/raid1/www/Hosts/bankrupt/TCRAP_Public/130405.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 5, 2013, Vol. 16, No. 67
Headlines
A U S T R A L I A
ARK FUND: Receivers Seek Expressions of Interest
HARRISON GROUP: Falls Into Receivership, Sells Assets
JACKSON'S RARE: Suppliers Get Property Back
PLY ACT: Goes Into Voluntary Administration
YINGDE GASES: S&P Assigns 'BB' Corporate Credit Rating
C H I N A
CENTRAL CHINA REAL: 2012 Results Support Moody's Ba3 CFR
CHINA AOYUAN: 2012 Financial Results Support Moody's B2 CFR
CHINA BOTANIC: Gets NYSE MKT Listing Non-Compliance Notice
FANTASIA HOLDINGS: S&P Revises Outlook to Stable; Affirms BB- CCR
FUFENG GROUP: Fitch Affirms 'BB' IDR; Outlook Negative
HOPSON DEVELOPMENT: 2012 Results Release No Impact on B3 CFR
SHANGHAI INDUSTRIAL: 2012 Results Support Moody's B1 CFR
SHIMAO PROPERTY: 2012 Results In Line with Moody's Ba3 CFR
WINSWAY COKING: Weak 2012 Results Prompt Moody's to Review B2 CFR
* CHINA: Banks' Bad Loan Ratios Decline as Defaults Averted
H O N G K O N G
JESUS IS: Members' Final General Meeting Set for April 17
JIN-YUE TECHNOLOGIES: Chan Cho Wing Steps Down as Liquidator
KENTH LIMITED: Members' Final General Meeting Set for April 26
KNITTED PRODUCTS: Creditors & Contributories to Meet on April 25
LIBRA CPA: Creditors' Proofs of Debt Due April 21
LINFEY TOYS: Commences Wind-Up Proceedings
LOYAL BLOOM: Commences Wind-Up Proceedings
LOYALTY PACIFIC: Ying and Chan Step Down as Liquidators
MAN PO: Kwan and Liu Step Down as Liquidators
MARTINAIR FAR: Seng and Lo Step Down as Liquidators
NETWORK MULTIMEDIA: Annual Meetings Set for April 18
NEW CHINA: Annual Meetings Set for April 23
NEW CHINA HK: Annual Meetings Set for April 23
NEW CHINA HK DEVELOPMENT: Annual Meetings Set for April 23
NEW CHINA HK ENTERPRISES: Annual Meetings Set for April 23
NEW CHINA HK ESTATE: Annual Meetings Set for April 23
NEW CHINA HK GROUP: Annual Meetings Set for April 23
NEW CHINA HK INDUSTRIAL: Annual Meetings Set for April 23
NEW CHINA HK TRADING: Annual Meetings Set for April 23
NEW POWER: Members' Final General Meeting Set for April 26
NGAN PO: Creditors' Proofs of Debt Due April 23
NUTRICIA (HK): Commences Wind-Up Proceedings
PANHANDAT LIMITED: Members' Final Meeting Set for April 30
SIGMA LOGISTICS: Li Mei Sze Steps Down as Liquidator
SINO PHIL: Creditors' Meeting Set for March 25
TRINIFAITH COMPANY: Members' Final Meeting Set for April 30
TOP FAST: Members' Final General Meeting Set for April 26
UNISON INDUSTRIES: Members' Final Meeting Set for April 23
UPBEST FINANCIAL: Members' Final Meeting Set for April 24
WEALTH SUCCESS: Final General Meeting Set for April 25
WAI YAN: Kwan and Liu Step Down as Liquidators
WELLS FARGO: Creditors' Proofs of Debt Due April 22
WONG HENG: Shareholders' Final General Meeting Set for April 25
YICK BO: Creditors' Proofs of Debt Due April 12
YING FENG: Creditors' Meeting Set for April 3
ZYREL LIMITED: Final Meetings Set for April 23
I N D I A
ANANDA AQUA: CRISIL Upgrades Rating on INR40MM Loan to 'B+'
COLOR EQUIPMENTS: CRISIL Cuts Rating on INR180MM Loan to 'B+'
N D DEVELOPERS: CRISIL Rates INR320MM Cash Credit at 'B+'
PANINI GRANITES: CRISIL Upgrades Ratings on INR155MM Loans to 'B'
POLO HOTELS: CRISIL Rates INR300MM Loans at 'CRISIL B+'
RATANPUR LAND: CRISIL Assigns 'B+' Ratings to INR60MM Loans
RKKR STEELS: CRISIL Assigns 'B-' Ratings to INR280MM Loans
SHREE SIDHBALI: CRISIL Assigns 'B+' Rating to INR222.5MM Loans
SRI VIJAYABHERI: CRISIL Assigns 'D' Ratings to INR276.7MM Loans
VAISHNAVI FOOD: CRISIL Assigns 'B' Ratings to INR119.7MM Loans
I N D O N E S I A
BERLIAN LAJU TANKER: U.S. Judge Grants Provisional Relief
J A P A N
KANSAI URBAN: Moody's Affirms Baseline Credit Assessment at Ba3
SHARP CORP: Plans to Raise JPY100 Billion Via Public Offer
N E W Z E A L A N D
GFNZ GROUP: S&P Ups Issuer Credit Rating to 'CCC'; Outlook Neg.
NZ ALUMINIUM: Thousands of Jobs At Risk as NZ Rules Out Aid
P H I L I P P I N E S
NATIONAL POWER: Fitch Upgrades Fixed-Rate Notes Rating From 'BB+'
S I N G A P O R E
NTUC CLUB: Creditors' Proofs of Debt Due April 23
ORION PRIME: Creditors' Proofs of Debt Due April 29
SCA ENGINEERING: Creditors' Proofs of Debt Due April 11
SUNSHINE ASSETS: Creditors' Proofs of Debt Due April 29
S O U T H K O R E A
* 44% S. Korean Shipping Firms Facing Insolvency May Survive
* Nearly Half of S. Korean Builders Posted Net Losses in 2012
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
ARK FUND: Receivers Seek Expressions of Interest
------------------------------------------------
Dissolve.com.au reports that the receivers of Ark Fund Limited are
seeking expressions of interest for the recapitalisation of the
business.
Based in Australia, The ARK Fund Limited was an agricultural
property and water rights investment company. The ARK Fund
Limited was placed into voluntary administration in June 2010.
Kimberley Andrew Strickland and David Ashley Norman Hurt of WA
Insolvency Solutions were appointed voluntary administrators.
HARRISON GROUP: Falls Into Receivership, Sells Assets
-----------------------------------------------------
Pharmacy News reports that Harrison Group has entered receivership
after 54 years of trading.
Advertisements were placed in newspapers last week offering the
Harrison Group's 15 pharmacies and seven medical centres for sale,
according to Pharmacy News.
Deliotte partners David Lombe -- dlombe@deloitte.com.au -- and
Jason Tracy -- jtracy@deloitte.com.au -- have been appointed as
receivers and managers of the group, which will continue to trade
as normal, business website SmartCompany.com.au reported.
"Our first task will be to undertake an urgent assessment of the
company's financial position and prepare the business for sale. .
. . There will be no impact on company operations, employees,
customers and clients in the short term," the report quoted Mr.
Lombe as saying.
A first meeting of creditors will be held on April 8, 2013.
The Harrison Group has pharmacies in New South Wales, Queensland,
South Australia and Northern Territory, a number of medical
centres and a head office in Sydney.
JACKSON'S RARE: Suppliers Get Property Back
-------------------------------------------
SmartCompany reports that the suppliers of Jackson's Rare Guitars
are now able to get their property back following the closure of
the business.
The collapse of Jackson's Rare Guitars in Sydney late last year
-- an iconic store which has sold guitars to famous musicians such
as George Harrison and Keith Urban -- left 100 guitar sellers
empty-handed after they had provided custom guitars to the store,
according to SmartCompany.
SmartCompany relates that under the new Personal Properties
Security Registry laws, suppliers can only receive their property
back if they registered beforehand. Many of the guitar makers were
upset after being told they wouldn't necessarily get the guitars
back.
But now, in a statement, administrator Jamieson Louttit has said
after receiving legal advice, all the guitars -- which in total
are valued at over $1 million -- will be returned, the report
relays.
"It is the right thing to do and it is a good outcome for
consignors who have been patient while I have been sorting out the
PPS mess," the report quotes Mr. Louttit as saying.
"The introduction of the new PPS Register has created chaos and
could have left many consignors of the Rare Guitars with no rights
to recover their goods."
SmartCompany notes that the importance of the registry lies in the
fact suppliers that have registered their property will be treated
as secured creditors in the event of a collapse. But given the
registry is so new, many suppliers don't have much idea as to how
it works, or even if they should be registered.
Jackson's Rare Guitars was placed in administration in November
2012. Jamieson Louttit & Associates were appointed as
administrator.
PLY ACT: Goes Into Voluntary Administration
-------------------------------------------
The Border Mail reports that Ply ACT which recently completed the
Botanical apartments in Dean Street, has plunged into
administration.
The Botanical's owner, David Harper, said his company escaped any
fallout from the company going into administration, according to
The Border Mail. But some locally based subcontractors could
still be owed money, the report relates.
The Border Mail notes that Ply ACT is involved in some major
developments in Canberra including the $550 million Nishi Complex
with Hayes Advisory appointed the administrator.
Ply ACT is a Canberra-based building company.
YINGDE GASES: S&P Assigns 'BB' Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to China-based industrial
gases company Yingde Gases Group Co. Ltd. (Yingde). The outlook
is stable. At the same time, S&P assigned its 'BB-' issue rating
to a proposed issue of senior notes by Yingde Gases Investment
Ltd., which is Yingde's wholly owned subsidiary. Yingde will
unconditionally and irrevocably guarantee the notes. S&P also
assigned its long-term Greater China regional scale ratings of
'cnBBB-' to Yingde and 'cnBB+' to the proposed notes. The rating
on the notes is subject to S&P's review of the final issuance
documentation.
"The rating on Yingde reflects the company's customer
concentration in the steel industry, small size relative to global
players, and execution risk stemming from its rapid expansion
plan," said Standard & Poor's credit analyst Joe Poon. "Yingde's
leading position in the niche on-site gas market in China, stable
cash flows from long-term customer contracts, and the solid and
growing demand for industrial gas in China temper these
weaknesses."
S&P views Yingde's customer concentration risk as high, even
though it has been improving over the past 12 months. In 2012,
about 52.1% of the company's revenue was from its top five
customers, and about 65%-70% was from steel manufacturers in
China.
In S&P's opinion, Yingde has high project execution risk. The
company has a short operating history, and its ability to manage a
much larger operation is still untested. Also, Yingde has
demonstrated an appetite for fast expansion since its IPO in
October 2009.
Yingde's "fair" business risk profile reflects the company's
established leading position in the niche on-site industrial gas
supply market in China. The company's market share increased
significantly to 40.9% in 2012, from 29.7% in 2010. Yingde's
long-term take-or-pay contracts with its customers for on-site
facilities support its good profitability and predictable cash
flows. More than 80% of the company's revenue is from its 15- to
30-year on-site supply contracts.
S&P expects Yingde to maintain its "aggressive" financial risk
profile over the next two years at least, mainly because of the
company's significant capital expenditure during this time. The
on-site gas business requires high upfront investments, and the
company significantly increased its borrowings to fund new
projects in 2012.
S&P rates the proposed bonds one notch below Yingde due to
structural subordination risk. In a recovery scenario, the bonds
will rank behind the company's onshore bank loans and its two
US$150 million senior secured syndicated loans. S&P expects the
ratio of priority debt to total assets to exceed its notching
threshold of 15% over the next 12 months. The company intends to
use the proceeds from the proposed bonds to repay the two
syndicated loans.
"The stable outlook reflects our expectation that Yingde's
currently high debt leverage should decline in 2013 as more
projects start production and contribute to earnings and cash
flows," said Mr. Poon.
S&P may lower the rating if Yingde's leverage does not improve,
such that its ratio of total debt to EBITDA exceeds 4.5x on a
sustained basis. This could happen if the company constructs more
projects than S&P expected and most of these projects are debt-
funded. S&P may also lower the rating if Yingde deviates from its
strategic focus on developing the on-site gas business.
Rating upside is limited over the next 12 months given Yingde's
leverage, which is high for the rating. S&P could raise the
rating if Yingde maintains its market position, prudently and
effectively manages its growth strategy, and improves its customer
and end-user industry concentration risks. An upgrade trigger
could be a ratio of total debt to EBITDA of less than 3.0x on a
sustainable basis.
=========
C H I N A
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CENTRAL CHINA REAL: 2012 Results Support Moody's Ba3 CFR
--------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's 2012 results are in line with Moody's expectations, and
support CCRE's Ba3 corporate family rating and B1 senior unsecured
debt rating.
The ratings outlook remains stable.
"CCRE posted record contract sales of RMB10.35 billion in 2012,"
says Jiming Zou, a Moody's Analyst.
The company's contract sales represented a 27.5% year-on-year
growth and which was 15% above its target.
"Such significant growth demonstrates the company's appropriate
product range and sales strength in Henan Province; one of the
most populous regions of China," adds Zou.
However, CCRE's revenues declined by 4.4% to RMB6.3 billion due to
a change in its product mix, to include a greater proportion of
products with lower average selling prices (ASP).
Nonetheless, its total gross floor area delivered increased by
6.8%.
Moreover, Moody's expects an improvement in 2013 of CCRE's
recognition of revenues and earnings growth, given CCRE's strong
sales execution and the stable operating environment.
On the other hand, the company's gross margin moderated to 35.4%
in 2012 from 38.8% in 2011. The margin decline reflects the
diversification of the company's operations into lower tier
cities, such as Jiyuan, Shangqiu, where average selling prices are
lower than in the three major cities -- Zhengzhou, Luoyang and
Kaifeng -- in Henan province in which it mainly operates.
CCRE's credit metrics at end-2012, in particular, its
EBITDA/interest coverage ratio of 2.9x and debt/book
capitalization of 59%, remain acceptable for its Ba3 rating.
Moreover, while its debt increased to RMB6.6 billion at end-2012
from RMB5.4 billion at end-2011, the increased debt was balanced
by a substantial cash balance of RMB4.9 billion at end-2012.
On land acquisitions, the company exercises a disciplined
approach, with continued focus in Henan province. It spent a total
of RMB3.1 billion in land acquisition premiums in 2012 and added
4.19 million sqm to its land bank.
CCRE also maintained good liquidity. Its cash on hand of RMB4.9
billion and the USD200 million in bonds issued in January 2013,
can fully cover its short-term debt of RMB1.4 billion and
committed land premium payments.
Moody's expects the company's near-term credit profile to remain
stable, given CCRE's solid sales execution, well-paced business
expansion and adequate financial management.
The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.
Founded in 1992, Central China Real Estate Limited is a major
property developer in Henan province. As of 31 December 2012, it
had an attributable land bank of 16 million sqm.
The company listed on the Hong Kong Stock Exchange in June 2008.
The chairman, Mr. Wu Po Sum, has a 47% stake in the company.
CapitaLand (unrated), a strategic investor since 2006, has a 27%
stake.
CHINA AOYUAN: 2012 Financial Results Support Moody's B2 CFR
-----------------------------------------------------------
Moody's Investors Service says that China Aoyuan's 2012 full-year
results are generally in line with Moody's expectations, and
support its B2 corporate family rating and B3 senior unsecured
ratings.
The ratings outlook is stable.
"China Aoyuan's booked revenue in 2012 was slightly below Moody's
expectations, given the strong contracted sales reported in 2011-
12," says Lina Choi, a Moody's Vice President and Senior Analyst.
The company recorded a year-on-year 30.5% increase in its revenue
to RMB3.9 billion in 2012, supported by its strong property
contract sales in 2010-11. Its contracted sales in 2012 amounted
to RMB5.25 billion, exceeding its target of RMB5.00 billion. In
the first two months of this year, China Aoyuan reported RMB563
million in contracted sales, representing a 7% increase over the
same period last year.
However, its lower revenue relative to contract sales suggests
that China Aoyuan may not be efficient in property delivery. This
could reduce its financial flexibility in the long term.
"China Aoyuan's lower revenue and higher borrowings in 2012
resulted in lower interest coverage, which in turn, constrains its
rating at B2," says Choi, also Moody's Lead Analyst for China
Aoyuan.
The company's EBITDA/interest coverage in 2012 was 1.4x, compared
with 1.6x in 2011.
Nonetheless, its debt leverage -- in terms of adjusted
debt/capitalization -- improved slightly to 45% in 2012 from 46%
in 2011.
Moody's expects China Aoyuan to continue generating contract sales
growth in 2013, which in turn will support more revenue
recognition such that its interest coverage ratio will remain
around 1.5x-2.0x, and its debt/capitalization ratio will be around
45%-50% over the next 12-18 months. Such credit metrics are
comparable with its B-rated peers.
Moody's also notes that China Aoyuan has been actively acquiring
land in the past few months. In December last year, it acquired a
50% interest in a land parcel in Guangdong Province's Panyu
district for RMB1.7 billion, and in 1Q 2013 it had three land
acquisitions -- Guangzhou Zengcheng, Foshan Nanhai, and Chongqing
Nan'an - for RMB1.2 billion. As of end-2012, the company had a
land bank of approximately 10 million sqm, adequate for its
development projects in 5-7 years.
In terms of liquidity, its cash on hand of RMB3.1 billion at end-
2012 will be adequate to cover its short-term debt of RMB1.7
billion for the next 12 months. Its liquidity was further enhanced
in January by a tap issue on its existing $100 million bonds.
However, its liquidity will be under pressure if it adopts a more
aggressive land acquisition strategy. So far, it has invested
about RMB1.2 billion in its land bank.
The principal methodology used in rating China Aoyuan was the
Global Homebuilding Industry Methodology published in March 2009.
China Aoyuan Property Group Limited was founded in 1998 by Mr. Guo
Zi Wen and his brother Mr. Guo Zi Ning. It was listed on the Hong
Kong Exchange in 2007 and has operations in Guangdong, Shenyang,
Hunan, Chongqing and Guangxi.
CHINA BOTANIC: Gets NYSE MKT Listing Non-Compliance Notice
----------------------------------------------------------
China Botanic Pharmaceutical Inc. on April 2 disclosed that on
March 27, 2013, the Company received a notice of failure to
satisfy a continued listing standard from the NYSE MKT LLC for its
failure to timely file a Form 10-Q for the period ended January
31, 2013 by the deadline of March 25, 2013.
The Company has previously been advised by a letter from the
Exchange dated January 31, 2013, that the Company is currently
subject to the procedures and requirements of Section 1009 of the
NYSE MKT Company Guide because of its failure to meet certain
continued listing standards under Part 10 of the Company Guide,
resulting from its inability to timely its Form 10-K for the
period ended October 31, 2012. In response to the January 31,
2013 letter, the Company submitted a plan of compliance on
February 14, 2013, outlining actions that the Company has taken
and intended to take to bring it back into compliance as of May 1,
2013. The Plan was accepted on March 1, 2013.
The timely filing of the Form 10-K and Form 10-Q are a condition
for the Company's continued listing on the Exchange under Sections
134 and 1101 of the Company Guide. In addition, this failure will
be a material violation of its listing agreement with the
Exchange, and under Section 1003(d) of the Company Guide the
Exchange is authorized to suspend and unless prompt corrective
action is taken, remove the Company's securities from the
Exchange.
The Letter indicates that although the Company is subject to such
procedures and requirements of Section 1009 of the Company Guide
as a result of its inability to timely file the Form 10-Q, due to
the similar nature of its deficiencies, the Company is not
required to submit an additional plan of compliance. The Company
was also advised that it remains subject to the conditions set
forth in the letter from the Exchange dated January 31, 2013. If
the Company is not in compliance with all of the Exchange's
continued listing standards within the timeframe provided or does
not make progress consistent with the Plan during such plan
period, the Exchange staff will initiate delisting proceedings as
appropriate.
About China Botanic Pharmaceutical Inc.
China Botanic Pharmaceutical Inc. -- http://www.renhuang.com-- is
engaged in the research, development, manufacturing, and
distribution of botanical products, bio-pharmaceutical products,
and traditional Chinese medicines ("TCM"), in the People's
Republic of China. All of the Company's products are produced at
its three GMP-certified production facilities in Ah City,
Dongfanghong and Qingyang. The Company distributes its botanical
anti-depression and nerve-regulation products, biopharmaceutical
products, and botanical antibiotic and OTC TCMs through its
network of over 3,000 distributors and over 70 sales centers
across 24 provinces in China.
FANTASIA HOLDINGS: S&P Revises Outlook to Stable; Affirms BB- CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
China-based property developer Fantasia Holdings Group Co. Ltd. to
stable from negative. In line with the outlook revision, S&P
raised its long-term Greater China regional scale rating on the
company to 'cnBB+' from 'cnBB'. S&P also affirmed its 'BB-' long-
term corporate credit rating on Fantasia.
At the same time, S&P affirmed the 'B+' long-term issue rating on
the company's senior unsecured notes. S&P also raised the long-
term Greater China regional scale rating on the notes to 'cnBB'
from 'cnBB-'.
S&P revised the outlook because it expects Fantasia to increase
its property sales and maintain steady profit margins over the
next 12 months, offsetting higher debt. S&P also believes that
the company can maintain adequate cash flows and liquidity even if
sales do not grow from the 2012 level. S&P continues to view
Fantasia's business risk profile as "weak" and the financial risk
profile as "aggressive," as defined in its criteria.
"Fantasia is expanding more aggressively; it increased its
borrowing materially to fund land acquisitions and project
development," said Standard & Poor's credit analyst Bei Fu.
"Nevertheless, we expect the company's revenue to increase in the
next two years and offset the higher debt, leading to a stable
leverage level."
As of the end of 2012, Fantasia's total debt was Chinese renminbi
(RMB) 7.9 billion, 43% higher than the year before. As a
comparison, revenue recognized grew 11% in 2012.
"We affirmed the rating on Fantasia to reflect the company's
execution risk as it expands into new markets, its increased
appetite for debt-funded expansion, and smaller business scale
than peers. Fantasia's somewhat diversified product mix, low-cost
land reserves, and established market position in Chengdu temper
the weaknesses," Ms. Fu said.
S&P may lower the rating if Fantasia's debt-funded growth is more
aggressive than S&P currently expects, or its sales or margins are
much lower than its projections. An EBITDA interest coverage of
below 3x and debt-to-EBITDA ratio of more than 4.5x on a
consistent basis would indicate such weakness.
The rating upside is limited in the next 12 months. However, S&P
may raise the rating if Fantasia's business scale grows further,
its business diversity improves, and it maintains a consistent
financial management.
FUFENG GROUP: Fitch Affirms 'BB' IDR; Outlook Negative
------------------------------------------------------
Fitch Ratings has affirmed China-based food and beverage company
Fufeng Group Limited's Long-Term Issuer Default Rating (IDR) and
senior unsecured debt at 'BB'. The Outlook is Negative.
Key Rating Drivers
Stronger market position: The rating is supported by Fufeng's
dominant share of the MSG market in China, which has advanced to
more than 50% towards end-2012 from an estimated of 30% in 2011.
Compared with its smaller peers, Fufeng's integrated manufacturing
process and its economies of scale provide comparative cost
advantages, particularly during periods of depressed selling
prices.
Aggressive pricing erodes margin: Fufeng's EBITDAR margin declined
further to 10% in FY12 (FY11:13.5%) as it continued its aggressive
pricing strategy to squeeze out smaller competitors. This was
compounded by subdued demand for MSG, notably in H212 and by an
increase in corn kernels costs. Average selling prices (ASP) for
MSG deteriorated to below CNY6,500/tonne since Q412 (Q212:
CNY7,206/tonne) and further to CNY6,300/tonne for the first two
months of 2013. Fitch expects Fufeng's profitability to gradually
recover by H213, driven by its strong pricing power and ASP
bottoming out as the industry's consolidation runs its course.
High leverage: Weaker profitability, coupled with higher capex of
CNY1.8bn, drove Fufeng's funds from operations (FFO)-adjusted net
leverage to above 3.72x in FY12 (FY11: 2.78x). Given on-going
capex for its new Xinjiang plant, Fufeng will only generate
positive free cash flow once ASP gradually recovers and new
capacities start generating profits. Its proposed CNY480m rights
issue (which will be subscribed by its major shareholders, with
the remainder being underwritten) would help reduce leverage once
completed in Q213.
Liquidity to improve: Even after excluding its syndicated loan of
CNY682.33m which is no longer a payable on demand, Fufeng's
liquidity is still tight with short-term borrowings up at
CNY1.65bn (FYE11: CNY704m), mainly to fund capex. Fitch believes
Fufeng should be able to moderate liquidity pressure with
unutilised credit facilities of CNY1bn at FYE12, the rights issue
proceeds and its proposed RMB600m onshore medium-term notes issue
for refinancing.
Rating Sensitivities
Negative: Future developments that may, individually or
collectively, result in negative rating action include:
- Inability to improve liquidity
- FFO-adjusted net leverage above 2.5x on a sustained basis
(FYE12: 3.7x)
- Maintaining an aggressive pricing strategy that leads to its
MSG gross profit margin remaining below 15% on a sustained
basis (FY12: 11.4% )
Positive: Future developments that may, individually or
collectively, result in positive rating action include:
- Substantial deleveraging with FFO-adjusted net leverage falling
below 2.5x on a sustained basis
HOPSON DEVELOPMENT: 2012 Results Release No Impact on B3 CFR
------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's B3 corporate family and Caa1 senior unsecured rating
remain unaffected by the company's 2012 results announcement.
"The reported modest increase in contract sales and recognized
revenues in 2012 were in line with Moody's expectations and had
been incorporated into the ratings," said Jiming Zou, a Moody's
analyst.
In 2012, Hopson's contact sales grew by 20% year-over-year to
HKD14.4 billion (RMB11.6 billion), largely owing to the increase
in the average selling price by 14%, which came mainly in turn
from sales of high-end residential products in Beijing.
Hopson's book revenues grew by 24% to HKD9.9 billion in 2012, but
were still lower than those achieved in 2010 of HKD14.4 billion
and in 2009 of HKD11.2 billion. Despite a recovery from the trough
of 2011, Hopson has a large amount of inventory that makes demands
on its financial resources.
With a higher cost of funding and increasing debt level during
2012, Hopson has not exhibited improvement in its credit metrics.
Its EBITDA/Interest expense ratio was about 1.0x, which was weak
when compared to other single-B rated developers, and thus
positions the company at the low end of the single-B category.
Despite the improving contract sales, Hopson still faces the
challenge of working down its huge inventory. Its total inventory
-- combined with work-in-process and completed inventory -- stood
at about HKD69 billion at end-2012, or more than 5 times annual
sales. This high level of inventory also resulted in Hopson's
gross debt at a high level of HKD37 billion at end-2012. Such a
level of inventory continues to pressure its rating.
Hopson's cash balance increased to HKD4.4 billion at end-2012 from
HKD2.6 billion a year ago. However, its huge short-term debt of
HKD15.5 billion constrained its liquidity.
When Moody's changed the rating outlook to stable on 30 January, a
major consideration was that the company's issuance of USD300
million in senior notes in January 2013 would help refinance some
of the short-term debt. Another consideration was the absence of
offshore maturing debt in the next two years, after the repayment
of USD350 million in senior notes in November 2012.
Moody's expects Hopson to gradually work down its inventory and
improve contract sales over the course of 2013 against the
backdrop of a more stable operating environment. However, a fast
recovery of its credit metrics is unlikely in the near term, given
their low basis and its continued cash needs for property
development.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 33.2 million
square meters in gross floor area as of December 2012. Its
principal business interests are residential developments in four
major cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and
their surrounding areas.
SHANGHAI INDUSTRIAL: 2012 Results Support Moody's B1 CFR
--------------------------------------------------------
Moody's Investors Service says that Shanghai Industrial Urban
Development Group Limited's 2012 results were an important
improvement over the prior year, and support its B1 corporate
family rating and B2 senior unsecured rating with a stable
outlook.
"SIUD reversed its net losses as relatively more profitable sales
were executed; it also cleared its unprofitable ex-Neo China
inventory during 2012," says Franco Leung, a Moody's Assistant
Vice President and Analyst.
The company reported a pretax profit of HKD422 million for 2012.
The projects contributing to the higher book revenue came from
Xian, Shanghai, Tianjin and Chengdu.
However, the company's profit margin was still under pressure due
to the legacy low-margin ex-Neo China projects and its involvement
in the development of affordable housing in Shanghai. The gross
margin for the company declined to 15.5% in 2012 from 25.4% a year
ago.
"We expect SIUD's profitability and financial profile will
gradually improve in the medium-term due to the higher-margin
products from Shanghai Urban Development, a real estate company
SIUD acquired from its parent, Shanghai Industrial Holdings
Limited (SIH)," adds Leung, also the Lead Analyst for SIUD.
Moody's believes that SIUD will achieve more sales of its mid-to-
high-end products and will manage down its administration costs,
helping reverse declines in profitability.
SIUD's liquidity position has improved. Its cash on hand at end
2012 was HKD5.3 billion compared with short-term debt of HKD5.8
billion. Moody's believes that the company has adequate liquidity
to cover its short-term obligations.
The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.
Shanghai Industrial Urban Development Group Limited is a Chinese
property developer engaged in residential and mixed-use
developments. SIUD has 24 projects across 12 cities in China and a
land bank of 9 million sqm in aggregate, after it acquired
Shanghai Urban Development (unrated) from its parent, Shanghai
Industrial Holdings Limited (SIH, unrated) in 2011. SIH has a 70%
stake in SIUD. The parent company manages three core businesses in
real estate, infrastructure (toll roads and water services), and
consumer products (tobacco and printing).
SHIMAO PROPERTY: 2012 Results In Line with Moody's Ba3 CFR
----------------------------------------------------------
Moody's Investors Service reports that Shimao Property Holdings
Limited's financial results for 2012 are credit positive and
continue to support its Ba3 corporate family rating and B1 senior
unsecured rating.
The ratings outlook remains stable.
"Shimao has successfully managed down its debt level, while
maintaining good sales growth," says Franco Leung, a Moody's
Assistant Vice President and Analyst.
In 2012, Shimao executed contracted sales of RMB 46.1 billion from
38 projects, an increase of 50% over 2011, and above its target
for 2012. This strong sales performance reflects its adoption of a
business strategy that aims at supplying more mass-market
products, in view of regulatory measures supportive of this
section of the market.
Shimao has used the strong cash flow from its successful contract
sales to reduce debt. As a result, net debt decreased to RMB22.9
billion at end-2012 from RMB28.6 billion at end-2011. Accordingly,
adjusted debt/capitalization improved to around 53% from 56.7%.
At the same time, the company slowed its land acquisitions in
2012. It paid only RMB8.9 billion in land premium during the year,
less than RMB11.0 billion in 2011 and RMB15.0 billion in 2010.
"Moreover, Shimao improved its liquidity profile and reduced its
refinancing risk because of its recent offshore fund-raising
exercise," says Leung, also Shimao's lead analyst.
Shimao successfully issued a USD800 million bond and concluded
approximately USD670 million in offshore club loans recently.
Meanwhile, Moody's expects its RMB18.1 billion in cash-on-hand to
cover the RMB12.4 billion of maturing debt in 2013. Moody's
believes Shimao will maintain its strong sales execution, which
will in turn support its liquidity profile and fund its projects
in the next 12-18 months.
On the other hand, Shimao had weaker credit metrics in 2012
despite its success in growing its contract sales.
Shimao's book sales registered 10% year-on-year growth to RMB28.7
billion. But such growth is lower than that of its contract sales.
EBITDA margin dropped to 29.0% in 2012 from 34.8% in 2011 as it
delivered more mass-market products in second- and third-tier
cities. Its average selling price declined to RMB11,278 per square
meter (sqm) in 2012 from RMB12,845 per sqm in 2011.
As a result, interest coverage -- measured by adjusted
EBITDA/interest -- declined to 2.6x from 3.0x. However, Moody's
expects coverage will improve in 2013 as more contracted sales
will be recognized.
Moody's notes that Shimao had more than RMB40 billion in
unrecognized contracted sales at end-March 2013.
The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.
Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006. Along with its 64%-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co Ltd, the company has an
attributable land bank of 36.2 million square meters distributed
in 35 cities, mainly in eastern and northeastern China.
WINSWAY COKING: Weak 2012 Results Prompt Moody's to Review B2 CFR
-----------------------------------------------------------------
Moody's Investors Service placed on review for downgrade, the B2
corporate family and B3 senior unsecured ratings of Winsway Coking
Coal Holdings Ltd.
Ratings Rationale:
"Winsway's 2012 results were weak, reflecting negative gross
profits and EBITDA margins which were worse than in the first half
of the year," says Jiming Zou, a Moody's Analyst.
Winsway reported a gross margin of negative 3.4% and an EBITDA
margin of negative 5.1% in FY 2012 versus 7.6% and 2.9% (on a last
twelve months basis) respectively in 1H 2012.
The company continued to suffer losses in its 60% owned upstream
Grand Cache which had a gross operating loss of around HK$278
million. Such loss could not be offset by its coking coal trading
profit of around HK$ 201 million.
The decline in Winsway's coking coal trading profit in FY 2012 was
attributable to increased trading of seaborne coking coal and
Grand Cache coking coal which had higher cost than the Mongolian
coking coal. The Grand Cache coking coal, which accounted for
11.5% of the trading volume contributed a negative 17.1% gross
margin. This had further reduced the already low trading profit
from the seaborne coking coal trading which had nominal gross
margin of 4.8%.
"Winsway's weak financial position and lack of competitively
priced supplies of coking coal puts it in a disadvantageous
position, especially against the backdrop of the volatile coking
coal trading industry and the surplus steel capacity situation in
China," adds Zou.
Winsway's weak results in 2012 begs the question whether it still
possesses the two strengths: the strong logistics to transport
competitive priced coal to China, and its majority ownership of
Grand Cache, an upstream coal mine which was acquired in 2011 with
the aim of improving Winsway's profitability.
Moreover, Winsway's liquidity position is reliant on continued
bank support which may be affected by its weak financial
performance.
Moody's review of Winsway's ratings for downgrade will focus on
the following:
(a) Winsway's relationships, and procurement and business
arrangements with Mongolian coal miners, and its ability to
generate improved volumes from this source of supply.
(b) How long it would take for Grand Cache to return to a
profitable result, and the support Grand Cache receives from
Marubeni Corporation (Baa2 stable), which holds 40% of Grand
Cache.
(c) The availability of bank finance to support Winsway through
the difficult period in the next 12 -- 18 months.
Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
Winsway Coking Coal Holdings Limited 's core industry and believes
Winsway Coking Coal Holdings Limited's ratings are comparable to
those of other issuers with similar credit risk.
Winsway Coking Coal is one of the largest suppliers of coking coal
in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated supply chain for coking
coal in China. It listed on the Hong Kong Stock Exchange in
October 2010, and is 49.7% owned by its founder and CEO, Mr. Wang
Xingchun.
* CHINA: Banks' Bad Loan Ratios Decline as Defaults Averted
-----------------------------------------------------------
Bloomberg News reports that China's largest banks posted a decline
in bad-loan ratios for 2012 amid the slowest economic expansion in
13 years, signaling policy makers may have averted a surge in
defaults.
The gauge shrank to 1.33% at Agricultural Bank of China Ltd., the
nation's third-largest by market value, from 1.55% in 2011, while
net income increased by 19%, the Beijing-based lender said. At
Bank of China Ltd., the fourth-largest, non-performing loans
dropped to 0.95% of the total from 1%, and profit climbed 12%,
Bloomberg News relates.
Shares of both banks rose March 26 as the shrinking bad-loan
ratios assuaged investors' concern that earnings could slip this
year amid defaults by borrowers including solar manufacturer
Suntech Power Holdings Co. China's economic growth may accelerate
to 8.1% this quarter, according to the median estimate of 32
analysts surveyed by Bloomberg News.
According to Bloomberg News, Agricultural Bank President Zhang Yun
said Chinese banks' non-performing loans are at a "manageable"
level. Bank of China President Li Lihui said the trend will
stabilize even as bad debts may go up "slightly" this year, the
report relays.
Bloomberg News relates that the China Banking Regulatory
Commission said March 1 that the outstanding amount of bad loans
at Chinese lenders increased for a fifth straight quarter in the
last three months of 2012, the longest deterioration streak since
data became available in 2004, to CNY492.9 billion ($79 billion)
as of Dec. 31. The ratio of soured debt to total loans was
unchanged at 0.95% for December compared with three months
earlier.
================
H O N G K O N G
================
JESUS IS: Members' Final General Meeting Set for April 17
---------------------------------------------------------
Members of Jesus Is King Church Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
April 17, 2013, at 11:00 a.m., at Rm. 2002, 20/F, Multifield
Centre, 426 Shanghai Street, Kowloon, in Hong Kong.
At the meeting, Wai Kam Moon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
JIN-YUE TECHNOLOGIES: Chan Cho Wing Steps Down as Liquidator
------------------------------------------------------------
Chan Cho Wing stepped down as liquidator of Jin-Yue Technologies
Limited on March 11, 2013.
KENTH LIMITED: Members' Final General Meeting Set for April 26
--------------------------------------------------------------
Members of Kenth Limited, which is in members' voluntary
liquidation, will hold their final general meeting on April 26,
2013, at 10:35 a.m., at Level 28, Three Pacific Place, 1 Queen's
Road East, in Hong Kong.
At the meeting, Dieter Charles Pasewaldt, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
KNITTED PRODUCTS: Creditors & Contributories to Meet on April 25
----------------------------------------------------------------
Creditors and contributories of Knitted Products Limited will hold
their final meetings on April 25, 2013, at 2:30 p.m., and 3:00
p.m., respectively at the office of Shinewing Specialist Advisory
Services Limited, 43/F, The Lee Gardens, 33 Hysan Avenue, Causeway
Bay, in Hong Kong.
At the meeting, Kan Lap Kee, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
LIBRA CPA: Creditors' Proofs of Debt Due April 21
---------------------------------------------------
Creditors of Libra CPA Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 21, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 11, 2013.
The company's liquidator is:
Cheung Hok Hin Alan
Suite 2302, 23rd Floor
Seaview Commercial Building
21 Connaught Road West
Sheung Wan, Hong Kong
LINFEY TOYS: Commences Wind-Up Proceedings
------------------------------------------
The sole member of Linfey Toys Company Limited, on March 11, 2013,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lun, Kwok Ming
Room 904, 9/F
Chevalier Commercial Centre
8 Wang Hoi Road
Kowloon Bay, Hong Kong
LOYAL BLOOM: Commences Wind-Up Proceedings
------------------------------------------
Members of Loyal Bloom Industrial Limited, on March 18, 2013,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Sze Sau Wan
Rm 602, 447 Lockhart Road
H.K.
LOYALTY PACIFIC: Ying and Chan Step Down as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Loyalty Pacific (Hong Kong) Limited on March 11, 2013.
MAN PO: Kwan and Liu Step Down as Liquidators
---------------------------------------------
Kwan Pak Kong and Liu Chi Tat Stephen stepped down as liquidators
of Man Po Hong Limited on March 8, 2013.
MARTINAIR FAR: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Martinair Far East Limited on March 9, 2013.
NETWORK MULTIMEDIA: Annual Meetings Set for April 18
----------------------------------------------------
Members and creditors of Network Multimedia Enterprises Limited,
which is in creditors' voluntary liquidation, will hold their
annual meetings on April 18, 2013, at 3:00 p.m., and 3:30 p.m.,
respectively at Suite 1704, 17/F, 625 King's Road, North Point, in
Hong Kong.
At the meeting, Jackson Ip, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
NEW CHINA: Annual Meetings Set for April 23
-------------------------------------------
Members and creditors of The New China Hong Kong Capital Limited,
which is in members' voluntary liquidation, will hold their annual
meetings on April 23, 2013, at 9:00 a.m., and 10:00 a.m.,
respectively at 2nd Floor, 625 King's Road, North Point, in
Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK: Annual Meetings Set for April 23
----------------------------------------------
Members and creditors of The New China Hong Kong Finance Limited,
which is in members' voluntary liquidation, will hold their annual
meetings on April 23, 2013, at 9:30 a.m., and 10:30 a.m.,
respectively at 2nd Floor, 625 King's Road, North Point, in
Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK DEVELOPMENT: Annual Meetings Set for April 23
----------------------------------------------------------
Members and creditors of The New China Hong Kong Development
Limited, which is in creditors' voluntary liquidation, will hold
their annual meetings on April 23, 2013, at 3:00 p.m., and
3:30 p.m., respectively at Suite 1704, 17th Floor, 625 King's
Road, North Point, in Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK ENTERPRISES: Annual Meetings Set for April 23
----------------------------------------------------------
Members and creditors of The New China Hong Kong Enterprises
Limited, which is in creditors' voluntary liquidation, will hold
their annual meetings on April 23, 2013, at 12:00 p.m., and 12:30
p.m., respectively at Suite 1704, 17th Floor, 625 King's Road,
North Point, in Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK ESTATE: Annual Meetings Set for April 23
-----------------------------------------------------
Members and creditors of The New China Hong Kong Estate Limited,
which is in creditors' voluntary liquidation, will hold their
annual meetings on April 23, 2013, at 5:00 p.m., and 5:30 p.m.,
respectively at Suite 1704, 17th Floor, 625 King's Road, North
Point, in Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK GROUP: Annual Meetings Set for April 23
----------------------------------------------------
Members and creditors of The New China Hong Kong Group Limited,
which is in members' voluntary liquidation, will hold their annual
meetings on April 23, 2013, at 11:00 a.m., and 11:30 a.m.,
respectively at 2nd Floor, 625 King's Road, North Point, in
Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK INDUSTRIAL: Annual Meetings Set for April 23
---------------------------------------------------------
Members and creditors of The New China Hong Kong Industrial
Limited, which is in creditors' voluntary liquidation, will hold
their annual meetings on April 23, 2013, at 2:00 p.m., and
2:30 p.m., respectively at Suite 1704, 17th Floor, 625 King's
Road, North Point, in Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA HK TRADING: Annual Meetings Set for April 23
------------------------------------------------------
Members and creditors of The New China Hong Kong Trading Limited,
which is in creditors' voluntary liquidation, will hold their
annual meetings on April 23, 2013, at 4:00 p.m., and 4:30 p.m.,
respectively at Suite 1704, 17th Floor, 625 King's Road, North
Point, in Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW POWER: Members' Final General Meeting Set for April 26
----------------------------------------------------------
Members of New Power Investments Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
April 26, 2013, at 3:30 p.m., at Rooms 4503-05, 45/F, China
Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Shom Chun Po, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NGAN PO: Creditors' Proofs of Debt Due April 23
-----------------------------------------------
Creditors of Ngan Po Development Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 23, 2013, to be included in the company's
dividend distribution.
The company's liquidator is:
Cheung Kwan Ho
16/F, V Heun Building
138 Queen's Road
Central, Hong Kong
NUTRICIA (HK): Commences Wind-Up Proceedings
--------------------------------------------
Members of Nutricia (Hong Kong) Limited, on March 15, 2013, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Johannes van der Wulp
1401 Hutchison House
10 Harcourt Road
Hong Kong
PANHANDAT LIMITED: Members' Final Meeting Set for April 30
----------------------------------------------------------
Members of Panhandat Limited, which is in members' voluntary
liquidation, will hold their final general meeting on April 30,
2013, at 10:00 a.m., at 12th Floor, V Heun Building, 138 Queen's
Road Central, in Hong Kong.
At the meeting, Choy Man Yick, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SIGMA LOGISTICS: Li Mei Sze Steps Down as Liquidator
----------------------------------------------------
Li Mei Sze stepped down as liquidator of Sigma Logistics Limited
on March 18, 2013.
SINO PHIL: Creditors' Meeting Set for March 25
----------------------------------------------
Creditors of Sino Phil Engineering Services Limited will hold
their meeting on March 25, 2013, at 10:00 a.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 Flat 1213, Wing On Plaza, 62 Mody
Road, Tsim Sha Tsui, Kowloon, in Hong Kong.
TRINIFAITH COMPANY: Members' Final Meeting Set for April 30
-----------------------------------------------------------
Members of Trinifaith Company Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
April 30, 2013, at 11:00 a.m., at 12th Floor, V Heun Building, 138
Queen's Road Central, in Hong Kong.
At the meeting, Choy Man Yick, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TOP FAST: Members' Final General Meeting Set for April 26
---------------------------------------------------------
Members of Top Fast Limited, which is in members' voluntary
liquidation, will hold their final meeting on April 26, 2013, at
3:00 p.m., at Rooms 4503-05, 45/F, China Resources Building, 26
Harbour Road, Wanchai, in Hong Kong.
At the meeting, Shom Chun Po, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
UNISON INDUSTRIES: Members' Final Meeting Set for April 23
----------------------------------------------------------
Members of Unison Industries Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
April 23, 2013, at 10:00 a.m., at Room 1003, 10/F, Sun Cheong
Industrial Building, 2 Cheung Yee Street, Cheung Sha Wan, in
Kowloon.
At the meeting, Lee Wang Tsi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
UPBEST FINANCIAL: Members' Final Meeting Set for April 24
---------------------------------------------------------
Members of Upbest Financial Services Limited, which is in members'
voluntary liquidation, will hold their final meeting on April 24,
2013, at 10:30 a.m., at 602 The Chinese Bank Building, 61-65 Des
Voeux Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WEALTH SUCCESS: Final General Meeting Set for April 25
------------------------------------------------------
Shareholders of Wealth Success International Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on April 25, 2013, at 9:30 a.m., at 31st Floor, Chinachem
Century Tower, 178 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, To Fung Wo, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
WAI YAN: Kwan and Liu Step Down as Liquidators
----------------------------------------------
Kwan Pak Kong and Liu Chi Tat Stephen stepped down as liquidators
of Wai Yan Investment Limited on March 8, 2013.
WELLS FARGO: Creditors' Proofs of Debt Due April 22
---------------------------------------------------
Creditors of Wells Fargo International Commercial Services
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by April 22, 2013, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on March 8, 2013.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
WONG HENG: Shareholders' Final General Meeting Set for April 25
---------------------------------------------------------------
Shareholders of Wong Heng Investment Company Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on April 25, 2013, at 9:00 a.m., at 31st Floor, Chinachem
Century Tower, 178 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, To Fung Wo, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
YICK BO: Creditors' Proofs of Debt Due April 12
-----------------------------------------------
Creditors of Yick Bo Trading Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by April 12, 2013, to be included in the company's dividend
distribution.
The company's liquidators are:
Kennic Lai Hang Lui
Yuen Tsz Chun Frank
5th Floor, Ho Lee Commercial Building
38-44 D'Aguilar Street
Central, Hong Kong
YING FENG: Creditors' Meeting Set for April 3
---------------------------------------------
Creditors of Ying Feng Decoration Co. Limited will hold their
meeting on April 3, 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 Room 203, 2/F, Duke of Windsor Social
Service Building, No. 15 Hennessy Road, Wanchai, in Hong Kong.
ZYREL LIMITED: Final Meetings Set for April 23
----------------------------------------------
Members and creditors of Zyrel Limited, which is in creditors'
voluntary liquidation, will hold their final meetings on April 23,
2013, at 3:00 p.m., and 4:00 p.m., respectively at Unit A, 10/F,
Tal Building, 49 Austin Road, Jordan, Kowloon, in Hong Kong.
At the meeting, Kwok Lai Ngor, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
ANANDA AQUA: CRISIL Upgrades Rating on INR40MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ananda Aqua Exports (P) Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the short-term rating at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 40 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Packing Credit 96 CRISIL A4 (Reaffirmed)
Foreign Bill 96 CRISIL A4 (Reaffirmed)
Discounting
Standby Letter of 22 CRISIL A4 (Reaffirmed)
Credit
The rating upgrade reflects improvement in AAEPL's business risk
profile on account of a substantial and sustained increase in its
scale of operations and profitability margins. The upgrade also
reflects an improvement in the company's net-worth on the back of
equity infusion by its promoters, thereby augmenting the company's
financial flexibility.
The revenues of the company are estimated to register a compounded
annual growth rate of around 23% from 2010-11 (refers to financial
year, April 1 to March 31) to 2012-13. The operating profit
margins of the company are also estimated to sequentially increase
to around 3.0% in 2012-13 from 2.1% in 2010-11 with the higher
revenues positively affecting the absorption of fixed costs.
CRISIL believes that the company would continue to register a
healthy growth in its revenues over the medium term on account of
its continued focus on adding new customers. The promoters have
also infused INR45 million as equity in the company in 2011-12;
subsequently, the net-worth of the company is expected to increase
to INR165 million as on March 31, 2013 from INR77 million as on
March 31, 2011.
The ratings continue to reflect AAEPL's weak financial risk
profile marked by high gearing and weak debt protection metrics,
high degree of geographical concentration in its revenue profile,
and its susceptibility to intense competition in the seafood
industry. These rating weaknesses are partially offset by the
benefits that AAEPL derives from its promoters' experience in the
seafood industry.
Outlook: Stable
CRISIL believes that AAEPL will continue to benefit over the
medium term on the back of its promoters' experience in the
seafood industry. The outlook may be revised to 'Positive' if
there is a further improvement in the company's profitability
margins from the current levels or there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or debt-funded
capex.
Set up in 2004, AAEPL is part of the Ananda group, and is based in
Bhimavaram (Andhra Pradesh). AAEPL processes shrimps and prawns
and trades in shrimp feed.
COLOR EQUIPMENTS: CRISIL Cuts Rating on INR180MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Color
Equipments and Accessories Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 180 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The rating downgrade is driven by CRISIL's expectation of subdued
operating performance by CEAPL over the medium term driven by
modest operating margins and low net cash accruals. CEAPL's
operating performance is expected to remain constrained over the
medium term due to intense competition in both its key segments
i.e. computer peripherals and perfumes resulting in low operating
margins The company currently does not avail of any credit
facilities from bank and has relied on promoter funding to support
its growth. The low level of internal accruals constrains its
ability to grow at a fast clip.
CEAPL's operating performance in 2011-12 (refers to financial
year, April 1 to March 31) was subdued as reflected in low
operating margin of 1% and low net cash accruals of around Rs 0.6
million for the year.
The ratings also factor in the moderate financial risk profile
marked by modest net worth.
The rating continues to reflect CEAPL's working capital intensive
nature of operations. The rating weakness is partially offset by
the extensive experience of CEAPL's promoters in the trading
business.
Outlook: Stable
CRISIL believes that CEAPL will continue to benefit over the
medium term from its promoters extensive experience in the
printing solutions and printer trading business. The outlook may
be revised to 'Positive' in case of a higher than expected
revenues and accruals while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the company's revenues or operating margins or an
elongation of its working capital cycle resulting in further
weakening in its financial risk profile
CEAPL, promoted by the Mumbai based Gupta family in 2010, is
engaged in trading of computer hardware peripherals, printer
cartridges and perfumes. Mr. Sanjeev Gupta overlooks the overall
operations of the company.
CEAPL reported a profit after tax (PAT) of INR 0.5 million on net
sales of INR502.0 million for 2011-12, against a PAT of INR 0.29
million on net sales of INR96.6 million for 2010-11.
N D DEVELOPERS: CRISIL Rates INR320MM Cash Credit at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash-
credit facility of N D Developers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 320 CRISIL B+/Stable
The rating reflects ND's exposure to risks related to completion,
funding, and saleability of its ongoing projects, accentuated by
the pending large construction work and reliance from customer for
funding construction. The rating also factors in the firm's
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive experience of ND's promoters in the real estate industry
in Mumbai (Maharashtra), and the expected moderate demand for one
of ND's projects because of its advantageous location and the
initial positive response for it.
Outlook: Stable
CRISIL believes that ND will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case of
better-than-expected bookings of units and receipt of customer
advances, leading to higher-than-expected cash inflows and timely
completion of projects. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in the projects, or
slower-than-expected ramp-up in customer bookings leading to
lower-than-expected cash inflows and deterioration in the firm's
financial risk profile, particularly its liquidity.
ND is a partnership firm established in 2009 by the Gala family
and the Shah family with equal stake. ND is part of the Palai
group, which has been engaged in real estate development in Mumbai
for more than 10 years ND has two ongoing residential projects,
one at Goregaon in Mumbai with total saleable area of 380,000
square feet and the other at Deolali in Nashik (Maharashtra), with
total saleable area of 600,000 square feet.
PANINI GRANITES: CRISIL Upgrades Ratings on INR155MM Loans to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Panini Granites Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL D' and
has assigned 'CRISIL A4' rating to the company's short-term
facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 105.0 CRISIL B/Stable (Upgraded from
'CRISIL D')
Cash Credit 50.0 CRISIL B/Stable (Upgraded from
'CRISIL D')
Letter of Credit 30.0 CRISIL A4 (Assigned)
The rating upgrade reflects timely servicing of debt by Panini
over the last three months ended February 2013. The upgrade also
factors in CRISIL's belief that the cash accruals of Panini will
be sufficient to meet its debt obligations over the medium term.
The company has also been sanctioned a cash credit limit of INR50
million, which has been moderately utilised at around 80% during
the five months ended February 2013.
Panini has a limited track record of operations, and an average
financial risk profile marked by small net-worth, high gearing and
above-average debt protection metrics. However, the company
benefits from the extensive experience of its promoters in the
granites industry.
Outlook: Stable
CRISIL believes that Panini will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins or there is substantial increase in net worth on the back
of equity infusion from promoters. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the company's
profitability margins or there is a significant deterioration in
its capital structure on account of larger-than-expected working
capital requirements.
Panini, incorporated in October 2011, is promoted by Mr. Srikanth
Yadlapati, Mr. Veeru Koritala, and Mr. Nag Donthineni. It
processes granite. The company commenced commercial production in
May 2012.
POLO HOTELS: CRISIL Rates INR300MM Loans at 'CRISIL B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Polo Hotels Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 300 CRISIL B+/Stable
The rating reflects PHL's small scale of operations in the highly
fragmented hotel industry and exposure to risks related to its
ongoing hotel project. These rating weaknesses are partially
offset by favourable location of PHL's new hotel and its
association with global hotel chains such as the InterContinental
Hotels Group.
Outlook: Stable
CRISIL believes that PHL will maintain a stable credit risk
profile on the back of its promoter's brand recall in the region.
The outlook may be revised to 'Positive' in case of timely
execution of PHL's new hotel project within the projected cost or
in case of higher-than-expected average room rent (ARR) and
occupancy levels; resulting in higher-than-expected accruals and
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of any time or cost overruns, which
would adversely impact the company's financial risk profile, and
thus its debt-servicing ability.
PHL was established on January 20, 1984 called Polo Estates Hotels
and Investments Pvt Ltd by Mr. Vikas Garg with the main object of
setting up and running hotels and restaurants. The company was
reconstituted as a public limited company and its name was changed
to Polo Hotels Ltd in 1989. It was listed on the Bombay Stock
Exchange in 1992. The business; however was taken over by Mr. A R
Dahiya in 1998. PHL presently owns a 3-star hotel named Hotel
North Park in Sector 32, Panchkula (Haryana), which is currently
leased out (since 2001) to Hot Million Food Products Pvt Ltd, a
chain of fast food restaurants in that region. The company is
currently developing a new hotel in Panchkula.
PHL reported a net profit of INR1.6 million on operating income of
INR7.8 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR1.6 million on operating
income of INR7.2 million for 2010-11.
RATANPUR LAND: CRISIL Assigns 'B+' Ratings to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Ratanpur Land and Tea Estates Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 24 CRISIL B+/Stable
Term Loan 36 CRISIL B+/Stable
The rating reflects RLTEPL's modest scale of operations,
susceptibility to fluctuation in tea prices and agri-nature of
activity and exposure to risks related to project implementation
and off-take. The rating also factors in RLTEPL's below-average
financial risk profile marked by modest net worth and high
gearing. These rating weaknesses are partially offset by the
benefit that RLTEPL derives from its promoters' extensive
experience in the tea industry and its association with the
Bokahola group.
Outlook: Stable
CRISIL believes that the RLTEPL will benefit from the Bokahola
group's established position in the tea industry and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if RLTEPL is able to stabilize the
operations at its new facility and exhibit significant and
sustainable growth in its revenues and margins. Conversely, the
outlook may be revised to 'Negative' if there is significant cost
or time overrun in its project or the revenues and margins are
significantly lower than expectations thereby impacting its
financial risk profile and timely debt servicing capability.
RLTEPL established in 1984 was acquired by the Bokahola group in
2009 and presently 97.4% shareholding of the company is with
Kasojan Tea Company Private Limited (KTCPL, part of the Bokahola
group). The Bokahola group is promoted by the Bezboruah family,
which is into tea cultivation and processing. RLTEPL is into tea
cultivation and sells its tea leaves in the auctions market. The
company is currently undertaking a project to setup a tea
processing unit at Johrat, Assam.
For 2011-12 (refers to financial year, April 1 to March 31),
RLTEPL reported, a profit after tax (PAT) of INR0.8 million on net
sales of INR18.9 million, against a PAT of INR0.7 million on net
sales of INR17.3 billion for 2010-11.
RKKR STEELS: CRISIL Assigns 'B-' Ratings to INR280MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of RKKR Steels Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 30 CRISIL B-/Stable
Cash Credit 250 CRISIL B-/Stable
Letter of Credit 100 CRISIL A4
The ratings reflect RKKR's below-average financial risk profile
marked by weak debt protection metrics, and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the company's established regional presence in the secondary
steel industry and extensive industry experience of its promoters.
Outlook: Stable
CRISIL believes that RKKR will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if RKKR generates more-than-expected cash
accruals owing to improved profitability, or increase in scale of
operations resulting in improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in working capital management or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or if its realisations decline sharply, leading to significant
deterioration in its financial risk profile.
Set up in 1954, the Tamil Nadu-based RKKR manufactures thermo-
mechanically-treated (TMT) bars Its day-to-day operations are
managed by its chairman, Mr. Rajiv Rai along with his son Mr.
Ritesh Rai.
RKKR reported a net loss of INR38 million on a net sales of INR1
billion during 2011-12 (refers to financial year, April 1 to March
31) as against Profit After Tax of INR4 million on a net sales of
INR1.3 billion during 2010-11.
SHREE SIDHBALI: CRISIL Assigns 'B+' Rating to INR222.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Sidhbali Paper Mills Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 152.5 CRISIL B+/Stable
Letter of Credit 5 CRISIL A4
Bank Guarantee 2.5 CRISIL A4
Cash Credit 70.0 CRISIL B+/Stable
The rating reflects the company's stretched liquidity profile
resulting from its large term debt repayments and working-capital-
intensive operations, vis-a-vis its moderate cash accruals. These
rating weaknesses are partially mitigated by the benefits that
SSPML derives from its promoters' extensive experience in the
kraft paper industry, and its healthy operating profitability.
Outlook: Stable
CRISIL believes SSPML will benefit from its promoters' extensive
experience in the kraft paper manufacturing industry and its
relatively healthy capital structure. The outlook may be revised
to 'Positive' if SSPML's liquidity improves supported by a larger-
than-expected increase in its scale of operations along with
sustained profitability, and better-than-expected working capital
management. Conversely, the outlook may be revised to 'Negative',
if the company's liquidity deteriorates, because of lower-than-
expected cash accruals; or larger-than-expected working capital
requirements or debt-funded capital expenditure (capex)
programme(s).
SSPML, incorporated in 2001, manufactures kraft paper, which in
turn is used to manufacture corrugated boxes. It has its
manufacturing facility in Muzzafarnagar (Uttar Pradesh); the unit
uses waste paper as its raw material. SSPML's customers include
corrugated box manufacturers and kraft paper dealers, mostly based
in North India. Mr. Naveen Kansal, Mr. Kapil Garg, Mr. Raghuraj
Garg and Mr. Ravindra Kumar Bansal along with their family members
promote the company. The promoters own the Shree Sidhbali group of
companies (Shree Sidhbali group), which primarily manufactures
thermo-mechanically treated (TMT) steel.
SRI VIJAYABHERI: CRISIL Assigns 'D' Ratings to INR276.7MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the long-
term bank facilities of Sri Vijayabheri Cotton Mills Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 230.00 CRISIL D
Proposed Short-Term 0.90 CRISIL D
Bank Loan Facility
Bank Guarantee 5.80 CRISIL D
Cash Credit 40.00 CRISIL D
The ratings reflect instances of delays by SVCMPL in servicing its
debt; the delays have been caused by the company's weak liquidity
as it is in the process of setting up a cotton yarn spinning mill.
SVCMPL also has a weak financial risk profile, marked by high
gearing, small net worth, and weak debt protection metrics,
working-capital-intensive operations, and susceptibility of the
company's operating margin to volatility in raw material prices.
SVCMPL, however, benefits from the extensive industry experience
of its promoters'.
SVCML was incorporated on June 28,2011. The company is managed by
Mr.K.Siva Naga Malleswara Rao and his wife Mrs. K.Ratna. The
company till date has been in the business of cotton trading and
is in the process of setting up a cotton yarn spinning mill in
Guntur with a capacity of 15480 spindles.
VAISHNAVI FOOD: CRISIL Assigns 'B' Ratings to INR119.7MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vaishnavi Food Products Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 47.2 CRISIL B/Stable
Overdraft Facility 2.5 CRISIL B/Stable
Bank Guarantee 0.3 CRISIL A4
Cash Credit 70.0 CRISIL B/Stable
The ratings reflect VFPPL's modest scale of operations, working
capital intensive nature of activity and weak financial risk
profile, marked by a modest net worth and high gearing. These
rating weaknesses are partially offset by the benefits that VFPPL
derives from its promoter's extensive experience in the rice
milling industry.
Outlook: Stable
CRISIL believes that VFPPL will continue to benefit over the
medium term from its promoter's extensive experience in the rice
milling industry. The outlook may be revised to 'Positive' if the
company achieves significant and sustained improvement in
revenues, while maintaining its margins and improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case VFPPL registers significant decline in its revenues or
margins, or if there is elongation in its working capital cycle or
if it undertakes any large debt-funded capital expenditure
programme, further impacting its financial risk profile.
VFPPL, incorporated in 2008, by Mr. Karnati Lakshminarayan and his
family, is engaged in rice milling operations. The company began
commercial operations from April 2011. VFPPL's manufacturing
facility is in Nalgonda (Andhra Pradesh). Mr. Lakshminarayan has
more than a decade's experience in the rice milling industry by
virtue of his association with rice milling units of his close
relatives.
VFPPL reported a profit after tax (PAT) of INR2.01 million on net
sales of INR214.8 million for 2011-12 (refers to financial year,
April 1 to March 31).
=================
I N D O N E S I A
=================
BERLIAN LAJU TANKER: U.S. Judge Grants Provisional Relief
---------------------------------------------------------
U.S. Bankruptcy Judge Stuart M. Bernstein in New York entered an
order granting provisional relief to PT Berlian Laju Tanker Tbk,
and enjoining creditors from executing against BLT's assets and
commencing lawsuits against BLT in the U.S.
Cosimo Borrelli, the foreign representative of BLT, sought a
preliminary injunction pending a hearing to consider recognition
of the company's proceedings in the Central Jakarta Commercial
Court in Indonesia as a "foreign main proceeding".
Indonesian Proceeding
On June 14, 2012, PT Bank Mandiri (Persero) Tbk, an Indonesian
bank, filed a PKPU application against BLT commencing the
Indonesian Proceeding.
PKPU stands for Penundaan Kewajiban Pembayaran Utang, an
Indonesian phrase meaning "suspension of payments." A PKPU is a
court-enforced suspension of payments process which is designed to
provide a debtor limited time to reorganize its affairs.
On March 14, 2013, the requisite majority of both the secured and
unsecured creditors of BLT voted to approve BLT's restructuring
plan in the Indonesian Proceeding. The PKPU Plan received
unanimous approval from BLT's secured creditors and the approval
of a majority of 70% in number and 82% in value from BLT's
unsecured creditors.
On March 22, 2013, the Indonesian Court entered an order approving
the PKPU Plan.
The Foreign Representative has filed the Chapter 15 bankruptcy
case to obtain recognition of the terms of BLT's PKPU Plan in the
U.S. and obtain a stay of all collection efforts against BLT and
its property.
Dispute Over MLA Carve-Out
The temporary injunction was not immediately granted following the
March 27 hearing as there was a dispute between the Gramercy Funds
and BLT over a carve-out granted in favor of a group of secured
creditors, identified as the MLA Lenders.
Gramercy Funds, which sought to commence involuntary Chapter 11
proceedings for BLT, says it does not oppose the U.S. Bankruptcy
Court's recognition of the Indonesian proceeding. However, it
noted that the proposed provisional order "would grant a group of
secured creditors -- the MLA Lenders -- the unfettered ability to
exercise creditor remedies outside the Court's oversight."
This carve-out for the MLA lenders threatens to undermine BLT's
fragile restructuring, Gramercy said.
Counsel to the foreign representative stated that following the
March 27 hearing, the parties have attempted -- but failed -- to
reach agreement over the disputed provision. It insisted that the
order provide: "Nothing contained in this Order shall affect the
rights and obligations of the MLA Lenders, which are not parties
in the Indonesian Proceeding."
Noting that at the March 27 hearing, the judge said that "[t]o the
extent you're subject to restrictions elsewhere, you're subject to
restrictions elsewhere," Gramercy asked the Court to use the very
same language the court has once endorsed in the Chembulk Chapter
15 cases: "Nothing contained in this Order should be construed as
limiting or restricting the ability of a creditor to take action
to the extent permitted by the PKPU Plan or the PKPU Order."
The order signed by Judge Bernstein on March 28 provides: "Nothing
contained in this Order shall affect the rights and obligations of
the MLA Lenders, in a manner inconsistent with their rights and
obligations if any, under the PKPU Plan or the PKPU Order. Thus,
if the PKPU Plan or PKPU Order do not impose restrictions on the
MLA Lenders, this Order does not impose any restrictions on them
either."
The order also provides, "Nothing contained in this Order shall
stay or otherwise impact the proceedings in In re PT Berlian Laju
Tanker Tbk, No. 12-14874 (SMB). Proceedings in the Chapter 11 Case
shall be governed by the orders entered therein."
About PT Berlian
PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.
It has about 70 tankers.
Starting in the latter half of 2008, the financial crisis in the
United States and Europe led to dramatic decreases in various
industrial production capabilities. As a result BLT suffered
significant financial difficulties. In January 2012, BLT breached
a covenant to maintain certain cash ratios and some of its
subsidiaries had failed to pay certain charter hires.
In March 2012, PT Berlian put 15 subsidiaries into Chapter
15 proceedings in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-
11007) to complement a bankruptcy reorganization in Singapore,
where the subsidiaries are based, and to prevent creditors from
seizing the company's vessels when they call on U.S. ports. In
April 2012 the U.S. judge ruled that Singapore is home to the so-
called foreign main proceeding for the operating subsidiaries.
In June 2012, Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent, followed by the involuntary petition the Gramercy
funds filed in New York in December.
PT Berlian was the subject of an involuntary Chapter 11 bankruptcy
filed in New York (Bankr. S.D.N.Y. Case No. 12-14874) on Dec. 13,
2012, by investor Gramercy Distressed Opportunity Fund II along
with two sister funds. The funds, all located in Greenwhich,
Conn., are allegedly owed $125.5 million.
In addition, more than a dozen subsidiaries have been under
Chapter 11 protection in New York since 2012.
PT Berlian Laju filed a Chapter 15 cross-border bankruptcy (Bankr.
S.D.N.Y. Case No. 13-10901) on March 26, 2013, in New York to
enforce its restructuring in Indonesia.
=========
J A P A N
=========
KANSAI URBAN: Moody's Affirms Baseline Credit Assessment at Ba3
---------------------------------------------------------------
Moody's Japan K.K. has affirmed all ratings of Kansai Urban
Banking Corporation.
The ratings outlook is stable.
The affirmed ratings are:
Long-term bank deposit rating (domestic and foreign currency): A3
Senior subordinated debt rating (domestic currency): Baa1
Junior subordinated debt rating (domestic currency): Baa2 (hyb)
Short-term bank deposit rating (domestic and foreign currency):
Prime-2
Bank Financial Strength Rating: D-, mapping to a baseline credit
assessment (BCA) of ba3 on the long-term scale.
Ratings Rationale:
The ratings affirmation follows the company's announcement on
March 29, 2013 regarding its revised net loss forecast for FYE
March 2013 and re-capitalization plans.
The ratings affirmation reflects Moody's view that KUBC's revised
financial projections for FYE March 2013 have already been
incorporated into Moody's assessment of KUBC at the time of its
rating downgrade in September 2012.
In addition, it reflects Moody's expectation that KUBC's weak
capital situation will moderately improve, following its announced
re-capitalization initiatives, which include: (1) the repayment of
relatively expensive and lower quality capital, including
preferred securities and subordinated loans; and (2) a replacement
by relatively higher quality capital (mandatory convertible
preferred stocks).
This proposed restructuring of KUBC's capital structure will
achieve modest reductions in overall capital costs for KUBC, and
will improve the preparedness of KUBC for new capital
requirements.
However, Moody's expects the size of its core capital to remain at
a lower level, even after the proposed re-capitalization,
considering the bank's large exposure to real estate-related
loans.
While the acceleration of losses embedded in its loan portfolio
should improve the short-term stability of KUBC's bottom line,
strong competition and its weak franchise in Osaka's banking
market will continue to constrain its ability to improve
profitability and further improve its capitalization over the
medium term.
The announced capitalization initiatives also demonstrate the
continued support from its parent, Sumitomo Mitsui Banking
Corporation (SMBC; Aa3/a3, stable), in normal and extra-ordinary
situations.
In Moody's view, SMBC's significant involvement in this announced
capitalization initiative shows its ability and willingness to
provide support in a timely manner. However, the total scale of
SMBC's exposure to KUBC has not increased.
The stable rating outlook reflects Moody's expectation that KUBC's
bottom line, which has always been volatile, will stabilize in the
short to medium term as a result of an acceleration of embedded
credit losses.
Potential Rating Triggers
An upgrade is possible if the bank can maintain a Tier 1 ratio of
more than 7%, however, achieving this ratio through profit growth
is unlikely, given the difficult operating banking environment.
Hence, the possibility of an upgrade in the near future is remote.
Factors that could result in a further downgrade include, but are
not limited to: (1) a bottom-line annual loss, (2) failure to
achieve the financial targets outlined in medium term strategic
plan, (3) increase of exposure to real estate sector from current
level, (4) any development that indicates a weaker relationship
with SMBC, (5) a downgrade of SMBC's deposits ratings, and (6) a
downgrade of Japan's sovereign rating.
The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.
Kansai Urban Banking Corporation, headquartered in Osaka, is a
consolidated subsidiary of the Sumitomo Mitsui Banking
Corporation.
SHARP CORP: Plans to Raise JPY100 Billion Via Public Offer
----------------------------------------------------------
The Japan Times reports that sources said Sharp Corp. plans to
raise about JPY100 billion through a public stock offering to
repay part of JPY200 billion in convertible debt due in September.
According to the report, the sources said the company's two main
creditor banks -- Mizuho Corporate Bank and the Bank of Tokyo-
Mitsubishi UFJ -- have signed off on the plan amid signs of a
pickup in Sharp's performance, reversing an initial cautious
stance.
The Japan Times relates that sources said Sharp aims to secure the
remaining JPY100 billion by expanding sales of liquid crystal
display panels.
In deciding the timing of the public stock offering, Sharp will
take into account movement in its share price, the sources, as
cited by The Japan Times, said.
According to The Japan Times, sources said the company will
announce on May 14 its group earnings results for the business
year ended in March as well as its medium-term business plan
through fiscal 2015.
About Sharp Corp.
Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.
Standard & Poor's Ratings Services said earlier this month that it
had lowered to 'B' from 'B+' its senior unsecured debt rating on
Sharp Corp. At the same time, S&P kept the senior unsecured debt
rating and 'B+' long-term and 'B' short-term corporate credit
ratings on Sharp and its overseas subsidiaries -- Sharp
Electronics Corp. and Sharp International Finance (U.K.) PLC -- on
CreditWatch with negative implications. S&P lowered the senior
unsecured debt rating by one notch from the issuer rating because
it believes Sharp's priority liabilities have increased and will
likely remain high against the company's assets in the next six to
12 months.
Fitch Ratings also said continued support from main creditor banks
will be essential for a sustained recovery of Sharp Corporation's
('B-'/Rating Watch Negative) operating performance. The Japanese
electronics manufacturer's liquidity position remains vulnerable
despite a turnaround to post marginally positive EBIT margins in
the third quarter of financial year ending March 2013 (Q3FY13).
====================
N E W Z E A L A N D
====================
GFNZ GROUP: S&P Ups Issuer Credit Rating to 'CCC'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
long-term issuer credit ratings on New Zealand finance company
GFNZ Group Ltd. and GFNZ's wholly owned insurance subsidiary,
Quest Insurance Group Ltd., to 'CCC' from 'CC'. The outlooks are
negative.
"The rating upgrade reflects an improved short-term liquidity
outlook resulting from GFNZ's sale and expected settlement of its
head office building in Mt. Wellington, Auckland, for net proceeds
of NZ$4.6 million," said credit analyst Harry Hu. "In addition, a
sale of receivables under the company's Professional Investor
Scheme is expected to raise another NZ$1.4 million. These
proceeds, together with debentures money under GFNZ's new
prospectus, should allow the company to repay its September 2013
payments ahead of schedule."
The new debenture prospectus, registered on Feb. 8, 2013, was a
significant milestone for GFNZ, raising NZ$0.7 million over
February and March 2013, mostly from existing investors. S&P
expects support to continue in this manner, noting that some
negative rating pressure could result if such support declines, as
it could indicate weakening investor interest.
"The rating is sensitive to the timing of new funding," said
Mr. Hu. "Standard & Poor's understands that once the September
2013 repayments are satisfied, GFNZ will be better positioned to
meet its liquidity needs to March 2014. While new and reinvested
debenture money can provide some cash flow relief, in S&P's
opinion the sourcing of alternative funding--e.g., via new bank
funding or an extended cap (currently at a maximum of
NZ$7.5 million receivables) through the Professional Investor
Scheme--is important for curbing growing negative sentiment on
liquidity. S&P understands liquidity pressures could be mitigated
by new lending cutbacks; however, S&P believes this lever is used
as a last resort, and is effective only if exercised sufficiently
prior to the repayment date so as to accumulate sufficient funds.
S&P notes that excessive use of new lending cutbacks may result in
negative profitability outcomes, and in turn affect new funding
prospects."
The negative outlook reflects GFNZ's ongoing funding and liquidity
challenges in meeting substantial half-yearly scheduled debenture
repayments and bank-facility reductions through to March 2015.
The rating could be lowered if a scenario emerges that shows the
inevitability of a default in the next six months. This could
occur if GFNZ: fails to receive settlement funds from the sale of
its head office building; fails to obtain alternative funding;
experiences a deterioration in debenture investment/reinvestment;
or cannot sufficiently accumulate funds from lending cutbacks
ahead of its March 2015 repayment or future repayments.
S&P do not anticipate GFNZ materially using building and
receivables sale proceeds for new lending; S&P may also lower the
rating if that occurs and to the detriment of short-term
liquidity.
GFNZ's rating is unlikely to be raised above the 'CCC' category
before March 2015, when the last scheduled repayment is made.
Within the 'CCC' category, the ratings on GFNZ could move upward
if the company successfully secures substantial new and
sustainable funding, and demonstrates better coverage of
liquidity needs beyond a 12-month period.
NZ ALUMINIUM: Thousands of Jobs At Risk as NZ Rules Out Aid
-----------------------------------------------------------
Stuff.co.nz reports that thousands of South Island jobs hang in
the balance after the Government ruled out stepping in to save the
Tiwai Pt aluminium smelter, which is owned by New Zealand
Aluminium Smelters Limited.
The smelter's owner walked away from talks with the Government
during the weekend and shunned the "reasonable" offer of a short-
term taxpayer-funded subsidy, Stuff.co.nz relates.
The Southland smelter employs more than 700 staff but its loss
would impact on more than 3,000 jobs in the region, the report
notes.
According to the report, parent company Rio Tinto rejected the
Government's intervention to resolve electricity negotiations at
the smelter and will resume discussions with Meridian Energy.
However, Meridian chief executive Mark Binns said he still could
not see how the significant gap in negotiations can be bridged,
the report relays.
Stuff.co.nz says Prime Minister John Key has confirmed that Rio
Tinto had rejected a government intervention of possible taxpayer
subsidies.
The report relates that Mr. Key said the Government would
encourage Meridian and Rio Tinto to find a long-term solution, but
recognized that there was quite a gap between the parties'
positions.
"The Government has put its best foot forward to try and bridge
the gap, I think that's a sensible thing to do."
Indications were that negotiations between the two parties would
resume after the Government's attempts failed, he said.
According to Stuff.co.nz, Mr. Binns said he had e-mailed a letter
to Pacific Aluminium, a business unit of Rio Tinto and the
majority shareholder of New Zealand Aluminium Smelters, expressing
concern about the major gap on several issues.
Contract talks between the state-owned power company and Pacific
Aluminium broke down last week when Meridian bosses said it was
unlikely a new agreement on electricity prices would be reached,
the report states.
New Zealand Aluminium Smelters Limited owns the the Tiwai Point
aluminium smelter.
=====================
P H I L I P P I N E S
=====================
NATIONAL POWER: Fitch Upgrades Fixed-Rate Notes Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Philippines-based National Power
Corporation's notes as listed below.
National Power Corporation 2006
-- USD500m fixed-rate notes due November 2016 upgraded to 'BBB-'
from 'BB+'; Outlook Stable
Key Rating Drivers
The rating on the notes is credit-linked to that of the
Philippines as the notes are irrecoverably and unconditionally
guaranteed by the Republic of Philippines.
The rating action follows the upgrade of Philippines' Long-Term
Foreign Currency Issuer Default Rating (LT FC IDR) to 'BBB-' from
'BB+' with a Stable Outlook on 27 March 2013 (see "Fitch Upgrades
Philippines to Investment Grade; Outlook Stable" on
www.fitchratings.com).
Rating Sensitivities
Changes to the Philippines' rating will result in a corresponding
action on the notes' rating.
=================
S I N G A P O R E
=================
NTUC CLUB: Creditors' Proofs of Debt Due April 23
-------------------------------------------------
Creditors of NTUC Club Investments Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by April 23, 2013, to be included in the company's dividend
distribution.
The company's liquidator is:
Ee Meng Yen Angela
Ernst & Young Solutions LLP
c/o One Raffles Quay, North Tower
18th Floor, Singapore 048583
ORION PRIME: Creditors' Proofs of Debt Due April 29
---------------------------------------------------
Creditors of Orion Prime Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 29, 2013, to be included in the company's dividend
distribution.
The company's liquidators are:
Sim Guan Seng
Khor Boon Hong
Victor Goh
C/o Baker Tilly TFW LLP
15 Beach Road
#03-10 Beach Centre
Singapore 189677
SCA ENGINEERING: Creditors' Proofs of Debt Due April 11
-------------------------------------------------------
Creditors of SCA Engineering Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by April 11, 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
SUNSHINE ASSETS: Creditors' Proofs of Debt Due April 29
-------------------------------------------------------
Creditors of Sunshine Assets Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 29, 2013, to be included in the company's dividend
distribution.
The company's liquidators are:
Sim Guan Seng
Khor Boon Hong
Victor Goh
C/o Baker Tilly TFW LLP
15 Beach Road
#03-10 Beach Centre
Singapore 189677
====================
S O U T H K O R E A
====================
* 44% S. Korean Shipping Firms Facing Insolvency May Survive
------------------------------------------------------------
Ship & Bunker reports that Al Koch, vice chairman of global
consulting firm AlixPartners, said close to half of South Korea's
shipping companies are in danger of insolvency, but many could
survive with aggressive measures.
Mr. Koch, who led General Motors' 2009 restructuring efforts in
the U.S., spoke recently at the 2013 Asian Leadership Conference.
An analysis of 1,400 South Korean companies by AlixPartners found
that shipping was the industry with the highest portion of
companies in danger, 44%, followed by construction at 35%.
"Korea and Korean industry today face many of the same problems
that General Motors faced prior to its turnaround -- high debt,
slow growth and seemingly intractable long-term structural issues,
some of them culturally oriented," the report quotes Mr. Koch as
saying. "However, just as GM, working in concert with the U.S.
government, was able to reexamine past orthodoxies as part of its
turnaround, I'm confident that Korea and Korean companies can
reexamine their own past orthodoxies to do the same."
In September, the South Korean shipping industry called on the
nation's government for support in the face of financial losses by
most firms in the market.
* Nearly Half of S. Korean Builders Posted Net Losses in 2012
-------------------------------------------------------------
Yonhap News reports that nearly half of South Korea's construction
companies lost money in 2012 as they were hit hard by the
protracted slump in the local property market.
Citing data compiled by market researcher FnGuide Inc., the report
relays that 30 out of 62 construction companies listed on the
South Korean stock markets posted a net loss last year on a
consolidated basis.
Data showed the net loss of local builders came to
KRW1.4 trillion (US$1.3 billion) last year, a sharp turnaround
from a net profit of KRW552 billion a year earlier, with their
operating profit also shedding 36.6% on-year to KRW1.6 trillion,
according to Yonhap.
Yonhap says Kumho Industrial Co., the construction unit of Kumho
Asiana Group, posted the largest net loss of KRW727.9 billion,
compared to a net loss of KRW49.5 billion in 2011. Ssangyong
Engineering & Construction Co. reported a net loss of
KRW413.3 billion.
Byuksan Engineering & Construction Co. also saw its net loss reach
KRW366.5 billion last year, trailed by Hanil Engineering &
Construction Co. with a net loss of KRW360.7 billion, the report
adds.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AACL HOLDINGS LT AAY 39.61 -4.66
AAT CORP LTD AAT 32.50 -13.46
AAT CORP LTD AAT 32.50 -13.46
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BECTON PROPERTY BEC 267.47 -15.73
BIRON APPAREL LT BIC 19.71 -2.22
BOWEN ENERGY LTD BWN 10.06 -1.19
CLARITY OSS LTD CYO 28.67 -8.42
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 12.09 -1.29
HAOMA MINING NL HAO 25.26 -27.35
MACQUARIE ATLAS MQA 1,618.82 -941.02
MISSION NEWENER MBT 22.05 -27.72
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORNDC 10.91 -0.31
QUICKFLIX LTD QFX 15.84 -1.91
REDBANK ENERGY L AEJ 295.35 -13.08
RENISON CONSOLID RSN 10.50 -9.23
RENISON CONSO-PP RSNCL 10.50 -9.23
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 60.12 -61.63
STERLING PLANTAT SBI 37.84 -10.78
CHINA
ANHUI GUOTONG-A 600444 70.61 -3.64
BAOCHENG INVESTM 600892 42.73 -3.58
CHANG JIANG-A 520 1,387.12 -64.68
CHENGDU UNION-A 693 26.99 -26.74
CHIFENG JILONG-A 600988 14.83 -3.52
CHINA KEJIAN-A 35 61.36 -211.36
DONGXIN ELECTR-A 600691 13.31 -35.40
HEBEI BAOSHUO -A 600155 107.75 -89.29
HUASU HOLDINGS-A 509 84.22 -18.79
HUBEI MAIYA CO-A 971 133.45 -1.85
HULUDAO ZINC-A 751 1,025.01 -104.94
HUNAN TIANYI-A 908 62.99 -4.40
JILIN PHARMACE-A 545 31.52 -6.57
JINCHENG PAPER-A 820 113.20 -102.79
QINGDAO YELLOW 600579 163.31 -103.32
SHANDONG HELON-A 677 726.23 -199.92
SHANG BROAD-A 600608 38.89 -11.05
SHANXI GUANLU-A 831 263.65 -38.86
SHENZ CHINA BI-A 17 28.69 -271.45
SHENZ CHINA BI-B 200017 28.69 -271.45
SHENZ INTL ENT-A 56 260.84 -53.74
SHENZ INTL ENT-B 200056 260.84 -53.74
SHIJIAZHUANG D-A 958 211.99 -123.23
SICHUAN GOLDEN 600678 71.51 -107.85
TAIYUAN TIANLO-A 600234 65.61 -14.45
TIANJIN GLOBAL-A 600800 134.90 -2.42
TIANJIN MARINE 600751 49.95 -92.48
TIANJIN MARINE-B 900938 49.95 -92.48
TIBET SUMMIT I-A 600338 91.79 -14.79
TOPSUN SCIENCE-A 600771 125.72 -115.82
WUHAN BOILER-B 200770 173.56 -191.42
WUHAN GUOYAO-A 600421 10.41 -27.07
WUHAN XIANGLON-A 600769 168.96 -5.24
XIAMEN OVERSEA-A 600870 274.55 -133.44
XIAN HONGSHENG-A 600817 95.47 -241.46
XINJIANG CHALK-A 972 667.59 -46.89
YANBIAN SHIXIA-A 600462 106.82 -136.87
YIBIN PAPER IN-A 600793 127.35 -4.70
YUEYANG HENGLI-A 622 34.87 -25.93
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.92 -45.22
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CROSBY CAPITAL 8088 22.66 -12.05
FIRST NTUL FOODS 1076 17.52 -56.24
FU JI FOOD & CAT 1175 73.43 -389.20
GRANDE HLDG 186 255.10 -208.18
MELCOLOT LTD 8198 36.29 -86.21
MITSUMARU EAST K 2358 22.77 -20.63
PALADIN LTD 495 173.10 -13.20
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 38.67 -23.83
SUNLINK INTL HLD 2336 17.79 -36.13
SURFACE MOUNT SMT 64.14 -29.40
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 187.46 -3.73
ARGO PANTES ARGO 154.01 -3.12
ARPENI PRATAMA APOL 416.73 -206.52
ASIA PACIFIC POLY 371.81 -836.19
JAKARTA KYOEI ST JKSW 29.81 -41.48
MATAHARI DEPT LPPF 254.86 -270.94
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.93 -21.52
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 11.11 -20.32
RENUKA COALINDO SQMI 15.30 -0.51
SEKAR BUMI TBK SKBM 18.90 -0.90
SUMALINDO LESTAR SULI 166.28 -18.26
TOKO GUNUNG AGUN TKGA 13.22 -1.15
TOKO GUNUNG-RTS TKGA/R 13.22 -1.15
UNITEX TBK UNTX 15.58 -20.80
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUJARAT STATE FI GSF 10.26 -303.64
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 123.83 -517.57
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JOG ENGINEERING VMJ 50.08 -10.08
JYOTHY CONSUMER JYOC 69.07 -31.72
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
KM SUGAR MILLS KMSM 19.14 -0.47
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 50.66 -70.76
MADRAS FERTILIZE MDF 158.91 -64.91
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 76.23 -31.89
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 354.99 -105.00
RELIANCE MED-SLB RMW/S 354.99 -105.00
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 14.42 -73.93
SADHANA NITRO SNC 16.74 -0.58
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SITI CABLE NETWO SCNL 110.69 -14.26
SOPAF SPA SSZ 153.76 -24.22
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STATE TRADING CO STC 1,279.23 -219.37
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA - PP SPADVPP 16.81 -13.07
SUN PHARMA ADV SPADV 16.81 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
DDS INC 3782 19.54 -1.03
FUJITSU COMP LTD 6719 388.54 -11.97
HARAKOSAN CO 8894 193.09 -4.52
HIMAWARI HD 8738 288.37 -50.80
ISHII HYOKI CO 6336 144.19 -23.48
KANMONKAI CO LTD 3372 55.07 -3.19
MISONOZA THEATRI 9664 64.39 -5.55
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
T&C HOLDINGS INC 3832 12.42 -2.66
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 42.96 -73.74
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
CORENTEC CO LTD 104540 27.48 -4.53
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 45.56 -16.24
LFE CORP BHD LFE 39.08 -0.85
PETROL ONE RESOU PORB 51.39 -4.00
PUNCAK NIA HLD B PNH 4,315.38 -21.35
SILVER BIRD GROU SBG 44.30 -30.68
SUMATEC RESOURCE SMTC 201.52 -2.77
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
ALLIED FARMERS ALF 27.12 -2.16
NZF GROUP LTD NZF 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.62 -102.98
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 24.36 -0.25
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 176.29 -5.33
SINGAPORE
ADVANCE SCT LTD ASCT 48.74 -2.27
CEFC INTL LTD SUNE 12.67 -0.90
HL GLOBAL ENTERP HLGE 83.35 -5.01
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TRANSCU GROUP LT TSCU 19.86 -1.38
TT INTERNATIONAL TTI 231.48 -88.02
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ANANDA DEV PCL ANAN 283.54 -3.55
ANANDA DEVELOP-F ANAN/F 283.54 -3.55
ANANDA DEVE-NVDR ANAN-R 283.54 -3.55
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
M LINK ASIA CORP MLINK 83.61 -7.85
M LINK ASIA-FOR MLINK/F 83.61 -7.85
M LINK ASIA-NVDR MLINK-R 83.61 -7.85
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SHUN THAI RUBBER STHAI 19.89 -0.59
SHUN THAI RUBB-F STHAI/F 19.89 -0.59
SHUN THAI RUBB-N STHAI-R 19.89 -0.59
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.90 -0.22
BEHAVIOR TECH-EC 2341O 30.90 -0.22
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
POWERCHIP SEM-EC 5346S 2,036.01 -52.74
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, 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 ***