/raid1/www/Hosts/bankrupt/TCRAP_Public/130213.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
Wednesday, February 13, 2013, Vol. 16, No. 31
Headlines
A U S T R A L I A
ANNANDALE HOTEL: Goes Into Receivership Due to Financial Problems
LIBERTY FUNDING: S&P Affirms 'BB' Rating on 3 Notes Classes
SECURENCY INT'L: Reserve Bank Sells 50% in Scandal Stricken Firm
SMART ABS: Fitch Affirms 'BB' Rating on Class E Notes
C H I N A
CHINA FISHERY: 43% Profit Drop in 4Q No Impact on Moody's B1 CFR
H O N G K O N G
GOLDEN EAGLE: Court Enters Wind-Up Order
GUARDIAN TRUST: Court Enters Wind-Up Order
JADE PRODUCT: Court Enters Wind-Up Order
JINGO INTERIORS: Court Enters Wind-Up Order
JOINMARK INVESTMENT: Court to Hear Wind-Up Petition on Feb. 27
JOY FUTURE: Contributories and Creditors to Meet on March 1
KB (ASIA): Court to Hear Wind-Up Petition on Feb. 20
KEEN WISH: Court Enters Wind-Up Order
MARK UNIVERSAL: Creditors to Meet on Feb. 20
MAX SMART: Court to Hear Wind-Up Petition on Feb. 27
MAXWAY INTERNATIONAL: Court Enters Wind-Up Order
MF GLOBAL: Creditors' Annual Meeting Set for Feb. 21
MF GLOBAL HK: Creditors' Annual Meeting Set for March 1
OCEAN RIGHT: Court Enters Wind-Up Order
ON STEP: Court Enters Wind-Up Order
I N D I A
CAUVERY MOTORS: Weak Liquidity Cues CRISIL Junk Ratings
CONSORTIUM AUTO: CRISIL Reaffirms 'B+' Rating on INR88MM Loans
DAYAL ENERGY: CRISIL Upgrades Rating on INR483MM Loans to 'BB-'
EAGLE INFRA: CRISIL Cuts Rating on INR500MM Loan to 'BB+'
J-MARKS EXIM: CRISIL Assigns 'BB+' Rating to INR972.9MM Loans
LANDMARK TREASURE: CRISIL Assigns 'D' Ratings to INR150MM Loans
MANISHRI REFRACTORIES: CRISIL Puts 'D' Ratings on INR438MM Loans
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR250 Million Loans
SRI JAYAMALAR: Delays in Loan Payment Cues CRISIL Junk Ratings
TTK HEALTHCARE: CRISIL Cuts Rating on INR100MM Loan to 'B+'
VISHWAKARMA BUILDERS: CRISIL Reaffirms 'D' Term Loan Rating
I N D O N E S I A
GAJAH TUNGGAL: Moody's Lifts CFR to 'B2' After New Notes Issuance
J A P A N
RENESAS ELECTRONICS: Widens Annual Loss Forecast to JPY176-Bil.
N E W Z E A L A N D
MAINZEAL PROPERTY: Court Hastened Firm's Collapse, Expert Says
MAINZEAL PROPERTY: Receivers in Talks With Interested Buyers
ROSS ASSET: Failure Likely to Hit Wellington Apartment Sector
* NEW ZEALAND: Subcontractors, Rights of Access & Receiverships
S I N G A P O R E
PRIMROSE GROUP: Creditors' Proofs of Debt Due Feb. 22
PROBILT PTE: Court Enters Wind-Up Order
SIMPLER CONSULTING: Creditors' Proofs of Debt Due March 8
STANSFIELD GROUP: Court Enters Wind-Up Order
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
ANNANDALE HOTEL: Goes Into Receivership Due to Financial Problems
-----------------------------------------------------------------
The Sunday Morning Herald reports that the iconic Annandale Hotel
has reportedly gone into receivership and the future of the live
music venue is up in the air.
The Annandale was built in the 1930s and became a live music
venue in the early 1980s.
In 1998, new owners replaced the bands with poker machines,
according to the report. That was unsuccessful and when the Rule
brothers, Matthew and Daniel, bought the hotel in 2000, they
reinstated live music and scaled back the number of pokies to
nine, the report relates.
However, the report notes that the hotel continued to be crippled
by mounting costs. On the verge of closure in late 2011, the
hotel launched a 'Buy-A-Brick' plan, which allowed fans to buy a
stake in the venue. It raised more than $50,000.
In recent years, the Annandale Hotel owners also had been locked
in a lengthy stoush with Leichardt Municipal Council over late-
night trading, the report says.
The report relays that the Land and Environment Court eventually
found in favor of the Annandale, but Matt Rule said the legal
battle, which was driven by noise complaints from a small group
of residents, cost the pub more than $250,000.
Relations with the council had improved dramatically, he said,
but the episode almost put them out of business, the report
discloses.
The report says that the Annandale's financial problems come
after the stalwart pub and rock venue the Sandringham Hotel in
Newtown went into receivership last year, and Cr Byrne said that
the difficulties experienced by both venues was evidence that the
live music scene must be resuscitated.
LIBERTY FUNDING: S&P Affirms 'BB' Rating on 3 Notes Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 25
classes of notes issued by four trusts under the Liberty Funding
Pty. Ltd. program. At the same time, 10 ratings were removed
from CreditWatch with positive implications, where they were
placed on Oct. 15, 2012, following S&P's review of the
performance of the prime residential mortgage-backed securities
(RMBS) transactions in Australia and New Zealand.
The affirmations reflect the performance of the portfolios, which
have been within S&P's expectations, and the build up of credit
support provided to each tranche. For each transaction, the
amortization of the senior notes and the sequential pay structure
for each transaction has led to a build up of credit support
available. Also, there is sufficient excess spread available to
cover the expected loss at each rating level. The portfolios are
well seasoned, and the weighted-average loan-to-value ratio of
each portfolio has decreased since issuance.
The rating actions are based on further cash-flow analysis that
S&P conducted after the CreditWatch placement. S&P believes that
the credit enhancement available for each class of notes and cash
flow from the underlying loan portfolio can withstand stress
scenarios commensurate with the current rating on each of the
notes. Each transaction has performed within S&P's expectations,
with no charge off to any notes to date.
While the pool's performance remains consistent with rating
stresses at the current ratings, there have been no charge offs
to notes, and there has been during the past 12 months a general
increase in loans in arrears exceeding 90 days. In addition,
some loans remain in arrears greater than 90 days for extended
periods. S&P believes this raises the potential of tail-end risk
to the subordinated notes, and possible concentration risk as the
pool amortizes.
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 AND REMOVED FROM CREDITWATCH POSITIVE
Transaction Class Rating to Rating from
Liberty PRIME Series 2009-1 B AA (sf) AA(sf)/CW Pos
Liberty PRIME Series 2009-1 C A (sf) A (sf)/CW Pos
Liberty PRIME Series 2009-1 D BBB (sf) BBB(sf)/CW Pos
Liberty PRIME Series 2009-1 E BB (sf) BB(sf)/CW Pos
Liberty PRIME Series 2009-2 B AA (sf) AA(sf)/CW Pos
Liberty PRIME Series 2009-2 C A (sf) A(sf)/CW Pos
Liberty PRIME Series 2010-1 B AA (sf) AA(sf)/CW Pos
Liberty PRIME Series 2010-1 C A (sf) A (sf)/CW Pos
Liberty PRIME Series 2011-1 B AA (sf) AA (sf)/CW Pos
Liberty PRIME Series 2011-1 C A+ (sf) A+ (sf)/CW Pos
RATINGS AFFIRMED
Liberty PRIME Series 2009-1
Class Rating
A3 AAA (sf)
AB AAA (sf)
Liberty PRIME Series 2009-2
Class Rating
A3 AAA (sf)
AB AAA (sf)
D BBB (sf)
E BB (sf)
Liberty PRIME Series 2010-1
A1 AAA (sf)
A2 AAA (sf)
AB AAA (sf)
D BBB (sf)
E BB (sf)
Liberty PRIME Series 2011-1
Class Rating
A1 AAA (sf)
A2 AAA (sf)
D BBB+ (sf)
E BB+ (sf)
SECURENCY INT'L: Reserve Bank Sells 50% in Scandal Stricken Firm
-----------------------------------------------------------------
Clancy Yeates at smh.com.au reports that the Reserve Bank has
sold its 50% stake in Securency International Pty Ltd, a firm
alleged to have bribed foreign officials to secure note-printing
contracts.
In a scandal that has put growing pressure on parts of the
central bank, Securency and another subsidiary owned by the RBA,
Note Printing Australia, are accused of paying bribes to win
overseas note-printing contracts, according to smh.com.au.
According to the report, the central bank said it would receive
AUD64 million after offloading its share in the firm to UK film
manufacturer Innovia, which already owns the other 50% of
Securency.
smh.com.au relates that the RBA said it has had a long-term plan
to sell its stake in Securency once the firm had established
itself as viable long term supplier.
The Reserve said it would retain ownership of Note Printing
Australia, which had entered into a contract to supply Securency
with polymer material that would be used to make "Australia's
next generation of banknotes," the report adds.
smh.com.au says the Reserve also released the findings of an
independent review into its oversight of Securency and Note
Printing Australia by Cameron Ralph, a consultancy.
According to smh.com.au, the report found the Reserve's board had
given "reasonable consideration" to the governance arrangements
at the firm, and the board had taken "appropriate" action where
the firms were not performing in line with its expectations.
"Clearly, with the benefit of hindsight, there could have been
more oversight applied to the activities of the companies, which
may have detected earlier the alleged illegal payments. But that
does not mean that the Bank's oversight at the time was
inappropriate," the report, as cited by smh.com.au, said.
Based in Craigieburn, Australia, Securency International Pty Ltd.
manufactures and supplies polymer-based banknote substrates to
its clients worldwide.
SMART ABS: Fitch Affirms 'BB' Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has affirmed 58 classes of the SMART series of
Australian ABS. The transactions are securitisations of
Australian auto and equipment receivables originated by Macquarie
Leasing Pty Limited.
The performance of the SMART transactions is well within Fitch's
expectations. Net losses experienced since closing have been well
below 1% and 30+ day delinquencies are consistently tracking
below 0.5%. To date, excess spread has been more than sufficient
to cover for losses experienced in each transaction.
The 2009-1, 2010-1US, 2010-2, 2011-1US transactions have been
paying principal on a pro-rata basis and are expected to continue
to until their respective call dates. 2011-2US, 2011-3G, 2011-4US
and 2012-1US continue to pay principal on a sequential basis as
of the December 2012 payment date. The payment method is expected
to switch to pro-rata in the near future.
The rating actions are:
SMART Series 2009-1 Trust:
-- AUD64.4m Class A-2 (ISIN AU3FN0009247) affirmed at 'AAAsf';
Outlook Stable
-- AUD6.9m Class B (ISIN AU3FN0009254) affirmed at 'AAsf';
Outlook Stable
-- AUD5.1m Class C affirmed at 'Asf'; Outlook Stable
-- AUD1.1m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD0.8m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 paid in full in April 2010
SMART Series 2010-1US Trust:
-- USD3.2m Class A-3a (ISIN US83173CAD20) affirmed at 'AAAsf';
Outlook Stable
-- USD6.1m Class A-3b (ISIN US83173CAE03) affirmed at 'AAAsf';
Outlook Stable
-- USD115m Class A-4b (ISIN US83173CAG50) affirmed at 'AAAsf';
Outlook Stable
-- AUD6.8m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD8.3m Class C affirmed at 'Asf'; Outlook Stable
-- AUD7.5m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD7.5m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN US83173CAA80) paid in full in January 2011
-- Class A-2b (ISIN US83173CAC47) paid in full in January 2012
SMART Series 2010-2 Trust:
-- AUD161.7m Class A-2 (ISIN AU3FN0012043) affirmed at 'AAAsf';
Outlook Stable
-- AUD7.5m Class B (ISIN AU3FN0012050) affirmed at 'AAsf';
Outlook Stable
-- AUD9.2m Class C (ISIN AU3FN0012068) affirmed at 'Asf';
Outlook
Stable
-- AUD8.4m Class D (ISIN AU3FN0012076) affirmed at 'BBBsf';
Outlook Stable
-- AUD8.4m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN AU3FN0012035) paid in full in June 2011
SMART Series 2011-1US Trust:
-- USD44.9m Class A-3a (ISIN US78446EAD94) affirmed at 'AAAsf';
Outlook Stable
-- USD99.6m Class A-3b (ISIN US78446EAE77) affirmed at 'AAAsf';
Outlook Stable
-- USD174m Class A-4a (ISIN US78446EAF43) affirmed at 'AAAsf';
Outlook Stable
-- AUD15.2m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD18.5m Class C affirmed at 'Asf'; Outlook Stable
-- AUD16.9m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD16.9m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN US78446EAA55) paid in full in October 2011
-- Class A-2a (ISIN US78446EAB39) paid in full in May 2012
-- Class A-2b (ISIN US78446EAC12) paid in full in May 2012
SMART Series 2011-2US Trust:
-- USD3.1m Class A-2a (ISIN USQ8520NAB12) affirmed at 'AAAsf';
Outlook Stable
-- USD3.1m Class A-2b (ISIN USQ8520NAC94) affirmed at 'AAAsf';
Outlook Stable
-- USD74.4m Class A-3a (ISIN USQ8520NAD77) affirmed at 'AAAsf';
Outlook Stable
-- USD96m Class A-3b (ISIN USQ8520NAE50) affirmed at 'AAAsf';
Outlook Stable
-- USD153.6m Class A-4a (ISIN USQ8520NAF26) affirmed at 'AAAsf';
Outlook Stable
-- AUD14.2m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD17.4m Class C affirmed at 'Asf'; Outlook Stable
-- AUD15.8m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD15.8m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN US78446KAA16) paid in full in February 2012
SMART Series 2011-3 Trust:
-- AUD359.9m Class A-2A (ISIN AU0000SNAHB9) affirmed at 'AAAsf';
Outlook Stable
-- GBP83.6m Class A-2G (ISIN XS0691593114) affirmed at 'AAAsf';
Outlook Stable
-- AUD20.5m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD24.8m Class C affirmed at 'Asf'; Outlook Stable
-- AUD22.5m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD22.5m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN AU0000SNAHA1) paid in full in May 2012
SMART Series 2011-4US Trust:
-- USD14.6m Class A-2a (ISIN US78446NAB38) affirmed at 'AAAsf';
Outlook Stable
-- USD51.5m Class A-2b (ISIN US78446NAC11) affirmed at 'AAAsf';
Outlook Stable
-- USD25m Class A-3a (ISIN US78446NAD93) affirmed at 'AAAsf';
Outlook Stable
-- USD136m Class A-3b (ISIN US78446NAE76) affirmed at 'AAAsf';
Outlook Stable
-- USD30m Class A-4a (ISIN US78446NAF42) affirmed at 'AAAsf';
Outlook Stable
-- USD51m Class A-4b (ISIN US78446NAG25) affirmed at 'AAAsf';
Outlook Stable
-- AUD11.1m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD15.2m Class C affirmed at 'Asf'; Outlook Stable
-- AUD13.8m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD12.5m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN US78446NAA54) paid in full in June 2012
SMART Series 2012-1US Trust:
-- USD54.9m Class A-2a (ISIN US83173KAB89) affirmed at 'AAAsf';
Outlook Stable
-- USD67.6m Class A-2b (ISIN US83173KAC62) affirmed at 'AAAsf';
Outlook Stable
-- USD60m Class A-3a (ISIN US83173KAD46) affirmed at 'AAAsf';
Outlook Stable
-- USD105m Class A-3b (ISIN US83173KAE29) affirmed at 'AAAsf';
Outlook Stable
-- USD90m Class A-4a (ISIN US83173KAF93) affirmed at 'AAAsf';
Outlook Stable
-- AUD10.6m Class B affirmed at 'AAsf'; Outlook Stable
-- AUD14.6m Class C affirmed at 'Asf'; Outlook Stable
-- AUD13.3m Class D affirmed at 'BBBsf'; Outlook Stable
-- AUD12.0m Class E affirmed at 'BBsf'; Outlook Stable
-- Class A-1 (ISIN US83173KAA07) paid in full in November 2012
=========
C H I N A
=========
CHINA FISHERY: 43% Profit Drop in 4Q No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Fishery Group Limited's
43% year-on-year drop in net profit for October-December 2012 (1Q
2013) has no immediate impact on the company's B1 corporate
family and senior unsecured ratings, or on its negative outlook.
The senior unsecured notes are issued by CFG Investment S.A.C, a
wholly owned subsidiary of China Fishery Group Limited.
"The fall in profit in 1Q 2013 was mainly because China Fishery
reshuffled its fleet in response to lower fish catches in the
North Atlantic Ocean," says Alan Gao, a Moody's Vice President
and Senior Analyst.
"We expect the company's profits to recover in 2Q 2013, given the
new 25,000-ton fishing quota it secured in Namibia in 4Q 2012,"
adds Gao.
"Moreover, China Fishery's two core businesses -- buying fish
from suppliers in Russia and selling them to customers elsewhere
and producing fishmeal in Peru -- provide stable earnings when
compared with the earnings from its volatile fleet operation,"
says Gao.
While the company's consolidated EBITDA was down 9% to $46.7
million in 1Q 2013 from $54.2million in 1Q 2012, its EBITDA
margin improved to 43.3% from 40.8%, owing to improvements in its
key businesses in Russia and Peru.
Furthermore, total revenues from its two operations in Russia and
Peru increased by 20% in 1Q 2013, to $105 million from $87.5
million in the same period last year.
Moody's estimates that China Fishery's total EBITDA in 1Q 2013
from its two core businesses increased by 13% to around $53
million from $47 million a year ago.
The company's liquidity has also improved, mainly owing to an
accelerated collection of receivables, particularly in relation
to working capital financing for its Russian suppliers. It
generated a positive operating cash flow of $94 million in 1Q
2013 versus a negative operating cash flow of $148 million in the
previous quarter.
In addition, while the company's bank loans that are due in the
next 12 months total $226 million, an amount that is much higher
than its cash balance of $31.6 million at end-2012, Moody's
expects China Fishery's liquidity position to stay manageable.
This is because most of these loans are revolving short-term
working capital facilities, which the company has in the past
rolled over.
In relation to its maturing long-term loans of around $100
million, Moody's believes the company has sufficient liquidity,
based on its $70 million in unutilized banking facilities at end-
2012 and its projected funds from operations of $200 million in
2013.
The outlook for the ratings remains negative, reflecting
regulatory uncertainties in Russia, and the possible negative
financial impact on the company of the ongoing Russian government
inquiry into whether or not China Fishery's operations in Russia
breach the country's antimonopoly laws.
The principal methodology used in this rating was the Global Food
- Protein and Agriculture Industry Methodology published in
September 2009.
China Fishery Group Ltd, listed in Singapore, is engaged mainly
in industrial fishery operations in the North Pacific and
Peruvian waters. Its catches are processed on board and frozen,
packed, and delivered to market. It is 36% effectively owned by
Pacific Andes International Holdings Ltd (unrated), a Hong Kong-
listed integrated fish and seafood processor.
================
H O N G K O N G
================
GOLDEN EAGLE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Golden Eagle International Medicine
Technology Limited.
The company's liquidator is:
Mat Ng
JLA Asia Limited
20/F, Henley Building
5 Queen's Road
Central, Hong Kong
GUARDIAN TRUST: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Guardian Trust Company (Asia) Limited.
The official receiver is Teresa S W Wong.
JADE PRODUCT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Jade Product (HK) Company Limited.
The official receiver is Teresa S W Wong.
JINGO INTERIORS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of Jingo Interiors Design Limited.
The official receiver is Teresa S W Wong.
JOINMARK INVESTMENT: Court to Hear Wind-Up Petition on Feb. 27
--------------------------------------------------------------
A petition to wind up the operations of Joinmark Investment
Limited will be heard before the High Court of Hong Kong on
Feb. 27, 2013, at 9:30 a.m.
Yung Yui Kwai filed the petition against the company on Dec. 12,
2012.
The Petitioner's solicitors are:
Clifford Chance
28th Floor, Jardine House
One Connaught Place
Central, Hong Kong
JOY FUTURE: Contributories and Creditors to Meet on March 1
-----------------------------------------------------------
Contributories and creditors of Joy Future International Limited
will hold their first meetings on March 1, 2013, at 2:00 p.m.,
and 2:30 p.m., respectively at the Offices of FTI Consulting,
Level 22, The Center, 99 Queen's Road Central, in Hong Kong.
At the meeting, Bruno Arboit, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
KB (ASIA): Court to Hear Wind-Up Petition on Feb. 20
----------------------------------------------------
A petition to wind up the operations of KB (Asia) Limited will be
heard before the High Court of Hong Kong on Feb. 20, 2013, at
9:30 a.m.
Inspur (HK) Electronics Limited filed the petition against the
company on Dec. 18, 2012.
The Petitioner's solicitors are:
Hastings & Co
5th Floor, Gloucester Tower
The Landmark, 11 Pedder Street
Central, Hong Kong
KEEN WISH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 21, 2013, to
wind up the operations of Keen Wish Limited.
The company's liquidator is:
Mat Ng
JLA Asia Limited
20/F, Henley Building
5 Queen's Road
Central, Hong Kong
MARK UNIVERSAL: Creditors to Meet on Feb. 20
--------------------------------------------
Creditors of Mark Universal Limited will hold their first meeting
on Feb. 20, 2013, at 3:30 p.m., at Room 1909-10, Nan Fung Tower,
173 Des Voeux Road Central, in Hong Kong.
At the meeting, Lau Siu Hung and Liang Yang Keng, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
MAX SMART: Court to Hear Wind-Up Petition on Feb. 27
----------------------------------------------------
A petition to wind up the operations of Max Smart International
Enterprise Limited will be heard before the High Court of
Hong Kong on Feb. 27, 2013, at 9:30 a.m.
Yung Yui Kwai and Yung Hung Chun Lawrence filed the petition
against the company on Dec. 12, 2012.
The Petitioner's solicitors are:
Clifford Chance
28th Floor, Jardine House
One Connaught Place
Central, Hong Kong
MAXWAY INTERNATIONAL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of MaxWay International Enterprise
Limited.
The official receiver is Teresa S W Wong.
MF GLOBAL: Creditors' Annual Meeting Set for Feb. 21
----------------------------------------------------
Creditors of MF Global Holdings HK Limited, which is in
creditors' voluntary liquidation, will hold their annual meeting
on Feb. 21, 2013, at 10:00 a.m., at 8th Floor, Prince's Building,
10 Chater Road, Central, in Hong Kong.
At the meeting, Patrick Cowley, Fergal Thomas Power and Lui Yee
Man, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.
MF GLOBAL HK: Creditors' Annual Meeting Set for March 1
-------------------------------------------------------
Creditors of MF Global Hong Kong Limited, which is in creditors'
voluntary liquidation, will hold their annual meeting on March 1,
2013, at 3:00 p.m., at 8th Floor, Prince's Building, 10 Chater
Road, Central, in Hong Kong.
At the meeting, Patrick Cowley, Fergal Thomas Power and Lui Yee
Man, the company's liquidators, will give a report on the
company's wind-up proceedings and property disposal.
OCEAN RIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Ocean Right Limited.
The company's liquidator is:
Mat Ng
JLA Asia Limited
20/F, Henley Building
5 Queen's Road
Central, Hong Kong
ON STEP: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of On Step Industrial Limited.
The official receiver is Teresa S W Wong.
=========
I N D I A
=========
CAUVERY MOTORS: Weak Liquidity Cues CRISIL Junk Ratings
-------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cauvery Motors Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
BB/Negative'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL BB-/Stable (Downgraded
from 'CRISIL BB/Negative')
Term Loan 80 CRISIL BB-/Stable (Downgraded
from 'CRISIL BB/Negative')
The downgrade reflects the expected weakening of CMPL's
liquidity, on account of its muted cash accruals and significant
debt obligations. The company's cash accruals are expected to
remain constrained over the medium term on account of its low
operating margin resulting from dealership nature of business as
well as on account of limited revenue growth envisaged over the
medium term. Furthermore, CMPL has significant debt obligations
of about INR20 million for 2013-14 (refers to financial year,
April 1 to March 31). Though the company benefits from funding
support of its promoters, CRISIL believes that CMPL's liquidity
will remain weak over the medium term.
The ratings continue to reflect CMPL's established market
position and promoters' extensive industry experience. These
rating strengths are partially offset by CMPL's below-average
financial risk profile, marked by weak capital structure, and
exposure to principal concentration risk.
Outlook: Stable
CRISIL believes that CMPL will continue to benefit over the
medium term from its established position as a dealer of Ford
India Private Limited cars and also from its promoters' extensive
experience in the industry. The outlook may be revised to
'Positive' if CMPL reports stronger-than-expected cash accruals,
as a result of increase in its scale of operations as well as
profitability, along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if CMPL
faces liquidity pressure on account of lower-than-expected cash
accruals, or larger-than-expected working capital requirements or
in case the company undertakes any large, debt-funded capital
expenditure.
Established in 1996 at Bengaluru (Karnataka), CMPL currently
deals in Ford passenger cars in Karnataka and Tamil Nadu. Company
has recently got the dealership for DOST vehicles, which belong
to the light commercial vehicle segment of Ashok Leyland.
CMPL reported a profit after tax (PAT) of INR7.4 million on net
sales of INR2.74 billion for 2011-12, against a PAT of INR 12.7
million on net sales of INR2.16 billion for 2010-11.
CONSORTIUM AUTO: CRISIL Reaffirms 'B+' Rating on INR88MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Consortium Automobiles
Pvt Ltd continue to reflect CAPL's weak financial risk profile,
marked by a small net worth, high total outside liabilities to
tangible net worth (TOLTNW) ratio, weak interest coverage, and
modest scale of operations. These rating weaknesses are partially
offset by CAPL's established relationship with Tata Motors Ltd
(TML: Rated CRISIL AA-/Positive/CRISIL A1+)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B+/Stable (Reaffirmed)
Channel Financing 65 CRISIL A4 (Reaffirmed)
Rupee Term Loan 23 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that CAPL will benefit over the medium term from
its stable relationship with TML. The outlook may be revised to
'Positive' if substantial equity infusion by the promoter
improves the capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's revenues
and profitability decline or it contracts more-than-expected
debt, thereby materially impacting its financial risk profile.
Update
CAPL reported flattish revenues of INR1.19 billion in 2011-12
(refers to financial year, April 1 to March 31); intense
competition and slowdown in demand constrained any improvement in
topline. The slowdown in demand continues in the current
financial year, with the company clocking sales of INR930 million
during the nine months ended December 31, 2012; for the full
year, CAPL's topline is expected to be INR1.2 billion. However,
CAPL's operating margin improved to 2.2 per cent in 2011-12, from
1.7 per cent in 2010-11, as the company cut down on its discount
to customers. In the current financial year as well, CAPL has
maintained its margin at around 2 per cent.
CAPL had a modest net worth of INR37 million and a high TOLTNW
ratio of 5.7 times as on March 31, 2012, which restricts the
company's financial flexibility. CAPL has largely relied on its
bank lines to fund the working capital requirements, depicted by
average bank limit utilisation of around 94 per cent over the 12
months ended December 2012. It has a cash credit limit of INR65
million and channel financing limits of INR135 million. The
company's high reliance on debt has meant higher interest outgo,
which, coupled with low operating margin, has constrained the
interest coverage ratio at 1.4 times for 2011-12; in the current
year, its interest coverage is expected to remain in line with
the past trend. The company has high term debt obligations vis-…-
vis its cash accruals during 2012-13; its term debt obligation of
INR8.9 million shall tightly match its cash accruals.
For 2011-12, CAPL reported a net profit of INR1.8 million on net
sales of INR1.19 billion, against a net profit of INR3.8 million
on net sales of INR1.17 billion for 2010-11.
Incorporated in 2004 by Mr. Vishal Dhawan, CAPL is an authorised
dealer of TML's light commercial vehicles (LCVs) and buses for
six districts in Odisha. It has five showrooms. The company sells
various variants of LCVs manufactured by TML, such as buses,
trucks, and light commercial passenger vehicles.
DAYAL ENERGY: CRISIL Upgrades Rating on INR483MM Loans to 'BB-'
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dayal Energy and
Proteins Ltd reflects DEPL's improved business risk profile,
marked by moderate scale of operations and profitability, and the
benefits that it derives from the extensive experience of its
promoters in the edible oil refining and commodity business.
These rating weaknesses are partially offset by DEPL's average
financial risk profile, marked by high gearing, and
susceptibility to intense competition and to inventory price
risks inherent in the soya bean oil industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 350 CRISIL BB-/Stable
Letter of Credit 100 CRISIL A4+
Proposed Long-Term 73.4 CRISIL BB-/Stable
Bank Loan Facility
Term Loan 59.6 CRISIL BB-/Stable
CRISIL had, on February 6, 2013, upgraded its ratings on the bank
facilities of DEPL to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'. The upgrade reflects improvement in the
financial risk profile of DEPL, particularly its capital
structure and liquidity, backed by regular fund infusion from
promoters. The promoters, after infusing INR22 million in 2011-
12, are expected to infuse further equity of INR20 million in
2012-13. DEPL's gearing shall improve to close to 2 times as on
March 31, 2013 from upwards of 3 times as on March 31, 2012.
Sizeable topline growth and improved profitability will enable
the company to generate accruals of about INR60 million in 2012-
13, up from INR35 million in 2011-12, which has, in turn, also
buttressed its liquidity profile.
Outlook: Stable
CRISIL believes that DEPL will benefit over the medium term from
its moderate business risk profile and the industry experience of
its promoters. The outlook may be revised to 'Positive' if DEPL
generates more-than-expected cash accruals or if there is
substantial capital infusion, leading to significant improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case the company undertakes larger-than-
expected, debt-funded capital expenditure programme, leading to
weakening in its financial risk profile.
DEPL, based in Akola (Maharashtra), is a soya bean oil extractor
and refiner. It has solvent extraction capacities of 500 tonnes
per day (tpd) and refining capacities of 110 tpd. It sells
refined oil in the local market and soya de-oiled cake (DOC) to
traders. DEPL commenced commercial operations in August 2009. The
company derives about 60 per cent of its revenues from DOC, 30
per cent from sale of refined oil, and the rest from trading in
refined and crude oil.
DEPL reported a profit after tax (PAT) of INR12.3 million on net
sales of INR2.4 billion for 2011-12, against a PAT of INR6.1
million on net sales of INR1.8 billion for 2010-11.
EAGLE INFRA: CRISIL Cuts Rating on INR500MM Loan to 'BB+'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Eagle
Infra India Ltd to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB-/Stable/CRISIL A3'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 800 CRISIL A4+ (Downgraded
from 'CRISIL A3')
Cash Credit 500 CRISIL BB+/Stable (Downgraded
from 'CRISIL BBB-/Stable')
The downgrade reflects the larger than expected investments in
group entities and the withdrawal by the promoters, leading to
deterioration in its liquidity and financial risk profile. The
company's exposure to group entities are expected to remain high
on account of the funding support required for the newly awarded
BOT projects in group entities. Notwithstanding the expected
improvement in revenues and cash accruals of the company due to
increasing contribution from the OMT (Operate-Maintain-Transfer)
and toll collection projects, the company's credit risk profile
are expected to remain constrained on account of the large group
company exposures.
The ratings continue to reflect the extensive experience of
EIIL's promoters in the civil construction industry and its
healthy execution track record. These rating strengths are
partially offset by its stretched liquidity profile, order book
concentration and intensely competitive civil construction
industry.
Outlook: Stable
CRISIL believes that EIIL will continue to benefit over the
medium term from its established market position and its
promoters' extensive experience in the civil construction
industry. The outlook may be revised to 'Positive' in case of
significant increase in EIIL's revenues along with improvement in
the company's net cash accruals and moderation in working capital
requirements leading to overall improvement in liquidity profile.
Conversely, the outlook may be revised to 'Negative' if EIIL's
operating margin declines, or further exposure to group companies
and higher than expected capital requirements for various OMT
projects resulting in weakening of capital structure and overall
liquidity profile.
EIIL was set up in 1981 by the Mumbai (Maharashtra)-based
Rupchandani family as a partnership firm named Eagle
Construction; it was reconstituted as a limited company with its
current name in 2011. The company undertakes civil construction
activities such as construction of sewer lines, water treatment
plants, public utility buildings, and asphalt/concrete roads in
and around Maharashtra. Mr. Udhav Rupchandani is one of the key
promoters in EIIL, and is responsible for the overall management
of the company.
The company has entered into a JV (ECA Infra Ltd.) with Chetak
Enterprises Ltd. and Ankit construction Pvt. Ltd. ECA Infra Ltd.
has taken up a project for 4 laning of a 40km state highway
stretch from Jam to Warora in Maharashtra.
The company has also entered into 9 toll collection contracts,
expected to contribute around INR2 billion to the company's
revenues in 2012-13.
EIIL reported a profit after tax (PAT) of INR53.6 million on net
sales of INR2.57 billion for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR49.7 million on net
sales of INR2.4 billion for 2010-11.
J-MARKS EXIM: CRISIL Assigns 'BB+' Rating to INR972.9MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of J - Marks Exim (India) Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 850 CRISIL BB+/Stable (Assigned)
Term Loan 122.9 CRISIL BB+/Stable (Assigned)
The rating reflects extensive experience of JMEIPL's promoter in
the fabric trading business and established supplier and customer
relations. These rating strengths are partially offset by its
average financial risk profile marked by modest net worth and
high gearing, modest profitability margins in an intensely
competitive textile industry and working capital intensive nature
of operations.
Outlook: Stable
CRISIL believes that JMEIPL will continue to benefit over the
medium term from its promoters extensive experience in the
trading of fabrics. The outlook may be revised to 'Positive' if
the company reports sustained improvement in its scale of
operations and profitability while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of decline in the company's revenues or margins or an
elongation of its working capital cycle leading to weakening of
its financial risk profile.
Incorporated in 2007, J-Marks Exim (India) Private Limited, part
of J-Marks group, is engaged in trading of fabric and
manufacturing of garments for men, ladies, and children. It has
cutting, stitching and packing facility at Tirupur, Tamilnadu.
Mr. Dinesh Jaiswal oversees the day-to-day operations of the
company.
For 2011-12 (refers to financial year, April 1 to March 31),
JMEIPL reported a profit after tax (PAT) of INR108.5 million on
net sales of INR3.5 billion, against a PAT of INR61.0 million on
net sales of INR2.2 billion for 2010-11.
LANDMARK TREASURE: CRISIL Assigns 'D' Ratings to INR150MM Loans
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of M/s.
Landmark Treasure Town to 'CRISIL D' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 146.3 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Proposed Long-Term 3.7 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB/Stable')
The downgrade reflects delays by LTT in servicing the interest
and principal payment on its term loan; the delays have been
caused by the firm's weak liquidity. LTT has weak liquidity on
account of lower-than-expected customer advances in its on-going
projects.
LTT is also exposed to offtake risks associated with its on-going
project. However, LTT benefits from its promoters' extensive
experience in real estate development and its established brand
name in Tier-I and Tier-II cities.
LTT is a partnership firm of Dazzling Properties Pvt Ltd (51 per
cent partner) and Landmark Hi-tech Development Pvt Ltd (49 per
cent partner). LTT, established in 2009, undertakes residential
real estate development.
LTT reported a net loss of INR45 million on net sales of INR133
million for 2011-12 (refers to financial year, April 1 to
March 31), against a profit after tax of INR7 million on net
sales of INR204 million for 2010-11.
MANISHRI REFRACTORIES: CRISIL Puts 'D' Ratings on INR438MM Loans
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Manishri Refractories & Ceramics (P) Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 140 CRISIL D(Downgraded from
'CRISIL A4')
Cash Credit 156 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Letter of Credit 2 CRISIL D (Downgraded from
'CRISIL A4')
Term Loan 140 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The ratings downgrade reflects instances of delay by Manishri in
servicing its term loan; the delays have been caused by the
company's weak liquidity. The liquidity has weakened because of
increase in debtor collection period to over 210 days in the past
few months compared to around 135 days as on March 31, 2011. The
company's cash credit limits were fully utilised over the 12
months ended December 31, 2012.
Manishri also has a below-average financial risk profile, marked
by a modest net worth, an aggressive gearing, and weak debt
protection metrics, and large working capital requirements.
However, the company benefits from its promoter's extensive
experience in the refractory industry.
Manishri was set up as a proprietorship firm by the late Mr. B C
Mohanty in 1972; it was reconstituted as a private limited
company in 1991. Manishri manufactures alumina silicate
refractory products. The company's day-to-day operations are
looked after by its managing director, Mr. Biswajit Mohanty (son
of Mr. B C Mohanty), and his brother, Mr. Satyajit Mohanty.
For 2011-12 (refers to the financial year, April 1 to March 31),
Manishri reported a provisional profit before tax of INR25.9
million on provisional sales of INR415.1 million; the company
reported a profit after tax of INR13.7 million on net sales of
INR484.9 million for 2010-11.
SHREE SAI: CRISIL Reaffirms 'BB+' Rating on INR250 Million Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sai Industries
Pvt Ltd continue to reflect SSIPL's strong market position,
supported by established relationships with suppliers and
customers, and its above-average financial risk profile, marked
by a moderate capital structure. These rating strengths are
partially offset by SSIPL's large working capital requirements
and low profitability due to the trading nature of its business
and exposure to volatility in raw material prices.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL BB+/Stable (Reaffirmed)
Letter of Credit 150 CRISIL A4+ (Reaffirmed)
Proposed Long-Term 200 CRISIL BB+/Stable (Reaffirmed)
Bank Loan Facility
Outlook: Stable
CRISIL believes that SSIPL will maintain its conservative
financial policy, marked by low debt levels, over the medium
term. The outlook may be revised to 'Positive' if there is
considerable improvement in the company's business risk profile,
driven by an increase in profitability while maintaining sales
growth. Conversely, the outlook may be revised to 'Negative' if
SSIPL contracts more-than-expected debt to fund its growing
working capital requirements, thereby leading to weakening of its
financial risk profile.
Update
For 2011-12 (refers to financial year, April 1 to March 31) SSIPL
reported a year-on-year revenue growth of 14 per cent to
INR2345.7 million, broadly in line with CRISIL's expectations.
The growth was primarily driven by an increase in the volumes of
hot-rolled (HR) coils and plates sold and a larger customer base.
However, SSIPL's profitability remained low, with an operating
margin of 1.4 per cent for 2011-12 because of the trading nature
of its business. Due to low operating profitability and high
interest expense, SSIPL's profit after tax (PAT) margin has also
remained low at 0.4 per cent for 2011-12; however, the PAT margin
is supported by significant interest income (INR7.6 million in
2011-12) that SSIPL derives from its fixed deposits with banks.
SSIPL's working capital requirements for 2011-12 remained high as
per expectations, with gross current assets of 158 days as on
March 31, 2012, marginally higher than 151 days a year earlier.
SSIPL sells to several small and large customers and to end users
which include many large engineering and infrastructure
companies. Typically, the company extends a credit period of 60
to 120 days, and secures its payments against post dated cheques
(PDC's) or letters of credit (LCs), resulting in low chances of
stretch in payments or bad debts. In addition, SSIPL maintains
inventory in the range of 45 to 60 days to meet its customer
requirements. As against this, it procures the traded goods
against LCs or PDCs, where the credit period is in the range of
90 to 180 days, thus supporting its working capital requirements.
SSIPL's financial risk profile remained above average, supported
by its strong net worth and low total outside liabilities to
tangible net worth (TOLTNW) ratio. As on March 31, 2012, the
company had a net worth of INR357.9 million and a TOLTNW ratio of
1.84 times. SSIPL's low TOLTNW ratio is due to low debt and
creditors and a strong net worth. However, the company's
financial risk profile is constrained by its low interest
coverage ratio. For 2011-12, SSIPL's interest coverage ratio was
1.09 times due to a low operating margin coupled with high
interest expenses on its working capital facilities; however, the
adjusted interest coverage ratio was moderately better at 1.34
times due to high interest income from its bank fixed deposits.
SSIPL has undertaken certain measures to reduce its interest
expenses and boost its profitability by reducing its dependence
on bank lines.
For 2011-12, SSIPL reported a PAT of INR8.4 million on an
operating income of INR2345.7 million, as against a PAT of INR8.0
million on an operating income of INR2066.6 million for 2010-11.
SSIPL was set up in 1981 by Mr. Jayprakash Vyas. The company
trades in steel products which are either imported or purchased
from the local market. SSIPL, based in Mumbai, sells the products
through agents/traders in Mumbai and Ahmedabad (Gujarat). It also
sells directly to industries that use steel plates.
SRI JAYAMALAR: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Jayamalar Spinning Mills Pvt Ltd to 'CRISIL D' from
'CRISIL C'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 46.5 CRISIL D (Downgraded from
'CRISIL C')
Long-Term Loan 15 CRISIL D (Downgraded from
'CRISIL C')
Proposed Long Term 7.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL C')
The rating downgrade reflects delays by SJSMPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity marked by large working capital requirements.
SJSMPL is exposed to risks related to small scale of operations
in the intensely competitive cotton industry, susceptibility to
volatility in cotton prices, and below-average financial profile
marked by a high gearing and weak debt protection metrics.
However, the company benefits from its promoters' extensive
experience in the textiles industry.
Incorporated in 2004 by Mr. K.Krishnaswamy and his wife, Ms. K
Rathinam, Tirupur (Tamil Nadu)-based SJSMPL manufactures cotton
yarn with counts of 20s, 30s, and 40s. The company derives 60 per
cent of its revenues from sale of hosiery fabric, the
manufacturing of which is outsourced to local players in the
Coimbatore-Tirupur region (Tamil Nadu).
SJSMPL reported a net loss of INR4 million on net sales of
INR201 million for 2011-12 (refers to financial year, April 1 to
March 31), against a PAT of INR0.10 million on net sales of
INR222 million for 2010-11.
TTK HEALTHCARE: CRISIL Cuts Rating on INR100MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of TTK Healthcare TPA Pvt Ltd to 'CRISIL B+/Negative' from
'CRISIL BB-/Negative' while reaffirming the short term facilities
at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 200 CRISIL A4 (Reaffirmed)
Cash Credit 100 CRISIL B+/Negative (Downgraded
from 'CRISIL BB-/Negative')
The rating downgrade reflects the expected pressure on the credit
risk profile of the company resulting from its muted cash
accruals over the medium term. Though the company is expected to
report healthy revenue growth during the current financial year,
its operating profitability would be constrained on account of
significant expenses incurred in relation to government insurance
schemes. Though the capital structure of the company would
continue to remain moderate on account of low debt levels, the
debt protection metrics are expected to be weak on account of
weak operational profitability. Further, company continues to
have significant contingent liabilities in its books, to the tune
of about INR 257 million in relation to disputed tax claims. In
the event of the liability crystallizing, the same would further
pressurize the financial risk profile of the company. CRISIL
expects the financial risk profile of the company to continue to
remain under pressure driven by the company's weak operational
performance.
CRISIL's ratings on the bank facilities of TTK Healthcare
continue to reflect its susceptibility to any adverse regulatory
changes, intense competition in the TPA services industry, and
its strained financial risk profile marked by weak debt
protection metrics. These ratings weaknesses are partially offset
by TTK Healthcare's established position as a leading third-party
administrator (TPA) services provider with a reputed clientele.
Outlook: Negative
CRISIL believes that TTK Healthcare's financial risk profile will
continue to remain pressurized by its weak operating
profitability. The rating may be downgraded in the event of
further pressure on the financial risk profile of the company
resulting from lower than expected cash accruals or larger than
expected working capital requirements or in the event of adverse
regulatory changes or crystallization of contingent liabilities.
The outlook may be revised to 'Stable' in the event of the
company reporting significantly better than expected cash
accruals along with efficient working capital management and
reports substantial reduction in its contingent liabilities.
Established in 2002, TTK Healthcare TPA Pvt Ltd is a part of the
TTK group and is engaged in the business of third party
administrator (TPA) services.
TTK Healthcare reported an operating loss of INR67 million on
operating income of INR330 million for 2011-12, against a profit
after tax (PAT) of INR16 million on net sales of INR 282 million
for 2010-11.
VISHWAKARMA BUILDERS: CRISIL Reaffirms 'D' Term Loan Rating
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishwakarma
Builders continues to reflect delay by VB in servicing its term
loan; the delays have been caused by delays in project
implementation and muted offtake for its ongoing North City
project in Siliguri (West Bengal).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 190 CRISIL D (Reaffirmed)
Update
VB is currently executing a project in Siliguri. The project
comprises of 9 towers, with 15 floors and 90 flats in each tower,
and a saleable area of around 150,000 square feet in each tower.
The estimated cost of the entire project is around INR1.5
billion, and is expected to be completed in three phases by 2015-
16 (refers to financial year, April 1 to March 31). The first
phase of the project will cost around INR750 million, which is
funded through term loans of INR200 million, while the balance is
expected to be funded through promoters' funds and advances
received from customers. The bank has disbursed the entire
sanctioned amount of INR200 million. As on March 31, 2012, the
firm had spent INR468.5 million towards the project and received
around INR200.9 million as customer advances.
As per the sanction terms, the scheduled repayment of the
principal was to commence from December 2011, and was expected to
be completed by September 2012 in 10 monthly instalments of INR20
million each. However, the term loan was rescheduled in March
2012, with principal repayments on the outstanding loan amount of
INR176.2 million to be repaid in three equal monthly instalments
beginning from December 31, 2012. However, the firm has not met
its term debt obligations because of delays in project
implementation and muted offtake for its project. Also, VB has
monthly interest obligations of around INR2.5 million which it
has been servicing with a delay of 20 to 30 days.
VB, a partnership firm established in 2002 by the Siliguri, West
Bengal based Agarwal family, with Mr. Anil Agarwal and his
brother Mr. Amit Agarwal managing the overall operations of the
firm, is engaged in construction of North City, a 13 acre
residential project located at Siliguri.
The firm has one ongoing project located at Siliguri, North City.
The entire project comprises of 9 towers, with 15 floors and 90
flats in each tower, with the saleable area of ~1.5 lakh sq. ft
in each tower. The project has been designed and planned by
Hafeez Contractor, Mumbai based architect.
=================
I N D O N E S I A
=================
GAJAH TUNGGAL: Moody's Lifts CFR to 'B2' After New Notes Issuance
-----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
senior secured ratings of PT Gajah Tunggal Tbk. to B2 from B3.
Moody's has also removed the provisional status on the rating of
the USD bonds due 2018 after review of final documents. The B2
rating on the bonds is now definitive.
The outlook on the ratings is stable.
Ratings Rationale
The rating action follows a successful issuance of USD500 million
in bonds maturing in 2018 and early redemption of its bonds
maturing in July 2014, totaling USD413 million. The remainder of
the proceeds will be used for the capital expenditure needed to
develop the company's plant for the production of truck and bus
radial tires.
"GT's redemption of the notes maturing in 2014 with proceeds from
issuance of the bonds maturing in 2018 addresses the company's
refinancing risks well ahead of time and extends its debt
maturity profile," says Vikas Halan, a Moody's Vice President and
Senior Analyst.
"In addition, the new bond lowers GT's borrowing cost and
provides the company with better financial flexibility to meet
its growth objectives," adds Halan.
The coupon rate of the new bonds is 7.75% per annum versus 8% for
the notes maturing in 2014. Moreover, the coupon rate of the
redeemed notes would have stepped-up to 10.25% in July 2013. The
new bonds also have less stringent debt incurrence covenants than
the notes that were to mature in 2014, which would allow the
company more financial flexibility.
Moody's upgrading of GT's ratings comes after the credit ratings
agency placed GT's B3 ratings on review for upgrade on 19
December last year. The announcement of the rating review
followed GT's revelation that it would be seeking shareholder
approval to issue the bonds in order to redeem the notes.
As part of the refinancing process, on 9 January, the company
announced a tender offer for the bonds along with a consent to
reduce the notice period to call the bonds. The bonds were
already callable at par and were tendered for at par. Both the
bond issuance and the tender offer have now been successfully
completed.
"We expect GT to maintain strong credit metrics for its ratings
in the next 12 months, despite its organic expansion," says
Halan.
Moody's expects the company's debt/EBITDA ratio to stay below 3x.
Overall, GT's corporate family rating reflects: 1) its status as
Southeast Asia's largest integrated tire manufacturer, producing
over 36 million tires a year, and 2) its balanced product and
geographical sales mix.
However, while its financial profile is currently solid for its
corporate family rating, indicated by a debt/EBITDA of 2x and
retained cash flow/net debt of 50% for the nine months ending
September 2012, its rating is constrained by the company's
history of debt restructuring, and its exposure to cyclical raw
material prices and foreign exchange movements, which result in a
volatile operating margins.
"Nonetheless, upward pressure on GT's ratings may develop over
the medium-term if GT diversifies its funding sources and
achieves a more spread out debt maturity profile, and if it
reduces its exposure to volatile foreign exchange fluctuations,
as well as executes its expansion plans while maintaining credit
metrics consistent with higher ratings," says Halan.
Specific financial metrics Moody's consider consistent with
higher ratings for GT are a debt/EBITDA ratio below 3x and
EBIT/interest above 3x on a sustained basis.
The principal methodology used in these ratings was Global
Automotive Supplier Industry Methodology published in January
2009.
Gajah Tunggal is Southeast Asia's largest integrated tire
manufacturer, producing over 36 million tires every year for
motorcycles, passenger cars and commercial vehicles. Exports
accounted for 37% of sales during the nine months ending
September 2012 and replacement market sales accounted for almost
86% of total tire sales during the same period. Giti Tire
(unrated), a Chinese tire manufacturer, is a 49.7% shareholder in
the company through its subsidiary, Denham Pte Ltd, while
Compagnie Financiere Michelin (Baa1 stable) holds a 10% interest.
=========
J A P A N
=========
RENESAS ELECTRONICS: Widens Annual Loss Forecast to JPY176-Bil.
---------------------------------------------------------------
Bloomberg News reports that Renesas Electronics Corp. on Feb. 8
widened its annual loss forecast to JPY176 billion ($1.9 billion)
amid a slowdown in TV sales hitting demand for system LSI chips
and weaker-than-expected sales to automakers. The Kawasaki,
Japan-based company has also announced more than 10,500 job cuts
since July and plans to sell JPY150 billion of new shares to
investors led by state-backed Innovation Network Corp. of Japan.
Bloomberg discloses that Renesas cut its full-year sales forecast
to JPY770 billion from JPY820 billion. It predicted an operating
loss, or sales minus the cost of goods sold and selling, general
and administrative expenses, of JPY26 billion, compared with the
previous target of a JPY21 billion- profit. The company had
earlier expected a loss of JPY150 billion in the year ending
March, Bloomberg reports.
Renesas last month announced plans to shed more than 3,000
workers. The reduction adds to about 7,500 positions cut through
a buyout program in October, taking the planned job losses to
about 25% of the workforce, Bloomberg recalls. The company also
said last month it will sell three factories to J-Devices Corp.
About Renesas Electronics
Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.
For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion. In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.
====================
N E W Z E A L A N D
====================
MAINZEAL PROPERTY: Court Hastened Firm's Collapse, Expert Says
--------------------------------------------------------------
Claire Rogers and Marta Steeman at stuff.co.nz report that a
Supreme Court decision allowing negligence claims on leaky
commercial buildings may have been "the straw that broke the
camel's back" for Mainzeal Property and Construction Ltd, a leaky
building expert said.
stuff.co.nz relates that leaky buildings lawyer Tim Rainey
believes Mainzeal could well follow in the footsteps of other
construction firms that went into receivership due to leaky
building claims, and be sold off or reform itself to trade again
under another name.
According to the report, Mr. Rainey said a Supreme Court decision
late last year ruling that the law was the same for residential
and commercial buildings effectively opened the gate for
negligence claims on leaky commercial buildings.
stuff.co.nz says Mainzeal would have already faced contractural
liabilities related to leaky buildings, but negligence claims
could be much more extensive.
Parties did not have to be in the contractural relationship or
agreement to sue for negligence, and could sue for up to ten
years after the alleged negligence occurred, as opposed to the
six year limit on contractural claims, the report relays.
stuff.co.nz notes that Mainzeal were exposed to more claims from
more people over a greater period of time than they were
previously and that may have been a factor in them deciding to go
[into receivership]."
"Certainly if I was advising them I would have told them their
exposure had been expanded. [I'd say], ' You've got all these
residential claims, who knows, you may be facing non-residential
claims. Maybe it's time we looked very closely, especially with
all the other issues, to put this in the past,"' the report
quotes Mr. Rainey as saying.
stuff.co.nz relates that Mr. Rainey said Brookfield Multiplex, a
large multinational construction firm facing substantial leaky
building claims including for leaky Takapuna, Auckland, hotel and
residence, Spencer on Byron -- which was the subject of the
Supreme Court decision, had gone into liquidation following the
court decision.
If the history of "countless other" construction firms facing
leaky building claims that had collapsed was anything to go by,
Mainzeal could well rise from the ashes as a new company, without
any of the liabilities facing Mainzeal today, Mr. Rainey, as
cited by stuff.co.nz, added.
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, on Feb. 6, 2013, 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: Receivers in Talks With Interested Buyers
------------------------------------------------------------
PricewaterhouseCoopers Partners Colin McCloy and David Bridgman
as Receivers to Mainzeal Property and Construction Limited and
associated entities have confirmed their current plan of
activities for this receivership.
"In addition to having regular contact with Mainzeal staff to
update them on the progress of the Receivership, the Receivers
have been assessing the situation of all Mainzeal sites, and will
be endeavouring to talk to all site owners within the coming
days," PwC said in a statement.
With the suspension of work on all Mainzeal sites, the Receivers
have found it necessary to review the Company's staffing level in
order to urgently reduce cash operating costs, and as a result, a
number of staff have been made redundant.
Also, since February 8, the Receivers have been working with all
contractors and sub-contractors to give them access to the sites,
to ensure all parties involved (from staff to contractors and
residents in some cases) are safe and that property that
rightfully belongs to contractors can be retrieved in a
controlled manner.
"We want to thank all parties involved in this Receivership for
their patience, we understand it is a challenging time for
everyone. We're continuing to evaluate individual projects in an
effort to restart or transfer work on some sites as soon as
possible, subject to contractual arrangements and our statutory
obligations as Receivers," says Mr. McCloy.
"We are currently in talks with some parties interested in buying
the business and assets of Mainzeal, either as a whole or by
segment. We understand the importance of a prompt and efficient
management of this Receivership and we remain committed to
working as quickly as possible through this Receivership,"
concludes Mr. McCloy.
The Receivers were appointed on Feb. 6, 2013, and will provide
additional updates when appropriate.
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, on Feb. 6, 2013, 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.
ROSS ASSET: Failure Likely to Hit Wellington Apartment Sector
-------------------------------------------------------------
Jason Krupp at The Dominion Post reports that the collapse of
Ross Asset Management, which snared more than 900 investors in a
suspected Ponzi scheme, looks to have spilled over into
Wellington's high-end apartment sector.
Three independent sources have told The Dominion Post at least 10
people who put down deposits for properties on yet-to-be built
developments will be unable to proceed to settlement because they
have been financially wiped out by RAM.
According to the Post, two highly placed sources within
Wellington's property sector have separately reported people
losing deposits, but the sources declined to go on the record.
John Fisk of PricewaterhouseCoopers, who was appointed as the
receiver of RAM, said he had heard similar stories on a second-
hand basis, but had not had cause to follow them up, the report
relays.
The Post notes that the report comes as a double blow to RAM
investors as they are likely to lose their deposits too. And,
should property values fall before the development is complete,
they could be liable for the shortfall between the final resale
price and its original cost, the Post relays.
The Post relates that property developer Willis Bond & Co
managing director Mark McGuinness said he was aware of two RAM
investors who put down deposits at the firm's Clyde Quay Wharf
development.
However, Mr. McGuinness stressed that it had not affected their
ability to settle on his development, situated in Oriental Bay.
So far the firm has sold 66 properties on the 76-apartment
development, with construction already well under way, the Post
says.
While Willis Bond & Co has said its Clyde Quay was not affected
by the RAM case, it is unclear who the other firms are, the Post
adds.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:
* Bevis Marks Corporation Limited;
* Dagger Nominees Limited;
* McIntosh Asset Management Limited;
* Mercury Asset Management Limited;
* Ross Investment Management Limited;
* Ross Unit Trusts Management Limited;
* United Asset Management Limited;
* Chapman Ross Trust;
* Woburn Ross Trust;
* Ace Investments Limited or Ace Investment Trust Limited or
Ace Investment Trust;
* Vivian Investments Limited; and
* Ross Units Trusts Limited.
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:
-- Ross Asset Management Limited (In Receivership);
-- Bevis Marks Corporation Limited (In Receivership);
-- McIntosh Asset Management Limited (In Receivership); and
-- Mercury Asset Management Limited (In Receivership).
* NEW ZEALAND: Subcontractors, Rights of Access & Receiverships
---------------------------------------------------------------
The New Zealand Law Society has received a number of questions
and requests about some of the issues emerging from the media
coverage of the receivership of Mainzeal Property and
Construction Limited.
The article has been prepared by Auckland commercial barrister
Stephen Layburn, who is convenor of the Law Society's Commercial
and Business Law Committee. The article is an opinion on general
legal issues and does not constitute specific legal advice.
The Mainzeal Property and Construction Ltd receivership has
raised questions about the ability of subcontractors to access
building sites controlled by Mainzeal Construction to recover
their property (such as tools and scaffolding equipment).
Legally, matters such as this are affected by a range of
sometimes overlapping rights and obligations. The terms of the
construction contract under which the contractor operates the
site and is, in turn, engaging with subcontractors will also be
highly relevant.
Without looking at the various forms of construction contract, if
we take a simple hypothetical example where a construction
contractor is undertaking work on a property that is owned by a
separate (unrelated) property owner, the head contractor will
have control of the site for the duration of the contract. This
control is needed for a variety of contractual and practical
reasons - including management of the interaction between the
various subcontractors working on the site.
Typically, any other party entering the site - including
subcontractors - does so at the invitation of the head contractor
as controller and occupier of the site for the duration of the
construction contract. It follows that the head contractor also
exercises control in respect of people who have no authority to
enter the site. Ultimately, that control can include the issue
of trespass notices warning such people to stay off the
construction site.
Where a building contractor goes into receivership, the
appointment of a receiver triggers a number of rights and
obligations - including giving the receivers control over the
rights previously exercised by the contractor. However, this
will not usually cause the contractor's occupation and control of
building sites to be immediately relinquished. This is because
most construction contracts will provide a breathing period
(typically 10 working days) for the contractor to find a
replacement contractor that is acceptable to the principal to
undertake the work. During that breathing period, the contractor
is not (simply because of the appointment of the receiver) in
default under the contract.
Sensibly, such a breathing period allows the receiver a short
window of time within which to gain control of the contractor's
activities (including building sites), and make an assessment of
the state of the relevant contract and the position both in terms
of the obligations to the principal and the relationships with
the various subcontractors. Despite the apparent hardship to
subcontractors (who have obvious concerns for their tools and
equipment) this breathing space is also important in preventing
chaos as various interested parties clamber to recover their
property. Without it, there is a risk of people accidentally
grabbing someone else's property, damage to other property and
goods and the sort of health and safety issues that would result
from a free-for-all.
If the receiver decides (for example) to continue with a specific
project, they will need to come to arrangements with
subcontractors. A receiver is not liable for pre-receivership
debts of the contractor - but there may be scope for arrangements
to be made to enable a project to be completed and such important
issues as a contractor's workforce being retained to complete the
scheduled work.
Without knowing all of the details of the arrangements affecting
the scaffolding contractor which made the news headlines over the
weekend, it seems quite natural that the access to the site
without approval of the receivers was halted with the issue of a
trespass notice. Equally, it was not a surprise to see that as
soon as order was restored, arrangements were made to enable some
scaffolding equipment to be removed from the site in a controlled
manner. In doing so, it is likely that the receiver understood
the need for the scaffolding contractor to be able to put the
equipment that was no longer required on the site to use
elsewhere. Also, it is likely that the receiver will need the
scaffolding contractor's services for completion of what work
remains to be done on site.
As the Mainzeal Construction receivership is relatively large and
seems likely to affect a large number of people - with reports
suggesting that there are more than 50 sites involved - it is
likely that the receivership will continue to attract attention.
Businesses affected by the receivership would be advised to
ensure that they have their own records in good shape so that
they can respond to dialogue with the receivers quickly and
clearly and, if in doubt about their rights and obligations, to
seek professional advice.
=================
S I N G A P O R E
=================
PRIMROSE GROUP: Creditors' Proofs of Debt Due Feb. 22
-----------------------------------------------------
Creditors of Primrose Group International Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 22, 2013, to be included in the company's
dividend distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o BDO LLP
21 Merchant Road
#05-01 Royal Merukh S.E.A. Building
Singapore 058267
PROBILT PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 1, 2013, to
wind up the operations of Probilt Pte Ltd.
Sanhe Construction Pte Ltd filed the petition against the
company.
The company's liquidator is:
Yiong Kok Kong
c/o DKKY Corporate Advisory
317 Outram Road #02-47
Singapore 169075
SIMPLER CONSULTING: Creditors' Proofs of Debt Due March 8
---------------------------------------------------------
Creditors of Simpler Consulting 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 liquidators are:
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of Commerce & Industry
Building
Singapore 179365
STANSFIELD GROUP: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Jan. 25, 2013, to
wind up the operations of The Stansfield Group Pte Ltd
now known as TSG Investments Pte Ltd.
Acies Law Corporation filed the petition against the company.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
21 Merchant Road
#05-01 Royal Merukh S.E.A. Building
Singapore 058257
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 17-19, 2013
AMERICAN BANKRUPTCY INSTITUTE
Advanced Consumer Bankruptcy Practice Institute
Charles Evans Whittaker Courthouse, Kansas City, Mo.
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 20-22, 2013
AMERICAN BANKRUPTCY INSTITUTE
VALCON
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
Apr. 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 13-16, 2013
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 11-13, 2013
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 8-10, 2013
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 22-24, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
Nov. 1, 2013
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Atlanta Marriott Marquis, Atlanta, Ga.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 2, 2013
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Dec. 5-7, 2013
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Terranea Resort, Rancho Palos Verdes, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
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 ***