What's the difference between Deepavali and Diwali?

We visited our Indian neighbours yesterday to wish them Happy Deepavali and to present them with some food and goodies to celebrate the day.   During the conversation that we had, our neighbours referred to Deepavali as Diwali constantly and when I returned home, I finally decided to google for an answer to find out a nagging question which I've had for the past few years: -

What's the difference between the choice of the two words: "Deepavali" vs "Diwali"?

The following website:

http://www.deepavali.net/

seems to provide a very good answer.

Here are the key points extracted from the website:

Source: www.deepavali.net

Deepavali (also: Depawali, Dipavali, Dewali, Diwali, Divali, Dipotsavi, Dipapratipad ) marks the beginning of the Hindu New Year according to the Lunar Calendar. It literally translated means 'Row of Lights' (from Sanskrit: dipa = lamp / awali = row, line). It celebrates the victory of Goodness over Evil and Light over Darkness - it ushers in the new year. Especially for this event people are cleaning their houses and wear new clothes. Deepavali is a 4 day festival as Deepavali, Lakshmi Puja, Kartika Shuddha Padwa and Yama Dvitiya. There are many different names for the days of Deepavali (or Diwali) in different regions of India (South & North India, East & West India) and in the different languages spoken in that regions (i.e. Hindi, Urdu, Telugu, Tamil, Gujarati, Bengali). During Deepavali people pray to Lakshmi, Goddess of wealth, light, prosperity and wisdom, but also to Ganesha, the 'Remover of Obstacles' and the 'Lord of Beginnings'.

Deepavali celebrations take place in many countries in the world. On the first day of the Deepavali festival people pray and having a special breakfast made of many different foods. The Hindu Goddess Lakshmi's statue and images are carried through the streets in processions. There are various legends and stories associated with the Deepavali festival. The story of Bali, Emergence of Laxmi, Krishna Narakasur Fight, Victory of Rama over Ravana and many more. Dipa Lights (also called Diwali Diyas, Kandils, Ghee Lamps or Parvati Ganesha Lamps) - made of clay, fueled with Oil from Coconuts, Mustard or Ghee (clarified butter), the wick made of cotton wool - are placed outside of houses, on floors and doorways. During Deepavali festival, doorways are hung with torans of mango leaves and marigolds. Deepavali Melas are being enjoyed by Hindus, Sikhs, Jains & Buddhists alike. On the day of Deepavali people exchange gifts, bursting firecrackers, lighting fireworks, colourful sparklers & bonfires and having festive meals. Diwali Melas (fairs) are held throughout India and the celebrations abroad. The Indian Festival of Lights takes place after the monsoon season has finished and the weather is nice and pleasant again.

Wishing Happy Deepavali to everyone! Deepavali Valthukkal!! Shubh Diwali!!

What's the difference between Deepavali vs. Diwali ?
	DEEPAVALI	DIWALI
Origin	Deepavali is the ORIGINAL NAME from Sanskrit Dīpāvalī (दीपावली) meaning "Row of Lamps" or "Spreading of Light".	Hindi name, a contraction of "Deepavali". Could have emerged to simplify pronunciation under the British rule (1757-1947).
Regional Significance	Celebrated in South-India in the states: Tamil Nadu, Kerala, Karnataka, Goa, Andhra Pradesh Countries and Regions with a significant population of Indians from the southern Indian states (Tamils) such as: Malaysia, Singapore, Sri Lanka/Ceylon, Fiji, South Africa, Mauritius, Réunion, Martinique & Guadeloupe	Celebrated in North-India in the states: Gujarat, Madhya Pradesh, Chhattisgarh, Orissa, Maharashtra, Rajasthan, Uttar Pradesh, Haryana, Punjab, Uttarakhand, Himachal Pradesh, Jammu & Kashmir, Bihar, Jharkhand, West Bengal, Sikkim, Meghalaya, Assam, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura Countries with a significant Indian population mainly from North-India such as: USA, Canada, United Kingdom, Guyana, Trinidad and Tobago and others (see below)
Date Calculation	Falls on Ashvina Krishna Chaturdasi (the lunar day before the new moon). The exact date is calculated based on the last 90 minutes before sunrise (Arunodaya). Deepavali involves bathing before sunrise. Geographic location: Chennai (Tamil Nadu)	Falls on the following lunar day on Ashvina Amavasya (lunar day of new moon). The date is calculated based on extended Pradosha (a few hours after sunset). Observed by displaying diyas, lanterns and firecrackers. Geographic location: Allahabad (Uttar Pradesh)
	The 2 holidays are defined to occur on 2 separate lunar days. In the Gregorian (Western) Calendar, Deepavali & Diwali can fall on the same calendar day when both periods (see above) of about 16 hours in total happen to be within the 24 hours of a single civil/Gregorian day. This means that the date will fall in about 2/3 of cases (years) on the same Gregorian day. (Many thanks to Olivier Beltrami for his expert advice on this !)
Festival Days & Spiritual Differences	Deepavali is a 4 day festival Day 1: Deepavali (Naraka Chaturdasi) Commemorates the victory of Lord Krishna over the demon Naraka. People taking a bath in the early morning before sunrise while the stars are still shining in the sky. Day 2: Lakshmi Puja Goddess Lakshmi emerged from Kshira Sagara (Ocean of Milk). Lakshmi Pooja is performed on this day. Day 3: Bali Padyami/Vikram Samvat/Kartika Shuddha Padwa Celebrates the victory of god Vishnu in his dwarf incarnation Vamana over the daemon king Bali. Honours Bali's return to earth for his devotion to the Lord and for his noble deeds to his people. First day of the Hindu month Kartika. Day 4: Yama Dvitiya Yama (God of Death) had a feast with his sister Yami. She put an auspicious tilak mark on his forehead for his well-being. On this day sisters pray for well-being of their brothers. In return brothers giving gifts to their sisters.	Diwali is a 5 day festival Day 1: Dhanteras Commemorates the birth of Dhanvantari (the physician of the Gods). Dhan translates to wealth. Goddess Lakshmi is being worshiped for prosperity and well-being. Many Indian businesses start their accounting year on this day. Day 2: Choti Diwali (Kali Chaudas) Also known as Small Diwali. Daemon Narakasura was killed by Krishna. Poojas for Lakshmi and Rama. Day 3: Diwali & Lakshmi Puja Commemorates the return of Lord Rama (King of Ayodhya) to his hometown from 14 years of exile in the forest, after defeating the evil daemon king Ravana of Lanka. Goddess Lakshmi emerged from Kshira Sagara (Ocean of Milk). Lakshmi Pooja is performed on this day. Day 4: Govardhan Puja (Annakoot) Celebrates the victory of Krishna over Indra, the deity of thunder and rain, by lifting Govardhana Hill with his little finger to save people from the floods. This day is also known as Annakoot (mountain of food). Day 5: Bhai Dhooj Sisters pray for well-being of their brothers and put a mark on their foreheads. Brothers give gifts to their sisters in return.

             Corrections? Additions? Please let us know. Thank you!

Deepavali 2016 Calendar

When is Deepavali 2016 ?

Saturday, 29 October, 2016 - Deepavali (Naraka Chaturdasi)
Sunday, 30 October, 2016 - Diwali (Lakshmi Puja)
Monday, 31 October, 2016 - Bali Padyami / Vikram Samvat (Kartika Shuddha Padwa)
Tuesday, 01 November, 2016 - Yama Dvitiya / Bhai Duj


Note: Deepavali is celebrated 1 day before Diwali in 2016

Singapore Bonds - More trouble (ASL Marine, Ezra Holdings)

More Bond trouble ahead:

1. ASL Marine is proposing to raise $25 million via a rights issue to repay S$100 million worth of  notes due in March 2017.

2. Ezra Holdings will seek bondholders’ approval in a meeting planned for 9 November 2016 to loosen covenants on US$150 million bonds maturing in 2018.


Based on a report by the Straits Times yesterday, 26 October 2016, an informal meeting held by Ezra highlighted that Ezra’s bond holders were “calm and positive” at the meeting.

Extracted from the SGX website is the presentation slides made at the briefing (see link):

Ezra - Informal meeting with Bond Holders


Personally, I am surprised at the cavalier attitude adopted by the bond holders if what the Straits Times’ sensing of the mood of the meeting is correct.      It is a lot of money at stake that bond holders are making a decision on and do they really understand what rights and obligations they are waiving off?    It cites that bond holders were happy that Ezra had delivered on a $3.66 million coupon on Monday and they could “feel Management’s sincerity”.   For Christ’s sake, the coupon payment is due to you! so this is nothing to be thankful to them about.   It is why you bought the bond in the first place anyway, isn’t it?   Otherwise, you would be buying the company's shares and be shareholders instead.  Not bond holders.

Think carefully before you waive away any rights and obligations that you have.   To cite an analogy, this is like cases that we read about in the newspapers whereby heartless children encourage their parents to sell off their existing premises and stay with them so that they can part-finance their purchase of a new apartment.    Sometime later, they kick their parents out of their homes when they cannot get along with them.
 
Business Times’ reporting of the event was far more balanced and I commend them for a more objective view of the meeting.   Of course, I was not privy to the details as I am not a bondholder, so only those present would be able to tell what the mood of the meeting was.

Do read through your documents carefully.   Even with a post-graduate degree in Finance, I had to read them three times before I had a better understanding of what you are giving up your rights on.

All the best to you (Ezra bond holders) for the Nov 9 meeting.

Sincere thoughts and wishes,
Green Ninja.

Swissco's trading status is now reflected as "Suspended"

As of this morning 12 Oct 2016, Swissco's trading status has been updated and reflected as "Suspended" from the earlier "Halted".

Under the circumstances, this can only mean bad news for bondholders and now also shareholders.

The reasons for the trading suspension are two-fold:

1.   In view of the debt structuring plan and,
2.   On-going lawsuits - see attached link below:

On-going Lawsuits (link)


Will bondholders and shareholders be able to get any money back?

The last traded price was 5.2 cents.   I'm afraid it will no longer even be 5.2 cents after it resumes trading again.

Singapore Bonds - Like Dominoes, they are starting to fall

In late 2015, Trikomsel and Pacific Andes Resources Development failed to make payments on three notes. 

Like dominoes, other companies in the Oil and Gas sector are starting to fall:

1.  Swiber
 Defaulted on outstanding bonds for semi-annual payment in the $150 million series 001 Trust Certificates, which carry a coupon rate of 6.5 per cent and are due for maturity in August 2018. Legal claims against Swiber have been piling up, rising to US$231.4 million as of 15 Sep 2016. Swiber's application for judicial management was approved by the High Court on 6 October 2016.

2,  Rickmers Maritime

Asking creditors for leniency on about US$253 million (S$344.8 million) of debt.   It won’t be able to repay US$179.7 million of bonds due in March 2017 and the interest and principal on S$100 million of notes due in May 2017.    An extraordinary general meeting (EGM) on 31 Oct 2016 will be held to seek approval for a debt-to-equity proposal, which is highly unpopular among bondholders.

3.  Perisai Petroleum Teknologi

 Perisai Petroleum Teknologi - Ezra Holdings’ associate company Perisai Petroleum Teknologi was unable to win the 75 per cent note-holder approval needed to restructure its S$125mil (RM377mil) medium-term notes (MTN).  An indicative offer of financing from a financial institution has been received, following the rejection of Perisai’s initial restructuring plan by bondholders for its MTN.

4.   Swissco Holdings 
Swissco – Provided the market with a nasty surprise by proposing to restructure its bonds worth US$100 million including a S$2.85 million coupon payment due on 6 Oct 2016.   Firm’s cash flow situation could be worse than expected.

For Swissco, it was not so long ago (less than 3 months in fact!), when they came out to imply that there were different from Swiber, when the latter announced that they planned to go into voluntary liquidation.   In fact, they even issued a press release to say that they were in a different sub-sector.     See attached. 

Swissco Announcement 28 July 2016

 One really wonders how much we can trust our companies….   : (