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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, September 6, 2013, Vol. 16, No. 177
Headlines
A U S T R A L I A
EQUITITRUST LIMITED: Receivers Set to Sell Home of Owner's Mom
FUTURE ENTERTAINMENT: High Court Enters Liquidation Order
NINE ENTERTAINMENT: S&P Affirms 'BB-' Issuer Credit Rating
SCOTCHMANS HILL: Winery Group Goes Into Voluntary Administration
C H I N A
CHINA MINZHONG: Moody's Puts Ba3 CFR Under Review for Upgrade
* CHINA: Risk of Local Debt Default Not Great, Finance Head Says
I N D I A
AJAY SYNTHETICS: CARE Reaffirms 'BB-' Rating on INR8.50cr Loans
DACC INTERNATIONAL: CRISIL Rates INR40MM Cash Credit at 'B+'
FRIENDS INFRABUILD: CRISIL Cuts Rating on INR100MM Loan to 'B+'
HANUMAN ALLOYS: CRISIL Assigns 'B+' Ratings to INR170MM Loans
KHAITAN ELECTRICALS: 'BB+' Rating on INR183.87cr Loan Reaffirmed
NABHA PAPER: CARE Assigns 'BB-' Rating to INR9.54cr LT Bank Loans
NAVIN MEHTA: CARE Reaffirms 'BB' Rating on INR13.5cr Loans
PATEL CHATURBHAI: CARE Reaffirms 'BB' Rating on INR25.69cr Loans
PRIME GOLD: CARE Rates INR79cr LT Bank Loans at 'BB-'
RUSHABH TRADING: CRISIL Assigns 'B+' Ratings to INR120MM Loans
SAFAL CONSTRUCTIONS: CARE Rates INR100cr LT Bank Loan at 'BB+'
SHANTI COILS: CARE Assigns 'D' Ratings to INR9.35cr Loans
SHANTI REFRIGERATION: CARE Rates INR29.38cr LT Loans at 'D'
STYLISH PRECAST: CRISIL Cuts Ratings on INR148MM Loans to 'D'
SUN SHINE: CARE Rates INR11.04cr LT Bank Loans at 'B+'
I N D O N E S I A
MNC SKY: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
N E W Z E A L A N D
VALOR IDEAL: Property Firm Faces Liquidation
S I N G A P O R E
* Moody's Says Singapore REITs Insulated From Interest Rate Hikes
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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EQUITITRUST LIMITED: Receivers Set to Sell Home of Owner's Mom
---------------------------------------------------------------
Quentin Tod at goldcoast.com.au reports that receivers are set to
move in on 65A Woodgee Street, Currumbin, the home of Janice
McIvor, the mother of bankrupt Gold Coast businessman Mark McIvor.
The report relates that Janice McIvor got to spend one last
Christmas in her Currumbin home before she was forced out by a
bank over a AUD9.5 million debt. But receivers are now to auction
her home later this month.
According to the report, Mark McIvor, founder of the Equititrust
merchant bank, has suffered the same fate as his mother, with
receivers selling his Alex Popov-designed family home on Cronin
Island in January last year.
It was one of a string of properties worth millions of dollars
linked to Mr. McIvor sold at the behest of banks and receivers,
the report notes.
They have ranged from Equititrust's headquarters building on
Chevron Island to beachfront holdings at Palm Beach, land on
Burleigh hill, a mansion in Sydney's elite Double Bay, and the
Bumbles building at Budds Beach, according to goldcoast.com.au.
Last December, the report recalls, the Supreme Court in Brisbane
found Janice McIvor's former high-flying son had dominated her
into signing massive mortgages over her Currumbin home to benefit
his own business, but that the documents in favor of Westpac Bank
were nonetheless valid.
About Equititrust
Equititrust Limited -- http://www.equititrust.com.au/-- is an
Australian-based specialist funds management and property
investment group. Equititrust is the responsible entity of the
Equititrust Income Fund (EIF) and Equititrust Priority Class
Income Fund (EPCIF). EIF is a mortgage fund whose primary
business is lending retail investors' pooled funds for property
development and taking mortgages over the property. The EPCIF is
currently dormant.
The board of directors of Equititrust Limited (as trustee of the
Equititrust Income Fund) on Feb. 15, 2012, appointed Richard
Albarran, Blair Pleash and Glen Oldham of Hall Chadwick Chartered
Accountants as Voluntary Administrators. On Feb. 16, 2012,
Gregory Moloney and William Colwell of Ferrier Hodgson (Qld) were
appointed as receivers and managers of Equititrust by a secured
creditor.
In the Supreme Court of Queensland on Nov. 21, 2011, orders were
made to wind up EIF and EPCIF, following an application filed by
Equititrust. The Court appointed David Whyte of BDO to take
responsibility for ensuring that EIF and EPCIF were wound up in
accordance with their constitutions. The Court also appointed
Mr. Whyte as receiver of the property of EIF and EPCIF. A
further application by Equititrust Ltd to appoint a temporary
responsible entity (RE) to EIF and EPCIF was unsuccessful.
Therefore Equititrust Ltd remains as the RE of those funds.
On May 10, 2012, on the application of the Australian Securities
& Investment Commission, the Supreme Court of Queensland ordered
that the proceedings be dismissed. This followed the appointment
of Messrs. Albarran, Pleash and Oldham as liquidators of
Equititrust Ltd on April 20, 2012.
About 1,400 investors lost their life savings in the collapse of
the business. The merchant bank at one time controlled investor
funds totalling AUD550 million, according to goldcoast.com.au.
FUTURE ENTERTAINMENT: High Court Enters Liquidation Order
---------------------------------------------------------
Nicholas Jones at Tone Deaf reports that companies formerly
comprising Future Entertainment have entered liquidation,
according to the Supreme Court of Victoria.
This news came after the major announcement of the purchase
partnership between Michael Gudinski's Mushroom Group and Future
Entertainment, notes the report.
Tone Deaf says Future Entertainment legally changed the names of
three of its major companies back in June, and have been
transferring assets -- such as trademarks and the operation of the
business -- into the new registered names.
According to the report, Music Events Holdings Pty Ltd, formerly
known as Future Entertainment Pty Ltd, was placed into liquidation
through a court order on September 4 in Victoria's Supreme Court.
The company had operated flagship events Future Music Festival and
Summadayze until recently, and owned the brand trademarks until
only a few months ago, the report says.
Music Events Tours Pty Ltd (formerly Future Tours Pty Ltd) and
Music Events Operations Pty Ltd (formerly Future Events Pty Ltd)
have also entered liquidation, says Tone Deaf. Future
Entertainment did not dispute the application to wind up the
companies, the report notes.
It is unknown at this stage how much money is owed to creditors by
the companies formerly known as Future Entertainment, however it
is believed it may be substantial and the liquidator will now seek
out creditors to assess the extent of the liabilities, the report
adds.
Disgruntled creditors who have anonymously spoken with Tone Deaf
have revealed that Future Entertainment had told them they were
planning to liquidate the companies and suggested they accept a
fraction of what they were owed or end up with nothing in
liquidation.
NINE ENTERTAINMENT: S&P Affirms 'BB-' Issuer Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' issuer credit rating on Nine Entertainment Co. Holdings Ltd.
(NEC) following the group's proposed acquisition of WIN Perth.
The outlook on the long-term rating is stable. At the same time,
S&P lowered the recovery rating on the group's secured term loan B
facilities to '3' from '2', and the issue rating to 'BB-' from
'BB'. To assist in funding the acquisition, NEC intends to upsize
its first-lien term loan B facility by AUD200 million (U.S. dollar
equivalent).
"The rating affirmation reflects our view that the proposed
acquisition of WIN Perth is consistent with NEC's growth strategy,
providing greater economies of scale and cost rationalization
opportunities across the group's television network business,"
Standard & Poor's credit analyst Paul Draffin said. "However, we
have lowered the rating on the group's first-lien secured bank
loans because we expect the recovery prospects on the loans to
moderate with the additional first-lien debt for the acquisition."
Execution risks on the acquisition are, in S&P's view,
significantly reduced by the established performance of WIN Perth
in delivering NEC's product offering. In this regard, S&P
considers the acquisition to be supportive of NEC's "fair"
business risk profile. Although the acquisition will be primarily
debt-funded, NEC's operating performance during the past six
months has been somewhat stronger than S&P's base-case forecasts,
which should allow the group's financial risk profile to remain
comfortably in line with rating expectations following the
acquisition.
Mr. Draffin added: "The stable outlook reflects our expectation
that NEC's favorable market positions and strong cash flow
generation should underpin credit quality at the 'BB-' rating
level. We estimate the company's pro-forma fully adjusted debt-
to-EBITDA to be at about 3.5x following the WIN Perth
acquisition."
Negative pressure on the rating could arise if fully adjusted
debt-to-EBITDA weakened toward 5x or more, which could result from
debt-funded acquisitions or distributions, or prolonged weakness
in advertising markets.
Furthermore, S&P could lower the rating if NEC's market position
in the FTA TV industry were to significantly weaken due to adverse
regulatory changes, loss of the commercial TV license, ineffective
programming or loss of key overseas programming contracts. A
lower rating could also occur if there was a significant
structural erosion of the FTA's industry share of total
advertising spend that was not offset by new and defensible
revenue streams. Failure to complete the group's proposed initial
public offering (IPO) in the near term could also pressure the
rating, given the group's financial sponsor ownership.
Upward rating movement is considered unlikely in the near term
given S&P's view of the company's aggressive financial profile and
ownership structure. Upward momentum could, however, occur if
upon completion of the proposed IPO, NEC's ownership becomes more
widely held, and S&P believes that the company will remain
committed to a more conservative financial profile, including
fully adjusted debt-to-EBITDA sustained at about 3x or less.
SCOTCHMANS HILL: Winery Group Goes Into Voluntary Administration
----------------------------------------------------------------
Peter Begg at geelongadvertiser.com.au reports that Scotchmans
Hill Group, which runs the winery near Drysdale and another at
Waurn Ponds, has gone into voluntary administration, but will
continue to trade.
The report says the owners of Scotchmans Hill, which also operates
Pettavel Winery at Waurn Ponds, called in Ferrier Hodgson as
voluntary administrator. Accounting firm PwC was appointed
receiver, geelongadvertiser.com.au relates.
It is not known how much is owed by cellar door company Scotchmans
Hill Group, nor which bank is the secured creditor, the report
notes.
According to the report, receivers Kate Warwick and Guy Edwards
from PwC said they had been appointed after the naming of a
voluntary administrator.
"The business will continue to operate while a sales process is
undertaken," the report quotes Ms. Warwick as saying.
The receivers did not address the question put to them by the
Geelong Advertiser as to how much money the Scotchmans Hill Group
owed, and to whom.
Scotchmans Hill was established in 1982 by current owners David
and Vivienne Browne and it quickly earned a top reputation and was
considered a giant on the local wine scene, the report discloses.
A spokesman for Ferrier Hodgson said the receivers would control
the day-to-day operation of the wineries, according to
geelongadvertiser.com.au
Ferrier Hodgson is organising a meeting of creditors which will be
held at the Mercure Hotel on September 11, the report adds.
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C H I N A
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CHINA MINZHONG: Moody's Puts Ba3 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed China Minzhong Food
Corporation Ltd's Ba3 corporate family rating on review for
upgrade.
Ratings Rationale
The rating action is in response to an announcement on
September 4, 2013, that PT Indofood Sukses Makmur Tbk (unrated)
had acquired a stake of more than 50% in China Minzhong, via its
takeover offer for all outstanding shares of China Minzhong at a
price of SGD1.12 per share. The offer became unconditional.
"Majority ownership by a much larger company with a significantly
stronger credit profile means that a degree of implicit support
will likely be factored into China Minzhong's rating," says
Lina Choi, a Moody's Vice President and Senior Analyst.
PT Indofood is the leading food manufacturer in Indonesia with a
diversified business portfolio.
It reported revenue of IDR50 billion (US$5 billion) in 2012, which
is 9-10 times more than China Minzhong's revenue for fiscal year
2013 ended-June 2013.
Moody's also expects China Minzhong to benefit from operating
synergies and an improved ability to raise funds in the financial
markets.
In addition, PT Indofood could open up Indonesia as a new export
market for China Minzhong with respect to its preserved food
products.
When PT Indofood first invested in China Minzhong in February
2013, it stated clearly that the Chinese food producer would be a
key supplier of its instant noodle ingredients.
The review will focus on (1) PT Indofood's strategic plans for
China Minzhong, particularly in the areas of financial and
investment policies, leverage targets and shareholder remuneration
plans as well as China Minzhong's position as part of PT
Indofood's broad value chain; and (2) the operating synergies that
China Minzhong is expected to bring in.
The principal methodology used in this rating was the Global
Protein and Agriculture Industry Methodology published in May
2013.
China Minzhong Food Corporation Ltd -- which started as a
collective enterprise specializing in dehydrated vegetables -- has
been operating its vegetable processing business for 40 years. It
now produces more than 100 types of processed vegetables for
customers in 26 countries. The company was listed on the Singapore
Stock Exchange in April 2010.
* CHINA: Risk of Local Debt Default Not Great, Finance Head Says
----------------------------------------------------------------
Bloomberg News reports that Chinese Finance Minister Lou Jiwei
called the scale of the nation's local government debt
controllable and said the risk of default was "not great."
Bloomberg relates that Mr. Lou, in an interview aired Wednesday by
state broadcaster China Central Television, said the growth of
borrowings by local authorities was slowing. Some local
governments do face "relatively big" debt problems, especially
those that previously saw very rapid revenue growth, he said.
"They thought they would have money forever, so they dared to
borrow," Mr. Lou, who was named finance minister in March,
Bloomberg relays. "For a period of time, their fiscal revenue grew
50 percent. They thought the growth would be 50 percent for the
next five years, so they spent the money first."
According to Bloomberg, China in July ordered a nationwide audit
of local government debt, which the National Audit Office said in
a 2011 report totaled CNY10.7 trillion ($1.75 trillion). Former
Finance Minister Xiang Huaicheng said in April the amount may be
twice as much at more than CNY20 trillion. The lack of
transparency in local government borrowings prompted Fitch Ratings
Ltd. to cut China's long-term local-currency debt rating that same
month, the report notes.
Bloomberg says local Chinese governments have set up thousands of
companies to sidestep regulations that bar them from directly
taking bank loans or selling debt. These financing vehicles were
used to raise funding for the construction of roads, sewage
systems and other infrastructure.
Mr. Lou also said in the CCTV interview that China may introduce
some deductions for individual income taxes, such as for dependent
family members and mortgage payments. He also said that China can
meet its fiscal revenue goals for 2013, Bloomberg adds.
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I N D I A
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AJAY SYNTHETICS: CARE Reaffirms 'BB-' Rating on INR8.50cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of Ajay
Synthetics Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8.50 CARE BB- Reaffirmed
Rating Rationale
The rating continues to remain constrained on account of stressed
financial risk profile of Ajay Synthetics Private Limited (ASPL)
marked by low profit margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by ASPL's operations in a highly competitive textile industry, its
limited presence in the textile value chain and volatility
associated with the raw material prices.
The rating continues to take comfort from the vast experience of
the promoters in the textile industry, long track record of
operation, established distribution network and its presence in a
textile cluster in the Bhilwara region.
Increase in the scale of operations, improvement in profit margins
and solvency position with a better working capital management are
the key rating sensitivities.
ASPL, incorporated in 1987, is promoted by the Kabra family and
belongs to the Ajay Group of Industries based out of Bhilwara
(Rajasthan). The group is engaged in the business of
manufacturing of finished synthetics fabrics from polyester yarn
since 1987 through group concerns, which includes Ajay India
Limited (AIL, established in 1996, rated 'CARE BB-', 'CARE
A4'), Shubh Fabrics Limited (SFL, established in 1994, rated 'CARE
BB-') and Ajay Syntex Limited (ASL, established in 2006) and into
the processing of grey fabrics through Rolex Processor Private
Limited (RPPL, rated 'CARE C', 'CARE A4'). In FY12 (refers to the
period April 01 to March 31), the group turnover was INR146.63
crore with a PBILDT and PAT of INR13.12 crore and INR0.87 crore,
respectively.
ASPL is engaged in the business of manufacturing of synthetics
grey fabrics from polyester yarn and gets the processing work done
on grey fabrics from other processors on job work basis.
Furthermore, it is also engaged in the trading of grey and
finished fabrics. The manufacturing facility of the company is
located in Bhilwara, Rajasthan, and has an installed capacity of
65 lakh meters per annum (58 looms) as on March 31, 2013. The
company sells fabrics in the domestic market as well as export to
gulf countries. The export sales constitute around 2.92% of Total
Operating Income (TOI) in FY12.
During FY12, ASPL reported a total income of INR44.43 crore (FY11:
INR35.56 crore), with a PAT of INR0.28 crore (FY11: INR0.16
crore). As per the provisional result of FY13, AIL has achieved a
total operating income of around INR40.11 crore.
DACC INTERNATIONAL: CRISIL Rates INR40MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of DACC International Pvt Ltd.
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable
Inland/Import Letter 110 CRISIL A4
of Credit
The ratings reflect DACC's modest scale of operations, exposure to
intense competition, and weak financial risk profile. These rating
weaknesses are partially offset by the company's diverse customer
base and the extensive experience of its promoters in the alloys
industry.
Outlook: Stable
CRISIL believes that DACC's financial risk profile will remain
weak over the medium term, driven by its constrained margins and
working-capital-intensive operations. The outlook may be revised
to 'Positive' in case of more-than-expected increase in the
company's revenues or profitability, or equity infusion, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DACC reports substantially
lower-than-expected revenues or profitability, its working capital
requirements increase, or it undertakes a significantly debt-
funded expansion programme, leading to deterioration in its
financial risk profile.
Incorporated in 2007 by Mr. Brij Bansal, DACC manufactures and
supplies alloys of aluminium and zinc primarily used for castings
in the oil and gas and automotive industries. Its facility is at
Faridabad (Haryana); its day-to-day operations are handled by Mr.
Anuj Bansal and Mrs. Shalu Bansal.
DACC is estimated to report, on a provisional basis, a profit
after tax (PAT) of INR1.53 million on net sales of INR459 million
for 2012-13 (refers to financial year, April 1 to March 31), as
against a PAT of INR1.3 million on net sales of INR553 million for
2011-12.
FRIENDS INFRABUILD: CRISIL Cuts Rating on INR100MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Friends Infrabuild Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 100 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects CRISIL's belief that FIPL's project risk
profile will remain constrained by pressure on its offtake over
the near to medium term. FIPL is executing its first and sole
ongoing project with 60 luxurious residential flats and has been
able to get around 35 bookings till date. The lower than expected
off take can be attributed mainly to demand pressure in the real
estate segment, more so in the high-end segment. Though the
company has incurred about 70 per cent of the total project cost
of INR400 million, its customer advances has remained lesser with
low booking status. The company has received customer advances of
INR100 million till June 2013 or about 25 per cent of the total
cost. Though customer advances have supported the funding
requirement of the project; the overall velocity of customer
advances has remained low which restricts its financial
flexibility. The rating however continues to remain supported by
funding support from promoters. The promoters, however, have
supported the company's funding requirement with unsecured loans
and equity capital of INR85.5 million and INR50 million
respectively as on June 30, 2013. CRISIL believes that the booking
status and the pace of the offtake would remain a key rating
sensitivity factor.
The ratings continue to reflect FIPL's offtake risk due to
slowdown in the real estate sector and below average financial
risk profile. This rating weaknesses are partially offset by
moderate implementation and funding risks supported by promoter's
contribution for its project.
Outlook: Stable
CRISIL believes that FIPL will benefit over the medium term from
its strong promoter support. The outlook may be revised to
'Positive' if FIPL receives higher than expected bookings and
customer advances, thereby substantially improving its overall
liquidity. Conversely, the outlook may be revised to 'Negative' if
there are any delays in the expected advances from its customers,
or if the company faces time or cost overruns in its project and
reports lower-than-expected salability.
FIPL, earlier known as Royal Gardens Hotel Private Limited, was
taken over by the current promoters on April 26, 2011. FIPL is
taken over and formed for the purpose of Real Estate Development
by Friends Group, based out of Gandhidham (Gujarat). The company
is constructing 60 luxurious residential flats under a project
namely "Friends Ville Lifestyle".
HANUMAN ALLOYS: CRISIL Assigns 'B+' Ratings to INR170MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Hanuman Alloys Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash Credit 42.5 CRISIL B+/Stable
Limit
Long-Term Loan 20.0 CRISIL B+/Stable
Cash Credit 107.5 CRISIL B+/Stable
Letter of Credit 15.0 CRISIL A4
Bank Guarantee 15.0 CRISIL A4
The ratings reflect HAPL's modest scale of operations, its below-
average financial risk profile and working-capital-intensive
nature of operations. These rating weaknesses are partially offset
by the extensive industry experience of HAPL's promoters.
Outlook: Stable
CRISIL believes that HAPL will benefit over the medium term from
its promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if HAPL registers more-than-
expected profitability or growth in its topline, leading to
significant improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile weakens because of lower-than-expected cash
accruals or if it undertakes a larger-than-expected debt-funded
capital expenditure programme.
Incorporated in the year 1996, HAPL is engaged in manufacturing of
MS ingots and TMT bars. Headquartered at Kolkata (West Bengal),
the company is promoted by Mr. Vijay Kumar Rai and his family.
HAPL, on a provisional basis, reported a profit after tax (PAT) of
INR1.8 million on net sales of INR488 million for 2012-13 (refers
to financial year, April 1 to March 31); it reported a PAT of
INR1.8 million on net sales of INR387 million for 2011-12.
KHAITAN ELECTRICALS: 'BB+' Rating on INR183.87cr Loan Reaffirmed
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Khaitan Electricals Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 183.87 CARE BB+ Reaffirmed
Short-term Bank Facilities 92.25 CARE A4+ Reaffirmed
Rating Rationale
The ratings continue to be constrained by high gearing, elongated
working capital cycle leading to higher working capital
utilization, volatility in raw material prices, high bargaining
power of major dealers and inability of the company to price its
products at a premium due to intense competition.
The ratings, however, derive strength from long and established
track record, rich business experience of the promoters,
reasonable brand image, nationwide dealer distribution network,
diversification initiatives into newer segments and improved
financial performance in FY13. The ability of the company to
improve its working capital management through inventory
rationalization and garner higher revenue & maintain profitability
margins by way of diversification of product mix shall be the key
rating sensitivities.
Khaitan Electricals Ltd. incorporated in October, 1975 as Khaitan
Tibrewala Electricals Private Ltd, is engaged in the business of
manufacturing & selling of electric fan, pumps and other
electrical appliances. KTEPL was converted into a public limited
company in 1983 and subsequently rechristened as Khaitan
Electricals Ltd. in 1999. KEL sells its products under the brand
'Khaitan'.
Shri Sunil K Khaitan, the main promoter of KEL, is a well-known
industrialist with over three decades of experience in the
electrical appliance industry. He became the CMD of the company
effective from 10th Nov, 2012 after the demise of previous
chairman, Shri Shree Krishna Khaitan.
In FY13 (refers to the period from April 1 to March 31), KEL
reported a PAT of INR8.1 crore (FY12 -net loss of INR16.3 crore)
on a total operating income of INR525.0 crore (FY12 - INR451.9
crore). In Q1FY14, KEL earned a PAT of INR0.7 crore on a total
operating income of INR118.9 crore.
NABHA PAPER: CARE Assigns 'BB-' Rating to INR9.54cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Nabha Paper Mills Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 9.54 CARE BB- Assigned
Short-term Bank Facilities 0.50 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Nabha Paper Mills
Private Limited (NPM) are primarily constrained by its small scale
of operations, stable operating income coupled with a decline in
the quantity sold and leveraged capital structure along with the
high working capital utilisation levels. The ratings are further
constrained by its presence in a highly fragmented industry and
limited bargaining power with its customers.
The ratings, however, take comfort from the experience of the
promoters of NPM, moderate profitability, moderate coverage
indicators, moderate operating cycle and stable demand indicators
from the end user industry.
Going forward, the ability of NPM to increase its scale of
operations with an improvement in the capital structure and
efficient working capital management would be the key rating
sensitivities.
Nabha Paper Mills Pvt Ltd was initially incorporated in April 1980
as Nabha Paper Mills Ltd and the commercial production started
from June 1982. The name changed to its present one in
March 2013. NPM is engaged in the manufacturing of kraft paper and
duplex board paper. The manufacturing facility of the company is
located at Sangrur, Punjab with an installed capacity of 18,000
Tonnes per annum (TPA). The main raw material is waste paper which
is procured domestically and the company sells to wholesalers
mainly in Punjab, Rajasthan and Gujarat.
For FY12 (refers to the period April 1 to March 31), NPM achieved
a total operating income of INR27.21 crore with a PAT of INR1.04
crore. NPM has reported a total income of INR27.25 crore with
PAT of INR0.73 crore in FY13 (based on unaudited results).
NAVIN MEHTA: CARE Reaffirms 'BB' Rating on INR13.5cr Loans
----------------------------------------------------------
CARE reaffirms/revises rating assigned to the bank facilities of
Navin Mehta & Company.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 13.50 CARE BB Reaffirmed
Short-term Bank Facilities 6.50 CARE A4 Revised from
CARE A4+
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of 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 revision in the short-term rating is primarily driven by the
stretched liquidity position reflected by deterioration in the
working capital cycle of Navin Mehta & Company. The ratings
continue to be constrained by modest scale of operations, low
profitability, susceptibility of profitability margins to
volatility in raw material prices & foreign exchange, and presence
in a highly competitive & fragmented Gems & Jewellery industry and
constitution of the entity as a partnership firm.
The ratings, however, continue to draw strength from the partner's
wide experience in the G&J industry and comfortable capital
structure.
The ability of NMC to increase its scale of operations, along with
the improvement in profitability and efficient management of
working capital cycle amidst intense competition would remain the
key rating sensitivities.
M/s Navin Mehta & Co a partnership firm established in 1977 by
Navin Mehta, is engaged in the business of processing and
exporting of cut and polished diamonds (CPD) (mainly in the range
of one carat to five carats). The firm earns around 90% of its
revenues from exports to Hong Kong (constitutes 80% of exports),
Belgium and the UAE. The firm is not a DTC sight holder and
procures the raw materials from the open markets of Belgium and
the UAE. NMC has its own processing unit of 17,000 square ft. in
Surat (Gujarat).
During FY13 (refers to the period April 01 to March 31), as per
the audited results, NMC reported a total operating income of
INR63.67 crore (FY12: INR88.43 crore) and net profit of INR4.68
crore (FY12: INR0.26 crore). Furthermore, the firm has achieved
the total operating income of around INR36 crore till July 31,
2013.
PATEL CHATURBHAI: CARE Reaffirms 'BB' Rating on INR25.69cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Patel Chaturbhai Ranchhodbhai & Co.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 25.69 CARE BB Reaffirmed
Long-term/Short-term 0.21 CARE BB/CARE A4
Bank Facilities Reaffirmed
Short-term Bank Facilities 0.35 CARE A4 Reaffirmed
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in additional to
the financial performance and other relevant factors.
Rating Rationale
The ratings continue to remain constrained by the modest scale of
operations of Patel Chaturbhai Ranchhodbhai & Co, its constitution
as a partnership firm, low profitability, high leverage and below-
average debt coverage indicators. The ratings are further
constrained by the volatile agro-commodity prices, susceptibility
to foreign currency exchange rate fluctuation, working capital
intensive operations and its presence in a highly fragmented and
competitive industry.
The above constraints are, however, partially offset by the vast
experience of the promoters, well established customer and
supplier base and a well-positioned brand, which enjoys leadership
in the toor-dal-segment in Gujarat.
The ability of PCR to improve its profitability and capital
structure, along with efficient management of raw material price
volatility and foreign exchange rate fluctuation are the key
rating sensitivities.
PCR was constituted as a partnership firm in 1970 by nine family
members with an unequal profit and loss sharing agreement amongst
them. The firm is engaged in the processing and trading of
agricultural food grains. It procures raw pulses, primarily toor
(split pigeon peas), and markets it under 'Angur' brand after
processing and packaging at its facility near Anand in Gujarat as
well as at other dal mills owned by its partners. The brand is
well-positioned and enjoys leadership position in the Gujarat
region.
PRIME GOLD: CARE Rates INR79cr LT Bank Loans at 'BB-'
-----------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Prime
Gold Udyog Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 79 CARE BB- Assigned
Rating Rationale
The ratings of Prime Gold Udyog Pvt Ltd is constrained by
extremely nascent stage of project, risks pertaining to post-
construction stabilization of operations and off-take,
susceptibility to raw material prices volatility in a highly
competitive industry scenario and the cyclicality inherent in the
steel industry.
However, the rating derives strength from the resourceful
promoters, having experience in the steel industry and PGUPL's
agreement with SAIL to act as their conversion agent.
Going forward, the ability of the company to complete the project
within envisaged cost and continued business contract with SAIL
will be the key rating sensitivity.
Prime Gold Udyog Private Limited was incorporated in July 2008, to
set up facilities for manufacturing Thermo Mechanically Treated
(TMT) bars at Chunar, Mirzapaur in Uttar Pradesh. PGUPL has been
promoted jointly by Prime Gold and Eco Cement group (one of the
franchisee of Prime Gold's cement business). The company has
undertaken the project to set up a steel rolling mill located at
Mirzapur, Uttar Pradesh, at a total estimated project cost of
INR68.09 crore with a proposed debt-equity mix of 1.34:1. The
proposed installed capacity of manufacturing TMT bars is 150,000
tonnes per annum (TPA).
The company as on June 30, 2013, has incurred a sum of INR3 crore
towards the project, which has entirely been funded through
equity.
RUSHABH TRADING: CRISIL Assigns 'B+' Ratings to INR120MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Rushabh Trading Co.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash 32.5 CRISIL B+/Stable
Credit Limit
Cash Credit 37.5 CRISIL B+/Stable
Pledge Loan 50.0 CRISIL B+/Stable
The rating reflects RTC's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, and low operating margins, with susceptibility to
volatility in prices of traded goods. The ratings also factor in
RTC's modest scale of and working capital intensive operations and
its susceptibility to intense competition in the basmati rice
trading industry. These rating weaknesses are partially offset by
the benefits that RTC derives from its promoters' extensive
industry experience and their established relations with
suppliers.
Outlook: Stable
CRISIL believes that RTC will continue to benefit from its
partners' extensive experience in the trading of basmati rice. The
outlook may be revised to 'Positive' in case of higher-than-
anticipated cash accruals and/or infusion sizable fresh capital by
the partners lead to improvement in the firm's liquidity.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile, particularly its liquidity, deteriorates
further because of larger-than-expected working capital
requirements or decline in cash accruals.
Set up in 1983 by Mr. Premji Velji Karani and his sons, RTC is
engaged in wholesale trading of rice and other foodgrain with
primary focus on basmati rice. The firm's main office is in Mumbai
with a branch office in Delhi.
RTC reported profit after tax (PAT) of INR3.3 million on net sales
of INR404.5 million for 2012-13 (refers to financial year, April 1
to March 31) as against PAT of INR1.7 million on net sales of
INR311.3 million for 2011-12.
SAFAL CONSTRUCTIONS: CARE Rates INR100cr LT Bank Loan at 'BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Safal
Constructions Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 100.00 CARE BB+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Safal Constructions
Pvt. Ltd. is primarily constrained on account of the risk
associated with the completion and realisation of surplus from of
its large number of ongoing real estate projects and inherent
risks associated with the real estate sector.
The rating, however, favorably takes into account the vast
experience of the group and established track record of the
company in the real estate market of Ahmedabad. The rating also
factors SCPL's moderate capital structure.
SCPL's ability to successfully complete its ongoing projects
within envisaged cost and time parameters, timely receipt of
booking advances and sale of units at envisaged price are the key
rating sensitivities.
SCPL is an Ahmedabad based real estate company incorporated by Mr.
Rajesh Brahmbhatt in 1995. Over the years, SCPL has executed total
34 projects with developed space of around 116 lakh square feet
(lsf) including a good mix of residential and commercial space in
and around the city of Ahmedabad. Currently, the group is
executing 7 residential and 1 commercial projects in Ahmedabad
with a total saleable area of around 113 lsf.
As per the provisional results of FY13 (refers to the period April
1 to March 31), SCPL reported a total operating income of INR62.80
crore (FY12: INR30.75 crore) with a PAT of INR14.91 crore (FY12:
INR17.75 crore).
SHANTI COILS: CARE Assigns 'D' Ratings to INR9.35cr Loans
---------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shanti
Coils & Refrigeration Equipments Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 7.85 CARE D Assigned
Short-term Bank Facilities 1.50 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of Shanti Coils &
Refrigeration Equipments Pvt Ltd factors in the on-going delays in
the interest servicing by the company on its term loan
obligation on account of the stressed liquidity position,
primarily driven by the delay in collection from receivables.
Furthermore, the ratings are constrained by decline in the
operating income with customer concentration risk, fluctuating
profit margins and highly leveraged capital structure with
working capital intensive nature of operations.
Shanti Coils & Refrigeration Equipments Pvt Ltd was incorporated
in the year 2007 as a private limited company. The company is
engaged in the manufacturing of air conditioner parts and
refrigeration parts which include condenser coils and system
tubing. SCREPL has an overall installed capacity to manufacture
2.4 lakh coils and 2.4 lakh system tubing per annum at its unit
located at US Nagar, Uttarakand. SCREPL manufactures and sell the
products to the reputed companies in domestic market like Voltas
Limited, Usha International Ltd, Pasoi Aircon Pvt Ltd, etc.
During FY12 (refers to the period April 1 to March 31), SCREPL
reported a total operating income of INR16.57 crore and a PAT of
INR0.05 crore as against a total operating income and PAT of
INR33.36 crore and INR0.87 crore, respectively in FY11.
SHANTI REFRIGERATION: CARE Rates INR29.38cr LT Loans at 'D'
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shanti
Refrigeration Industries Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 29.38 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of Shanti Refrigeration
Industries Pvt Ltd factors in the on-going delays in the loan
repayment and interest servicing by the company on its term loan
obligation on account of stressed liquidity position primarily
driven by delay in collection from receivables. Furthermore, the
rating is constrained by fluctuating operating income and PBILDT
margins, highly leveraged capital structure with working capital
intensive nature of operations.
Shanti Refrigeration Industries Pvt Ltd, formerly known as Shanti
Refrigeration Industries was started in the year 2005 as a
partnership firm. Subsequently, the firm was converted into a
private limited company on October 08, 2007. SRIPL has two plants
located at Pantnagar and Dadra (Uttarakand), which are ISO 9001:
2008-certified and accredited by TUV certification agency.
The company is engaged in the manufacturing of air conditioners,
refrigeration parts which include heat exchanger coils, sheet
metal parts, tubing and cooler tanks. The company sells air
conditioners to Haier Appliances (India) Pvt Ltd and other
components such as S.S. tanks, sheet metals, system tubing
components to Voltas Limited.
During FY13 (refers to the period April 1 to March 31), SRIPL
reported a total operating income of INR76.55 crore and a PAT of
INR0.23 crore as against a total operating income and PAT of
INR59.78 crore and 0.12 crore, respectively, in FY12.
STYLISH PRECAST: CRISIL Cuts Ratings on INR148MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Stylish Precast Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 51 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Term Loan 90 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Bank Guarantee 7 CRISIL D(Downgraded from
'CRISIL A4')
The downgrade reflects instances of delay by SPPL in servicing its
debt; the delays have been caused by the company's weak liquidity.
SPPL also has a below-average financial risk profile marked a
modest net worth, a highly leveraged capital structure, and weak
debt protection metrics. It also has a modest scale of operations
in a fragmented industry. However, SPPL benefits from its
promoters' extensive industry experience and its established
relationship with its clients.
SPPL was set up as a proprietorship firm by Mr. Kishan Mall in
1998; it was reconstituted as a private limited company in 2000.
The company is managed by Mr. Mall and his two nephews Mr. Ganesh
Bagri and Mr. Yogesh Bagri and their relative Mr. Shankarlal
Jhanwar. It manufactures paver blocks, which are used in roads,
railways, port trusts, and airports.
SUN SHINE: CARE Rates INR11.04cr LT Bank Loans at 'B+'
------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Sun Shine Rice
Unit.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 11.04 CARE B+ Assigned
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of 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 Sun Shine Rice Unit
is primarily constrained by its small scale and short track record
of its operations, low profitability margin and leveraged
capital structure. The rating is further constrained by
susceptibility to fluctuation in the raw material prices dependent
on vagaries of monsoon and fragmented nature of industry.
Furthermore, the constitution of the entity as a partnership firm
also constrains the rating. The rating, however, finds support
from the experienced promoters and favorable manufacturing
location.
Going forward, the ability of the firm to increase its scale of
operation, while improving its profitability margin and capital
structure would be the key rating sensitivities.
Shine Rice Unit was established in 2010 as a partnership firm by
Mr Inder Parkash, Mr. Narain Parkash, Mr Vijay Kumar, Mr Sanjay
Kumar and Ms Sudesh Rani, having profit sharing ratio of 33.33%,
16.67%, 16.67%, 16.67% and 16.66%, respectively. SSR commenced
commercial operations from July 2011, and is engaged in the
processing of Basmati rice. The manufacturing facility is located
at Taraori, Haryana, with an annual installed capacity of 32,120
metric tonne per annum (MTPA) as on March 31, 2013. SSR procures
paddy through commission agents and stockiest from the local grain
markets located in Haryana, Punjab, and Uttar Pradesh. SSR sells
rice through network of commission agents to exporters based in
Haryana, Punjab and Gujarat.
During FY12 (refers to the period April 1 to March 31), SSR
achieved a total operating income of INR27.95 crore with PAT of
INR0.07 crore. During provisional results for FY13, the firm has
achieved a total operating income of INR44.85 crore.
=================
I N D O N E S I A
=================
MNC SKY: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' foreign
currency long-term corporate credit rating on Indonesia-based pay-
TV operator PT MNC Sky Vision (MSV). The outlook is stable. At
the same time, Standard & Poor's affirmed its 'B+' issue rating on
the company's guaranteed senior secured debts due in November
2015.
In addition, Standard & Poor's assigned its 'B+' local currency
corporate credit rating and 'axBB' ASEAN regional scale rating to
MSV.
"We affirmed the rating on MSV to reflect our expectation that the
company's subscriber base and revenue will continue to grow over
the next two years, despite stiffer competition," said Standard &
Poor's credit analyst WeeKhim Loy. "The rating encapsulates the
company's weak business risk profile, represented by the still-
small earnings base, significant capital spending requirements,
and single satellite exposure. It also reflects the company's
vulnerability to currency fluctuations."
MSV's dominant domestic market share, access to local content from
associated companies, and the strong growth potential for pay-TV
in Indonesia partly offset these weaknesses. S&P assess MSV's
financial risk profile to be "aggressive," as defined by its
criteria.
MSV's aggressive financial risk profile reflects the company's
negative free operating cash flow in the next two years because of
its high capital expenditure. Nevertheless, S&P believes MSV's
subscriber growth could translate into higher operating cash flows
and a lower shortfall in free operating cash flow by the end of
2014.
"MSV's exposure to currency volatility is also a factor in the
financial risk profile. Almost all of the company's debt and a
significant portion of its costs and TV equipment purchases are
denominated in U.S. dollars, while nearly all of its sales are
denominated in rupiah," Ms. Loy said.
The stable outlook reflects S&P's expectation that MSV's operating
performance will remain strong in the next 12 to 24 months. S&P
also expects the company's financial risk profile to remain
significant, with a debt-to-EBITDA ratio below 2x and a ratio of
debt to debt plus equity of less than 40% by the end of 2014.
"We may lower the rating if we expect MSV's debt-to-EBITDA ratio
to increase beyond 3x on a sustained basis. We believe this could
materialize if the company's revenue growth is below 5% with a
gross margin (excluding depreciation) of less than 30% or its
annual capital spending is significantly higher than S&P's
expectation and requires more debt funding. S&P may also lower
the rating if: (1) MSV's liquidity deteriorates rapidly because of
weaker operating performance; (2) the company's operating cash
flows weaken; (3) the quality of MSV's investments managed by
affiliated companies deteriorate significantly and hurt the credit
profile of MSV; or (4) S&P considers the credit quality of the
company's ultimate major shareholder, PT Bhakti Investama Tbk., to
have declined materially.
S&P may raise the rating if MSV improves its scale of operations,
culminating in improved cash flow generation. An upgrade hinges
on (1) the absence of intercompany or related-party transactions
that could weaken MSV's credit profile; or (2) the credit profile
of PT Bhakti Investama Tbk. remaining stable or improving.
====================
N E W Z E A L A N D
====================
VALOR IDEAL: Property Firm Faces Liquidation
--------------------------------------------
Chris Hyde at Manawatu Standard reports that the future of a
company that has invested tens of millions of dollars in
Palmerston North developments will be in the hands of a
High Court judge.
An application to liquidate Uruguayan-owned Valor Ideal Ltd was
made to the High Court on July 21 by Kevin O'Connor and Associates
Ltd and was heard September 5.
The company's managing director is high-profile businessman
Paul Barris, the report says.
Manawatu Standard relates that Mr. Barris is the former chairman
of YoungHeart Manawatu, a former board member of the Manawatu
Chamber of Commerce and he remains involved in building Golf City,
a new golf course near Palmerston North Airport.
In June Valor Ideal announced it was selling its entire portfolio
of properties in the city including 19-25 Broadway Ave, 129-136
The Square, 39-41 Broadway Ave and 60 Bourke St, along with a
property in Featherston St and a 6000-square-metre industrial lot
close to the airport, the report recalls.
Mr. Barris told the Manawatu Standard that while some property
owners were still making a go of it, Palmerston North was no
longer a city of hopes and dreams for him.
Valor Ideal had been crippled by a loss of rental income,
Mr. Barris, as cited by Manawatu Standard, said.
According to the report, Mr. Barris said there were still
properties from the company's portfolio that remained unsold
although he was positive about the way negotiations were going on
the remaining ones.
Despite the liquidation application, and the fact the development
has been sitting idle for months, Mr. Barris remained committed to
building Golf City, Manawatu Standard reports.
Mr. Barris said Valor Ideal's Uruguayan owners, Frederico and
Ricky Chayman, were understandably disappointed with the
possibility of liquidation, the report adds.
=================
S I N G A P O R E
=================
* Moody's Says Singapore REITs Insulated From Interest Rate Hikes
-----------------------------------------------------------------
Moody's Investors Service says the 13 Singapore Real Estate
Investment Trusts (S-REIT) that it rates are insulated from rising
interest rates over the next 12 months because more than half
their outstanding debt is tied to fixed interest rates.
In addition, the S-REITs have a weighted average debt maturity
profile of more than two years, and only 18% of their total debt
will come due over the next 18 months.
"The S-REITs have mitigated against interest rate fluctuations by
tying more than half of their outstanding debt to fixed
instruments. They have issued either fixed-rate bonds or swapped
variable-rate debt for fixed-rates, through financial derivatives
such as interest-rate swaps," says Jacintha Poh, a Moody's
Analyst.
Poh is also the author of a just-released Moody's report titled
"Fixed-Rate Debt, Long-Term Maturities Insulate S-REITs from
Rising Interest Rates."
"Since the global financial crisis, S-REITs have staggered and
extended their debt maturities, with the help of low interest
rates and demand from investors for long-tenor bonds. As a result,
average debt maturities have lengthened to three and-a-half years,
from two and-a-half in December 2008," adds Ms. Poh.
The assessments in Moody's report were made based on Moody's
expectation that interest rates will rise largely because the US
Federal Reserve has indicated it will scale back on its purchase
of mortgage-backed securities and Treasury securities, later this
year.
Moody's report points out that the S-REITs face different levels
of interest rate risk, based on the equal weights assigned to
fixed-rate debt amounts and refinancing requirements.
Moody's report also says S-REITs with low average cost of debt are
most sensitive to rising interest rates, because the magnitude of
the increase in their interest expense will be large relative to
their current interest expense, resulting in lower coverage
ratios. Moody's demonstrated this by analyzing a 25 basis point
increase in rates, and by assuming that EBITDA is unchanged and
all debt is on a floating-rate basis.
"It is important to remember that while rising interest rates
increase borrowing costs, they also reflect an improving economy
and growth prospects, giving S-REITs, especially those in the
office and hospitality sectors, the potential to increase market
rental and occupancy rates," says Ms. Poh.
===============
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 ***