/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120208.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, February 8, 2012, Vol. 15, No. 28 Headlines A U S T R A L I A ABC LEARNING: Creditors Win Bid to Access Key Docs From Banks H O N G K O N G EVADA FOUNDATION: Members' Final Meeting Set for March 6 G.H INVESTMENT: Members' Final General Meeting Set for March 5 HARCOURT ALTERNATIVE: Commences Wind-Up Proceedings HONOUR FUTURES: Members' Final General Meeting Set for March 5 HOOLEY ESTATE: Creditors' Proofs of Debt Due March 23 INTERSOM HK: Creditors' Proofs of Debt Due March 5 JOINT COUNCIL: Placed Under Voluntary Wind-Up Proceedings KEWAN INVESTMENT: Members' Final General Meeting Set for March 5 LENGENT COMPANY: Ng Sau Wa Sylvia Steps Down as Liquidator NIDEC PIGEON: Members' Final Meeting Set for March 16 I N D I A AMBICA DEVELOPERS: CARE Rates INR15cr LT Loan at 'CARE B+' ANANT SYNTEX: CARE Rates INR10.57cr Loan at 'CARE BB' ENKAY TEXFAB: CARE Assigns 'CARE BB' Rating to INR7.67cr LT Loan KINGFISHER AIRLINES: Suspended From IATA Geneva Clearing House KINGFISHER AIRLINES: Puts on Hold Alliance with oneworld LIVA CERAMICS: CARE Assigns 'CARE B+' Rating to INR9.7cr LT Loan MARSONS ENERGY: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan MONTEX GLASS: CARE Assigns 'CARE BB+' Rating to INR3.29cr Loan OM HOSPITALITY: CARE Rates INR17.25cr LT Loan at 'CARE BB+' SPICEJET LTD: Auditors Cast Doubts as Losses Erode Net Worth SRI JYOTI: CARE Rates INR26.95cr Long-Term Loan at 'CARE B+' J A P A N TOKYO ELECTRIC: Biggest Customers Balk as Firm Seeks Higher Rates S I N G A P O R E LBGA TRADING: Creditors' Proofs of Debt Due March 3 LIGHTSHIP CHARTERING: Creditors' Proofs of Debt Due March 1 PAU (F&B): Court Enters Wind-Up Order TGL DISTRIBUTORS: Creditors' Proofs of Debt Due March 16 VINCI PTE: Borrelli and Kardachi Appointed as Liquidators X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= ABC LEARNING: Creditors Win Bid to Access Key Docs From Banks ------------------------------------------------------------- ABC Learning creditors might succeed in attempts to get their money back. Sue Lannin at ABC News reports that an Australian federal court directed bank lenders of the collapsed childcare provider to provide litigation funder IMF Australia access to certain key documents. IMF Australia, ABC News relates, is backing an investigation by ABC Learning liquidator Ferrier Hodgson. According to the report, ABC Learning's banks have recovered around $800 million in loans from the collapsed company, and the liquidator is looking at whether that money could be returned and distributed to non-bank creditors. ABC News relates that Ferrier Hodgson is investigating whether the charge was wrongly taken back by the banks' receivers and therefore could be declared a "voidable transaction" under the Corporations Act, because an "unfair preference" was given to the banks as secured creditors. In the Federal Court, ABC News cites, Justice Dennis Cowdroy ruled that the liquidators could pass the documents on to IMF Australia, writing: "The Court considers the statutory duties of the liquidators outweigh the interests of the banks in maintaining the confidentiality of the documents." In a statement, IMF Australia said: "The judgment will enable IMF to properly consider whether it wishes to continue funding the liquidators, including funding a challenge to the charge." The bank documents include internal e-mails that outlined the lenders' concerns that ABC Learning could go under. In the e-mails, the banks also discussed the possibility of investors ranking above other creditors and being paid back before the banks in the event of a collapse, following a landmark court judgment known as Sons of Gwalia. ABC Learning's banking syndicate included Australia's big four banks -- Commonwealth Bank, Westpac, National Australia Bank and ANZ -- as well as foreign lenders Citigroup and Bank of America. IMF Australia is also funding a potential class action by investors against ABC Learning. About ABC Learning Based in Australia, ABC Learning Centres Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education in more than 1,200 centers in Australia, New Zealand, the United States and the United Kingdom. The Company's subsidiaries include A.B.C. Developmental Learning Centers Pty Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier Early Learning Centers Pty Ltd., A.B.C. Developmental Learning Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings (NZ) Limited and Child Care Centers Australia Ltd. On Jan. 26, 2007, it acquired La Petite Holdings Inc. On Feb. 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the Company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. In June 2008, the Company completed the sale of a 60% stake in its United States business to Morgan Stanley Private Equity. In November 2008, ABC Learning Centres Limited appointed Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary administrators of the company and a number of its subsidiaries. Subsequent to the appointment of administrators, the company's banking syndicate appointed Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers. The Administrators filed a Chapter 15 petition for the Company (Bankr. D. Del. Case No. 10-11711) on May 26, 2010. Joel A. Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the Petitioners in the Chapter 15 case. ABC's debts and assets were estimated to be between US$100 million and US$500 million. A separate Chapter 15 petition was filed for affiliate A.B.C. USA Holdings Pty Ltd., listing assets and debts of at least US$100 million. In June 2010, ABC Learning creditors in Australia voted to wind up the failed childcare provider. ================ H O N G K O N G ================ EVADA FOUNDATION: Members' Final Meeting Set for March 6 -------------------------------------------------------- Members of The Evada Foundation Limited will hold their final meeting on March 6, 2012, at 10:00 a.m., at 20th Floor, Tung Wai Commercial Building, at 109-111 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Francis Young, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. G.H INVESTMENT: Members' Final General Meeting Set for March 5 -------------------------------------------------------------- Members of G.H Investment Co Limited will hold their final general meeting on March 5, 2012, at 10:00 a.m., at 20/F, Prince's Building, Central, in Hong Kong. At the meeting, Rainier Hok Chung Lam, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HARCOURT ALTERNATIVE: Commences Wind-Up Proceedings --------------------------------------------------- Members of Harcourt Alternative Investment (HK) Limited, on Jan. 30, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Victor Robert Lew 22nd Floor, Tai Yau Building 181 Johnston Road Wanchai, Hong Kong HONOUR FUTURES: Members' Final General Meeting Set for March 5 -------------------------------------------------------------- Members of Honour Futures Limited will hold their final general meeting on March 5, 2012, at 10:00 a.m., at 45th Floor, Sun Hung Kai Centre, at 30 Harbour Road, in Hong Kong. At the meeting, Pun Chun Sun Bernard, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HOOLEY ESTATE: Creditors' Proofs of Debt Due March 23 ----------------------------------------------------- Creditors of Hooley Estate Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 23, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 18, 2012. The company's liquidator is: Chow Ming Charlie 1903-4, China Insurance Group Building 141 Des Voeux Road Central, Hong Kong INTERSOM HK: Creditors' Proofs of Debt Due March 5 -------------------------------------------------- Creditors of Intersom Hong Kong Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 5, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Jan. 20, 2012. The company's liquidators are: Natalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East Hong Kong JOINT COUNCIL: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on Dec. 12, 2011, creditors of The Joint Council of the Travel Industry of Hong Kong Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Luk Chi Cheong Room 2210, 22/F No. 113, Argyle Street Mongkok, Kowloon Hong Kong KEWAN INVESTMENT: Members' Final General Meeting Set for March 5 ---------------------------------------------------------------- Members of Kewan Investment Limited will hold their final general meeting on March 5, 2012, at 11:00 a.m., at 6/F, Greenwich Centre, at 260 King's Road, North Point, in Hong Kong. At the meeting, Yuen Sik Ming Patrick, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. LENGENT COMPANY: Ng Sau Wa Sylvia Steps Down as Liquidator ---------------------------------------------------------- Ng Sau Wa Sylvia stepped down as liquidator of Lengent Company Limited on Feb. 3, 2012. NIDEC PIGEON: Members' Final Meeting Set for March 16 ----------------------------------------------------- Members of Nidec Pigeon (H.K.) Co., Limited will hold their final general meeting on March 16, 2012, at 2:00 p.m., at Unit 2605- 2606, Level 26, Metroplaza Tower 2, at No. 223 Hing Fong Road, Kwai Fong, N.T., in Hong Kong. At the meeting, Wakisaka Shoji, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AMBICA DEVELOPERS: CARE Rates INR15cr LT Loan at 'CARE B+' ---------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Ambica Developers. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 15.00 CARE B+ Assigned Rating Rationale The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo 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. The rating is primarily constrained on account of project implementation risk associated with the ongoing project of Ambica Developers and low order book status. The rating is further constrained on account of inherent risk associated with the cyclical nature of the real estate industry and interest rate risk. The rating, however, favorably factors vast experience of the partners in real estate sector and satisfactory progress of the project with moderate gearing level. Timely completion of the ongoing project without any cost overrun and achievement of the envisaged sales at anticipated prices is the key rating sensitivity. Ambica was formed as a partnership firm in June 2010 by the Western Group to carry out the real estate business. The Western Group has been engaged in the business of real estate since the last two decades and has developed various schemes in residential and commercial segments in and around Surat, Gujarat including Western City, City Plaza and Citizen Heights. Currently, Ambica is executing one each of commercial and residential project namely 'Western Business Park' and 'Western Residency' respectively in Surat. The envisaged total cost of the project is INR42.24 crore. Up to Dec. 20, 2011, Ambica has incurred expenditure of INR32.29 crore. The project is scheduled to be completed by January 2013. ANANT SYNTEX: CARE Rates INR10.57cr Loan at 'CARE BB' ----------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Anant Syntex Limited. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10.57 CARE BB Assigned Rating Rationale The rating is primarily constrained by the modest scale of operations of Anant Syntex Ltd. and moderate financial risk profile marked by thin profitability, weak debt coverage and liquidity indicators. The rating is further constrained by limited presence in the textile value chain and fragmented nature of the textile processing industry. Above weaknesses are partially offset by the experience of the promoters of ASL, established track record of operations and presence in the textile cluster of India. ASL's ability to increase its scale of operations amidst intense competition along with improvement in overall financial risk profile are the key rating sensitivities. Bhilwara based Anant Syntex Limited was initially incorporated as a private limited company in 1986 and later on in 1997 it resumed its current name. ASL is engaged in the processing and dyeing of synthetics fabrics on job work basis which are primarily used for the manufacturing of suitings. The company also trades in grey and finished fabrics in small lots which contribute around 15% to 20% of its total revenues. The processing facility of the company is located in Bhilwara district in Rajasthan with an installed capacity of 397 Lakh Metric per Annum (LMPA) as on March 31, 2011. During FY11 (refers to the period April 1 to March 31, as per audited results), MPPL reported a total operating income of INR40.25 crore (FY10: INR35.23 crore) and Profit After Tax (PAT) of INR0.30 crore (FY10: INR0.27 crore). ENKAY TEXFAB: CARE Assigns 'CARE BB' Rating to INR7.67cr LT Loan ---------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Enkay Texfab Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.67 'CARE BB' Assigned Short-term Bank Facilities 0.07 'CARE A4' Assigned Rating Rationale The ratings are constrained by relatively small scale of operations of Enkay Texfab Pvt. Ltd. in a highly competitive and fragmented textile industry, and its financial profile marked by moderately high leverage and stressed liquidity. The ratings are further constrained by susceptibility of margins to volatile raw material prices and the risk associated with the proposed project. The ratings factor in the benefit derived from experienced promoters and their financial support in past. The ability of ETPL to complete the ongoing capex without any time and cost overrun, overall improvement in the scale of operation and financial profile along with efficient management of working capital cycle are the key rating sensitivities. Mumbai based Enkay Texfab Pvt. Ltd. was incorporated in 1998 by Mr. Neeraj Kataruka. ETPL is mainly engaged in the business of weaving of synthetic textile fabrics and generates revenue entirely from the domestic market. Over the years, the company has expanded its capacity from 6 looms in 1998 to 77 looms as at the end of FY11. ETPL also undertakes job work for other textile players. ETPL has installed weaving capacity of 48,00,000 meters per annum as on March 31, 2011 at its plant located at Silvassa. KINGFISHER AIRLINES: Suspended From IATA Geneva Clearing House -------------------------------------------------------------- The Economic Times reports that the International Air Transport Association (IATA) has suspended Kingfisher Airlines from its Geneva-based clearing house (ICH) due to non-payment of dues to airline members. According to the report, a Kingfisher spokesperson said the problem was due to a failure in their automated system and the airline is in consultation with the clearing agency to sort issues out. "As a result of a recent internal system failure, certain credits did not hit our ICH account in time, triggering an automatic suspension. Kingfisher would like to confirm that all its dues via ICH have been settled in full and it has absolutely no outstanding due as of date," the report quotes Kingfisher spokesperson as saying. "We are working closely with ICH and expect to see a reversal of the automatic suspension shortly," the spokesperson added. IATA has about 240 members in 118 countries. According to the report, the ICH acts as a kind of a via media between partner airlines internationally and if it suspends Kingfisher this will mean that the international airlines will not be able to honour Kingfisher coupons. The ICH acts as a coupon collector for airlines when there is an interline agreement between two of them. For instance, a Kingfisher flight from Mumbai to New York will be directed via London, the journey from where will be taken care of by British Airways as partner airline. US$5.48 Million Tax Dues Payment Separately, The Economic Times reports that Kingfisher Airlines has paid tax dues of about $5.48 million until January, the CBEC chairman S.K. Goel. The airline, struggling to raise fresh funds, is expected to pay the remainder of its tax dues by March, S.K. Goel told reporters. About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., serves about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintains bases in major cities such as Delhi and Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known for its United Breweries unit, and the carrier shares the Kingfisher brand with a popular Indian beer. UB Holdings also owns a stake in another domestic carrier, Air Deccan, whose operations it combined with Kingfisher Airlines in mid-2008. Kingfisher Airlines began flying in 2005. * * * Kingfisher Airlines lost money six years in a row, accumulating net debt of INR77.2 billion (US$1.74 billion) as of March 2010, according to data compiled by Bloomberg. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd. has found itself parrying questions about its survival after its auditor raised doubts over the company's ability to stay in business for long. Audit firm BK Ramadhyani & Co, which examined the books of the airline, said in remarks published in the airline's annual report that Kingfisher's ability to remain a "going concern" will depend on its promoters bringing in money into the company. The auditors also said Kingfisher has not deposited with the government money it collected from employees as tax deducted at source and provident fund contribution, painting a dire picture of the airline's finances, The Economic Times reported. KINGFISHER AIRLINES: Puts on Hold Alliance with oneworld -------------------------------------------------------- Kingfisher Airlines and oneworld(R) on Feb. 3 agreed to put on hold the airline's entry into an alliance to give it time to strengthen its financial position. Implementation of Kingfisher's alliance with oneworld had been planned for Feb. 10. oneworld CEO Bruce Ashby said: "These are turbulent times for the airline industry in India and many other parts of the world. We have been working closely with Kingfisher Airlines over the past months and it has become increasingly clear recently that the airline needs more time to resolve the financial issues it is confronting before it can be welcomed into oneworld. "We wish it well during this process and will work with Kingfisher Airlines with the aim of setting a new joining date once it is through this current period of turbulence." Kingfisher Airlines Chairman Vijay Mallya added: "In light of the many priorities centred around Kingfisher Airlines' recapitalisation efforts, we felt it prudent to defer our entry into the alliance for a little while. This will allow us the opportunity to focus on the issues at hand and we look forward to being part of the oneworld alliance very shortly." About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., serves about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintains bases in major cities such as Delhi and Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known for its United Breweries unit, and the carrier shares the Kingfisher brand with a popular Indian beer. UB Holdings also owns a stake in another domestic carrier, Air Deccan, whose operations it combined with Kingfisher Airlines in mid-2008. Kingfisher Airlines began flying in 2005. * * * Kingfisher Airlines lost money six years in a row, accumulating net debt of INR77.2 billion (US$1.74 billion) as of March 2010, according to data compiled by Bloomberg. As reported in the Troubled Company Reporter-Asia Pacific on Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd. has found itself parrying questions about its survival after its auditor raised doubts over the company's ability to stay in business for long. Audit firm BK Ramadhyani & Co, which examined the books of the airline, said in remarks published in the airline's annual report that Kingfisher's ability to remain a "going concern" will depend on its promoters bringing in money into the company. The auditors also said Kingfisher has not deposited with the government money it collected from employees as tax deducted at source and provident fund contribution, painting a dire picture of the airline's finances, The Economic Times reported. LIVA CERAMICS: CARE Assigns 'CARE B+' Rating to INR9.7cr LT Loan ---------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Liva Ceramics. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 9.70 CARE B+ Assigned Short-term Bank Facilities 0.75 CARE A4 Assigned Rating Rationale 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 change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. The ratings of Liva Ceramics are mainly constrained on account of risks associated with implementation of predominantly debt-funded project and its presence in highly competitive and fragmented ceramic industry. The ratings are further constrained on account of susceptibility of its profitability to volatile prices of raw materials and natural gas and linkages to cyclical real estate sector. The ratings, however, favorably takes into account the experience of the partners in the ceramic industry and the benefits derived from being located in ceramic cluster in Morbi. Liva's ability to timely complete the project without any cost overrun and achieve the envisaged level of operations in light of competitive nature of the industry is the key rating sensitivity. Rajkot-based Liva Ceramics, setup in April 2011 is promoted by fifteen partners with unequal profit and loss sharing agreement within them. Mr. Dhiraj Detroja, Mr. Vasant Rojmala, Mr. Tarun Likhiya are the key partners of the firm. Liva is currently undertaking a green-field project to manufacture digital printed ceramic wall tiles and glazed ceramic wall tiles with a proposed installed capacity of 18,000 Metric Tonnes Per Annum (MTPA). MARSONS ENERGY: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Marsons Energy Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.00 CARE BB Assigned Long/Short-term Bank 4.50 CARE BB/CARE A4 Facilities Assigned Short-term Bank Facilities 2.50 CARE A4 Assigned Rating Rationale The ratings are primarily constrained by the modest scale of operations of Marsons Energy Private Limited in the highly fragmented and competitive transformer industry. The below average financial risk profile marked by low profitability margins and high overall gearing, volatility associated with the prices of key raw materials and proposed debt-funded capex further constrain the ratings. Above constraints are partially offset by the wide experience of the promoters in the transformer industry, reputed clientele and positive demand outlook for the transformer industry. MEPL's ability to increase its scale of operations with improvement in profitability amidst intense competition along-with efficient management of working capital and funding structure of proposed debt-funded capex are the key rating sensitivities. Marsons Energy Private Limited, incorporated in 2005, was promoted by Mr. Rahul Jain and Mr. Deepak Jain. The company is engaged in manufacturing of power distribution transformers at its sole manufacturing plant at Jaipur. MEPL manufactures transformers ranging from 25 kilovolt ampere (KVA) to 5 megavolt ampere (MVA) within 33 kilovolt (Kv) voltage class. The company also offers related technical assistance and services including repair works. MEPL offers Bureau of Energy Efficiency (BEE) registered energy efficient transformers to its various customers including State Electricity Boards (SEBs), turnkey-solution providers and also in the export market. Furthermore, the manufactured products are tested at independent National Accreditation Board for Testing and Calibration Laboratories accredited houses which assure the quality of products. MONTEX GLASS: CARE Assigns 'CARE BB+' Rating to INR3.29cr Loan -------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank facilities of Montex Glass Fibre Industries Pvt. Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 3.29 'CARE BB+' Assigned Short-term Bank Facilities 7.50 'CARE A4+' Assigned Rating Rationale The ratings are constrained by relatively small scale of operations of Montex Glass Fibre Industries Pvt. Ltd. with fluctuating revenue & cash accruals and moderately stressed liquidity position due to elongated working capital cycle. The ratings are further constrained by foreign exchange fluctuation and customer concentration risk. The ratings also take comfort from the established track record, experienced promoters and healthy profitability margins. The ability of MGFIPL to manage the expected slowdown in key export markets and efficient management of working capital cycle are the key rating sensitivities. Montex Glass Fibre Industries Pvt. Ltd., established in 1972 as a partnership firm, was promoted by Mumbai-based Mr. Jagdish Kaushik. MGFIPL is engaged in the manufacturing of fibre glass fabric and generates its revenue mainly from export market of Kuwait, Italy, South Africa and UK. The company sources majority of its raw material requirement through imports mainly from China and Taiwan and balance from the domestic market. As on March 31, 2011, MGFIPL has an installed capacity of 90,00,000 meters p.a. at its sole manufacturing facility located at Nashik, Maharashtra. During FY11, MGFIPL reported total operating income of INR24.53crore and PAT of INR1.38 crore as against total operating income of INR18.10 crore and net profit of INR0.92 crore in FY10. OM HOSPITALITY: CARE Rates INR17.25cr LT Loan at 'CARE BB+' ----------------------------------------------------------- CARE assigns 'CARE BB+' rating to the bank facilities of OM Hospitality Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 17.25 CARE BB+ Assigned Rating Rationale The rating assigned to the bank facilities of Om Hospitality Pvt Ltd are constrained on account of very short track record of operations due to recent commencement of the hotel project, cyclicality associated with the competitive hotel industry and leveraged capital structure. The rating however draws strength from the operational and brand synergies that OHPL derives from its tie-up with Royal Orchid Hotels Ltd and the promoter's extensive experience in the hotel management industry. Ability of OHPL to stabilize the operations in a timely manner and achieve the envisaged occupancy rates and Average Room Revenue (ARR) levels are the key rating sensitivities. Om Hospitality Pvt Ltd was incorporated in 2006 by Mr. Nilesh Shah and Mr. Hitesh Agarwal for setting up a hotel at Vadodra, Gujarat. Mr. Hitesh Agarwal and Mr Nilesh Shah are family members and they are involved in the hospitality industry since more than two decades. The family owns and operates eight hotels ranging from budget hotel to four star hotel at Vadodra region. OHPL owns a three star category hotel having 81 rooms, two restaurants and three banquet halls facility which can accommodate 180 persons. Earlier, it was proposed to be operated by promoter group only. However, during June 2010 promoters decided to have a tie-up with hotel chain for management of operations and in October 2010, OHPL entered into an agreement with Royal Orchid Hotels Ltd for operations and management. SPICEJET LTD: Auditors Cast Doubts as Losses Erode Net Worth ------------------------------------------------------------ The Economic Times reports that auditors of low-cost airline SpiceJet Ltd have cast doubts over the company's ability to stay afloat as its accumulated losses have eroded its net worth. S R Batliboi & Associates said in a limited review report to SpiceJet directors that accumulated losses of INR1,077.81 crore as of December 31 have "substantially" eroded the company's net worth, raising questions about the company's ability to continue as a "going concern". SpiceJet, whose net worth stood at INR315.83 crore in December, has a market-cap of INR1,108 crore. The Kalanithi Maran-owned airline on Monday reported a loss of INR39.3 crore for the three months to December as against a profit of INR94.44 crore a year ago. The auditors said the losses would have gone up further had SpiceJet made a provision for interest relating to earlier years on the outstanding inter-corporate deposits which the Gurgaon- based airline has under-reported. The auditors also said SpiceJet has not accounted for the foreign exchange differences on borrowings to the extent they are regarded as an adjustment to interest costs. SpiceJet is among the three listed Indian carriers (of a total of six scheduled commercial airlines) whose health is being questioned by auditors. About Spicejet Ltd SpiceJet Limited -- http://www.spicejet.com/-- is an India-based airline company. The Company operates 113 flights daily to 18 destinations, offering connectivity between metros and non- metros. SRI JYOTI: CARE Rates INR26.95cr Long-Term Loan at 'CARE B+' ------------------------------------------------------------ CARE assigns 'CARE B+' rating to the bank facilities of Sri Jyoti Renewable Energy Pvt Ltd. Amount Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 26.95 CARE B+ Assigned Rating Rationale The rating is constrained by delay in the commencement of operations due to delay in the installation of transmission lines, lack of experience of the promoters in biomass procurement in Haryana, volatility in availability and prices of biomass. The rating, however, takes into account the experience of the promoters and technical consultant, power purchase agreement with Haryana Power Purchase Centre (HPPC) till 2031, tax exemption for biomass power generation and growing demand for power in the country. The ability of SJREPL to commence the operations without further time overrun and procurement of biomass without impacting the profitability of the company. Sri Jyoti Renewable Energy Private Limited, incorporated in the year 2008, was promoted by Mr Srinivas Sanapala and Jyoti Bio Energy Ltd. for setting up a 9.5MW biomass-based power plant in the state of Haryana. Prior to SJREPL, JBEL has setup two biomass power plants of 4.5MW (Year-2000) and 6MW (Year-2003) in the state of Andhra Pradesh. As the unit falls under non- conventional sources of energy, has been exempted from paying of Income Tax for the first ten years of operations. The project is completed and commercial generation is expected in mid-February 2012. The company is waiting for the completion of transmission lines from the Haryana Vidyut Prasaran Nigam Limited. SJREPL has procured 12000MT of raw material till December 2011. The company is drawing comfort for raw material procurement since the company is the first biomass plant in the Bhiwani district, Haryana. ========= J A P A N ========= TOKYO ELECTRIC: Biggest Customers Balk as Firm Seeks Higher Rates ----------------------------------------------------------------- Dow Jones' Daily Bankruptcy Review reports that as rising fuel costs and the shutdown of nuclear reactors push Japan's already- steep electricity costs even higher, Tokyo Electric Power Co. and other utilities are starting to see revolt by some of their biggest customers. About Tokyo Electric Tokyo Electric Power Company (Tepco) is the largest electric power company in Japan and the largest privately owned electric utility in the world. Tepco supplies electricity to meet the increasingly diversified and sophisticated demands of its over 28.09 million customers in the metropolitan Tokyo, which is the political, economic, and cultural center of Japan, and eight surrounding prefectures. Bloomberg News said the utility is battling radiation leaks at the Fukushima Dai-Ichi power plant north of Tokyo after a March 11 earthquake and tsunami knocked out its cooling systems, causing the biggest atomic accident in 25 years. More than 50,000 households were forced to evacuate and Bank of America Corp.'s Merrill Lynch estimates TEPCO may face compensation claims of as much as JPY11 trillion (US$135 billion). As reported in the Troubled Company Reporter-Asia Pacific on Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo Electric Power Co. The ratings confirmed include its senior secured rating of Ba2, long-term issuer rating of B1, and Corporate Family Rating of Ba3. The ratings outlook is negative. ================= S I N G A P O R E ================= LBGA TRADING: Creditors' Proofs of Debt Due March 3 --------------------------------------------------- Creditors of LBGA Trading (Singapore) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 3, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 LIGHTSHIP CHARTERING: Creditors' Proofs of Debt Due March 1 ----------------------------------------------------------- Creditors of Lightship Chartering Singapore Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 1, 2012, 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 PAU (F&B): Court Enters Wind-Up Order ------------------------------------- The High Court of Singapore entered an order on Jan. 13, 2012, to wind up the operations of Pau (F&B) Holdings Pte Ltd. Singapore Food Industries Pte Ltd filed the petition against the company. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 TGL DISTRIBUTORS: Creditors' Proofs of Debt Due March 16 -------------------------------------------------------- Creditors of TGL Distributors (S) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 16, 2012, to be included in the company's dividend distribution. The company's liquidator is: Heng Lee Seng 15 Hoe Chiang Road #12-02 Tower Fifteen Singapore 089316 VINCI PTE: Borrelli and Kardachi Appointed as Liquidators --------------------------------------------------------- Cosimo Borrelli and Jason Aleksander Kardachi on Jan. 4, 2012, were appointed as liquidators of Vinci Pte Ltd. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. *** End of Transmission ***