/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130325.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, March 25, 2013, Vol. 16, No. 59 Headlines A U S T R A L I A BILLABONG INTERNATIONAL: In Trading Halt; Probes Share Plunge FIRSTMAC RMBS: Fitch Affirms 'BB' Bond Series Rating PRIORITY ENGINEERING: BRI Ferrier Appointed as Administrators TUFF KAT: Creditor Taps Jones Partners as Administrators * Insolvencies to Remain High in 2013, Taylor Woodings Says C H I N A COUNTRY GARDEN: 2012 Results Support Moody's Ba3 CFR FANTASIA HOLDINGS: 2012 Results In Line with Moody's B1 CFR SUNTECH POWER: China Unit Pushed Into Bankruptcy ZHONG AN REAL: S&P Affirms 'B' CCR; Outlook Negative H O N G K O N G ACER (CHINA): Court Enters Wind-Up Order AKZO NOBEL: Members' Final Meeting Set for April 19 ASIA SIGN: Members' Final General Meeting Set for April 19 BEAUT STEP: Members' Final General Meeting Set for April 16 BEUNA COMPANY: Placed Under Voluntary Wind-Up Proceedings BLU SPA: Creditors' Proofs of Debt Due April 5 BOOK OF HOPE: Members' Final Meeting Set for April 16 CHAIN LINK: Creditors Get 100% Recovery on Claims CHARMLINE INTERNATIONAL: First Meetings Set for March 27 MEDIA LANDMARK: Creditors' Meeting Set for March 27 MEI CHEUNG: Creditors' Meeting Set for March 28 I N D I A ALPHA MALTS: CARE Rates INR15cr LT Loan at 'CARE BB (SO)' CONCEPT CLOTHING: CARE Rates INR4.81cr LT Loan at 'CARE BB-' GS RADIATORS: CARE Reaffirms 'C' Rating on INR18.41cr Bank Loan J J BUILDTECH: CARE Reaffirms 'BB' Rating on INR14cr LT Loan JINDAL CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE B+' JM MHATRE: CARE Assigns 'BB-' Rating to INR21cr LT Loan KJ STEEL: CARE Reaffirms 'BB-' Rating on INR9.5cr LT Loan PARKER TILES: CARE Assigns 'B+' Rating to INR13.6cr LT Loan PARTH INFRA: CARE Rates INR3cr LT Loan at 'CARE BB+' PGH INTERNATIONAL: CARE Rates INR50cr LT Loan at 'CARE B' RBKNIT EXPORTS: CARE Reaffirms 'BB+' Rating on INR2.89cr LT Loan R S INFRA-TRANSMISSION: CARE Rates INR3.72cr LT Loan at 'BB+' SARVAJANIK JANKALYAN: CARE Rates INR62cr LT Loan at 'CARE B' TIMES STEEL: CARE Reaffirms 'BB-' Rating on INR22cr LT Loan J A P A N ELPIDA MEMORY: Micron Poised to Save $400MM in Acquisition N E W Z E A L A N D LM INVESTMENT: Senior Execs Jump Ship as Fund Collapses S I N G A P O R E GAS TRADE: Creditors' Final Meeting Set for March 25 HSS ENGINEERING: Creditors' Meeting Set for March 28 PRESTIGE ENERGY: Creditors' Final Meeting Set for March 25 PROGEN ENGINEERING: Creditors to Get 35% Recovery on Claims * Moody's Notes Improving Flexibility of Singaporean S-REITs - - - - - ================= A U S T R A L I A ================= BILLABONG INTERNATIONAL: In Trading Halt; Probes Share Plunge ------------------------------------------------------------- The Sydney Morning Herald reports that Billabong International Ltd's shares have been placed in a trading halt while the retailer investigates why its shares have plummeted by more than 20% on March 21. "The trading halt is requested pending an investigation by the company into trading levels today [March 21]," Billabong said in a statement, SMH relates. According to the report, two private equity consortiums, Sycamore and Altamont/VF, have made separate offers of $1.10 a share for the company and have been running their slide rules over Billabong's books in recent weeks. The due diligence process is due to end this week, the report relays. SMH reported last month that the company's path to redemption got tougher after the surfwear group downgraded earnings guidance and said a AUD537 million loss for the half-year put it in breach of debt covenants. The breach led its banks to seek a secured charge over most of the business, the report said. Based in Australia, Billabong International Limited (ASX:BBG) -- http://www.billabongbiz.com/-- is engaged in the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware, and the licensing of its trademarks to specified regions of the world. FIRSTMAC RMBS: Fitch Affirms 'BB' Bond Series Rating ---------------------------------------------------- Fitch Ratings has affirmed 37 classes of notes issued by 12 FirstMac RMBS transactions. All transactions are backed by pools of conforming Australian residential mortgages sourced directly or by way of third-party introducers. The mortgages were originated in the name of nominee companies on behalf of the trustee, FirstMac Fiduciary Services Pty Ltd, and sold to the various trusts by FirstMac warehouses. Key Rating Drivers The rating actions reflect Fitch's view that credit enhancement levels are able to support the notes' current ratings. The credit quality and performance of the loans in the respective collateral pools remain in line with the agency's expectations. All transactions are paying down on a sequential basis with principal collections being allocated to the senior notes with the exception of FirstMac Mortgage Funding Trust Series 1E-2007 and FirstMac Mortgage Funding Trust Series 1-2010. The Class A and AB notes in FirstMac Bond Series 2-2005 Trust and FirstMac Mortgage Funding Trust Series 1-2007 are also paying down pro-rata. The amortisation of the notes has resulted in improvements in credit enhancement. As at end-January 2013, 30+ day arrears ranged from 0% for FirstMac Mortgage Funding Trust Series 1-2012 to 4.1% for FirstMac Bond Series 2-2005 Trust. All transactions have lenders' mortgage insurance (LMI) provided by one or more of the following insurers; QBE Lenders' Mortgage Insurance Limited (AA-/Stable), Genworth Financial Mortgage Insurance Pty Ltd and Housing Loan Insurance Corporation. Any losses not covered by LMI policies to date have been covered by excess spread and no transactions have experienced any losses to date. Rating Sensitivities The sequential pay-down has enhanced credit enhancement for senior notes, especially for well-seasoned collateral pools. As of end- January 2013, the senior notes can withstand multiples of current arrears. Class A notes remain independent of a downgrade of the LMI provider's rating. Class AB notes of recently originated transactions remain sensitive to any change in the ratings of the LMI providers. Although the number of loans included in the securitised pools is of a significant size, Class B notes are still exposed to concentration risk in the event that the originator will not decide to call the transaction. FirstMac Bond Series 2-2005 Trust: AUD98.8m Class A-1 (ISIN AU300FMA5015) affirmed at 'AAAsf'; Outlook Stable AUD5.6m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf'; Outlook Stable AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf'; Outlook Stable FirstMac Bond Series 1C-2006: AUD171.5m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf'; Outlook Stable FirstMac Bond Series 1E-2006 Trust: EUR91.7m Class A (ISIN XS0250012498) affirmed at 'AAAsf'; Outlook Stable AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf'; Outlook Stable FirstMac Mortgage Funding Trust Series 1-2007: AUD166.4m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf'; Outlook Stable AUD20.3m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf'; Outlook Stable AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf'; Outlook Stable FirstMac Mortgage Funding Trust Series 1E-2007: EUR72.5m Class A-1 (ISIN XS0305486127) affirmed at 'AAAsf'; Outlook Stable AUD195.5m Class A-2 (ISIN AU3FN0003026) affirmed at 'AAAsf'; Outlook Stable AUD20.7m Class B (ISIN AU3FN0003018) affirmed at 'BBsf'; Outlook Stable FirstMac Mortgage Funding Trust Series 2-2008: AUD196.5m Class A-2 (ISIN AU3FN0007050) affirmed at 'AAAsf'; Outlook Stable AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf'; Outlook Stable AUD15m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf'; Outlook Stable AUD6m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf'; Outlook Stable FirstMac Mortgage Funding Trust Series 1-2009: AUD245 m Class A-3 (ISIN AU3FN0008413) affirmed at 'AAAsf'; Outlook Stable AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf'; Outlook Stable AUD15.6m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf'; Outlook Stable AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf'; Outlook Stable FirstMac Mortgage Funding Trust Series 2-2009: AUD263.3m Class A-2 (ISIN AU3FN0009494) affirmed at 'AAAsf'; Outlook Stable AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf'; Outlook Stable AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf'; Outlook Stable Class A-1 was paid in full in July 2012 FirstMac Mortgage Funding Trust Series 1-2010: AUD4.8m Class A-1 (ISIN AU3FN001425) affirmed at 'AAAsf'; Outlook Stable AUD74.1m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf'; Outlook Stable AUD173.6m Class A-3 (ISIN AU3FN0011441) affirmed at 'AAAsf'; Outlook Stable AUD33.2m Class AB (ISIN AU3FN0011458) affirmed at 'AAAsf'; Outlook 7Stable FirstMac Mortgage Funding Trust Series 2-2011: AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at 'AAAsf'; Outlook Stable AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf'; Outlook Stable AUD39.8m Class A-4 affirmed at 'AAAsf'; Outlook Stable AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf'; Outlook Stable Class A-1 was paid in full in December 2012 FirstMac Mortgage Funding Trust Series 1-2012: AUD116.8m Class A-1 (ISIN AU3FN0016127) affirmed at 'AAAsf'; Outlook Stable AUD131.1m Class A-2 (ISIN AU3FN0016135) affirmed at 'AAAsf'; Outlook Stable AUD13.4m Class AB (ISIN AU3FN0016143) affirmed at 'AAAsf'; Outlook Stable FirstMac Mortgage Funding Trust RMBS Series 3-2012: AUD319m Class A-1 (ISIN AU3FN0017570) affirmed at 'AAAsf'; Outlook Stable AUD73m Class A-2 (ISIN AU3CB0203313) affirmed at 'AAAsf'; Outlook Stable AUD18.5m Class AB (ISIN AU3FN0017588) affirmed at 'AAAsf'; Outlook Stable ` PRIORITY ENGINEERING: BRI Ferrier Appointed as Administrators ------------------------------------------------------------- SmartCompany reports that Priority Engineering Services has collapsed as initial investigations reveal it was unable to recover from the impacts of the global financial crisis. Priority Engineering Services was placed in receivership March 14 and operations have ceased, says SmartCompany. BRI Ferrier administrators Alan Scott -- alan.scott@briferriersa.com.au -- and Andre Strazdins -- a.strazdins@briferriersa.com.au -- have been appointed and Ferrier Hodgson has appointed receivers and managers, the report discloses. Mr. Scott told SmartCompany investigations were yet to reveal the precise amount of debt, but the largest creditor, the company's bank, was owed a "significant" sum. "At this point I have no idea how much debt the company is in, but I know the banker is the major creditor, and the employees are also owed a significant sum of money," the report quotes Mr. Scott as saying. At this point, the business is up for sale, but Mr. Scott believes there is a high chance it will fold, says SmartCompany. South Australia-based Priority Engineering Services offered general engineering services in Australia and Malaysia and manufactured purpose-built machinery for the defence, mining and automotive sectors. TUFF KAT: Creditor Taps Jones Partners as Administrators -------------------------------------------------------- Patrick Stafford at SmartCompany reports that Tuff Kat Entertainment, a video game and accessory company responsible for the local distribution of the popular Angry Birds brand, has collapsed into voluntary administration. SmartCompany relates that the collapse comes as the local video game market has been under pressure in recent years, with not only development studios closing but companies in the retail and distribution industries affected. Jones Partners confirmed on March 22 Tuff Kat Entertainment has been placed in voluntary administration, with principal Bruce Gleeson -- bgleeson@jonespartners.net.au -- appointed. "The appointment was made by the secured creditor of the company," the firm said in a statement. "At this stage, the administrator is assessing the company's financial position and the best method of realising the company's assets, including the potential sale of the company or its assets to a purchaser. At this stage, it is uncertain whether the company will be wound up at the second meeting of creditors." The second meeting is scheduled for April 9. The first meeting already took place on March 20. Tuff Kat Entertainment was responsible for the local distribution of Angry Birds games. The Angry Birds brand has become one of the largest entertainment franchises in the world, having been developed by Finnish company Rovio Entertainment. The company is even considering an IPO to capitalize on a valuation reported to be more than US$1.2 billion. * Insolvencies to Remain High in 2013, Taylor Woodings Says ----------------------------------------------------------- Australian Associated Press reports that accountancy firm Taylor Woodings said the number of Australian companies going broke is expected to stay high over 2013. Taylor Woodings, a specialist in corporate recovery and restructuring, released its analysis of the Australian Securities and Investments Commission's latest monthly insolvency data on March 20, 2013, AAP relates. In January 2013, 628 companies had external administrators appointed -- the highest figure on record for January and 21.2% above January 2012, the report relays. AAP says company collapses for the first seven months of the financial year totalled 6,053 -- the second highest figure for the period. Corporate failures in January doubled in Western Australia from 29 to 58 but fell in NSW from 194 to 189, compared with January 2012, the news agency relates. "While the economic data for January showed signs of improvement in the economy, we predict 2013 will continue to see high levels of insolvencies due to continued volatility in a number of sectors, the high Australian dollar and tight debt and equity markets," Taylor Woodings said. According to AAP, Taylor Woodings partner Andrew Schwarz said the rise in January insolvencies reflected a continuation of a trend since the global financial crisis in 2008. ========= C H I N A ========= COUNTRY GARDEN: 2012 Results Support Moody's Ba3 CFR ---------------------------------------------------- Moody's Investors Service says that Country Garden Holdings Company Limited's 2012 full-year results are in line with expectations and support the company's Ba3 corporate family and senior unsecured debt ratings. The ratings outlook remains positive. In 2012, Country Garden continued to show solid sales execution. Its book revenue increased 20.6% year-on-year to RMB41.9 billion. Sales growth was achieved without sacrificing its gross profit margin which slightly improved to 36.6%, from 34.5% a year ago. "Its contracted sales in 2012 grew by 10% year-on-year to RMB47.6 billion, which is in line with Moody's projection and reflects the consideration that its products address the demand from end- users," says Lina Choi, a Moody's Vice President and Senior Analyst. Moody's expects Country Garden will continue its sales momentum in 2013. Country Garden also made inroads in diversifying its revenue portfolio out of Guangdong Province. The contribution from projects outside Guangdong showed satisfactory progress. In 2012, These projects generated 40% of total contracted sales compared to 34% in 2011. The company has continued to show good access to funding. Its offshore bond pool rose to approximately USD3 billion following the completion of a bond issue of USD750 million in January 2013. Such a sizable bond portfolio helps Country Garden broaden its investor base which in turn strengthens its access to the offshore bond market. Leverage ratios are largely unchanged. Country Garden's adjusted debt/capitalization slightly decreased from 53.7% as of December 2011 to 53.3% as of December 2012. Gross debt grew to RMB36.9 billion as of December 2012, from RMB29.0 billion as of December 2011. On the other hand, its EBITDA interest coverage ratio remained stable at 4.0x compared to 4.1x in 2011. These credit metrics place Country Garden comfortably in the Ba rating range. "We expect Country Garden's EBITDA interest coverage to measure between 3.0x and 3.5x and adjusted debt/capitalization between 50% and 55% in 2013," says Choi, who is also Moody's lead analyst for Country Garden. Country Garden's liquidity profile is adequate, with a cash position of RMB16.9 billion as of December 2012. This should more than sufficiently cover RMB9.0 billion of maturing debt and committed land payments of RMB2 billion in 2013. The issuance of USD750 million in 7-year senior unsecured bonds in January 2013 further strengthened its liquidity position. Moody's also expects Country Garden's ratings to be supported by its resilience in a volatile market as a result of its business model that focuses on mass market products and suburban development. The principal methodology used in rating Country Garden was the Global Homebuilding Industry Methodology published in March 2009. Country Garden Holdings Company Limited, founded in 1997 and listed on Hong Kong Stock Exchange, is a leading Chinese integrated property developer. As of December 2012, it had a sizeable land bank of 55.5 million square meters in attributable gross floor area. It also owns and operates 36 hotels with a total of 11,009 rooms as of December 2012. The hotels are located mainly in Guangdong province and support its townships developments. FANTASIA HOLDINGS: 2012 Results In Line with Moody's B1 CFR ----------------------------------------------------------- Moody's Investors Service says that Fantasia Holdings Group Co., Limited's 2012 full-year results are generally in line with Moody's expectations, and support its B1 corporate family and B2 senior unsecured ratings with a stable outlook. "Fantasia's 2012 results reflect its good sales execution and prudent approach to financial management," says Jiming Zou, a Moody's Analyst. Fantasia reported on March 19, 2013 an 11.4% year-on-year increase in revenue to RMB6.23 billion in 2012, while its gross profit margin dropped slightly to 40.5% from 42.9% in 2011. At the same time, the company reported contract sales of RMB8 billion for 2012, exceeding its sales target of RMB7.2 billion. This positive trend continued into the first quarter of 2013, as evidenced by a 224% year-on-year increase. "A focus on real demand, reasonable pricing, and smart project design has supported its sales performance. In particular, its products -- with moderate average selling prices of around RMB8,000 per square meter -- have achieved good sales in Chengdu, Tianjin, Huizhou and Guilin," adds Zou, also the Lead Analyst for Fantasia. Fantasia has maintained moderate debt leverage. Adjusted EBITDA interest coverage was about 3.4x and Debt/Book capitalization at about 55% at end-2012. Moody's expects that Debt/Book capitalization will be around 55% over the next 12-18 months, while interest coverage will remain around 3-3.5x. Such debt leverage and interest coverage levels will remain comparable to those of its B1-rated peers. Moody's expects that Fantasia will continue to leverage its niche business model, which balances the development of commercial and residential properties, to maintain sales growth on the back of a stabilizing residential market on the Mainland. The company's efforts to differentiate itself from other developers by providing value-added service to customers will help improve its competitiveness, although the overall impact remains limited at this stage. Fantasia's ratings factors in its stable operating and financial profile and disciplined financial management. Its issuance of USD250 million in notes in January has further enhanced liquidity and improved it debt maturity profile. Fantasia's liquidity is adequate. Its cash on hand of RMB 3.5 billion at end-2012 will be sufficient to cover its short-term debt of RMB2.45 billion and committed land payments for the next 12 months. The principal methodology used in this rating was the Global Homebuilding Industry Methodology published in March 2009. Fantasia Holdings Group Co., Limited is a property developer established in 1996 and listed on the Hong Kong Stock Exchange in November 2009. At end-2012, it had a land bank of 8.0 million square meters of GFA with land use rights, mainly in Chengdu and the Pearl River Delta. It develops high-end office buildings and residential properties, targeting small- and medium-sized enterprises and affluent individuals. SUNTECH POWER: China Unit Pushed Into Bankruptcy ------------------------------------------------ Keith Bradsher, writing for The New York Times, reported that Suntech Power, a Chinese manufacturer that became the world's largest producer of solar panels by 2011 only to be battered by plummeting prices, announced that its main operating subsidiary had been pushed into bankruptcy by eight Chinese banks. The NY Times report said Suntech was the Icarus of the solar panel industry, with production that soared year after year on heavy investment, as Western investors bought up its New York-traded shares and its international debt issues. Part of a massive Chinese government effort to dominate renewable energy industries, Suntech grew to 10,000 employees in its hometown of Wuxi and even set up a small factory in Arizona to do further assembly of panels there, according to the report. The report, however, noted that a 10-fold expansion of overall Chinese solar panel manufacturing capacity from 2008 to 2012 produced a three-quarters drop in solar panel prices, undermining the economics of the business. Rapid expansion of natural gas production in the United States and a curtailment of subsidies in the European Union also hurt solar panel prices, as did an American imposition last year of import tariffs totaling about 40 percent after an anti-dumping and anti-subsidy investigation, the report added. According to the NY Times, the Chinese banks quietly asked a court in Wuxi to declare the operating subsidiary, Wuxi Suntech, to be insolvent and begin restructuring it. The operating subsidiary notified the court that it did not object to the insolvency petition, the report added. Suntech Power, the parent, said that it was not filing for bankruptcy and would continue to honor warranties on the company's solar panels, the NY Times clarified. The bankruptcy filing of Suntech Power's Chinese subsidiary without a filing by the parent may cause acrimony over whether foreign creditors are being treated unfairly compared to domestic creditors in China, the NY Times noted. It is rare for Chinese companies to file for bankruptcy, as the government has sometimes stepped in first to help them and avoid damaging the broader reputation of Chinese companies for creditworthiness. About Suntech Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for residential, commercial, industrial, and utility applications. With regional headquarters in China, Switzerland, and the United States, and gigawatt-scale manufacturing worldwide, Suntech has delivered more than 25,000,000 photovoltaic panels to over a thousand customers in more than 80 countries. ZHONG AN REAL: S&P Affirms 'B' CCR; Outlook Negative ---------------------------------------------------- Standard & Poor's Ratings Services said that it had affirmed its 'B' long-term corporate credit rating on Zhong An Real Estate Ltd. The outlook is negative. S&P also affirmed the 'cnB+' Greater China credit scale rating on the China-based property developer. "We affirmed the rating to reflect our view that Zhong An's cash flows could improve in the next 12 months after weakening in 2012," said Standard & Poor's credit analyst Frank Lu. "Higher contract sales should underpin the improvement. However, we believe the extent of recovery is uncertain, given the company's significant exposure to the high-end property segment and the government's continued strict policy tightening in the company's main markets. Also, Zhong An has a limited record of executing its fast asset-turnover strategy. We expect the company to maintain its disciplined growth and financial management." Zhong An's "vulnerable" business risk profile reflects the company's small scale, high geographic and project concentration, and highly volatile financial performances. In S&P's base case, it estimates Zhong An's contract sales will grow to Chinese renminbi (RMB) 3.50 billion in 2013, from a low RMB2.17 billion in 2012. S&P believes Zhong An's financial risk profile will remain "highly leveraged" in the next 12 months despite potential improvement. In S&P's base-case, it estimates that the company's debt-to-EBITDA ratio will be about 6.0x in 2013, compared with 6.3x in 2012, and that EBITDA interest coverage will likely improve to 1.9x-2.0x from 1.8x. The affirmed rating on Zhong An also reflects the company's "less than adequate" liquidity, as defined in S&P's criteria. S&P expects the company's liquidity sources to be about 1.0x its liquidity uses over the next 12 months. The company's low land costs, established market position in Hangzhou, and a record of disciplined growth and financial management underpin the rating. The negative outlook reflects S&P's uncertainty over the extent that Zhong An's property sales can recover over the next 12 months. The company has increased its property offerings in the mass-market segment, but it is still highly exposed to the high- end segment, which the government's market-cooling measures affect the most. S&P may lower the rating if Zhong An's cash flows remain weaker than it expected because the company does not execute its fast asset-turnover strategy well and the government continues to tighten its real estate policy. Contract sales that are materially less than RMB3.5 billion could indicate such weakness. S&P may revise the outlook to stable if Zhong An's contract sales meet or exceed its expectation, the company's gross margins are reasonable, and it maintains disciplined expansion and financial management. EBITDA interest coverage of more than 2.0x on a sustained basis could indicate such improvement. ================ H O N G K O N G ================ ACER (CHINA): Court Enters Wind-Up Order ---------------------------------------- The High Court of Hong Kong entered an order on March 6, 2013, to wind up the operations of Acer (China) Company Limited. The official receiver is Teresa S W Wong. AKZO NOBEL: Members' Final Meeting Set for April 19 --------------------------------------------------- Members of Akzo Nobel Decorative Coatings (Hong Kong) Limited will hold their final general meeting on April 19, 2013, at 10:00 a.m., at Suites 1708-10, The Gateway, Tower I, 25 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Lam Chung Wah David, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ASIA SIGN: Members' Final General Meeting Set for April 19 ---------------------------------------------------------- Members of Asia Sign Association Company Limited will hold their final general meeting on April 19, 2013, at 11:00 a.m., at 6/F, Block A, Raton Industrial Building, 4 Kin Wong Street, Tuen Mun, N.T., in Hong Kong. At the meeting, Chow Po Ki, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BEAUT STEP: Members' Final General Meeting Set for April 16 ----------------------------------------------------------- Members of Beaut Step Limited will hold their final general meeting on April 16, 2013, at 10:00 a.m., at Room 1205, 12/F, Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon. At the meeting, Lee Chi Keung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BEUNA COMPANY: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on March 2, 2013, creditors of Beuna Company Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Wong Wing Kei Lydia Unit D, 10/F Seabright Plaza No. 9-23 Shell Street Fortress Hill, Hong Kong BLU SPA: Creditors' Proofs of Debt Due April 5 ---------------------------------------------- Creditors of Blu Spa (Hong Kong) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 5, 2013, to be included in the company's dividend distribution. The company's liquidator is: Wong Kwok Keung 29/F, Caroline Centre Lee Gardens Two 28 Yun Ping Road Hong Kong BOOK OF HOPE: Members' Final Meeting Set for April 16 ----------------------------------------------------- Members of Book of Hope International Limited will hold their final meeting on April 16, 2013, at 3:00 p.m., at Room 2611-13A, 113 Argyle Street, Mongkok, Kowloon, in Hong Kong. At the meeting, Lam Wai Hay, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHAIN LINK: Creditors Get 100% Recovery on Claims ------------------------------------------------- Chain Link Tak Kee Newspaper and Magazine Distribution Company Limited will declare the first and final dividend to its creditors on April 10, 2013. The company will pay 100% for ordinary claims. The company's liquidator is: Lau Siu Hung Room 1909-10, 19/F Nan Fung Tower 173 Des Voeux Road Central, Hong Kong CHARMLINE INTERNATIONAL: First Meetings Set for March 27 -------------------------------------------------------- Creditors and contributories of Charmline International Limited will hold their first meetings on March 27, 2013, at 3:00 p.m., and 4:00 p.m., respectively at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway in Hong Kong. At the meeting, Teresa S W Wong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MEDIA LANDMARK: Creditors' Meeting Set for March 27 --------------------------------------------------- Creditors of Media Landmark Printing Limited will hold their meeting on March 27, 2013, at 3:00 p.m., for the purposes provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies Ordinance. The meeting will be held at 12/F, Ritz Plaza, 122 Austin Road, Tsim Sha Tsui, Kowloon, in Hong Kong. MEI CHEUNG: Creditors' Meeting Set for March 28 ----------------------------------------------- Creditors of Mei Cheung Watch Case Manufactory Limited will hold their meeting on March 28, 2013, at 3:00 p.m., for the purposes provided for in Sections 241, 242, 243, 244, 251 and 255A of the Companies Ordinance. The meeting will be held at Room 2611-13A, 113 Argyle Street, Kowloon, in Hong Kong. ========= I N D I A ========= ALPHA MALTS: CARE Rates INR15cr LT Loan at 'CARE BB (SO)' --------------------------------------------------------- CARE assigns 'CARE BB (SO)' and 'CARE A4 (SO)' ratings to bank facilities of Alpha Malts Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15 CARE BB (SO) Assigned Short-term Bank Facilities 1 CARE A4 (SO) Assigned Backed by unconditional & irrevocable corporate guarantee of both Essencia Beverages Pvt. Ltd and Transways Exim Pvt Ltd, for the entire debt servicing obligation of the rated bank facilities and this is not the stand alone rating of Alpha Malts Pvt. Ltd. Rating Rationale The ratings for Alpha Malts Pvt. Ltd are based on the credit enhancement in the form of unconditional and irrevocable corporate guarantee provided by both Essencia Beverages Pvt. Ltd and Transways Exim Pvt Ltd. The overall credit risk profile of EBPL are constrained by the revenue concentration risk, low margin nature of business with lack of pricing power, susceptibility of the operating margin to volatile raw material prices, dependence on the third parties for supply of bottles, sensitivity of the business to the Government regulations, significant exposure in the associate company in the form of corporate guarantee and moderate financial risk profile with low net worth base leading to limited shock absorbing capacity amidst the low profit levels. The ratings, however, factor in the experience of the promoters with long track record of operations, bottling of high-quality Indian Made Foreign Liquor (IMFL) for large IMFL players, wide distribution network, foray in selling IMFL under own brands and high entry barriers in the IMFL industry. The ability of the company to improve its turnover and profitability, maintaining its relationship with established brand owners and change in the Government regulation relating to additional duty imposition/ ban on the usage of alcohol would remain the key rating sensitivities. The overall risk profile of TEPL is constrained by its low margin nature of business and lack of pricing power. The above constraints more than offset the benefits derived from experience of the promoters and dealership of reputed brands. The ability of the company to maintain its relationship with reputed brand owners and change in the Government regulation relating to additional duty imposition/ ban on the usage of alcohol would remain the key rating sensitivities. CONCEPT CLOTHING: CARE Rates INR4.81cr LT Loan at 'CARE BB-' ------------------------------------------------------------ CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Concept Clothing. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 4.81 CARE BB- Assigned Short-term Bank Facilities 7 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 a change in case of the withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of Concept Clothing are primarily constrained by its leverage capital structure coupled with stressed liquidity position and working capital intensive nature of operations, foreign currency risk, customer and geographic concentration. The ratings are further constrained by the competition from the international and domestic players and constitution of the entity being a partnership firm. The ratings, however, draw comfort from the experienced promoters and growing scale of operations coupled with reputed client base. Going forward, the ability of COC to effective working capital management, increase in the scale of operations while improving profitability and the ability of the firm to effectively manage the forex risk would be the key rating sensitivities. COC was established as a partnership firm in March 2006 by Mr. Sanjay Mehta and his brother Mr. Vikram Mehta. The firm is engaged into the manufacturing of readymade garments for ladies and kids. The manufacturing facility is located at Gurgaon (Haryana) with an annual installed capacity of 24 lakh pieces of garments as on March 31, 2012. The product line comprises readymade dresses like ladies tops, trousers, shirts and skirts. The firm sells its products only in the overseas markets and has a customer base in countries like UK, US, Brazil, France and Mexico. The major raw material for the manufacturing of the garments is fabric which includes chiffon, georgette, poly net. The firm mainly purchase raw material domestically, and accessories like buttons, beads and laces from countries like China and Hong Kong. GS RADIATORS: CARE Reaffirms 'C' Rating on INR18.41cr Bank Loan --------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of GS Radiators Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Short-term Bank Facilities 18.41 CARE C Reaffirmed Rating Rationale The rating assigned to the bank facilities of GS Radiators Limited continued to be constrained by the instances of delay in debt servicing in the past caused by stressed liquidity position, small scale of operations coupled with low net-worth base, moderate capital structure and coverage indicators. The rating is further constrained due to the working capital intensive nature of operations and the risk associated with the automobile industry. The ratings, however, find support from the experienced promoters and diversified clientele base. Going forward, the ability of the company to improve its financial profile remains the key rating sensitivity. Incorporated in 1988, GS Radiators Limited is a public limited company (closely held) promoted by Mr. Ranjodh Singh. He is supported by Ms. Rajinder Kaur (wife of Mr. Ranjodh Singh). The company is engaged in the manufacturing of copper-brass radiators for the industrial and automotive sectors. The manufacturing unit of the company is located at Ludhiana (Punjab) and has an installed capacity for processing one lakh pieces per annum (LPA). The company sells its products in both domestic and overseas market under the brand name of "GS RADIS EUROPE." The company earned a PAT of INR0.12 crore on a total income of INR32.98 crore during FY12 (A) as against total income and PAT of INR33.42 crore and INR0.11 crore during FY11. J J BUILDTECH: CARE Reaffirms 'BB' Rating on INR14cr LT Loan ------------------------------------------------------------ CARE reaffirms the rating assigned to the bank facilities of J J Buildtech. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 14 CARE BB Reaffirmed The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of the withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating continues to remain constrained due to the relatively small scale of operations of J J Buildtech with geographical concentration risk and its constitution as a partnership firm. The rating further continues to be constrained on account of the inherent risks associated with the real estate sector and majority of the customer advances yet to be received. The rating also factors in slight delay in the completion of the project, thereby leading to time and cost overrun. The above constraints outweigh the benefits derived from the experience of the promoters and the fullybooked status of the project. Completion of the ongoing real estate project without any further cost and time overrun along with prudent cash flow management, more so pertaining to timely receipt of advances would remain the key rating sensitivity. J J Buildtech formed in September 2002, is a partnership firm managed by four partners. The firm is engaged in real estate development including construction of both residential as well as commercial projects. Mr. Raj Lumba, the main partner of the firm has experience of nearly 15 years in the real estate business. Since inception, JJB has executed four projects including three residential and one commercial real estate project, with a combined saleable area of approximately 3.75 lakh square feet (lsf). JINDAL CHEMICALS: CARE Rates INR6cr LT Loan at 'CARE B+' -------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Jindal Chemicals. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6 CARE B+ Assigned The rating assigned by CARE is based on the capital deployed by the proprietor 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 in by the proprietor in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Jindal Chemicals is primarily constrained by its small scale of operations, weak financial risk profile characterized by low profitability margins, high overall gearing, weak coverage indicators and working capital intensive nature of operations. The rating is further constrained by JCE's presence in the highly regulated industry and dependency on sugar industry and its constitution as a proprietorship concern. The rating, however, draws comfort from the experience of the proprietor, long track record of operations and growing scale of business. Going forward, the ability of the firm to improve its profitability, capital structure and efficient working capital management would be the key rating sensitivities. Jindal Chemicals was established in 1979 as a proprietorship concern by Mr. Shiv Shankar Jindal. He is an arts graduate and has an experience of nearly three decades in the trading business. The firm is engaged in the trading of molasses and other chemicals like silicon manganese, ferro silicon, fire clay, black lead etc. The firm procures molasses from sugar mill units located around Punjab and other chemicals are procured from agents in open market. JCE sells molasses and other chemicals to cattle feed units, distilleries and foundry units in Punjab. The trading of molasses is restricted and the firm has taken the necessary approvals and license from Excise & Taxation Commissioner for carrying out the business activities. JM MHATRE: CARE Assigns 'BB-' Rating to INR21cr LT Loan ------------------------------------------------------- CARE assigns CARE BB- & CARE A4 rating to the bank facilities of J.M. Mhatre Infra Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long Term Fund Based Bank 21.00 CARE BB-Assigned Facilities-Cash Credit Short Term Non-Fund Based 67.00 CARE A4 Assigned Bank Facilities-Letter of Credit/Bank Guarantee Rating Rationale The ratings are tempered by relatively small scale of operations, high customer concentration risk and relatively low geographical diversity of outstanding order book. The ratings are further constrained by stiff competition in civil construction business, high working capital intensity associated with the business and execution risks inherent in various infrastructure projects. The ratings however, derive strength from significant experience of promoters in execution of civil construction projects, healthy order book providing revenue visibility in the short to medium term and reputed client base translating into repeat orders. The ability to maintain a healthy order book and timely execution of orders, efficiently manage its working capital while maintaining a healthy financial risk profile and achieve envisaged revenue and profit margin are the key rating sensitivities. Formed in April 1985 as a partnership firm by Mr. Janardhan M. Mhatre and his family, J. M. Mhatre Infra Pvt. Ltd. (JMM) was converted into a private limited company in April 2010. JMM undertakes various civil construction activities such as earthwork for roads, highways, dams, canals, bridges, rail over bridge, water reservoirs, port construction, etc. The company also owns and operates stone quarries, undertakes rock excavation, construction of water supply and sewerage line, etc. KJ STEEL: CARE Reaffirms 'BB-' Rating on INR9.5cr LT Loan --------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of K.J. Steel Rolling Mills. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 9.50 CARE BB- Reaffirmed Rating Rationale The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of withdrawal of the capital or unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. The rating of K.J. Steel Rolling Mill continue to remain constrained by its small scale of operations of, its weak financial risk profile as reflected by stretched capital structure, its low profitability margins owing to limited value addition and low coverage indicators. The rating also considers the firm's exposure to commodity price fluctuation risks as evident from volatility in its profit margins over the years, its constitution as a partnership firm and the cyclicality inherent in the steel business. However, the ratings derive strength from the experience of KJSRM's partners in the steel industry and healthy growth in total operating income registered by the firm over the years. Going forward, the firm's ability to achieve the envisaged revenues and profitability while managing its working capital requirements shall remain the key rating sensitivities. KJSRM was formed as a partnership in January 2005 with Mr. Pawan Goyal, Ms Jyoti Goyal, Ms Monika Goyal, Pritpal Singh Chawla HUF and Ms Mohinder Kaur as the founding partners. The firm was reconstituted in April 2007 post exit of Mr. Pritpal Singh Chawla, HUF as a partner and the subsequent entry of Mr. Pritpal Singh Chawla as a partner of the firm. The current partners of the firm include Mr. Pawan Goyal, Ms Jyoti Goyal, Mr. Pritpal S. Chawla and Ms Mohinder Kaur. The firm has a manufacturing facility with a capacity of 25,000 Metric Tonnes (MT) for manufacturing flat, square and spring steel products at Jalandhar, Punjab. The facility was commissioned in August 2005. The installed capacity was subsequently increased to 30,000 MT during FY11 (refers to the period April 1 to March 31). PARKER TILES: CARE Assigns 'B+' Rating to INR13.6cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities of Parker Tiles Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 13.60 CARE B+ Assigned Short-term Bank Facilities 1.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Parker Tiles Private Limited are constrained by its nascent stage of operations, susceptibility of profitability margins to volatile raw material and natural gas prices. The ratings are further constrained by the operations in highly competitive tile industry and its close linkages to highly cyclical real estate industry. The aforesaid constraints are partially offset by the strengths derived from experienced promoters and ceramic tile cluster. The ability of PTPL to timely stabilize the operations and achieve the envisaged total income & profitability amidst the intensely competitive market are the key rating sensitivities. Incorporated in 2003, PTPL was originally registered as Nova Gold Floor Tiles Private Limited and subsequently was renamed as Nova Gold Sanitaryware Private Limited on March 04, 2005. Furthermore, the name was changed to Parker Tiles Private Limited with effect from November 18, 2011. Previously, the company was engaged into the manufacturing of sanitaryware and decided to discontinue these operations (with effect from December 2011), mainly due to scalability management, declining demand and increasing competition. The company has disposed of all the plant & machinery which were used in sanitaryware business. Then the company modified the facility to manufacture digitally designed ceramic tiles. PTPL operates from its sole manufacturing unit located in Surendranagar ceramic cluster in Gujarat, which is one of the major ceramic tileproducing regions in India. PTPL currently operates with an installed capacity of 30,600 metric tonnes per annum (MTPA) of ceramic wall tiles (size 12" X 24") with current capacity utilization of approximately 85%. The company has posted total income of INR7.83 crore from Aug. 23, 2012 to Dec. 31, 2012. PARTH INFRA: CARE Rates INR3cr LT Loan at 'CARE BB+' ---------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank facilities of Parth Infrastructure Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.00 CARE BB+ Assigned Short-term Bank Facilities 8.80 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Parth Infrastructure Private Limited are constrained by small scale of operations, geographical concentration risk, operations in a highly fragmented & competitive construction & transportation industry leading to moderate profitability margins and absence of price-escalation clause in the construction contracts. The ratings derive benefit from well-qualified and experienced management and track record of operations for around a decade. The ratings further derive strength from diversified revenue base with consistent operating margins and moderate order book position. PIPL's ability to successfully execute work orders in a timely manner along with diversification into other geographies & sustaining the profitability margins in the competitive industry are the key rating sensitivities. Established as a partnership firm in 1998, Parth Infrastructure Private Limited, is engaged in the business of civil construction [constitutes 62% of total income for FY12 (includes construction of buildings, roads, bridges, earthwork, water supply & other miscellaneous works)] and transportation work [constitutes 38% of total income for FY12 (mainly transportation of coal)] within the state of Gujarat. PIPL is registered as a 'Class AA' contractor. PIPL secures all the contracts through open bidding process and some of its prominent clients are Reliance Industries Limited (rated CARE AAA / A1+), Military Engineer Services (MES) and Gujarat State Electricity Corporation Limited. PGH INTERNATIONAL: CARE Rates INR50cr LT Loan at 'CARE B' --------------------------------------------------------- CARE assigns 'CARE B' rating to the long-term bank facilities of PGH International Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 50 CARE B Assigned Rating Rationale The rating is constrained by the implementation and saleability risk associated with the greenfield shopping and entertainment campus being developed by PGH International Private Limited. The project which involves a large capital outflow has a long payback period. The rating, however, draws strength from the experienced and resourceful promoters along with the favorable funding profile of the project. The ability of PGH to complete the project in a timely manner within the envisaged cost parameters and successfully lease out the commercial/entertainment space will be the key rating sensitivities. Originally incorporated in 2003 as N. M. International Pvt Ltd, PGH was initially engaged in the film production activity which was later on discontinued. Currently, PGH is constructing a mega shopping and entertainment campus under the name of 'People's World' on its 14.15 acre land at Bhanpur, Bhopal (Madhya Pradesh). People's World is envisaged to comprise of an entertainment zone, banquet for events, adventure sports arena, shopping mall, film city, tourist attractions, hotels and resorts with total construction area of 86,915 sq mts. The total cost of the project which is envisaged at INR187.97 crore is proposed to be funded by promoter's contribution of INR127.97 crore, term loan from bank of INR50 crore (already tied up) and the balance by way of security deposits from customers. As on December 31, 2012, PGH had already incurred 65% of the total cost of the project which was primarily funded through promoters'contribution of INR121.36 crore. RBKNIT EXPORTS: CARE Reaffirms 'BB+' Rating on INR2.89cr LT Loan ---------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of R.B.Knit Exports (Export Wing). Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.89 CARE BB+ Reaffirmed Short-term Bank Facilities 3.00 CARE A4+ Reaffirmed 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 a 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 continue to be constrained by R.B.Knit Exports's relatively small scale of operations, its low and declining profitability margins with exposure to raw material volatility, high competition from various unorganized players domestically and also low cost manufacturing countries. The ratings also take into consideration the low financial flexibility due to the partnership nature of constitution, geographically concentrated and seasonal nature of business operations coupled with the cyclical nature of the textile industry. Nonetheless, the ratings take comfort from the experienced partners with long track record of operations, its established business relations, its comfortable capital structure and various subsidies/incentives enjoyed by the firm. Going forward, RBKE's ability to profitably scale up the operations, effective working capital and foreign currency management and continued export benefits currently enjoyed by the firm shall be the key rating sensitivities. RBKE is a Ludhiana ,Punjab based partnership firm engaged in the manufacturing of knitted sweaters from cotton, wool and manmade fibres for men, women and children. RBKE largely sells its produce in the international market with major export destinations being Germany and Italy. The firm is promoted by three partners - Mr. Vinay Adya, Mr. Vineet Adya and Ms Indu Adya. RBK is ISO 9001:2008-certified company and is awarded two-star export house status by the Government of India. R S INFRA-TRANSMISSION: CARE Rates INR3.72cr LT Loan at 'BB+' ------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of R. S. Infra-Transmission Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.72 CARE BB+ Assigned Short-term Bank Facilities 47.00 CARE A4+ Assigned Long-term/ Short-term Bank 18.00 CARE BB+/CARE A4+ Facilities Assigned Rating Rationale The ratings of R. S. Infra-transmission Ltd are constrained on account of its working capital intensive operations, low and declining profitability margins [including net loss in 9MFY13 (refers to the period April 1 to March 31)] and stressed liquidity. The ratings are further constrained due to the delay in commercialisation of operations from its newly setup manufacturing facility and subdued demand scenario. The ratings, however, derive strength from the vast experience of RSITL's promoters and its association with reputed clientele. The ability of RSITL to increase its scale of operations along with improvement in profitability through optimum utilization of its newly added capacities and improvement in its capital structure would be the key rating sensitivities. RSITL, formerly RS Industries (Rolling Mills) Pvt. Ltd, was incorporated in the year 1985 at Jaipur, Rajasthan. Mr. Abhinav Gupta is the Managing Director of RSITL. Initially, RSITL was engaged in manufacturing flat and rolled steel products; however, from 2003 it shifted to the manufacturing of steel angles and joist used in making electricity transmission towers. RSITL's plant had an installed capacity of 48,000 tonne per annum (two shift basis) as on March 31, 2012. RSITL's products are approved by Power Grid Corporation of India Ltd (PGCIL). RSITL earned a PAT of INR1.81 crore on a total operating income of INR184.59 crore in FY12 as against a PAT of INR2.11 crore on a total operating income of INR177.18 crore in FY11. SARVAJANIK JANKALYAN: CARE Rates INR62cr LT Loan at 'CARE B' ------------------------------------------------------------ CARE assigns 'CARE B' rating to the long-term bank facilities of Sarvajanik Jankalyan Parmarthik Nyas. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 62 CARE B Assigned Rating Rationale The rating is constrained by the weak financial profile of Sarvajanik Jankalyan Parmarthik Nyas marked by accumulated deficits since inception, stress liquidity and weak debt coverage indicators. The rating is further constrained due to its susceptibility to adverse regulatory changes in the education sector and necessity to incur regular capex towards modernisation/ development of colleges. The rating, however, draws strength from the experienced and resourceful promoters, established brand presence in Bhopal and well-equipped infrastructure for medical studies. The ability of SJPN to improve its surplus margin and liquidity while sustaining the strong enrolment in its flagship courses and achieving the envisaged enrolment in the newly launched courses are the key rating sensitivities. Bhopal-based SJPN is a charitable non-profitable public trust established in the year 2000 by Mr. Suresh Vijaywargia. The society operates 13 institutions on its 40-acre campus at Bhanpur, Bhopal, offering courses in various fields of education such as medical, dental, nursing, paramedic, physiotherapy, pharmacy, engineering, management, hotel management, etc apart from running a school. SJPN also manages a 750-bed hospital in its campus. On May 4, 2011, SJPN received approval for setting up People's University (PU) via the State Government Notification of Madhya Pradesh Legislature through an amendment in the Madhya Pradesh Niji Vishwavidyalaya (Sthapana Avam Sanchalan) Adhiniyam- 2007 as Madhya Pradesh Act (No.18 of 2011). PU is empowered to award degrees as specified by University Grants Commission (UGC) under Section 22 of the UGC Act 1956 through its main campus in regular mode. TIMES STEEL: CARE Reaffirms 'BB-' Rating on INR22cr LT Loan ----------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Times Steel and Power Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 22 CARE BB- Reaffirmed Rating Rationale The rating of Times Steel and Power Limited (TSPL) continue to remain constrained by its relatively small scale of operations, its low capacity utilization attributable to the inadequate raw material sourcing arrangements and weak financial risk profile marked by declining revenue and profitability indicators, rising debt levels and working capital intensive nature of business operations. The rating also considers TSPL's exposure to commodity price fluctuation risks and the cyclicality inherent in the steel business. However, the rating derives strength from the experience of the promoters in the steel industry, its moderate capital structure and favorable location of the plant. The rating also takes cognizance of infusion of unsecured loans by the promoters to fund the losses and finance the working capital requirements. Going forward, the company's ability to ensure adequacy of raw material and achievement of increase in scale of operations while managing its working capital requirements shall remain the key rating sensitivities. TSPL was originally incorporated as Nixon Steel and Power Ltd on October 21, 2002, by Mr. Rajvir Choudhary, his son Mr. Atul Choudhary and his nephew Mr. Vinay Choudhary. The name of the company was subsequently changed to TSPL in 2010. The company had set-up a sponge iron manufacturing facility with a capacity of 100,000 TPA in Rourkela, Odisha, in 2005. For procurement of raw material, the company has arrangements with Orissa Mining Corporation (OMC) and Mahanadi Coalfields limited (MCL) to the extent of 25% and 60% of its total requirements for iron ore and coal, respectively, while the balance is sourced from open market. The sponge iron manufactured by the company is sold to the steel plants in adjoining areas through brokers. ========= J A P A N ========= ELPIDA MEMORY: Micron Poised to Save $400MM in Acquisition ---------------------------------------------------------- Ian King at Bloomberg News reports that Micron Technology Inc. is poised to get a $400 million discount on the acquisition of Japanese rival Elpida Memory Inc., after a 16% slump in the yen against the U.S. dollar. Bloomberg said on March 23 the yen has declined to 94.52 per dollar, at 1:16 p.m. in New York, compared with 79.51 on July 2, when the takeover was announced. If the deal to buy Elpida for JPY200 billion were to be completed March 23, Micron would pay $2.12 billion, compared with $2.52 billion at the time it was announced. Even so, some of the benefit may be limited by hedges made to protect against a rise in the currency, which didn't materialize. According to Bloomberg, weakness in the yen, which is declining because of Japanese Prime Minister Shinzo Abe's pledge to curb the currency's strength, makes the deal more alluring by cutting the purchase price, and because Elpida's products will be less expensive in markets where currencies are gaining against Japan's. "The yen weakening while they're purchasing a significant asset in Japan allows them to now buy that asset at a much lower price than was negotiated and makes it much more profitable in operations," Doug Freedman, an analyst at RBC Capital Markets in San Francisco, told Bloomberg in an interview. He has an outperform rating on Micron. "You have a significant benefit." Mr. Freedman said he expects the deal to close within weeks, Bloomberg adds. About Elpida Memory Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a Japan-based company principally engaged in the development, design, manufacture and sale of semiconductor products, with a focus on dynamic random access memory (DRAM) silicon chips. The main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile RAM and XDR DRAM, among others. The Company distributes its products to both domestic and overseas markets, including the United States, Europe, Singapore, Taiwan, Hong Kong and others. The company has eight subsidiaries and two associated companies. After semiconductor prices plunged, Japan's largest maker of DRAM chips filed for bankruptcy in February with liabilities of 448 billion yen ($5.6 billion) after losing money for five quarters. Elpida Memory and its subsidiary, Akita Elpida Memory, Inc., filed for corporate reorganization proceedings in Tokyo District Court on Feb. 27, 2012. The Tokyo District Court immediately rendered a temporary restraining order to restrain creditors from demanding repayment of debt or exercising their rights with respect to the company's assets absent prior court order. Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo Court as Supervisor and Examiner in the case. Elpida Memory Inc. sought the U.S. bankruptcy court's recognition of its reorganization proceedings currently pending in Tokyo District Court, Eight Civil Division. Yuko Sakamoto, as foreign representative, filed a Chapter 15 petition (Bankr. D. Del. Case No. 12-10947) for Elpida on March 19, 2012. Micron Technology, Inc. on Feb. 28 announced the Tokyo District Court's issuance of an order approving Elpida Memory Inc.'s plan of reorganization. Elpida's plan of reorganization calls for Micron to sponsor Elpida's reorganization under which Elpida will become a wholly owned subsidiary of Micron. The Tokyo District Court's approval follows an Elpida creditor vote, concluded on Feb. 26, in which the creditors voted to approve the reorganization plan. ==================== N E W Z E A L A N D ==================== LM INVESTMENT: Senior Execs Jump Ship as Fund Collapses ------------------------------------------------------- The Dominion Post reports that senior staff are jumping ship from LM Investment Management which has trapped some $175 million of New Zealand investors' cash, after directors placed it in voluntary administration last week. New Zealand Herald reported last week that voluntary administrators have been appointed to LM Investment Management, a beleaguered Australian firm that controlled a frozen mortage fund which New Zealanders had more NZ$100 million tied up in. LM directors have appointed John Park and Ginette Muller of FTI Consulting as voluntary administrators, blaming the move on liquidity problems caused by a smear campaign, the report relates. According to the Post, the company's CFO and portfolio manager are rumoured to have jumped ship, and an LM spokeswoman confirmed that some senior staff had left the company. "As is to be expected, some personnel have made a decision to move on to other opportunities," the spokeswoman, as cited by the Post, said. Meanwhile, the Dominion Post reports that celebrity landscape gardener Jamie Durie, whose involvement with one of the company's key developments was trumpeted last year, is now "in discussions" with LM. LM Investment Management was founded in 1993 by expat New Zealander Peter Drake and claims to have assets worth more than AUD3 billion under management. ================= S I N G A P O R E ================= GAS TRADE: Creditors' Final Meeting Set for March 25 ---------------------------------------------------- Creditors of Gas Trade (S) Pte Ltd will hold their final general meeting on March 25, 2013, at 4:00 p.m., at 6 Shenton Way Tower Two #32-00, in Singapore 068809. At the meeting, Lim Loo Khoon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HSS ENGINEERING: Creditors' Meeting Set for March 28 ---------------------------------------------------- Hss Engineering Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on March 28, 2013, at 11:30 a.m., at 20 Cecil Street #12-02 Equity Plaza, in Singapore 049705. Agenda of the meeting include: a. to lay before the creditors a full statement of the affairs of the Company, showing the assets and liabilities of the company; b. to appoint a Committee of Inspection if deemed necessary; and c. discuss other business. The company's liquidator is: Don M Ho, FCPA C/o Don Ho & Associates Public Accountants & Certified Public Accountants Corporate Advisory & Recoveries 20 Cecil Street #12-02 Equity Plaza Singapore 04975 PRESTIGE ENERGY: Creditors' Final Meeting Set for March 25 ---------------------------------------------------------- Creditors of Prestige Energy Pte Ltd will hold their final general meeting on March 25, 2013, at 3:00 p.m., at 6 Shenton Way Tower Two #32-00, in Singapore 068809. At the meeting, Lim Loo Khoon, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PROGEN ENGINEERING: Creditors to Get 35% Recovery on Claims ----------------------------------------------------------- Progen Engineering Pte Ltd declared the second interim dividend on March 18, 2013. The company paid 35% to the received claims. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng c/o Stone Forest Corporate Advisory Pte Ltd 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 * Moody's Notes Improving Flexibility of Singaporean S-REITs ------------------------------------------------------------ Moody's Investors Service says that Singapore's real estate investment trusts (S-REITs) are managing to improve their financial flexibility by increasingly opting for unsecured rather than secured funding. "The secured debt to total deposited assets of our investment- grade S-REITs had declined to 11% at end-2012 from 21% in 2007, or just before the start of the global financial crisis, and we expect this level to drop to 9% by end-2013," says Jacintha Poh, a Moody's Analyst. "We see this move to be credit positive for the S-REITs, as it improves their financial flexibility and diversifies their funding sources. The key reasons for this ability to acquire unsecured funding include supportive liquidity and low interest rate environments, which are expected, in turn, to continue for the next 12-18 months," adds Poh. Poh was speaking on the release of a new Moody's report on S- REITs, titled, "Improved Financial Flexibility Driven by Increased Unsecured Funding," and which she authored with other Moody's analysts. "As indicated, investment-grade S-REITs will continue to unencumber their assets, and we see a direct relationship between the proportion of such assets and financial and strategic flexibility," says Poh. "Those trusts with a high proportion of encumbered assets will have a more limited ability to monetize assets to repay debt -- without the prior approval of their lenders -- in the event of stress." In this context, the Moody's report also notes that S-REITS may find it harder to securitize their unencumbered assets going forward as the borrowing terms on some of their debt include restrictive covenants on existing unencumbered properties. In such cases, approvals from existing creditors will be required in order to pledge the unencumbered assets for future secured loans. With the diversification in funding sources, Moody's notes that the S-REITs have expanded their unsecured options from bank loans and the equity market to unsecured medium-term note (MTN) programs for the purpose of tapping the debt capital market, both domestically and, to a certain extent, externally. Singapore's loan and capital markets are enjoying flush levels of liquidity, providing the S-REITs with sufficient funds to cover their debt and cash needs for acquisitions and asset-enhancement initiatives. The low interest rate environment has reduced the overall cost of funding for S-REITs, allowing them to benefit from increased unsecured funding at minimal or no extra cost. Accordingly, the report concludes that expectations that low interest rates will persist for the next 12-18 months will allow the S-REITs to continue opting for unsecured funding. Moody's rates a total of 12 S-REITs with ratings ranging from A2 to Ba3. ********* 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, Julie Anne L. Toledo, 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 ***