/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130510.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, May 10, 2013, Vol. 16, No. 92 Headlines A U S T R A L I A HOYTS GROUP: Moody Assigns First-Time (P)B2 CFR LIDI GROUP: Blinds Manufacturer Goes Into Administration MONDELLO FARMS: Bills Australian Potato Growers TINKLER GROUP: Creditor Presses for Holding Company Bankruptcy C H I N A * Moody's Sees Sales Growth Slowdown for Chinese Property Market I N D I A A TO Z RETAIL: CARE Cuts Rating on INR15cr Loan to 'CARE D' ARTISONS TRADING: CARE Lowers Rating on INR10cr Loan to 'CARE D' BARNALA REALTECH: CARE Assigns 'B+' Rating to INR10cr LT Loan IBD UNIVERSAL: CARE Rates INR45.28cr LT Loan at 'CARE BB-' LAHOTY BUILDCON: CARE Assigns 'BB' Rating to INR5cr LT Loan MAN GLOBAL: CARE Assigns 'BB' Rating to INR70cr Long-Term Loan M. V. OMNI: CARE Assigns 'BB' Rating to INR50cr LT Loan OMKAM COMMUNICATIONS: CARE Rates INR16cr Long-Term Loan at 'C' SHREEM SPA: CARE Rates INR80cr Long-Term Loan at 'CARE BB' SHRI RAM: CARE Assigns 'BB+' Rating to INR14.91cr LT Loan TRANSNATIONAL KNOWLEDGE: CARE Rates INR14.60cr LT Loan at 'BB' I N D O N E S I A ADARO INDONESIA: Moody's Affirms Ba1 CFR; Outlook is Stable J A P A N * Fitch Says Foreign Bonds to Bridge Life Insurers' Yield Gap N E W Z E A L A N D CAPITAL + MERCHANT: Civil Claim Vs. Trustee Leads to Law Change SOLID ENERGY: To Slash 105 Jobs in Bid to Keep Afloat S I N G A P O R E IENERGIZER: Moody's Rates $135MM Senior Term Loan Issuance 'B2' S O U T H K O R E A NAMYANG DAIRY: Six Million Stores Vow to Join Boycott STX GROUP: Credit Extended to Group Reaches KRW13 Trillion V I E T N A M DOT VN: Plans to Complete Viable Revenue Producing Platform X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= HOYTS GROUP: Moody Assigns First-Time (P)B2 CFR ----------------------------------------------- Moody's Investors Service assigned a provisional (P)B2 corporate family rating to Hoyts Group Holdings LLC. At the same time, Moody's has assigned a provisional (P)B1 senior secured rating to the proposed 1st lien $ Term Loan and Revolving Facilities (equivalent to around AUD 296 million and AUD 40 million respectively) and a provisional (P) B3 senior secured rating to the proposed 2nd lien $ Term Loan Facilities (equivalent to around AUD 102 million) to be entered into by Aufinco Pty Limited and US Finco LLC, 100% owned and guaranteed subsidiaries of Hoyts. This is the first time that Moody's has assigned ratings to Hoyts. The outlook on the ratings is stable. The assignment of a definitive corporate family rating and senior secured term loan and revolving facility ratings is subject to review of final documentation and successful close of the transaction. The proceeds of the issuance will be used principally to repay existing indebtedness, for specific distributions to shareholders and to provide working capital. Ratings Rationale: "Hoyts ratings principally reflects its aggressive financial profile with leverage expected to remain elevated over the next several years, as well as solid market position, strong national cinema circuit and good admissions levels. While we consider the market to be mature and competitive, we expect Hoyts to have an ongoing stable share of both the cinema and cinema advertising market, underpinning the company's ratings", says Ian Lewis a Moody's Vice President and Senior Credit Officer. "We expect Hoyts to have a stable business profile with a modest requirement for new capex and limited expansion opportunities within its major markets and segments, though we expect modest incremental benefits to earnings will be possible over time", says Lewis who is also Lead Analyst for the company. "Equally we anticipate that the company will remain highly leveraged reflecting in large part the non-strategic nature of the investment to 93% owner Pacific Equity Partners ("PEP"). We expect that PEP will seek periodic distributions, within the protections afforded under the loan documents ", adds Lewis. Hoyts provisional (P)B2 Corporate Family Rating (CFR) reflects Moody's expectation that the company's core businesses will continue to grow slowly over the rating horizon though within a mature market structure. As such, growth will be in the low single digits on a multi-year basis but may be more volatile from time to time depending upon the actual timing of movie releases and success of theatre content. The company's business though essentially solid, is likely to be challenged by long-term decreasing and at times, variable admissions, depending upon the timing and success of box office releases. Though not as big as some of its offshore peers (such as Cinemark USA Inc. (B1 stable), Regal Entertainment Group (B1 stable) and AMC Entertainment Inc. (B2 stable), Hoyts has a strong market position in Australia (which is in turn less fragmented than the US cinema market), supported by its nation-wide cinema and screen circuit, with strong brand name recognition. The Val Morgan cinema advertising business also has a strong market position and should perform steadily. Hoyt's ratings are challenged by its high leverage and an aggressive capital structure along with limited liquidity compared with some of its (mainly US) peers, though its profitability track record is good and margins comparable. Moody's expects the company's financial leverage to remain high over the next several years - in the low to mid 6x Debt/EBITDA area (on an adjusted Moody's basis). At the same time Moody's expects Hoyt's ratings to be supported by an ability to drive pricing increases, to an extent, through format and product innovation. The company is majority owned by Pacific Equity Partners (PEP) who Moody's does not see as being a long term strategic owner and this is likely to see distributions channeled away from the business, from time to time. Nevertheless Moody's thinks PEP will continue to support ongoing discretionary capex within the business, though at reasonably modest levels. For these reasons Moody's expects leverage to remain high, constrained by generally lackluster industry profit trends on the one hand and periodic shareholder friendly activity. The stable outlook reflects Moody's expectation for relatively stable industry conditions in Australia and gradually declining to flat (at best) admission levels, positive levels of free cash flow as well as capacity for modest group revenue and earnings growth. A manageable level of capex is contemplated, in line with Hoyts largely completed digitization and slowing cinema rollout profile. The (P)B1 senior secured rating assigned to the proposed 1st lien $ Term Loan Facilities and Revolving Facility reflects a one notch uplift to the Hoyts CFR of B2, indicative of its superior secured position and claim in Hoyts capital structure. The (P)B3 senior secured rating assigned to the proposed 2nd lien $ Term Loan Facilities reflects a one notch lower rating to the Hoyts CFR of B2, indicative of its inferior position and claim in the Hoyts capital structure. What Could Change the Rating - Up The rating could be upgraded in the event that the company de- leverages beyond Moody's current expectations on a sustainable basis, to levels commensurate with a higher rating. Indicators of this could be Debt/EBITDA below 6.0x. However given Moody's expectations of Hoyts ownership and management strategy, Moody's views this as being unlikely. What Could Change the Rating - Down The rating could be downgraded in the event that the company's performance declines beyond Moody's current expectations through poor earnings performance or other more adverse industry conditions and/or displays ongoing negative free cash flow. Moody's would be particularly concerned should the company's liquidity profile erode to any extent. Indicators of downward pressure could include Debt/EBITDA of 7.0x. Hoyts Group Holdings LLC, Aufinco Pty Limited and US Finco LLC 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 Hoyt's core industry and believes Hoyt's ratings are comparable to those of other issuers with similar credit risk. Hoyts is a major cinema exhibitor and a supplier of screen advertising business based in Australia and New Zealand. Its core business is "Hoyts Cinema" -- the cinema exhibition business which accounts for over 70% of revenues and EBITDA. Hoyts has a strong position in the cinema entertainment market with 53 cinemas and 437 screens. Hoyt's other businesses comprise DVD rentals (Hoyts Kiosks) and cinema and outdoor advertising (Val Morgan). Hoyts is 93% owned by Pacific Equity Partners (PEP), a private equity firm in Australian and New Zealand. LIDI GROUP: Blinds Manufacturer Goes Into Administration --------------------------------------------------------- Patrick Stafford at SmartCompany reports that Lidi Group has collapsed just as the property industry has begun to find its feet after years of instability. The Group was placed in administration on May 7, with PPB Advisory partner Craig Crosbie -- ccrosbie@ppbadvisory.com --appointed. A spokesperson for PPB told SmartCompany that given the business was only placed in administration on May 7, the administrators would provide no comment. According to the report, the business turns over approximately AUD4.5 million a year. PPB is now advertising for expressions of interest for the business, the report relays. SmartCompany says the business has been exposed to a stressed property development sector, especially in the company's home town of Melbourne. Melbourne-based Lidi Group manufactures commercial and high-end residential blinds commercial and residential properties. MONDELLO FARMS: Bills Australian Potato Growers ----------------------------------------------- ABC News reports that South Australian growers still owed money by collapsed potato firm Mondello Farms say they are now being billed by the company for seed. According to the report, Waterloo Corner grower Robert Cirillo said he was skeptical about whether he ever would be paid money Mondello owes him. "It's going to make it very tough, but we know nothing better than to work seven days a week and we'll struggle on as best we can," the report quotes Mr. Cirillo as saying. ABC News adds that receiver McGrath Nichol said Mondello Farms would be advertised for sale next week. There will be another creditors' meeting next month, the report notes. Mondello Farms is a large scale wholesaler of processed potatoes and employs about 140 staff in itsSouth Australian and Victorian operations. Mondello Farms' operations are comprised of potatoes grown on owned and leased land in South Australia and Victoria, potatoes sourced from third party growers, a substantial processing packaging facility. news.com.au reported in March that Mondello Farms was placed in receivership. McGrathNicol was appointed as receivers following Heard Phillips being appointed administrators of the company, according to news.com.au. TINKLER GROUP: Creditor Presses for Holding Company Bankruptcy -------------------------------------------------------------- Joe Schneider at Bloomberg News reports that BKK Partners Pty, which advised Nathan Tinkler on his failed AUD5.3 billion bid for Whitehaven Coal Ltd., sought to push the former billionaire's holding company into bankruptcy for not paying its bills. BKK sued in Federal Court in Sydney, claiming Tinkler Group Pty failed to pay AUD220,000 for advisory work done to Nov. 1, 2012, Bloomberg relates citing an application to appoint a liquidator filed April 22. A hearing is scheduled for May 22. Bloomberg says Mr. Tinkler, an electrician-turned-entrepreneur who owns about a fifth of the outstanding shares of Whitehaven Coal, was ranked as Australia's youngest billionaire at the age of 35 by BRW magazine in 2011 after he sold his house in 2006 to help buy a AUD30 million Middlemount coal lease in Queensland. He testified in court in March in a separate case that he's living on an allowance he gets from his wife who controls a AUD1.4 billion trust. According to Bloomberg, the Sydney Morning Herald said Tinkler and his wife Rebecca were also sued personally in the New South Wales Supreme Court in Sydney over the same debts. The Supreme Court confirmed in an e-mail a lawsuit was filed April 22, the report relays. A hearing on the Supreme Court lawsuit is scheduled for July 29. Bloomberg recalls that Mr. Tinkler's Mulsanne Resources Pty was ordered liquidated by a New South Wales state judicial officer on Nov. 20 after the company failed to pay AUD28.4 million for shares in coal developer Blackwood Corp. His Patinack Farm Administration Pty was put in liquidation a day later by a federal judge in Adelaide over a debt to Workcover Corp. of South Australia, Bloomberg relates. Mr. Tinkler lost ownership of his personal jet and helicopter after a financing company pushed TGHA Aviation Pty into receivership on Nov. 23, Bloomberg adds. He has avoided other of his companies being pushed into bankruptcy with settlements at the last minute, including an October agreement with Mirvac Group (MGR) over a failed property deal. ========= C H I N A ========= * Moody's Sees Sales Growth Slowdown for Chinese Property Market ---------------------------------------------------------------- Moody's Investors Service says that the outlook for China's property market remains stable, but sales growth will slow. Those developers focused on the mass-market will enjoy the strongest level of sales. They include China Overseas Land & Investment Limited (Baa1 stable), China Vanke Co., Ltd. (Baa2 stable), Longfor Properties Company Limited (Ba1 stable), Country Garden Holdings Company Limited (Ba3 positive) and Shimao Property Holdings Limited (Ba3 stable). "Moody's stable outlook reflects our expectation for around 10% year-on-year growth in the value of residential property sales over the next 12 months, in line with the average seen in 2012, but down from the high levels seen during January-March 2013," says Kaven Tsang, a Moody's Vice President. "Our view is that urbanization and favorable mortgage financing for first-time home buyers will continue to support demand and sales volume, while new guidelines issued by the central government in February to further clamp down on investment demand will slow price increases," says Tsang. Tsang was speaking on the release of Moody's latest Chinese property market outlook, titled "Property Developers' Sales Growth Will Slow Amid Housing-Market Controls." Other themes covered by the report include the consideration that the guidelines will not dampen overall sales volumes because many developers have shifted their focus to mass-market housing, which addresses home-owner demand and is not the target of the government's policies. Accordingly, those developers with large inventories of luxury properties -- which are subject to policy controls -- will see weak sales growth, says the report. These companies, which include Yanlord Land Group Limited (Ba3 stable), Zhong An Real Estate Limited (B2 negative) and SPG Land (Holdings) Limited (B3 negative), will need time and new funding to reposition their product strategy. "With stocks overall, Moody's expects that the rated developers will keep their work-in-progress inventory at reasonable levels -- around two to two and a half times revenue -- as they continue to expand cautiously," says Franco Leung, a Moody's Assistant Vice President, adding "Through the down-cycles in 2008 and 2011-2012, they learned to allocate capital only to projects that have good track records of contract sales." The report also said that liquidity remains adequate for most rated developers. Improved inventory management, continued access to offshore bond markets, and stable sales growth will help most rated developers maintain adequate liquidity during the outlook period. However, a few low-rated developers, will still need to address refinancing of their large proportion of short-term debt since their sales are not strong. Looking ahead, Moody's is unlikely to change the industry outlook to positive over the next 12 months because it believes the central government will not relax its restrictions on home purchases due to the risk of a run-up in prices. On the other hand, Moody's would consider changing the outlook back to negative if the government imposed additional restrictions that Moody's believes would cause year-over-year property sales to fall 10%-15% for six months. ========= I N D I A ========= A TO Z RETAIL: CARE Cuts Rating on INR15cr Loan to 'CARE D' ----------------------------------------------------------- CARE revises the rating assigned to the bank facilities of A TO Z Retail Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15 CARE D Revised from CARE BB Rating Rationale The revision in the rating assigned to the long-term bank facilities of A to Z Retail Ltd (ARL) takes into account the ongoing overdrawals in its fund-based bank facilities for more than 30 days. ARL, incorporated in 2005, is engaged in the retailing of a wide range of textiles like home d�cor and furnishing, apparels and fashion accessories, etc. The company operates through two retail outlets in Mumbai, one at Crawford Market (A to Z) and other at Hughes road (Splendour), with a combined carpet area of 8,500 square feet (sq ft). ARTISONS TRADING: CARE Lowers Rating on INR10cr Loan to 'CARE D' ---------------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Artisons Trading India Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10 CARE D Revised from CARE BB Rating Rationale The revision in the rating assigned to the long-term bank facilities of Artisons Trading India Pvt Ltd takes into account the ongoing delays in debt servicing and overdrawals in its fund- based bank facilities for more than 30 days. Artisons, incorporated in 2010, is engaged in the retailing of a wide range of textiles like home d�cor and furnishing, apparels & fashion accessories, etc. As on September 30, 2012, the company was operating through six retail outlets, of which five are in the name of 'A to Z' and one in the name of 'Splendour' located in Mumbai, with an aggregate carpet area of around 12,680 sq ft. BARNALA REALTECH: CARE Assigns 'B+' Rating to INR10cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Barnala Realtech. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10 CARE B+ Assigned The rating assigned by CARE is based on capital deployed by the partners and the financial strength of the firm at present. The rating may undergo a change in case of the withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Barnala Realtech is constrained by its short track record of operations, concentration of its revenues from a single project, project implementation risk, competition from other real estate players and its constitution as a partnership firm with inherent risk of the withdrawal of capital. The rating, however, derives strength from the experience of the partners in the real estate industry, financial closure achieved for the ongoing project, location advantage and moderate booking status position of the project. The ability of the firm to complete its ongoing projects in a timely manner without any cost overrun and achievement of the sales at anticipated prices would be the key rating sensitivity. Barnala Realtech was established in April 2011 as a partnership firm for construction and sale of residential apartments and is currently developing a new project named "Riverdale Aquagreens" at Zirakpur, Chandigarh, which is expected to be complete by March 2014. BRT is promoted by Mr. Jiwan Lal Jindal and Mr. Vijay Kumar, who have significant experience in the area of property consultancy and infrastructure cum housing development projects. IBD UNIVERSAL: CARE Rates INR45.28cr LT Loan at 'CARE BB-' ---------------------------------------------------------- CARE assigns 'CARE BB-' rating to the bank facilities of IBD Universal Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 45.28 CARE BB- Assigned Rating Rationale The rating assigned to the bank facilities of IBD Universal Private Limited is primarily constrained on account of the saleability risk associated with lower booking status received in its three ongoing real estate projects namely 'Indus Satellite Green Phase-3', 'Hallmark Citii Phase-3' and 'Kings Park' coupled with inherent risk associated with the real estate industry. The rating, however, favorably takes into account the established track record of the IBD group in the real estate sector and advance stage of completion of the projects. Successful completion of the projects within envisaged cost parameters along with timely receipt of the booking advances and sale of the balance units at envisaged prices are the key rating sensitivities. Indus Dwellings Private Limited was incorporated on July 15, 1999, as a private limited company to carry out the real estate development and is the flagship company of the IBD group. On June 12, 2008, the name of the company was changed to IBD Universal Private Limited. At present, IBD Universal is executing two residential project namely 'Hallmark Citii Phase-3' (of 2/3 BHK) and 'Kings Park' (of 3/4/5 BHK) at Bhopal which would house 268 and 186 units, respectively. The total combined build-up area of the projects is estimated to be 587,270 sq ft. IBD Universal has recently completed three mid-scale residential projects with total build-up area of 1,435,233 sq ft out of which two projects are located at Bhopal namely Hallmark Citii Phase-1 and Hallmark Citii Phase-2 in which IBD Universal has sold/booked all units as on March 31, 2013, and one project at Indore namely Indus Satellite Greens Phase-3 in which booking has remained at 68% of total units against 100% cost incurred as on March 31, 2013. LAHOTY BUILDCON: CARE Assigns 'BB' Rating to INR5cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Lahoty Buildcon Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.00 CARE BB Assigned Short-term Bank Facilities 2.75 CARE A4 Assigned Long-term/Short-term Bank 4.00 CARE BB/CARE A4 Facilities Assigned Rating Rationale The ratings assigned to the bank facilities of Lahoty Buildcon Limited are primarily constrained on account of its declining Total Operating Income (TOI) in the last two financial years ended in FY12 (refers to the period April 1 to March 31) and its stressed liquidity position. The ratings are further constrained on account of its high sector and geographical concentration risk with majority of the projects being executed in Rajasthan region and high degree of competition in the construction industry. The ratings, however, favorably take into account the experience of the management in executing construction contracts, their long association with government bodies, LBL's moderate order book position and comfortable solvency position. Increase in the scale of operations by geographical diversification and increase in customer base along with improvement in the profitability margins in a highly competitive industry are the key rating sensitivities. Jaipur-based (Rajasthan) LBL was incorporated in 2008 with a purpose to take over the existing business of Lahoty Builders, a proprietorship concern formed in 1982. LBL acquired the entire business of LAB in 2010. LBL was promoted and is managed by Mr. Om Prakash Lahoty along with his two sons, Mr. Ashok Lahoty and Mr. Ashish Lahoty. The company is an 'AA' class (highest in the scale of AA to E) approved government contractor with Government of Rajasthan (GoR). It has experience of more than three decades through its proprietorship concern in the field of construction and execution of water supply projects and excavations, laying and jointing of all types of pipelines for government as well as private clients in Rajasthan. During FY12, LBL reported a total income of INR21.25 crore (FY11: INR39.68 crore), with a PAT of INR0.48 crore (FY11: INR0.60 crore). As per the provisional result of 9MFY13, LBL has achieved a total operating income of INR20.56 crore. MAN GLOBAL: CARE Assigns 'BB' Rating to INR70cr Long-Term Loan -------------------------------------------------------------- CARE assigns 'CARE BB' ratings to the bank facilities of Man Global Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 70 CARE BB Assigned Rating Rationale The ratings are constrained by the project execution risk, pending debt tie-up and infusion of funds by the promoters for upcoming projects, sales risk for ongoing and upcoming projects and high dependency on customer advances to fund the projects given the cyclical nature of the real estate industry. The rating, however, factors in experience of the promoters, favorable location of the projects and satisfactory sales booking status of the ongoing project. The ability of the company to mobilise funds and obtain approvals for its projects, and achieve the envisaged level of sales in a timely manner are the key rating sensitivities. Man Global Ltd, incorporated in 1986 as Mansukhani Builders (P) Ltd, is engaged in real estate business and belongs to the Man group. The Man group, promoted by Mansukhani family, is in the business since 1970 and has diversified business interest from the manufacturing and coating of large diameter pipes, infrastructure, and real estate development. The flagship company of the group, Man Industries (India) Ltd is engaged in the manufacturing of SAW pipes. Mr. Rameshchandra Mansukhani, the founder promoter of the Man group, is having a rich business experience of around 36 years in manufacturing of steel pipes. Moreover, he is engaged in the real estate business for over 30 years. He is well-supported by his son Mr. Nikhil R Mansukhani, who manages the day-to-day affairs of MGL. Presently, MGL has undertaken three projects in Mumbai. These are Man Opus Phase-I and II (Mira Road), and redevelopment project (at Bandra). Out of these Man Opus Phase - I is the ongoing project while the others are upcoming projects. Moreover, the company also has plans for one additional project, which is at land negotiation stage in Mumbai. Man Opus Phase - I, residential project, comprises of four buildings of stilt+25 floors, offering 850 flats (1BHK, 1.5 BHK and 2 BHK) having saleable area of 6.46 lakh square feet (lsf). The soft launch of the project was done in April 2011, and is expected to be completed by the end of FY 15-16. Man Opus Phase - I has already sold inventory of INR190.2 crore as on March 31, 2013, and has tiedup receivables of INR152.20 crore as on the same date. M. V. OMNI: CARE Assigns 'BB' Rating to INR50cr LT Loan ------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank facilities of M. V. Omni Projects (India) Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 50 CARE BB Assigned Short-term Bank Facilities 75 CARE A4+ Assigned Rating Rationale The ratings assigned to the bank facilities of M. V. Omni Projects (India) Limited are constrained by its moderate scale of operations in an intensely competitive construction industry, its moderately high leverage and its stretched liquidity on the back of high working capital intensity of its operations. The ratings, however, derive comfort from the established track record and proven project execution capability of MOPIL in the construction business along with its moderate order-book and geographically diversified presence. The ability of MOPIL to increase the scale of its operations along with growth in order book, improve its capital structure and liquidity would be the key rating sensitivities. MOPIL was incorporated in 2002, upon conversion of the proprietorship concern named 'M. V. Omni Enterprises' which commenced operations in 1994. The company is engaged in the construction of residential and commercial buildings for government and public sector entities, setting up Railway Signaling & Telecom (S&T), laying city gas and oil distribution pipelines. During FY12 (refers to the period April 1 to March 31), civil construction contributed 86% (74% in FY11), S&T 7% (17%) and city gas distribution 7% (11%) to its total operating income (TOI) of INR171.28 crore. During FY12, MOPIL earned a PAT of INR8.72 crore on a total operating income of INR171.28 crore as against a PAT of INR6.56 crore on a total operating income of INR127.54 crore in FY11. Furthermore, as per the provisional results for 7MFY13, MOPIL earned a total operating income of about INR107 crore. OMKAM COMMUNICATIONS: CARE Rates INR16cr Long-Term Loan at 'C' -------------------------------------------------------------- CARE assigns 'CARE C' rating to the bank facilities of Omkam Communications Private Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 16 CARE C Assigned Rating Rationale The rating assigned to the long-term bank facilities of Omkam Communications Private Limited is constrained on account of the instances of overdrawals in its Cash Credit account, working capital intensive operations due to long collection period, moderate scale of operations and low profitability margins due to trading business. These weaknesses, however, are partially offset by experienced promoters of the company, its diversified product profile and low inventory risk. The ability of the company to improve its profitability margins and manage its working capital requirements effectively shall be the key rating sensitivities. Omkam Communications Private Limited was incorporated in January 1988 as Retrofit Systems Private Ltd. Subsequently, the name of the company was changed to Cyberlogy (India) Private Limited in May 2002 and thereafter to the present name in February 2010. Mr. Peeyush Aggarwal, with over 25 years of experience in managing various businesses, is the promoter of OCPL. The company is engaged in the trading of hardware and software products related to information technology, web hosting solutions, e-commerce solutions, website development etc. The company mainly executes orders for government departments and large corporates through sub-tenders. OCPL reported a PAT of INR0.8 crore on a total income of INR142.7 crore during FY12 (refers to the period April 1 to March 31) as against PAT of INR0.7 crore on a total income of INR108.7 crore during FY11. On a provisional basis, OCPL reported a PAT of INR1.2 crore on a total income of INR186.1 crore during FY13. SHREEM SPA: CARE Rates INR80cr Long-Term Loan at 'CARE BB' ---------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Shreem Spa & Resorts Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 80 CARE BB Assigned Rating Rationale The rating of Shreem Spa & Resorts Ltd is constrained by the nascent stage of implementation of its predominantly debt-funded ongoing five-star resort-cum-club project, which is also the promoter's first venture in the cyclical and highly competitive hospitality industry. The rating, however, favorably takes into account the promoter's experience in managing various businesses, strategic location of the resort and its proposed association with "Carlson Rezidor" to manage the operations of the resort. SSRL's ability to implement the project within the envisaged time and cost parameters, and, subsequently, achieve envisaged occupancy levels with desired Average Room Rates (ARRs) would be the key rating sensitivities. SSRL is a closely-held public limited company incorporated on February 19, 2009, to develop a 120-room five-star resort-cum-club at Gram Bharti Crossroads Pethapur- Mahudi Highway, Gandhinagar, Gujarat. The project site is located at around 12 km from the State capital, Gandhinagar. Total cost of the project is estimated at INR132.45 crore, which is envisaged to be funded through sanctioned term loan of INR80 crore, equity share capital of INR32.45 crore and balance through club membership fees. As on March 15, 2013, SRRL has invested INR31.85 crore in the project, which was financed by term loan of INR2.31 crore, membership fees of INR4.54 crore and balance through equity infusion. The hotel is expected to commence operation from October 2014. The hotel is proposed to be operated by leading hospitality chain Carlson Rezidor under the brand "Radisson". SHRI RAM: CARE Assigns 'BB+' Rating to INR14.91cr LT Loan --------------------------------------------------------- CARE assigns 'CARE BB+' rating to the bank facilities of Shri Ram Charitable Trust. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 14.91 CARE BB+ Assigned Rating Rationale The rating assigned to the long-term bank facilities of Shri Ram Charitable Trust is constrained by the average financial risk profile of the trust restricted by its relatively small scale of operation, intense competition from established and upcoming educational institutes in the region with regulated nature of the education sector in India and risk associated with the implementation of the expansion project. The aforesaid constraints are partially offset by the experience of the management with a decade long track record, wide spectrum of courses with moderate enrolment rate and modern infrastructure with latest available technology. The ability of the trust to improve enrolment rate with simultaneous improvement in scale of operation and successful completion of project would be the key rating sensitivities. Shri Ram Charitable Trust was formed in the year 2003 as a public charitable trust registered under Section 12A of the Income Tax Act, to establish educational institutes imparting education in various professional disciplines in Muzaffarnagar, Uttar Pradesh. SRCT was promoted by Mr. Subhash Chandra Kulshreshtha based out of Muzaffarnagar, Uttar Pradesh. Presently, the trust has eight institutes spread over an area of two hectares offering varied graduation and postgraduation courses in various disciplines like engineering, management, law, polytechnic, architecture, journalism & mass communication, fine arts, information technology and media under the brand name 'Shri Ram Group of College'. Shri Ram College is the oldest institute amongst all, with highest contribution to the overall revenue (remained in the range of 50%- 70% in between FY10-FY12) of the trust. Currently, SRCT has total intake capacity of 9,735 students with 344 qualified faculty members ensuring student faculty ratio of approx 28:1. The various courses offered by SRCT are affiliated to U.P. Board of Technical Education (UPBTE), Chaudhary Charan Singh (C.C.S) University, Meerut and Mahamaya Technical University (MTU), Uttar Pradesh. During FY12 (refers to the period April 1, 2011, to March 31, 2012), the trust reported a Surplus before interest and depreciation ofINR7 crore (INR3.9 crore in FY11) and a Net Surplus of INR5.5 crore (INR2.4 crore in FY11) on the total income from operations of INR15.5 crore (INR12 crore in FY11). TRANSNATIONAL KNOWLEDGE: CARE Rates INR14.60cr LT Loan at 'BB' -------------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Transnational Knowledge Society. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 14.60 CARE BB Assigned Rating Rationale The rating assigned to the bank facilities of Transnational Knowledge Society is primarily constrained on account of its short track record and modest scale of operations. Furthermore, the rating is constrained by high regulatory restrictions regarding approvals and accreditations and intense competition in the education industry. The rating, however, derives comfort from the vast experience of the promoters in the education industry coupled with comfortable profit margins on account of healthy enrollment ratio, moderate capital structure and debt coverage indicators. The ability of TKS to increase the scale of operations by maintaining healthy enrolment ratio in addition to maintaining better profit margins and improvement in the capital structure are the key rating sensitivities. TKS is an education society registered under Madhya Pradesh Society Registration Act, 1973. TKS was established by Mr. Ashish Sojatia (Managing Trustee) in 2008 with the objective of imparting quality education. TKS located in Indore (Madhya Pradesh) manages one education institute namely 'Acropolis Technical Campus', which offers courses in the field of engineering and Master of Business Administration (MBA). TKS has due approvals for undertaking teaching on various courses from All India Council of Technical Education and has an affiliation with Rajiv Gandhi Technical University, Bhopal and Devi Ahilya Vishwavidyalaya, Indore. TKS is a part of Indore-based 'Acropolis Group', which runs other society i.e. 'Teach for India Education and Research Samiti' (TIERS rated 'CARE BBB-'), having four educational institutes. These are Acropolis Institute of Technology & Research (AITR), Acropolis Institute of Pharmaceutical Education & Research (AIPER), Acropolis Faculty of Management Studies & Research (AFMR), and Acropolis Institute of Management Studies & Research (AIMSR). These institutes offer courses in the field of engineering, MBA, Master of Computer Application, pharmacy, Bachelor of Commerce, Bachelor of Business Administration and Bachelor of Computer Application. As against a surplus of INR0.12 crore on a total operating income of INR4.35 crore in FY11 (refers to the period April 1 to March 31), TKS reported a surplus of INR1.20 crore on a total operating income of INR8.68 crore during FY12. As per the provisional results of 9MFY13, TKS achieved a total operating income of INR9.64 crore and surplus of INR1.75 crore. ================= I N D O N E S I A ================= ADARO INDONESIA: Moody's Affirms Ba1 CFR; Outlook is Stable ----------------------------------------------------------- Moody's Investors Service affirmed the corporate family and senior unsecured bond rating of PT Adaro Indonesia (Adaro) at Ba1. The outlook of the ratings is stable. Ratings Rationale: "The affirmation reflects Adaro's strong liquidity position, track record of prudent financial management, and our expectation that the company will focus on deleveraging such that its adjusted debt to EBITDA ratio will return to below 2-2.3x by end 2014," says Simon Wong, a Moody's Vice President and Senior Analyst. "Its rating headroom, however, has narrowed due to the expected deterioration of its credit metrics in 2013, as a result of weakened thermal coal prices and the continued funding support for its parent, Adaro Energy" adds Wong, also the lead analyst for Adaro. Adaro's Debt/EBITDA and EBIT/Interest are projected to deteriorate to 2.3x-2.6x and 5.2x-5.7x, respectively, in 2013, compared to 2.0x and 7.7x in FY2012. This is based on Moody's assumption that Newcastle benchmark thermal coal prices will average $90 per tonne in 2013, Adaro will successfully reduce its production cash cost during the same period by 2-7% to alleviate its margin pressure and achieve a sales volume of 50-53 million tons. Cost cutting measures include the reduction of planned stripping ratio to 5.75x from 6.4x in 2012, however, the benefit of pre- stripping activity in 2012 and reducing stripping ratio in 2013 is likely to be one-off, without compromising the overall mining plan. The completion of an overburden crusher conveyor system and the mine-mouth power plant in Q2 2013 will also enhance efficiency and cost savings. Adaro's strong liquidity profile continues to buffer it against the weak operating environment. Adaro recorded $301 million of cash on hand and has access to $300 million of undrawn, committed banking facilities as at 31 December 2012. The company is currently refinancing a bank loan of $377 million maturing in 2013 and 2014 to extend debt maturity and financial flexibility. "Funding support for Adaro Energy and Adaro Energy's plans to invest in greenfield independent power projects (IPPs) are also key negative rating drivers, but we take some comfort as Adaro Energy will significantly reduce its capex by about 60% and dividend payout in 2013, and the Group has adopted a liquidity and capital conservation strategy amidst the current challenging operating environment" says Wong. Moody's expects Adaro to fund Adaro Energy's 2013 cash requirement with its operating cash flow and cash on hand. Adaro is the principal cash flow generator and a borrower of record, to fund Adaro Energy's vertical integration strategy. Funds have been channeled to the various sister companies through Adaro Energy in the form of dividends, intercompany loans, advances and prepayments against services to undertake the work. Adaro's ratings also reflect its status as one of the world's lowest-cost producer and exporter of thermal coal, its quality and diversified customer base, mainly comprising power utilities in the region. However, the ratings also recognize key challenges including various greenfield power plant and mining projects undertaken by Adaro Energy which could exert further pressure on the credit profile of both Adaro Energy and Adaro. Moody's will review the financial structure when the IPPs reach financial close and adjust Adaro Energy's total debt as needed. Adaro is also one of the most highly rated single commodity mining companies globally; furthermore, its revenue base remains relatively small and the company lacks production diversity compared with similarly rated global peers. The stable outlook reflects Moody's expectation that Adaro will focus on deleveraging and cost control, as well as exercise prudence in its financial management. The possibility of upward pressure is limited given the current weak market conditions. Downward pressure could emerge, if Adaro experiences material disruption to its operations or industry fundamentals further deteriorate to the extent that Adaro's ability to service its debt is weakened. Such trends could be evidenced by adjusted debt/EBITDA rising above 2.5x and/or EBIT/interest falling below 4x on a sustained basis. Similarly, if Adaro Energy's adjusted debt/EBITDA rises above 3- 3.5x and/or EBIT/interest falls below 3x on a sustained basis, Adaro's ratings would come under pressure. Other negative rating trends include: 1) event risk as a result of any adverse decision regarding the off-setting of VAT payments; 2) any change in laws and regulations, particularly on the mining concessions, that would affect the business; and 3) any abrupt change in financial or operational strategy and/or dividend policies. The principal methodology used in this rating was Global Mining Industry Methodology published in May 2009. Adaro Indonesia is one of the largest single-site coal producers in the southern hemisphere and one of the world's largest sub- bituminous coal companies. It exports 77.3% of its products to Asia, the US and Europe, while the rest is for the domestic market. It is wholly owned by Adaro Energy, an integrated energy group, listed on the Indonesia Stock Exchange. ========= J A P A N ========= * Fitch Says Foreign Bonds to Bridge Life Insurers' Yield Gap ------------------------------------------------------------- The plans of major Japanese life insurers for a modest increase in their allocation to foreign bonds -- at the expense of Japanese government bonds (JGBs) -- will help them bridge the period of low yields, says Fitch Ratings. "We expect the change to continue until either the average interest rate on their guaranteed-return savings products falls or JGB yields rise. However, low long-term JGB yields will still hold back insurers' progress in resolving what may be their most critical challenge this year -- the mismatch between the duration of their assets and liabilities," Fitch says. Fitch expects the average guaranteed interest rate on savings products to fall in line with current yields of around 1.5%-2% on 20- to 30-year JGBs in the next three to 10 years for 'A' rated and above companies, and over a period of longer than 10 years for 'BBB' rated and below companies. Any rise in JGB yields as a result of Prime Minister Shinzo Abe's attempts to boost growth and inflation would shorten this timeframe. The switch to foreign-currency-denominated bonds is likely to be modest because of more stringent regulation aimed at preventing insurers from taking on too much foreign-currency risk, as well as the yen-dominated profile of most insurers' liabilities. The Japanese Financial Services Agency tightened its solvency margin regulation for FY11, and now Japanese insurers' exposure to foreign currency requires a higher capital charge (10% of FX exposure). Most insurers are likely to hedge the foreign-exchange risk, which will reduce the capital charge but also the yield enhancement. The lack of JGB supply and low yields will also slow the pace at which insurers raise their exposure to long-term JGBs to cut the duration gap between assets and liabilities. Fitch estimates this gap to be approximately five years. The sensitivity to interest rates which the gap produces makes this a major risk. ==================== N E W Z E A L A N D ==================== CAPITAL + MERCHANT: Civil Claim Vs. Trustee Leads to Law Change --------------------------------------------------------------- The New Zealand Herald reports that a civil claim launched by Capital + Merchant's receivers against the failed finance company's trustee has indirectly led to the Government tabling a law change. According to the report, receiver KordaMentha has filed action against Capital + Merchant's trustee, Perpetual Trust, for an alleged breach of duty. This created a conflict of interest for Perpetual, which appointed KordaMentha as second receivers of the company in November 2007. Because of the claim, Perpetual is attempting to resign as trustee and be replaced by the Public Trust, the Herald understands, the report relays. The Herald notes that Public Trust is New Zealand's sole Crown- owned trustee company and has more than $35 billion under supervision. It is believed the proceedings, deciding whether Public Trust will replace Perpetual, are to be heard by the High Court next month, says the Herald. But the risk this case could set a potential precedent led to Justice Minister Judith Collins introducing a law to Parliament, the report says. According to the Herald, Mr. Collins said an outdated 57-year-old rule in the Trustee Act meant trustees of failed finance companies -- like Capital + Merchant -- could apply to have the Public Trust replace them. "It's simply not acceptable for trustees who wish to retire or resign, to pass their responsibilities to the Public Trust and the taxpayer, with huge and unrecoverable costs," the report quotes Mr. Collins as saying. Citing a statement from Mr. Collins, the report discloses that there are 60 failed finance companies in receivership, liquidation or moratorium and Perpetual is trustee of 22 of those firms. Mr. Collins' proposed law -- called the Trustee (Public Trust) Amendment Bill -- said a retiring trustee must first try to appoint another replacement before seeking Public Trust's appointment, the report adds. About Capital + Merchant Capital + Merchant Finance Ltd, operating in property finance, was one of the bigger finance companies in New Zealand. Capital + Merchant Finance, along with subsidiary Capital + Merchant Investments Ltd., went into receivership on Nov. 23, 2007, due to breaches in respect of general security agreements issued by the companies in favor of creditor Fortress Credit Corporation (Australia) 11 Pty Ltd. Fortress appointed Tim Downes and Richard Simpson of Grant Thornton, chartered accountants, while trustee Perpetual Trust have called in KordaMentha. Capital + Merchant owed NZ$167.1 million to about 7,500 investors. Fortress reportedly has a prior charge over assets and was owed around NZ$70 million in total. SOLID ENERGY: To Slash 105 Jobs in Bid to Keep Afloat ----------------------------------------------------- Stuff.co.nz reports that embattled mining company Solid Energy will shed another 105 jobs, with redundancy costs of NZ$3.5 million, in an effort to stay afloat. According to the report, the company plans to slash 52 people from its head office in Christchurch and 53 from its regional offices, cutting its total corporate workforce from 234 to 129. The cuts were expected to save the company NZ$18million a year, the report relays. Stuff.co.nz notes that Solid Energy's full headcount would drop to about 1,000 by the end of June, compared with more than 1,600 people a year ago. Just 87 people would be left at its Christchurch headquarters, down from about 313 last year, the report relays. Stuff.co.nz relates that Solid Energy chairman Mark Ford said the 53 regional cuts will be spread evenly between Auckland, Nelson, Buller, Grey District and Waikato, with one position targeted in Southland. All are support or corporate people, with no mining staff affected. Mr. Ford said the job losses were part of a new strategy focusing on its core coal mining business, the report relays. Solid Energy had already cut 400 jobs last year, closed a West Coast mine, halted expansion work on other mines and offloaded non-core assets in a bid to balance its books. Its Nature's Flame wood pellet business will go on the market shortly. Meanwhile, Stuff.co.nz reports that Finance Minister Bill English on May 8 floated the possibility of the state-owned coalminer not having a viable future in an interview with Radio New Zealand. That led Labour's state-owned enterprises spokesman Clayton Cosgrove to question whether the Government was going back on its word to keep the company out of receivership, the report relates. Solid Energy New Zealand Ltd is New Zealand's largest coal mining company and an investor in research and commercialisation of sustainable forms of energy that use coal, coal seam gas, biomass, biodiesel and solar. Solid Energy's core mining business includes hard coking coal, primarily for export to steel mills throughout Asia, and thermal coal for the Huntly power station and other domestic customers in the steel, dairy and cement industries. ================= S I N G A P O R E ================= IENERGIZER: Moody's Rates $135MM Senior Term Loan Issuance 'B2' --------------------------------------------------------------- Moody's Investors Service assigned a definitive B2 corporate family rating to iEnergizer Limited. At the same time, Moody's has assigned a definitive B2 foreign currency rating to the $135 million senior secured term loan drawn by iEnergizer Ltd. (iEnergizer) and Aptara, Inc. (Aptara), its wholly-owned subsidiary. The outlook for both ratings is stable and all ratings are affirmed. Ratings Rationale: Moody's has removed the provisional status of the corporate family rating and senior secured rating, originally assigned on February 25, 2013. Moody's rating rationale was set out in a press release issued on that date and explored more fully in a Credit Opinion issued on February 27, 2013. The proceeds from the issue of the term loan are being used to refinance a $20 million shareholder loan and a $114.5 million low- cost loan from a third party. These loans were incurred in the process of acquiring Aptara and were technically repayable on demand. As a result of this particular liquidity risk, Moody's assigned a provisional rating to the CFR, in addition to the loan facility, and the draw-down of the six-year, amortizing term loan has now removed this concern. The term loan is guaranteed by as many subsidiaries as feasible, including the invoicing entities in Mauritius. Over 90% of the cash generated is received by parties to the loan. The stable outlook reflects Moody's expectations that iEnergizer's business model remains consistent, and that the company will keep an organic bias to its expansion. "While we see the attractiveness of iEnegizer's broad offering in content transformation solutions we nevertheless expect overall adjusted EBITDA margins to decline slightly over time, towards the low 20% range, as a result of competitive pressures and additional costs as the business grows", says Alan Greene, a Moody's VP- Senior Credit Officer and Lead Analyst for iEnergizer. Given size and leverage constraints, there is very limited upside potential for the ratings. But upgrade pressure could evolve over the longer term if the company maintains overall EBITDA margins above 20%, while improving its relative market share and with revenues surpassing $500 million. Credit metrics that could support this outcome would include i) total debt/EBITDA below 4.0x; or ii) free cash flow/total debt of around 8% to 10% or better, on a sustained basis. On the other hand, the rating could face downward pressure if free cash flow is adversely impacted by a decline in revenues and rising costs, or by an overly aggressive acquisitions policy. Such a scenario could be accompanied by i) total debt/EBITDA exceeding 4.5-5.0x; ii) free cash flow/total debt falling below 5%; or iii) (EBITDA-capex)/interest expenses falling below 1.5x to 2.0x, on a sustained basis. The principal methodology used in this rating was the Global Business & Consumer Service Industry Rating Methodology published in October 2010. ==================== S O U T H K O R E A ==================== NAMYANG DAIRY: Six Million Stores Vow to Join Boycott ----------------------------------------------------- Yonhap News Agency reports that the nationwide rage against Namyang Dairy Products Co., which allegedly strong-armed distributors into ordering more products, reached new heights on Thursday, as millions of independent store owners vowed to join an ongoing boycott against one of the country's largest dairy producers. The news agency relates that more than 150 associations of pro- small business activists and independent store owners called on Namyang to fully compensate for the "material and emotional damage it caused to the victims." They added that some six million mom- and-pop establishments dealing with Namyang goods will cut off orders if the company fails to comply by May 20, Yonhap relays. The Korea Herald says Namyang has fallen into a sweeping controversy over an audio clip revealing a compromising incident in which one of its employees used abusive language with a business partner, taking advantage of his authoritative position. The Korea Herald relates that the audio file portrayed a scene in which a 30-something office worker from Namyang's headquarters shouted and hurled insults at a 50-year-old man who runs a regional distribution channel for the dairy firm on a contract basis. According to the Korea Herald, the verbal abuse involved the amount of orders the main office was trying to ship. The incident, which is going viral on the Internet, happened three years ago. The audio, which was uploaded on Friday to YouTube, garnered some 300,000 hits. In the file, the young worker used vulgar language in threatening the distributor who said it was difficult to handle the sales requested by the headquarters. People who watched the clip expressed anger over the weekend. When the recorded file was disclosed, there was an online petition movement calling for legal punishment of Namyang, the Korea Herald reports. Headquartered in Seoul, South Korea, Namyang Dairy Product Co., Ltd. engages in the production and sale of dairy products. The company operates through two divisions, Dairy Products and Milk Beverages. STX GROUP: Credit Extended to Group Reaches KRW13 Trillion ---------------------------------------------------------- The Korea Times reports that the liquidity crisis at the STX Group is weighing heavily on creditor banks amid dismal earnings outlook for the banking sector. The Financial Supervisory Service (FSS) said creditors of STX may suffer losses totaling KRW13.2 trillion ($12.1 billion) if the group collapses, according to the report. "That's just the worst case scenario that's unlikely to happen, but it will take a long time until creditor banks fully recover from the impact of the STX crisis," the report quotes an FSS official as saying. The report says the Korea Development Bank (KDB), the Export- Import Bank of Korea (Korea Eximbank), Nonghyup Bank and other creditors loaned a total of KRW5.2 trillion to STX as of the end of March. They also provided payment guarantees worth KRW7.1 trillion and were holding KRW771 billion worth of corporate bonds issued by the firm, the Korea Times relates. According to the report, KDB will suffer the biggest damage should STX default. STX owes KRW3.9 trillion to KDB, KRW2.28 trillion to Korea Eximbank, KRW2.24 trillion to Nonghyup, KRW1.53 trillion to Woori Bank and KRW1.13 trillion to Korea Finance Corp. STX Group, a South Korean shipbuilding conglomerate, has seen its major affiliates struggling from liquidity shortages as they have been suffering from mounting debt due to the downturn in the shipbuilding and shipping sectors, YonhapNews disclosed. STX Corp., the group's holding company, and its two affiliates have asked the KDB to inject liquidity in return for a voluntary debt relief process to salvage the firm from insolvency. STX Corp. has 11 affiliates including STX Pan Ocean and STX Offshore & Shipbuilding under its wing. IT service provider ForceTec, in which group chief Kang Duk-soo holds 69.4 percent stake, has a 23.1 percent stake in STX Corp. Mr. Kang also holds a 25 percent interest in STX Construction, which applied for a court receivership on April 26, Yonhap added. ============= V I E T N A M ============= DOT VN: Plans to Complete Viable Revenue Producing Platform ----------------------------------------------------------- Dot VN, Inc., said it is very close to completing the technical aspects required by Google to launch the Vietnamese IDN (International Domain Names) marketing program. Dot VN already has a long term working relationship with the world's largest online marketing and search engine leader. This will allow and begin the advertising monetization of Vietnamese IDN web platforms. In common terms it means that Dot VN will begin creating multiple revenue streams from views and clicks associated with the nearly 1 million registered Vietnamese IDN domain names. The most important aspect is the traffic and Dot VN has already established success in the area. Starting on May 6, 2013, Dot VN was to begin the process of restructuring corporate debt. Dot VN management is confident that it is now able to move forward into a self sustaining revenue production phase. Dot VN is already working well with suppliers, vendors and employees and will concentrate the restructuring efforts on extending maturity dates and reducing debt and maintenance costs. The Company already has plans to set up advisory committees with the various types of stakeholders, in order to assure openness and transparency in operating and restructuring of debt. Toward this end, the Company has engaged Eric Dierker to co-ordinate and help manage this transition. Eric Dierker worked with the Company in Vietnam and the U.S. in forming the contractual and procedural agreements with the Vietnamese Government as early as 2001 in the capacity of Global Internet Strategist. Mr. Dierker is an expert in negotiating creditor/debtor relations. Dot VN filed a Form 8-K with the U.S. Securities and Exchange Commission which sets forth a clear disclosure of the current corporate obligation structure, within the parameters of appropriate confidentiality. A copy of the Form 8-K is available for free at http://is.gd/JbAFbn About Dot VN Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides Internet and telecommunication services for Vietnam and operates and manages Vietnam's innovative online media web property, http://www.INFO.VN The Company is the "exclusive online global domain name registrar for .VN (Vietnam)." Dot VN is the sole distributor of Micro- Modular Data Centers(TM) solutions and E-Link 1000EXR Wireless Gigabit Radios to Vietnam and Southeast Asia region. Dot VN is headquartered in San Diego, California with offices in Hanoi, Danang and Ho Chi Minh City, Vietnam. Dot VN was incorporated in the State of Delaware on May 27, 1998, under the name Trincomali Ltd. The Company's balance sheet at Jan. 31, 2012, showed $2.49 million in total assets, $9.20 million in total liabilities and a $6.70 million total shareholders' deficit. Following the 2011 results, PLS CPA, in San Diego, Calif., noted that the Company's losses from operations raised substantial doubt about its ability to continue as a going concern. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$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 ***