/raid1/www/Hosts/bankrupt/TCRAP_Public/120405.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
Thursday, April 5, 2012, Vol. 15, No. 69
Headlines
A U S T R A L I A
AIR AUSTRALIA: Holds Auction to Pay Off Debts
CORSAIR (JERSEY): Fitch Withdraws 'Dsf' Rating on AUD135MM Notes
LOST CITY: Suncorp Calls In Receivers to Retail Holdings
NINE ENTERTAINMENT: Goldman, CVC Capital Cut Deal on Debt
* AUSTRALIA: Corporate Insolvencies Hit Record High in February
C H I N A
CHINA RUITAI: Delays Form 10-K for 2011
DECOR PRODUCTS: Delays Form 10-K for 2011
FOSUN INT'L: Moody's Cuts Sr. Unsecured Bond Rating to 'Ba3'
SHIMAO PROPERTY: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
TONGJI HEALTHCARE: Delays Form 10-K for 2011
H O N G K O N G
ASIAN GROOVE: Members' Final Meeting Set for April 30
EDDIE BAUER: Member' Final Meeting Set for April 30
CELTIC PACIFIC: Final Meetings Set for April 30
CENTURY MUTUAL: Annual Meetings Set for April 10
CHANCO LS: Creditors' Proofs of Debt Due April 30
JC NO. 1: Placed Under Voluntary Wind-Up Proceedings
KENMARE LIMITED: Creditors' Proofs of Debt Due May 4
LIGHT SOURCE: Members' Final Meeting Set for May 7
LOYALTY PACIFIC: Creditors' Proofs of Debt Due April 20
M & T INT'L: Creditors' Proofs of Debt Due April 20
MAYDIANG INTERNATIONAL: Creditors' Proofs of Debt Due April 20
P2 INTERIOR: Creditors' Proofs of Debt Due April 20
PRINCE OF PEACE: Lau Wai Yung Alice Steps Down as Liquidator
RUDICK INTERNATIONAL: Final Meetings Set for May 4
SENRICH INDUSTRIES: Annual Meetings Set for April 25
SINOWORLD CNW: Final Meetings Slated for April 30
SINOWORLD MEDIA: Final Meetings Slated for April 30
SOLAREX ELECTRIC: Creditors' Proofs of Debt Due April 30
STARBAY INTERNATIONAL: Final General Meetings Set for April 30
TSING-YI REALTY: Creditors' Proofs of Debt Due April 30
UNITED DAILY: Creditors' Proofs of Debt Due May 8
UPPERTECH HK: Lam Tak Keung Steps Down as Liquidator
WYLIE INVESTMENT: Creditors' Proofs of Debt Due April 30
YOBE TOYS: Chan Yui Hang Appointed as Liquidator
ZHONG HUA: Placed Under Voluntary Wind-Up Proceedings
* James Dubow Rejoins Alvarez & Marsal to Lead Asia Group
I N D I A
AARUSH BUILDING: ICRA Places '[ICRA]B+' Rating on INR14.42cr Loan
ARCHIDPLY INDUSTRIES: ICRA Ups Rating on INR14.87cr Loan to 'B-'
BALASORE ALLOYS: Fitch Affirms 'BB+' National Long-Term Rating
BHAVANI COTEX: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan
CAIRO INT'L: ICRA Puts '[ICRA]B' Rating on INR14.85cr LT Loan
EMMVEE SOLAR: ICRA Assigns 'BB+' Rating to INR11.5cr Loan
FEEDATIVES PHARMA: Fitch Assigns 'B' National Longterm Rating
GITA & COMPANY: ICRA Assigns '[ICRA]BB' Rating to INR4.25cr Loan
GTV ENGINEERING: ICRA Reaffirms '[ICRA]BB-' Long Term Rating
GUJARAT HIFLOW: ICRA Assigns '[ICRA]B' Rating to INR5.84cr Loan
HAYWARD SYNTHETICS: ICRA Assigns 'B+' Rating to INR11cr Loan
J.N.B. STEEL: ICRA Reaffirms '[ICRA]BB-' Rating on INR2cr Loan
KBJ EXPORTS: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
KBJ GEM: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
KINGFISHER AIRLINES: Another Board Member Resigns From Airline
RENNY EXPORTS: ICRA Places '[ICRA]BB-' Rating on INR14cr Loan
SAMMAN LAL: ICRA Assigns '[ICRA]BB' Rating to INR3.6cr LT Loan
SHREE CHARBHUJA: ICRA Cuts Rating on INR5.82cr Loan to '[ICRA]D'
SIYARAM VITRIFIED: ICRA Puts '[ICRA]B+' Rating on INR18.26cr Loan
SWARAJ SYNTEX: ICRA Puts '[ICRA]B+' Rating on INR8.77cr Loan
WELL PACK: ICRA Assigns '[ICRA]C-' Rating to INR25.09cr LT Loan
J A P A N
AIJ INVESTMENT: President Again Denies Deceiving Clients
AIJ INVESTMENT: 10 Firms Seeking to Quit Membership
OLYMPUS CORP: Woodford to Launch "Surprise" Action at Meeting
TOKYO ELECTRIC: Industry Minister Says Bankruptcy is An Option
K O R E A
* SOUTH KOREA: FSS Classifies 34 Conglomerates as Heavy Debtors
N E W Z E A L A N D
AORANGI SECURITIES: Managers Seek Court Ruling on NZ$60MM Assets
HANOVER FINANCE: Investors May Launch Own Compensation Action
S I N G A P O R E
SLP (CHINA): Creditors' Proofs of Debt Due April 27
STAMFLES REMOTE: Creditors' Proofs of Debt Due April 13
VALIMPEX (S): Creditors' Proofs of Debt Due April 30
WEI LUN: Court Enters Wind-Up Order
YH ETERNAL: Creditors' Proofs of Debt Due April 27
T A I W A N
OMPHALOS CORP: KCCW Accountancy Raises Going Concern Doubt
V I E T N A M
DOT VN: Incurs $510,590 Net Loss in Jan. 31 Quarter
* Vietnam Executive Sentenced to 20 Years in Shipping Scandal
- - - - -
=================
A U S T R A L I A
=================
AIR AUSTRALIA: Holds Auction to Pay Off Debts
---------------------------------------------
globalpost.com reports that Air Australia is holding a huge
online auction in an attempt to pay off debts of almost
AU$85 million (US$90 million).
The airline was placed into voluntary administration in February
and then into liquidation in March, just six months after
changing its name and becoming a budget carrier, according to
globalpost.com.
globalpost.com, citing The Australian, notes that since then, the
airline has been grappling to recoup the funds to pay off its
debts and is holding the online fire sale of 110 items in a
desperate attempt to raise cash. The report relates that among
the items for sale at Grays Online are a pallet of life jackets,
2,160 bottles of sandalwood hand wash, 12 disposable lap
blankets, plastic cups and food trays, and three sets of A320
stairs.
Air Australia's liquidator KordaMentha is reportedly hoping to
raise a six-figure amount from the auction, which Wednesday,
April 4, 2012, the report discloses.
globalpost.com relays that News.com.au quotes administrator Mark
Korda as saying that anything that could be sold had been put up
for auction, but explained: "Air Australia mainly leased their
assets . . . Hopefully the money raised will be in the hundreds
of thousands of dollars. It won't be in the millions," he said,
adding that the profits would go towards paying employees'
entitlements and KordaMentha's administrative costs."
CORSAIR (JERSEY): Fitch Withdraws 'Dsf' Rating on AUD135MM Notes
----------------------------------------------------------------
Fitch Ratings has downgraded and simultaneously withdrawn the
rating on Corsair (Jersey) No.2 Limited Series 72 notes due to
tranche default. The transaction is a synthetic corporate CDO
referencing corporate obligations mainly in the U.S. and Europe.
Corsair (Jersey) No.2 Limited Series 72
-- AUD135m notes due March 2013 downgraded to 'Dsf' from 'Csf';
rating withdrawn
The downgrade follows the receipt of the valuation notice of the
defaulted reference entity, PMI Group, Inc., which resulted in
the cumulative loss of the transaction exceeding the
subordination amount. To date, the transaction has suffered six
credit events, which have resulted in about 44% losses to the
notes.
As a result of the rating withdrawal, Fitch is no longer
maintaining the recovery estimate on the transaction. The agency
will no longer provide ratings or analytical coverage of the
transaction.
LOST CITY: Suncorp Calls In Receivers to Retail Holdings
--------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that Gold Coast
businessman Robert Fraser-Scott has fallen victim to tough
trading conditions with Suncorp appointing receivers to his
retail holdings.
The assets, placed under the control of Ernst & Young, comprise
The Lost City tavern at Upper Coomera, the Boathouse Tavern at
Coomera and the Warehouse Tavern at Yatala, along with shopping
centres and an IGA outlet, goldcoast.com.au says.
According to the report, Mr. Fraser-Scott, who operates with wife
Laurie via entities, last week lost a dispute with Westfield over
a bottleshop lease, and said he believed it was the catalyst for
the bank's decision.
Mr. Fraser-Scott said the hotels were viable businesses which he
expected to continue to operate, the report relates.
Other assets in receivership are the Brygon Reserve Shopping
Village, including its IGA outlet, and Ormeau Junction Shopping
Village, the report relays.
The shopping centres, the Boathouse Tavern and The Lost City were
developed by the Fraser-Scotts, who undertook the Warehouse
Tavern fit-out after acquiring the building. According to the
report, Mr. Fraser-Scott said he had been caught by falling
property valuations and had worked for 12 months to cut debt
levels but had failed to satisfy the bank.
The couple also placed the taverns on the market, and the
Warehouse is under contract for an undisclosed sum, says
goldcoast.com.au.
Mr. Fraser-Scott, as cited by goldcoast.com.au, said he hoped
receivership would be an interim arrangement and that the hotels
would again come under his control.
NINE ENTERTAINMENT: Goldman, CVC Capital Cut Deal on Debt
---------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that, according to
people familiar with the deal, CVC Capital Partners and Goldman
Sachs Group Inc. have struck a deal in which AUD975 million
(US$1.03 billion) of mezzanine debt in Nine Entertainment Co.
will be converted into equity on the condition that CVC is able
to refinance the entertainment company's burdensome senior debt.
Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/-- is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006. CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer. In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.
* AUSTRALIA: Corporate Insolvencies Hit Record High in February
---------------------------------------------------------------
SmartCompany, citing latest official figures release by the
Australian Securities and Investments Commission, reports that
corporate insolvencies have reached a record high with 1,532
companies being declared insolvent during February with
businesses struggling to stay afloat amid weakness in the
construction, property, retail and hospitality sectors.
The figure is the highest ever for a February reading, and comes
after 2011 was a record year for companies entering insolvency,
SmartCompany relates.
While the Reserve Bank continues to say the economy is performing
well, business experts cite these figures as saying otherwise.
According to SmartCompany, the ASIC figures show New South Wales
led the states with 618 businesses declared insolvent, along with
368 in Victoria, 374 in Queensland, 55 in South Australia and 82
in Western Australia.
That 618 figure in New South Wales is a massive leap from
January, when only 259 businesses went into insolvency and is
up from 477 last year, the report notes.
=========
C H I N A
=========
CHINA RUITAI: Delays Form 10-K for 2011
---------------------------------------
China Ruitai International Holdings Co., Ltd., notified the U.S.
Securities and Exchange Commission that it will be late in filing
its Annual Report on Form 10-K for the period ended Dec. 31,
2011.
The Company said the review of the financial statements has not
yet been completed.
About China Ruitai
Shandong, China-based China Ruitai International Holdings Co.,
Ltd., was organized under the laws of the State of Delaware on
Nov. 15, 1955, under the name "Inland Mineral Resources Corp."
Currently, the Company, through its wholly-owned subsidiary,
Pacific Capital Group Co., Ltd., a corporation incorporated under
the laws of the Republic of Vanuatu, and its majority-owned
subsidiary, TaiAn RuiTai Cellulose Co., Ltd., a Chinese limited
liability company, is engaged in the production, sales, and
exportation of deeply processed chemicals, with a primary focus
on non-ionic cellulose ether products in the People's Republic of
China as well as to the United States, Europe, Japan, India and
South Korea.
As reported by the TCR on April 8, 2011, Bernstein & Pinchuk LLP,
in New York, after auditing the Company's financial statements
for the year ended Dec. 31, 2010, expressed substantial doubt
about China Ruitai's ability to continue as a going concern. The
independent auditors noted that the Company has negative working
capital.
The Company's balance sheet at Sept. 30, 2011, showed
$130.37 million in total assets, $96.16 million in total
liabilities and $34.21 million in total equity.
DECOR PRODUCTS: Delays Form 10-K for 2011
-----------------------------------------
Decor Products International, Inc., could not complete the filing
of its annual report on Form 10-K for the year ended Dec. 31,
2011, due to a delay in obtaining and compiling information
required to be included in its Form 10-K, which delay could not
be eliminated by Company without unreasonable effort and expense.
In accordance with Rule 12b-25 of the Securities Exchange Act of
1934, the Company will file its Form 10-K no later than the
fifteenth calendar day following the prescribed due date.
About Decor Products
Decor Products International, Inc., through its subsidiaries,
mainly engages in the manufacture and sale of furniture
decorative paper and related products in the People's Republic of
China. The Company is headquartered in Chang'an Town, Dongguan,
Guangdong Province, between Shenzhen and Guangzhou in southern
China.
The Company's balance sheet at Sept. 30, 2011, showed US$42.97
million in total assets, US$10.28 million in total liabilities
and US$32.69 million in total stockholders' equity.
HKCMCPA Company Limited, in Hong Kong, expressed substantial
doubt about Decor Products International's ability to continue as
a going concern, following the Company's 2010 results. The
independent auditors noted that as of Dec. 31, 2010, the Company
defaulted on the repayment of convertible notes and promissory
notes with an aggregate amount of $2.2 million ($2.0 million as
of March 31, 2011).
FOSUN INT'L: Moody's Cuts Sr. Unsecured Bond Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
bond rating of Fosun International Ltd. to Ba3 from Ba2 due to
the increased risk of structural subordination.
At the same time, Moody's has placed on review for downgrade the
Ba2 corporate family and senior unsecured bond ratings of Fosun.
Ratings Rationale
"The downgrade of the bond rating reflects Moody's concern that
increased debt at its operating subsidiaries and reductions in
the cash balance and value of marketable securities at Fosun's
level have heightened the risk of structural subordination for
offshore bondholders," says Ivan Chung, a Moody's Vice President
and Senior Analyst.
"As an evidence of this development, onshore debt at the
subsidiary level is estimated to have accounted for the majority
of the group's total debt and around one third of its total
assets at end-2011. In addition, sizable guarantees have been
provided by its offshore holdco to its onshore operating
activities," adds Chung, also the international lead analyst for
Fosun.
Moody's had previously expected that Fosun would maintain the
following liquidity ratios on an on-going basis to ensure
sufficient funding sources at the holdco level to mitigate the
risk of structural subordination: 1) cash/total debt at the
holdco level above 40%; 2) cash/short-term debt above 1x, and 3)
liquid assets/total reported debt above 1x.
However, the latest development indicates that these ratios have
not been maintained and it is highly likely that they will remain
below the required levels in the near to medium term.
"The rating review for further downgrade reflects Fosun's weaker-
than-expected 2011 results and Moody's concern that the company's
strong appetite for growth will further weaken its financial
profile," says Kai Hu, Fosun's local market analyst and a Moody's
Vice President.
Segment operating profits declined by 21%, mostly due to the
underperformance of its steel business and the falling market
value of its investment holdings. In addition, the property
segment, which accounted for around 40% of operating profit in
2011, is likely to lose momentum because of the government's
extension of stringent restrictions on property purchase in 2012.
"At the same time, Fosun's aggressive capital spending, land
acquisition and investments have drained liquidity and resulted
in a much higher debt level. Reported net debt has increased by
around RMB15 bn, resulting in adjusted debt/EBITDA around 6x,
which is high for its rating level, " says Hu.
Moody's expects the company's investment appetite will remain
high. For example, following land acquisitions of around 3.4 mn
sq.m. of gross floor area in 2011, Fosun bought more land in the
first three months of 2012, adding more inventory to its
properties under development which was a total ofRMB30 bn as of
end-2011.
While Fosun has a large amount of assets it could dispose to
raise cash -- for example, the planned IPOs of Fosun Pharm (H
shares) and Hainan Mining -- its ability to meaningfully
deleverage its balance sheet in near term remains uncertain.
The review will focus on: 1) Fosun's capex plan and investment
strategy; 2) its asset disposal plan and the availability of
alternative funding sources to deleverage its balance sheet; 3)
Fosun's funding obligations and liabilities for its non-
consolidated JCEs and associates; and 4) the projected operating
performance of its core businesses.
Fosun International Ltd's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Fosun International Ltd's core industry and believes
Fosun International Ltd's ratings are comparable to those of
other issuers with similar credit risk.
Other factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.
Fosun International Ltd. became the holding company of the group
in 2005. Headquartered in Shanghai, it was listed on the Hong
Kong Stock Exchange in 2007. It is mainly engaged in steel,
property, pharmaceuticals, mining, and retail in China. It also
has significant investments in China and overseas. The group is
ultimately 58%-owned by its Chairman, Guangchang Guo. He, along
with three other founders, owns 79.08% of the company.
SHIMAO PROPERTY: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on Shimao Property Holdings Ltd. and the
'BB-' issue rating on the company's senior unsecured notes on
CreditWatch with negative implications. "We also placed our
'cnBB+' Greater China credit scale ratings on the China-based
property developer and the 'cnBB' rating on its notes on
CreditWatch with negative implications," S&P said.
"We placed the ratings on Shimao on CreditWatch with negative
implications because we believe the recovery of the company's
financial strength is uncertain due to a low visibility on its
deleveraging efforts and sales prospects," said Standard & Poor's
credit analyst Frank Lu.
"We expect Shimao's capital structure to remain weak in 2012,
following a deterioration in 2011. As at the end of 2011, the
company's leverage and cash flow coverage ratios had breached our
downgrade triggers. Its ratio of adjusted debt to EBITDA was 5.5x
and EBITDA interest coverage was 2.6x compared with our downgrade
threshold of a maximum of 5.0x and at least 3.0x," S&P said.
"We anticipate that policy tightening in China's property
development market will continue to affect Shimao's property
sales in 2012," S&P said.
"Shimao's debt may remain high over the next 12 months, in our
opinion. The recovery prospects for sales in 2012 are uncertain
due to the weak market conditions. In addition, the company has
significant funding needs for large construction-related capital
expenditure and land premium payments," S&P said.
"Shimao's already limited headroom under certain financial
covenants in its offshore loan and senior unsecured notes has
narrowed further due to the rapid increase in debt in 2011. A
covenant breach in the senior notes could weaken Shimao's
liquidity as its ability to incur additional debt may be
curtailed. The company could also face potential acceleration of
debt repayment if it breaches its offshore loan covenants," S&P
said.
"We aim to resolve the CreditWatch status within the next three
months after reviewing the company's strategy and plan to
stabilize its capital structure and improve its cash flow in a
difficult operating environment," said Mr. Lu. "We may lower the
rating on Shimao by one notch if we believe that the company's
operational and financial performances will not recover in the
next 12 months. We may also lower the rating if Shimao's
financial flexibility and refinancing capability is weakened due
to heightened risk of covenant breach."
TONGJI HEALTHCARE: Delays Form 10-K for 2011
--------------------------------------------
Tongji Healthcare Group, Inc., has encountered a delay in
assembling the information, in particular its financial
statements for the fiscal year ended Dec. 31, 2011, required to
be included in its Dec. 31, 2011, Form 10-K Annual Report. The
Company expects to file its Form 10-K Annual Report with the U.S.
Securities and Exchange Commission within 15 calendar days of the
prescribed due date.
About Tongji Healthcare
Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., was incorporated in the State of Nevada
on December 19, 2006. The Company operates Tongji Hospital,
a general hospital with 105 licensed beds.
The Company reported a net loss of $56,232 on $1.92 million of
total operating revenue for the year ended Dec. 31, 2010,
compared with a net loss of $324,335 on $1.87 million of total
operating revenue during the prior year. The Company also
reported a net loss of $45,730 on $1.90 million of total
operating revenue for the nine months ended Sept. 30, 2011.
The Company's balance sheet at Sept. 30, 2011, showed
$10.36 million in total assets, $10.19 million in total
liabilities, and $165,086 in total stockholders' equity.
As reported by the TCR on April 25, 2011, Kabani & Company, Inc.,
in Los Angeles, Calif., noted that the Company's significant
operating losses and insufficient capital raise substantial doubt
about its ability to continue as a going concern.
================
H O N G K O N G
================
ASIAN GROOVE: Members' Final Meeting Set for April 30
-----------------------------------------------------
Members of Asian Groove Capital Partners Limited will hold their
final general meeting on April 30, 2012, at 10:00 a.m., at 5/F,
Dah Sing Life Building, 99-105 Des Voeux Road Central, in Hong
Kong.
At the meeting, Yan Tat Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
EDDIE BAUER: Member' Final Meeting Set for April 30
---------------------------------------------------
Sole Member of Eddie Bauer International Limited will hold their
final meeting on April 30, 2012, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CELTIC PACIFIC: Final Meetings Set for April 30
-----------------------------------------------
Creditors and members of Celtic Pacific Ship Management
(Overseas) Limited will hold their final meetings on April 30,
2012, at 10:30 a.m., at the office of FTI Consulting (Hong Kong)
Limited, Level 22, The Center, at 99 Queen's Road Central,
Central, in Hong Kong.
At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
CENTURY MUTUAL: Annual Meetings Set for April 10
------------------------------------------------
Members and creditors of Century Mutual Limited will hold their
annual meetings on April 10, 2012, at 3:00 p.m., and 3:30 p.m.,
respectively at the office of FTI Consulting (Hong Kong) Limited,
Level 22, The Center, at 99 Queen's Road Central, Central, in
Hong Kong.
At the meeting, Simon Blade, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CHANCO LS: Creditors' Proofs of Debt Due April 30
-------------------------------------------------
Creditors of Chanco LS Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 27, 2012.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
JC NO. 1: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on March 23, 2012,
creditors of JC No. 1 (H.K.) Limited resolved to voluntarily wind
up the company's operations.
The company's liquidator is:
Philip Brendan Gilligan
7th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
KENMARE LIMITED: Creditors' Proofs of Debt Due May 4
----------------------------------------------------
Creditors of Kenmare Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
May 4, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 17, 2012.
The company's liquidator is:
Chan Sek Kwan Rays
Unit D, 12/F
Seabright Plaza
9-23 Shell Street
North Point, Hong Kong
LIGHT SOURCE: Members' Final Meeting Set for May 7
--------------------------------------------------
Members of Light Source Limited will hold their final general
meeting on May 7, 2012, at 10:00 a.m., at Room 304, 3/F, 222
Queen's Road Central, in Hong Kong.
At the meeting, Tam Chung Ping, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LOYALTY PACIFIC: Creditors' Proofs of Debt Due April 20
-------------------------------------------------------
Creditors of Loyalty Pacific (Hong Kong) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 20, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 21, 2012.
The company's liquidators are:
Ying Hing Chiu
Chan Mi Har
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
M & T INT'L: Creditors' Proofs of Debt Due April 20
---------------------------------------------------
Creditors of M & T International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 20, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Lau Siu Hung
Room 1909-10, Nan Fung Tower
173 Des Voeux Road
Central, Hong Kong
MAYDIANG INTERNATIONAL: Creditors' Proofs of Debt Due April 20
--------------------------------------------------------------
Creditors of Maydiang International Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 20, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 23, 2012.
The company's liquidator is:
Mao Jianhua
No. 6, Nan Shan Garden
Changshu City
Jiangsu, China 215500
P2 INTERIOR: Creditors' Proofs of Debt Due April 20
---------------------------------------------------
Creditors of P2 Interior Design Co Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 20, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 20, 2012.
The company's liquidator is:
Cheng Alexander Chiu Wang
Room 810, Argyle Centre
688 Nathan Road
Kowloon
PRINCE OF PEACE: Lau Wai Yung Alice Steps Down as Liquidator
------------------------------------------------------------
Lau Wai Yung Alice stepped down as liquidator of Prince of Peace
Health Care Limited on March 30, 2012.
RUDICK INTERNATIONAL: Final Meetings Set for May 4
--------------------------------------------------
Members and creditors of Rudick International Limited will hold
their final meetings on May 4, 2012, at 4:00 p.m., and 4:30 p.m.,
respectively at Suite 1807 The Gateway, Tower II, 25 Canton Road,
Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Choy Pui Ling Joli, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SENRICH INDUSTRIES: Annual Meetings Set for April 25
----------------------------------------------------
Members and creditors of Senrich Industries Limited will hold
their annual meetings on April 25, 2012, at 11:00 a.m., and 11:30
a.m., respectively at 43/F, The Lee Gardens, at 33 Hysan Avenue,
Causeway Bay, in Hong Kong.
At the meeting, Kenneth Chen, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SINOWORLD CNW: Final Meetings Slated for April 30
-------------------------------------------------
Creditors and members of Sinoworld CNW Publishing Limited will
hold their final meetings on April 30, 2012, at 10:00 a.m., and
10:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SINOWORLD MEDIA: Final Meetings Slated for April 30
---------------------------------------------------
Creditors and members of Sinoworld Media Company Limited will
hold their final meetings on April 30, 2012, at 11:00 a.m., and
11:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SOLAREX ELECTRIC: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
Creditors of Solarex Electric Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 19, 2012.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
STARBAY INTERNATIONAL: Final General Meetings Set for April 30
--------------------------------------------------------------
Members and creditors of Starbay International Limited will hold
their final general meetings on April 30, 2012, at 10:00 a.m.,
and 10:30 a.m., respectively at 602 The Chinese Bank Building, at
61-65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
TSING-YI REALTY: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
Creditors of Tsing-Yi Realty Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 20, 2012.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
UNITED DAILY: Creditors' Proofs of Debt Due May 8
-------------------------------------------------
Creditors of United Daily News Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 8, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 16, 2012.
The company's liquidator is:
Chan Kit Wang
Rooms 604-7, Dominion Centre
43-59 Queen's Road East
Hong Kong
UPPERTECH HK: Lam Tak Keung Steps Down as Liquidator
----------------------------------------------------
Lam Tak Keung stepped down as liquidator of Uppertech Hong Kong
Limited on March 27, 2012.
WYLIE INVESTMENT: Creditors' Proofs of Debt Due April 30
--------------------------------------------------------
Creditors of Wylie Investment Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 30, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 22, 2012.
The company's liquidator is:
Ng Kam Chiu
13A, Tak Lee Commercial Building
113-117 Wan Chai Road
Wanchai, Hong Kong
YOBE TOYS: Chan Yui Hang Appointed as Liquidator
------------------------------------------------
Chan Yui Hang on March 19, 2012, was appointed as liquidator of
Yobe Toys Limited.
The liquidator may be reached at:
Chan Yui Hang
Room 515, 5/F
New Mandarin Plaza Tower A
14 Science Museum Road
Tsimshatsui East
Kowloon, Hong Kong
ZHONG HUA: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on March 20, 2012,
creditors of Zhong Hua Real Estate and Construction Research and
Development Foundation Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Poon Wai Hung Richard
Room 1410, 14/F
Harbour Centre
No. 25 Harbour Road
Wanchai, Hong Kong
* James Dubow Rejoins Alvarez & Marsal to Lead Asia Group
---------------------------------------------------------
Turnaround adviser Alvarez & Marsal has rehired a China
specialist who left the firm five years ago to help it expand in
Asia, where advisory opportunities are growing. Mr. Dubow has
rejoined the restructuring firm as a managing director and co-
head of its Asia operations, based in Hong Kong. Since leaving
Alvarez & Marsal five years ago, Dubow has served as the chief
financial officer of an energy company that develops and runs
businesses across Asia.
=========
I N D I A
=========
AARUSH BUILDING: ICRA Places '[ICRA]B+' Rating on INR14.42cr Loan
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' for Rs14.42
crore term loan and INR1.50 crore fund based limits of Aarush
Building Materials Private Limited. ICRA has also assigned
ratings of '[ICRA]B+/[ICRA]A4' for INR0.08 crore unallocated
limits of ABMPL.
The assigned ratings are constrained by ABMPL's small scale of
operations in the Autoclaved Aerated Concrete blocks
manufacturing industry, high competition from substitute products
of AAC blocks, and high gearing levels owing to losses incurred
by the company in FY2011 and 9mFY2012 as a result of high
depreciation expense. The ratings however favorably factor in the
improving capacity utilizations owing to the increasing
acceptance of AAC blocks in the construction industry, healthy
operating profit margins and moderate working capital intensity
of the business. ICRA notes that the sales are primarily made to
real estate companies thereby the demand for AAC blocks is
closely linked to the growth prospects of real estate market in
Andhra Pradesh.
About Aarush Building
Incorporated in 2007, Aarush Building Materials Private Limited
is into manufacturing of Autoclaved Aerated Concrete blocks. The
plant is located at Jaggaiahpeta, Krishna district, Andhra
Pradesh with an installed capacity of 500 cubic meter per day.
The company sells AAC blocks under the brand name SUPERBLOK.
Recent Results
For 9MFY2012 (provisional and unaudited), the company reported an
income of INR10.62 crore and a loss of INR2.02 crore owing to
high depreciation costs. The net cash accruals are positive at
INR1.87 crore for the above period.
ARCHIDPLY INDUSTRIES: ICRA Ups Rating on INR14.87cr Loan to 'B-'
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR14.87 crore term
loan and INR36.85 crore cash credit facilities, of Archidply
Industries Limited to '[ICRA] B-' from '[ICRA] D'. ICRA has also
assigned the [ICRA] A4 rating to the INR26.25 crore, non-fund-
based, bank facilities of APIL.
The rating revision takes into account the timely servicing of
debt facilities during the past six months.
The rating is constrained by APIL's low profitability & poor cash
flows from operations, high working capital intensive nature of
operations, weak debt coverage metrics and moderate scale of
operations.
The rating also reflects high competitive pressures, including
that from the un-organised sector, and exposure to the volatility
in wood prices. The capacity expansions by major Engineered Wood
Product manufacturers, upgradation of manufacturing facilities by
tier-II EWP producers and increasing imports from China & Far
East countries have further increased the competitive intensity.
The rating, however, favorably factors in the promoters
established track record in the EWP industry and APIL's
diversified product portfolio and large liquid investments for
meeting the incremental working capital required for scaling up
the business.
About Archidply Industries
Incorporated in 1995, by Mr. Deen Dayal Daga, APIL is a medium
sized company, which is in the business of manufacturing and
marketing of Wood panel products. APIL has its manufacturing
facilities located at Chintamani in Karnataka and at Rudrapur in
Uttaranchal with a total installed capacity of 83 and 54 lac sq
mt each of plywood and decorative laminates respectively as on
March December 2011.
During the nine month period ended Dec. 31, 2012, APIL recorded a
net profit of INR0.5 crore on a net sale of INR120 crore.
BALASORE ALLOYS: Fitch Affirms 'BB+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has affirmed India-based Balasore Alloys Limited's
National Long-Term Rating at 'Fitch BB-(ind)'. The Outlook is
Stable.
The ratings reflect the fact that BAL is still paying its
restructured debt under its corporate debt restructuring scheme,
and expected deterioration in net financial leverage in the
financial year ending March 2013 (FY13) due to debt-funded capex
plans.
The ratings also reflect BAL's moderate financial profile with
improving EBITDA margins of 16% and net leverage of 2.1x for
FY11, compared with 11.4% and 4.8x, respectively, in FY10. The
ratings further take into account a certain level of protection
that BAL enjoys from raw material price volatility, due to access
to captive chrome ore mines at the Sukinda Valley.
Positive rating guidelines include BAL's ability to maintain
EBIDTA margin at current levels and net financial leverage below
2.5x on a sustained basis. Conversely, a decline in its EBIDTA
margins or any debt-led capital plan, resulting in net financial
leverage above 4.5x on a sustained basis, would be negative for
the ratings.
Sponsored by the Ispat Group in 1984, BAL is a manufacturer of
ferro chrome. Its revenue increased to INR6,386.6m for FY11
(FY10: INR4,151.9m) and totalled INR4,417.7m for 9MFY12. BAL's
liquidity position came under pressure during the current
financial year repayment of earlier power dues of INR110m to
North Eastern Electricity Supply Company of Orissa Limited
following a court's order.
Fitch has also affirmed the ratings on BAL's bank facilities as
below:
-- INR648.6m (reduced from INR932.8m) outstanding long-term
loans: 'Fitch BB-(ind)'
-- INR490.4m fund-based limits: 'Fitch BB-(ind)'
-- INR412.5m (increased from INR352.5m) non fund-based limits:
'Fitch A4+(ind)'
BHAVANI COTEX: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR5.00 crore fund
based cash credit facility and INR1.50 Cr term loan facility of
Bhavani Cotex.
The assigned rating is constrained by weak financial profile as
reflected by low profitability, highly leveraged capital
structure and weak debt coverage indicators. The rating also
takes into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to pressure on profitability. The rating
further incorporates the vulnerability of profitability to
adverse fluctuations in raw material prices given the seasonal
availability of raw cotton and government regulations on MSP and
export quota.
The rating, however, favorably considers the long experience of
the promoters in the cotton industry and the favorable location
of the firm giving it easy access to high quality raw cotton.
Established in 2010, Bhavani Cotex is engaged in ginning &
pressing of raw cotton to produce cotton seeds and cotton bales.
The firm is located at Bodeli, Gujarat. It is also engaged in
trading of cotton bales, cotton seeds and cotton oil .The firm is
equipped with 32 ginning machines and 1 pressing machine with an
installed capacity to produce 340 cotton bales per day.
CAIRO INT'L: ICRA Puts '[ICRA]B' Rating on INR14.85cr LT Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR14.85 crore long term
fund based bank facilities of Cairo International. ICRA has also
assigned an '[ICRA] A4' rating to INR4.50 crore short term fund
based bank facilities of Cairo International.
The assigned ratings are constrained by the firm's modest
profitability which is on account of significant proportion of
trading sales and high working capital intensity of operations
which coupled with steady revenue growth and modest profitability
has resulted in incremental working capital borrowing to fund the
cash flows, resulting in leveraged capital structure. The debt
coverage indicators are also modest on account of leveraged
capital structure and modest profitability. The assigned ratings
are also constrained by the partnership nature of the firm which
limits the financial flexibility and could impact the financial
profile of the firm in case of withdrawal of capital by the
partners. The scale of the firm's operations is modest in a
competitive and fragmented industry which along with subdued
demand would keep the volume growth and profitability under
pressure.
The ratings, however favorably take into account the steady
growth in the firm's revenue and the significant experience and
active involvement of the partners in the business operations.
Going forward, an improvement in the financial profile on account
of improvement in the profitability which would be driven by
increasing proportion of garment sales and infusion of additional
capital by the partners to fund the incremental working capital
requirement; and change in constitution of the firm to that of a
private limited company would be the key rating sensitivities
going forward.
About Cairo International
Cairo International is a partnership firm which was formed in
December 2003 and is engaged in manufacturing of readymade
garments such as shirts, trousers and T-shirts and also in fabric
trading.
The readymade garments are retailed in the domestic markets
mostly under the in-house brands Dash and Cairo while the exports
are mainly for other international brands and retail chains.
EMMVEE SOLAR: ICRA Assigns 'BB+' Rating to INR11.5cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' and a
shortterm rating of '[ICRA]A4+' to the fund based limits and non-
fund based limits of Emmvee Solar Systems Private Limited
aggregating to INR11.50 crore and INR13.51 crore respectively.
The long-term rating has a stable outlook.
The ratings are constrained by the relatively modest size of
operations of the company at present, exposure of its
profitability to movement in raw material prices that has led to
fluctuations in operating profitability in the past and high
working capital intensity in the business owing to high
receivable period leading to subdued fund flow from operations.
The company has witnessed under-absorption of its overheads in
the past due to low capacity utilisation levels caused by
teething problems at new manufacturing site (commissioned during
FY 2010) and delays in launch of new product range which has also
impacted its profitability levels in the past.
The ratings however favorably take into account the company's
established position as one of the leading players in the
domestic solar water heater industry along with a strong presence
in Southern India supported by an established dealer network and
the presence of SolarCAP AS of Denmark (a leading global water
heater manufacturer) as an equity partner.
Though the company's capacity utilisation levels have been low in
FY 2010 and FY 2011, healthy improvement in the same for the
current fiscal along with increased proportion of new range
higher-margin products has led to improvement in revenue size and
profitability levels of the company. The company's revenue growth
is also expected to be boosted by the MNRE subsidy scheme
launched in April 2011 wherein 30% or 60% (depending on the
location of the usage) of the capital cost would be reimbursed to
the customer.
About Emmvee Solar
Emmvee Solar Systems Private Limited was incorporated in the year
1992 as a partnership firm by the promoter, Mr. D.V. Manjunatha,
and subsequently converted into a private limited firm after
four years of incorporation. The company is involved in the
manufacture of solar water heater systems ranging from 100 to
5000 LPD (Litres per Day). The company sells its products mainly
under the brand names of 'Solarizer' and 'Tufguard'. In FY 2010,
the company shifted its entire operations to its present
location at Dabaspet (near Bangalore) and scaled up its
manufacturing capacity from 35 lakh LPD to 62.5 lakh LPD.
In March 2007, SolarCAP AS of Denmark acquired 50% equity stake
of the company from the domestic promoters. As per the
arrangement, the company's Toughened Glass Unit (for toughening
of glass) and Photovoltaic Module Manufacturing Unit,
commissioned in September 2005 and June 2006 respectively, were
hived off into a separate entity called Emmvee Toughened Glass
and Photovoltaics Pvt Ltd (later renamed Emmvee Photovoltaic
Power Pvt Ltd; rated at [ICRA]BBB (stable)/[ICRA]A3+) with effect
from 1st April 2007 through slump sale mode.
For FY 2011, the company reported net losses of INR1.02 crore on
an operating income of INR44.16 crore. During 9-month period of
FY 2012, the company has reported Profit after Tax (PAT) of
INR1.90 crore on an operating income of INR45.30 crore.
FEEDATIVES PHARMA: Fitch Assigns 'B' National Longterm Rating
-------------------------------------------------------------
Fitch Ratings has assigned India-based Feedatives Pharma Private
Limited a National Long-Term rating of 'Fitch B(ind)'. The
Outlook is Stable. Fitch has also assigned FPL's INR130m fund-
based limits a 'Fitch B(ind)' rating.
The ratings are constrained by the company's small scale of
operations with revenue of just INR464.3m in the financial year
ended March 2011 (FY11). The ratings also reflect high inventory
levels leading to tight liquidity, as reflected by 100%
utilisation of its fund-based limits in the last 12 months,
although FPL has applied to banks for additional working capital
facilities. Moreover, FPL has capex plans of INR125.9m for
increasing its capacity of breeding birds to 90,000 from the
existing 63,000, which will be funded by long-term loans of
INR85m. The ratings further reflect the inherent risks in
poultry farming such as disease outbreaks, and the fragmented
nature of the industry.
The ratings also reflect over a decade-long experience of FPL's
founders in poultry farming and improved financial results in
FY11. Revenue rose 81.4% yoy backed by an increase in volume of
birds sold, while EBITDA margin increased to 6.9% (FY10: 5.9%).
Furthermore, interest coverage improved to 3.2x (FY10: 1.5x) and
net financial leverage to 3.1x (FY10: 6.7x) on the back of
increased profitability. However, total debt remained constant
at INR105m (FY10: INR104.3m)
Positive rating guidelines include reduced liquidity pressure and
net leverage falling below 3x on a sustained basis. Conversely,
delays in bank approvals for additional working capital limits
leading to continued liquidity pressure may result in negative
rating action.
Incorporated in 1995, FPL is engaged in integrated poultry
farming of day-old chicks to broiler birds in different parts of
West Bengal and in producing animal feed supplements.
GITA & COMPANY: ICRA Assigns '[ICRA]BB' Rating to INR4.25cr Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the fund
based facilities aggregating INR4.25 crore of Gita & Company.
ICRA has also assigned a short-term rating of [ICRA]A4 to the
non-fund based facilities aggregating INR4.25 crore of GCO. The
long term rating has a stable outlook.
The ratings are constrained by the firm's small size of
operations; high working capital intensity of operations and
vulnerability of operations to regulatory risks such as
imposition of anti-dumping duty. The ratings are further
constrained by GCO's exposure to adverse fluctuations in foreign
currency in the absence of a firm hedging policy and highly
competitive nature of the digital printing consumables segment
which leads to downward pressures on profit margins. The ratings
however draw comfort from the long track record of GCO's
promoters in the digital printing consumable industry; moderate
financial risk profile and favorable demand prospects for digital
printing consumable segment. ICRA further notes that while the
anti-dumping duty is relatively lower for Heytex (China Plant) as
compared with other China based counterparts and GCO has
exclusivity clause with Heytex (China Plant), which in turn is
expected to improve its competitive position as well as overall
profitability, any adverse movement in anti-dumping duty going
forward remains key rating sensitivity. The ability of the firm
to increase its scale while managing the high working capital
intensity remains critical for maintaining its credit risk
profile. Further, GCO is a partnership concern and any
significant withdrawals from the capital account would affect its
capital structure.
About Gita & Company
Gita & Company was established in the year 1965 by Mr. Shantilal
H. Doshi as a plywood trading firm and subsequently ventured into
other businesses. In 1990s, as a part of family settlement,
Shantilal H. Doshi took over trading operations of GCO. In the
year 2000, the firm also started trading in digital printing
consumables (printing and signage materials) viz. frontlit and
backlit flex, self adhesive vinyl, one way vision films, pvc
sheets, canvas etc.
For FY 2011, the firm reported net profit of INR0.47 crore on an
operating income of INR23.62 crore.
GTV ENGINEERING: ICRA Reaffirms '[ICRA]BB-' Long Term Rating
------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on
INR5 crore fund-based limits of GTV Engineering Limited at
'[ICRA]BB-'. The outlook on the long term rating is stable. ICRA
has also reaffirmed short term rating outstanding on the INR14
crores non-fund based limits of GTVEL at [ICRA]A4.
The ratings continue to derive comfort from the company's
experienced management, its reputed client base and its modest
gearing. The ratings are however constrained by high competition
and modest profitability metrics which have resulted in modest
cash accruals for the company. While assigning the ratings, ICRA
also notes the high working capital intensity of the company's
operations and its low bargaining power with its reputed client
base.
GTV (erstwhile Gwalior Tanks &Vessels Limited) is essentially
operating as a subcontractor primarily engaged in heavy steel
fabrications in the state of Madhya Pradesh. The company
undertakes fabrications varying between 10 Tonnes to 100 tonnes
and operates as ancillary to reputed clients such as Alstom
Projects India Ltd., BHEL, FLSmidth etc. The firm is promoted by
the Aggarwal family and has its fabrication units located in
Bhopal (Madhya Pradesh) and Gwalior (Rajasthan).
GUJARAT HIFLOW: ICRA Assigns '[ICRA]B' Rating to INR5.84cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the
INR5.84 crore fundbased facilities and a short-term rating of
'[ICRA]A4' to the INR1.96 crore fund and non-fund based
facilities of Gujarat Hiflow Yarn Limited. ICRA has also assigned
ratings of '[ICRA]B' and '[ICRA]A4' to the INR3.12 crore proposed
limits of the company.
The assigned ratings reflect GHYL's weak financial position
characterized by small scale of operations, thin profitability as
a result of low value addition and a leveraged capital structure.
The ratings are also constrained on account of the vulnerability
of profit margins to volatility in raw material prices and
intense competition from various unorganized players. However,
the ratings favorably factor in the location advantages and the
good demand prospects of its products in the textile sector.
About Guajrat Hiflow
Guajrat Hiflow Yarn Limited is involved in the business of
manufacture of sequins foil, hot stamping foil and metalized
films. The products are sold under the brand name "iKOR". The
company has its registered office and manufacturing facility at
Karanj village, Surat.
Recent Results
During the financial year 2010-11, GHYL registered a profit after
tax of INR0.05 crore on an operating income of INR17.44 crore.
HAYWARD SYNTHETICS: ICRA Assigns 'B+' Rating to INR11cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR11.00 crore cash credit
facility and INR8.00 crore term loans of Hayward Synthetics
Private Limited. ICRA has also assigned [ICRA]A4 rating to
INR19.00 crore short term fund based (Sublimit of cash credit
facility) and INR5.81 crore short term non fund based (sublimit
of term loans) facilities of HSPL. The total utilization of cash
credit and short term fund based facilities should not exceed Rs
11 crore at any point of usage.
The assigned ratings are constrained by HSPL's small scale of
operations in a fragmented industry, leveraged capital structure
with weak debt coverage indicators as well as stretched liquidity
on account of working capital intensive operations. The ratings
are also constrained by the susceptibility of margins to adverse
raw material (majorly yarn) price fluctuations and sensitivity to
forex risks given sizeable export revenues to the extent not
hedged by forward cover. The ratings, however, favorably factor
in the long experience of HSPL's promoters in the textile
industry and diversified client base.
ICRA notes that the proposed weaving capacity expansion likely to
benefit the company to compete in the growing fabric market,
though capital structure could be adversely affected as the
expansion is debt funded.
Established in 1990 by Mr. Nilesh Goyal and Mr. Pramod Daga,
Hayward Synthetics Pvt Ltd is engaged in the manufacturing of
high end fabric for suitings and shirtings from yarn along with
trading in both finished and grey fabrics. The company has a
registered office in Mumbai and two manufacturing facilities at
Umbergaon in Gujarat and Tarapur in Maharashtra with an installed
capacity of 37 looms producing 25 lac metres of fabric per annum.
Recent Results:
HSPL recorded a net profit of INR0.33 Crore on an operating
income of INR17.33 Crore for the 9 month period ending Dec. 31,
2011. (provisional figures).
J.N.B. STEEL: ICRA Reaffirms '[ICRA]BB-' Rating on INR2cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' for
INR2.0 Crore term loans of J.N.B. Steel Industries Pvt Ltd. The
outlook on the rating is stable. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' to the INR18.0 crore fund-based
limits of JSIPL.
The reaffirmation of ratings positively factor in JSIPL's
experienced promoters, proximity to rawmaterial suppliers, and
its long relationships with customers and suppliers. While
reaffirming the ratings, ICRA has also taken comfort from the
improvement in JSIPL's scale of operations and operating
efficiencies with the commencement of its stainless steel cold
rolled strips/coils unit which is backward integration to its
pipe/tubes manufacturing unit. The ratings are, however,
constrained by JSIPL's low profitability and leveraged capital
structure which results in modest debt coverage indicators as
reflected by interest coverage of 1.9 times and NCA/Total Debt of
7.2% in FY2011. The ratings are also constrained by the
competitive nature of the industry, risks of cyclicality inherent
to the industry, and exposure to volatility in the raw material
prices. Going forward, the company's ability to improve its
profitability and capital structure will be the key rating
sensitivities.
About J.N.B. Steel
Incorporated in 2003, JNB Steel Industries Pvt Ltd is engaged in
manufacturing of Stainless Steel Pipes/Tubes with installed
capacity of 1800 Metric Tonnes Per Annum (MTPA) and cold rolled
coils (CRC) with installed capacity of 7500 MTPA. The CRC unit
was set-up recently with its commercial operations starting from
May 2010.
Recent Results
In FY2011, JSIPL registered operating income (OI) of INR41.9
crore and profit after tax (PAT) of INR0.33 crore compared to OI
of INR14.9 crore and PAT of INR0.13 crore in FY2010.
KBJ EXPORTS: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR20.00 crore fund based facilities of KBJ Exports Limited. ICRA
has also assigned a short term rating of '[ICRA]A4' to the
INR20.00 crore non fund based facilities of KBJEL. The outlook on
the long term rating is stable.
The ratings take into account the limited track record of
operations of the company along with weak financial risk profile
characterized by low profitability, high gearing and weak
coverage indicators. KBJEL's margins are also exposed to
fluctuations in gold prices. Intense competition in gem and
jewellery industry from organized as well as unorganized players
further exerts pressure on margins.
The ratings however factor in the long standing experience of
promoters in gem and jewellery industry and the Group support
available by being part of KBJ Group along with the significant
scaling up of operations seen in the current fiscal.
About KBJ Exports
Established in November 2009, with operations commencing in
March 2010, KBJ Exports Limited is a closely held limited company
engaged in the manufacturing and sale of plain gold jewellery
with product portfolio comprising of rings, earrings, pendants,
bracelets, necklaces etc. The firm has a registered office and
factory in Zaveri Bazaar, Mumbai.
During 2010-11, KBJEL reported a net profit of INR0.05 crore on
an operating income of INR15.56 crore. The company reported a net
profit of INR0.12 crore on an operating income of INR312.60 crore
for the eleven month period of 2011-12 (unaudited).
KBJ GEM: ICRA Assigns '[ICRA]BB-' Rating to INR20cr Loan
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR20.00 crore fund based facilities of KBJ Gem and Jewellery
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR10.00 crore non-fund based facilities of KBJ Gems and
Jewellery Limited. The outlook on the long term rating is
stable.
The ratings take into account the limited track record of
operations of the company along with weak financial risk profile
characterized by low profitability, high gearing and low coverage
indicators.
KBJGJL's profitability margins are exposed to fluctuations in
gold prices. Intense competition in gem and jewellery industry
from organized as well as unorganized players further exerts
pressure on margins. The ratings however factor in the long
standing experience of promoters in gem and jewellery industry
along with group support which the company derives for marketing
and sale of its products and the significant scaling up of
operations seen in the current fiscal.
f About KBJ Gem
Established in October 2009, with operations commencing in March
2010, KBJ Gems and Jewellery Limited is a closely held limited
company engaged in the manufacturing and sale of ethnic
Indian gold jewellery called kundan jewellery.The firm has a
registered office and factory in Zaveri Bazaar, Mumbai.
During 2010-11, KBJGJL reported a net profit of INR0.03 crore on
an operating income of INR13.14 crore. The company reported a net
profit of INR0.10 crore on an operating income of INR270.66 crore
for the eleven month period of 2011-12 (unaudited).
KINGFISHER AIRLINES: Another Board Member Resigns From Airline
--------------------------------------------------------------
Dow Jones' DBR Small Cap reports that Kingfisher Airlines Ltd.
announced the resignation of its second board member in the past
week, as the carrier struggles with financial and operational
troubles.
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.
Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed. The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35 per cent rise from a year earlier.
RENNY EXPORTS: ICRA Places '[ICRA]BB-' Rating on INR14cr Loan
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR14.00 crores fund
based limits of Renny Exports. The outlook on the long-term
rating is stable.
The rating is constrained by limited track record of promoters in
the jewellery business; the firm's modest scale of operations
which coupled with low profitability margins has resulted in
modest cash accruals and moderate debt coverage indicators.
Further, the firm remains exposed to fluctuation in gold prices;
however this risk is partly mitigated by low inventory levels and
very short order execution period. The rating also factors in the
high client concentration risk as the company has dealt with only
three clients in the past and high supplier concentration risk
with all its purchases being from a single supplier.
Nevertheless, the rating draws comfort from the healthy growth in
operating income of the firm driven by rising gold prices and
increasing inflow of orders and the tax benefits arising from
location of Renny Export's manufacturing facility in a tax free
zone (Noida Special Economic Zone).
About Renny Exports
Renny Exports was set up as a partnership firm in April, 2009 by
Mr. Dev Raj Gupta and Mr. Binny Gupta. The firm has its
manufacturing facility at Noida Special Economic Zone and has an
installed capacity of 5 Kg of gold per day. The partners are
engaged in the export of gold jewellery to Dubai.
The firm has two other group concerns: Renny Strips private
Limited (engaged in manufacturing of MS steel wire) and Renny
Steel Casting Private Limited (engaged in manufacturing of MS
Ingot). Both these companies are located in Kohara - Machiwara
Road, Ludhiana.
Recent results
Renny Exports reported a profit after tax (PAT) of INR0.46 crores
on an operating income of INR31.81 crores in 2010-11, against a
PAT of INR1.73 crores on an operating income of INR18.95 crores
in 2009-10.
SAMMAN LAL: ICRA Assigns '[ICRA]BB' Rating to INR3.6cr LT Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' with a
stable outlook to the INR3.60 crore fund based bank facilities of
Samman Lal Sher Singh Papers Private Limited. Additionally SLSSP
has rating outstanding of '[ICRA]BB (stable)' for INR14.40 crores
fund based limits.
The rating factors in the intensely competitive nature of the
paper trading industry and SLSSP's modest scale of operations,
which along with the inherent nature of the distribution business
has resulted in thin profitability margins for the company. The
rating is also constrained by supplier concentration risk as 60%
of SLSSP's paper is procured from a single supplier namely Khanna
Paper Mills Limited. ICRA notes that this concentration risk is
mitigated to some extent with the fact that the company is
diversifying its portfolio by increasing the purchase volumes
from other manufacturers which is reflected in the decreasing
proportion of SLSSP's purchases from KPML to 60% in FY11 from
-90% in FY09. The rating draws comfort from fall in gearing
levels in FY 2011 following equity infusion by promoters (0.46
times as on March 31, 2011 to 1.28 times as on March 31, 2010),
SLSSP's experienced management, its long track record in the
paper trading business and its diversified customer base.
About Samman Lal
SLSSP was incorporated in 2005. Prior to this, the business was
conducted through a partnership firm named M/s Samman Lal Sher
Singh Jain. The partnership firm has been in the paper trading
industry since 1960. SLSSP is a closely held company with entire
shareholding with promoters and group companies and their
friends/relatives. The company is managed by two friends namely
Mr. Sangeet Jain and Mr. Mukul Jain. SLSSP is involved in
wholesale trading of paper and duplex board. The company has the
distributorship of paper manufacturing companies like Khanna
Paper Mills Limited, Murli Industries Limited, Three M Paper
Manufacturing Co. P. Ltd and Bindlas Duplex Limited.
Currently, about 60% of the paper procured by SLSSP is from KPML
which has been reduced from 90% in FY 2009.
Recent Results:
As per the audited results, SLSSP reported a net profit of
INR0.46 crore on an operating income of INR118.68 crore for the
year ended March 31, 2011, as against a net profit of
INR0.36 crore on an operating income of INR107.48 crore for the
year ended March 31, 2010.
SHREE CHARBHUJA: ICRA Cuts Rating on INR5.82cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the rating assigned to the INR5.82 crore term
loans and INR5.5 crore fund based facilities of Shree Charbhuja
Spinners Pvt Ltd from '[ICRA]B' to '[ICRA]D'.
The rating action takes into account delays in the debt servicing
by the company in the recent past. The liquidity position of the
company has deteriorated due to shutdown of its manufacturing
unit since January 2012.
Incorporated in 2006, SCSPL is promoted by Mr. Dinesh Gaggar who
has significant experience in the textile business and was
earlier engaged in fabric trading. The company is engaged in
polyester yarn manufacturing and trading of fabrics. SCSPL has
two manufacturing facilities located in RIICO Industrial area in
Bhilwara and has 11700 spindles.
SIYARAM VITRIFIED: ICRA Puts '[ICRA]B+' Rating on INR18.26cr Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR18.26 crore term
loan and INR6.00 crore cash credit facility of Siyaram Vitrified
Private Limited. ICRA has also assigned an [ICRA]A4 rating to
the INR9.98 crore Letter of Credit facility (sub-limit under the
term loan) and INR2.40 crore short term non-fund based facility
of SVPL.
The ratings reflect the risks associated with greenfield projects
including stabilization of plant as per expected operating
parameters and highly competitive nature of the tiles industry.
The ratings also take into account the vulnerability of SVPL's
profitability to increasing gas prices and to the cyclicality
associated with the real estate industry. The company's capital
structure is also expected to remain highly leveraged on account
of debt funded project undertaken by the company.
The ratings, however, favorably consider the experience of the
promoters in ceramic industry and the location advantage
resulting in easy accessibility to raw material sources, the
company is also expected to benefit from the group concerns in
marketing and branding. The rating further takes into account the
positive demand outlook for vitrified tiles in the long run.
About Siyaram Vitrified
Siyaram Vitrified Private Limited is a vitrified tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in June 2011. SVPL is promoted and
managed by Mr. Chirag M. Ujariya and Mr. Kushal R. Kanjiya.
SWARAJ SYNTEX: ICRA Puts '[ICRA]B+' Rating on INR8.77cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR8.77
crore fund-based facilities of Swaraj Syntex Private Limited.
ICRA has also assigned a long-term rating of '[ICRA]B+' and a
short-term rating of [ICRA]A4 to the INR2.50 crore proposed
limits of the company.
The assigned ratings reflect SSPL's small scale of operations;
weak financial profile characterized by low profit margins,
moderate coverage indicators and the vulnerability of
profitability and cash flows to the cyclicality in the textile
industry. ICRA also takes into consideration the company's
exposure to high degree of competition because of the presence of
many unorganized players and the low value additive nature of its
business, which has resulted in low profitability levels.
However, the ratings favorably factor in the long experience of
the directors in the textile industry and the location advantages
arising from its proximity to raw material sources and customers.
About Swaraj Syntex
Swaraj Syntex Private Limited is into the business of dyeing of
polyester grey cloth on job work basis. The company has its
registered office and manufacturing facility at Tantithaiya
village, Surat.
SSPL was into the business of embroidery of sarees and other
designer wear since inception; however it stopped the earlier
business completely and started dyeing operations from April
2011.
Recent Results
During the financial year 2010-11, SSPL registered a profit after
tax of INR0.16 crore on an operating income of INR16.61 crore.
For the nine months ended December 31, 2011, the company earned a
net profit of INR0.07 crore on an operating income of INR8.83
crore (Provisional numbers).
WELL PACK: ICRA Assigns '[ICRA]C-' Rating to INR25.09cr LT Loan
---------------------------------------------------------------
A rating of '[ICRA]C-' has been assigned to the INR25.09 crore
long-term, fund based facilities of Well Pack Papers & Containers
Limited.
The assigned rating is constrained by WPPCL's recent history of
unsatisfactory debt repayment track record & subsequent corporate
debt restructuring in June 2011 and stressed liquidity on account
of high outstanding receivables position of the company. ICRA
also notes that the company has made heavy losses in the current
financial year resulting in further weakening of its financial
risk profile characterized by significantly high gearing levels
and weak coverage indicators. The rating is further constrained
on account of modest scale of operations; fragmented nature of
the kraft paper & laminate industry leading to intense
competition from small unorganized as well as large organized
players and vulnerability of profitability to adverse
fluctuations in raw material prices which may not be passed onto
the customers adequately.
The rating, however, favorably factors in the long experience of
promoters in the paper and packaging industry and the location
advantage derived from proximity of the manufacturing unit to
consumption centres as well as ports for importing waste paper.
About Well Pack Papers
WPPCL was started in 1985 by Mr Vinod Patel along with other
family members for manufacturing packaging materials.
Subsequently, the company had set up a kraft paper manufacturing
unit with 13,200 MTPA (Metric Tonne per Annum) capacity and a
2400 MTPA capacity corrugated box manufacturing plant. However as
per family arrangement the box manufacturing plant was demerged
and transferred to Vishal containers in FY2008, whereas the paper
unit has been retained under WPPCL under the management of VInod
Patel and his sons. WPPCL has also set up a laminate
manufacturing unit with 0.125 million sheets (of 1 mm) per month
in September 2009. WPPCL is a listed company with promoters
holding 44.54% of the share capital and remaining 55.46% holding
with public and others.
Recent Results
For the year ended March 31, 2011 the company reported an
operating income of INR33.76 crore and profit after tax of
INR0.02 crore as against an operating income of INR19.77 crore
and profit after tax of INR0.40 crore for FY 2010. For the 9
months period ended on December 31, 2011, the company has
reported an operating income of Rs 6.45 crore and a loss of
INR14.40 crore.
=========
J A P A N
=========
AIJ INVESTMENT: President Again Denies Deceiving Clients
--------------------------------------------------------
The Japan Times reports that Kazuhiko Asakawa, president of
scandal-tainted AIJ Investment Advisors Co., repeated Tuesday in
his second appearance before the Diet that he had no intention of
deceiving corporate pension fund clients, prompting criticism
from lawmakers and other witnesses.
During his unsworn testimony before the Upper House Financial
Affairs Committee, Mr. Asakawa admitted responsibility for AIJ's
investment failure but denied accusations that he had committed
fraud, according to the report.
The Japan Times relates that the AIJ president said he did not
mean to cover up the losses but had always wanted to offset them
while avoiding reporting them.
"I have never intended to increase my private assets or make a
profit for myself by tricking my clients," the report quotes
Mr. Asakawa as saying. "I could not disclose (the losses)
because I could not and should not end up making losses when I
thought of the importance of pensions."
But Isao Watanabe, who testified as the head of corporate pension
funds for construction firms in Tochigi Prefecture, which
entrusted JPY4.5 billion to AIJ, slammed Mr. Asakawa's claims,
the report says.
"What happened was nothing more than fraud," Mr. Watanabe told
the committee, The Japan Times reports.
The Japan Times relates that in the same session, Hideaki
Nishimura, president of ITM Securities Co., which is effectively
under AIJ's control, and Isao Ishiyama, a retiree of the now-
defunct Social Insurance Agency and who currently operates a
pension fund consultancy, reiterated they were not responsible
for AIJ covering up its losses. Both Nishimura and Ishiyama, as
well as Asakawa, previously attended a Financial Affairs
Committee session in the Lower House on March 27, the report
adds.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.
As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.
Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010. It has 12 employees.
AIJ INVESTMENT: 10 Firms Seeking to Quit Membership
---------------------------------------------------
Kyodo News reports that more than 10 companies belonging to some
of the 74 corporate pension funds that entrusted assets to
scandal-hit AIJ Investment Advisors Co. are seeking to withdraw
their memberships, according to officials of the funds.
The news agency says the hurdles to withdraw from corporate
pension funds are high, but the managers face the possibility of
incurring increased losses.
The companies must be able to cover reserve shortages in a lump
sum payment and receive approval from more than two-thirds of
member representatives, Kyodo relates.
Companies that can't afford to meet the payment requirement will
remain in the funds and may be forced to bear AIJ's losses, the
pension fund officials told Kyodo.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.
As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.
Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010. It has 12 employees.
OLYMPUS CORP: Woodford to Launch "Surprise" Action at Meeting
-------------------------------------------------------------
Kyodo News reports that Michael C. Woodford, former president and
chief executive officer of Olympus Corp., said he is planning to
launch a "surprise" action at an extraordinary shareholders'
meeting of company slated for April 20, opposing a proposed new
management lineup.
"I'll announce that on the day. I'm not going to do it
beforehand. It will be a surprise," the report quotes
Mr. Woodford as saying. "It's going to be an interesting
meeting."
According to the news agency, Mr. Woodford, who blew the whistle
on murky acquisition deals by Olympus, including the 2008 buyout
of British medical company Gyrus Group PLC, after he was
dismissed from his post last October, said he plans to visit
Tokyo ahead of the Japanese release April 16 of his memoirs on
the accounting scandal.
Mr. Woodford plans to stay in Japan to attend the shareholders'
meeting, Kyodo relates.
Kyodo notes that Olympus, which has been mired in the loss
coverup scandal, announced in February it has decided to appoint
Executive Officer Hiroyuki Sasa as the next president and have
Yasuyuki Kimoto, former senior managing director of Sumitomo
Mitsui Banking Corp., serve as chairman.
Mr. Woodford is against the proposed new board members mainly
because Mr. Kimoto is supposed to take the key post, according to
the report.
Meanwhile, Kyodo News reports that Mr. Sasa said Olympus will
reduce its lineup of digital camera products in an effort to
return its loss-making camera division to profitability.
Kyodo relates that the 56-year-old executive, who is the firm's
pick to succeed President Shuichi Takayama after an extraordinary
shareholders' meeting scheduled for April 20, said he aims to
unveil a restructuring plan before a regular shareholders'
meeting in June.
Mr. Sasa said that while several firms have made proposals for
tieups with Olympus to reconstruct its financial base weakened by
the loss coverup scandal, it has not ruled out moving forward on
its own, Kyodo adds.
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.
TOKYO ELECTRIC: Industry Minister Says Bankruptcy is An Option
--------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Japanese industry
minister Yukio Edano said the government would likely have to
either seize control of Tokyo Electric Power Co. or let it go
bankrupt to force the kind of drastic restructuring necessary
following last year's devastating accident at its nuclear plant
in Fukushima.
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
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.
In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.
=========
K O R E A
=========
* SOUTH KOREA: FSS Classifies 34 Conglomerates as Heavy Debtors
---------------------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
said that a total of 34 business groups were designated as
heavily indebted conglomerates and are required to improve their
financial status.
The financial regulator said the combined debts owed by the 34
heavy debtors, including Hyundai Automotive Group and Kumho
Asiana Group, reached KRW267.2 trillion at the end of 2011,
accounting for 16.5 percent of total corporate lending extended
by banks and other financial firms, Yonhap relates.
This year's number of heavy corporate debtors fell from 37 a year
earlier, the watchdog, as cited by Yonhap, said.
According to the news agency, the regulator annually releases the
list of industrial groups with heavy debts to the seven main
local banks, including top player Kookmin Bank and Woori Bank, in
order to assess the financial health of the indebted
conglomerates.
The regulator said the main lenders will examine the financial
structure of their borrowers by the end of April and those who
are found to have trouble repaying their debts will be required
to sign an agreement with their lenders by end-May on how to
shore up their financial health, the report states.
Last year, Yonhap recalls, six heavy corporate debtors, including
Hanjin Group and Dongbu Group, signed deals with their main
lenders to improve their financial footing.
====================
N E W Z E A L A N D
====================
AORANGI SECURITIES: Managers Seek Court Ruling on NZ$60MM Assets
----------------------------------------------------------------
BusinessDesk reports that the statutory managers of Aorangi
Securities have sought a court ruling on the status of
NZ$60 million of assets pledged to the failed firm by Allan
Hubbard and his wife, which will have a major bearing on how much
investors recover.
According to the report, receivers Richard Simpson, Trevor
Thornton and Graeme McGlinn of Grant Thornton said the way the
Hubbards introduced the assets to Aorangi was "unconventional and
the transfer of legal title of assets to Aorangi was not
completed in most cases."
The receivers said that getting a High Court ruling on whether
Aorangi legally has title to the assets involves a decision on a
"complex situation" and getting a hearing scheduled may not be
achieved this calendar year, BusinessDesk relates.
BusinessDesk says the managers have distributed NZ$11.5 million,
or 12 cents in the dollar, to investors to date. Any further
payments now hang on the court ruling and other loan recoveries.
That's been at a cost of NZ$4.15 million since the managers were
appointed, including NZ$2.4 million for their own fees,
BusinessDesk notes.
The assets introduced by the Hubbards were some 34 separate
entities such as interests in farm-owning partnerships, including
shares and loans.
BusinessDesk states that the Hubbards introduced the assets in
their personal capacities as trustees of various trusts and as
company shareholders and directors, the report said.
At the time the assets were moved across they were valued at
NZ$96 million but were subsequently scaled back by Hubbard.
According to BusinessDesk, the managers said in their 10th
statutory managers report that some NZ$4.9 million of Aorangi's
NZ$25 million investment in Te Tua Charitable Trust, which was
administered by the Hubbards, has been recovered and provisions
have been made for NZ$11.5 million that may not be recoverable.
Because many of the loans were 'last resort' loans, recovery
"will take time and there are likely to be substantial losses on
this part of Aorangi assets," the receivers said.
About Aorangi Securities
Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.
On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities. The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti. Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.
The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission. Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.
On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.
The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on September 2. Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.
HANOVER FINANCE: Investors May Launch Own Compensation Action
-------------------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that a group of 3,000
Hanover Finance Limited investors said it will work with the
Financial Markets Authority in proceedings against the company's
former directors and promoters but may also launch its own action
to gain compensation.
As reported in the April 4, 2012, edition of the Troubled Company
Reporter-Asia Pacific, the Financial Markets Authority, on
March 30, 2012, filed civil proceedings against directors and
promoters of Hanover Finance Ltd, Hanover Capital Ltd, and United
Finance Ltd.
Proceedings under the Securities Act have been filed against Mark
Hotchin, Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon
and Dennis Broit. They relate to statements made in the December
2007 prospectuses, subsequent advertising, and the March 2008
prospectus extension certificate.
FMA is seeking declarations, pecuniary penalty orders and
compensation for investors who made investments during the period
Dec. 7, 2007 to July 22, 2008. During this period, new
investments and reinvestments totalled NZ$35 million.
According to nzherald.co.nz, spokesman for the Hanover Action
Group Tim Rainey said its members were willing to work with the
FMA.
"In part our action will be for those people who [invested
between December 2007 and July 2008] to work with the FMA to
ensure they come forward, have their claims quantified and seek
appropriate compensation should the FMA be successful," the
report quotes Mr. Rainey as saying.
As well as supporting the FMA, nzherald.co.nz relates, Mr. Rainey
said the group could take further proceedings against the
trustees of the Hanover companies to gain compensation for a
wider group of investors.
"We're looking at the viability of an action against the trustees
of the two Hanover companies. So there's Perpetual, who was
trustee for the United Finance portfolio, and New Zealand
Guardian Trust who were the statutory trustees for Hanover
Finance," Mr. Rainey, as cited by nzherald.co.nz, said.
Mr. Rainey said any potential action would be alleging negligence
on behalf of the trustees, nzherald.co.nz adds.
About Hanover Finance
Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.
Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.
In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.
The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.
=================
S I N G A P O R E
=================
SLP (CHINA): Creditors' Proofs of Debt Due April 27
---------------------------------------------------
Creditors of SLP (China) Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 27, 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
STAMFLES REMOTE: Creditors' Proofs of Debt Due April 13
-------------------------------------------------------
Creditors of Stamfles Remote Site Services Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
April 13, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Goh Ngiap Suan
c/o Goh Ngiap Suan & Co
336 Smith Street
#06-308 New Bridge Centre
Singapore 050336
VALIMPEX (S): Creditors' Proofs of Debt Due April 30
----------------------------------------------------
Creditors of Valimpex (S) Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 30, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Chian Yeow Hang
c/o ABACUS ADVISORY SERVICES PTE LTD
6001 Beach Road
#09-09 Golden Mile Tower
Singapore 199589
WEI LUN: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of Wei Lun Engineering Pte Ltd's.
United Overseas Bank Limited filed the petition against the
company.
The company's liquidator is:
The Official Receiver
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118
YH ETERNAL: Creditors' Proofs of Debt Due April 27
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Creditors of YH Eternal Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 27, 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
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T A I W A N
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OMPHALOS CORP: KCCW Accountancy Raises Going Concern Doubt
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Omphalos, Corp., filed on March 29, 2012, its annual report on
Form 10-K for the fiscal year ended Dec. 31, 2011.
KCCW Accountancy Corp., in Diamond Bar, California, expressed
substantial doubt about Omphalos, Corp.'s ability to continue as
a going concern. The independent auditors noted that the Company
has net losses of $1.61 million and $802,200 during the years
ended Dec. 31, 2011, and 2010, respectively.
The Company reported a net loss of $1.6 million on $454,000 of
sales for 2011, compared with a net loss of $802,200 on $929,900
of sales for 2010.
The Company's balance sheet at Dec. 31, 2011, showed $2.2 million
in total assets, $149,913 in total current liabilities, and
stockholders' equity of $2.0 million.
A copy of the Form 10-K is available for free at:
http://is.gd/nlR6YT
Based in Luchu Taoyuan County, Taiwan, Omphalos, Corp., through
its wholly-owned subsidiaries which serve as third-party
resellers, supplies a wide range of equipment and parts including
refurbished and modified reflow soldering ovens and automated
optical inspection machines for printed circuit board (PCB)
manufacturers in Taiwan and China. Omphalos also provides after
sale services such as maintenance and repairs to its customers
and sells parts for the equipment.
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V I E T N A M
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DOT VN: Incurs $510,590 Net Loss in Jan. 31 Quarter
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DOT VN, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of $510,590 on $180,110 of revenue for the three months
ended Jan. 31, 2012, compared with a net loss of $993,813 on
$212,299 of revenue for the same period a year ago.
The Company reported a net loss of $2.89 million on $644,996 of
revenue for the nine months ended Jan. 31, 2012, compared with a
net loss of $3.95 million on $790,609 of revenue for the same
period during the prior year.
The Company's balance sheet at Jan. 31, 2012, showed $2.49
million in total assets, $9.20 million in total liabilities and a
$6.70 million total shareholders' deficit.
Following the 2011 results, PLS CPA, in San Diego, Calif., noted
that the Company's losses from operations raised substantial
doubt about its ability to continue as a going concern.
A copy of the Form 10-Q is available for free at:
http://is.gd/HGEdQP
About Dot VN
Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
http://www.INFO.VN
The Company is the "exclusive online global domain name registrar
for .VN (Vietnam)." Dot VN is the sole distributor of Micro-
Modular Data Centers(TM) solutions and E-Link 1000EXR Wireless
Gigabit Radios to Vietnam and Southeast Asia region. Dot VN is
headquartered in San Diego, California with offices in Hanoi,
Danang and Ho Chi Minh City, Vietnam.
Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.
* Vietnam Executive Sentenced to 20 Years in Shipping Scandal
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According to Dow Jones' Daily Bankruptcy Review, Agence France-
Presse reported that a Vietnamese court jailed the former
chairman of a major state-owned shipbuilder for 20 years over a
scandal which shook investor confidence in the communist nation.
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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
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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
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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
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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.
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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.
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*** End of Transmission ***