dividends in the near term and manageable capex, the ratio should gradually improve. Also driving the rating is NEC's liquidity profile which Moody's considers to be strong post execution of the seven-year term loan. The rating considers the strengthened business profile following the recent sale of ACP magazines business which was subject to a structural decline in the magazine advertising market. The rating additionally considers the earnings diversification provided by NEC's Events and Digital operations. Finally, the rating also considers a degree of uncertainty around the future capital structure due to the complex shareholder structure and the potential for the capital structure to change following a possible IPO in the next 18-24 months. The stable rating outlook reflects the solid liquidity and Moody's expectation that NEC will continue its focus on maintaining conservative financial leverage to cushion any adverse industry developments. Ratings could be downgraded if debt-to-EBITDA ratios are sustained above 4.25x (including Moody's standard adjustments) which could be due to operating weakness, acquisitions or cash distributions to shareholders. Failure to maintain good liquidity including a comfortable cushion to financial covenants to absorb a cyclical downturn in revenue could also result in a downgrade. Ratings could be upgraded if the company will operate in a financially prudent manner consistent with a higher rating, including maintaining debt-to-EBITDA ratio below 2.5x, and free cash flow-to-debt ratio in the low double digit range or above on a consistent basis. The principal methodology used in these ratings was the Global Broadcast and Advertising Related Industry Methodology published in May 2012. REDZED TRUST: S&P Affirms 'BB' Rating on Class D RMBS ----------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on 12 subprime residential mortgage-backed securities (RMBS) issued by Pepper Residential Securities Trust No. 8, RESIMAC Bastille Trust in respect of RESIMAC Series 2011-1NC, and RedZed Trust Series 2011-1. Each of the three subprime transactions was initially issued in 2011. Standard & Poor's undertakes surveillance of its outstanding ratings over time, and has typically informed the market of any consequent changes to S&P's credit opinions. To enhance market transparency, S&P will also be publishing rating affirmations from time to time after conducting a rating review that does not result in a rating change. Based on S&P's latest performance review of these transactions, the notes are performing within S&P's current rating expectations. They have benefited from an increase in credit enhancement as a proportion of the outstanding balance due to the amortization of the portfolio. Nevertheless, the pools face rising adverse selection risk at the tail end of the transaction, whereby borrowers that are susceptible to financial difficulties may remain in the pool. Although S&P expects further defaults and losses to emerge, the current credit enhancements are commensurate with the current ratings on the notes. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com RATINGS AFFIRMED Pepper Residential Securities Trust No. 8 Class Rating A3 AAA (sf) RESIMAC Bastille Trust in respect of RESIMAC Series 2011-1NC Class Rating A2 AAA (sf) A3 AAA (sf) B AAA (sf) C AA (sf) D A (sf) E BBB- (sf) RedZed Trust Series 2011-1 Class Rating A AAA (sf) AB AAA (sf) B A+ (sf) C BBB- (sf) D BB (sf) SECRET RECIPE: Aussie Franchise Goes Into Administration -------------------------------------------------------- Cara Waters at SmartCompany reports that Malaysian cafe franchise Secret Recipes has gone into administration, putting into jeopardy ambitious expansion plans in Australia. Secret Recipes has 240 cafes in eight countries including Singapore, Indonesia, Thailand and China and expanded to Australia with six Melbourne locations. But the business failed to catch on in Australia and despite investors putting in AUD7 million to establish the franchise here it only turned over AUD3 million last year. Glenn Franklin -- gfranklin@lawlerdd.com.au -- of Lawler Draper Dillon, told SmartCompany he has been appointed as administrator of the Secret Recipe businesses: Secret Recipe Manufacturing, Secret Recipe Management, Secret Recipe Leasing, Secret Recipe Franchising, Secret Recipe Cakes & Caf� and Secret Recipe Australia. "The main problem was that the investors from Malaysia had invested somewhere over AUD7 million into the start-up of the franchise in Melbourne and they determined after putting so much in and not seeing performance they have withheld putting further money into the business," SmartCompany quotes Mr. Franklin as saying. According to the report, Mr. Franklin says the administrators have been trading the business on since being appointed but have closed down three franchises for not running profitably, leaving three running. "We are marketing the business for sale and that process is ongoing at the moment. We have had some interest in Australia and Malaysia," Mr. Frank told SmartCompany. The administrators will be holding a second meeting of creditors on February 14, SmartCompany adds. WETTENHALLS GROUP: Receivers Sell Business in Management Buy-Out ---------------------------------------------------------------- The receivers of the Wettenhalls Group confirmed on Feb. 6, 2013, that they have sold the Wettenhalls business in a management buy-out. The sale preserves about 200 permanent jobs and puts Wettenhalls back into the market as a viable business with certainty of employment for employees. "Within hours of our appointment we had spoken to every major player in the road transport sector to gauge their level of interest, and it is fair to say the interest was significant," said Wettenhalls receiver and Ferrier Hodgson partner Brendan Richards. "It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a short timeframe." "By closing the Express business and selling the Warrnambool business we have been able to restructure the Wettenhalls operation and as a consequence we are left with a stronger business that has the potential to generate value." "The new management team had a clear vision of how this business could succeed and worked with us to deliver this excellent result," Mr. Richards said. About Wettenhalls Group Wettenhalls Group is a privately owned transport and logistics company. It employs over 500 people at 14 sites nationally and has a turnover in excess of AUD130 million. Brendan Richards and George Georges of Ferrier Hodgson were appointed joint and several Receivers and Managers of Wettenhalls Group on Jan. 25, 2013 pursuant to the provisions contained in a registered debenture charge created by the Group. The Receivers and Managers may be reached at: Brendan Richards George Georges FERRIER HODGSON Level 29, 600 Bourke Street Melbourne VIC 3000 Tel: +61-3-9600-4922 Fax: +61-3-9642-5887 Email: Brendan.Richards@fh.com.au george.georges@fh.com.au The appointment followed the appointment of Rachel Burdett-Baker and Luke Targett of BDO as joint and several Administrators of the Group on Jan. 25, 2013. The group's subsidiaries were named as Logistics Group Investments, Wettenhalls Group Logistics Amezdroz & Son and Wildan Transport. ================ H O N G K O N G ================ APC SOLUTIONS: Liu and Yen Step Down as Liquidators --------------------------------------------------- Stephen Liu Yiu Keung and David Yen Ching Wai stepped down as liquidators of APC Solutions (HK) Limited on Jan. 22, 2013. CAPE TRANS: Tong Lap Hong Steps Down as Liquidator -------------------------------------------------- Tong Lap Hong stepped down as liquidator of Cape Trans Co. Limited on Jan. 18, 2013. CAPITALAND (HK): Tong Lap Hong Steps Down as Liquidator ------------------------------------------------------- Ha Yue Fuen Henry stepped down as liquidator of Capitaland (HK) Consultancy and Management Limited on Jan. 25, 2013. EASTERN COTTON: Tam Kwan Ping Ignatius Steps Down as Liquidator --------------------------------------------------------------- Tam Kwan Ping Ignatius stepped down as liquidator of Eastern Cotton Mills Limited on Jan. 25, 2013. ETERNAL CHARTER: Creditors' Proofs of Debt Due Feb. 25 ------------------------------------------------------ Creditors of Eternal Charter International Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Feb. 25, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 25, 2013. The company's liquidator is: Mat Ng JLA Asia Limited 20/F, Henley Building 5 Queen's Road Central, Hong Kong M & H INSURANCE: Leong and Mok Step Down as Liquidators ------------------------------------------------------- Leong Ting Kwok David and Mok Mun Lan Linda stepped down as liquidators of M & H Insurance Agency Limited on Jan. 24, 2013. MARINE ATSOURCE: Chan Sek Kwan Rays Steps Down as Liquidator ------------------------------------------------------------ Chan Sek Kwan Rays stepped down as liquidators of Marine Atsource (HK) Limited on Jan. 25, 2013. MARINE OPERATING: Chan Sek Kwan Rays Steps Down as Liquidator ------------------------------------------------------------- Chan Sek Kwan Rays stepped down as liquidators of Maritime Operating System (HK) Limited on Jan. 25, 2013. MASSIVE MARINE: Chan Sek Kwan Rays Steps Down as Liquidator ----------------------------------------------------------- Chan Sek Kwan Rays stepped down as liquidator of Massive Marine (HK) Limited on Jan. 25, 2013. OSMONICS ASIA-PACIFIC: Seng and Ngai Step Down as Liquidators ------------------------------------------------------------- Natalia Seng Sze Ka Mee and Ngai Kit Fong stepped down as liquidators of Osmonics Asia-Pacific Limited on Jan. 24, 2013. TEGO GARMENTS: Lui and To Step Down as Liquidators -------------------------------------------------- Lui Wan Ho and To Chi Man stepped down as liquidators of Tego Garments Limited on Jan. 22, 2013. TSING-YI REALTY: Members' Final Meeting Set for March 1 ------------------------------------------------------- Members of Tsing-Yi Realty Limited will hold their final general meeting on March 1, 2013, at 10:00 a.m., at 9th Floor, Cheung Kong Center, at 2 Queen's Road Central, in Hong Kong. At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. UPBEST FINANCIAL: Creditors' Proofs of Debt Due March 4 ------------------------------------------------------- Creditors of Upbest Financial Services Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 4, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 23, 2013. The company's liquidators are: Stephen Briscoe Wong Teck Meng 602 The Chinese Bank Building 61-65, Des Voeux Road Central, Hong Kong ========= I N D I A ========= B. N. SONS: CARE Assigns 'BB-' Rating to INR6.42cr LT Loan ---------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of B. N. Sons. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.42 CARE BB- Assigned Short-term Bank Facilities 6.00 CARE A4 Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of the withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings are primarily constrained on account of the modest scale of operations of B. N. Sons along with its constitution as a partnership firm and its financial risk profile marked by declining profitability, weak solvency position and stressed liquidity position due to the working capital intensive nature of operations. The ratings are further constrained on account of the vulnerability of margins to fluctuation in the raw material prices and its presence in a highly competitive and fragmented industry. The ratings, however, continue to derive strength from the vast experience of the partners in the industry coupled with established association with the state electricity utilities and its association with the Research Design & Standards Organization (RDSO) of Ministry of Railways. Improving the scale of operations while sustaining profitability margins in light of volatile raw material prices and efficient management of working capital through better management of collection period are the key rating sensitivities. Jaipur (Rajasthan)-based BNS was formed in April 1994, as a partnership firm by Mr Dwarka Das Somani and Mr Madan Mohan Somani. However, in June 2007, Mr Dwarka Das Somani retired from BNS and Mr Mayank Somani joined the firm as a partner. Earlier, BNS was engaged in the business of manufacturing of sodium silicate and trading of iron ore and scrape. Thenafter in 2007, it exited from manufacturing of sodium silicate business and started the business of manufacturing of power cables and meter protection box which are mainly used in the power distribution. In FY12 (refers to the period April 1 to March 31), it generated 70% of its revenue from cable manufacturing, 15% from meter protection box and remaining 15% from iron trading. During FY12, BNS reported a total income of INR30.62 crore (FY11: INR25.19 crore) with a net profit of INR0.09 crore (FY11: INR0.03 crore). As per the provisional result of 8MFY13, the company has achieved a total income of around INR30 crore. GOPI SYNTHETICS: CARE Reaffirms 'BB+' Rating on INR60.93cr Loan --------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Gopi Synthetics Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 60.93 'CARE BB+' Reaffirmed Short-term Bank Facilities 6.00 'CARE A4' Reaffirmed Rating Rationale The ratings of Gopi Synthetics Pvt. Ltd. continue to be constrained by its high leverage, stressed liquidity and working capital intensive operations. The ratings are further constrained on account of intense competition prevailing in the fabric processing industry and inherent cyclicality and regulatory risk associated with the textile sector. These weaknesses are partially offset by the benefits derived from the vast experience of its promoters, its long track record of operations in the textile processing industry and steady growth in its total operating income along with stable profitability. GSPL's ability to improve its profitability, capital structure and liquidity along with regular compliance with pollution control norms would remain the key rating sensitivities. Incorporated in 1981, GSPL is a part of Ahmedabad based Arnav Group which is involved in textile business for more than three decades. Earlier the group was managed by Mr. Omkarmal Agarwal and Mr. Champalal Agarwal and the business was conducted through two companies namely Omkar Textile Mills Pvt. Ltd (OTMPL; rated: CARE BB / CARE A4) and GSPL. However, due to a family partition, the control of GSPL was taken over by Mr. Champalal Agarwal while that of OTMPL remained under Shri Omkarmal Agarwal. GSPL had an installed capacity to process 55 million meters per annum (mmpa) of grey fabric as on March 31, 2012 at its processing unit located in Ahmedabad, Gujarat. Apart from carrying out processing of its own cloth, GSPL also undertakes job work for its clients. As per the audited results for FY12 (refers to the period April 1 to March 31), GSPL reported a total operating income of INR196.88 crore (FY11: INR167.14 crore) and a PAT of INR2.51 crore (FY11: INR2.91 crore). GRANITE ZONE: CARE Reaffirms 'B' Rating on INR5.8cr LT Loan ----------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Granite Zone India Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.80 CARE B Reaffirmed Short-term Bank Facilities 0.90 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Granite Zone India Private Limited continue to be constrained by its short track record with small scale of operations, exposure to cyclical real estate market and financial profile marked by highly leveraged capital structure, stressed liquidity position and elongated working-capital cycle. However, the ratings continue to derive strength from the experience of the promoters in the granite industry and location advantage with its presence in a granite manufacturing cluster. GZIPL's ability to expand its scale of operations with improvement in its overall financial profile will remain the key rating sensitivity. GZIPL, incorporated in the year 2007, was promoted by Mr RameshwarLalBhutra and Mr Devendra Kumar Soni. The promoters have 20 years of experience in the granite industry. GZIPL is involved in processing of rough granite blocks into granite slabs and tiles. The company generates its revenue from domestic (87.30% in FY12) and export markets (12.70% in FY12). GZIPL exports its products to countries like Sri Lanka, Serbia and other European countries. The company has an overall installed capacity to produce 180,000 sq ft of granite slabs and tiles per month at its manufacturing facility located at Medupalli Road, Chennapalli, major hub for the Granite industry in Tamil Nadu. JOBBY ENGINEERS: CARE Reaffirms 'BB+' Rating INR2.96cr Loan ----------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Jobby Engineers Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.96 CARE BB+ Reaffirmed Short-term Bank Facilities 6.50 CARE A4+ Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Jobby Engineers Private Limited continue to be tempered by modest scale of operations with low capitalization and high working capital intensity associated with the business. The ratings are further constrained by the operations in the highly fragmented industry with susceptibility of operating profit margin to volatile raw material prices. The ratings continue to derive strength from the experience of the promoters and long track record of operations of JEPL, established customer base and favorable financial risk profile with low leverage and adequate debt coverage indicators. The ability to complete the existing orders in a timely manner and efficiently manage its working capital requirements are the key rating sensitivities. Established in 1970 as a proprietorship concern and later incorporated in 1997, JEPL undertakes turnkey engineering projects which involves fabrication, erection, procurement and commissioning and also provides maintenance services for sectors like pharma, chemical and power. JEPL's business is primarily tender based; however, the company directly receives repair and maintenance contracts for the plants erected and commissioned by the company. The company earns majority of its revenue from job- work activities forming approximately 63% of total revenue for FY12 (refers to the period April 1 to March 31). During FY12, JEPL has reported total income of INR42.24 crore (up by 38% vis-a-vis FY11) and PAT of INR1.33 crore (up by 17% vis-a- vis FY11). RITURAJ HOLDINGS: CARE Reaffirms 'BB+' Rating on INR6.28cr Loan --------------------------------------------------------------- CARE reaffirms ratings to the bank facilities of Rituraj Holdings Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.28 CARE BB+ Reaffirmed Long-term/ Short-term 6.39 CARE BB+/CARE A4+ Bank Facilities Reaffirmed Short-term Bank Facilities 0.40 CARE A4+ Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Rituraj Holdings Private Limited continue to be constrained by moderate business operations in the highly competitive and fragmented industry and financial risk profile marked by moderate growth in the turnover and declining profit margin. The ratings continue to take into account the strength from experienced promoters, operational linkages with associate concern and moderately leveraged capital structure and debt coverage indicators. Improving overall financial risk profile with increase in the scale of operations and profit margins are the key rating sensitivities. RHPL incorporated in October 15, 1984, is promoted by Mr. G. D. Mundra. The promoters have more than three decades of experience in the textile industry. RHPL is engaged in the manufacturing of Lycra Covered Yarn, Chenille Yarn and Twisted yarn. Lycra Covered Yarn finds application in the manufacturing of dress material, shirting and sportswear, Chenille yarn primarily finds use as mixture in various types of yarn to strengthen the yarn. The company has an installed capacity of 2,050 MTPA (Metric Tonnes Per Annum) of Chenille yarn, 800 MTPA of Hamel and 4,250 MTPA of Twisted yarn. Apart from RHPL, they have promoted Damanganga Investments Pvt. Ltd. (DIPL, rated: 'CARE B+/A4', June 2012) and Radhika Rayon Pvt. Ltd. which is engaged in the manufacturing of polyester and cotton. RPL PROJECTS: CARE Reaffirms 'B+' Rating on INR6.30cr LT Loan ------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of RPL Projects Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.30 CARE B+ Reaffirmed Rating Rationale The rating of RPL Projects Limited continues to factor in its short track record, its small scale of operations coupled with yet-to-be-proven execution capability for large contracts. The rating is further constrained by the low profitability margin, moderate gearing levels and the fragmented nature of the industry. However, the rating continues to derive comfort from the experience of the promoters of RPLPL and its reputed client base. Going forward, the company's ability to increase its scale of operations with improvement in the profitability margins and the ability to successfully execute the projects within the specified tenure will remain the key rating sensitivities. RPLPL was incorporated as a public limited company on March 25, 2009 by Mr. Naveen Rungta, Mr. Praveen Rungta and Mr. R. S. Agrawal. Mr. Naveen Rungta (Managing Director) & Mr. Praveen Rungta (Director), both have more than two decades of experience in the field of mining and transportation. Mr. R. S. Agarwal (Director) has an experience of more than five decades in similar line of business. Mr. Naveen Rungta and Mr. Praveen Rungta are also among the directors of Rungta Projects Limited. Until FY12 (refers to the period April 1 to March 31), business activity of RPLPL was largely restricted to transportation of coal for various industries like chemicals, aluminium, etc. In FY13, the company is in the process of undertaking contracts for the removal of over burden of coal which shall involve drilling, blasting, loading, excavating coal and transportation of same. SHREE GANESH: CARE Reaffirms 'BB' Rating on INR27.6cr LT Loan ------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Shree Ganesh Jewellers Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 27.60 CARE BB Reaffirmed Rating Rationale The rating continues to remain constrained by the modest scale of operations, high volatility in the income and profitability margins, stretched working capital cycle and moderately high leverage ratios. The rating also takes into account the geographical concentration risk and competition from the players in the organized and the unorganized sector. The rating, however, favorably factors in the experience of the promoters, long track record of operations and established brand image in the Ludhiana market. Going forward, the ability of Shree Ganesh Jewellers Ltd to effectively manage its working capital requirement while improving its margins and leverage ratios would remain the key rating sensitivities. SGJL, incorporated in 1997, is engaged in the business of manufacturing and trading of gold jewellery, gold bars/coins, diamond/precious stones, etc. The company sells its jewellery and precious stones to retail customers at its showroom located at Ludhiana, Punjab, under the brand name of 'Ganpati Jewellers'. The company has one manufacturing unit which is also located at Ludhiana, Punjab. SGJL has been promoted by Deepak Fasteners Ltd. and managed by Mr. Kailash Chander Kalra, Mr Sanjeev Kalra and Mr Deepak Kalra. DFL is a group company of SGJL and is engaged in the manufacturing and export of fasteners since 1990. It holds 49.75% of the total equity in the SGJL. In FY12 (refers to the period April 1 to March 31), SGJL registered a total income of INR298.59 crore and a PAT of INR3.27 crore. SHRINATH COTTON: CARE Rates INR6.74cr LT Loan at 'CARE B' --------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Shrinath Cotton Industries. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.74 CARE B Assigned 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 change in case of the withdrawal of capital or the unsecured loans brought by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Shrinath Cotton Industries is primarily constrained on account of its weak financial risk profile marked by thin profitability margins, highly leveraged capital structure and weak debt coverage indicators. The rating is further constrained on account of its presence in the highly competitive and fragmented cotton-ginning business with limited value addition, exposure to the volatility associated with the raw material prices, working capital intensive operations and susceptibility to changes in the government policy for cotton. The above constraints far offset the benefits derived from the experience of the partners in cotton ginning business and proximity to the cotton-producing region of Gujarat. The ability of SCI to move upward in the textile value chain along with improvement in the financial risk profile and better working capital management remains the key rating sensitivity. SCI is a partnership firm incorporated in 2006 by three partners at Amreli district, Gujarat, and is engaged in the cotton ginning and pressing business. As on March 31, 2012, SCI had a total installed capacity of 18,000 bales of cotton and 4,526 metric tonnes per annum (MTPA) of cotton seed per annum. SCI is also engaged in the trading of wheat, cotton bales and cotton seeds, which constituted approximately 33% of the total operating income (TOI) during FY12 (refers to the period April 1 to March 31). STEEL HYPERMART: CARE Rates INR40cr LT Loan at 'CARE BB-' --------------------------------------------------------- CARE assigns 'CARE BB-' ratings to the bank facilities of Steel Hypermart India Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 40 CARE BB- Assigned Rating Rationale The rating assigned to the bank facilities of Steel Hypermart India Private Limited is constrained by its low profitability inherent to the trading nature of its business, highly leveraged capital structure, working capital intensive nature of operations, supplier concentration risk and susceptibility of operating margins to volatility in the input prices on account of the cyclical nature of the steel industry. The rating, however, favorably takes into account the experience of the promoter's and growth in the total income during the past two years. Going forward, the ability of the company to increase its scale of operations, improve its capital structure and to manage its working capital requirements efficiently will remain the key rating sensitivities. SHIPL was incorporated in 2004 by Mr. Mahendra Kumar Singhi and Mr. Suman Singhi, who have more than three decades of experience in the trading business. SHIPL is engaged in the trading of steel products like Cold Rolled (CR) Sheets, Hot Rolled (HR) Sheets, Galvanized plain (GP) steel sheets, pre-coated sheets and MS Sections/ Structures. The company procures materials from Essar Steel Ltd., Jindal Steel & Power Ltd., SAIL (Steel Authority of India Ltd.), TATA Steel Ltd., and sells it to the manufacturers of various steel products and traders across the country. During FY12 (refers to the period April 1 to March 31), SHIPL reported a total operating income of INR146.90 crore and a PAT of INR0.80 crore. As per the provisional financials for the nine months period ended December 2012, the company has achieved a total operating income of INR151.46 crore and a PAT of INR1.05 crore. SURYA BOARDS: CARE Reaffirms 'B+' Rating on INR25cr LT Loan ----------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Surya Boards Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 25 CARE B+ Reaffirmed Short-term Bank Facilities 4.50 CARE A4 Reaffirmed Rating Rationale The ratings continue to be constrained by the weak financial risk profile of Surya Board Limited marked by declining profit margins, highly leveraged capital structure, weak debt coverage indicators and liquidity position. The ratings are further constrained due to SBL's working capital intensive nature of operations, presence in highly competitive and fragmented plywood industry and weak financial risk profile of group concerns. The ratings, however, continue to draw strength from the promoters' extensive experience of two decades in the plywood industry and established marketing set-up through dealer and distributor network spread across India. SBL's ability to increase its scale of operations, improvement in profitability amidst intense competition along with improvement in the capital structure along with efficient management of working capital would remain the key rating sensitivities. Delhi-based SBL, promoted by Mr. Jitendra Kejriwal, was initially incorporated as a private limited company in 1994 and later on in 1999 it was reconstituted as a limited company. SBL is engaged in the manufacturing of the plywood, recon plywood and block boards. The company is also involved in the trading of cotton and sofa fabric which contributes approximately 64% in total operating income during FY12 (refers to the period April 1 to March 31). The manufacturing facility of the company is located in the Jhajjar, Haryana with an installed capacity of 54 lakh Square Meters Per Annum for manufacturing of plywood and block boards. During FY12, as per the audited results, SBL reported a total operating income of INR72.20 crore (FY11: INR42 crore) and a Profit After Tax of INR0.16 crore (FY11: INR0.21 crore). SURYA VIKAS: CARE Reaffirms 'B+' Rating on INR30cr LT Loan ---------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Surya Vikas Plywood Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 30 CARE B+ Reaffirmed Short-term Bank Facilities 2 CARE A4 Reaffirmed Rating Rationale The ratings continue to be constrained by the weak financial risk profile of Surya Vikas Plywood Limited marked by leveraged capital structure, weak debt coverage indicators, working capital intensive nature of operations and weak liquidity position. The ratings are further constrained due to SVPL's presence in the highly competitive and fragmented plywood industry and high intergroup transactions. The ratings, however, continue to draw strength from the promoters' extensive experience of two decades in the plywood industry and established marketing set-up through dealer and distributor network spread across India. SVPL's ability to increase its scale of operations, improvement in profitability amidst intense competition along with improvement in the capital structure and efficient management of working capital would remain the key rating sensitivities. Delhi-based SVPL, promoted by Mr. Jitendra Kejriwal, was initially incorporated as a private limited company in 2002 and later on in August 2010 it resumed its current name. The company is engaged in the manufacturing of moisture-resistant grade plywood, marine grade plywood, and fireretardant plywood and block boards. The company is also involved in the trading of cotton and sofa fabric which contributes approximately 60% in total operating income during FY12 (refers to the period April 1 to March 31). The manufacturing facility of the company is located in the Damla, Haryana with an installed capacity of 72.50 Lakh Square Meters Per Annum (SMPA) for manufacturing of plywood having 4 mm thickness. During FY12, as per the audited results, SVPL reported a total operating income of INR76.68 crore (FY11: INR67.13 crore) and a Profit After Tax of INR1.27 crore (FY11: INR1.10 crore). TT LIMITED: CARE Reaffirms 'BB+' Rating on INR217.05cr LT Loan -------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of TT Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 217.05 CARE BB+ Reaffirmed Short-term Bank Facilities 186.00 CARE A4+ Reaffirmed Rating Rationale The ratings continue to be constrained by the moderate financial risk profile marked by high overall gearing and weak coverage indicators, continued volatility in the raw material prices, mainly cotton, resulting in volatile margins and the risk related to the competition from cheap imports. The ratings, however, draw support from the experienced promoters, long track record of operations and the well-established 'TT' brand. Going forward, the ability of TT Limited to enhance its profitability margins along with improving its capital structure and successful implementation of the ongoing project would be the key rating sensitivities. TT Limited (formerly Tirupati Texknit Ltd) was incorporated in 1978, as a public limited company, with facilities to manufacture knitted fabric at Ghaziabad. It gradually entered into the manufacturing of combed cotton yarn and undergarments at various locations in UP, Gujarat and Tamil Nadu. TT has a network of franchise units for manufacturing and marketing of the undergarments and knitwear garments at Tirupur, Kolkata, Delhi, Varanasi, Saharanpur, Kanpur and Ludhiana, which are sold under the brand name "TT". TT reported a net loss of INR2.17 crore on the total income of INR395.79 crore in FY12 (refers to the period April 1 to March 31) as compared with PAT of INR15.80 crore on the total income of INR489.27 crore in FY11. As per the provisional results, TT has reported PAT of INR8.78 crore on the total income of INR353.77 crore in 9MFY13. ==================== N E W Z E A L A N D ==================== ACS (NZ) LTD: A.M. Best Upgrades FSR to 'B' ------------------------------------------- A.M. Best Asia-Pacific Limited has upgraded the financial strength rating to B (Fair) from B- (Fair) and issuer credit rating to "bb+" from "bb-" of ACS (NZ) Limited (New Zealand). Both ratings remain under review with developing implications. ACS' ratings were downgraded and placed under review with developing implications on July 17, 2012 due to regulatory risk, continued high reinsurance recoverable risk and slower than anticipated claims settlement. Since then, cash settlements of the largest claims helped to significantly reduce reinsurance recoverables risk, which has helped to strengthen ACS' regulatory solvency margin and reduced the regulatory risk facing ACS. The settlement of the largest claims also has reduced the risk to further potential adverse claims development. Offsetting rating factors include continued credit risk related to reinsurance recoverables, as these balances still amount to over 10 times ACS' capital. More clarity is needed concerning the ongoing discussions between ACS and the Reserve Bank of New Zealand and the reinsurance buffer available for February 2011 earthquake claims to resolve the under review status. MAINZEAL PROPERTY: CeresNZ Has "Strong Interest" in Buying Firm --------------------------------------------------------------- BusinessDesk reports that CeresNZ, the Christchurch-based unit of American firm Ceres Environmental Services, says it has a "strong interest" in buying Mainzeal Property and Construction from the receivers. The company plans to have preliminary talks with the receivers, betting that the rebuild of Christchurch provides a role for the "highly skilled people within Mainzeal", BusinessDesk relates citing a statement posted on the Scoop website. "Strategically, CeresNZ sees this as an extremely positive opportunity for growing the business," the report quotes company spokesman Bernie de Vere as saying. Financing for its local projects has been provided by US private equity firm Vesta Equity, owned by David McIntyre. About Mainzeal Property Mainzeal Property and Construction Ltd is a New Zealand-based property and construction company. The company forms part of the Mainzeal Group, which is owned by Richina Inc, a privately held New Zealand-based company with a strong China focus. Colin McCloy and David Bridgman, partners from PricewaterhouseCoopers, have been appointed receivers to Mainzeal Property and Construction Limited and associated entities as a result of a request made by its director to BNZ. The Receivers may be reached at: Colin McCloy David Bridgman PRICEWATERHOUSECOOPERS PricewaterhouseCoopers Tower 188 Quay Street Auckland, NZ Tel: +64-9-355-8000 Fax: +64-9-355-8001 Email: colin.mccloy@nz.pwc.com david.bridgman@nz.pwc.com Mainzeal's director, Richard Yan advised that following a series of events that had adversely affected the Company's financial position coupled with a general decline in major commercial construction activity, and in the absence of further shareholder support, the Company could no longer continue trading. MAINZEAL PROPERTY: Subcons Urged to Take Any Issues to Receivers ---------------------------------------------------------------- The Daily Post reports that subcontractors who worked on the recent Rotorua Hospital redevelopment have been urged to take up any issues with the receivers of Mainzeal Property and Construction. According to the report, Lakes District Health Board chairman Deryck Shaw said Mainzeal had completed the main project to build the new three-level hospital building and upgrade of operating theatres late last year and moved off the hospital site before Christmas. Subcontractors were on site during last month and early this month completing defect rectification works, he said. The Daily Post relates that Mr. Shaw said the board would be working with the receivers to finalise matters relating to warranties and claims for additional payments but it was fully up to date with all required payments to Mainzeal. Mr. Shaw said if any subcontractors had issues with Mainzeal about the Rotorua Hospital site, they should take those up with PricewaterhouseCoopers, the receiver. PWC has said it is committed to doing the best it can for suppliers, staff and subcontractors, the report relays. Mainzeal used several dozen subcontractors on the main hospital project, Mr. Shaw, as cited by The Daily Post, said. About Mainzeal Property Mainzeal Property and Construction Ltd is a New Zealand-based property and construction company. The company forms part of the Mainzeal Group, which is owned by Richina Inc, a privately held New Zealand-based company with a strong China focus. Colin McCloy and David Bridgman, partners from PricewaterhouseCoopers, have been appointed receivers to Mainzeal Property and Construction Limited and associated entities as a result of a request made by its director to BNZ. Mainzeal's director, Richard Yan advised that following a series of events that had adversely affected the Company's financial position coupled with a general decline in major commercial construction activity, and in the absence of further shareholder support, the Company could no longer continue trading. MAINZEAL PROPERTY: Directors Claim Full Knowledge of Finances ------------------------------------------------------------- APNZ reports that former independent directors of failed construction group Mainzeal said they had full knowledge of the company's financial position at all times, refuting earlier media reports. TVNZ reported the directors did not know until the end of last year that the company needed capital, APNZ relates. "All directors, including the independent directors and the director and shareholder Richard Yan and the management, worked hard on the particular business challenges we faced through the middle and latter part of 2012 and with the support of our bankers had arrangements in place and equity support from our shareholder up until late January of this year," the news agency quotes former independent directors Dame Jenny Shipley, Paul Collins and Clive Tilby as saying. "Furthermore we had a three-year business plan, banking arrangements in place, negotiations were going on with the shareholder and commitments were being made by the shareholder regarding future support for the company which would see it return to a cash flow positive position and profitability in 2013," the directors, as cited by APNZ, said. At the end of January, written undertakings and assurances that the company, the independent directors, and the bank had relied on, changed unexpectedly, APNZ relays. "This led to the bank withdrawing support and despite exhaustive efforts by many people, a binding commercial solution was not able to be achieved. At that point the independent directors felt they had no choice but to resign," they said. About Mainzeal Property Mainzeal Property and Construction Ltd is a New Zealand-based property and construction company. The company forms part of the Mainzeal Group, which is owned by Richina Inc, a privately held New Zealand-based company with a strong China focus. Colin McCloy and David Bridgman, partners from PricewaterhouseCoopers, have been appointed receivers to Mainzeal Property and Construction Limited and associated entities as a result of a request made by its director to BNZ. Mainzeal's director, Richard Yan advised that following a series of events that had adversely affected the Company's financial position coupled with a general decline in major commercial construction activity, and in the absence of further shareholder support, the Company could no longer continue trading. ================= S I N G A P O R E ================= ALENTINO CREATION: Court to Hear Wind-Up Petition on Feb. 22 ------------------------------------------------------------ A petition to wind up the operations of Alentino Creation Pte Ltd will be heard before the High Court of Singapore on Feb. 22, 2013, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Jan. 29, 2013. The Petitioner's solicitors are: Rajah & Tann LLP 9 Battery Road #25-01 Straits Trading Building Singapore 049910 ALTO CONSTRUCTION: Court to Hear Wind-Up Petition on Feb. 15 ------------------------------------------------------------ A petition to wind up the operations of Alto Construction and Engineering Services Pte Ltd will be heard before the High Court of Singapore on Feb. 15, 2013, at 10:00 a.m. Hock Hin Leong Timber Trading (Pte) Ltd filed the petition against the company on Jan. 28, 2013. The Petitioner's solicitors are: M/s David Ong & Co, Advocates & Solicitors 151 Chin Swee Road #08-14 Manhattan House Singapore 169876 AML CONSTRUCTION: Court Enters Wind-Up Order -------------------------------------------- The High Court of Singapore entered an order on Feb. 1, 2013, to wind up the operations of AML Construction Pte Ltd. Lion (S) Pte Ltd filed the petition against the company. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor Stone Forest Corporate Advisory Pte Ltd 8 Wilkie Road, #03-08 Wilkie Edge Singapore 228095 EOS ENERGY: Creditors' Proofs of Debt Due March 8 ------------------------------------------------- Creditors of EOS Energy Singapore Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 8, 2013, to be included in the company's dividend distribution. The company's liquidator is: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 CROSS MARKETING: Creditors' Proofs of Debt Due March 22 ------------------------------------------------------- Creditors of Cross Marketing Services Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 22, 2013, to be included in the company's dividend distribution. The company's liquidator is: Heng Lee Seng 15 Hoe Chiang Road #12-02 Tower Fifteen Singapore 089316 =============== X X X X X X X X =============== * Moody's Notes Lackluster Economic Climate in Pakistan ------------------------------------------------------- Moody's Investors Service says that the macroeconomic environment for Pakistan (Caa1 negative) remains lackluster because of persistent supply-side constraints and ineffective policies. Pakistan's Caa1 rating and negative outlook reflect Moody's assessment of four factors: its "low" economic and government financial strengths, its "very low" institutional strength, and its "high" susceptibility to risks from financial, economic, and political events. According to a just-released Moody's report titled, "Credit Analysis: Pakistan," the macroeconomic environment remains lackluster, with the main constraints to growth being a protracted energy crisis that has deterred investment; a chronically weak fiscal structure that has fuelled high government borrowing and inflation; and continued policy uncertainty. In particular, looming repayments to the International Monetary Fund (IMF) pose as risks to Pakistan's macroeconomic stability and external payments position. International reserves declined to $8.7 billion in January 2013, from $12.5 billion a year ago. Any further decrease in capital flows and the absence of emergency liquidity infusions would ultimately pressure reserve adequacy and increase the possibility of default. The country's fiscal deficits remain large because of structurally weak revenue collections. The budget targets for FY2012 saw large slippages, and this trend will likely continue in FY2013. Limited external financing has fuelled high budgetary borrowings from the banking sector and impaired the effectiveness of monetary policy. In addition, the contentious state of domestic politics and weak governance standards -- both of which have blocked progress in economic reform -- support Moody's view that Pakistan's institutional strength is "very low." Tensions within the country are escalating in the run-up to parliamentary elections earmarked between March and May. These developments indicate that the relations between the executive, judiciary and military arms of government are worsening, and present a risk to a smooth transfer of power. Such events also undermine Pakistan's ability to formulate policies to address pressing economic challenges, bolster investor confidence, and attract external financial support from the country's official creditors and donors. Moody's assesses Pakistan's susceptibility to event risks as 'High'. This stems from an increased level of economic risks due to continued pressures on the balance of payments. Political risks are also high, given uncertain relations with the US and continued tensions with India. The increasing credit concentration of the country's banks to the sovereign remains a source of credit risk over the outlook horizon. ********* 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, Psyche A. Castillon, 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 ***