/raid1/www/Hosts/bankrupt/TCRAP_Public/121220.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, December 20, 2012, Vol. 15, No. 253
Headlines
A U S T R A L I A
KOMBAT CLOTHING: Enters Into Administration; Staff Terminated
NORSEMAN GOLD: Creditors' Meeting Moved to March 2013
H O N G K O N G
CITIC LOGISTICS: Creditors' Meeting Set for Dec. 27
EFP (HONG KONG): Borrelli and Yuen Appointed as Liquidators
FANLING CENTRE: Lee King Yue Appointed as Liquidator
HK MORIYA: Masashi Kurata Appointed as Liquidator
LANDPAC COMPACTION: Seng and Ngai Step Down as Liquidators
LEHMAN BROTHERS: Paul Jeremy Brough Steps Down as Liquidator
LEHMAN BROTHERS ASIA: Brough Steps Down as Liquidator
LEHMAN BROTHERS ASIA CAPITAL: Brough Steps Down as Liquidator
LEHMAN BROTHERS ASIA HOLDINGS: Brough Steps Down as Liquidator
LEHMAN BROTHERS COMMERCIAL: Creditors Get 3.7% Recovery on Claim
LEHMAN BROTHERS COMMERCIAL: Brough Steps Down as Liquidator
LYTESS ASIA: Andrieu Appointed as Liquidator
MANROSE LIMITED: Seng and Wong Step Down as Liquidators
NEC NAGANO: Li Wai See Steps Down as Liquidator
PACIFIC BRIGHT: Creditors' Proofs of Debt Due Jan. 14
I N D I A
AGARWAL & ASSOCIATES: CRISIL Puts 'B' Rating on INR65MM Loans
A R LOOMTEX: CRISIL Assigns 'CRISIL B+' Rating to INR61.5MM Loans
BISWAPITA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
KESHAV ENTERPRISES: CRISIL Rates INR30MM Loan at 'CRISIL B'
KINGFISHER AIRLINES: Plans to Resume Some Flight Operations
NAGPUR ASHOK: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loans
N. R. ISPAT: CRISIL Places 'CRISIL B+' Rating on INR417.9MM Loans
OMR TRAVEL: CRISIL Assigns 'CRISIL B-' Rating to INR150MM Loans
R BALARAMI: CRISIL Cuts Rating on INR80MM Loan to 'CRISIL C'
SARASWATI PIGMENTS: CRISIL Places 'B' Rating on INR85MM Loans
SIDDHARTH PROPERTIES: CRISIL Rates INR290MM Loan at 'CRISIL C'
SRI BALAJI: CRISIL Assigns 'CRISIL B' Rating to INR3.5MM Loans
SRI LAKSHMI: Delay in Loan Payment Cues CRISIL Junk Ratings
URAL INDIA: CRISIL Assigns 'CRISIL B-' Rating to INR231.9MM Loans
VIJAYASRI ORGANICS: Delay in Loan Payment Cues CRISIL Junk Rating
N E W Z E A L A N D
CAPITAL + MERCHANT: Sentence Appeal Decision Expected This Week
S I N G A P O R E
MACQUARIE GROUP: To Close Singapore Infrastructure Fund
OCH-ZIFF REAL ESTATE: Creditors' Proofs of Debt Due Jan. 14
REPE SINGAPORE: Creditors' Proofs of Debt Due Jan. 14
SPACE PRODUCTION: Court Enters Wind-Up Order
VEPRO (SEA): Creditors' Proofs of Debt Due Dec. 28
- - - - -
=================
A U S T R A L I A
=================
KOMBAT CLOTHING: Enters Into Administration; Staff Terminated
-------------------------------------------------------------
SmartCompany reports that Victorian uniform manufacturer Kombat
Clothing has entered administration just before Christmas and
administrators are looking to sell the business.
Andrew Beck -- andrew.beck@rsmi.com.au -- and Paul Stewart --
paul.stewart@rsmi.com.au -- of RSM Bird Cameron were appointed as
administrators to Kombat this week, SmartCompany discloses.
Mr. Beck told SmartCompany all staff were dismissed prior to the
appointment of the administrators and RSM Bird Cameron was now
looking to sell the business.
"We have people out there. We think we can sell the business as
it is, a number of interested buyers have contacted us," the
report quotes Mr. Beck as saying. "We have put in place
procedures for orders; we should be able to get their uniforms to
them [clients]. It is business as usual while we go through the
sales process."
SmartCompany relates that Mr. Beck said Kombat was put into
administration as it was insolvent and the reasons for the
insolvency are not known yet but the manufacturer did have a lot
of debt and some difficulties with suppliers.
"There is a large amount of secured debt which they were unable
to pay and they had some trading difficulties with suppliers, a
dispute over quality issues out of China," Mr. Beck, as cited by
SmartCompany, said.
Creditors are owed around AUD10 million, with Investec Bank being
the major secured creditor alongside Kombat's directors, who Mr.
Beck said "are owed quite a bit of money as well," adds
SmartCompany.
Kombat Clothing manufactures uniforms for sporting teams and
businesses. It had a turnover of around AUD10 million a year and
employed over 80 full-time staff.
NORSEMAN GOLD: Creditors' Meeting Moved to March 2013
-----------------------------------------------------
The voluntary administrator of Norseman Gold pld's main operating
subsidiary, CNGC, Ron Dean-Willcocks of Dean-Willcocks Shepard,
has released to creditors an interim report dated Dec. 10, 2012.
The preliminary report does not include any proposed Deed of
Company Arrangement ("DOCA") or any recommendations by the
Administrator as to the future of Central Norseman Gold
Corporation Ltd.
The report to creditors which is required pursuant to section
439A of the Act will now be issued no later than Feb. 26, 2013.
The Administrator has stated that, in the event of liquidation,
absent recoveries from matters arising from the
administrator's/liquidator's investigations, there will be
insufficient moneys to pay any dividend to employee priority
creditors and unsecured creditors and likely a shortfall to
secured creditors.
The voluntary administrator was appointed on Oct. 3, 2012
pursuant to a resolution of the board of directors of the Company
on that date. By orders granted in the Federal Court, the
convening period was extended to Dec. 10, 2012, with the meeting
of creditors pursuant to section 439A of the Act to be held no
later than Dec. 17, 2012.
The Administrator, with the support of the Committee of
Creditors, approached the Federal Court for orders to further
extend the convening period until Feb. 28, 2013. Those orders
were granted on the Dec. 4, 2012. Consequently now the meeting
of creditors to be held pursuant to section 439A of the Act is to
be held no later than March 7, 2013.
About Norseman Gold
Norseman Gold plc -- http://www.norsemangoldplc.com/-- is
engaged in gold mining operation. The Company operates in two
operating mines, which include the Harlequin high-grade
underground gold mine; and the North Royal Open Pit mine.
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 5, 2012, Proactiveinvestors.co.uk said Norseman Gold Plc
appointed an administrator to its main operating subsidiary CNGC
after production problems at the Norseman mine left it short of
cash. Norseman's directors said they propose to submit a deed of
company arrangement for consideration of creditors that will
provide for the continuation of the business of CNGC and control
to be returned to them. Ron Dean-Willcocks of Dean-Willcocks
Shepard who had been appointed administrator to CNGC said he
intends to continue to run the Norseman Mine as a going concern,
Proactiveinvestors.co.uk added.
================
H O N G K O N G
================
CITIC LOGISTICS: Creditors' Meeting Set for Dec. 27
---------------------------------------------------
Creditors of CITIC Logistics (International) Company Limited will
hold their meeting on Dec. 27, 2012, at 2:30 p.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Companies Ordinance.
The meeting will be held at Room 503, 3 Lockhart Road, Wanchai,
in Hong Kong.
EFP (HONG KONG): Borrelli and Yuen Appointed as Liquidators
-----------------------------------------------------------
Cosimo Borrelli and Yuen Lai Yee on Nov. 30, 2012, were appointed
as liquidators of EFP (Hong Kong) Funding I Limited.
The liquidators may be reached at:
Cosimo Borrelli
Yuen Lai Yee
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
FANLING CENTRE: Lee King Yue Appointed as Liquidator
----------------------------------------------------
Lee King Yue on Dec. 11, 2012, was appointed as liquidator of
Fanling Centre (Management) Limited.
The liquidator may be reached at:
Lee King Yue
72-76/F, Two International Finance Centre
8 Finance Street
Central, Hong Kong
HK MORIYA: Masashi Kurata Appointed as Liquidator
-------------------------------------------------
Masashi Kurata on Dec. 10, 2012, was appointed as liquidator of
Hong Kong Moriya Co., Limited.
The liquidator may be reached at:
Masashi Kurata
Room 1210, Wayson Commercial Building
28 Connaught Road
West, Sheung Wan
Hong Kong
LANDPAC COMPACTION: Seng and Ngai Step Down as Liquidators
----------------------------------------------------------
Natalia Seng Sze Ka Mee and Ngai Kit Fong stepped down as
liquidators of Landpac Compaction H.K. Limited on Dec. 5, 2012.
LEHMAN BROTHERS: Paul Jeremy Brough Steps Down as Liquidator
------------------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Futures Asia Limited on Sept. 28, 2012.
LEHMAN BROTHERS ASIA: Brough Steps Down as Liquidator
-----------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Asia Limited on Sept. 28, 2012.
LEHMAN BROTHERS ASIA CAPITAL: Brough Steps Down as Liquidator
-------------------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Asia Capital Company Limited on Sept. 28, 2012.
LEHMAN BROTHERS ASIA HOLDINGS: Brough Steps Down as Liquidator
--------------------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Asia Holdings Limited on Sept. 28, 2012.
LEHMAN BROTHERS COMMERCIAL: Creditors Get 3.7% Recovery on Claim
----------------------------------------------------------------
Lehman Brothers Commercial Corporation Asia Limited, which is in
liquidation, declared the second interim ordinary dividend to its
creditors on Dec. 14, 2012.
The company paid 3.7% for ordinary claims.
The company's liquidators are:
Edward Middleton
Patrick Cowley
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
LEHMAN BROTHERS COMMERCIAL: Brough Steps Down as Liquidator
-----------------------------------------------------------
Paul Jeremy Brough stepped down as liquidator of Lehman Brothers
Commercial Corporation Asia Limited on Sept. 28, 2012.
LYTESS ASIA: Andrieu Appointed as Liquidator
--------------------------------------------
Philippe Georges Raymond Andrieu on Dec. 3, 2012, was appointed
as liquidator of Lytess Asia Limited.
The liquidator may be reached at:
Philippe Georges Raymond Andrieu
51 Rue des Carnaux, 37510 Ballan Mire
France
MANROSE LIMITED: Seng and Wong Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Manrose Limited on Nov. 28, 2012.
NEC NAGANO: Li Wai See Steps Down as Liquidator
-----------------------------------------------
Li Wai See stepped down as liquidator of NEC Nagano Karrie
Electronics Limited on Dec. 4, 2012.
PACIFIC BRIGHT: Creditors' Proofs of Debt Due Jan. 14
-----------------------------------------------------
Creditors of Pacific Bright International Investment Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Jan. 14, 2013, to be included in the
company's dividend distribution.
The company's liquidators are Ng Kit Ying Zelinda and Christopher
Harvey Hall.
=========
I N D I A
=========
AGARWAL & ASSOCIATES: CRISIL Puts 'B' Rating on INR65MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Agarwal & Associates Impex Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Assigned)
Term Loan 5 CRISIL B/Stable (Assigned)
The rating reflects AAIPL's modest scale of operations in a
highly fragmented and competitive wood industry, its large
working capital requirements, and weak financial risk profile,
marked by high gearing and weak debt protection indicators. These
rating weaknesses are partially offset by promoters' extensive
experience in wood industry.
Outlook: Stable
CRISIL believes that AAIPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case the company achieves
significant improvement in its scale of operations and
profitability leading to improvement in debt protection measures.
Conversely, the outlook may be revised to 'Negative' in case of
slowdown in the company's revenues or deterioration in its
profitability, capital structure, or debt protection metrics.
About Agarwal & Associates
AAIPL is a private limited company incorporated in 2009. It was
established as a proprietorship concern named Agarwal &
Associates Impex in 1997 and was later reconstituted as a private
limited company.
AAIPL manufactures and distributes natural veneers, reconstituted
veneers, veneer doors, pre-fabricated doors, high digestible
fibre (HDF) moulded doors, plywood, and blockboard. Mr. Ankur
Agarwal, managing director of AAIPL, looks after the company's
day-to-day operations.
The registered office of the company is at Noida (Uttar Pradesh)
and its manufacturing facilities are in Surajpur (Uttar Pradesh).
A R LOOMTEX: CRISIL Assigns 'CRISIL B+' Rating to INR61.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term loan facilities of A R Loomtex India Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 48 CRISIL B+/Stable (Assigned)
Term Loan 13.5 CRISIL B+/Stable (Assigned)
The rating reflects ARL's small scale of operations, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that ARL derive from its
promoters' extensive industry experience and moderate financial
risk profile.
Outlook: Stable
CRISIL believes that ARL will benefit over the medium term from
its promoters' extensive industry experience and its established
customer base. The outlook may be revised to 'Positive' if the
company increases its scale of operations, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ARL's financial risk profile and liquidity
deteriorates significantly because of large borrowings for
capital expenditure or working capital requirements or decline in
operating margins.
About A R Loomtex
Incorporated in 1995, ARL manufactures and designs various types
of curtain and sofa cloths, sold under its brand name Concept. It
is promoted by Mr. Mukesh Gupta and his family. ARL has its
manufacturing unit located in Barhi Industrial Area (Haryana).
ARL reported a profit after tax (PAT) of INR1.0 million on net
sales of INR162.2 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.5 million on net
sales of INR100.3 million for 2010-11.
BISWAPITA COLD: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Biswapita Cold Storage Pvt Ltd. The ratings
reflect instances of delay by BCSPL in servicing its debt; the
delays have been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 27.5 CRISIL D (Assigned)
Proposed Long-Term 35.2 CRISIL D (Assigned)
Bank Loan Facility
Bank Guarantee 1.4 CRISIL D (Assigned)
Cash Credit 35.8 CRISIL D (Assigned)
BCSPL also has a weak financial risk profile, marked by a weak
capital structure. Moreover, it is susceptible to regulatory
changes and to intense competition in the cold storage industry
in West Bengal. However, BCSPL benefits from its promoters'
extensive experience in the cold storage industry.
About Biswapita Cold
BCSPL was set up in 2008 to provide cold storage facility to
potato farmers and traders. It has a facility in Paschim
Medinipur (West Bengal). The company's day-to-day operations are
being managed by the Rahman family.
KESHAV ENTERPRISES: CRISIL Rates INR30MM Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Keshav Enterprises.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 110 CRISIL A4 (Assigned)
Letter of Credit 30 CRISIL B/Stable (Assigned)
The ratings reflect KE's weak financial risk profile, marked by a
small net worth, a high gearing, and weak debt protection
metrics. The ratings also factor in the firm's susceptibility to
cyclicality in the ship breaking industry and to volatility in
steel scrap prices and in foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
the proprietor and his family in the ship breaking industry.
Outlook: Stable
CRISIL believes that KE will continue to benefit over the medium
term from the extensive experience of the proprietor and his
family in the ship breaking industry. The outlook may be revised
to 'Positive' if the firm registers significant improvement in
its revenues and profitability, leading to significant
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if KE witnesses a
significant decline in its revenues or deterioration in its
profitability, leading to deterioration in its capital structure
or debt protection metrics.
About Keshav Enterprises
KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is in the ship breaking business; it also
trades in scrap metal.
KE reported a book profit of INR2 million on net sales of INR110
million for 2011-12 (refers to financial year, April 1 to
March 31), against a book profit of INR1 million on net sales of
INR74 million for 2010-11.
KINGFISHER AIRLINES: Plans to Resume Some Flight Operations
------------------------------------------------------------
Anirban Chowdhury at The Wall Street Journal reports that
Kingfisher Airlines Ltd., said Monday it plans to resume at least
some of its flights soon.
"We will start in a phased manner and provide funding ourselves,"
the Journal quotes spokesman Prakash Mirpuri as saying in a
statement. The airline hasn't asked its lenders for any support
to resume operations, he added.
According to the Journal, Kingfisher's chairman, Vijay Mallya,
met the company's lenders earlier on Monday and told them about
its plan.
After the meeting, Shyamal Acharya, deputy managing director at
its biggest lender, State Bank of India, told reporters the
airline will need INR4.25 billion (US$77.5 million) to resume
flight operations.
The Journal relates that Mr. Acharya said State Bank and five
other lenders --IDBI Bank Ltd., Bank of India, Punjab National
Bank, Bank of Baroda and United Bank of India -- have formed a
group to monitor the airline's flight-resumption plan.
The carrier suspended its operations in October because of a
strike by its employees over unpaid salaries. Later that month,
the aviation regulator suspended its licenses as the company
failed to provide a plan to resume operations, the Journal
recalls.
The Journal relates that Kingfisher's employees ended their
strike in late October after the company promised to pay part of
their salaries. However, the regulator hasn't yet allowed it to
resume flights.
Mr. Mirpuri didn't say how and by when the airline would get its
flying license reactivated, the Journal says.
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.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
NAGPUR ASHOK: CRISIL Assigns 'CRISIL B' Rating to INR100MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of The Nagpur Ashok.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B/Stable (Assigned)
Term Loan 97 CRISIL B/Stable (Assigned)
The rating reflects TNA's small scale of operations and single
site concentration, below-average financial risk profile marked
by small net worth and weak debt protection metrics. The rating
also reflects vulnerability of TNA's operating performance to
cyclicality in the hospitality industry. These rating weaknesses
are partially offset by extensive industry experience and funding
support from promoter and strong brand image due to association
with The Ashok Group.
Outlook: Stable
CRISIL believes that TNA will maintain its business risk profile
over the medium term, backed by strong brand image of The Ashok
Group and moderate occupancy levels. The outlook may be revised
to 'Positive' in case of increase in scale of operations on back
of sustained increase in occupancy and average room rates,
resulting in higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile deteriorates due to lower than expected cash accruals
because of lower than expected occupancy levels or average room
rates, or higher than expected debt funded capital expenditure.
About Nagpur Ashok
TNA was set up in 2010, as a proprietorship concern by Mr. Sanjay
Gupta. The firm runs a 29keys, three-star hotel, in Laxmi Nagar,
Nagpur. The hotel commenced commercial operations in March 2011,
and is a franchisee of The Ashok Group.
TNA is constructing Phase 2 of the hotel and has commenced
construction for the same from December 2011. The Phase 2 is
expected to be operational from April 2013.
N. R. ISPAT: CRISIL Places 'CRISIL B+' Rating on INR417.9MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of N. R. Ispat and Power Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 124.5 CRISIL B+/Stable (Assigned)
Term Loan 293.4 CRISIL B+/Stable (Assigned)
The rating reflects NRIPPL's exposure to intense competition in
the steel industry and vulnerability of operating margins to
volatility in raw material prices and working capital intensive
nature of operations. These weaknesses are partially offset by
the extensive experience of NRIPPL's promoters in the steel
industry.
Outlook: Stable
CRISIL believes that NRIPPL will continue to benefit over the
medium term from its promoters extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case there
is a significant and sustained improvement in the company's
revenues and profitability, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in the company's revenues or
profitability or elongation of working capital cycle or larger
than anticipated debt funded capex resulting in a weakening in
its financial risk profile.
NRIPPL, established in January 2008 by Raipur (Chattisgarh) based
Agrawal family, is engaged in manufacturing of mild steel ingots
(around 80 per cent of revenues) and sponge iron (20 per cent of
revenues). The company has its manufacturing facility in Raigarh
(Chattisgarh) with ingot manufacturing capacity of 60 tonnes per
day (tpd) and sponge iron manufacturing capacity of 200 tpd.
Mr. Rajesh Agrawal, Mr. Sanjay Agrawal (brother of Mr. Rajesh
Agrawal) and Mr. Vijay Agrawal (brother of Mr. Rajesh Agrawal)
are the promoters of NRIPPL.
For 2011-12 (refers to financial year, April 1 to March 31),
NRIPPL reported a profit after tax (PAT) of INR8.7 million on net
sales of INR1.1 billion, as against a PAT of INR1.6 million on
net sales of INR688.1 million for 2010-11.
OMR TRAVEL: CRISIL Assigns 'CRISIL B-' Rating to INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facilities of OMR Travel Access Pvt. Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 120 CRISIL B-/Stable (Assigned)
Proposed Cash Credit 30 CRISIL B-/Stable (Assigned)
Limit
The rating reflects OMR's below average financial risk profile
marked by a weak capital structure, its working capital intensive
operations and its geographically concentrated revenue profile.
These rating weaknesses are partially offset by the extensive
experience of OMR's promoters in car-rental industry and its
established relationship with customers.
Outlook: Stable
CRISIL believes that OMR will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company increases its
scale of operations and operating profitability on a sustained
basis, there by leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
OMR's relationship with its key customers deteriorates leading to
a decline in revenues and operating profitability or if the
company undertakes a larger than expected debt funded capital
expenditure, thereby leading to further deterioration in its
financial risk profile.
About OMR Travel
Established in September 2006 as a Private Limited Company, OMR
is involved in providing staff transportation services to
corporate customers. The company is promoted by Mr. N.R Balaji
and his brother Mr. N.R Rangabashyam.
For 2011-12 (refers to financial year April 1 to March 31), OMR
reported a profit after tax (PAT) of INR6.0 million on net sales
of INR513.3 million as against a PAT of INR5.2 million on net
sales of INR350.2 million during 2010-11.
R BALARAMI: CRISIL Cuts Rating on INR80MM Loan to 'CRISIL C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of R Balarami Reddy & Company to 'CRISIL C' from CRISIL B-
/Stable, while reaffirming the rating on the firm's short-term
bank facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 80.0 CRISIL C (Downgraded from
'CRISIL B-/Stable')
Bank Guarantee 70.0 CRISIL A4 (Reaffirmed)
The downgrade reflects instances of delay by RBRC in servicing
its equipment loans (not rated by CRISIL); the delays have been
caused by the firm's weak liquidity. RBRC has weak liquidity
mainly because of its large working capital requirements. The
ratings also reflect RBRC's limited pricing flexibility on
account of the tender-based nature of its business. These rating
weaknesses are partially offset by the benefits that RBRC derives
from its promoters' extensive industry experience.
About R Balarami
RBRC was set up as a partnership firm in the late 1960s by Mr.
Balarami Reddy; it undertakes earthwork contracts for power and
irrigation projects. Currently, the firm is managed by Mr. R
Srinivasula Reddy (son of Mr. Balarami Reddy) and Mr. B
Srinivasula Reddy (brother-in-law of Mr. R Srinivasula Reddy).
SARASWATI PIGMENTS: CRISIL Places 'B' Rating on INR85MM Loans
-------------------------------------------------------------
CRISIL has assigned a 'CRISIL B/Stable' rating to the long-term
bank facilities of Saraswati Pigments Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 41.9 CRISIL B/Stable (Assigned)
Cash Credit 30 CRISIL B/Stable (Assigned)
Proposed Long-Term 13.1 CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects SPPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection
metrics, small scale of operations in a highly competitive
industry, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of
SPPL's promoters in the chemical industry.
Outlook: Stable
CRISIL believes that SPPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company reports
higher-than-expected revenues or profitability. Conversely, the
outlook may be revised to 'Negative' if SPPL's profitability
declines, or its financial risk profile deteriorates, most likely
due to debt-funded capital expenditure or higher-than-expected
working capital requirements.
About Saraswati Pigments
SPPL is promoted by Mr. Kamlesh Patel and his brother Mr. Arshad
Patel. The company was taken over by the Patel family from Mr.
Shivshankar Shah and Mr. Gopal Krishna Sharma in April 2010.
SPPL manufactures copper phthalocyanine blue (CPB), which is an
intermediate product used in the manufacture of pigments for
paints, plastics, rubber, textiles, and ink. The company has a
manufacturing capacity of 1200 tonnes per annum.
SIDDHARTH PROPERTIES: CRISIL Rates INR290MM Loan at 'CRISIL C'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the cash credit
facility of Siddharth Properties.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 290 CRISIL C (Assigned)
The rating reflects instances of delay by SP in servicing its
debt (not rated by CRISIL); the delays have been caused by the
delays in realization of receivables from sale of power generated
in windmills and the weak liquidity profile of the firm. The
firm's liquidity is weak on account of simultaneous execution of
multiple real estate projects and receipt of moderate customer
advances for the same.
SP is exposed to high implementation risks associated with its
on-going projects, cyclicality inherent in the Indian real estate
industry, and geographical concentration in its revenue profile.
The firm, however, benefits from the extensive industry
experience of SP's promoters in the real estate development
industry.
About Siddharth Properties
SP was incorporated in 1999 and is part of the Pune
(Maharashtra)-based Saarrathi group. The group was started by Mr.
Abhijeet Shende, Mr. Nilesh Shende, Mr. Swapnil Shende and Mr.
Yogesh Shende. SP is presently executing three residential
projects, with around 605 flats in Pune (Sovarein Marunji,
Shimmer N Shine, and Sinclaire). SP has two windmills, one in
Satara (Maharashtra) and the other in Jodhpur (Rajasthan), with a
capacity of 1.25 megawatt each.
SRI BALAJI: CRISIL Assigns 'CRISIL B' Rating to INR3.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sri Balaji Timber Mart.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash Credit 1 CRISIL B/Stable (Assigned)
Limit
Cash Credit 2.5 CRISIL B/Stable (Assigned)
Letter of Credit 60 CRISIL A4 (Assigned)
The ratings reflect SBTM's small scale of operations,
susceptibility to intense competition in the timber industry,
below-average financial risk profile, marked by a small net worth
and susceptibility to volatility in raw material prices and
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of SBTM's promoters in the
timber trading business.
Outlook: Stable
CRISIL believes that SBTM will continue to benefit over the
medium term from its promoters' extensive experience in the
timber trading industry. The outlook may be revised to 'Positive'
in case SBTM scales up its operations and improves profitability,
resulting in significant and sustainable improvement in its cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case SBTM reports lower-than-expected cash accruals and
deterioration in its working capital management, weakening its
liquidity, or faces sizeable capital withdrawals by its
promoters.
About Sri Balaji
Set up in 2001 as a proprietorship firm, SBTM processes and
trades timber. SBTM's daily operations are managed by its
promoter, Mr. I S Murugan.
For 2011-12 (refers to financial year, April 1 to March 31), SBTM
reported a profit after tax (PAT) of INR1 million on net sales of
INR137 million, as against a PAT of INR900,000 on net sales of
INR131 million for 2010-11.
SRI LAKSHMI: Delay in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sri Lakshmi Saraswathi Textiles (Arni) Ltd. The
ratings reflect instances of delay by SLST in servicing its debt;
the delays have been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 30 CRISIL D (Assigned)
Packing Credit 47.5 CRISIL D (Assigned)
Letter of Credit 60 CRISIL D (Assigned)
Letter Of Guarantee 15 CRISIL D (Assigned)
Cash Credit 102.5 CRISIL D (Assigned)
Export Bill Purchase- 40 CRISIL D (Assigned)
Discounting
SLST also has an average financial risk profile, which is
constrained by its volatile profitability margins and large
working capital requirements. However, the company benefits from
its established track record in the business of manufacturing
cotton yarn.
SLST, set up in 1964 and based in Chennai (Tamil Nadu),
manufactures cotton yarn in the counts of 30s, 40s, and 60s. The
company is promoted by Mr. R Srihari, his son Mr. S Balakrishna,
and his nephew Mr. R Padmanaban.
For 2011-12 (refers to financial year, April 1 to March 31), SLST
reported a profit after tax (PAT) of INR79.2 million on net sales
of INR985.6 million; the company reported a PAT of INR42.1
million on net sales of INR1.0 billion for 2010-11.
URAL INDIA: CRISIL Assigns 'CRISIL B-' Rating to INR231.9MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ural India Limited.
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital 175 CRISIL B-/Stable (Assigned)
Term Loan
Proposed Long-Term 16.9 CRISIL B-/Stable (Assigned)
Bank Loan Facility
Foreign Letter of 28.1 CRISIL A4 (Assigned)
Credit
Bank Guarantee 40 CRISIL A4 (Assigned)
Cash Credit 40 CRISIL B-/Stable (Assigned)
The ratings reflect UIL's modest scale of operations, working
capital-intensive nature of business, and subdued financial risk
profile marked by weak debt protection metrics and significant
operating losses in the past. These weaknesses are partially
offset by the extensive experience of UIL's promoters in the
automobile industry and established relationships with suppliers.
Outlook: Stable
CRISIL believes that UIL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters and established relationships with suppliers.
The outlook may be revised to 'Positive' in case UIL is able to
exhibit a significant and sustainable increase in its revenues
and margins, while improving its debt protection indicators.
Conversely, the outlook may be revised to 'Negative' if UIL's
financial risk profile deteriorates, because of sharp decline in
profitability or revenues, a large debt-funded capital
expenditure, or deterioration in its working capital cycle.
About Ural India
Incorporated in 2006 by Mr. Jugal Kishore Saraf, Ural India
Limited (UIL) is a closely-held public limited company, engaged
in the manufacturing and assembling of heavy duty vehicles such
as trucks, tippers, and buses. The company mainly focuses on the
mining and defence sectors and has its manufacturing facility at
Haldia (West Bengal).
UIL reported a net loss of INR61.8 million on net sales of
INR68.2 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net loss of INR51.3 million on net sales
of INR71.7 million for 2010-11.
VIJAYASRI ORGANICS: Delay in Loan Payment Cues CRISIL Junk Rating
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vijayasri Organics Ltd (VOL; part of the Vijayasri group) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 250.0 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Long-Term Loan 197.5 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Letter of Credit 150.0 CRISIL D (Downgraded from
'CRISIL A4')
Bank Guarantee 2.50 CRISIL D (Downgraded from
'CRISIL A4')
The rating downgrade reflects instances of delay by VOL in
servicing its debt; the delays have been caused by the VOL's weak
liquidity. The company has weak liquidity on account of its large
working capital requirements and large capex undertaken by the
company.
The Vijayasri group is also exposed to intense competition in the
active pharmaceutical ingredients (API) industry. However, the
group benefits from its promoters' extensive experience in the
pharmaceuticals industry, and its established relationships with
its customers.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vijayasri Chemicals (VSC), Vijayasri
Organics (VSO), and VOL. This is because these entities,
collectively referred to as the Vijayasri group, are under a
common management and have intra-group operational and financial
linkages.
About the Group
The Vijayasri group comprises VSC, VSO, and VOL. VSC, a
partnership firm, was set up in 1996 in Hyderabad (Andhra
Pradesh) by Mr. S V J Raju, Mr. K V Rama Rao, and Mr. Prakash
Reddy to process solvents. The promoters further expanded the
group's operations in 2002 by setting up VSO. In 2005, the
promoters set up VOL in Visakhapatnam (Andhra Pradesh). The
Vijayasri group currently produces API.
====================
N E W Z E A L A N D
====================
CAPITAL + MERCHANT: Sentence Appeal Decision Expected This Week
---------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a ruling
on the appeal of three Capital + Merchant directors against their
sentences and convictions, which could have implications for
other cases, is expected out this week.
Wayne Douglas and Neal Nicholls, the founding directors and
beneficial owners of Capital + Merchant, were found guilty in
July of three charges of theft by a person in a special
relationships, the report notes.
According to the Herald, the High Court's Justice Ed Wylie said
the pair loaned investor money for their own benefit in ways that
breached Capital + Merchant's trust deed.
The report notes that in August, Messrs. Nicholls and Douglas,
both in their 50s, were handed down 7.5 years in jail each -- the
longest sentences given to failed finance companies bosses to
date.
Former C+M director and chief executive Owen Tallentire, who is
in his mid-60s, was also found guilty of two charges in this case
and sentenced to five years in jail, the Herald adds.
Following sentencing, the defense brought the case to the Court
of Appeal, where it was argued last month before Justices Terence
Arnold, Lynton Stevens, and Rhys Harrison, the report notes.
A decision is expected to be released by the court this week, and
the Herald understands it is being keenly anticipated in legal
circles and could impact how future cases are argued.
About Capital + Merchant
Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.
Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd. Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.
Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.
=================
S I N G A P O R E
=================
MACQUARIE GROUP: To Close Singapore Infrastructure Fund
-------------------------------------------------------
Gillian Tan at Deal Journal Australia reports that Singapore-
based Macquarie International Infrastructure Fund has decided to
shut down, after a strategic review led by CIMB Bank found the
group's strategy of directly investing in Asian infrastructure
businesses was constrained by its share price and the current
market environment.
The report says the Asia-focused fund - which owns Taiwan wind
turbine owner-operator Miaoli Wind, a 47.5% stake in Taiwan
Broadband Communications, an 81% stake in Guangzhou's Hua Nan
Expressway and 38% of Changshu Xinghua Port within China's
Yangtze River Delta - had net assets of 813.2 million Singapore
dollars (US$667.8 million) as at Sept. 30.
As part of the fund's wind-down, Deal Journal Australia relates,
the fund will distribute excess cash to shareholders as a one-off
special dividend and begin a process to sell its stake in all of
its assets including Taiwan Broadband Communications, which it
owns alongside Macquarie Korea Opportunities Fund.
Deal Journal Australia discloses that for the nine months to
Sept. 30, income from investments rose to S$7.1 million, a 18.2%
gain from the same period in 2011, driven by higher contributions
from Taiwan Broadband Communications which experienced a 34.4%
growth in digital television subscribers, and Changshu Xinghua
Port, which recorded higher log, pulp and paper volumes as well
as higher tariffs from general cargo.
MIIF has been listed since 2005 and is managed by Macquarie
Infrastructure Management (Asia) Pty. Ltd., a subsidiary of
Macquarie Group.
OCH-ZIFF REAL ESTATE: Creditors' Proofs of Debt Due Jan. 14
-----------------------------------------------------------
Creditors of Och-Ziff Real Estate Singapore Pte Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Jan. 14, 2013, to be included in the company's
dividend distribution.
The company's liquidators are:
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of Commerce
& Industry Building
Singapore 179365
REPE SINGAPORE: Creditors' Proofs of Debt Due Jan. 14
-----------------------------------------------------
Creditors of Repe Singapore Pte Ltd, which is in liquidation, are
required to file their proofs of debt by Jan. 14, 2013, to be
included in the company's dividend distribution.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO LLP
21 Merchant Road #05-01
Royal Merukh S.E.A. Building
Singapore 058267
SPACE PRODUCTION: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Dec. 4, 2012, to
wind up the operations of Space Production Pte Ltd.
Space Production AB and Daniel Christopher Noonan filed the
petition against the company.
The company's liquidators are:
Tan Suah Pin
Chian Yeow Hang
c/o Messrs Infinity Consulting Pte Ltd
133 New Bridge Road
#25-08 Chinatown Point
Singapore 059413
VEPRO (SEA): Creditors' Proofs of Debt Due Dec. 28
--------------------------------------------------
Creditors of Vepro (Sea) Pte Ltd, which is in liquidation, are
required to file their proofs of debt by Dec. 28, 2012, to be
included in the company's dividend distribution.
The company's liquidator is:
Yit Chee Wah
FTI Consulting
8 Shenton Way
#17-02A, AXA Tower
Singapore 068811
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***