/raid1/www/Hosts/bankrupt/TCRAP_Public/130830.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, August 30, 2013, Vol. 16, No. 172
Headlines
A U S T R A L I A
KING OF KNIVES: Trade Creditors Unlikely to Recoup a Cent
R.M. WILLIAMS: Henbury Station Will be Placed On the Market Again
TONY FERGUSON: Weight-Loss Group Placed in Administration
TROVI INVESTMENTS: Clifton Hall Appointed as Liquidator
C H I N A
CENTRAL CHINA: First Half Results No Immediate Impact on Ratings
DELONG HOLDINGS: Fitch Affirms 'B' IDR; Revises Outlook to Stable
FUFENG GROUP: Fitch Downgrades Issuer Default Rating to 'BB-'
I N D I A
AMIT CAPACITORS: CRISIL Places 'BB-' Ratings on INR115MM Loans
ANPRAS FOOD: CRISIL Assigns 'B+' Ratings to INR47.5MM Loans
ARJUN BULK: CRISIL Assigns 'B' Ratings to INR50MM Loans
BHANU INTERNATIONAL: CRISIL Ups Rating on INR160MM Loan to 'B-'
BHARAT CONSTRUCTION: CRISIL Assigns 'B-' Rating to INR120MM Loan
BHUMI COTTEX: CRISIL Assigns 'D' Ratings to INR250MM Loans
BLUE DREAMZ: CRISIL Assigns 'B-' Ratings to INR80MM Loans
NSP VARIEGATE: CRISIL Upgrades Rating on INR133MM Loan to 'BB+'
RAMJI AGENCIES: CRISIL Rates INR60MM Cash Credit at 'B+'
SOVIKA AVIATION: CRISIL Assigns 'B' Ratings to INR120MM Loans
SREE JAYAMURUGAN: CRISIL Assigns 'B' Ratings to INR100MM Loans
SRI VENKATRAMA: CRISIL Assigns 'B+' Ratings to INR140MM Loans
UTTARAKHAND UTHAN: CRISIL Places 'D' Ratings on INR330MM Loans
VIDHATRI EXPORTS: CRISIL Rates INR60MM Packing Credit at 'B'
I N D O N E S I A
INDONESIA: Weakening Rupiah No Impact on Energy Firms, Fitch Says
J A P A N
TOKYO ELECTRIC: To Sell Ginza Building to Yomiuri Shimbun Group
* JAPAN: BOJ Won't Rescue Government From Sales-Tax Misstep
N E W Z E A L A N D
ROSS ASSET: David Ross Pleads Guilty to Fraud
S O U T H K O R E A
KOREA DEVELOPMENT: S&P Lowers Stand-Alone Credit Profile to 'bb'
* Guarantee Will Survive Korean Policy Bank Realignment
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
KING OF KNIVES: Trade Creditors Unlikely to Recoup a Cent
---------------------------------------------------------
Matt Nippert at Stuff.co.nz reports that liquidators appointed to
kitchen chain King of Knives said trade creditors owed more than
NZ$2 million are unlikely to receive a cent.
Stuff.co.nz discloses that King of Knives, and associated company
King of Knives Holdings, operated four retail shops in
New Zealand. Amanda Atkins and Rowan Chapman, of Chapman Atkins,
were appointed as liquidators last week.
Three stores operating out of Westfield malls in downtown
Auckland, Glenfield and Riccarton have been closed by liquidators,
the report relates.
According to Stuff.co.nz, Ms. Atkins said a fourth store in
Westfield's St Lukes mall was trading on a limited basis to clear
stock.
"There's a sale there now with 60 per cent off the good knives,
and more off other items," Stuff.co.nz quotes Ms. Atkins as
saying.
Ms. Atkins said it was unlikely unsecured creditors would receive
any returns from the liquidation, the report relays.
Stuff.co.nz, citing first reports prepared by Ms. Atkins and
Mr. Chapman, says King of Knives Holding owes IRD NZ$50,923,
employees NZ$28,923 and unsecured creditors NZ$2.14 million.
Assets, including stock and fixtures and fittings, have a recorded
book value of NZ$480,457 but are expected to realise substantially
less, Stuff.co.nz notes.
The liquidation follows the chain's Australian owners, who operate
more than 40 stores across the Tasman, appointing voluntary
administrators BRI Ferrier after bankers withdrew their support,
the report adds.
King of Knives Group controlled the business operations of 40
stores across Australia. In addition, 14 stores are operated by
franchisees under a franchising agreement with the King of Knives
Group.
King of Knives was placed in administration on August 15, with
Andrew Cummins and Antony Resnick of BRI Ferrier appointed as
administrators.
R.M. WILLIAMS: Henbury Station Will be Placed On the Market Again
-----------------------------------------------------------------
Caddie Brain at ABC Rural reports that Henbury Station, home to
one of Australia's most controversial carbon farming projects,
will be placed on the market.
The property, 230 kilometres south of Alice Springs, was bought
and destocked by R.M. Williams Agricultural Holdings with AU$9
million of federal funding in 2011, according to ABC Rural.
However, the report notes that R.M. Williams Agricultural
Holdings, the parent of a number of subsidiary companies, went
into receivership last month, with PPB Advisory appointed as
receiver and manager.
R.M. Williams Agricultural Co Landscape Management, responsible
for the Henbury Station project, was the only subsidiary company
not to go into receivership, the report discloses.
But Greg Quinn, from PPB Advisory, says the company name has now
been changed ahead of the sale of the station.
"The license agreement with R.M. Williams Agricultural Landscape
Management has now been terminated, so we've had to change the
name to Henbury Station Proprietary Limited," the report quoted
Mr. Quinn as saying.
"The directors have resigned and retired and we've had to appoint
a director, Bob Hansen, who is bringing the property to market,"
Mr. Quinn added, the report relays.
Mr. Hansen was formerly the chief executive officer of the Peanut
Company of Australia and a manager for poultry company Inghams in
Victoria.
Expressions of interest for Henbury Station are due on
September 6.
The report discloses that Henbury was supposed to become part of
the National Reserve System and be regenerated after nearly 150
years of grazing. The report relates that it can only be sold
because Henbury Station was never transferred from a pastoral
lease to a conservation covenant, a requirement of the National
Reserve System.
Mr. Quinn said a Federal Government agreement still applies to the
property, as does a deal with Qantas, which agreed to buy carbon
credits generated at the property, the report discloses.
Mr. Quinn said there's no requirement for R.M. Williams
Agricultural Holdings to repay the initial investment in the
purchase of Henbury Station at this stage, but some proceeds from
the sale may be returned to the Federal Government, the report
relates.
Mr. Quinn said there has already been extensive interest in the
property already from environmental, Indigenous and pastoral
organizations, the report adds.
TONY FERGUSON: Weight-Loss Group Placed in Administration
---------------------------------------------------------
James Thomson at BRW reports that seven entities associated with
the Tony Ferguson weight-loss empire have been placed in the hands
of administrators.
Adam Farnsworth, of insolvency firm Farnsworth Shepard, has been
placed in control of the business after being appointed on
August 20, BRW relates citing records from the Australian Security
and Investment Commission.
Calls to Tony Ferguson suggest the business continues to trade. A
representative of the business referred BRW to Farnsworth for
comment.
According to the report, the exact nature of the problems at the
business is not known, although sources suggest that there are a
number of parties interested in buying the group.
The Tony Ferguson range of meal replacement products are generally
sold through pharmacies, with chemist chain Terry White Chemists
the major retail channel for Tony Ferguson, BRW notes.
Anthony White, chief executive of Terry White Chemists, told BRW
that Tony Ferguson is one of many suppliers to the business and he
has been told the weight-loss business is currently undergoing a
re-organisation. Mr. White said the issues will not have any
impact on the Terry White Chemists business, relates BRW.
TROVI INVESTMENTS: Clifton Hall Appointed as Liquidator
-------------------------------------------------------
Mark Hall of Clifton Hall was appointed liquidator of Trovi
Investments Pty Ltd on Aug. 28, 2013, by Order of the Federal
Court of Australia.
=========
C H I N A
=========
CENTRAL CHINA: First Half Results No Immediate Impact on Ratings
----------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's (CCRE) moderate 1H2013 results show signs of weakness,
but are not material enough to have an immediate impact on its Ba3
corporate family rating and B1 senior unsecured debt rating and
stable outlook.
"Although CCRE only reported a 0.8% year-on-year growth in revenue
to RMB3.0 billion in 1H2013, Moody's expects it will maintain high
single-digit revenue growth for the full year due to its strong
contract sales," says Jiming Zou, a Moody's Assistant Vice
President and Analyst.
CCRE achieved RMB7.0 billion of contract sales for the first seven
months of 2013, which is equivalent to 17.9% year-on-year growth
and which contributed 56% of its annual revenue target of RMB12.6
billion.
"While CCRE's revenue was at the same level as 1H2012, its credit
metrics weakened in 1H2013 as a result of increasing debt and
interest expenses; and they will remain weak for the next 12-18
months," adds Zou, who is also the lead analyst for CCRE.
CCRE's reported debt level increased to around RMB8.2 billion at
1H2013 from RMB6.6 billion at end-2012, after the issuance of its
$200 million and $400 million notes in January and May 2013
respectively and the redemption of its $300 million notes in June
2013.
As a result, its adjusted debt/book capitalization rose to around
62% at 1H2013 from 59% at end-2012; while adjusted EBITDA/interest
for the 12 months ended June 2013 fell to about 2.4x at end-June
2013 from 2.9x at end-2012.
Moody's expects adjusted debt/book capitalization will remain at
around 60-65%; while adjusted EBITDA/interest coverage will remain
around 2.5x at end-2013. Both metrics are weak for the current
rating level of Ba3. Any signs of a further increase in debt
leverage could pressure the current rating.
CCRE had cash on hand of RMB6.0 billion as of June 30, 2013 which
can fully cover short-term maturing debt of RMB933 million and
unpaid land premium of RMB156 million.
However, Moody's notes the increase in the amount due to jointly-
controlled entities to RMB 5.9 billion in June 30, 2013 from RMB
4.0 billion in December 2012. Such payables are pressuring CCRE's
liquidity position. Moody's will monitor closely how CCRE will
manage down such payables.
The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.
Founded in 1992, Central China Real Estate Limited is a major
property developer in Henan Province. As of December 31, 2012, it
had an attributable land bank of 16 million square meters (sqm).
The company listed on the Hong Kong Stock Exchange in June 2008.
The chairman, Mr. Wu Po Sum, has a 47% stake in the company.
CapitaLand (unrated), a strategic investor since 2006, has a 27%
stake.
DELONG HOLDINGS: Fitch Affirms 'B' IDR; Revises Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised China-based steel company Delong
Holdings Limited's (Delong) Outlook to Stable from Negative. Its
Long-Term Issuer Default Rating (IDR) has been affirmed at 'B'.
Fitch has also assigned Delong a senior unsecured rating of 'B'.
The Outlook has been revised to Stable following the release of
its H113 results, which showed Delong having the ability to
generate positive free cash flow (FCF) even under a sustained
difficult operating environment.
Key Rating Drivers
Neutral FCF for H113: Under a difficult operating environment in
H113, Delong's net debt position only rose CNY10m after taking
into account the CNY260m investment in financial assets. This was
even despite the fact that its H113 EBITDA of CNY362m was only 38%
of what it achieved in 2012 and that its gross profit for metal
fell to CNY127/ton in H113 from CNY196/ton in 2012. This was
largely a result of a stronger iron ore cost versus steel selling
prices in 2013.
Moderate leverage sustainable: Delong generated CNY130m positive
FCF and its funds flow from operations (FFO) net leverage declined
to 1.94x in 2012 from 4.33x in 2011, even after paying an
estimated CNY396m (including bank loans) to acquire Aoyu. Delong's
average FCF over the past five years was minus CNY5.8m. This means
that Delong's capex and acquisition of CNY1,648m over the past
five years had been mostly funded by internally generated
operating cash flow. The large negative FCF of CNY901m in 2011,
leading to a significant deterioration in its leverage, was a
result of working capital fluctuations.
Since its listing in 2005, Delong has maintained a conservative
FFO net leverage of 2.4x through its capacity expansion cycle,
which saw its production capacity grow to 3.8 million tons per
annum (mtpa) at end-H113 from 1.4mtpa in 2005. Net debt peaked at
CNY2.1bn in 2008 before falling to CNY1.98bn at end-H113 despite
the company having spent CNY1bn in capex and acquisition, and
added financial assets amounting to CNY427m since 2008.
Weak industry fundamentals: Delong continues to face a difficult
operating environment over the medium term, in the face of intense
competitive pressure, persistent over-capacity and limited
influence on raw material costs.
Any steel price improvement quickly pushes steel producers to
increase production and eventually leads to rising iron ore
prices. Small Chinese steel producers are keen to produce at full
capacity to defray their fixed costs, thus resulting in disorderly
competition within the industry. This is not likely to change in
the medium term since there are few steel companies that have the
financial resources to consolidate the industry.
It is Fitch's view that any improvements of industry fundamentals
are more likely to come from an iron ore supply glut than a strong
surge in demand for steel as China moves away from an investment-
led economic growth model.
Small scale limits operations: Delong's ratings are constrained by
its small operating scale, with a total production capacity of 3.8
mtpa. This restricts its product range and limits its
differentiation among a field of over 40 other similarly sized
steel companies in Hebei Province, where Delong is based.
Expansion uncertainty constrains ratings: Delong's current
capacity is still far from its 8mtpa target, which Fitch believes
would be achieved largely through the acquisition of additional
local steel mills. This strategy will inevitably increase debt but
may not repeat the same substantial synergies seen in the Aoyu
acquisition.
Rating Sensitivities:
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- deterioration of annual metal margin below CNY200 per ton
- FFO fixed charge cover remaining below 2.5x (4.3x in 2012)
- FFO net leverage above 3x on a sustained basis
- negative FCF
Positive: Future developments that may, collectively, lead to
positive rating action include:
- increasing crude steel capacity beyond 5mtpa
- maintaining FFO net leverage below 2.0x
- remaining FCF positive
FUFENG GROUP: Fitch Downgrades Issuer Default Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded China-based food and beverage company
Fufeng Group Limited's Long-Term Issuer Default Rating (IDR) and
senior unsecured debt to 'BB-' from 'BB'. The Outlook for the IDR
is Stable.
The downgrade reflects Fufeng's delay in deleveraging as a result
of weaker profitability in its monosodium glutamate (MSG)
operations and further capex plans. The Stable Outlook reflects
Fufeng's strong market position and moderate liquidity profile.
Key Rating Drivers
MSG margins lower: Gross profit margin for Fufeng's MSG operations
dipped further to 9.8% in H113 from 11.4% in 2012, due to ongoing
oversupply and price competition. Collaboration among key domestic
MSG players, including Fufeng, to cut production by 30% since June
2013 lifted prices to CNY6,300/tonne in July 2013 from
CNY6,131/tonne in Q213. Fitch views MSG gross profit margins would
stabilise in the low teens for the medium term, provided there are
continued collective efforts from key producers to adjust output
accordingly. This would still be much lower than in the past when
margins were well above the mid-teens.
Capex delays deleveraging: LTM funds from operations (FFO)-
adjusted net leverage, though down from its peak of 3.72x in 2012,
remained high at around 2.7x. The company has no plans for further
investment in MSG given current weak conditions but will
opportunistically increase its capacity for xanthan gum as market
conditions are still favourable, leaving minimal free cash flow
for the next 24 months. Fitch views FFO-adjusted net leverage
would be around 2.5x over the medium term, rather than
significantly below this level as previously expected.
Xanthan gum's profitability to normalise: Benefitting from sales
volume growth and tight supply, gross profit margin for Fufeng's
xanthan gum jumped to 59% in H113 from 46% in 2012. Fitch expects
xanthan gum's profit margin to normalise to around 40% in 2014
with prices retracing from their peak of CNY26,000/tonne in H113
(2012: CNY20,400/tonne) as new supply comes onto the market. With
MSG prices stabilising at a lower level and profitability from
xanthan gum likely to retrace from its peak, Fitch expects
Fufeng's overall EBITDA margin to stabilise below 15% over the
medium term (H113:12.6%)
Strong market position: Fufeng's integrated facilities and close
proximity to raw materials (corn kernel and coal) provide it with
cost advantages. The company benefits from economies of scale from
its large capacity; it is the largest MSG and xanthan gum producer
in the world by capacity. Its low-cost structure enables it to
absorb lower selling prices as the market consolidates.
No immediate liquidity risks: Fufeng's unrestricted cash of
CNY863m, plus CNY1.5bn of unutilised bank facilities and undrawn
medium-term notes programme, could cover H213 capex of around
CNY300m and some short-term borrowings repayment. Fitch also
expects Fufeng to be able to roll over the majority of its
CNY1.74bn onshore short-term borrowings.
Rating Sensitivities
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- EBITDA margin sustained below 10%
-- FFO-adjusted net leverage above 3x on a sustained basis
-- Weakening liquidity profile
-- Loss of market leadership in the MSG business
Positive: Future developments that may, individually or
collectively, leads to positive rating action include:
-- FFO-adjusted net leverage below 2x on a sustained basis
-- EBITDA margin sustained above 15%
-- Sustained free cash flow generation
-- Evidence of pricing power in the MSG business
=========
I N D I A
=========
AMIT CAPACITORS: CRISIL Places 'BB-' Ratings on INR115MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank loan facilities of Amit capacitors Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 60 CRISIL A4+
Bill Discounting 15 CRISIL BB-/Stable
Cash Credit 100 CRISIL BB-/Stable
The ratings reflect extensive experience of promoters in the
industry and established marketing and distribution network. These
rating strengths are partially offset by modest scale of
operations and working capital intensive nature of operations.
Outlook: Stable
CRISIL believes that ACL will continue to benefit over the medium
term from its promoters' extensive experience in the capacitors
industry. The outlook may be revised to 'Positive' if ACL exhibits
a significant and sustainable growth in its revenues, while it
maintaining its margins and capital structure. Conversely, the
outlook may be revised to 'Negative' in case there is significant
deterioration in its profitability or a stretch in its working
capital cycle, leading to weakening in its debt protection metrics
or debt-funded capital expenditure program.
ACL was incorporated in 1982 by Mr. Ashok Kumar Tibrewala. The
company is engaged in manufacturing of electric capacitors which
are used in electronics, electrical and agricultural industry. ACL
sells its products under 'Concap' and 'Amcap' brands. The
company's manufacturing facilities are located at Hyderabad,
Andhra Pradesh.
ACL's profit after tax (PAT) is at INR4.6 million on net sales of
409.1 million for 2012-13, against a PAT of INR3.0 million on net
sales of INR372.9 million for 2011-12.
ANPRAS FOOD: CRISIL Assigns 'B+' Ratings to INR47.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Anpras Food Products Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 32.5 CRISIL B+/Stable
Cash Credit 15.0 CRISIL B+/Stable
Import Letter of 12.0 CRISIL A4
Credit Limit
The ratings reflect AFPPL's nascent stage of operations, and
susceptibility to volatility in raw material prices, to erratic
rainfall, and to adverse regulatory changes. These rating
weaknesses are partially offset by AFPPL's diversified customer
base, and the benefits that the company derives from the stable
demand for rice in the country.
Outlook: Stable
CRISIL believes that AFPPL will benefit over the medium term from
the stable demand for rice in the country and its diversified
customer base. The outlook may be revised to 'Positive' if the
company generates better-than-expected accruals, through
stabilisation of its recently setup facility, or demonstrates
better-than-expected working capital management or benefits from
more-than-expected fund infusion by its promoters, leading to
significant improvement in its financial risk profile,
particularly in its liquidity. Conversely, the outlook may be
revised to 'Negative' if AFPPL's financial risk profile,
particularly its liquidity, weakens, most likely because of large,
debt-funded capital expenditure, or significant increase in its
working capital requirements, leading to large incremental bank
borrowings and, as a result, pressure on its liquidity.
AFPPL, incorporated in 2012, has set up a rice milling facility at
Ranchi (Jharkhand). The rice milling unit commenced commercial
operations in April 2013. The company is managed by its managing
director, Mr. M K Singh.
ARJUN BULK: CRISIL Assigns 'B' Ratings to INR50MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Arjun Bulk Carriers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 17 CRISIL B/Stable
Proposed Long-Term 33 CRISIL B/Stable
Bank Loan Facility
The rating reflects ABC's, small scale of operations in a highly
fragmented and competitive freight transport industry and customer
concentration risk in its revenue profile. These rating weaknesses
are partially offset by ABC's moderate financial risk marked by
moderate gearing albeit constrained by low networth and promoter's
extensive experience in the industry.
Outlook: Stable
CRISIL believes that Arjun Bulk Carriers will continue to benefit
over the medium term from its promoters' experience in the road
freight transport segment and established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected revenues and profitability while
maintaining its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's revenues and
margins decline, or if larger-than-expected debt-funded capital
expenditure leads to deterioration in its financial risk profile.
Set up in 1988 as a proprietorship firm by Mr. M N Nagaraju,
Bangalore (Karnataka)-based ABC is a third-party logistics service
provider and provides transportation services to clients in the
distilleries segment.
For 2012-13 (refers to financial year, April 1 to March 31), ABC
reported, on a provisional basis, profit after tax (PAT) of INR7.2
million on net sales of INR180.5 million as against PAT of INR9.5
million on net sales of INR159.4 million for 2011-12.
BHANU INTERNATIONAL: CRISIL Ups Rating on INR160MM Loan to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bhanu International Resorts and Hotels Pvt Ltd to 'CRISIL B-
/Stable' from 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 160.0 CRISIL B-/ Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of debt by Bhanu over
the seven months through July 2013. The upgrade also factors in
CRISIL's belief that Bhanu will continue to receive funding
support from its promoters', for timely repayment of its term debt
obligations.
The rating reflects Bhanu's exposure to risks related to
implementation and commercialisation of its ongoing hotel project
in Porur (Tamil Nadu), and its vulnerability to cyclicality in the
hospitality industry. These rating weaknesses are partially offset
by the benefits that Bhanu derives from the experience of its
management in the construction business and the favourable
location of its hotel.
Outlook: Stable
CRISIL believes that Bhanu will benefit over the medium term from
the extensive experience of its promoters' in the construction
business. The outlook may be revised to 'Positive' if the company
generates more-than-expected cash accruals, mostly likely because
of healthy occupancy rates, while completing its project on time
within budgeted cost. Conversely, the outlook may be revised to
'Negative' in case of time or cost overrun in the project, or
pressure on the occupancy levels, resulting pressure on its
liquidity, or in case of any downturn in the economy resulting in
slowdown in the hospitality sector.
Incorporated in 2008, Bhanu is developing a 68-room, mid-market
hotel in Porur. The construction of the hotel started in December
2010 and the hotel is expected to commence operations in 2013-14
(refers to financial year, April 1 to March 31). Bhanu's overall
operations are managed by Mr. Suman Voora.
BHARAT CONSTRUCTION: CRISIL Assigns 'B-' Rating to INR120MM Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Bharat Construction (BC; part of the Bharat group)
and has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to these
facilities. CRISIL had earlier, through its rating rationale dated
January 31, 2013, suspended the ratings as the Bharat group had
not provided the necessary information required for a rating
review. The group has now shared the requisite information, thus
enabling CRISIL to assign a rating on its bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 230 CRISIL A4 (Assigned;
Suspension revoked)
Cash Credit 120 CRISIL B-/Stable (Assigned;
Suspension revoked)
The ratings reflect the Bharat group's stretched liquidity, driven
by its stretched working capital cycle and other investments made
in its associate entity and joint venture. The ratings also factor
in the Bharat group's modest scale of operations with declining
revenues, and its susceptibility to intense competition in the
construction industry. These ratings weaknesses are partially
offset by the extensive experience of the Bharat group's promoters
in the construction business, and its moderate financial risk
profile.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BC and its group entity, Bharat Hydel
Projects Pvt Ltd, together referred to as the Bharat group,
herein. This is because both these entities are under a common
management, in the same line of business, and share common
resources to implement orders.
Outlook: Stable
CRISIL believes that the Bharat group will benefit from its
promoters' extensive experience in the construction industry. The
outlook may be revised to 'Positive' in case of improvement in the
group's liquidity, most likely caused by improvement in its
receivables, or in case of any larger-than-expected capital
infusion by promoters and successful liquidation of existing
investments. Conversely, the outlook may be revised to 'Negative'
in case of further weakening of the Bharat group's liquidity and
the resulting deterioration in its financial risk profile because
of large-than-expected working capital requirements, declining
revenues and cash accruals, or the undertaking of any large capex
programme.
BC is a partnership firm that undertakes road construction and
construction of hydro-electric power (HEP) projects in Uttarakhand
and Himachal Pradesh. The firm's equal-stake holding partners are
Mr. Rajeev Garg and Mr. R S Panwar. BHPPL is a private limited
company set up by Mr. Garg and Mr. Panwar to enable the Bharat
group to participate in large-sized tenders and contracts in the
road and HEP construction industry.
BHUMI COTTEX: CRISIL Assigns 'D' Ratings to INR250MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bhumi Cottex Industry Pvt Ltd. The ratings reflect
instances of delay by BCIPL in servicing its debt; the delays have
been caused by the company's stretched liquidity because of its
working-capital-operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Medium Term Loan 140 CRISIL D
Bank Guarantee 10 CRISIL D
Cash Credit 100 CRISIL D
BCIPL also has a below-average financial risk profile, marked by a
leveraged capital structure. Moreover, the company is in its
nascent stage of operations. However, BCIPL benefits from its
promoters' extensive experience in the de-oiled cake manufacturing
industry (through group entities) and the funding support that it
receives from them.
BCIPL, established in April 2011, operates a solvent extraction
plant. It extracts edible oil and de-oiled cake from cotton seeds.
The company is promoted by Mr. Paresh Runwal, Mr. Dinesh Runwal,
Mr. Shrikant Bhakkad, and Mr.Manoj Petty.
BLUE DREAMZ: CRISIL Assigns 'B-' Ratings to INR80MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank loan facilities of Blue Dreamz Advertising Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 20 CRISIL B-/Stable
Cash Credit 25 CRISIL B-/Stable
Proposed Cash Credit 35 CRISIL B-/Stable
Limit
The rating reflects BDAPL's small scale of operations in the
highly competitive advertising industry, and the working-capital-
intensive nature of its operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the advertising industry, and their established
relationships with customeINR
Outlook: Stable
CRISIL believes that BDAPL will continue to benefit over the
medium term from its promoters' extensive experience in the out-
of-home (OOH) advertising market in Kolkata (West Bengal).
'Positive' if the company significantly expands its scale of
operations along with an improvement in operating profitability,
resulting in higher than expected cash accruals and also improves
its liquidity position by effectively managing its working capital
requirement. Conversely, the outlook may be revised to 'Negative'
if the company's scale of operations reduces significantly thus
impacting the cash accruals adversely, or a deterioration in its
liquidity position on account of higher than expected working
capital requirements or larger than expected debt funded capital
expenditure.
BDAPL, incorporated on July 9, 2010, provides OOH advertising
solutions. The company has a presence in bill boards, traffic
booths, and foot-overbridge advertisement segments.
NSP VARIEGATE: CRISIL Upgrades Rating on INR133MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
NSP Variegate RG Road Projects Pvt Ltd to 'CRISIL BB+/Stable' from
'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 133 CRISIL BB+/Stable (Upgraded from
'CRISIL BB/Stable')
The rating upgrade reflects NSPRG's improving liquidity supported
by timely receipt of its annuity payments, and healthy liability
management. The company has been receiving its half-yearly annuity
payments from Andhra Pradesh Road Development Corporation in a
timely manner since December 2012. There is also a sufficient gap
of around 60 days between APRDC's semi-annual annuity receipt and
the due date of the company's semi-annual term loan instalment.
NSPRG has also been maintaining a debt service reserve account
(DSRA) equivalent to its term loan obligations due in the ensuing
six months with its bankers CRISIL believes that NSPRG will
continue to follow its policy of earmarking funds to service its
debt over the medium term.
CRISIL's rating on the bank facilities of NSPRG continues to
reflect the benefits that the company derives from the annuity
nature of build, operate, and transfer (BOT) projects; the
presence of a DSRA; and the company's moderate debt service
coverage ratio. These strengths are partially offset by NSPRG's
exposure to operational and maintenance risks associated with road
projects.
Outlook: Stable
CRISIL believes that NSPRG's liquidity will remain adequate over
the medium term because of the annuity nature of its BOT project,
and the available cash surplus to service its debt obligations in
the near term. The outlook may be revised to 'Positive' if the
company's financial flexibility improves significantly, driven by
the promoters' equity infusion(s), or prepayment of term loans.
Conversely, the outlook may be revised to 'Negative' if NSPRG's
liquidity weakens because of significant delays in receipt of
annuity payments from APRDC.
NSPRG is a special-purpose vehicle, promoted by NSPR Constructions
(P) Ltd and Variegate Projects (P) Ltd as a joint venture. NSPR
owns 90 per cent of NSPRG's shares and VPPL owns the remainder.
NSPRG has been promoted to design and upgrade the 16 kilometres
Rayalapuram-Gandluru road in Kadapa District (Andhra Pradesh) to a
two-lane carriageway. The project was completed in May 2010, and
the company now operates and maintains the road on a BOT basis.
As per the concession agreement, NSPRG would be receiving a semi-
annual annuity of INR35.65 million from APRDC for a period of 10
years starting November, 2010. The annuity has to be deposited in
an escrow account and appropriations from this account have to be
as per the concession agreement.
RAMJI AGENCIES: CRISIL Rates INR60MM Cash Credit at 'B+'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ramji Agencies.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 90 CRISIL A4
Cash Credit 60 CRISIL B+/Stable
The ratings reflect RA's below-average financial risk profile
marked by highly leveraged capital structure and weak interest
coverage ratio. The ratings also factor firm's modest scale of
operations in the intensely competitive mobile distribution
industry coupled with high supplier concentration. These rating
weaknesses are partially offset by the benefits RA derives from
its promoters' extensive experience in the mobile distribution
industry and its moderate risk management practices.
Outlook: Stable
CRISIL believes that RA will continue to benefit from its
promoter's extensive experience in the mobile distribution
industry over the medium term. The outlook may be revised to
'Positive' if RA's capital structure improves, either due to
capital infusion or due to accretion to reserves, resulting from a
significant increase in its scale of operations and operating
profitability. Conversely, the outlook may be revised to
'Negative' if RA's liquidity weakens significantly, most likely
because of lengthening of its working capital cycle or lower-than-
expected cash accruals weakening the firm's capital structure.
Incorporated in 2012 by Mr. Santosh Gupta, RA is a partnership
firm and is in to distribution of Lava International Ltd. smart
phones named Xolo mobiles. It is an authorised distributor of Xolo
mobiles in South and West Delhi. Prior to April 2013, the firm was
engaged in distribution of Samsung mobiles in South Delhi.
SOVIKA AVIATION: CRISIL Assigns 'B' Ratings to INR120MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sovika Aviation Services Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 85.5 CRISIL B/Stable
Bank Guarantee 10.0 CRISIL A4
Cash Credit 34.5 CRISIL B/Stable
The ratings reflect SASPL's startup nature of operations with
limited track record in cargo services and susceptibility of its
margins to level of capacity utilization due to significant level
of committed costs. These rating weaknesses are partially offset
by the extensive experience of SASPL's promoters in the aviation
services industry.
Outlook: Stable
CRISIL believes that SASPL will benefit over the medium term from
its promoters extensive experience in the aviation services
industry. The outlook may be revised to 'Positive' if the company
is able to exhibit a significant and sustainable growth in its
business volumes thereby resulting in improved profitability and
net cash accruals. Conversely, the outlook may be revised to
'Negative', if the company generates lower than expect cash
accrual or there is a stretch in its working capital leading to
pressure on its liquidity and financial risk profile.
Sovika Aviation Services Private Limited, incorporated in 2007, is
part of the Sovika Group, promoted by Mr. Sohan Mehta. SASPL's has
entered into an agreement with Go-Air under which it is
responsible for the entire cargo handling business of the Airline.
It also provides other travel related services that included
aircraft management, ground handling & terminal management to
airlines, airport operators and tour operatoINR SASPL has its
office in Mumbai.
For 2012-13 (refers to financial year, April 1 to March 31), SASPL
reported, on a provisional basis, a net loss of INR87.0 million on
net income of INR405 million, against a PAT of INR14.0 million
(including non-operating income of 19.7 million) on net sales of
INR10.0 million for 2011-12.
SREE JAYAMURUGAN: CRISIL Assigns 'B' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sree Jayamurugan Alloys Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 43 CRISIL B/Stable
Cash Credit 50 CRISIL B/Stable
Proposed Term Loan 7 CRISIL B/Stable
The rating reflects SJAPL's below-average financial risk profile
marked by a high gearing and weak debt protection metrics and its
modest scale of operations in highly fragmented steel industry.
These rating weaknesses are partially offset by the benefits that
SJAPL derives from its promoter's entrepreneurial experience in
various businesses.
Outlook: Stable
CRISIL believes that SJAPL will maintain its business risk profile
over the medium term backed by its promoters' entrepreneurial
experience in various businesses. The outlook may be revised to
'Positive' if the company registers higher-than-expected growth in
its revenues and profitability margins, supported by its efficient
working capital management, leading to improvement in its capital
structure and debt protection metrics. The outlook may be revised
to 'Negative' if SJAPL's debt protection metrics deteriorate
further because of lower-than-expected profitability margins, or
if the company undertakes a larger-than-expected, debt-funded
capital expenditure programme.
SJAPL, incorporated in May 2010 and situated at Salem (Tamil
Nadu), manufactures mild steel ingots. The company's day-to-day
operations are managed by Mr. K Rajendran.
SJAPL reported a net loss of INR6.3 million on net sales of
INR120.9 million for 2011-12 (refers to financial year, April 1 to
March 31).
SRI VENKATRAMA: CRISIL Assigns 'B+' Ratings to INR140MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Venkatrama Agro Tech.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 120 CRISIL B+/Stable
Proposed Cash 20 CRISIL B+/Stable
Credit Limit
The rating reflects SVR's below-average financial risk profile
marked by high gearing and modest debt protection metrics, and the
susceptibility of its operating profitability to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of SVR's promoters in the rice milling
industry.
Outlook: Stable
CRISIL believes that SVR will benefit over the medium term from
the extensive experience of its promoters in the rice milling
industry. The outlook may be revised to 'Positive' in case of a
significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SVR's
revenues and profitability decline substantially, or if it
undertakes a larger-than-expected debt-funded capital expenditure
programme, or if its promoters withdraw capital from the firm,
leading to weakening in its financial risk profile.
Set up in 2011, SVR is engaged in milling and processing of paddy
into rice, rice bran, broken rice, and husk. The firm is promoted
by Mr. Padmakar Choudary and his family members.
SVR reported a profit after tax (PAT) of INR0.33 million on net
sales of INR303 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.07 million on net
sales of INR236.5 million for 2011-12.
UTTARAKHAND UTHAN: CRISIL Places 'D' Ratings on INR330MM Loans
--------------------------------------------------------------
CRISIL has revoked the suspension of the rating on the bank
facilities of Uttarakhand Uthan Samiti and has assigned the
ratings of 'CRISIL D' to the bank facilities of UUS. The rating
was previously 'Suspended' by CRISIL vide the Rating Rationale
dated April 24, 2013 since UUS had not provided necessary
information required to take rating view. UUS has now shared the
requisite information enabling CRISIL to assign a rating on its
bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 240 CRISIL D (Assigned;
Suspension revoked)
Term Loan 90 CRISIL D (Assigned;
Suspension revoked)
The rating reflects the instances of delay by UUS in servicing its
term debt obligations. The delays have been on account of
stretched liquidity as a result of delay in realisation of
receivables.
UUS also has weak financial risk profile coupled with exposure to
regulatory risks associated with educational institutes. These
rating weaknesses are partially offset by the established position
of the society's institutes among educational institutions based
in Dehradun.
Incorporated in April 2004 by Mr. Sanjay Bansal; Uttarakhand Uthan
Samiti (UUS) presently operates educational institutes situated at
two campuses; at Dehradun (Uttarakhand) ,and Saharanpur (Uttar
Pradesh) under the brand name 'Dev Bhoomi Group of Institutes. The
society offers various courses in the field of engineering,
management, pharmacy and applied sciences etc. The engineering,
management and pharmacy courses of the society are duly approved
by AICTE, PCI and affiliated to Uttarakhand Technical University,
Dehradun/UP technical University, Lucknow and Mahamaya Technical
University, Noida.
VIDHATRI EXPORTS: CRISIL Rates INR60MM Packing Credit at 'B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vidhatri Exports Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 60 CRISIL B/Stable
The rating reflects VEPL's working-capital-intensive operations
and weak financial risk profile marked by small net worth, high
gearing, and weak interest coverage ratio. These rating weaknesses
are partially offset by the extensive experience of VEPL's
promoters in the ready-made garments particularly saree industry.
Outlook: Stable
CRISIL believes that VEPL will continue to benefit over the medium
term from its promoters' extensive experience in the ready-made
garments (saree) industry and its established customer base. The
outlook may be revised to 'Positive' in case of better-than-
expected operating income and profitability or working capital
management or infusion of substantial capital by the promoters,
leading to improvement in VEPL's financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in VEPL's financial risk
profile, particularly its liquidity, on account of stretch in the
company's working capital cycle or lower-than-expected accruals or
significant debt-funded capital expenditure.
The company exports dyed and printed fabric and printed and
embroidered sarees. Its promoters, members of the Gujarat-based
Poddar family, have been engaged in wholesaling of fabric and
sarees for six decades and have been exporting fabric and sarees
for 15 years.
=================
I N D O N E S I A
=================
INDONESIA: Weakening Rupiah No Impact on Energy Firms, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says the credit profiles of rated Indonesian energy
and utilities companies, including thermal coal producers, will
largely remain unaffected by a weakening of the Indonesian rupiah,
which has depreciated by 10% between February and
August 2013.
This is due to a high degree of USD-linked cash flows relative to
the companies' USD-denominated liabilities and expenses, or strong
linkages with and fiscal support from the state to entities that
provide a public service obligation. Furthermore, many of the
companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable),
and Star Energy Geothermal (B+/Stable) are insulated from the
currency depreciation as their earnings are predominantly in USD.
This provides a strong natural hedge to debt obligations, much of
which are USD-denominated. Profit margins of thermal coal
producers can benefit to an extent as some of their operating
costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and
PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not
immediately affected as the ratings are equalised with that of the
Republic of Indonesia (BBB-/Stable), owing to the strategic and
operational importance of these entities to the state. Both PLN
and Pertamina perform public service obligations, selling fuel and
electricity below market prices for which they are compensated via
a subsidy reimbursement mechanism. The weakened rupiah increases
the operating costs of these two entities as raw materials --
coal, gas and oil -- will increase, resulting in a higher subsidy
requirement from the government under the subsidy mechanism under
which they operate. In the event the total subsidy requirement
exceeds the approved annual budgetary allocation, Fitch believes
the government will approve a higher budget to accommodate any
additional amounts.
Given recent increases of certain petroleum products and the
elections due in 2014, the prospect of further immediate
electricity or fuel price increases may be limited. Both PLN and
Pertamina have large capital expenditure requirements and the
weakened rupiah will increase the outflow in local currency terms
which will increase the financial leverage of these two entities
than earlier forecast by Fitch. However, strong state support and
ready access to funding markets underpin their liquidity profiles.
PT Perusahaan Gas Negara Tbk's (BBB-/Stable) revenues and gas
procurements costs are USD-denominated, rendering the impact of
the rupiah depreciation neutral. Of its USD858m of debt, about 70%
is denominated in JPY and 30% in USD. The company is in a net cash
position and its rating is constrained by that of its majority
shareholder, the Republic of Indonesia.
=========
J A P A N
=========
TOKYO ELECTRIC: To Sell Ginza Building to Yomiuri Shimbun Group
---------------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. said it will
sell its Ginza building in Tokyo to the Yomiuri Shimbun newspaper
group for about JPY23.56 billion.
With the sale, Tepco is expected to achieve its real estate sales
target of JPY247.2 billion to help secure financial resources for
compensation payments to parties affected by the triple-meltdown
calamity at its Fukushima No. 1 nuclear power plant that started
in March 2011, the report relays.
The Japan Times relates that following competitive bidding
launched in February, Tepco will sign an agreement for the sale
August 30 and hand over the property, including the six-story
building with two basement floors, on September 2.
The utility will continue to use the building as a tenant until
March 2016, when it will remove electric substation equipment from
the basement and turn over the whole premises to the Yomiuri
group, the report adds.
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.
Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.
Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station. Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.
* JAPAN: BOJ Won't Rescue Government From Sales-Tax Misstep
-----------------------------------------------------------
Tatsuo Ito and Takashi Nakamichi, reporting for The Wall Street
Journal, said don't expect the Bank of Japan to come to the rescue
if the sales-tax tussle triggers financial-market turmoil, people
familiar with the bank's thinking say.
The Journal says debate over the plan to double the sales tax in
two stages starting in April has heated up over the past six
weeks. Some advisers to Prime Minister Shinzo Abe have called for
him to postpone or moderate the increase, arguing that a higher
tax burden would damp consumer spending and threaten economic
recovery, the report relates.
But the people familiar with the BOJ's thinking warn that if
markets get jittery because of a change in plans, the government
shouldn't rely on the central bank to step in, according to the
report.
The Journal notes that the BOJ is widely expected to hold off from
making any changes to its monetary policy when its policy board
meets next week, but any remarks Gov. Haruhiko Kuroda makes on the
tax debate will be given close scrutiny. The Journal relates
that Mr. Kuroda and other BOJ officials have insisted that fiscal
reform is crucial for preventing the country's debt load-now twice
the size of its annual output-from swelling further.
The central bank argues that the planned tax increases won't
derail Japan's budding economic recovery, and instead warns that
if investors lose confidence in government efforts to put its
fiscal house in order, it could cause a jump in long-term interest
rates, the report adds.
====================
N E W Z E A L A N D
====================
ROSS ASSET: David Ross Pleads Guilty to Fraud
---------------------------------------------
Wellington financial adviser David Robert Gilmour Ross on
August 29 pleaded guilty in the Wellington District Court to
charges laid by the Serious Fraud Office (SFO) and the Financial
Markets Authority (FMA).
A joint agency investigation between SFO and FMA into Ross Asset
Management (RAM), and related entities, saw SFO charge Mr. Ross on
June 13. The charges comprised four counts of false accounting and
one count of theft by person in special relationship.
On June 28 FMA charged Mr. Ross with one count of providing a
financial service when he was not registered for that service, one
count of knowingly making a false or misleading declaration or
representation to FMA for the purposes of obtaining authorisation
to become an Authorised Financial Adviser, and one count of
supplying information or producing documents to FMA which he knew
to be false or misleading.
The investigation into RAM and its related entities commenced in
October last year when FMA received complaints from investors who
had been unable to withdraw funds. FMA took immediate action to
preserve investors' funds by obtaining asset preservation orders
and appointing receivers and managers to RAM and its related
entities. A joint investigation with SFO subsequently commenced.
The SFO charges alleged that Mr. Ross conducted a Ponzi scheme
which he disguised by falsely reporting clients' investments.
Large portions of client portfolios shown as invested through a
broker 'Bevis Marks' were fictitious and never existed, resulting
in an overstatement of investment positions by more than
NZ$380 million.
More than 1,200 RAM client accounts have been affected by
Mr. Ross' scheme.
SFO Acting Chief Executive, Simon McArley said, "While a guilty
plea does not address the significant losses incurred by a large
number of victims, it will bring some relief to those victims. SFO
and FMA have worked well together, applying their respective
specialist skills in order to progress the investigation quickly
and enable this timely outcome."
FMA Head of Enforcement, Belinda Moffat said, "The financial
adviser regime relies on advisers providing truthful information
when they apply for any licence and Mr. Ross' conduct has
seriously undermined the integrity of that regime. We are
committed to restoring investor confidence and will continue to
respond immediately to investor complaints against market
participants."
Mr. Ross has been remanded in custody to October 24 for a
sentencing date to be set.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority. The associated entities are:
* Bevis Marks Corporation Limited;
* Dagger Nominees Limited;
* McIntosh Asset Management Limited;
* Mercury Asset Management Limited;
* Ross Investment Management Limited;
* Ross Unit Trusts Management Limited;
* United Asset Management Limited;
* Chapman Ross Trust;
* Woburn Ross Trust;
* Ace Investments Limited or Ace Investment Trust Limited or
Ace Investment Trust;
* Vivian Investments Limited; and
* Ross Units Trusts Limited.
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:
-- Ross Asset Management Limited (In Receivership);
-- Bevis Marks Corporation Limited (In Receivership);
-- McIntosh Asset Management Limited (In Receivership); and
-- Mercury Asset Management Limited (In Receivership).
====================
S O U T H K O R E A
====================
KOREA DEVELOPMENT: S&P Lowers Stand-Alone Credit Profile to 'bb'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
long-term issuer and issue ratings on Korea Development Bank (KDB)
on CreditWatch with positive implications, following a government
announcement that it is redefining the policy roles for
government-related financial institutions on Aug. 27, 2013. The
Korean government says that it will abolish its privatization plan
for KDB, which was announced in 2008, and it plans to merge Korea
Finance Corp. (KoFC; foreign currency A+/Stable/A-1) back into KDB
by July 2014. At the same time, S&P lowered KDB's stand-alone
credit profile (SACP) to 'bb' from 'bb+', mainly reflecting its
high concentration risk in weak corporate sectors and weakening
measures of its asset quality amid rising credit costs.
S&P placed KDB on CreditWatch positive to reflect its view that
there is at least a one-in-two chance that KDB's privatization
will be abolished and it will be merged with KoFC. As such, S&P
believes this will reverse what it had previously observed as a
gradual trend of weakening in KDB's role and link with the
government. That view had been based on KDB's expansion of its
commercial business lines and the potential sale of some existing
shares of KDB Financial Group (not rated). S&P currently assess
the likelihood of support from the Korean government to KDB as
between "extremely high" and "very high." However, S&P could
change its assessment to "extremely high" if the government
carries out the new plans that it has just announced.
"In our view, KDB's role would strengthen and be reinforced as
"critical" if KDB successfully remerges with KoFC. On Oct. 28,
2009, KoFC was spun off from KDB and established as a mandated
policy-based entity that took over KDB's policy role. Coupled
with the privatization plan for KDB, we believe this had put some
pressure on KDB's long-term policy role. As such, if KDB
successfully remerges with KoFC, we believe KDB's future policy
role will be significantly strengthened. That is in addition to
the long-term facility loan extension that it provides on the back
of its development financing role and long-term funding
capability, as well as its active role in the restructuring of
large Korean corporates in past economic downturns," S&P said.
"KDB's link with the government will likely remain "very strong,"
in our view. Currently, KDB is ultimately 100% owned by the
Korean government, and the government has injected cash and
securities to strengthen the bank's capital in the past. We also
note that the government's legal obligation to maintain the bank's
solvency supports its link with the government, although Standard
& Poor's views this as a sign of the government's commitment
rather than a direct guarantee of timely payment of all of the
bank's obligations. Nonetheless, we note that the government has
also said that it may still dispose some of its shares in KDB even
after the bank remerges with KoFC," S&P added.
S&P revised downward KDB's SACP because of its high concentration
risk in weak corporate sectors, such as shipping and shipbuilding.
S&P expects these sectors to continue to face difficulties as they
struggle with overcapacity and a potential slowdown in global
demand. In turn, S&P expects credit costs to rise sharply this
year and asset quality could weaken.
S&P could resolve the CreditWatch status on KDB and carry out a
positive rating action if it sees stronger certainty in the
government's plan to remerge KDB with KoFC. In S&P's view, there
is still some uncertainty regarding the plan, considering the
potential criticism and political debate that are likely to arise,
and the potential delay that could occur. If the schedule to
remerge both entities faces a significant delay, S&P would also
resolve the CreditWatch status on KDB.
* Guarantee Will Survive Korean Policy Bank Realignment
-------------------------------------------------------
The four (Fitch-rated) South Korean policy banks' senior unsecured
debt will continue to carry the de-facto solvency guarantee from
government in spite of a realignment plan announced on August 26,
according to Fitch Ratings.
The re-merger of Korea Finance Corporation's (KoFC) domestic
operations back into Korea Development Bank (KDB) by July 2014,
reverses its spin-off in October 2009. The government also
announced that it is halting the privatisation of KDB and
Industrial Bank of Korea (IBK). Meanwhile, KoFC's international
operations (KRW2trn in terms of assets) are to be taken over by
the Export-Import Bank of Korea (KEXIM).
"We think this policy shift reflects KDB's importance in
restructuring failed/troubled large corporates, and IBK's role in
supplying funds to SMEs - especially when the system is in stress.
Since the global credit crisis of 2008-2009, the potential need
for restructuring large corporations or corporate groups has once
again been increasing in Korea due to the current economic
slowdown," Fitch says.
All of the measures announced yesterday are part of the
authorities' over-arching plan to streamline the various roles
scattered across the policy financial institutions, and remain
subject to National Assembly approval. Fitch expects the
government to arrange a guarantee scheme for KoFC's outstanding
debts, once it is dissolved.
The state may ultimately choose to lower its non-controlling
stakes in both KDB and IBK. This is because the government may
seek to raise funds to support its evolving budgetary commitments
such as increasing welfare initiatives. Nonetheless, the Korean
government's willingness and ability to provide solvency support
remains extremely high. As such, the ratings of the four policy
banks' remain equalised at Korea's 'AA-' sovereign rating and
carry a Stable Outlook.
===============
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
ANAECO LTD ANQ 12.09 -16.38
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
CLARITY OSS LTD CYO 28.67 -8.42
CWH RESOURCES LT CWH 12.09 -1.29
HAOMA MINING NL HAO 23.85 -33.70
LANEWAY RESOURCE LNY 10.84 -11.48
MACQUARIE ATLAS MQA 1,643.35 -1,018.17
MISSION NEWENER MBT 10.95 -25.02
NATURAL FUEL LTD NFL 19.38 -121.51
QUICKFLIX LTD QFX 15.84 -1.91
REDBANK ENERGY L AEJ 295.35 -13.08
RENISON CONSO-PP RSNCL 10.84 -11.48
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 60.12 -61.63
STERLING PLANTAT SBI 37.84 -10.78
TZ LTD TZL 26.01 -1.69
CHINA
ANHUI GUOTONG-A 600444 73.14 -9.75
ATLANTIC NAVIGAT ATL 89.78 -6.98
CHANG JIANG-A 520 818.55 -122.68
CHENGDU UNION-A 693 24.18 -30.53
CHINA KEJIAN-A 35 49.24 -299.06
CHINA OILFIELD T COT 18.84 -19.88
HEBEI BAOSHUO -A 600155 101.91 -102.90
HUASU HOLDINGS-A 509 73.01 -35.36
HULUDAO ZINC-A 751 471.13 -546.12
HUNAN TIANYI-A 908 58.94 -11.50
JIANGSU ZHONGDA 600074 351.03 -9.74
JILIN PHARMACE-A 545 32.98 -6.85
QINGDAO YELLOW 600579 139.12 -58.98
SHENZ CHINA BI-A 17 26.30 -279.51
SHENZ CHINA BI-B 200017 26.30 -279.51
SHENZ INTL ENT-A 56 334.77 -70.20
SHENZ INTL ENT-B 200056 334.77 -70.20
SHIJIAZHUANG D-A 958 212.89 -118.63
TAIYUAN TIANLO-A 600234 63.16 -15.00
WUHAN BOILER-B 200770 214.39 -201.83
WUHAN XIANGLON-A 600769 83.73 -85.75
XIAN HONGSHENG-A 600817 138.05 -60.58
HONG KONG
ASIA COAL LTD 835 20.37 -11.89
BIRMINGHAM INTER 2309 63.14 -6.89
BUILDMORE INTL 108 16.89 -47.61
CELEBRATE INTERN 8212 17.15 -3.56
CHINA E-LEARNING 8055 22.22 -2.95
CHINA HEALTHCARE 673 32.51 -25.02
CHINA OCEAN SHIP 651 339.71 -56.14
CHINA ORIENTAL 2371 14.94 -1.53
EFORCE HLDGS LTD 943 63.68 -4.62
FU JI FOOD & CAT 1175 26.40 -153.32
GRANDE HLDG 186 255.10 -208.18
HAO WEN HOLDINGS 8019 20.40 -0.60
ICUBE TECHNOLOGY 139 20.70 -4.03
MASCOTTE HLDGS 136 176.50 -142.02
MELCOLOT LTD 8198 13.19 -28.51
PALADIN LTD 495 162.31 -3.89
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 38.67 -23.83
SURFACE MOUNT SMT 32.88 -10.68
TLT LOTTOTAINMEN 8022 20.48 -3.75
U-RIGHT INTL HLD 627 16.58 -204.32
INDONESIA
APAC CITRA CENT MYTX 187.16 -6.32
ARPENI PRATAMA APOL 416.73 -206.52
ASIA PACIFIC POLY 410.59 -809.94
ICTSI JASA PRIMA KARW 56.78 -1.30
MATAHARI DEPT LPPF 232.55 -190.10
PANCA WIRATAMA PWSI 28.67 -35.63
PERMATA PRIMA SA TKGA 10.70 -1.55
RENUKA COALINDO SQMI 14.81 -1.35
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 11.81 -10.16
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
BELLARY STEELS BSAL 451.68 -108.50
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 13.22 -9.70
GANESH BENZOPLST GBP 43.90 -18.27
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 SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 123.83 -517.57
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JAGJANANI TEXTIL JAGT 10.69 -1.88
JCT ELECTRONICS JCTE 88.67 -72.23
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
KANCO ENTERPRISE KANE 10.59 -4.93
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
LML LTD LML 50.66 -70.76
MADRAS FERTILIZE MDF 158.91 -64.91
MAHA RASHTRA APE MHAC 22.23 -15.85
MALWA COTTON MCSM 44.14 -24.79
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
MYSORE PAPER MSPM 87.99 -8.12
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 71.84 -4.91
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
PARAMOUNT COMM PRMC 124.96 -0.52
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 53.74 -5.62
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 150.43 -137.48
QUINTEGRA SOLUTI QSL 16.76 -17.45
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE BROADCA RBN 86.71 -0.35
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
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 19.75 -13.35
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 RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SITI CABLE NETWO SCNL 110.69 -14.26
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
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA METALIKS TML 156.70 -5.36
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 20.12 -24.62
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
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
UTTAM VALUE STEE UVSL 510.00 -48.98
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
FLIGHT SYS CONSU 3753 10.10 -2.62
HARAKOSAN CO 8894 187.50 -1.90
HIMAWARI HD 8738 251.56 -42.26
INDEX CORP 4835 227.23 -15.54
MISONOZA THEATRI 9664 56.72 -4.80
PROPERST CO LTD 3236 140.82 -353.70
TAIYO BUSSAN KAI 9941 142.90 -0.41
WORLD LOGI CO 9378 34.44 -71.60
KOREA
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
ROCKET ELEC-PFD 425 111.09 -0.42
ROCKET ELECTRIC 420 111.09 -0.42
SHINIL ENG CO 14350 199.04 -2.53
SSANGYONG ENGINE 12650 1,231.13 -119.47
TEC & CO 8900 139.98 -16.61
WOONGJIN HOLDING 16880 2,197.34 -635.50
MALAYSIA
HO HUP CONSTR CO HO 54.37 -16.70
LFE CORP BHD LFE 39.65 -0.70
PUNCAK NIA HLD B PNH 4,400.41 -24.59
VTI VINTAGE BHD VTI 17.74 -3.63
NEW ZEALAND
NZF GROUP LTD NZF 11.69 -4.60
PULSE UTILITIES PLU 14.58 -4.84
PHILIPPINES
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
UNIWIDE HOLDINGS UW 50.36 -57.19
SINGAPORE
ADVANCE SCT LTD ASCT 48.74 -2.27
HL GLOBAL ENTERP HLGE 83.11 -4.63
SCIGEN LTD-CUFS SIE 68.70 -42.35
TT INTERNATIONAL TTI 227.86 -88.73
ZHONGXIN FRUIT NLH 19.34 -5.25
THAILAND
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
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
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
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
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
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
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
IDM INTERNATIONA IDM 30.99 -23.62
POWERCHIP SEM-EC 5346S 2,036.01 -52.74
*********
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 ***