/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/111123.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 Wednesday, November 23, 2011, Vol. 14, No. 232 Headlines A U S T R A L I A CENTRO PROPERTIES: Restructuring, Merger Plan Wins Investors Nod EQUITITRUST LTD: ASIC to Appoint BDO Australia as Receivers WATER AT WOOYUNG: Director Sentenced to Seven Years Imprisonment * AUSTRALIA: ASIC Reveals Annual Overview of Corp. Insolvencies C H I N A CHINA GREEN: Incurs US$21,363 Net Loss in Third Quarter H O N G K O N G AFEX INTERNATIONAL: Creditors' Meeting Set for Nov. 30 AFEX PROCUREMENT: Creditors' Meeting Set for Nov. 30 AMPRESS PACIFIC: Creditors' Proofs of Debt Due Dec. 23 AMPRESS PACKAGING: Creditors' Proofs of Debt Due Dec. 23 CALF INVESTMENT: Members' Final General Meeting Set for Dec. 23 DUNHUANG (CHINA): Creditors' and Members' Meetings Set for Dec. 23 EC (ASIA): Creditors' Proofs of Debt Due Dec. 23 EC MANUFACTURING: Creditors' Proofs of Debt Due Dec. 23 EVER SMART: Ma and Lee Appointed as Liquidators FRIENDS OF THE SOCIETY: Creditors' Proofs of Debt Due Dec. 12 I N D I A ABC RAILROAD: CARE Assigns 'CARE BB' Rating to INR10.98cr LT Loan AIR INDIA: Panel Approves INR30,000cr Capital Infusion CHINTTPURNI ENG'G: CARE Rates INR30.78cr LT Loan at 'CARE BB' CHITKARA EDUCATION: CARE Puts 'CARE C' Rating on INR113.71cr Loan FAHRENHEIT AUTOMOBILES: CARE Rates INR12cr LT Loan at 'CARE B+' JALARAM COTTON: CARE Rates INR43.44cr Long-Term Loan at 'CARE BB-' KIRAN INFRA: Fitch Withdraws Rating on INR11.4 Mil. Loan at 'BB+' LALWANI INDUSTRIES: CARE Puts 'CARE BB' Rating on INR1.4cr Loan LIPPI SYSTEMS: CARE Reaffirms 'CARE BB+' Long-Term Loan Rating SATGURU POLYFAB: CARE Assigns 'CARE B' Rating to INR6.96cr Loan SURINA IMPEX: Fitch Affirms Rating on Two Loan Classes at Low-B SURYA PROCESSORS: Fitch Affirms Rating on Three Loans at Low-B TIRUPATI LTD: Fitch Withdraws Rating on INR6 Mil. Loan at 'BB+' ZEALTOP GRANITO: CARE Puts 'CARE BB' Rating on INR44.89cr Lt Loan I N D O N E S I A PERUSAHAN LISTRIK: Fitch Puts rating on $1 Bil. Bond at 'BB+' * INDONESIA: Moody's Assigns Definitive Ba1 Rating for Sukuk J A P A N OLYMPUS CORP: Former CEO to Attend Board Meeting Today N E W Z E A L A N D AMI INSURANCE: Capital Raising Nears End Amid Buyout Reports DORCHESTER PACIFIC: Offers to Repay Investors 70c Per Note ENERGYSMART LTD: Terra Lana Buys Firm Out of Liquidation SIGNATURE HOMES: Southland Franchise in Receivership S I N G A P O R E K-F&B PTE: Court to Hear Wind-Up Petition Dec. 2 MAARINE TUBES: Court Enters Wind-Up Order MALACOA HOLDING: Creditors' Proofs of Debt Due Dec. 16 MECH-TECH MARINE: Creditors' Meeting Set for Dec. 5 RUBICON RESERVE: Court to Hear Wind-Up Petition Nov. 25 X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= CENTRO PROPERTIES: Restructuring, Merger Plan Wins Investors Nod ---------------------------------------------------------------- Bloomberg News reports that Centro Properties Group on Tuesday averted liquidation as investors approved a plan to cancel debt and pool assets into a new real estate trust with AUD4.4 billion ($4.3 billion) of Australian shopping center properties. Bloomberg says the vote resolves a four-year battle to stave off bankruptcy after a $9 billion U.S. buying spree between 2006 and 2007 backfired as the subprime mortgage crisis triggered the worst recession since the great depression. Approval allows Centro to erase AUD2.9 billion of debt maturing on Dec. 15 and gives lenders equity stakes in a new trust to be called Centro Retail Australia, according to Bloomberg. Centro Retail said in a filing to the Australian stock exchange on Tuesday that a majority of shareholders in Centro Retail Trust, managed by Centro Properties, voted in favor of all resolutions, including acquisition of its assets and services business and a change in the responsible entity, Bloomberg reports. According to Bloomberg, Centro Properties shareholders also approved the sale of the group's assets to the new trust, with almost 90% supporting the plan. About 89% of investors voted to transfer the group's share of the new entity to its senior lenders, the report relays. Centro's hybrid lenders and convertible bond holders also backed the restructuring plan, the report notes. The final tally included votes by shareholders in Centro, its affiliate Centro Retail Group, senior lenders and convertible bond holders, at a series of meetings that lasted all day, reports Reuters. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 10, 2011, Centro Properties said it entered into an agreement with its senior lenders to implement its restructure transaction together with the proposed aggregation of the Australian assets and interests held by CNP, Centro Retail Trust and certain Centro managed funds. Centro's merger agreement involves a debt for equity swap that will result in its lenders, chiefly hedge funds, taking about 78% equity in the new listed vehicle, the Australian said. The TCR-AP, citing The Australian, reported on Aug. 30, 2011, that Centro Properties warned shareholders when handing down its full-year results that the debt-bloated company still faces liquidation if it does not merge with the less indebted Centro Retail Group. About Centro Properties Based in Australia, Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/-- is a retail investment organization specializing in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand, and the United States. Centro has funds under management of US$24.9 billions. EQUITITRUST LTD: ASIC to Appoint BDO Australia as Receivers ----------------------------------------------------------- Colin Kruger at The Sydney Morning Herald reports that the Australian Securities and Investments Commission was on Tuesday expected to appoint an independent receiver to Equititrust's flagship fund in an attempt to stave off further losses by investors who entrusted more than AUD200 million with the Gold Coast mortgage fund operator. SMH relates that the company's board on Monday applied to the Supreme Court of Queensland to have the Equititrust Income Fund wind up the fund. According to the news agency, Equititrust's directors were granted their wish when the court agreed to close the troubled fund but ASIC intervened to organize the appointment of David Whyte -- david.whyte@bdo.com.au -- of BDO Australia as independent receiver. Equititrust's fate was sealed this month when the company revealed it was unlikely to find an insurer to cover it for professional indemnity, and any possible fraud by its officers, beyond November 21, SMH relays. A lack of insurance would have prevented Equititrust from continuing to act as responsible entity for the fund. SMH says Sydney businessman Ian Lazar is expected to continue his quest to have provisional liquidators appointed to Equititrust on Friday. For investors the wild ride is over, although the full extent of their losses is yet to be revealed, the report adds. As reported in the Troubled Company Reporter-Asia Pacific on May 5, 2011, The Sydney Morning Herald related that a court application has been made to wind up Equititrust, adding to a list of woes for the company that faces a potential class action by investors and is at the mercy of its banks. Equititrust confirmed on May 3 that the application was filed by Rural Security Holdings, a company associated with Ian Lazar. The company has frozen investor redemptions and income distributions at its AUD260 million Equititrust Income Fund and recently confirmed that investors face large losses as well as a restructure, according to SMH. Equititrust was forced to suspend payments and renegotiate terms with NAB on the loan earlier this year when EIF was almost out of cash, SMH disclosed. NAB agreed to defer repayments for last December until February while it considered a new proposal that would match bank repayments with loan repayments by Equititrust clients. Equititrust earlier this year blamed delayed property sales settlements for the need to stop paying income distributions for the foreseeable future and reported a AUD12.3 million loss for the half-year ending Dec. 31, 2010. 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. WATER AT WOOYUNG: Director Sentenced to Seven Years Imprisonment ---------------------------------------------------------------- The Australian Securities and Investments Commission said Water at Wooyung Pty Ltd director Robert Norman Dale has been sentenced to seven-and-a-half years in jail following an ASIC investigation. Mr. Norman defrauded investors in a property unit trust of AUD2 million, ASIC said. Following a four-week trial, Mr. Dale was found guilty by a Southport District Court jury of six charges of dishonestly gaining a benefit under section 408C(1)(d) of the Criminal Code (Qld) and one charge of dishonestly applying property belonging to another under section 408C(1)(a) of the Criminal Code (Qld). He will serve a minimum of three years and two months, being eligible for parole on 15 January 2015. ASIC alleged that between July and November 2004, Mr. Dale dishonestly induced four investors to pay AUD2 million to acquire units in the Water at Wooyung Unit Trust for the development of property at Wooyung in the Northern Rivers area of New South Wales. At the time, Mr. Dale was the sole director of Water at Wooyung Pty Ltd, which was the corporate trustee of the Water at Wooyung Unit Trust. The investors, who each paid $500,000 or more to Mr. Dale, told the Court that they never received the promised units in the unit trust. ASIC alleged Mr. Dale used significant proportions of the investor funds for private purposes. ASIC Commissioner, Peter Kell, welcomed the sentence, noting that the regulator would continue to focus on deterring and dealing with illegal behaviour. "Building and enhancing confidence among investors is a key priority for ASIC. This includes taking action against directors who fail to fulfil their responsibilities," Mr. Kell said. As a result of his convictions, Mr. Dale will be automatically disqualified from being involved in the management of a corporation for five years commencing from the day on which he is released from his served term of imprisonment. The matter was prosecuted by the Commonwealth Director of Public Prosecutions. In June 2005, a provisional liquidator was appointed to Water at Wooyung Pty Ltd. The company was placed into liquidation on 1 August 2005. * AUSTRALIA: ASIC Reveals Annual Overview of Corp. Insolvencies --------------------------------------------------------------- The Australian Securities and Investment Commission on Tuesday published an annual overview of corporate insolvencies based on statutory reports lodged by external administrators for the 2010-2011 financial year. Report 263 Insolvency Statistics: External administrators' reports 1 July 2010 - 30 June 2011 (REP 263) includes comprehensive information about the profile of companies placed into external administration, including industry types, employee numbers, the causes of company failure, the estimated number and value of a company's unsecured creditor debts and estimated dividends to unsecured creditors. In addition, the report details the frequency with which external administrators report misconduct by company officers, the types of alleged misconduct most frequently reported (both criminal and civil breaches) and information about the number of cases that might warrant further enquiry by ASIC. Key findings and data included in the report follow as an attachment to this release. Adrian Brown, Senior Executive Leader of ASIC's Insolvency Practitioners team, said the data in REP 263 had broad relevance for the insolvency profession, creditors, academics, the Australian Government and other interested stakeholders. "This is one of ASIC's initiatives to address the need for better insolvency statistics identified by the Senate Inquiry in its September 2010 report," Mr. Brown said. Mr. Brown noted that the reports lodged by external administrators also provided an important intelligence and assessment tool for ASIC, acting as a 'first alert' about possible misconduct by company officers and focus for further enquiry. In assessing which matters to pursue further, ASIC considers, among other things: -- the nature of the possible misconduct reported; -- amount of the liabilities; -- deficiency suffered; -- availability of evidence; -- prior misconduct; and -- the advice of the external administrator that the reported possible misconduct warrants further investigation. REP 263 notes that, as a result of ASIC's risk assessment, ASIC asked external administrators to prepare supplementary reports in 558 (9.8%) of the 5,670 reports for 2010-11 where company officer misconduct was alleged. The remaining reports were assessed and recorded for future intelligence purposes. Supplementary reports are typically detailed, free-format reports, which set out the results of the external administrator's inquiries and the evidence to support the alleged offences. Generally, ASIC can determine whether to commence a formal investigation on the basis of a supplementary report. In both 2009-10 and 2010-11, after assessment, we referred 33 per cent of these cases for investigation or surveillance. The risk assessment approach to external administrators' reports and supplementary reports is consistent with ASIC's broader approach to assessing which matters to pursue for further regulatory action, which includes consideration of: -- evidence; -- level of harm or loss; and -- cost versus regulatory benefit. REP 263 is ASIC's third report since external administrators' reports could be lodged electronically. ASIC's previous reports are Report 225 Insolvency statistics: External administrators 1 July 2007-30 June 2010 (REP 225), covering external administrator reports lodged in the financial years 2007-08, 2008-09 and 2009-10 and External administrators: Schedule B statistics 1 July 2004-30 June 2007 covering external administrator reports lodged in the financial years 2004-05, 2005- 06 and 2006-07. The report complements data published by ASIC each month on the number and type of corporate insolvency appointments. Background ASIC compiled REP 263 from the estimates and opinions contained in statutory reports lodged with ASIC by liquidators, receivers and managers and voluntary administrators (external administrators) in the standard format of Schedule B to Regulatory Guide 16 External administrators: Reporting and lodging (RG 16) (Schedule B report). The Schedule B report is designed to gather basic statistical information about corporate insolvencies. Under the Corporations Act 2001 (the Act), external administrators must lodge statutory reports for corporate insolvencies as soon as practicable where they identify possible misconduct by company officers, and/or where unsecured creditors are likely to receive less than 50 cents in the dollar on their debts. The statistics are based on external administrators' estimates and opinions at the time they are lodged and are, therefore, not an actual account of the outcomes of external administrations. Nevertheless, the statistics provide a broad picture of corporate insolvencies in Australia for the 2010-2011. The total number of electronic reports lodged directly by external administrators stands at 97% in 2010-11. Access to the report's statistical data, including industry- specific data for the five largest industry classifications and seven years' of data comparison from 2004 to 2011, is also available from ASIC's Web site. ========= C H I N A ========= CHINA GREEN: Incurs US$21,363 Net Loss in Third Quarter ------------------------------------------------------- China Green Creative, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, reporting a net loss of US$21,363 on US$322,767 of revenue for the three months ended Sept. 30, 2011, compared with net income of US$826,523 on US$1.59 million of revenue for the same period a year ago. The Company also reported net income of US$47,899 on US$1.44 million of revenue for the nine months ended Sept. 30, 2011, compared with net income of US$40,318 on US$2.16 million of revenue for the same period a year ago. The Company's balance sheet at Sept. 30, 2011, showed US$5.25 million in total assets, US$7.46 million in total liabilities, and a US$2.21 million total stockholders' deficit. Madsen & Associates CPA's, Inc., in Salt Lake City, says China Green Creative, Inc., does not have the necessary working capital to service its debt and for its planned activity, which raises substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://is.gd/vBQsGh About China Green Shenzhen, China-based China Green Creative, Inc., a Nevada Corporation, was incorporated on Aug. 17, 2006, under the name of Glance, Inc. On Jan. 21, 2009, the Company changed its name to China Green Creative, Inc. CGC and its subsidiaries are principally engaged in the distribution of consumer goods in the People's Republic of China. ================ H O N G K O N G ================ AFEX INTERNATIONAL: Creditors' Meeting Set for Nov. 30 ------------------------------------------------------ Creditors of Afex International (HK) Limited will hold their meeting on Nov. 30, 2011, at 2:45 p.m., for the purposes provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies Ordinance. The meeting will be held at Room 203, Duke of Windsor Social Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong. AFEX PROCUREMENT: Creditors' Meeting Set for Nov. 30 ---------------------------------------------------- Creditors of Afex Procurement Company Limited will hold their meeting on Nov. 30, 2011, at 2:30 p.m., for the purposes provided for in Sections 241, 242, 243, 244, 251, 255A and 283 of the Companies Ordinance. The meeting will be held at Room 203, Duke of Windsor Social Service Building, at No. 15 Hennessy Road, Wanchai, in Hong Kong. AMPRESS PACIFIC: Creditors' Proofs of Debt Due Dec. 23 ------------------------------------------------------ Creditors of Ampress Pacific Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Liu Tin Chak Arnold Lam Chi Wai Peter 19/F, Henry Centre 131 Wo Yi Hop Road Kwai Chung, New Territories Hong Kong AMPRESS PACKAGING: Creditors' Proofs of Debt Due Dec. 23 -------------------------------------------------------- Creditors of Ampress Packaging Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Liu Tin Chak Arnold Lam Chi Wai Peter 19/F, Henry Centre 131 Wo Yi Hop Road Kwai Chung, New Territories Hong Kong CALF INVESTMENT: Members' Final General Meeting Set for Dec. 23 --------------------------------------------------------------- Members of Calf Investment Advisors Limited will hold their final general meeting on Dec. 23, 2011, at 1:35 p.m., at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong. At the meeting, Natalia K M Seng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. DUNHUANG (CHINA): Creditors' and Members' Meetings Set for Dec. 23 ------------------------------------------------------------------ Creditors and members of Dunhuang (China) Limited will hold their meetings on Dec. 23, 2011, at 9:30 a.m., and 10:00 a.m., respectively at 25th Floor, Wing On Centre, at 111 Connaught Road Central, in Hong Kong. At the meeting, Kong Chi How Johnson, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. EC (ASIA): Creditors' Proofs of Debt Due Dec. 23 ------------------------------------------------ Creditors of EC (Asia) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Liu Tin Chak Arnold Lam Chi Wai Peter 19/F, Henry Centre 131 Wo Yi Hop Road Kwai Chung, New Territories Hong Kong EC MANUFACTURING: Creditors' Proofs of Debt Due Dec. 23 ------------------------------------------------------- Creditors of EC Manufacturing Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Liu Tin Chak Arnold Lam Chi Wai Peter 19/F, Henry Centre 131 Wo Yi Hop Road Kwai Chung, New Territories Hong Kong EVER SMART: Ma and Lee Appointed as Liquidators ----------------------------------------------- Andrew C. C. Ma and Felix K. L. Lee on Nov. 11, 2011, were appointed as liquidators of Ever Smart Asia Pacific Limited. The liquidators may be reached at: Andrew C. C. Ma Felix K. L. Lee 19th Floor, Seaview Commercial Building 21-24 Connaught Road West Hong Kong FRIENDS OF THE SOCIETY: Creditors' Proofs of Debt Due Dec. 12 ------------------------------------------------------------- Creditors of The Friends of The Society of Rehabilitation and Crime Prevention Hong Kong, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 12, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Nov. 14, 2011. The company's liquidator is: Lau Vui Cheong 7/F, Hong Kong Trade Centre 161-167 Des Voeux Road Central, Hong Kong ========= I N D I A ========= ABC RAILROAD: CARE Assigns 'CARE BB' Rating to INR10.98cr LT Loan ----------------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of ABC Railroad Products Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10.98 CARE BB Assigned Rating Rationale The rating is constrained by ABC Railroad Products Pvt. Ltd.'s limited track record, smallscale and capital intensive nature of operations and moderate order book position. The rating is further constrained by weak financial risk profile characterized by high gearing ratio, somewhat stressed liquidity position and working- capital intensive nature of operations. However, the rating derives strength from ABC's experienced promoters, successful technological tie ups of the company, diversified sources of revenue and low competition in the industry on account of high entry barrier. Going forward, the ability of the company to scale up its operations and improve its financial risk profile while effectively managing its working-capital requirements would remain the key rating sensitivities. About ABC Railroad ABC, incorporated in December 2006, was promoted by Mr. Rajeev Agarwal is a closely-held company primarily managed by the family members. ABC is engaged in the business of rail crossing reconditioning (repairing), rail testing and trading of railway tools and equipments like hydraulic track jacks, rail saws, catenary measuring instruments, etc. The order book of the company as on Aug. 5, 2011, stood moderate at INR7.80 crore. AIR INDIA: Panel Approves INR30,000cr Capital Infusion ------------------------------------------------------ The Times of India reports that a panel of secretaries has voted in favor of providing support of INR30,000 crore to Air India besides exploring the possibility of disinvesting government stake once it turns profitable. The report notes that the capital infusion plan, spread over 10 years, is expected to face criticism from certain quarters on the grounds that the government will nurse a sick airline only to sell its stake to private players once it is healthy. This will also mark a reversal of the disinvestment policy followed by the UPA which has stayed away from roping in private players even in loss making public sector companies. It has instead followed a policy of shedding stake and disinvesting through public issue of shares. The committee of secretaries, says The Times of India, opted to go with the recapitalization plan after looking at seven other options. According to the plan, the government estimates that Air India will make cash profits by financial year 2018 on equity infusion of INR30,231 crore. According to the report, the revival scheme envisages that the cash-strapped carrier will be barred from inducting new aircraft, except Boeing 787, and, if needed, any additional aircraft should be acquired on lease. Besides, it will come with the stipulation that fresh induction will come only after the profitability of a route is assessed. The government envisages that Air India would be made earnings before interest, taxes, depreciation and amortization (EBITDA) positive in 2013 with upfront equity of INRR6,750 crore. The report states that the plan talks of setting up of Oversight Committee with representatives from finance ministry to monitor Air India with the mandate to ensure the national carrier achieves operational efficiency. The empowered committee will also monitor Air India's expenditure, the report says. According to the Times of India, the ambitious plan aims that Air India will have to improve passenger load factor to 73% by 2015 and 75% by 2020 from current passenger load at 67%, along with improving ontime performance to 90% by 2013. The current on- time performance is at 71.7%. The report adds that plan suggests review of HR policy across AI and subsidiaries and VRS package to be worked out in three months to right-size staff. The restructuring package was suggested by the committee of secretaries for consideration of a group of ministers, The Times of India says. About Air India Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout the world. Affiliate Air India Express operates as a low-fare carrier, mainly between India and destinations in the Middle East, and Air India Cargo provides freight transportation. The government of India has merged Air India with another state- controlled carrier, Indian Airlines, which has focused on domestic routes. The combined airline, part of a new holding company called National Aviation Company of India, uses the Air India brand. The new Air India and its affiliates have a fleet of more than 110 aircraft altogether. * * * The Troubled Company Reporter-Asia Pacific, citing the Hindustan Times, reported on June 19, 2009, that Air India has been bleeding cash due to excess capacity, lower yield, a drop in passenger numbers, an increase in fuel prices and the effects of the global slowdown. The carrier incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air India is estimated to have lost INR54 billion in the fiscal year ended March 31, 2010, according to The Wall Street Journal. CHINTTPURNI ENG'G: CARE Rates INR30.78cr LT Loan at 'CARE BB' ------------------------------------------------------------- CARE assigns 'CARE BB' ratings to the bank facilities of Chinttpurni Engineering Work Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 30.78 CARE BB Assigned Rating Rationale The rating is constrained by Chinttpurni Engineering Work Pvt. Ltd.'s small-scale, workingcapital intensive nature of operations and low profitability margins. The rating is further constrained by the projects implementation risk associated with the successful competition of the projects within envisaged cost and time and offtake of the same. However, the ratings derive strength from the experienced promoters, established marketing arrangements, moderate order book position and low competition in the industry on account of high entry barriers. Going forward, the ability of the company to scale-up its operations, complete its project in a timely manner and avail the envisaged benefits from the same and to effectively manage its workingcapital requirements would remain the key rating sensitivities. About Chinttpurni Engineering CEW, started as a partnership firm in 1993, got converted into a private limited company in July 2009. It was promoted by Mr Rajeev Agarwal and is primarily managed by the family members. The company is engaged in the manufacturing and supply of railway track items like points, switches, sets, etc. CEW is an approved vendor of the Indian Railways and has been involved in designing various items used for railway tracks for the last 17 years. CEW has a manufacturing unit at Village Dhakauli, Barabanki (U.P). The order book of the company as on August 06, 2011 stood at INR35 cr. CHITKARA EDUCATION: CARE Puts 'CARE C' Rating on INR113.71cr Loan ----------------------------------------------------------------- CARE assigns 'CARE C' rating to the bank facilities of Chitkara Education Trust. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 113.71 CARE C Assigned Rating Rationale The rating takes into consideration the stressed liquidity position resulting in irregularity in debt servicing in the past. Furthermore, the rating is also constrained by weak financial profile marked by high gearing levels and weak debt coverage indicators, exposure to intense competition and regulatory challenges to the education sector in the country. The rating somewhat draws comfort from the long track record, experienced promoters and established reputation of the trust. Going forward, financial discipline, improvement in financial risk profile with strengthening of capital structure and maintaining the profitability of operations would be the key rating sensitivities. About Chitkara Education Chitkara Education Trust was constituted in 1998. The trust established two universities, one at Baddi (H.P.) in 2002 and the other at Patiala (Punjab) in 2008. The universities offer courses in engineering, information technology, pharmacy, architecture, management, media, hospitality, food production etc. For academic year, 2011-12 session, the universities had student strength of 4,066 and 4,924 respectively. The enrolment ratio in both the universities was healthy at around 90% for 2011-12. CET also established a school in 2003 viz. 'Chitkara International School' (K-12) in Chandigarh. The school had student strength of 588 during the academic year 2011-12. CET has posted surplus of INR7.14 crore on the total income of INR60.73 crore in FY10. FAHRENHEIT AUTOMOBILES: CARE Rates INR12cr LT Loan at 'CARE B+' --------------------------------------------------------------- CARE assigns 'CARE B+' & 'CARE A4' rating to the bank facilities of Fahrenheit Automobiles Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long term bank facility 12.0 CARE B+ Long term bank facility 2.7 CARE B+ Long term / short term 4.0 CARE A4 bank facility Rating Rationale The rating assigned are constrained by FAPL's relatively short track record, geographical limitation, high competition leading to pricing constraints & pressure on margins, supplier concentration risk and current slowdown in economic growth impacting the prospects of automobile industry. These constraints far outweigh the benefits derived from integrated nature of services being offered under long term dealership agreement with Skoda Auto India and company's diversified client portfolio. Ability of the company to manage working capital requirements efficiently with simultaneous enhancement in its scale of operation, improvement in industrial scenario and continuing demand for Skoda cars are the key rating sensitivities. About Fahrenheit Automobile Fahrenheit Automobile Pvt. Ltd., promoted in the year 2008, by Shri Kunal Ramchandani and Shri Sumit Nanda is one of the leading Skoda Auto India authorized dealer in the city of Delhi. Besides being engaged in trading of entire range of Skoda cars and providing after sales services, the company also sells Skoda car spare parts, accessories, oil and lubricants in its outlets. The company commenced operation from March, 2009 and currently, has two showrooms and two workshops in Delhi region. Apart from these, it also has storage space at Najafgarh and Rajendra Place in Delhi where approx 200 cars can be stored. Both the promoters are actively involved in management of the business. JALARAM COTTON: CARE Rates INR43.44cr Long-Term Loan at 'CARE BB-' ------------------------------------------------------------------ CARE assigns 'CARE BB-' rating to the bank facilities of Jalaram Cotton & Proteins Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 43.44 CARE BB- Assigned Rating Rationale The rating is constrained on account of Jalaram Cotton & Proteins Ltd's JALARAM COTTON below average financial risk profile marked by low profitability and highly leveraged capital structure and its working-capital intensive nature of operations. Susceptibility of JCPL's margins to the cotton price fluctuations, unfavorable changes in the government policies and presence in the highly fragmented cotton ginning industry further constrains the rating. These constraints far offset the benefits derived from the wide experience of the promoters having established track record, relatively deeper presence in cotton value chain and JCPL's proximity to the cotton-growing area of Gujarat. JCPL's ability to move up in the cotton value chain and thereby improve its profitability and efficient management of inventories in light of raw material price fluctuation risk are the key rating sensitivities. About Rajkot (Gujarat) Rajkot (Gujarat) based JCPL was promoted by Mr. Anand A. Popat and his brothers. It was originally established in 2007 as a partnership firm in the name of 'Jalaram Cottex' and was subsequently converted into a closely-held public limited company during FY09 (refers to April 1 to March 31) . JCPL is engaged in the cotton ginning, pressing and manufacturing of refined cottonseed oil. JCPL has 40 jumbo ginning machines, one automatic press for conversion of cotton lint into cotton bales and 16 expellers for oil extraction from cottonseed at its manufacturing facility at Jasdan in Rajkot district. JCPL has a capacity of 27,000 Metric Tonne per Annum (MTPA) of raw cotton processing, 73,000 MTPA of cottonseed crushing and 18,000 MTPA of edible oil refining. KIRAN INFRA: Fitch Withdraws Rating on INR11.4 Mil. Loan at 'BB+' ----------------------------------------------------------------- Fitch Ratings has withdrawn India-based Kiran Infra Engineers Limited's National Long-Term 'Fitch BB+(ind)nm' rating. The ratings have been withdrawn due to a lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of KIEL. KIEL's bank loan ratings have been withdrawn as follows: -- INR11.4 mil. term loans: 'Fitch BB+(ind)nm'; rating withdrawn; -- INR20 mil. fund-based working capital limits: 'Fitch BB+ (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn; and -- INR320 mil. non-fund based working capital limits: 'Fitch BB+ (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn. LALWANI INDUSTRIES: CARE Puts 'CARE BB' Rating on INR1.4cr Loan --------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' to the bank facilities of Lalwani Industries Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 1.4 CARE BB Assigned Short-term Bank Facilities 10.5 CARE A4 Assigned Rating Rationale The ratings factor in volatility in prices of raw material and finished goods, lack of backward integration, foreign currency fluctuation, customer concentration risk, small scale of operation with declining profitability and inherent cyclicality of the steel industry. The rating, however, takes into account long experience of the promoters, reputed clientele and increasing capacity utilization. Ability of the company to improve the profitability parameters and future trends in the sales price realization vis-�-vis price trend of the key raw materials will be the key rating sensitivities. About Lalwani Industries Lalwani Industries Ltd, incorporated in August 1995, is primarily engaged in the manufacturing of Ferro Alloys and caters to domestic alloy steel and stainless steel manufacturers. It was promoted by Mr. Kamal Kishore Lalwani and his family members who have been engaged in the Ferro alloys business for the last 27 years. The company primarily manufactures Ferro Molybdenum, Ferro Silicon Magnesium and Nickel Magnesium. It has an aggregate installed induction furnace capacity of 883 tonne per annum (tpa) for production of Ferro Silicon Magnesium & Nickel Magnesium and installed capacity of 360 tpa for Ferro Molybdenum. It is also involved in trading of Nickel, Moly oxide, Manganese ore and LCF Chrome. LIL belongs to the Lalwani Group of companies based out of Kolkata. The flagship company of the group - Lalwani Ferro Alloys Ltd. is an old player in the Ferro Alloy industry and enjoys good reputation in the international and domestic market. LFAL is rated as 'CARE BBB- / CARE A3' by CARE. LIL is essentially a family managed business with three out of four directors belonging to the promoter's family. The promoter, Mr. Kamal Kishore Lalwani, alongwith his son, Mr. Sundeep Lalwani, looks after the day-to-day affairs of the company with requisite support from a team of experienced personnel. LIPPI SYSTEMS: CARE Reaffirms 'CARE BB+' Long-Term Loan Rating -------------------------------------------------------------- CARE reaffirms 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Lippi Systems Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.08 CARE BB+ Reaffirmed Short-term Bank Facilities 13.25 CARE A4+ Reaffirmed Rating Rationale The ratings continue to remain constrained by the increased focus of Lippi Systems Ltd. (LSL) on trading activities resulting in thin and declining profit margins, its moderate liquidity position and modest scale of operations in a highly fragmented industry. The ratings, however, continue to derive comfort from the vast experience of the promoters, established operations of LSL with long track record and comfortable leverage. The ability of LSL to increase its scale of operations with improvement in profitability and liquidity position would be the key rating sensitivity. Ahmedabad-based Lippi Systems Ltd, incorporated in 1993, was promoted by the current chairman and managing director, Mr Nandlal J. Agrawal. He is a commerce graduate and has good industrial experience of about three decades. LSL started commercial production in 1995 and is engaged in the engraving on rotogravure cylinders which are used for decorative printing and adhesive coating by packaging and other decorative and gravure printing industries. During FY11 (refers to April 1 to March 31), LSL reported a total operating income of INR45.67 crore (FY10: INR31.51 crore) with a PAT of INR0.19 crore (FY10: INR0.24 crore). SATGURU POLYFAB: CARE Assigns 'CARE B' Rating to INR6.96cr Loan --------------------------------------------------------------- CARE assigns 'CARE BB', 'CARE A4' and 'CARE BBB (SO)' ratings to the bank facilities of Satguru Polyfab Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 6.96 CARE BB Assigned Short-term Bank Facilities 5.40 CARE A4 Assigned Long-term Bank Facilities 5.24 CARE BBB (SO)# Assigned Rating Rationale The ratings are constrained due to small scale of operations, high working-capital cycle, high utilization of the bank borrowings, volatility in the raw material price and sales concentration risk. The ratings, however, derive strength from the relevant experience of the parent company viz; Flexituff International Limited in the packaging industry and location advantage due to the presence of unit in Kandla Special Economic Zone. Ability of Satguru Polyfab Private Limited to manage the working-capital cycle and achieve the desired scale of operations remains the key rating sensitivities. Rating Rationale The rating factors in credit enhancement in the form of irrevocable and unconditional Corporate Guarantee extended by the parent company FIL rated 'CARE BBB' [Triple B] and 'CARE A3' [A Three]. About Satguru Polyfab Satguru Polyfab Private Limited, incorporated in 1997, is a subsidiary of FIL (FIL acquired SPPL in 2008). SPPL processes/recycles the waste to produce plastic granules and agglomerates and sells the same in the domestic, other Asian and European markets. The raw material required is Linear Low Density Polyethylene/ Low Density Polyethylene (LLDPE/LDPE) and High Density Polyethylene (HDPE) waste, which is imported from the international markets such as Europe and America. The granules are used in the drip irrigation products whereas agglomerates are used in the manufacturing of agricultural pipes, roto-moulding tanks and tarpaulins. SPPL sells the products directly to the market in New Delhi. Besides, SPPL also carries out trading of Flexible Intermediate Bulk Container (FIBC) bags. SURINA IMPEX: Fitch Affirms Rating on Two Loan Classes at Low-B --------------------------------------------------------------- Fitch Ratings has revised India's Surina Impex Pvt. Ltd.'s Outlook to Positive from Stable. Simultaneously, Fitch has affirmed the company's National Long-Term Rating at 'Fitch B(ind)'. The Positive Outlook reflects Fitch's expectations of an improvement in Surina Impex's overall financial metrics, following the completion of its capex. The affirmed rating reflects the company's timely completion of its capex involving the setup of the remaining 20 circular knitting machines (out of the total planned 40 machines) which will lead to an approximate doubling of the output and revenue from self-produced fabric. The revenue from trading is also expected to increase. The rating remains constrained by the company's small scale of operation and also less-than-adequate management experience in manufacturing. The interest coverage declined to 1.5x in FY11 (FY10: 1.7x) due to an increase in interest expenses to INR31.4 million (FY10: 6.1 million) as a result of higher debt availed by the company. Positive rating triggers would include interest coverage of above 2.2x on a sustained basis, while the rating may be downgraded if interest coverage falls below 1.7x. Surina Impex, incorporated in 2005, has its main manufacturing facilities at Narayanpur in Kolkata. It has a fabric knitting capacity of 3,600 metric tonnes per annum. For the financial year to end-March 2011 the company reported net revenues of INR719.3 million (FY10: INR244.4 million), with an EBIDTA margin of 6.5% (FY10: 4.3%). Fitch has also taken the following rating actions on Surina Impex's bank loans: -- INR106 million Long Term loans: 'Fitch B(ind)' rating withdrawn as paid in full; -- INR124 million fund-based limits: affirmed at 'Fitch B(ind)'/'Fitch A4(ind)'; and -- INR21.7 million non-fund based limits: affirmed at 'Fitch A4(ind)'. SURYA PROCESSORS: Fitch Affirms Rating on Three Loans at Low-B -------------------------------------------------------------- Fitch Ratings has affirmed India-based Surya Processors Private Limited's National Long-Term rating at 'Fitch BB-(ind)'. The Outlook is Stable. The ratings benefit from the company's sound operating track record of more than 25 years in fabric processing, predominantly domestic sales (99%) -- which are more stable than export sales -- and its established position as a key manufacturer and trader of woven interlinings in the domestic market. The ratings factor in the company's ability to achieve 35.5% yoy revenue growth in the financial year ended March 2011 (FY11), stable operating EBITDA margins over the last three years (FY11: 7.9%, FY10: 8%, FY09: 8.3%) and still comfortable net interest coverage of 3.92x in FY11 (FY10: 5.2x). The rating are constrained by weaker net financial leverage (measured as net debt to EBITDA) of 9.54x in FY11 (FY10: 7.2x), and tight liquidity as reflected by high working capital utilization levels. Leverage increased as completion of capex was delayed by two quarters, leading to lower-than-expected earnings in FY11. However, with the commencement of additional capacity in February 2011, and no further planned capex, Fitch expects the company to de-leverage in FY12. Positive rating action may result from significant growth in revenue and EBITDA leading to net debt/ EBITDA below 5x. Conversely, negative rating action may result from a sustained fall in operating profitability and a sudden increase in working capital requirements due to volatility in raw material prices that could cause a delay in de-leveraging or tightened liquidity. Failure to improve net debt/ EBITDA below 7x in FY12 is also seen as a negative rating trigger. Incorporated in 1986, SPPL is a fabric weaver and processor, manufacturing a wide range of textile-based products. In FY11, SPPL reported revenue of INR766 million, EBITDA of INR60.17 million, and net income of INR7.96 million. Fitch has also affirmed SPPL's bank loans as follows: -- INR164.4 million term loan (reduced from INR224.5m): 'Fitch BB- (ind)' -- INR170 million fund-based working capital limits (enhanced from -- INR120 million): 'Fitch BB-(ind)'/ 'Fitch A4+(ind)' -- INR15 million non fund-based working capital limits (enhanced from INR10 million): 'Fitch BB-(ind)'/'Fitch A4+(ind)' TIRUPATI LTD: Fitch Withdraws Rating on INR6 Mil. Loan at 'BB+' --------------------------------------------------------------- Fitch Ratings has withdrawn India's Tirupati Plastomatics Private Limited's (TPPL) National Long-Term 'Fitch BB+(ind)nm' Rating. The ratings have been withdrawn due to a lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of TPPL. TPPL's bank loan ratings have been withdrawn as follows: -- INR6 million long-term loans: 'Fitch BB+(ind)nm'; rating withdrawn; -- INR30 million fund-based working capital limits: 'Fitch BB+ (ind)nm'/'Fitch 'A4+(ind)nm'; ratings withdrawn; and -- INR134 million non-fund based working capital limits: 'Fitch BB+ (ind)nm'/'Fitch A4+(ind)nm'; ratings withdrawn. ZEALTOP GRANITO: CARE Puts 'CARE BB' Rating on INR44.89cr Lt Loan ----------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Zealtop Granito Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 44.89 CARE BB Assigned Short-term Bank Facilities 3.72 CARE A4 Assigned Rating Rationale The ratings are primarily constrained by the very short track record with modest scale of operations of Zealtop Granito Pvt. Ltd., its highly leveraged capital structure and modest liquidity position. The ratings are further constrained on account of susceptibility of its margins to the volatile raw material and feedstock (natural gas) prices and its presence in the highly competitive tile industry which is characterized by low entry barriers and linkage with the cyclical real estate sector. The above constraints far offset the benefits derived from its presence in the ceramic tile manufacturing cluster of Morbi in Gujarat. Achievement of the envisaged production levels and sales realizations in light of highly competitive industry scenario and resultant improvement in the overall financial risk profile with rationalization of the debt levels are the key rating sensitivities. About Zealtop Granito Incorporated in December 2007, ZGPL is promoted by Mr. Durlabhji Patel and his son Mr. Sumit Patel. ZGPL's manufacturing facility is located in the ceramic hub of Morbi in Gujarat. The current manufacturing capacity of ZGPL is 19,000 square meter per day (smpd) of ceramic glazed tiles and vitrified tiles. The commercial production of ZGPL started in March 2009 and FY10 was the first full year of operations. During FY11 (refers to April 1 to March 31), ZGPL reported net profit of INR2.35 crore on a total operating income of INR77.17 crore against the net profit of INR0.97 crore on a total operating income of INR54.20 crore in FY10. ================= I N D O N E S I A ================= PERUSAHAN LISTRIK: Fitch Puts rating on $1 Bil. Bond at 'BB+' ------------------------------------------------------------- Fitch Ratings has assigned a final rating of 'BB+' to PT Perusahaan Listrik Negara's US$1 billion 10-year bond issued under its global medium term notes program. This rating action follows the completion of the notes issue and receipt of documents conforming to information previously received. The final rating is the same as the expected rating assigned on Nov. 15, 2011. * INDONESIA: Moody's Assigns Definitive Ba1 Rating for Sukuk ------------------------------------------------------------ Moody's Investors Service has assigned a definitive rating of Ba1 to the securities under the Government of Indonesia's U.S. dollar- denominated sovereign sukuk due 2018. Ratings Rationale Moody's definitive rating for these debt obligations confirms the provisional rating assigned on October 12, 2011. Moody's rating rationale was set out in a press release published on the same day. In Moody's opinion, the payment obligations represented by the securities available on offer are ranked pari passu with other senior, unsecured debt issuances of the Government of Indonesia and thus justify a rating at an equal level. Indonesia's sovereign rating has been supported by increasingly robust domestic demand over the past few years, which has helped to shield the economy from the global financial crisis. In the ensuing recovery, the pickup in commodity prices has further bolstered to the economic outlook. Overall, growth looks to be sustainable and has not been accompanied by significant overheating pressures. In addition, government finances continue to be managed conservatively with deficits averaging below 2% of GDP since 2001. However, further improvement has been encumbered by the lack of progress on subsidy reform, while structural issues impede the effectiveness of government expenditure. Nonetheless, the government's debt burden as a share of GDP has fallen even through the global recession and is likely to remain on a gradually improving trend. Indonesia's foreign currency reserve adequacy has also benefited since the crisis from strength in non-oil and gas commodities exports and larger FDI and portfolio inflows, some of which may be reversible. As a result, the stock of foreign currency reserves have more than doubled from US$51.6 billion at end-2008 to US$113.9 billion in October 2011, or more than two times residual short-term external debt. Challenges to the rating include the relatively shallow depth of Indonesia's capital markets, manifested in fairly large non- resident ownership of government securities. As this poses a key vulnerability in the event of substantial capital outflows, the government has put together a crisis management protocol to stabilize the bond market and mitigate any adverse effects on deficit financing. The principal methodology used in this rating was Sovereign Bond Ratings published in September 2008. ========= J A P A N ========= OLYMPUS CORP: Former CEO to Attend Board Meeting Today ------------------------------------------------------ Bloomberg News reports that former Olympus Corp. President Michael C. Woodford will attend a company board meeting this week for the first time since he was fired for questioning $687 million in advisory fees paid by the Japanese company. Mr. Woodford told Bloomberg in a telephone interview from London that he will ask the board on Nov. 25 for a forensic investigation of the accounting on past acquisitions. "We need a fair and thorough investigation of everything that's gone on," Bloomberg quotes Mr. Woodford as saying. Mr. Woodford remained on the Tokyo-based camera and endoscope maker's board following his Oct. 14 dismissal, the report notes. Bloomberg says the 51-year-old Briton flies into Tokyo today, November 23, where he will also meet prosecutors. According to Bloomberg, Olympus's first foreign president left the Japanese capital the same day he was fired, citing concerns for his safety because of allegations the payments may have involved organized criminals. Tokyo Metropolitan Police will ensure his protection during his visit to Japan, the report notes. Bloomberg relates that a person familiar with the matter said Mr. Woodford is also scheduled to meet with U.S. investigators including the Securities and Exchange Commission as part of a probe of the accounting scandal. Law enforcement agencies in the U.S., Japan and U.K. are all looking into the payments, says Bloomberg. Another person familiar with that case, who also declined to be identified because the matter isn't public, told Bloomberg that Mr. Woodford also has met with the intelligence team at Britain's Serious Fraud Office, which started a formal probe into accounting irregularities at the camera and endoscope maker. The SFO, which prosecutes white-collar crime, will work with the U.S. Justice Department and Japanese authorities, the person, as cited by Bloomberg, said. Securities Investment Scandal The Troubled Company Reporter-Asia Pacific reported on Nov. 9, 2011, that Block & Leviton LLP, a Boston-based law firm representing investors seeking to recover money lost due to investment fraud, said it is investigating possible securities fraud claims involving Olympus Corp. On Oct. 14, 2011, Olympus's Board of Directors fired the Company's then-President and Chief Executive Officer, Michael Woodford, after Mr. Woodford attempted to force an inquiry into Olympus's acquisition of British medical device maker Gyrus in 2008. At issue were the $687.0 million in advisory fees paid to a relatively obscure financial firm in relation to the acquisition. The fees were approximately one-third of the $2.0 billion acquisition price, which is almost 30 times higher than normal. On Nov. 8, 2011, the Company admitted to an accounting cover-up, stating that the advisory fees paid in connection with the Gyrus deal and other acquisitions were used to hide steep investment losses that began in approximately 1990. Speaking at a press conference, the Company's President, Shuichi Takayama, confessed that "[w]e have conducted extremely improper accounting" and that "[o]ur previous statements were in error." The Company's admission, released just prior to the opening of trading on the Tokyo Stock Exchange, where Olympus's common stock is traded, sent shares spiraling downward by 29% over the prior day's close to JPY734 (or $9.40). The Company's American Depository Receipts also plummeted on the news, losing 31% compared to the prior day's close of $13.72. Since mid-October when Mr. Woodward's allegations first surfaced, the Company's stock has lost approximately 70% of its market value. Amidst the growing accounting scandal that could be one of the largest in corporate history, the TSE has indicated that the Company's shares could be de-listed. In addition, the Japanese Securities and Exchange Surveillance Commission is said to be investigating along with the U.S. Federal Bureau of Investigation, and the U.S. Securities and Exchange Commission. About Olympus Corp. Based in Japan, Olympus Corporation (TYO:7733) -- http://www.olympus-global.com/-- manufactures and sells medical products, life and industrial products, imaging products, information communication products and other products. As of March 31, 2011, the Company has 188 subsidiaries and 11 associated companies. ==================== N E W Z E A L A N D ==================== AMI INSURANCE: Capital Raising Nears End Amid Buyout Reports ------------------------------------------------------------ BusinessDesk reports that AMI Insurance is nearing the end of its capital raising process amid reports a rival is interested in the assets. BusinessDesk relates that a well-placed industry source said AMI's capital raising process is "coming to an end". According to the report, Goldman Sachs & Partners, which has been advising on the sale process, had been actively shopping the AMI opportunity to potential bidders in the last three-to-four weeks. The report notes that AMI hired Goldman Sachs to advise on raising new capital after the government provided a $500 million financial backstop that allowed the insurer to cope with surging reinsurance costs and gross quake claims of almost $2 billion. According to BusinessDesk, Radio New Zealand reported that Suncorp Group, the Australian owner of the Vero and AA Insurance brands, was a front-runner in the process, though IAG and Tower, which have expressed its interest in AMI publicly, had also received presentations on AMI's behalf. Industry sources said a key element of any transaction was likely to be arrangements to minimise the government's exposure to the cost of Christchurch earthquake claims, which pitched AMI into crisis in the first place, BusinessDesk relates. Among possible options would be a division of AMI's assets and liabilities, with a buyer picking up only the assets, but giving a guarantee to take on currently insured parties when their policies came up for renewal, the report relays. In September, the report recounts, AMI announced it had started a programme to raise fresh capital. According to the report, Finance Minister Bill English said the Treasury "has been working closely with the AMI board on securing new private capital for the company," whose capital has been restructured from a mutual to allow a new owner. As reported in the Troubled Company Reporter-Asia Pacific on April 8, 2011, The New Zealand Herald said New Zealand's government had announced a support package for AMI Insurance that Finance Minister Bill English acknowledges could top NZ$1 billion and leave the Crown liable for up to NZ$200 million a year in ongoing claims. Interest.co.nz said the government stepped in to guarantee AMI policy holders if the insurance company had exhausted its own reserves due to the financial hit caused by the two Christchurch earthquakes on Sept. 4, 2010, and Feb. 22, 2011. AMI has since been seeking alternative sources of capital to replace the government backing, BusinessDay.co.nz reported. About AMI AMI Insurance -- http://www.ami.co.nz/-- is the largest wholly New Zealand owned fire and general and personal lines insurance company. The company has 73 branches, two contact centres and 21 agencies throughout New Zealand, nearly 1,000 staff, and around 500,000 New Zealand customers holding 1.2 million policies. DORCHESTER PACIFIC: Offers to Repay Investors 70c Per Note ---------------------------------------------------------- BusinessDay.co.nz reports that Dorchester Pacific is offering to repay NZ$4 million of debt at 70c in the dollar for investors who need the money now. The "cash in hand" option offers to buy back up to NZ$4 million of the notes issued through its NZ$10.3 million capital reconstruction plan in June last year, BusinessDay.co.nz relates. The NZ$1 notes, paying interest at 5%, are due to mature in June 2013, says BusinessDay.co.nz. According to the report, managing director Paul Byrnes said the company recognized some investors would prefer cash now because of their personal circumstances. "We acknowledge the support from investors as we have rebuilt the business," BusinessDay.co.nz quotes Mr. Byrnes as saying. The cash offer will pay investors 70c per note on December 16, the report notes. BusinessDay.co.nz states that the company recommended investors seek advice before making any decisions about the offer, which would be mailed to noteholders shortly. This is the company's second buyback offer, after offering investors 55c per note last November when acceptances of just under $1.8 million were received, the report notes. The latest offer came as Dorchester posted a net loss of NZ$993,000 for the six months to September 30, compared with a NZ$15.7 million profit for the same period in 2010, BusinessDay.co.nz discloses. Dorchester Pacific, parent company of Dorchester Finance and Dorchester Life, froze NZ$176 million of investor funds in June 2008. About Dorchester Pacific Headquartered in Auckland, New Zealand, Dorchester Pacific Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial solutions provider, offering complementary products and services across finance, insurance, savings and investments. The Finance division provides investment opportunities through secured debenture stock and subordinated unsecured notes, and financing solutions for the property, business, equipment, motor vehicle and personal finance sectors. Its insurance and savings division provides a range of savings, life insurance, reverse annuity mortgages, home equity release loans and other financial products and services. The Investment Service division includes equity investment advisers and sharebrokers, MoneyOnline and NZ Investor Magazine, which provide professional, independent investment advice, sharebroking and financial planning services. ENERGYSMART LTD: Terra Lana Buys Firm Out of Liquidation -------------------------------------------------------- Seamus Boyer at Wairarapa Times Age reports that Terra Lana bought six branches across New Zealand following the September liquidation of EnergySmart, a commercial arm of the Hutt Mana Charitable Trust. The report says the Masterton branch of EnergySmart Ltd will remain open after the business was bought while in liquidation. The branch, in Harlequin St, will continue to operate with reduced staff after being bought by wool insulation company Terra Lana, the report relates. Wairarapa Times Age relates that Terra Lana general manager James Gallagher said the Masterton office was one of four which would remain open, providing insulation and clean heating devices under the Energy Efficiency and Conservation Authority (EECA) scheme. Mr. Gallagher said while the business employed "at least 10" staff before liquidation, it would now be run by a stripped-down staff of just four, the report notes. "The reality of the situation is that we're buying a company at its lowest point in the annual cycle as it's a seasonal business," the report quotes Mr. Gallagher as saying. "We're hoping that some of the employees of EnergySmart we can attract back into the business when business picks up in March." Based in Lower Hutt, New Zealand, EnergySmart Ltd -- http://www.energysmart.co.nz/-- is an insulation installer. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 23, 2011, Hutt News said EnergySmart Ltd is in the hands of liquidators. The Hutt Mana Charitable Trust, which owns EnergySmart through HMCT Holdings Ltd, called in Wellington liquidators Shephard Dunphy after deciding they would not put more capital into the company. EnergySmart owed millions of dollars to a large number of unsecured creditors, including several Wairarapa contractors and suppliers, Wairarapa Times Age reports. Shephard Dunphy can be reached at: Level 2, Zephyr House, 82 Willis St PO Box 11793 Wellington Tel: (04) 473-6747 Fax: (04) 473 6748 Email: office@shepharddunphy.co.nz SIGNATURE HOMES: Southland Franchise in Receivership ---------------------------------------------------- The Southland Times reports that Cunningham Building and Construction, the company that holds the Southland franchise of Signature Homes, has been placed in receivership. Receivers Colin Gower and Stephen Tubbs of BDO Christchurch Limited were appointed November 18. The first receivers' report is due on January 26. The receivers can be reached at: BDO Christchurch Limited 30 Sir William Pickering Drive Burnside, Christchurch 8053 Tel: (03) 379-5155 Fax: (03) 366-1571 Directors of Signature Homes on Monday continued to refuse to speak about the company's position despite out-of-pocket tradesmen, angry suppliers and unhappy Signature Homes customers contacting The Southland Times. The Southland Times relates that concerns had been raised about the financial situation of the Southland franchise since Queenstown teacher Wendy Perkins went public with concerns over franchise-holder Cunningham Building and Construction failing to meet deadlines on the construction of her home. Signature Homes is a New Zealand based residential building company. ================= S I N G A P O R E ================= K-F&B PTE: Court to Hear Wind-Up Petition Dec. 2 ------------------------------------------------ A petition to wind up the operations of K-F&B Pte Ltd. will be heard before the High Court of Singapore on Dec. 2, 2011, at 10:00 a.m. C.J. Management & Development Pte Ltd filed the petition against the company on Nov. 8, 2011. The Petitioner's solicitors are: Bee See & Tay 10 Anson Road #24-11 International Plaza Singapore 079903 MAARINE TUBES: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on Nov. 4, 2011, to wind up Maarine Tubes Singapore Pte Ltd's operations. Malayan Banking Berhad filed the petition against the company. The company's liquidator is: The Official Receiver The Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 MALACOA HOLDING: Creditors' Proofs of Debt Due Dec. 16 ------------------------------------------------------ Creditors of Malacoa Holding Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by Dec. 16, 2011, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat C/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 MECH-TECH MARINE: Creditors' Meeting Set for Dec. 5 --------------------------------------------------- Mech-Tech Marine Limited, which is in creditors' voluntary liquidation, will hold a meeting for its creditors and contributories on Dec. 5, 2011, at 4:30 p.m., at 138 Cecil Street #05-03, in Singapore 069538. Agenda of the meeting includes: a. to approve Liquidators' remuneration; and b. to lay before the meeting, a statement of the company's affairs. The company's liquidator is: Chee Fung Mei C/O VNP International Pte Ltd 138 Cecil Street #05-03 Cecil Court Singapore 069538 RUBICON RESERVE: Court to Hear Wind-Up Petition Nov. 25 ------------------------------------------------------- A petition to wind up the operations of Rubicon Reserve Wines Pte Ltd. will be heard before the High Court of Singapore on Nov. 25, 2011, at 10:00 a.m. Man O'War Vineyards Limited filed the petition against the company on Nov. 1, 2011. The Petitioner's solicitors are: UniLegal LLC 150 Cecil Street #05-03 Singapore 069543 =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ ********* 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., Frederick, Maryland, USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2011. 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$625 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 Christopher Beard at 240/629-3300. *** End of Transmission ***