/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130409.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 Tuesday, April 9, 2013, Vol. 16, No. 69 Headlines A U S T R A L I A CBL INSURANCE: S&P Withdraws 'BB- Issuer Credit Rating NATIONAL BUILDPLAN: Taps BRI Ferrier as Voluntary Administrators C H I N A RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'CCC' TEXHONG TEXTILE: Proposed Senior Notes Gets Moody's (P)Ba3 Rating TEXHONG TEXTILE: S&P Puts 'BB-' Rating on US$-Denominated Notes H O N G K O N G EF EDUCATIONAL: Members' Final Meeting Set for April 29 ESSENTIAL ENGINEERING: Court Enters Wind-Up Order EVER CAPITAL: Commences Wind-Up Proceedings FAT FAT: Briscoe and Yin Appointed as Liquidators FIORI APPAREL: Court Enters Wind-Up Order GAAI BO: Court to Hear Wind-Up Petition on May 15 GAIN ADVANCE: Members' Final Meeting Set for April 29 GIA HONG KONG: Lui and Yuen Appointed as Liquidators GLOBAL SERVICE: Court Enters Wind-Up Order GRAND TOYS: Creditors Get 100% Recovery on Claims GT INSURANCE: Members' Final Meeting Set for April 29 HENISON LIMITED: Members' Final Meeting Set for April 29 HEYNES ENTERPRISES: Fu Wing Cheung Steps Down as Liquidator HILLING INTERNATIONAL: Creditors' Proofs of Debt Due May 3 HK YUET: Court Enters Wind-Up Order I N D I A ANGEL PROMOTERS: ICRA Assigns 'B' Ratings to INR25cr Loans CLASSY INVESTMENTS: ICRA Rates INR1.75cr Loan at '[ICRA]B' DASHMESH AGRO: ICRA Reaffirms 'B' Rating on INR17.85cr Loan HYVOLT ELECTRICALS: ICRA Assigns 'B' Rating to INR4cr Loan JR SEAMLESS: CRISIL Cuts Ratings on INR305MM Loans to 'D' KINGFISHER AIRLINES: Creditors May Seize, Sell Airline Property LEGEND CERAMIC: ICRA Assigns 'B' Ratings to INR11cr Loans ROXTON (ITALY): ICRA Assigns 'B+' Rating to INR5cr LT Loan SAI-LAXMI TEXOFAB: ICRA Cuts Rating on INR5.57cr Loan to 'B' SANDEEP SEEDS: CRISIL Cuts Rating on INR220MM Loan to 'D' SINGHAL INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans TRISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit I N D O N E S I A PERUM PPD: Jakarta Mulls Buying Nearly Bankrupt Bus Firm J A P A N * JAPAN: Monetary Easing Buys Time to Resolve Fiscal Challenges N E W Z E A L A N D FELTEX CARPETS: Supreme Court Grants Vendors Right to Appeal PAKIRI INVESTMENTS: Liquidators to Reconstruct Share Register X X X X X X X X SUI NORTHERN: Islamabad Region Tops Natural Gas Defaulters' List REPUBLIC OF FIJI: S&P Affirms 'B' Rating; Outlook Stable * BOND PRICING: For the Week April 1 to April 5, 2013 - - - - - ================= A U S T R A L I A ================= CBL INSURANCE: S&P Withdraws 'BB- Issuer Credit Rating ------------------------------------------------------- Standard & Poor's Ratings Services said that it has withdrawn its 'BB-/Negative' financial strength and issuer credit ratings on CBL Insurance Ltd. at the request of the company. NATIONAL BUILDPLAN: Taps BRI Ferrier as Voluntary Administrators ---------------------------------------------------------------- Martin Green -- martin.green@briferrier.com.au -- and Peter Krejci -- peter.krejci@briferriernsw.com.au -- of BRI Ferrier have been appointed as Voluntary administrators of construction company National Buildplan Group Pty Ltd. The appointment follows a resolution by the company's Director. The Voluntary Administrators have commenced an urgent assessment of the financial position of the company. In the interim it has ceased work on its construction projects. The Sydney Morning Herald reports that BRI Ferrier was called on April 8 after work stopped on projects run by the family-owned NSW company, which include a $65 million expansion of the Port Macquarie Base Hospital and a redevelopment at Dubbo Base Hospital. The move is expected to put an end to a joint venture with Watpac on the Port Macquarie project, with Watpac hoping to take over control as the sole contractor, SMH relates. According to SMH, the company -- which is owned by William Robert Wheeler and Tonia Jane Wheeler -- generated a net profit of AUD1.09 million from AUD152.41 million in revenue in the 2011-12 financial year. The collapse comes amid rising complaints that subcontractors were not being paid. The company had forecasted its turnover would exceed AUD188 million this year and AUD640 million by 2015. A meeting of creditors will be held on April 18, 2013. ========= C H I N A ========= RENHE COMMERCIAL: S&P Lowers Corporate Credit Rating to 'CCC' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on China-based underground shopping mall developer and operator Renhe Commercial Holdings Co. Ltd. to 'CCC' from 'B-'. The rating outlook is negative. At the same time, S&P lowered its issue rating on the company's senior unsecured notes to 'CCC' from 'B-'. S&P has also lowered its Greater China scale rating on Renhe and its senior unsecured notes to 'cnCCC' from 'cnB-'. "We lowered the ratings because we believe Renhe may not have sufficient cash to pay interest expenses in the next 12 months," said Standard & Poor's credit analyst Frank Lu. "Our reason for that is we expect the company's property sales and receivables collection will likely remain low over the next six to 12 months. In addition, the prospects for additional funding are weak mainly because of the company's lack of land-use rights on its underground malls." Renhe's liquidity has further deteriorated since the middle of 2012 as property sales dropped to Chinese renminbi (RMB) 271 million in 2012 from RMB1,888 million in 2011. Furthermore, S&P estimates that, up to March 31, 2013, the company only collected about RMB550 million of its outstanding sales receivables of RMB3.8 billion as of June 30, 2012. Most of these receivables are more than one year overdue now. In 2012, Renhe drew down its surplus cash and cash equivalent to meet interest payment. Its cash balance declined to RMB1.2 billion from RMB1.4 billion in the second half of 2012. In S&P's base-case scenario, it estimates Renhe's primary liquidity sources, including unrestricted cash, property sales, receivable collection and rental income, are likely to be 20%-30% short in meeting its financial and other commitments in 2013. The company has a large interest expense of almost RMB900 million each year. The rating on Renhe reflects its vulnerable business model due to its limited access to bank financing and the high regulatory risk. Renhe and its property buyers have difficulty getting bank borrowing given they have no land-use rights for use as collateral. The regulations governing the mall projects that Renhe developed from underground civil air defense facilities are ambiguous in many areas. Changes in these regulations could affect the sustainability of the company's business model. "The negative outlook reflects our expectation that Renhe may miss its interest payment in the next 12 months. This is because we expect the company's property sales and receivables collection to remain low despite a stabilizing property market in China," Mr. Lu said. S&P may lower the rating if Renhe's cash balance depletes faster than it expected. This could happen if property sales and receivables collection do not improve and the company does not reduce operating expenses and capital expenditure. A cash balance of less than RMB500 million would indicate such a deterioration. S&P may revise the outlook to stable or upgrade Renhe if the company's property sales improve to well above RMB500 million, it increases receivables collection significantly, or it raises funding from asset sales or external parties, including financing from banks or capital markets, to stabilize its liquidity position. TEXHONG TEXTILE: Proposed Senior Notes Gets Moody's (P)Ba3 Rating ----------------------------------------------------------------- Moody's Investors Service has assigned a provisional (P)Ba3 senior unsecured debt rating to the US dollar senior notes proposed by Texhong Textile Holdings Limited. At the same time, Moody's has affirmed the Ba3 corporate family rating of Texhong. The ratings outlook is stable. Ratings Rationale: The proceeds from the proposed senior notes will be used for funding capital expenditures and general working capital purposes. The provisional status of the notes' senior unsecured debt rating will be removed after Texhong has completed the notes issue on satisfactory terms and conditions. "The proposed notes will provide the funding required by Texhong to complete its production base in Vietnam, and which is, in turn, part of efforts to sustain its competitiveness" says Alan Gao, a Moody's Vice President and Senior Analyst. Texhong has a business strategy to expand its production in Vietnam in view of cheaper production costs when compared to China. Its current capacity in Vietnam accounts for approximately 40% of its total. Texhong is developing its second production base in Northern Vietnam. Its Phase One capacity has 170,000 spindles, and the facility is scheduled to begin operations in 2Q 2013. Upon the completion of Phase Two, total production from Vietnam will account for about half of the company's output. "The proposed senior notes will not increase Texhong's debt leverage in any significant way and will therefore not affect its Ba3 ratings," says Gao, who is also the lead analyst for Texhong. Moody's expects Texhong's credit metrics -- adjusted EBITDA margin of 10% - 13% and adjusted Debt/EBITDA 2.5x -3.5x for next two years -- will be consistent with its current Ba3 corporate family rating after consideration of the proposed senior notes. Texhong's Ba3 rating continues to reflects its modest position in China's fragmented yarn market. The rating also considers the exposure of its profit margins to the fluctuations in the purchase prices for raw cotton and the selling prices for yarn. Both are sensitive to end-demand for downstream apparel and textile products. Moody's notes that the expansion in Vietnam offers Texhong some cost savings through its ability to source more competitively priced cotton yarn, which has been a key driver for its margin improvements. Further supporting the Ba3 rating is Texhong's diversified customer base. A large portion of its sales are associated with domestic consumption in China, and which is projected to grow steadily in coming years. Texhong's liquidity position will improve after it has issued the senior notes which will cover the company's capital expenditures. At end-2012, Texhong had a RMB530 million cash balance and RMB630 million in bills receivable, and which together can cover its RMB206 million in short-term debt and RMB613 million in bills payable. The stable outlook reflects our expectation that Texhong will maintain its gross profit margin at around 15% or higher, and that it will be able to ramp up production in Vietnam to further strengthen its cost competitiveness. Texhong's ratings could be upgraded if it (i) completes and ramps up its Vietnam production; (ii) demonstrates an ability to reduce volatility in its profit margins, arising from volatility in prices for raw cotton and yarn; and (iii) improves its debt maturity and liquidity position. Credit metrics indicating upgrade pressure would include Debt/EBITDA staying below 2.5x and EBITDA margin staying above 13%-15%. On the other hand, the ratings could be downgraded if Texhong: (1) shows deterioration in profitability, as reflected by its inability to maintain its EBITDA margin at 10% or above; (2) shows a weak liquidity position due to rising short term debt maturities or an excessive inventory position; (3) adopts an aggressive cotton-procurement strategy, which exposes it to a greater risk of cotton-price fluctuations; and/or (4) engages in large-scale debt- financed expansion projects. "We may also consider a rating downgrade if adjusted debt/EBITDA consistently exceeds 4.0x-4.5x," Moody's says. The principal methodology used in this rating was the Global Manufacturing Industry Methodology published in December 2010. Established in 1997 and listed on the Hong Kong Stock Exchange since 2004, the Texhong Textile Group specializes in producing core-spun yarn and textile products. The company currently operates 12 yarn production bases: 11 in the Yangtze River Delta region in China and one in Vietnam. Its chairman, Tianzhu Hong, holds a 52.2% stake and is the majority shareholder of the company. TEXHONG TEXTILE: S&P Puts 'BB-' Rating on US$-Denominated Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' long-term issue rating and its 'cnBB+' long-term Greater China regional scale rating to a proposed issue of U.S.-dollar-denominated senior unsecured notes by Texhong Textile Group Ltd. (BB-/Stable/--; cnBB+/--). The ratings are subject to S&P's review of the final issuance documentation. Texhong intends to use the proceeds from the proposed notes to fund its capital expenditure and for general corporate purposes. S&P do not notch down the issue rating from the corporate credit rating on Texhong because it expects the company to maintain its ratio of priority debt to total assets at less than 15% over the next 12 months, which is the threshold for a notch down. The rating on Texhong reflects the company's exposure to volatile cotton prices and its commodity-like product offerings, as well as the competitive and fragmented nature of the textile industry in China. Texhong's good niche market position in core-spun yarns, stable cash flows, and a proactive and agile management team temper these weaknesses. S&P assess the company's business risk profile as "weak," its financial risk profile as "aggressive," and its liquidity as "adequate," as S&P's criteria define these terms. S&P expects Texhong's strong performance in the second half of 2012 to continue in the next 12 months, which should lead to better cash flow generation. S&P also expects the company to maintain its good cost advantage, given its good access to cheaper international cotton and the ramp up of its production in Vietnam. The stable rating outlook on Texhong reflects S&P's expectation that the company can continue to improve its profitability and maintain good financial discipline over the next 12 months. ================ H O N G K O N G ================ EF EDUCATIONAL: Members' Final Meeting Set for April 29 ------------------------------------------------------- Members of EF Educational Foundation for Foreign Study Limited will hold their final meeting on April 29, 2013, at 10:00 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ESSENTIAL ENGINEERING: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Hong Kong entered an order on March 8, 2013, to wind up the operations of Essential Engineering Limited. The company's liquidator is Lau Siu Hung. EVER CAPITAL: Commences Wind-Up Proceedings ------------------------------------------- Members of Ever Capital Holdings Limited, on March 20, 2013, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Victor Robert Lew 22nd Floor, Tai Yau Building 181 Johnston Road Wanchai, Hong Kong FAT FAT: Briscoe and Yin Appointed as Liquidators -------------------------------------------------- Stephen Briscoe and Mark Hau Yin on March 20, 2013, were appointed as liquidators of Fat Fat Limited. The liquidators may be reached at: Stephen Briscoe Mark Hau Yin c/o Briscoe Wong Ferrier 602 The Chinese Bank Building 61-65 Des Voeux Road Central Hong Kong FIORI APPAREL: Court Enters Wind-Up Order ----------------------------------------- The High Court of Hong Kong entered an order to wind up the operations of Fiori Apparel Limited. The company's liquidators are Wong Sun Keung and Tsui Mei Yuk Janice. GAAI BO: Court to Hear Wind-Up Petition on May 15 ------------------------------------------------- A petition to wind up the operations of Gaai Bo Engineering Company Limited will be heard before the High Court of Hong Kong on May 15, 2013, at 9:30 a.m. Chevalier (Buildings Supplies & Engineering) Limited filed the petition against the company on March 6, 2013. The Petitioner's solicitors are: Fried Frank Harris Shriver & Jacobson 1601, Chater House, 8 Connaught Road Central, Hong Kong GAIN ADVANCE: Members' Final Meeting Set for April 29 ----------------------------------------------------- Members of Gain Advance Limited will hold their final meeting on April 29, 2013, at 4:00 p.m., at 6/F, Kwan Chart Tower, 6 Tonnochy Road, Wanchai, in Hong Kong. At the meeting, Puen Wing Fai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GIA HONG KONG: Lui and Yuen Appointed as Liquidators ---------------------------------------------------- Kennic Lai Han Lui and Yuen Tsz Chun, Frank, on March 22, 2013, were appointed as liquidators of Gia Hong Kong - Laboratory Services Center Limited. The liquidators may be reached at: Kennic Lai Han Lui Yuen Tsz Chun, Frank c/o Messrs. KLC Kennic Lui & Co. 5th Floor, Ho Lee Commercial Bldg. 38-44 D'Aguilar Street Central, Hong Kong GLOBAL SERVICE: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on Jan. 8, 2013, to wind up the operations of Global Service (Project) Limited formerly known as South China House of Technology (Project) Limited. The company's liquidators are Wong Sun Keung and Tsui Mei Yuk Janice. GRAND TOYS: Creditors Get 100% Recovery on Claims ------------------------------------------------- Grand Toys International Limited, which is in creditors' voluntary liquidation, declared the first and final ordinary dividend to its creditors on March 28, 2013. The company paid 100% for ordinary claims. The company's liquidators are: Cosimo Borrelli G Jacqueline Fangonil Walsh Level 17, Tower 1 Admiralty Centre 18 Harcourt Road Hong Kong GT INSURANCE: Members' Final Meeting Set for April 29 ----------------------------------------------------- Members of GT Insurance (H.K.) Co., Limited will hold their final meeting on April 29, 2013, at 10:00 a.m., at 7th Floor, Cambridge House, Taikoo Place, Quarry Bay, in Hong Kong. At the meeting, Kazuki Nishimura, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HENISON LIMITED: Members' Final Meeting Set for April 29 -------------------------------------------------------- Members of Henison Limited will hold their final meeting on April 29, 2013, at 10:00 a.m., at 8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong Kong. At the meeting, Iain Ferguson Bruce, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HEYNES ENTERPRISES: Fu Wing Cheung Steps Down as Liquidator ----------------------------------------------------------- Fu Wing Cheung stepped down as liquidator of Heynes Enterprises Limited on March 28, 2013. HILLING INTERNATIONAL: Creditors' Proofs of Debt Due May 3 ---------------------------------------------------------- Creditors of Hilling International Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 3, 2013, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 28, 2013. The company's liquidator is: Leung Chi Kwong Room 2009, Hang Bong Commercial Centre 28 Shanghai Street Jordan, Kowloon HK YUET: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order on Jan. 7, 2013, to wind up the operations of Hong Kong Yuet Foon Textile Co., Limited. The company's liquidators are Wong Sun Keung and Tsui Mei Yuk Janice. ========= I N D I A ========= ANGEL PROMOTERS: ICRA Assigns 'B' Ratings to INR25cr Loans ---------------------------------------------------------- ICRA has assigned the long term rating of '[ICRA]B' to INR24.60 crore fund based and INR0.40 crore non-fund based limits of Angel Promoters Private Limited. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Long Term: Fund 24.60 [ICRA]B/assigned Based Limits Long Term: Non-Fund 0.40 [ICRA]B/assigned Based Limits The assigned rating is constrained by the stretched liquidity of the company which is on account of the significant investment undertaken in the commercial real estate project being developed, despite low sales collections and absence of adequate funding tie up. While the accruals from the residential project being developed had been healthy, given the comfortable booking and collection efficiency of the customer advances, the liquidity had been stretched on account of significant term repayments and most of the accruals from the residential project being utilized towards funding the commercial project. This has resulted in high dependence on the timely funding support from the promoters to maintain adequate liquidity. The rating however favorable takes into account the significant progress on the residential project with the possession of the apartments expected in H1 2013-14 and the attractive location of the two projects being developed with the residential project located in fast developing residential area of Indirapuram and the commercial project located in the developed industrial area of Sahibabad (both in Uttar Pradesh). The rating also takes into account the track record of the promoters in the Delhi NCR real estate market, having completed a number of commercial and residential projects in the area, however the regional dependence had been high, given the concentration of most of the past and ongoing projects in Noida and Ghaziabad areas of the Delhi NCR region. Going forward timely funding support from the promoters which shall be required to maintain adequate liquidity would be the key rating sensitivity. Moreover, while the funding mix for the commercial project is yet to be finalized, in case of primarily bank funding, comfortable maturity profile of the debt along with project execution within scheduled cost and timelines while maintaining adequate sales and collection efficiency would be important. APPL was incorporated in October 2007 and is developing a residential project in Indirapuram (Ghaziabad, Uttar Pradesh) under the name Angel Mercury and an office cum retail cum hotel project in Sahibabad (Uttar Pradesh) under the name of Angel Business Square. The residential project which is being developed on an area of 2.28 acres, comprises of 3 residential towers having a total of 362 apartments with a total built up area of 4.9 lac square feet and saleable area of 5.1 lac square feet. The commercial project has a built up area of 3.2 lac square feet with a total saleable area of 2.25 lac square feet. CLASSY INVESTMENTS: ICRA Rates INR1.75cr Loan at '[ICRA]B' ---------------------------------------------------------- ICRA has assigned the long term rating of '[ICRA]B' to the INR1.75 crore cash credit facilities of Classy Investments Private Limited. ICRA has also assigned the short term rating of '[ICRA]A4' to the INR6.04 crore non-fund based facilities of CIPL. ICRA has also assigned [ICRA]B and [ICRA]A4 to the INR0.21 crore untied limits of the company. The combined fund based and non-fund based utilization should not exceed INR8.00 crore at any point of usage. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit limits 1.75 [ICRA]B (assigned) Non Fund based limits 6.04 [ICRA]A4 (assigned) Untied limits 0.21 [ICRA]B/[ICRA]A4 (assigned) The ratings are constrained by CIPL's small scale of operations with limited track record; the cyclicality associated with the business of the company, as the ship breaking prospects are linked to international shipping business fundamentals, environmental regulatory risks and vulnerability of profitability to fluctuating foreign exchange rates and steel prices. The ratings are also constrained by the company's stretched liquidity and leveraged capital structure with a gearing of 3.5X as on Dec. 31, ember 2012. However ICRA derives some comfort from the fact that a significant proportion of total debt is from the promoters. The ratings, however, favorably consider the long standing experience of CIPL's promoters in the ship breaking industry and the location advantage accruing due to its proximity to customers. Classy Investments Private Limited erstwhile known as Paneri Finance & Investments Private Limited was promoted by Mr. Murarilal Gupta and incorporated in the year 1996. The company was previously engaged in financial and mercantile activities with interest & commission income. Recently the company ventured into ship dismantling business operating from Darukhana, Mumbai (Maharashtra). The company has dismantled a Bulk Carrier partially till December 2012. The company has its registered office in Mumbai. Recent Results: The company recorded a net profit of Rs.0.3 crore on an operating income of INR3.1 crore as on December 31, 2012. DASHMESH AGRO: ICRA Reaffirms 'B' Rating on INR17.85cr Loan ----------------------------------------------------------- ICRA has re-affirmed the '[ICRA]B' rating for INR17.85 crore (enhanced from INR12.00 crore) fund based bank facilities of Dashmesh Agro Industries. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Fund Based Limits 17.85 [ICRA]B (re-affirmed) The rating continues to be constrained by DAI's presence in a highly competitive nature of the industry, its moderate scale of operations, weak profitability metrics, high gearing level and consequently weak debt protection indicators. The rating is also constrained by its stretched liquidity position as reflected by consistently high working capital limits utilization arising out of high inventory holding period and risks inherent in a partnership firm like limited ability to raise equity capital, risk of dissolution due to death/retirement/insolvency of partners etc. However, the ratings favorably factor in DAI's experienced promoters with long track record in rice milling industry. Dashmesh Agro Industries is a partnership firm promoted by Mr. Ashwani Sidana and his family members. The firm is primarily engaged in milling of basmati rice. The firm is also engaged in converting semi processed rice into parboiled Basmati rice. DAI's milling unit is based out of Jalalabad, Distt. Ferozpur, Punjab which is in close proximity to the local grain market. Recent Results During the financial year 2011-12, the firm reported a profit after tax (PAT) of INR0.28 crore on an operating income of INR40.58 crore as against PAT of INR0.03 crore on an operating income of INR17.91 crore in 2010-11. As per the provisional figures, the firm reported sales of INR45 crore (ytd). HYVOLT ELECTRICALS: ICRA Assigns 'B' Rating to INR4cr Loan ---------------------------------------------------------- ICRA has assigned '[ICRA]B' rating to the INR4.0 crores fund based limits of Hyvolt Electricals. ICRA has also assigned '[ICRA]A4' rating to INR12.0 Crores letter of credit limits and INR9.0 crores Bank guarantee of Hyvolt. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Fund Based Limits 4.0 [ICRA]B assigned Cash Credit Non Fund Based Limits-LC 12.0 [ICRA]A4 assigned Non Fund Based Limits-BG 9.0 [ICRA]A4 assigned The rating takes into account the inherently low value additive nature of Hyvolt's operations which coupled with its moderate scale of operations have resulted in low profitability indicators for the company. This in turn has resulted in modest cash accruals and moderate debt protection indicators for the firm. The rating is also constrained by high client concentration risk as 87% of Hyvolt's sales are made to single client-Indian Railways. This has lead to significant fluctuation in firm's revenues over the past three years in line with variability in order inflow from Railways. The ratings also factor in exposure of the firm's profitability to adverse movements in raw material prices (copper); however this risk is mitigated to an extent by price escalation clauses present in Hyvolt's contracts with Indian Railways. Nevertheless the ratings derive comfort from Hyvolt's experienced partners with established track record of operations in the cable manufacturing business and low counterparty credit risk faced by the firm. Hyvolt Electricals, set up in 1967 is engaged in the manufacturing of railway traction wires and supplies mainly to Indian Railways. The firm is promoted by Mr. Kaushal Mittal and has its manufacturing facility in Jhilmil Industrial Area with an installed capacity of 7000 MT/ year. The unit produces over head equipment including copper conductors and catenary wires for railways along with production of copper strips and aluminium stranded conductors. Hyvolt is approved by the Research Design and Standards Organisation (RDSO) as a Part-11 and Part-2 supplier of copper cables to Indian Railways. JR SEAMLESS: CRISIL Cuts Ratings on INR305MM Loans to 'D' --------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of JR Seamless Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 90 CRISIL D (Downgraded from 'CRISIL B-/Stable') Long-Term Loan 215 CRISIL D (Downgraded from 'CRISIL B-/Stable') The rating downgrade reflects instances of delay by JRSPL in servicing its debt; the delays have been caused by JRSPL's weak liquidity, driven by large working capital requirements. The ratings reflect JRSPL's below-average financial risk profile, marked by a small net worth, moderate gearing, and weak debt protection metrics, its large working capital requirements, and modest scale of operations. These rating weaknesses are partially offset by the benefits that JRSPL derives from its promoter's extensive industry experience. JRSPL was incorporated in April 2007. The company's plant, which became fully operational in April 2010, manufactures carbon steel and alloy steel seamless pipes and tubes. JRSPL is promoted by Mr. Narender Agarwal and his brothers. KINGFISHER AIRLINES: Creditors May Seize, Sell Airline Property --------------------------------------------------------------- Debi Prasad Nayak and Nupur Acharya at Dow Jones' DBR Small Cap report that Kingfisher Airlines Ltd.'s creditors may start seizing and selling its property, an executive with the lead bank in a lenders' consortium said. About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., served about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintained bases in major cities such as Delhi and Mumbai. * * * Kingfisher Airlines, which has been unprofitable since it was created in 2005, accumulated losses of $1.9 billion between May 2005 and June 30, 2012, The Wall Street Journal reported citing Sydney-based consultant CAPA-Centre for Aviation. The airline also owes about $2.5 billion to lenders, suppliers, leasing companies and investors, the Journal added. According to The Times of India, the company began showing signs of weakness in November 2011 when it ran out of money to operate most of its flights and started reducing its flights to cut cost. The airline also failed to pay salaries to its employees for a long time following which the employees went on an indefinite strike. Its flying license was finally suspended in October 2012, TOI reported. LEGEND CERAMIC: ICRA Assigns 'B' Ratings to INR11cr Loans --------------------------------------------------------- The rating of '[ICRA]B' has been assigned to the INR4.00 crore cash credit facility and INR7.00 crore term loan facility of Legend Ceramic Private Limited. The rating of '[ICRA]A4' has also been assigned to the INR1.00 crore short-term non-fund based limit of LCPL. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit 4.00 [ICRA]B assigned Term loan 7.00 [ICRA]B assigned Non-fund Based, Short 1.00 [ICRA]A4 assigned term facilities The assigned ratings are constrained by the relatively small scale of envisaged operations and the limited operational track record of the company, disadvantages resulting from its single product portfolio of ceramic floor tiles and the highly competitive business environment given the fragmented nature of the tiles industry. The ratings also take into account the vulnerability of LCPL's profitability to the cyclicality associated with the real estate industry as well as to volatility in the prices of raw materials and natural gas. The ratings are further constrained by the weak financial profile as reflected by its adverse capital structure and high working capital intensity. The assigned ratings, however, favorably factor in the long experience of the promoters in the ceramic tile industry through other entities of the promoters in the similar line of business, distribution and sales support from established distribution network of other entities of the promoters and the location advantage enjoyed by LCPL being located in the ceramic hub Morbi, giving it easy access to raw material. Legend Ceramic Pvt. Ltd. was incorporated as a closely held company in July 2011 by Mr. Shankar Patel and his family members. The promoters have long standing experience in the tiles industry through other group concerns - Space Ceramics Pvt. Ltd. and Spice Ceramic Pvt. Ltd. which are also involved in manufacturing of ceramic wall tiles. LCPL commenced commercial operations in June, 2012 and is engaged in manufacturing of ceramic floor tiles of a single size 16"X16". Recent Results In the first six months of operations from June 2012 to November 2012 the company has reported an operating income of INR5.98 crore and profit before depreciation and tax of Rs.0.73 crore (as per unaudited provisional numbers). ROXTON (ITALY): ICRA Assigns 'B+' Rating to INR5cr LT Loan ---------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.00 crore long-term fund based facilities of Roxton (Italy) Clothing Private Limited. ICRA has also assigned a short term rating of '[ICRA]A4' to the INR1.50 crore short term non fund based facilities of the company. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Long-term, fund- 5.00 [ICRA]B+ assigned based facilities CC Short-term, non fund- 1.50 [ICRA]A4 assigned based facilities-LC The assigned ratings take into account the promoter's experience and operating track record of over two decade in textiles industry, established relationship with Chinese suppliers for fabric procurement and steady revenue and profitability growth over the years albeit on a lower base. ICRA also takes note of the company's presence into the branded retail space where there is considerable long-term potential especially in Tier-II and Tier- III cities and semi-urban areas which remain relatively unbranded and under-penetrated. The ratings are however constrained by the limited track record in the branded retail segment, working capital intensive nature of the retail business and intense competition in domestic apparel market limiting pricing flexibility. The ratings also take into account the small scale of operations limiting scale benefits. ICRA also notes the weak demand outlook for retail segment in the near to medium term given the inflationary pressures and the prevailing economic slowdown impacting discretionary spending by consumers. Roxton (Italy) Clothing Private Limited was incorporated in the year 2008 by Mr. C. Purohit, who has over 20 years experience in the fabric trading business. RICPL is primarily engaged in trading of fabric. RICPL imports fabric from China and sells them in the domestic market. Apart from trading, it also manufactures readymade garments (RMG) and exports to Dubai; albeit on a small scale. In May 2010, the company commenced retailing of RMG, comprising only menswear. The company markets a range of casual shirts, casual T-shirts, denim and accessories through its brand 'Roxton'. With no production facility of its own, RICPL operates through a contract manufacturing model for its entire merchandise, with its job workers located mainly in Mumbai. It has a central warehouse in Bhiwandi and garments are supplied to retail stores through the in-house distribution network. The company derives majority of its retail sales from North India where it has strong presence. At present, there are 42 Roxton outlets across India under both COCO and COFO formats, located primarily across Tier-II and Tier-III cities and towns. Recent results: RICPL reported profit before tax (PBT) of INR0.61 crores on operating income of INR27.25 crore for the ten months ended January 2013. As per its audited results for FY12, RICPL reported profit after tax (PAT) of INR0.26 crores on operating income of INR20.78 crores. SAI-LAXMI TEXOFAB: ICRA Cuts Rating on INR5.57cr Loan to 'B' ------------------------------------------------------------ ICRA has revised the long-term rating assigned to the INR5.57 crore fund based bank limits from '[ICRA]B+' to '[ICRA]B' for Sai- Laxmi Texofab. ICRA has revised the long-term rating to [ICRA]B and/or reaffirmed the short term rating at '[ICRA]A4' assigned to INR0.80 crore unallocated limit of SLT. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Long-term Fund 5.57 [ICRA]B Revised Based Limits Unallocated Limit 0.80 [ICRA]B and/or [ICRA]A4 Revised /Reaffirmed The revision in rating reflects the weakening of financial profile of SLT, characterized by dip in profitability margins; increase in gearing levels following its working capital intensive operations and stretched liquidity position resulting in almost full utilization of bank limits. The ratings are also constrained on account of modest size of operations; vulnerability of profit margins to volatility in raw material prices and the high competitive pressure prevailing in the industry because of the presence of many unorganized players. Further, SLT is a partnership concern and any significant withdrawals from the capital account would affect its capital structure. However, the ratings favorably factor in the promoter's long track record in textile industry and location advantages due to its presence in the textile belt of Surat. Sai-Laxmi Texofab started its operations in 2002. The firm is involved in texturing of yarns and manufacturing of grey cloth. Its registered office and its manufacturing facility for grey cloth are located at Surat city, while the facility for yarn texturing is located at Kim village, Surat. Recent Results SLT recorded a net profit of INR0.43 crore on an operating income of INR49.55 crore for the year ending March 31, 2012. For the half year ended September 30, 2012, the company recorded a net loss of INR3.68 crore on an operating income of INR21.98 crore (Provisional numbers). SANDEEP SEEDS: CRISIL Cuts Rating on INR220MM Loan to 'D' --------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Sandeep Seeds and Farms Pvt Ltd (SSF; part of the SSF group) to 'CRISIL D' from 'CRISIL BB-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 220.0 CRISIL D (Downgraded from 'CRISIL BB-/Stable') The rating downgrade reflects instances of delay by SSF in servicing its debt; the delays have been caused by SSF's weak liquidity, driven by large working capital requirements. The SSF group has a below-average financial risk profile, marked by modest net worth, moderate gearing, and weak debt protection metrics, its working capital requirements are large, and its profitability is susceptible to volatility in raw material prices. The SSF group, however, derives benefits from its established regional presence and promoters' extensive experience in the seeds industry. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of SSF, Ajay Seed Processing Plant, Sandeep Seed Processing Plant, and Santosh Seed Processing Plant, collectively referred to as the SSF group. This is because all the entities are owned and managed by the same promoter and are in the same line of business. Furthermore, SSF has extended corporate guarantee to the debt facilities of the other three entities. The SSF group processes and sells self-pollinated seeds such as paddy, Bengal gram, ground nuts, and soya bean. SSF, before being reconstituted as a private limited company in April 2009, was a proprietary concern. Furthermore, the promoters have promoted Ajay Seed Processing Plant, Sandeep Seed Processing Plant, and Santosh Seed Processing Plant, which are in the same line of business as SSF. SINGHAL INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans --------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Singhal Industries Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 55 CRISIL B/Stable (Downgraded from CRISIL B+/Stable) Proposed Long-Term 70.5 CRISIL B/Stable (Downgraded Bank Loan Facility from CRISIL B+/Stable) Rupee Term Loan 64.5 CRISIL B/Stable (Downgraded from CRISIL B+/Stable) The downgrade reflects deterioration in SIPL's financial risk profile, driven by its weak liquidity. The liquidity was stretched on account of increase in its working capital requirements due to significant rise in its scale of operations and stretch in its cash conversion cycle. The working capital requirements are dominated by high inventory holdings as well as higher book debts. This is reflected in the average bank limit utilisation of 96 per cent for the 12 months through January 2013. Over the medium term, its working capital requirements are expected to remain large, with high gross current assets in the range of 200 to 205 days, coupled with increase in scale of operations. CRISIL believes that SIPL's large working capital requirements, as reflected in high average bank line utilisation for the 12 months ended January 2013, will continue to have a bearing on its overall liquidity. The ratings continue to reflect SIPL's below-average financial risk profile, marked by its weak liquidity and susceptibility to intense industry competition. These rating weaknesses are partially offset by the benefits that SIPL derives from its promoters' extensive industry experience. Outlook: Stable CRISIL believes that SIPL will continue to benefit over the medium term from its promoters' extensive experience in the packaging industry. The outlook may be revised to 'Positive' in case the company reports significant improvement in its liquidity position, driven by better-than-expected working capital management. Conversely, the outlook may be revised to 'Negative' if SIPL's liquidity position deteriorates due to further stretch in its cash conversion cycle, jeopardising SIPL's ability to service its debt obligations in a timely manner. SIPL, incorporated in 2007 and based in Gujarat, manufactures leno bags, various types of high density polyethylene and polypropylene bags, wide width fabric, and warning mats. These products are used as packaging material in industries such as sugar, cement, and fast-moving consumer goods; the warning mats are used as mandatory protection layers on underground gas pipelines. The company is promoted by Mr. Pradeep Agarwal and his two sons, Mr. Tushar Agarwal and Mr. Pulkit Agarwal. For 2011-12 (refers to financial year, April 1 to March 31), SIPL reported a profit after tax (PAT) of INR3.5 million on net sales of INR240 million, against a profit after tax of INR2.7 million on net sales of INR202 million for 2010-11. TRISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit ---------------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B+' for INR5.00 Crore fund based facilities of Trishakti Alloys Private Limited. ICRA has also assigned a short-term rating of '[ICRA]A4' to the INR3.50 Crore non fund based facilities of TAPL. Amount Facilities (INR Cr) Ratings ---------- -------- ------- Cash Credit 5.00 [ICRA]B+ assigned Letter Of Credit 3.50 [ICRA]A4 assigned The assigned ratings draw comfort from the proven track record of TAPL's promoters in the domestic aluminium recycling industry and established relationships with its customers. ICRA notes that the repeat orders that the company generates from such customers, shows the acceptance of the company's product portfolio to an extent. The ratings are however constrained by susceptibility of revenues and profitability to various factors like competitive and fragmented market, close coupling with macroeconomic situation, foreign currency fluctuations and volatility in commodity prices. The operations of the company still remain at a nascent stage with low capacity utilisations resulting in low profitability and adverse coverage indicators. TAPL, incorporated in 1993, is engaged in manufacturing aluminium alloys mostly from recycled aluminium scrap. The company has its manufacturing facility located near Pune with an installed capacity of 3600 tpa (two shifts) and commenced production in February 2010. The company's product portfolio is used in power transmission, auto components and other engineering units. Recent results TAPL has reported a Profit after Tax (PAT) of INR0.02 crore on an operating income of INR16.02 crore in FY12. ================= I N D O N E S I A ================= PERUM PPD: Jakarta Mulls Buying Nearly Bankrupt Bus Firm -------------------------------------------------------- The Jakarta Post reports that the Jakarta administration is set to acquire nearly bankrupt state-owned bus company Perum PPD and to use its assets to develop city bus pools as well as low-cost apartments. According to the report, Deputy Governor Basuki Tjahaja Purnama said on Friday that although PPD was suffering great losses it had valuable assets the administration could use to solve the city's public transportation and affordable housing problems. The Post says the city plans to procure 1,000 new medium buses to replace the existing vehicles that have been unfit to drive. PPD has 12 bus pools spread out in Jakarta and neighboring Tangerang and Depok that house 230 operational buses. Basuki stressed that regulating public vehicles was one of the administration's priorities. He also said that the administration would hear more from the Development Finance Controller (BPKP) about the financial condition of the company and how much debt should be paid by the city, the report relays. "The Finance Ministry will decide whether we can buy the firm," the report quotes Mr. Basuki as saying. PPD president director Parlindungan Situmorang said the company's accumulated debt, since 2000, is around IDR110 billion (US$11.28 million). Perum PPD has 395 employees, a 6-hectare plot in Ciracas, East Jakarta, a villa in West Java and shares in PT Transjakarta with 370 buses that serve 36 routes. ========= J A P A N ========= * JAPAN: Monetary Easing Buys Time to Resolve Fiscal Challenges --------------------------------------------------------------- The Bank of Japan's expansion of monetary easing can buy Japan additional time to resolve its long-term structural economic and fiscal challenges by reducing pressure on the public finances and potentially boosting economic output in the short to medium term, Fitch Ratings says. However, without efforts to address these deeper issues, the benefits will probably prove temporary. The latest announcement of "a new phase of monetary easing both in terms of quantity and quality" has already pushed down both the yen and Japanese government bond yields. This shows how the BoJ's ability to issue one of the world's reserve currencies remains a powerful asset, helping to keep sovereign debt servicing costs low and potentially boosting Japanese exports through a weaker currency. "Experience in other major advanced economies shows that quantitative easing is not in itself an economic panacea. QE cannot be extended indefinitely. However, in the short to medium term, it can buy time to tackle other issues by holding down the government's debt servicing costs and by giving a broader fillip to activity," Fitch says. "Therefore, developing and implementing a credible fiscal strategy over the medium term, and enacting structural reforms to raise the real economic growth rate remain central issues for Japan and its sovereign credit rating. "Having announced a JPY10trn stimulus in January, Prime Minister, Shinzo Abe, has indicated that he will outline his government's medium-term fiscal policy in June. We will assess this in due course as part of our review of the new government's fiscal and economic strategy as a whole. "Our downgrade of Japan to 'A+' in May 2012, and the Negative Outlook on the rating, already reflect the risk posed by high and rising general government debt ratios. As we said then, a lack of new fiscal policy measures aimed at stabilising public finances amid further rises in general government debt ratios could lead to a downgrade. "The BoJ will increase purchases of government bonds to JPY7.5trn per month out to 2014 and extend purchases to longer-dated government bonds and other assets. The purchases will double the monetary base in two years as the BoJ aims to hit the 2% inflation target agreed with Mr Abe. "By extending its JGB purchases out along the yield curve and including other assets such as ETFs, the BoJ may be more effective in boosting the supply of credit to the domestic economy than it has achieved so far. However, given the persistent weaknesses in the Japanese economy after a protracted period of deflation, we are doubtful that inflation will be close to or exceed 2% for a sustained period over the next two years. "We expect an important channel for Japan's quantitative easing will be through depreciating the exchange rate to boost export competitiveness. While global partners have tolerated a weaker yen so far, if that changed, Japan could come under pressure to moderate its policy stance." ==================== N E W Z E A L A N D ==================== FELTEX CARPETS: Supreme Court Grants Vendors Right to Appeal ------------------------------------------------------------ 3news.co.nz reports that the Supreme Court has granted the sellers of failed carpet maker Feltex Carpets leave to appeal a class action being led by former shareholder Eric Houghton over whether some or all of the 3,000 investors who have joined the action were time-barred. According to the report, Chief Justice Dame Sian Elias and Justice Robert Chambers on April 8 granted Credit Suisse Private Equity and Credit Suisse First Boston Asian Merchant Partners leave to appeal a ruling which paved the way for a class suit over the way Feltex was floated on the stock market in mid-2004. The investment bank can re-litigate whether some or all of the shareholders represented by Mr Houghton are time-barred from joining the action, 3news.co.nz relates citing a judgment published Monday. 3news.co.nz recalls that last November, the Court of Appeal turned down an attempt by Credit Suisse, Feltex's former directors and executives and joint lead managers Forsyth Barr and First NZ Capital to throw out the case. About Feltex Carpets Headquartered in Auckland, New Zealand, and established more than 50 years ago, Feltex Carpets Limited -- http://www.feltex.com/-- has built a reputation for being one of the world's leading manufacturers of superior-quality carpet. The Feltex operation included a wool scouring plant, six spinning mills, three tufted carpet mills, a woven carpet mill and offices in New Zealand, Australia and the United States. ANZ Bank placed the company in receivership on Sept. 22, 2006, and named Colin Nicol, Peter Anderson and Kerryn Downey, of McGrathNicol+Partners, as receivers and managers. The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired Feltex as a going concern, including its assets and undertakings in New Zealand, Australia, and the United States. Proceeds of the sale will be used to ease the company's NZ$128-million debt to ANZ Bank. On Dec. 13, 2006, the High Court in Auckland ruled in favor of an application by the Shareholders Association against Feltex Carpets putting the carpet maker into liquidation. John Vague was appointed as liquidator. PAKIRI INVESTMENTS: Liquidators to Reconstruct Share Register ------------------------------------------------------------- Rob O'Neill at Stuff.co.nz reports that liquidators of Pakiri Investments are calling on shareholders to help them unravel the company's affairs and reconstruct a share register after more than 100 of them, spread across New Zealand and Australia, were removed as shareholders from the Companies Office register. Stuff.co.nz relates that just before Pakiri Investments went into liquidation in mid-February, the shareholdings were removed, replaced by what appears to be a family trust associated with New Zealander Evan James Read, a bankrupt now living in the Russian Federation. The report says the Pakiri Group claims to be developing an "internet operating system" and products that will replace Facebook, YouTube, LinkedIn and Twitter and revolutionise the financial services and banking industries. According to Stuff.co.nz, the first liquidator's report on Pakiri, lodged by Norrie & Daughters last week of March, said there was evidence that as late as November 4, 2012, the company had allowed investors to purchase shares at varying prices, generally over AUD200 per share, from controlling shareholder the Read Family Trust. However, it said the liquidators had received enough information to conclude that the company had been insolvent since November 2010 and "probably earlier," Stuff.co.nz relays. Stuff.co.nz says the liquidator has sent a letter and questionnaire to all known shareholders requesting information and documents under section 261 of the Companies Act. Stuff.co.nz relates that the report said shareholders were required to respond despite what are described as "false and incorrect" statements to the contrary in an e-mail sent to shareholders from Pakiri Investments director Igor Sutich. According to Stuff.co.nz, joint liquidator Mark Norrie said since the beginning of the liquidation, Pakiri tried to place a "cloak of silence" over shareholders with a suggestion that any communication with the liquidators would place them in breach of their confidentiality obligations. However, a notice under section 261 of the Companies Act means they are obliged by statute to provide the information requested, he said. "The company is now under the supervision and control of the liquidators and so there can be no breach of confidentiality by the shareholders disclosing information to the liquidators," Mr. Norrie told Sunday Star-Times. "The liquidators would appreciate any communications and documents from shareholders." The report said the liquidator's understanding is some or most shareholders in the company had their shareholdings transferred to another company Time3 Global, adds Stuff.co.nz. =============== X X X X X X X X =============== SUI NORTHERN: Islamabad Region Tops Natural Gas Defaulters' List ---------------------------------------------------------------- Munawar Hasan at The News reports that Islamabad Region has topped the defaulters' list for industrial and commercial categories of consumers followed by Peshawar, as active defaulters of the nearly-bankrupt Sui Northern Gas Pipelines Ltd swell to more than 2,750. The News says the company has identified the biggest defaulters in the industrial and commercial categories who owe a cumulative INR8.86 billion. Consumers under the first head owe INR7.96 billion while commercial consumers owe SNGPL INR0.90 billion. The defaulters continue to receive a supply of natural gas despite the massive amounts due, the report relays. By making meager partial payments, they continue to receive gas supply and are aggravating the energy crisis afflicting Pakistan. The News notes that non-active defaulters of SNGPL owe an even larger amount in dues. Their cases are in process and show little progress. Of a total of 12 regions, The News discloses, Islamabad Region has proved to be a haven for those who do not pay their gas bills, housing 378 industrial consumers of about 1,500 top defaulters of SNGPL, followed by 349 from Peshawar Region, 170 from Faisalabad Region, 134 from Sheikhupura Region, 128 from Lahore Region, 87 from Gujranwala Region, 80 from Abbotabad Region, 76 from Multan Region, 52 from Bahawalpur Region, 42 from Gujrat Region, 19 from Sargodha Region and 33 defaulters from Sahiwal Region. Among the industrial category of consumers, the biggest defaulter is Amtex Pvt Ltd of Faisalabad Region with dues totaling INR179.62 million while Naeem Sons is second with dues totaling INR110.84 million, the report discloses. The News says other top 25 defaulters include S M Food Makers who owe INR99,449,975, Ravi Glass Industries owing INR85,877,050, Bhimra Textile Mills owing INR81,886,390, Nishat Mills Ltd owing INR75,415,536, Bismillah Corporation owing INR66,647,198, Sardar Khan (Pvt Ltd owing INR66,243,247, Malik Board Paper owing`62,044,311, Muhammad Waris Co owing INR61,675,515, Imam Din Steel Mills owing INR57,105,677, Cherat CNG, Abdul Qayyum Khan CO owing INR50,426,365, Lucky Cement owing INR47,873,943, Midway Petroleum owing INR 46,416,013, Malik CNG Station owing INR46,397,319, Al-Umer Dying owing INR46,112,105, Margala Textile Mills owing INR44,550,575, Ar Rehman Glass (Pvt) owing INR39,578,484, Royal Textile Mills Ltd owing INR 38,126,912, Saif Textile Mills owing INR34,636,591, Sardar Khan owing INR34,590,302, Aysha Textile Mills Ltd owing INR32,595,871, Global CNG owing INR32,465,786 and Mian Petroleum owing INR32,282,953. REPUBLIC OF FIJI: S&P Affirms 'B' Rating; Outlook Stable --------------------------------------------------------- Standard & Poor's Ratings Services said that it had affirmed its foreign and local currency issuer credit ratings on the Republic of Fiji at 'B/B'. The outlook remains stable. The affirmation reflects S&P's view that Fiji has continued to stabilize its external position, including its level of foreign exchange reserves. However, the country's persistent fiscal and current account deficits, weak economic growth and institutional settings, as well as deficiencies in available data partly offset the improvement. "Political uncertainty, weak investment, and low productivity further reduce Fiji's growth prospects. While the economy improved in the past two years after a very weak performance, we expect growth to remain low without further progress in structural reforms," Standard & Poor's credit analyst Kim Eng Tan said. "Fiji's credit quality remains vulnerable to external shocks associated with the durability of the global economic recovery, adverse weather conditions, and changes in tourism preferences. These factors underscore the downside bias in Fiji's growth outlook. We also believe that Fiji's debt burden and contingent liabilities are high for a country faced with these vulnerabilities." The stable outlook reflects S&P's expectation that Fiji's external position will continue to improve, including in the level of foreign exchange reserves, supported by a continuing recovery in agricultural exports and the tourism sector. Standard & Poor's may raise the ratings if improvements occur in one of several areas, including: Fiji's growth prospects through greater political certainty and structural reforms; further liberalization in capital and price controls and in exchange rate management; improved external indicators; or a falling government debt trajectory. On the other hand, the ratings could be lowered if political pressures intensify or if public finances and external imbalances worsen, leading to sharply lower reserves. * BOND PRICING: For the Week April 1 to April 5, 2013 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- COM BK AUSTRALIA 1.50 04/19/22 AUD 74.12 MIDWEST VANADIUM 11.50 02/15/18 USD 61.41 MIDWEST VANADIUM 11.50 02/15/18 USD 58.13 NEW S WALES TREA 0.50 09/14/22 AUD 69.30 NEW S WALES TREA 0.50 10/07/22 AUD 69.10 NEW S WALES TREA 0.50 10/28/22 AUD 68.92 NEW S WALES TREA 0.50 11/18/22 AUD 68.73 NEW S WALES TREA 0.50 12/16/22 AUD 69.06 NEW S WALES TREA 0.50 02/02/23 AUD 68.62 NEW S WALES TREA 0.50 03/30/23 AUD 68.12 TREAS CORP VICT 0.50 08/25/22 AUD 70.96 TREAS CORP VICT 0.50 03/03/23 AUD 69.26 TREAS CORP VICT 0.50 11/12/30 AUD 48.30 CHINA ----- CHINA GOVT BOND 4.86 08/10/14 CNY 102.47 CHINA GOVT BOND 1.64 12/15/33 CNY 68.22 INDIA ----- CORE PROJECTS 7.00 05/07/15 USD 50.79 DR REDDY'S LABOR 9.25 03/24/14 INR 5.00 JCT LTD 2.50 04/08/11 USD 20.00 MASCON GLOBAL LT 2.00 12/28/12 USD 10.00 PRAKASH IND LTD 5.63 10/17/14 USD 68.00 PRAKASH IND LTD 5.25 04/30/15 USD 65.61 PUNJAB INFRA DB 0.40 10/15/24 INR 31.52 PUNJAB INFRA DB 0.40 10/15/25 INR 28.60 PUNJAB INFRA DB 0.40 10/15/26 INR 25.98 PUNJAB INFRA DB 0.40 10/15/27 INR 23.62 PUNJAB INFRA DB 0.40 10/15/28 INR 21.53 PUNJAB INFRA DB 0.40 10/15/29 INR 19.68 PUNJAB INFRA DB 0.40 10/15/30 INR 18.03 PUNJAB INFRA DB 0.40 10/15/31 INR 16.54 PUNJAB INFRA DB 0.40 10/15/32 INR 15.21 PUNJAB INFRA DB 0.40 10/15/33 INR 14.01 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO 5.50 11/13/14 USD 72.08 REI AGRO 5.50 11/13/14 USD 72.08 RELIGARE FINVEST 11.75 02/08/15 INR 3.92 SHIV-VANI OIL 5.00 08/17/15 USD 44.44 SREI INFRA FIN 8.90 03/22/22 INR 28.31 SUZLON ENERGY LT 7.50 10/11/12 USD 65.13 SUZLON ENERGY LT 5.00 04/13/16 USD 50.76 JAPAN ----- EBARA CORP 1.30 09/30/13 JPY 99.95 ELPIDA MEMORY 2.03 03/22/12 JPY 8.75 ELPIDA MEMORY 2.10 11/29/12 JPY 8.75 ELPIDA MEMORY 2.29 12/07/12 JPY 8.75 JPN EXP HLD/DEBT 0.50 09/17/38 JPY 72.10 JPN EXP HLD/DEBT 0.50 03/18/39 JPY 72.48 KADOKAWA HLDGS 1.00 12/18/14 JPY 112.94 SHARP CORP 2.07 03/19/19 JPY 71.91 SHARP CORP 1.60 09/13/19 JPY 70.79 TOKYO ELEC POWER 1.96 07/29/30 JPY 74.16 TOKYO ELEC POWER 2.37 05/28/40 JPY 71.17 MALAYSIA -------- AMAN SUKUK 4.25 03/08/28 MYR 4.19 DUTALAND BHD 7.00 04/11/13 MYR 0.90 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/06 USD 22.63 BAYAN TELECOMMUN 13.50 07/15/06 USD 22.63 SINGAPORE --------- BAKRIE TELECOM 11.50 05/07/15 USD 48.85 BAKRIE TELECOM 11.50 05/07/15 USD 47.00 BLD INVESTMENT 8.63 03/23/15 USD 68.75 BLUE OCEAN 11.00 06/28/12 USD 36.38 BLUE OCEAN 11.00 06/28/12 USD 36.38 CAPITAMALLS ASIA 2.15 01/21/14 SGD 99.92 CAPITAMALLS ASIA 3.80 01/12/22 SGD 101.10 DAVOMAS INTL FIN 11.00 12/08/14 USD 29.25 DAVOMAS INTL FIN 11.00 12/08/14 USD 29.25 F&N TREASURY PTE 2.48 03/28/16 SGD 100.64 INDO INFRASTRUCT 2.00 07/30/49 USD 1.88 SOUTH KOREA ----------- CHEJU REGION DEV 3.00 12/29/34 KRW 69.12 EXP-IMP BK KOREA 0.50 08/10/16 BRL 74.05 EXP-IMP BK KOREA 0.50 09/28/16 BRL 74.03 EXP-IMP BK KOREA 0.50 10/27/16 BRL 73.51 EXP-IMP BK KOREA 0.50 11/28/16 BRL 72.93 EXP-IMP BK KOREA 0.50 12/22/16 BRL 69.18 EXP-IMP BK KOREA 0.50 10/23/17 TRY 70.91 EXP-IMP BK KOREA 0.50 11/21/17 BRL 66.33 EXP-IMP BK KOREA 0.50 12/22/17 TRY 69.85 EXP-IMP BK KOREA 0.50 12/22/17 BRL 66.49 SINBO 14TH ABS 8.00 02/02/15 KRW 30.28 SINBO 3RD ABS 9.00 07/27/15 KRW 30.45 SRI LANKA --------- SRI LANKA GOVT 6.20 08/01/20 LKR 73.00 SRI LANKA GOVT 7.00 10/01/23 LKR 67.01 SRI LANKA GOVT 5.35 03/01/26 LKR 56.31 SRI LANKA GOVT 9.00 07/01/28 LKR 74.76 SRI LANKA GOVT 8.00 01/01/32 LKR 67.89 SRI LANKA GOVT 9.00 01/10/32 LKR 74.00 THAILAND -------- BANGKOK LAND 4.50 10/13/03 USD 6.38 G STEEL 3.00 10/04/15 USD 8.00 MDX PUBLIC CO 4.75 09/17/03 USD 4.00 ********* 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 ***