/raid1/www/Hosts/bankrupt/TCRAP_Public/110914.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, September 14, 2011, Vol. 14, No. 182
Headlines
A U S T R A L I A
HANLONG MINING: ASIC Obtains Passport and Freezing Orders vs Execs
H.R. COOK: Liquidator's Manager Admits to Misleading E-mails
MIRABELA NICKEL: Moody's Assigns Definitive 'B2' CFR
OCTAVIAR LIMITED: Liquidator Set to Sue Executives, Advisers
* AUSTRALIA: Business Failures Rise 12.1% in June Quarter
C H I N A
TITANIUM GROUP: Posts HK$644,900 Net Loss in Fiscal Q1
H O N G K O N G
ABM AMRO: Creditors' Proofs of Debt Due Oct. 10
ARCHITECTURAL SERVICES: Mak Shu Wing Steps Down as Liquidator
ASHLEY 27: Members' Final Meeting Set for Oct. 9
ASIA PUBLISHING: Members' Final Meeting Set for Oct. 10
ASSOC FOR PROMOTING: Placed Under Voluntary Wind-Up Proceedings
BABCOCK & BROWN: Wong and Arab Step Down as Liquidators
CENTALIC TRADING: Members' Final Meeting Set for Oct. 14
CLASSIC VENTURE: Members' Final Meeting Set for Oct. 10
DUNHUANG (CHINA): Annual Meetings Set for Sept. 20
GRAND STAR: Members' Final Meeting Set for Oct. 12
HONGKONG CHINOTEC: Placed Under Voluntary Wind-Up Proceedings
HOTUNG ENTERPRISES: Annual Meetings Set for Sept. 30
JARDINE TECHNICAL: Members' Final Meeting Set for Oct. 10
JUPITER ASSET: Members' Final General Meeting Set for Oct. 14
LINE ANALYTICS: Annual Meetings Set for Sept. 22
POWERLONG REAL: Moody's Says New Debt Has No Impact on 'Ba3' CFR
I N D I A
AIR INDIA: To Get Younger Cabin Crew Ahead Fleet Additions
ASHOK TRANSFORMERS: CRISIL Reaffirms 'CRISIL BB-' Credit Rating
CENTURY TEXOFIN: ICRA Assigns "[ICRA]B+" Rating to INR20.71cr Loan
CITY HEART: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA] D'
CONTINENTAL HOSPITALS: ICRA Rates INR153.16CR Loan at '[ICRA]BB'
J.S. INDUSTRIES: CRISIL Rates INR10MM LT Bank Loan at 'CRISIL B'
HOTEL POLO: ICRA Assigns '[ICRA]B+' Rating to INR18.4cr Term Loan
IMPERIAL GARMENTS: ICRA Puts '[ICRA]D' Rating on INR12.5cr Loans
KADAKIA PLASTICS: ICRA Revises Rating on INR5cr Loan to '[ICRA] D'
LOKMANGAL AGRO: ICRA Cuts Rating on INR40cr Loan to '[ICRA]D'
MAKTEL CONTROL: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
MANAV RACHNA: ICRA Rates INR26cr Term Loans at '[ICRA]D'
MARITIME ENERGY: ICRA Cuts Rating on INR0.80cr Loan to '[ICRA] D'
REGAL PLYWOOD: ICRA Assigns '[ICRA]BB-' Rating to INR2cr Limits
SANGHVI INT'L: ICRA Suspends 'LB' Rating on INR22.21cr Loan
SAWHNEY BUILDERS: ICRA Cuts Rating on INR25cr Loan to '[ICRA] D'
SHREE SHYAM: CRISIL Rates INR100MM Cash Credit at 'CRISIL B+'
SHRICHAKRA UDYOG: ICRA Cuts Rating on INR7.99cr Loan to '[ICRA]D'
UNITEX INT'L: ICRA Affirms '[ICRA]D' Rating on INR4.5cr Loan
VISHAL MALLEABLES: ICRA Rates INR9.25cr Cash Credit at '[ICRA]B'
VISHESH KUMAR: ICRA Assigns '[ICRA]B+' Rating to INR3.8cr Loans
WIANXX IMPEX: ICRA Cuts Rating on INR43cr Loans to '[ICRA] D'
J A P A N
AGC TRUST: Moody's Reviews Class B Notes 'B3' Rating
J-CORE 13: Moody's Reviews Ba2 Class Notes Rating for Downgrade
L-JAC 5: Moody's Downgrades Class B Notes Rating to 'Caa1 (sf)'
L-JAC 7: Moody's Downgrades Class C Notes Rating to 'Caa2'
L-JAC III: Moody's Downgrades Class D-1 Notes Rating to 'Caa2'
N E W Z E A L A N D
AORANGI SECURITIES: Managers Deny Unintended Share Transfer
CRAFAR FARMS: Liz Lambert Seeks Order to Retain Crafar's as Tenant
SOUTH CANTERBURY: NZ Faces NZ$1.3-Bil. Loss, Labor MP Says
SPECTRUM ARCHITECTURAL: Receiver Confident 50 Jobs Will be Saved
P H I L I P P I N E S
LBC DEVELOPMENT: Bad & Classified Loans Cause Receivership
S I N G A P O R E
INTELLIGENT COMMUNICATION: Reports US$2.4MM Net Income in 2nd Qtr.
PREMIER TRAVEL: Creditors' Proofs of Debt Due Oct. 10
SENTOSA ADVENTURE: Court Enters Wind-Up Order
SIJORI RESORT: Court Enters Wind-Up Order
SPA CONCEPTS: Court to Hear Wind-Up Petition Sept. 23
STUDIO D'BEAUMONDE: Creditors' Proofs of Debt Due Sept. 30
TEO BROS: Creditors Get S$0.12 Recovery on Claims
TOP SECRET: Court to Hear Wind-Up Petition Sept. 30
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A U S T R A L I A
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HANLONG MINING: ASIC Obtains Passport and Freezing Orders vs Execs
------------------------------------------------------------------
The Australian Securities and Investment Commission said the
Supreme Court of New South Wales on Monday made interim orders
preventing Steven Hui Xiao, managing director of Hanlong Mining
Investment Pty Ltd., from leaving Australia until Sept. 22, 2011,
other than to visit Hong Kong between Sept. 13 and 14 to attend to
visa requirements.
ASIC said it obtained these orders in connection with its
investigation into suspected insider trading activities in
relation to Bannerman Resources Ltd and Sundance Resources.
ASIC obtained ex parte orders on Sept. 5, 2011, freezing the
assets and restraining the travel of Mr. Xiao, Mr. Calvin Zhu, a
Hanlong vice president and Mr. Fan Zhang, a Hanlong employee.
Freezing orders were also obtained for Mr. Xiao's wife, Ms. Xike
Hu, Ms. FanFan Chen and Wingatta Pty Ltd, an entity associated
with Mr. Zhang.
On Sept. 9, 2011, these orders were continued by consent until
Sept. 22, 2011, for Mr. Zhu, Mr. Zhang, Ms. Hu and Ms. Chen, with
the Court making freezing orders for Wingatta Pty Ltd, as the
company was unrepresented.
Although, Mr. Xiao consented to the freezing orders he sought to
vary the travel restraint orders permitting him to make a brief
trip to Hong Kong. ASIC opposed this variation at a hearing on
Sept. 9, 2011.
The Supreme Court of NSW also varied the travel restraint orders
to allow Mr. Xiao to visit Hong Kong. The Court found that ASIC
had shown a solid basis for investigating whether Mr Xiao may have
contravened the Corporations Act insider trading provisions.
However, having regard to Mr. Xiao's connections to Australia, his
undertaking given to the Court to return to Australia by Sept. 14,
2011, and an undertaking from Mr. Xiao's wife to hand in her
passport until Mr. Xiao returns to Australia, the Court allowed
the variation.
ASIC's investigation is at an early stage and ASIC does not
propose to comment further at this time as to the status of its
investigation
About Hanlong Mining
Based in Sydney, Australia, Hanlong Mining Investment Pty Ltd.,
through its subsidiaries, provides metal mining services. The
company's subsidiaries include Hanlong (Australia) Resources Pty
Ltd and Moly Mines limited. It makes strategic investments in
mining companies. Hanlong Mining Investment Pty Ltd. operates as
a subsidiary of Sichuan Hanlong Group.
H.R. COOK: Liquidator's Manager Admits to Misleading E-mails
------------------------------------------------------------
The Sydney Morning Herald reports that a central witness in the
corporate regulator's case against Stuart Ariff, liquidator of
H.R. Cook Investments Pty Ltd, told the New South Wales District
Court on Thursday she had inserted false information into
documents in 2006 and 2007 when she worked at his insolvency
practice.
According to the report, Tina Battye, a manager at Stuart Ariff
Insolvency Administrators, was asked about a balance sheet she
prepared in July 2006 for a Newcastle family company, H.R. Cook
Investments Pty Ltd, and an e-mail she sent in October 2007 to
H.R. Cook's accountant, Jean Fuller.
SMH relates that Ms. Battye agreed the balance sheet showed HR
Cook had cash of AUD3.72 million, when she knew that AUD285,000
had been used to pay a legal bill for an unrelated administration.
Ms. Battye, says SMH, also agreed her e-mail wrongly said the
insolvency firm had sent a cheque for AUD575,807 to the Australian
Taxation Office for HR Cook's tax for the 2006 financial year. Mr.
Ariff had told her what to say in the e-mail, she said.
The court has previously heard that Mr. Ariff was appointed
liquidator of HR Cook, a solvent company, at the request of its
shareholders and that he assigned Ms. Battye as manager of the
liquidation, according to the report.
SMH says the Australian Securities and Investments Commission
alleges Mr. Ariff improperly used HR Cook's money on 13 occasions
to pay legal fees for other liquidations, to fund his insolvency
practice and to pay his mother Barbara Ariff AUD50,000.
Mr. Ariff is charged with 13 counts of transferring a total of
AUD1.18 million with intention to defraud HR Cook and six counts
of falsifying HR Cook's half-yearly accounts, the report
discloses.
According to SMH, Mr. Ariff disputes that he intentionally "caused
money to be withdrawn" from HR Cook's bank account, that he at any
time acted with an intention to defraud or that he signed any
forms lodged with ASIC knowing that they were false or misleading.
As reported in the Troubled Company Reporter-Asia Pacific on
July 14, 2006, at an extraordinary general meeting on June 9,
2006, the members of H.R. Cook Investments Pty Limited resolved to
close the Company's business operations and distribute the
proceeds of its assets disposal. Subsequently, Stuart Ariff was
appointed as liquidator.
H.R. Cook Investments Pty Limited was a Newcastle family company.
MIRABELA NICKEL: Moody's Assigns Definitive 'B2' CFR
----------------------------------------------------
Moody's Investors Service has assigned a definitive B2 Corporate
Family rating to Mirabela Nickel Ltd. At the same time, Moody's
has assigned a definitive B2 senior unsecured rating to the
US$395 million 144A senior unsecured notes issuance. The rating
outlook is stable.
Ratings Rationale
The definitive ratings confirm the provisional ratings assigned on
March 31, 2011.
Mirabela has issued US$395 million of 8.75% guaranteed senior
unsecured notes due 2018.
The Notes, issued by Mirabela Nickel Limited will rank equal to
all current and future senior unsecured indebtedness of the issuer
and guarantors. The issuance is guaranteed by Mirabela's
subsidiaries Mirabela Minorca do brasil Ltda and Mirabela
Investments Pty Limited.
The principal methodology used in this rating was Global Mining
Industry published in May 2009.
Mirabela Nickel Ltd based in Perth, Western Australia is a single
asset nickel producer. Mirabela's principal asset is the Santa
Rita Project in Bahia State, Brazil. The Santa Rita project is a
nickel sulphide operation currently in ramp up mode to its
ultimate nameplate of 7.2Mtpa of ore milled and full production
target of 23,000 to 25,000 tonnes of nickel in concentrate.
OCTAVIAR LIMITED: Liquidator Set to Sue Executives, Advisers
------------------------------------------------------------
The Sydney Morning Herald reports that the liquidator of collapsed
Gold Coast property developer MFS, now known as Octaviar Limited,
is preparing legal action against former company officials and
advisers. The liquidator has also told unsecured creditors they
are set to receive a dividend, the report says.
SMH relates that Kate Barnet of Bentleys Corporate Recovery,
liquidator of the company, has told creditors that "legal actions
were likely to involve a series of potential defendants including
auditors, advisers as well as directors and officers of the failed
group."
"It is reasonable for creditors to expect further returns," the
report quotes Ms. Barnet as saying.
It is believed that special counsel Adam Bell is preparing his
final report to deliver to the liquidator, recommending precise
targets of legal action, the report says.
SMH notes that corporate regulator ASIC has launched civil action
against former MFS executives while a class action has also been
filed on behalf of investors in MFS's Premium Income Fund against
auditor KPMG.
About Octaviar Limited
Australian-based Octaviar Limited, formerly known as MFS Limited,
operated as an investment management business with a portfolio of
businesses and assets.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators. The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators. Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.
In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited. The three other
companies in the group were subsequently wound up.
The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation. Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.
Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.
According to The Age, creditors are yet to recover about
AUD2.5 billion from the Group, which was found to have
AUD1 billion in inter-company loans.
* AUSTRALIA: Business Failures Rise 12.1% in June Quarter
---------------------------------------------------------
The Herald Sun reports that the number of business failures in
Australia has risen sharply despite global insolvencies falling to
their lowest level in nearly four years.
According to the report, credit agency Dun & Bradstreet said
business failures in Australia rose 12.1% in the June quarter,
compared with a 4.1% rise in the prior quarter, with businesses
stretched by the high Australian dollar and relatively high
interest rates.
The Herald Sun relates that Dun & Bradstreet chief executive
Christine Christian said Australia had joined Hungary, Ireland,
Italy, Portugal and Spain where businesses had a sharply rising
risk of insolvency.
Ms. Christian, as cited by The Herald Sun, said the rise in
insolvencies might be a result of delayed effects from the 2008/09
global financial crisis, falls in business credit and relatively
higher interest rates.
"Outside the mining sector, sentiment is generally still poor, and
the strong Australian dollar is straining profits," the report
quotes Ms. Christian as saying in a statement. "Insolvency
activity in Australia is up across almost all sectors, with a
significant deterioration in retail and service sector failures,
reflecting subdued confidence."
According to the Herald Sun, Dun & Bradstreet said in its Global
Business Failures report that Australia and the euro zone in
Europe were the only regions to record a rise in business failures
in the June quarter.
Business failures across advanced economies fell 5.7% and also
fell in emerging economies such as China and South Africa, the
report relays.
Business failures in Australian manufacturing have risen on
average by 60%t since 2008, The Herald Sun notes.
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C H I N A
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TITANIUM GROUP: Posts HK$644,900 Net Loss in Fiscal Q1
------------------------------------------------------
Titanium Group Limited filed its quarterly report on Form 10-Q,
reporting a net loss of HK$644,990 on HK$11.9 million of revenue
for the three months ended June 30, 2011, compared with a net loss
of HK$2.0 million on HK$4,804 of revenue for the same period of
2010.
The Company reported a net loss of HK$2.1 million on
HK$17.0 million of revenue for the six months ended June 30, 2011,
compared with a net loss of HK$3.0 million on HK$9,608 of revenue
for the same period last year.
For the six months ended June 30, 2011, the Group incurred a net
loss of HK$2,081,929 resulting in an accumulated deficit of
HK$22,932,850 and a working capital deficit of HK$3,384,475 at
that date. "The continuation of the Group as a going concern
through June 30, 2012, is dependent upon the continuing financial
support from its stockholders," the Company said in the filing.
"Management believes, the existing stockholders will provide the
additional cash to meet with the Company's obligations as they
become due."
"These factors raise substantial doubt about the Group's ability
to continue as a going concern."
A copy of the Form 10-Q is available at http://is.gd/HHCMu7
Titanium Group Limited, through its subsidiaries, mainly engages
in the manufacture and sales of electric wire products in the PRC,
with its principal place of business in Shenzhen City, the PRC.
================
H O N G K O N G
================
ABM AMRO: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------
Creditors of ABM Amro Clearing (Futures) Hong Kong Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 10, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Aug. 30, 2011.
The company's liquidator is:
Law Yui Lun
Room 502, 5/F
Prosperous Building
48-52 Des Voeux Road Central
Central, Hong Kong
ARCHITECTURAL SERVICES: Mak Shu Wing Steps Down as Liquidator
-------------------------------------------------------------
Mak Shu Wing stepped down as liquidator of Architectural Services
Department Staff Association Limited on Aug. 30, 2011.
ASHLEY 27: Members' Final Meeting Set for Oct. 9
------------------------------------------------
Members of Ashley 27 Limited will hold their final general meeting
on Oct. 9, 2011, at 3:00 p.m., at 10/F, Allied Kajima Building, at
138 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
ASIA PUBLISHING: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------
Members of Asia Publishing Exchange Limited will hold their final
general meeting on Oct. 10, 2011, at 10:00 a.m., at 4304, 43/F.,
China Resources Building, at 26 Harbour Road, Wanchai, in
Hong Kong.
At the meeting, Heng Poi Cher, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
ASSOC FOR PROMOTING: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------------
At an extraordinary general meeting held on Sept. 2, 2011,
creditors of Association for Promoting the Study of China's
Contemporary History Limited resolved to voluntarily wind up the
company's operations.
The company's liquidator is:
Lai Ka Cheung
Rooms 1901-02, 19th Floor
Hong Kong Trade Centre
161-167 Des Voeux Road
Central, Hong Kong
BABCOCK & BROWN: Wong and Arab Step Down as Liquidators
-------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Babcock & Brown Limited on Aug. 30, 2011.
CENTALIC TRADING: Members' Final Meeting Set for Oct. 14
--------------------------------------------------------
Members of Centalic Trading Company Limited will hold their final
general meeting on Oct. 14, 2011, at 10:00 a.m., at Flat C, 4/F.,
Good Luck Industrial Building, at 105 How Ming Street, Kwun Tong,
Kowloon, in Hong Kong.
At the meeting, Au Wing Ip, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
CLASSIC VENTURE: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------
Members of Classic Venture Development Limited will hold their
final general meeting on Oct. 10, 2011, at 11:00 a.m., at the
office of the liquidator, 23rd Floor Wing Hang Finance Centre,
at 60 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Yu Hon Wing Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
DUNHUANG (CHINA): Annual Meetings Set for Sept. 20
--------------------------------------------------
Members and creditors of Dunhuang (China) Company Limited will
hold separate annual general meetings on Sept. 20, 2011, at
9:30 a.m., and 9:00 a.m., respectively. Members' annual general
meeting will be held at 25th Floor, Wing On Centre, at 111
Connaught Road Central, in Hong Kong. The annual general meeting
of Creditors will be held at Room 602, The Boys' and Girls' Clubs
Association of Hong Kong, at No. 3 Lockhart Road, Wanchai, in
Hong Kong.
At the separate meetings, Simon Blade, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
GRAND STAR: Members' Final Meeting Set for Oct. 12
--------------------------------------------------
Members of Grand Star Real Estate Agency Limited will hold their
final meeting on Oct. 12, 2011, at 11:00 a.m., at Room 906,
Unicorn Trade Centre, 127-131 Des Voeux Road Central, in Hong
Kong.
At the meeting, Chui Sze Hung Samuel, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
HONGKONG CHINOTEC: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on Aug. 19, 2011,
creditors of Hongkong Chinotec Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Pui Chiu Wing
Suites 1303-06, 13/F
Asia House, Wanchai
Hong Kong
HOTUNG ENTERPRISES: Annual Meetings Set for Sept. 30
----------------------------------------------------
Members and creditors of Hotung Enterprises Limited will hold
their annual meetings on Sept. 30, 2011, at 10:30 a.m., and 11:30
a.m., respectively at Room 2109, China Resources Building, 26
Harbour Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
JARDINE TECHNICAL: Members' Final Meeting Set for Oct. 10
---------------------------------------------------------
Members of Jardine Technical Products Limited will hold their
final general meeting on Oct. 10, 2011, at 10:00 a.m., at Level
28, Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
JUPITER ASSET: Members' Final General Meeting Set for Oct. 14
-------------------------------------------------------------
Members of Jupiter Asset Management (Asia) Limited will hold their
final general meeting on Oct. 14, 2011, at 1:35 p.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
LINE ANALYTICS: Annual Meetings Set for Sept. 22
------------------------------------------------
Members and creditors of Line Analytics Limited will hold their
annual meetings on Sept. 22, 2011, at 2:30 p.m., and 3:00 p.m.,
respectively at the offices of FTI Consulting, 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.
POWERLONG REAL: Moody's Says New Debt Has No Impact on 'Ba3' CFR
----------------------------------------------------------------
Moody's Investors Service says that Powerlong Real Estate Holdings
Limited's new private debt placement of HK$ 1 billion will not
impact its corporate family rating of Ba3 and its negative
outlook.
The proceeds from the 3-year senior notes will be used to finance
existing and new property projects and for general working capital
purposes.
Through this new debt, Powerlong will improve its liquidity
position, which has been weakened by lower contract sales and land
payments of RMB 2.9 billion in 1H 2011. Its cash balance declined
to RMB 2.7 billion as of June 30, 2011, from RMB 4.0 billion at
end-2010.
Powerlong recorded RMB2.3 billion in contract sales in 1H 2011,
and which are below expectations. Nevertheless Moody's expects the
company to improve contract sales in 2H 2011 as it will increase
its available projects to 12 from 7.
This expectation is supported by the consideration that
Powerlong's commercial properties are less affected by the
purchases restrictions imposed by the government.
Although the new private debt placement will weaken interest
coverage to 2.9x from Moody's original forecast of 4.8x in 2011,
such a level still supports the current rating of Ba3, although
marginally. Moody's expects deleveraging by Powerlong to bring the
interest coverage back to above 3x -- 4x in 2012 -- 2013.
Moreover, further significant increases in Powerlong's debt
leverage are unlikely in the near term, given the tightening
credit policy evident in China.
Powerlong Real Estate Holdings Limited is a Chinese developer
focusing on building large-scale integrated residential and
commercial properties in second- and lower-tier cities in China.
It has a development land bank of around 9.1 million sqm in gross
floor area (GFA) in 9 provinces. It has 7 completed investment
properties. Some are held by the company as long-term investments.
The company listed on the Stock Exchange of Hong Kong in
October 2009. The Hoi family, which is the founder of Powerlong,
has an aggregate 66.36% stake in the company.
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I N D I A
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AIR INDIA: To Get Younger Cabin Crew Ahead Fleet Additions
----------------------------------------------------------
Erin Marshall at Southall Travel reports that Air India Ltd flight
attendants could soon get younger as the airline aims to cap the
age of its cabin crew at 45.
The company hopes that the move will woo more customers onto Air
India's domestic and international flights, the report says.
Currently, Southall Travel notes, the firm allows cabin crew to
work until they are 58.
According to the report, a spokesperson for Air India told the
Times of India that about 1,000 flight attendants in the age group
of 20-27 have been hired recently.
The operator is also overhauling the look of its in-flight
attendants with the help of some fashion experts, says Southall
Travel.
The Hindu Business Line says the airline's recent staff additions
are also a preparation for the new fleet additions.
The company is expected to take deliveries of the first batch of
Boeing 787 Dreamliners from the end of this year, the Hindu
Business Line notes.
"We want to offer our passengers a fresh experience on the 787
Dreamliner. The uniforms will also see an overhaul soon. We have
asked the National Institute of Fashion Technology, Delhi to
design the new uniforms," an airline official told Hindu Business
Line.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes. The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand. The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown. The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.
The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15. The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years. Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.
ASHOK TRANSFORMERS: CRISIL Reaffirms 'CRISIL BB-' Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ashok Transformers Pvt
Ltd continue to reflect the company's large working capital
requirements, customer concentration in revenue profile, exposure
to risks related to intense market competition, small scale of
operations, and tender-based business.
Facilities Ratings
---------- -------
INR100 Million Cash Credit CRISIL BB-/Stable (Reaffirmed)
INR10 Million Standby Line of CRISIL BB-/Stable (Reaffirmed)
Credit
INR140 Million Bank Guarantee CRISIL A4 (Reaffirmed)
INR10 Million Letter of Credit CRISIL A4 (Reaffirmed)
These weaknesses are partially offset by ATPL's strong track
record in, and healthy growth prospects for, the electrical
transformer segment.
Update
The company's performance in 2010-11 (refers to financial year,
April 1 to March 31) remained subdued with the revenue declining
to about INR160 million from INR210 million in 2009-10. The
company's revenue has been on the decline since the past 4 years,
and has halved from INR306 million in 2007-08. This is owing to
increasing competition in the lower end of the power transformer
segment and a slowdown in offtake, which has resulted in a decline
in realizations. In 2010-11, a large part of ATPL's contracts in
hand were negotiated at a lower price and it also had to forgo
some contracts as the new terms being offered were not feasible.
Though the operating margin was moderate at 11%, high interest
costs adversely impacted net profit; the company is estimated to
report a net profit of less than a million for 2010-11 as against
INR8 million in the preceding year. Performance over the near to
medium term is also expected to remain weak due to increasing
competition and slow offtake. As on July 31, 2011, the company had
an order book of INR150 million, which provides near term revenue
visibility.
Despite its subdued performance, the company's liquidity is
comfortable for the rating category as it has no term loans on its
books. Its bank limits of INR100 million were utilized at a
moderately aggressive 89% for the 12 months through
March 2011, providing adequate buffer to liquidity. Liquidity is
expected to be maintained at these levels as ATPL does not have
any capital expenditure plan over the near to medium term.
Outlook: Stable
CRISIL believes that ATPL will maintain its business risk profile
over the medium term, supported by its stable, albeit modest,
order book and long track record in the electrical transformers
industry. The outlook may be revised to 'Positive' if the company
bags more-than-expected orders and maintains profitability.
Conversely, the outlook may be revised to 'Negative' if the
company significantly delays in recovering its dues, or if its
revenue or profitability decline further.
About Ashok Transformers
Set up as a partnership firm in 1970, ATPL was reconstituted as a
private limited company in 1974. It manufactures electrical
transformers at its plant in Surat (Gujarat).
For 2010-11, ATPL reported (provisional) a profit after tax (PAT)
of INR0.7 million on net revenue of INR142.2 million, as against
PAT of INR5.2 million on net sales of INR192.4 million for
2009-10.
CENTURY TEXOFIN: ICRA Assigns "[ICRA]B+" Rating to INR20.71cr Loan
------------------------------------------------------------------
ICRA has assigned an "[ICRA]B+" rating to the INR20.71 Crore, bank
limits of Century Texofin Private Limited.
The rating is constrained by the high competitive intensity in the
CITPL's business (Dyed Poplin & Rubia), which is characterized by
low entry barriers, resulting in highly fragmented industry
structure with limited scale of operations for most of the players
in the industry. The rating is also constrained on account of low
margins and profitability indicators of the company, which
reflects limited value additive nature of company's operations.
Highly competitive industry structure coupled with limited value
addition also weakens the pricing power thereby exposing the
company to the fluctuations in raw material prices. Low
profitability coupled with weak capital structure (gearing of 4.3
times as on 31st March 2010) has resulted in weak debt coverage
for CITPL. The rating however draws comfort from experience of the
promoters in the line of business, wide network of agents and
distributors, availability of cheap labor and limited repayment
obligations for the company. Going forward, the ability of the
company to improve upon its profitability margins and improving
capital structure will be key rating drivers.
About Century Texofin
Century Texofin Private limited was incorporated on Oct. 31, 2007,
for manufacturing of Dyed Poplin & Rubia. The work units are
located at RIICO industrial Area, Balotra, Rajasthan. The company
is promoted by Shri Shantilal Balar and his wife Smt. Manju Devi
Balar. Previously the promoters have been managing the business
under a partnership firm for over the last 10 years. The company
is manufacturing dyed cloth fabrics speciality poplin with phase
wise process of mercerizing, dyeing and starch peddling of cloths.
For the FY ending March 2010 the company reported a net sales of
INR69.98 crore and net profit of INR0.17 crore as against net
sales of INR57.89 crore and net profit of INR0.20 crore in
previous year.
CITY HEART: ICRA Cuts Rating on INR9.5cr Loan to '[ICRA] D'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR 9.5
crore, fund-based bank facilities of City Heart Hotels Private
Limited to '[ICRA] D'.
The rating revision factors in continued irregularities in debt
servicing by the company, as a result of delay in commencement of
operations in CHHPL's debt-funded hotel project which translated
into inadequacy of cash flow generation from operations. The
rating also continues to be constrained by the geographical
concentration of CHHPL's existing and upcoming properties
resulting in dependence on the Chandigarh market and exposing it
to the intensely competitive scenario in the budget-category hotel
segment in the city; as well as significant size of expansion in
relation to its current scale of operations. CHHPL's investment in
the new project resulted in a sharp increase in its gearing
levels.
Incorporated in March 2006, CHHPL is a closely held company owned
by the Chandigarh-based Narang family. The company operates three
budget hotels in Chandigarh city namely Hotel City Heart Premium,
Hotel City Heart Residency and Hotel Park Plaza. The above-
mentioned properties which were earlier operated by the four
brothers (promoters) -- Mr. Subhash Narang, Mr. Krishal Lal
Narang, Mr. Baldev Narang and Mr. Deepak Narang, in
proprietorships/ partnerships, were transferred to CHHPL w.e.f.
April 1, 2006. Apart from the three operational properties, the
company has set up a new three-star hotel at the Chandigarh
Industrial and Business Park. The new property was initially
planned to become operational in January 2009. However, delays in
getting requisite approvals and change in design specifications,
resulted in a significant delay in project completion. The project
commenced commercial operations w.e.f. March 29, 2011.
CONTINENTAL HOSPITALS: ICRA Rates INR153.16CR Loan at '[ICRA]BB'
----------------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR153.16 crore term
loans of Continental Hospitals Limited. The outlook on the long
term rating is stable.
The assigned rating is constrained by the fact that the hospital
is in project stage and thereby CHL is yet to demonstrate its
ability to achieve targeted occupancies and generate cash inflows.
Further, with no other operational hospitals, CHL is exposed to
geographical concentration risk owing to its single location
presence. The hospital is likely to face competition from players
in Hyderabad as well as other large healthcare providers operating
in the medical tourism segment within the country. Notwithstanding
the competition from local players in Hyderabad, ICRA notes that
CHL has a first mover advantage of being located in Gachibowli, an
upcoming commercial and residential area of the city. This gives
it good opportunity to tap business and establish its presence in
its catchment area. The hospital is also proposing to get
accredited by Joint Commission International (JCI) which could aid
it in receiving medical tourism patients and entering into third
party alliances.
The rating draws comfort from the fact that the promoters have
considerable experience in the medical field, which may help CHL
in attracting medical talent. Further, the rating favorably
factors the facts that the entire debt has been tied up and the
promoters have brought in 60% of the proposed equity. CHL has
hired experienced agencies to execute the project and the project
implementation is as per schedule.
Going forward CHL's ability commission the hospital as scheduled,
attract & retain medical talent and get JCI accreditation in time,
would be the key rating sensitive factors.
About Continental Hospitals
Continental Hospitals Limited has been promoted by Dr. Guru N
Reddy to set up a 500 bed multi specialty hospital in Gachibowli,
Hyderabad. The project cost for the 350 beds in first phase is
INR311.44 crore and is being financed by a debt equity ratio of
70:30. The company has been sanctioned INR153.16 crore of the
proposed total debt of INR218.01 crore with balance INR64.85 crore
being equipment finance. The construction commenced in May 2009
and is proposed to be completed over a period of 33 months with
commercial operation date being March 31, 2012.
J.S. INDUSTRIES: CRISIL Rates INR10MM LT Bank Loan at 'CRISIL B'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of J.S. Industries.
Facilities Ratings
---------- -------
INR25 Million Cash Credit CRISIL B/Stable (Assigned)
INR10 Million Proposed LT CRISIL B/Stable (Assigned)
Bank Loan Facility
INR59 Million Term Loan CRISIL B/Stable (Assigned)
The rating reflects the firm's large working capital requirements,
moderate financial risk profile marked by a high gearing and
average debt protection metrics, and small scale of operations in
the intensely competitive sanitary ware products industry. These
rating weaknesses are partially offset by the extensive business
experience of JSI's promoters.
Outlook: Stable
CRISIL believes that JSI will continue to benefit over the medium
term from its promoters' extensive experience in the sanitary ware
products industry. The firm's financial risk profile is expected
to remain constrained by its working-capital-intensive operations,
during this period. The outlook may be revised to 'Positive' if
JSI improves its working capital cycle and significantly scales up
its operations. Conversely, the outlook may be revised to
'Negative' if JSI's financial risk profile weakens because of a
decline in sales or larger-than-expected working capital
requirements, or if the firm undertakes larger-than-expected,
debt-funded capital expenditure programmes.
About J.S. Industries
Set up as a partnership firm in 2007 by Mr. Ram Niwas Jindal and
Mr. Siddharth Jindal, JSI manufactures pipes and bathroom sanitary
items at its unit in Baddi (Himachal Pradesh). The firm commenced
commercial operations in March 2010. The plant has capacity of
around 650 tonnes per annum. JSI sells its products under the
brand name, JPlex.
JSI reported a book profit of INR7.2 million on net sales of
INR82.5 million for 2010-11 (refers to financial year, April 1 to
March 31), against a book loss of INR3.3 million on net sales of
INR0.1 million for 2009-10.
HOTEL POLO: ICRA Assigns '[ICRA]B+' Rating to INR18.4cr Term Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR18.4 crore term
loans of Hotel Polo Towers Private Limited.
While arriving at the rating, ICRA has considered the business
risk profile of HPTPL along with its subsidiary Chocolate Hotels
Private Limited (CHPL; 54% stake by HPTPL), which has a hotel in
Kolkata. The rating takes into account HPTPL's small scale of
operations, its unfavorable financial profile as reflected by high
gearing levels and weak debt coverage indicators, low return on
capital employed (RoCE) on account of large investments in CHPL,
which constitutes more than 80% of the balance sheet size of the
company, but does not generate any financial return, its exposure
to the fluctuations in the foreign exchange movement as term loans
need to be repaid in the US dollar (USD), although the receipt of
room income from foreign travellers and a part of rental income in
USD mitigates this risk to an extent, and the inherent cyclicality
associated with the hotel industry.
The rating takes into consideration the established presence of
HPTPL in the Shillong market, income tax exemptions for the next
ten years that would support the overall cash accruals of the
company, its back ended debt repayment of the term loans that is
likely to support the liquidity position of the company over the
medium term, although the liquidity position of the company would
be strained in the long term, its diversification in the Kolkata
market through CHPL, and the favorable demand outlook of the hotel
industry for the Kolkata market in the short to medium term.
About Hotel Polo
Incorporated in 1988 as Tibrewal Holdings Private Limited, the
company had set up 'Hotel Polo Towers' in 1991. Subsequently the
name of the company was changed to Hotel Polo Towers Private
Limited (HPTPL). It is the only 4 star hotel in Meghalaya. The
hotel has 50 rooms with a multi-cuisine restaurant, a discotheque,
a board room and a banquet hall.
Recent Results
During FY11, as per the provisional numbers, HPTPL has registered
a profit before tax of INR11 lakh on an operating income (OI) of
INR5.93 crore as against a profit after tax and OI of
INR0.66 crore and INR5.11 crore respectively in FY10.
IMPERIAL GARMENTS: ICRA Puts '[ICRA]D' Rating on INR12.5cr Loans
----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' rating to the
INR12.50 crore fund based limits Imperial Garments Limited. ICRA
has also assigned short term rating of '[ICRA]D' to the
INR3.40 crore non-fund based limits of IGL.
The ratings are constrained by delays exceeding 60 days in the
term loan repayments. The ratings are also constrained on account
of the operating losses IGL has been witnessing since FY 08 which
was the first full year of operations. Further, the company has
been witnessing low capacity utilizations on account of global
recession in the United States of America (US) and Europe which
constitute the key target markets.
Due to novelty of operations in an intensely competitive sector,
the company has not been able to secure required orders from the
domestic players. Nonetheless ICRA takes note of the long-standing
presence of group company- GTN Industries Limited in textile
industry. The operations in FY 11 were rendered unprofitable on
account of the rise in input prices which the company was unable
to pass-on to its clients. The modest scale of operations also
limits the scale economies the company can realize. Going forward,
it is expected that the vertical integration through the group
would ensure raw material availability for the company. ICRA
factors the launch of COTSTYLE brand as a positive initiative
since the company would enter the retail segment which is
characterized by higher margins. In addition, any improvement in
demand in international markets and favorable movement in raw
material prices could support profitability in future.
Overall, the ability to manage the debt and interest coverage, and
the ability to capture growth in case of improved demand scenario
towards sizeable operating margins would be the key rating driver
for the company.
About Imperial Garments
Imperial Garments Limited was established in 2007 by the promoters
of GTN Industries Limited with a view to export premium quality
knitted cotton garments to US and European Markets. The company
has its manufacturing facility near Patancheru Village in Medak
District. It has a capacity to manufacture about 30 lakh garments
per year. In addition, the company has also established a knitted
socks manufacturing facility in Patancheru. The company counts
leading brands such as Trueworths, Nike, Marks and Spencer among
its foreign clients while the Indian clients include Colorplus,
and ITC among others.
Recent Results
IGL generated an operating income of INR38.81 crores in FY11
(provisional) which translated into an operating loss of
INR-0.90 crores.
KADAKIA PLASTICS: ICRA Revises Rating on INR5cr Loan to '[ICRA] D'
------------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR 5 crores
fund-based limits of Kadakia Plastics and Chemicals Pvt. Ltd to
'[ICRA] D' from 'LC'. ICRA has also reassigned the short term
rating assigned to the INR 3 crores Non-Fund based limits of KPCL
to '[ICRA] D' from 'A5'.
The rating revision takes into account the continued delays in
debt servicing due to stretched liquidity profile as also
reflected in over-drawls of the bank limits sanctioned. The
ratings also take into account its small scale of operations, thin
margins in the business of PVC compounds which has low entry
barriers, an exposure to risks of commodity price fluctuations in
input materials as well as the high working capital intensity. The
ratings however factor the company's long track record in the
business, technically competent promoters and moderately favorable
demand potential for PVC compounds.
Kadakia Plastics & Chemicals Pvt. Ltd, incorporated in 1973,
promoted by Mr. Shubash Kadakia, is into the business of
manufacturing PVC compounds. The company started its operations at
a small unit based in Andheri-MIDC Area, Mumbai, which was later
shifted to Silvassa, Union Territory in 1996. The company has
gradually increased its capacity with current installed capacity
of 15,000 TPA at Silvassa Unit.
LOKMANGAL AGRO: ICRA Cuts Rating on INR40cr Loan to '[ICRA]D'
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the term
loans of Lokmangal Agro Industries Limited aggregating to INR 40
crore1 from 'LC' to '[ICRA]D'.
The downgrade in the rating takes into account the weak financial
profile, stretched liquidity position and lack of financial
discipline of the company that has led to consistent delays in
meeting its debt obligations in a timely manner.
The Lokmangal Agro Industries Ltd. was incorporated in the year
1998 by families of farmers with Mr. Subhash Deshmukh and his
family members being the largest shareholders. Initially, a 1250
TCD plant was commissioned but the crushing capacity was doubled
to 2500 TCD in the year 2007. In addition to its own sugar
facility during FY 2008, the company took two 1250 TCD capacity
sugar facility from Shethkari Sahakari Shakar Karkhana Ltd. and
Tuljabhavani SSK Ltd. situated in Latur and Osmanabad districts at
a distance of 100-150 km., on five years lease basis (i.e. SY
2007-08 to SY 2011-12). The existing sugar plant also has co-
generation facility of 1.5 MW capacity which is used entirely for
captive purpose by the sugar plant.
MAKTEL CONTROL: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maktel Control and
Systems Pvt Ltd continue to reflect Maktel's moderate financial
risk profile, marked by moderate gearing and debt protection
metrics, and established position in the electrical equipment
industry.
Facilities Ratings
---------- -------
INR60 Million Cash Credit CRISIL BB/Stable (Reaffirmed)
INR8.5 Million Rupee Term Loan CRISIL BB/Stable (Reaffirmed)
INR55 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
INR20 Million Letter of Credit CRISIL A4+ (Reaffirmed)
These strengths are partially offset by susceptibility of Maktel's
operating margin to volatility in raw material prices, the
company's customer concentration, its small scale of operations,
and limited financial flexibility.
Outlook: Stable
CRISIL believes that Maktel will maintain its financial and
business risk profiles over the medium term, supported by its
moderate order book, reputed clientele, and stable cash accruals.
The outlook maybe revised to 'Positive' if Maktel increases its
scale of operations and maintains its profitability at current
levels, leading to significant improvement in its net worth and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure (capex) programme, or reports lower-
than-expected profitability, leading to deterioration in its
financial risk profile.
Update
Maktel's revenues for 2010-11 (refers to financial year, April 1
to March 31) declined by around 8% year-on-year. This was
primarily on account of reduced offtake during the last quarter of
2010-11, following stagnation in releasing funds by the government
entities for Maktel's tender-driven revenues. However, for 2011-12
so far, Maktel has already reported sales of INR110 million. With
an order book of INR200 million as on date, the company is likely
to close the year with sales of around INR400 million. The company
continues to have a healthy mix of tender-driven revenues and
sales to private companies for government-based electricity
companies and private players, such as ABB, respectively; the
latter contributed about 60% of Maktel's total sales in 2010-11.
Maktel's operating margin in 2010-11 improved to around 8.4% from
5.3% in 2009-10, driven by lower raw material cost and better
margins from tenders. Operating margin varies with the rates
quoted in tenders; margins are therefore susceptible to volatility
in raw material prices. The company's operating margin is expected
to be in the range of 7 to 9% in the medium term.
Maktel's operations continue to be working capital intensive;
however, operations are supported by credit from suppliers. The
company's gearing was in line with expectation, at 1.84 times as
on March 31, 2011. The company undertakes capex programme of
around INR3 million annually. It has no major capex plan over and
above the regular for the medium term. Gearing is expected to
remain between 1.5 to 2.0 times over the medium term.
For 2010-11, Maktel's profit before tax (PBT) and net sales are
estimated at INR8 million and INR276 million respectively; the
company reported a PBT of INR6 million on net sales of INR299
million for 2009-10.
About Maktel Control
Established in 1982, Maktel was a partnership between Mr. N M
Patel and Mr. A K Nandi. In April 2009, it was reconstituted as a
private limited company. The company manufactures electrical
equipment, such as control and relay panel transformers, low-
tension distribution boxes, and medium-voltage switchgear, used in
transmission and distribution of power. Its plant, located in
Vadodara (Gujarat), has capacity to manufacture 1320 control and
relay panels per annum on a single-shift basis and 144,000
kilovolt amperes (kVA) of switch boards and distribution boxes per
annum. It has flexibility to increase production of control and
relay panels by increasing the number of shifts. About 40% of the
company's revenues come from control and relay panels, and 30%
each come from distribution boxes and switchgears.
MANAV RACHNA: ICRA Rates INR26cr Term Loans at '[ICRA]D'
--------------------------------------------------------
ICRA has assigned the long-term ratings of '[ICRA]D' to the
INR26 crore term loans facilities of Manav Rachna Education
Society.
The assigned rating reflects the weak financial risk profile of
the society as reflected by its high gearing levels as well as
delay in servicing of debt in the recent past and its low scale of
operations which has kept its profitability under pressure. The
operating profitability declined from 11% in 2009-10 to 4.6% in
2010-11. The rating, however, draws comfort from the well
experienced and qualified faculty of the institutes and robust
occupancy levels. Going forward, timely servicing of the debt
obligation and improvement in the scale of operations will be
amongst the key rating sensitivity factors.
Manav Rachna Education Society is a Non-Profit organization
registered under the Society Act in the year 1987-88. The society
is based out of Faridabad and runs a dental and teacher training
institute as well as a school (Pre-nursery-VIII) under its ambit.
In addition to this, the society has also started a radio courses
in the recent past. The society is managed by Mr. O.P Bhalla and
his team.
Recent Results
As per the provisional numbers for FY11, MRES reported an
operating income (OI) of INR14.96 crore and a net loss of
INR7.92 crore, as against an OI of INR18.55 crore and a net loss
of INR6.56 crore in FY10.
MARITIME ENERGY: ICRA Cuts Rating on INR0.80cr Loan to '[ICRA] D'
-----------------------------------------------------------------
The rating for the INR4.91 crore term loan facility and
INR0.80 crore long term fund-based limits of Maritime Energy Heli
Air Services Private Limited has been revised to '[ICRA] D' from
'LC' earlier. The rating for the INR0.85 crore short term non-
fund-based limits of Maritime has been reassigned to '[ICRA]D'
from 'A5' earlier.
The assigned ratings take into account continued delays in debt
servicing by the company owing to strained liquidity conditions.
The company's liquidity has been impacted owing to delay in
initiation of its contract and a stretched receivables position.
Additionally, the company's current revenues are derived from a
single six month contract hence generating alternative stream
would be critical for timely servicing of debt obligations. Though
the company has the advantage of introducing "seaplane" services
in India and is also aiming to launch the services in other
states, ability to successfully market the same is crucial for
revenue visibility.
About Maritime Energy
Maritime Energy Heli Air Services Pvt. Ltd. was incorporated in
May, 2009. It is a startup with main purpose to enter niche
aviation services. The company was floated by three partners
having experience in aviation or aviation related activities.
The company applied to the Ministry of Civil aviation for its No
Objection Certificate (NOC) in February, 2010 and obtained the
same within the month. It bid for its first seaplane contract from
Pawan Hans Helicopters Ltd. in July, 2010 which was awarded to it
in September, 2010 for operating "charter hire services" for
tourists in Andaman. The aircraft towards the contract was bought
in November, 2010, funded through a mix of term loans and equity.
The service was formally inaugurated on December 28, 2010 by the
Minister of Civil Aviation at the time. The company obtained its
Non-Scheduled Operators Permit in January, 2011 and the same month
commenced its service for Pawan Hans Helicopters Ltd (on behalf of
Government of Andaman & Nicobar). At the moment the service is
being undertaken between Port Blair and Havelock Islands in
Andaman & Nicobar with a Cessna 208A aircraft and services to
other Islands is expected to commence soon.
For FY 2010, as per audited numbers the company recorded a profit
after tax of INR0.02 crore over an operating income of INR4.16
crore, the revenues were mainly on account of trading activity.
REGAL PLYWOOD: ICRA Assigns '[ICRA]BB-' Rating to INR2cr Limits
---------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB-' rating to the
INR2 crore fund based limits of Regal Plywood Industries Private
Limited. ICRA has also assigned short-term rating of '[ICRA]A4'
rating to the INR12.00 crore non-fund based limits of RPI. The
outlook on the long term rating is Stable.
The ratings are constrained by the modest scale of operations,
resulting in moderate economies of scale; the highly competitive
nature of the Plywood industry which has resulted in low operating
margins; and the emerging competition from particle board based
furniture. RPI's liquidity will remain stretched over the medium
term on account of increase in debtor collection cycle. It has
matched high debtors by availing letters of credit (LCs) for 180
days for its imports, thereby achieving a degree of control on the
working capital requirements. Nevertheless, ICRA expects the
present scenario of stretched coverage indicators (interest
coverage ratio of 2.38 times and Net Cash Accruals at 25% of total
debt in FY 11) to continue.
Notwithstanding this, the ratings positively factor the
established presence of RPI in plywood manufacture for over a
decade, and the positive demand outlook for plywood. The ratings
also positively factor the extensive experience of the promoters
and the established relations with timber suppliers, and plywood
dealers across the country. ICRA notes RPI's presence in the
retail segment through its brand Donyi as an operational strength.
However, going forward, the company's ability to maintain prudent
capital structure while pursuing growth, ensuring raw material
availability and ability to maintain or enhance the operating
margins would be the key rating drivers.
About Regal Plywood
Regal Plywood Industries Private Limited is a private limited
company incorporated in 1997. The promoters and the directors
Mr. Ajit Kumar Minda and Mr. Naresh Kumar Garg have extensive
experience in manufacturing of plywood, and timber trade. The
company manufactures Face and Core Veneer, Plywood, and trades in
timber. The company has a manufacturing capacity of 15 lakh square
meters of plywood on 4 mm basis, 300 lakh square meters of face
veneer on 0.4 mm basis, and 20 lakh square meters of core veneer
on 2.5 mm basis at its Vizag based plant. The company imports
Gurjan, Batu and Marbu timber from Hong-Kong, Malaysia and Myanmar
among other countries and sells timber, face veneer and plywood
across Andhra Pradesh and other parts of India. Timber sales
account for about 20% of the company's revenues.
Recent Results
For the year ended March 31, 2011, the company has achieved an
Operating Income of INR33.72 crore (a year-on-year growth of 15%,
provisional numbers) and an Operating Margin of 0.90 crores.
SANGHVI INT'L: ICRA Suspends 'LB' Rating on INR22.21cr Loan
-----------------------------------------------------------
ICRA has suspended LB rating assigned to the INR22.21crore, long
term loans facilities of Sanghvi International Education Society.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.
SAWHNEY BUILDERS: ICRA Cuts Rating on INR25cr Loan to '[ICRA] D'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the
INR 25 crore, fund-based bank facilities of Sawhney Builders
Private Limited to '[ICRA] D' from 'LC' earlier. The rating
revision factors in the continued irregularities in debt servicing
by the company.
Sawhney Builders Private Limited is a closely held company owned
by the Delhi-based Sawhney family. The company is setting up a 72-
room hotel in Ghaziabad. This apart, the company owns land parcels
at three locations in Uttar Pradesh namely NH-58 Morta Village,
Hapur and Modi Nagar -- wherein it plans to undertake real-estate
development.
SHREE SHYAM: CRISIL Rates INR100MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' to the cash
credit facility of Shree Shyam Corporation.
Facilities Ratings
---------- -------
INR100 Million Cash Credit CRISIL B+/Stable (Assigned)
The rating reflects SSC's working-capital-intensive operations and
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the paper trading industry and distributorship of Ballarpur
Industries Ltd (BILT) taken by the company.
Outlook: Stable
CRISIL believes that SSC will maintain a stable business risk
profile over the medium term, backed by the experience of its
promoters in the paper distribution business and relationship with
BILT. The outlook may be revised to 'Positive' if the firm
significantly scales up its operations while maintaining its
current profitability. Conversely, the outlook may be revised to
'Negative' if the firm achieves lower than expected revenues and
profitability, or if there is significant stretching of its
working capital cycle, thereby affecting SSC's capital structure
and financial flexibility.
About Shree Shyam
Set up in 1985 as a proprietorship concern, SSC trades in paper
and is an authorised dealer of BILT for Gujarat. The firm is based
in Ahmedabad and is owned and managed by Mr. Shrenik Vimawala and
his son Mr. Rishit Vimawala. The firm is engaged mainly in trading
of writing and printing paper of different types and sizes.
SSC reported a profit after tax (PAT) of INR4.7 million on net
sales of INR657.4 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR343.4million for 2009-10.
SHRICHAKRA UDYOG: ICRA Cuts Rating on INR7.99cr Loan to '[ICRA]D'
-----------------------------------------------------------------
ICRA has revised the long term rating of Shrichakra Udyog Limited
from 'LB+' to '[ICRA]D' for its INR7.99 crore term loans. ICRA has
also revised the short term rating from 'A4' to '[ICRA]D' for
SUL's INR208.11 crore fund based bank limits and INR15.5 crore non
fund based bank limits. The ratings revision reflects current
delays in debt servicing by SUL.
Shrichakra Udyog Limited, a recognized "Two Star Export House",
was incorporated in 1996 and was promoted by Mr. R. B. Vinod Kumar
and Mr. Ashok N. Rao. The company is primarily engaged in trading
of agricultural commodities (like spices, food grains, oil seeds,
fruit pulp, etc.) as well as building materials (like ceramic
tiles, granites, marbles, construction equipment and machinery,
etc.). In May 2009, the company commissioned its own processing
plant for agricultural commodities (mainly spices) in Kandla
Special Economic Zone, Gujarat.
UNITEX INT'L: ICRA Affirms '[ICRA]D' Rating on INR4.5cr Loan
------------------------------------------------------------
ICRA has affirmed the long-term rating outstanding on the
INR13.50 crore term loan facilities and the INR4.50 crore fund
based bank facilities of Unitex International Private Limited.
ICRA has affirmed the short-term rating of '[ICRA]D' outstanding
on the INR3.50 crore non-fund based bank facilities of the
Company. The reaffirmation of ratings reflects the continuing
delay by the Company towards servicing of interest payments on
term loans owing to weak liquidity.
Promoted in 2006 as a joint venture between Mr. P.K. Radhakrishnan
and his wife Ms. V.K. Prabhalakshmi (the Indian promoters, holding
55% equity stake), and Mr. Toshio Noguchi and Mr. Toshiya Suzuki
(the foreign promoters, holding 45% equity stake), UIPL is a
closely-managed business engaged in the manufacture (sewing) of
readymade garments, predominantly in the woven segment. The
Company has its manufacturing facilities at Chennai with estimated
capacities of 2.5 million garments (pieces of shirts) per annum.
UIPL commenced commercial production in May 2008. The Company
primarily caters for garment exports to various brands/ marketers
in the United States, Europe and Japan. Direct exports formed
around 50% of the Company's revenues in its first year of
operations, with contract work undertaken for garmenting
contributing to the rest.
VISHAL MALLEABLES: ICRA Rates INR9.25cr Cash Credit at '[ICRA]B'
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR9.25 crore cash
credit facility and INR12.24 crore term loans of Vishal Malleables
Limited.
The assigned ratings are constrained by the stretched liquidity
position of the company as reflected by the continuous
overutilization in the cash credit account; adverse capital
structure of the company which is expected to stretch further on
account of fresh term loans being availed in FY12 as well as the
presence of intense competition from Chinese suppliers . The
ratings also take into account the moderate capacity utilization
on account of the labor issues and ongoing automation of facility
which is expected to further bring down production temporarily in
FY12.
The assigned ratings, however, favorably take into account the
extensive experience of promoters of more than three decades in
ferrous castings industry; stable customer base and the company's
long standing relationship with most of its customers in addition
to low risk from fluctuations in raw material prices on account of
the company's ability to fully pass on the changes in raw material
prices to most of its customers.
About Vishal Malleables
Vishal Malleables Limited, incorporated in 1974, is involved in
manufacturing of ductile iron (S.G. iron) castings and auto
components with its plant located at Ankleshwar, Gujarat.
Currently the plant has an installed capacity of 12000 MTPA. The
company also owns a windmill with installed capacity of 2.0 MW.
The company is listed at Bombay Stock Exchange and Vadodara Stock
Exchange.
Recent Results
During FY11, the company reported operating income of
INR71.22 crore and profit after tax of INR0.31 crore.
VISHESH KUMAR: ICRA Assigns '[ICRA]B+' Rating to INR3.8cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR3.80 crore fund based limits and INR2.20 crore unallocated
limits of Vishesh Kumar Contractors. ICRA has also assigned the
short term rating of '[ICRA]A4' to the INR2.50 crore non-fund
based limits of VKC.
The assigned rating reflects the weak order book position of the
firm which results in low revenue visibility over short to medium
term, VKC's modest scale of operation and its high exposure to one
sector i.e. road construction and single geography i.e. Punjab.
Concentration risks apart, the rating takes into account the
increasing working capital requirement that has been met largely
through debt resulting in increase in gearing from 0.35 times as
on March 31, 2007 to 1.22 times as on March 31, 2010. ICRA has
also taken note of the risks arising out of the partnership
constitution of the firm.
The ratings, however, draw comfort from experience of the partners
in road construction industry. Notwithstanding the absence of
price escalation clause, the firm had been able to maintain its
profitability at adequate levels as reflected by net profitability
margin of 6.5% for FY10. Ability to increase the scale of
operations while maintaining the profitability and capital
structure will be amongst the key rating sensitivity factors going
forward.
About Vishesh Kumar
Vishesh Kumar Contractors is a registered partnership concern
started by Mr. Vishesh Kumar Bansal, Mrs. Meena Bansal (wife of
Mr. Vishesh Kumar Bansal), Mr. Gurmukh Singh and Mr. Surmukh Singh
(brother of Mr. Gurmukh Singh) in 2007. Subsequently two more
partners were added, Mr. Sanchit Garg and Mr. Mohit Malhotra
w.e.f. April 01, 2008. VKC is primarily involved in road
construction for government organizations especially Public Works
Department in the state of Punjab.
The firm reported a net profit of INR2.18 crore on a revenue of
INR33.84 crore in FY10; thus reporting a net margin of 6.5%.
WIANXX IMPEX: ICRA Cuts Rating on INR43cr Loans to '[ICRA] D'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to INR43.00 crore
term loans of Wianxx Impex Private Limited to '[ICRA] D' from
'LB-'.
The rating revision takes into account the delays in debt
servicing on account of stretched liquidity position and cash flow
mismatches of the company. While revising the rating ICRA has
noted the satisfactory progress of the Europark project currently
being executed by the company. The company has incurred INR192.91
Cr of the total project cost of INR200 Cr as on June 30, 2011 and
the project is expected to be completed in December 2011.
Wianxx Impex Private Limited was incorporated in the year 1995 by
Mr. Rajeev Anand, Mr. Sandeep Anand and Mr. Sanjeev Anand. The
company was earlier involved in the business of export and imports
of textiles until CY2000. However, owing to the slowdown in the
business it stopped dealing in exports. In order to diversify, the
promoters started their maiden project -- Europark in this
company. The project involves setting up of a mall cum multiplex
cum hotel/service apartments. The project is located on the main
Delhi-Ghaziabad Highway (NH58) and is spread across a land of
about 6.02 acres. The total saleable area of the project is 6.17
lakh square feet and the cost envisaged for the project is
INR 200 crore.
=========
J A P A N
=========
AGC TRUST: Moody's Reviews Class B Notes 'B3' Rating
----------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the ratings for the Class B Trust Certificates issued by AGC
Trust.
Class B, B3 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to B3 (sf) from Ba2 (sf)
Deal Name: AGC Trust
Class: Class B Trust Certificates
Issue Amount (initial): JPY 6 billion
Dividend: Floating
Issue Date (initial): Sept. 7, 2007
Final Maturity Date: August, 2014
Underlying Asset (initial): Class B Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the Specified Bond
Originator: Deutsche Bank, Tokyo Branch
Arranger: Deutsche Securities Inc.
AGC Trust is a single-asset/single-borrower CMBS deal, effected in
October 2007.
The Originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, Originator executed a
loan to a Tokkin Trust ("Tokkin loan receivables").
The Originator then entrusted both the Tokkin loan receivables and
Tokkin Trust Certificates to another trustee, and in turn obtained
Trust Certificates, which are divided into Classes A, B, C1, C2,
and X. The Trust Certificates incorporate a senior/subordinated
structure.
The Originator then sold the Class B Trust Certificates through
the Arranger to investors. The Trust Certificates are rated by
Moody's.
Dividends on the rated Trust Certificates are made using interest
collections as specified bond interests. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.
The transaction is backed by a large office building in central
Tokyo.
In its review, Moody's needs to re-assess its stabilized cash
flows and values in light of the rental market conditions in sub-
markets around the property as well as confirming the performance
of the underlying property, such as occupancy rates and actual
rent prices.
J-CORE 13: Moody's Reviews Ba2 Class Notes Rating for Downgrade
---------------------------------------------------------------
Moody's Japan K.K has placed under review for possible downgrade
the ratings for the Class A through E Trust Certificates issued by
J-CORE 13 Trust.
Class A, Aa3 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to Aa3 (sf) from Aaa (sf)
Class B, Baa2 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to Baa2 (sf) from Aa2 (sf)
Class C, Ba2 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to Ba2 (sf) from A2 (sf)
Class D, Ba3 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to Ba3 (sf) from A3 (sf)
Class E, B2 (sf) Placed Under Review for Possible Downgrade;
previously on June 4, 2010 Downgraded to B2 (sf) from Baa2 (sf)
Deal Name: J-CORE13 Trust
Class: Class A through E Trust Certificates
Issue Amount (initial): JPY 42.7 billion
Dividend: Floating
Issue Date (initial): Dec. 18, 2007
Final Maturity Date: September 2014
Underlying Asset (initial): Class A Trust Certificates backed by
the Tokkin loan receivables and Tokkin Trust Certificates
ultimately backed by the Specified Bond
Originator: Deutsche Bank, Tokyo Branch
Arranger: Deutsche Securities Inc.
J-CORE 13 is a single-asset/single-borrower CMBS deal, effected in
December 2007.
The Originator first purchased a specified bond through Tokkin
Trust under Japan's Trust Law and which in turn received the
Tokkin Trust Certificates. At the same time, the Originator
executed a loan to a Tokkin Trust ("Tokkin loan receivables").
The Originator then entrusted both the Tokkin loan receivables and
Tokkin Trust Certificates to another trustee, and in turn obtained
the Trust Certificates, which are divided into Classes A, B, C1,
C2, and X. The Trust Certificates are senior to the next junior
class sequentially.
The originator further entrusted cash and Class A of the Trust
Certificates to the J-CORE 13 Trust trustee, and in turn obtained
the Class A through E and Class X Trust Certificates ("Trust
Certificates") and which it then sold through the Arranger to
investors. The Trust Certificates are rated by Moody's.
Dividends on the rated Trust Certificates are made using interest
collections as specified bond interest. The incurred losses from
the specified bond will be allocated in reverse sequential order,
starting with the most subordinate class of the Trust
Certificates.
The transaction is backed by a large office building in central
Tokyo.
In its review , Moody's needs to re-assess its stabilized cash
flows and values in light of the rental market conditions in sub-
markets around the property as well as confirming the performance
of the underlying property, such as occupancy rates and actual
rent prices.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published on September 30, 2010, and available on
http://www.moodys.co.jp/
L-JAC 5: Moody's Downgrades Class B Notes Rating to 'Caa1 (sf)'
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A and
B Trust Certificates issued by L-JAC 5 trust. The final maturity
of the Trust Certificates will take place in August 2015.
Class A, Downgraded to Baa3 (sf); previously on August 18, 2011
Baa1 (sf) Placed Under Review for Possible Downgrade
Class B, Downgraded to Caa1 (sf); previously on August 18, 2011 B1
(sf) Placed Under Review for Possible Downgrade
Deal Name: L-JAC 5 trust
Class: Class A and B Trust Certificates
Issue Amount (initial): JPY48,700 million
Dividend: Floating
Transfer Date of Trust Certificates: Sept. 7, 2007
Final Maturity Date: August 2015
Underlying Asset (initial): 13 non-recourse loans
Entrustor: Lehman Brothers Japan Inc. and New Century Finance Co.
Ltd. (as of issue date)
Arranger: Lehman Brothers Japan Inc (as of issue date)
The L-JAC 5 Trust, effected in September 2007, represents the
securitization of 13 loans. Two loans were paid in full by their
maturity date and two defaulted loans were recovered after the
special servicing. The transaction is now secured by nine loans,
eight of which are under special servicing.
The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee. The Trustee in turn issued the Trust
Certificates of Class A through J-1 and Class X-1 and X-2. The
Trust Certificates are rated by Moody's.
The Trust Certificates of Class A through C are composed of sub-
classes, which correspond to the three loan pools. For each loan
pool, the principal proceeds -- from scheduled amortizations and
prepayments -- will be allocated only within the respective
classes (including sub-classes) corresponding to the specific loan
pool.
The repayments distributed to each sub-class will be re-allocated
to Class A through C in proportion to each outstanding amount.
Loss allocation is based on a reverse-sequence in each loan pool.
For Classes A through C, losses allocated to each sub-class will
be added up and the total losses of sub-classes will be allocated
to Class A through C in the reverse order of priority.
Rating Rationale
The current rating action these factors:
(1) Moody's re-assessed the recovery assumption of a special
servicing loan backed by the office building in central Tokyo, and
lowered it by 63% from the initial estimate.
(2) As a result of the above re-estimation, the credit support of
Class A has deteriorated and the likelihood of incurring a loss on
Class B has increased.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on Sept. 30, 2010 and available on www.moodys.co.jp.
Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.
L-JAC 7: Moody's Downgrades Class C Notes Rating to 'Caa2'
----------------------------------------------------------
Moody's Japan K.K has downgraded the ratings for eight classes of
trust certificates issued by L-JAC 7 Trust.
At the same time, it has placed under review for downgrade the
ratings of two classes of trust certificates and CMBL
issued/borrowed by L-JAC 7 Trust.
The final maturity of all the Trust Certificates will take place
in October 2014.
Details follow:
Class A and CMBL, Aa2 (sf) Placed Under Review for Possible
Downgrade; previously on April 21, 2010 Downgraded to Aa2 (sf)
Class B, Baa2 (sf) Placed Under Review for Downgrade; previously
on April 21, 2010 Downgraded to Baa2 (sf)
Class C, Downgraded to Caa2 (sf); previously on April 21, 2010
Downgraded to B2 (sf)
Class D-1, Downgraded to Caa2 (sf); previously on April 21, 2010
Downgraded to B2 (sf)
Class D-2, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to Caa1 (sf)
Class D-3, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to Caa1 (sf)
Class E-1, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to B3 (sf)
Class E-2, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to Caa2 (sf)
Class E-3, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to Caa2 (sf)
Class F-1, Downgraded to Caa3 (sf); previously on April 21, 2010
Downgraded to Caa2 (sf)
Deal Name: L-JAC 7 trust
Class: Class A through F-1 Trust Certificates and CMBL
Issue Amount (initial): Approximately JPY40,860 million
Dividend: Floating
Transfer Date of Trust Certificates / CMBL: March 31, 2008
Final Maturity Date: October 2014
Underlying Asset (initial): four non-recourse loans and four TMK
bonds
Entrustor: Lehman Brothers Japan Inc., and Lehman Brothers
Commercial Mortgage K.K. (as of issue date)
Arranger: Lehman Brothers Japan Inc (as of issue date)
The L-JAC 7 Trust, effected in March 2008, represents the
securitization of four non-recourse loans and four TMK bonds. The
transaction is currently secured by three non-recourse loans and
three specified bonds. The underlying loan portfolio is divided
into three loan pools -- A, B, and C.
The Entrustor entrusted the Loan Receivables, divided into three
loan pools, to the Trustee. The Trustee in turn issued the Trust
Certificates of Class A through K-1 and Class X.
Some of the Class A Trust Certificates were re-entrusted to the
Trustee, and the Lender launched CMBL backed by the re-entrusted
certificates. The Trust Certificates and CMBL are rated by
Moody's.
Dividend and principal distributions will be implemented
sequentially at the CMBS level. Interest and principal collections
from the Loan Assets will be allocated only within the
corresponding group of the Trust Certificates.
The limits on principal repayments are allocated to Classes A
through C, corresponding to each group, and the repayment amounts,
which exceed these limits and are from the Loan Assets, are paid
sequentially to the other subordinated classes.
At the CMBS level, the principal distribution for Classes A
through C in each Pool will be added up and allocated
sequentially.
The loss will then be allocated to the most subordinated Class,
corresponding to the defaulted Loan/Bond in reverse order of the
sequential pay priority.
The total amount of losses distributed to the Class A through C
Trust Certificates will be re-allocated among them in the reverse
order of the sequential pay priority, starting with Class C.
Rating Rationale
The current rating action and the review reflect the following
factors:
(1) Class C through F-1 is likely to incur losses, as the special
servicer will proceed with the collection activity in future.
(2) Moody's needs to review the ratings of the Class A and B as it
needs to reassess the assumptions for net cash flow and recovery
for an office building in Tokyo. The property, whose performance
is expected to deteriorate, currently backs the top loan in the
portfolio.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published on September 30, 2010 and available on www.moodys.co.jp.
Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.
L-JAC III: Moody's Downgrades Class D-1 Notes Rating to 'Caa2'
--------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class D-1
through G-1 trust certificates issued by L-JAC III Trust.
The final maturity of the Trust Certificates will take place in
April, 2013.
Details follow:
Class D-1, Downgraded to Caa2 (sf); previously on August 18, 2011
B2 (sf) Placed Under Review for Possible Downgrade
Class E-1, Downgraded to Caa3 (sf); previously on August 18, 2011
B3 (sf) Placed Under Review for Possible Downgrade
Class F-1, Downgraded to Caa3 (sf); previously on August 18, 2011
Caa1 (sf) Placed Under Review for Possible Downgrade
Class G-1, Downgraded to Caa3 (sf); previously on August 18, 2011
Caa2 (sf) Placed Under Review for Possible Downgrade
Deal Name: L-JAC III Trust
Class: Class D-1 through G-1 trust certificates
Issue Amount (initial): JPY8,300 million
Dividend: Floating
Issue Date (initial): Oct. 12, 2006
Final Maturity Date: April, 2013
Underlying Asset (initial): Seven non-recourse loans backed by
real estate
Originator: New Century Finance Co., Ltd., (as of the issue date)
Arranger: Lehman Brothers Japan Inc. (as of the issue date)
L-JAC III Trust, effected in October 2006, represents the
securitization of seven loans backed by real estate. The
Originator entrusted the loans to the Asset Trustee, and received
the Class A through I, X-1 and X-2 trust certificates, which it
then sold through the Arranger to investors.
The trust certificates are rated by Moody's.
In this transaction, the interest and principal payments from the
underlying loans are made sequentially.
Six of the seven loans have been paid down in full. The
transaction is now secured by one loan backed by a retail property
in suburban Tokyo.
Rating Rationale
The owner of the property and its only tenant are in a dispute
over the rent and terms of the lease.
Moody's re-considered its rent estimates, given that the rent
after the dispute may fall from that assumed at the previous
rating action, and has lowered its recovery assumptions by 50%
from the level initially estimated.
In addition, Moody's determined these rating levels, taking into
account high loan-to-values based on the new recovery assumption
after the above re-estimation.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan" (June 2010)
published on September 30, 2010 and available on www.moodys.co.jp.
Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.
====================
N E W Z E A L A N D
====================
AORANGI SECURITIES: Managers Deny Unintended Share Transfer
-----------------------------------------------------------
The National Business Review reports that the statutory managers
of Allan and Jean Hubbard are denying media reports they
inadvertently transferred share investments worth NZ$60 million
from Aorangi Securities to Mr. and Mrs. Hubbard.
According to NBR, Grant Thornton said the late Allan Hubbard said
he originally intended for these shares to be owned by Aorangi and
had taken some steps to achieve that.
"Subsequently, Mr. Hubbard purported to transfer the shares still
recorded as owned by Mrs. Hubbard and himself to a number of
trusts he had established. The trusts did not pay for the shares
and as far as we can see they had no ability to do so," the report
quotes the statutory managers as saying.
The Press reports that Auckland businessman Tur Borren has
contended that the statutory managers misunderstood the purpose of
the charitable trusts Allan Hubbard set up and decided to unwind
them.
Mr. Borren, an adviser to the Hubbards, said in a report to the
Aorangi investors, released a week ago, that in the process the
approximately NZ$60 million of shares in businesses associated
with Mr. Hubbard were returned to the original owners, the
Hubbards, and taken away from the intended recipients, the
investors in Aorangi, according to the Press.
The Press relates that the statutory managers said there was no
error in their shifting the shares back to the Hubbards, as
Mr. Borren claimed. They believed the transfers of the share
assets by Hubbard had no effect anyway, the Press adds.
The statutory managers, as cited by NBR, said the background to
the ownership of the shares was detailed in their June 2011 report
to the Aorangi investors.
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.
The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.
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 Serious Fraud Office has announced that it is dropping the
fraud charges against Allan Hubbard following Mr. Hubbard's death.
CRAFAR FARMS: Liz Lambert Seeks Order to Retain Crafar's as Tenant
------------------------------------------------------------------
The New Zealand Herald reports that Elizabeth (Liz) Lambert, a
former South Taranaki mayoral candidate, is seeking an injunction
stopping Crafar Farms receivers, KordaMentha, from removing Allan
Crafar and his family from the property, because she wants to buy
the 16 farms and keep the Crafars as tenants.
According to the Herald, KordaMentha lawyer Bruce Stewart said
Ms. Lambert, who stood for South Taranaki District mayoralty last
year, claimed she struck a deal with the Crafar family to purchase
the farms on August 27.
The Herald relates that Ms. Lambert is now seeking to amend her
earlier injunction application because the Crafars have already
left the properties under an agreement they reached with the
receivers earlier in the year.
"Initially she wanted an order preventing the receivers from
asking the Crafars to leave the farms. She wanted to keep them on
as her tenants. But now they have left she is wanting an order
that they be allowed to go back on the farms," the report quotes
Mr. Stewart as saying.
According to the report, Shanghai's Pengxin International Group
agreed to spend NZ$200 million buying the farms and upgrading the
16 farms in January, after a bid by Natural Dairy was rejected by
the Government on the Overseas Investment Office's recommendation.
That agreement cannot be overridden, unless Pengxin's bid is
knocked back by the Overseas Investment Office, the report notes.
Sir Michael Fay has also declared his interest in buying nine of
the properties -- if the Pengxin bid falls through, the Herald
adds.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on Sept. 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
SOUTH CANTERBURY: NZ Faces NZ$1.3-Bil. Loss, Labor MP Says
----------------------------------------------------------
The Timaru Herald reports that Labour MP David Cunliffe said South
Canterbury Finance's receivership has seen the biggest taxpayer
loss of any corporate failure in New Zealand's history.
The Labour finance spokesman said the country faces a net loss of
$1.3 billion, and growing, following the collapse of SCF, the
report says.
According to The Timaru Herald, Mr. Cunliffe said the Government
could have limited its loss to $500 million and took a shot at
Rangitata MP Jo Goodhew's handling of the issue. She labelled his
comments "distasteful," the report notes.
"In light of Allan Hubbard's tragic death there are some serious
questions that need to be answered. Why was Allan Hubbard placed
into statutory management when so many others in the finance
industry weren't? Was the treatment of the Hubbards by the
statutory managers appropriate?" Mr. Cunliffe asked, the report
relates.
The Timaru Herald says Mr. Cunliffe believed the Hubbards had not
been given enough time to get their papers in order before
statutory management was imposed.
"Why didn't the Government have a clear strategy for dealing with
SCF? They have been confused the whole way through," the report
quotes Mr. Cunliffe as saying.
"In mid-2007 ministers were advised that South Canterbury Finance
was in financial difficulty but they chose not to put it in
statutory management. Yet in 2010 they put Allan and Jean Hubbard
into personal statutory management which had the effect of
stopping the refinancing of SCF."
In August 2010, then SCF chief executive Sandy Maier and others
had brought some recapitalisation deals to the table, Mr. Cunliffe
said.
"The best of those involved the NZ Super Fund, Ngai Tahu and a
merchant bank which would have limited the taxpayer loss to
NZ$500 million. The Government walked away from that deal and
placed SCF into receivership where the assets were left to wither
on the vine with a net loss of NZ$1.3 billion and climbing for
taxpayers." The Government had overstated the risk of the deals
on the table and had persecuted the Hubbards, he said.
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.
In June this year, the Serious Fraud Office laid 50 charges
against Mr. Hubbard in relation to Aorangi and HMF, but these have
been dropped following his death, the Timaru Herald notes.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services. The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors. It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.
On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.
"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008. As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize. Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver. At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.
The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.
SPECTRUM ARCHITECTURAL: Receiver Confident 50 Jobs Will be Saved
----------------------------------------------------------------
Waikato Times reports that Spectrum Architectural Metals receiver
Tom Rodewald said he is confident that 50 workers' jobs will be
saved as potential buyers line up to purchase the business.
Spectrum Architectural has been offered for sale, along with its
assets, as a going concern, according to Waikato Times.
The report relates that Mr. Rodewald said the company had "run out
of money" after trading at a reasonable loss last year.
Waikato Times discloses that Mr. Rodewald said he had received
several inquiries from investors, and was "more than hopeful" the
business would be sold within two weeks and would continue to
trade.
Earlier this year, Spectrum Architectural was listed as a creditor
for collapsed home builder Sovereign Homes, the report says.
Waikato Times relates that Spectrum Architectural Director and
shareholder David Chandler said that while the amount owed had not
helped cash flow, it was not the reason for receivership.
Mr. Chandler would not confirm the actual reason, aside from
saying it was not voluntary, the report notes.
Meanwhile, the report relays that Mr. Todewald said it was too
early to confirm any financial liabilities or the number of
secured and unsecured creditors. No Hamilton workers had been
laid off, although two workers in the "overstaffed" Auckland
office were made redundant, he added.
Spectrum Architectural Metals sells extrusion curving, tube
bending, custom manufacture and aluminium systems, including
overhead glazing, fencing and privacy screens.
=====================
P H I L I P P I N E S
=====================
LBC DEVELOPMENT: Bad & Classified Loans Cause Receivership
----------------------------------------------------------
Roderick T. dela Cruz at Manila Standard Today, citing data from
Bangko Sentral ng Pilipinas (BSP), reports that LBC Development
Bank's receivership was caused by high levels of bad and
classified loans.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2011, the Monetary Board placed LBC Development Bank
under receivership of the Philippine Deposit Insurance Corporation
by virtue of MB Resolution No. 1354 dated Sept. 9, 2011.
LBC Development incurred non-performing loans of PHP316.3 million
representing 27.29% of its total loan portfolio of more than PHP1
billion as of December 2010, according to Manila Standard Today.
The report relates that the bank also had more than PHP725 million
in classified loans and other risk assets as of December last
year.
Manila Standard Today notes that against these high-risk loans,
the bank had only PHP158.7 million in specific provision for loan
losses. While LBC Development Bank had nearly PHP6 billion in
deposit liabilities, its net loans and receivables amounted to
less than PHP1 billion, the report says.
Michelle V. Remo at Philippine Inquirer relates that Nestor
Espenilla, BSP deputy governor for bank supervision, said aside
that the bank had already turned insolvent it has also been
engaged in unsafe and unsound banking practices including
commitment of paying interest rate on deposits higher than the
average commercial interest rate.
Manila Standard Today discloses that Bangko Sentral's data also
showed that LBC Development extended PHP24.5 million in loans to
its directors, officers, stockholders and other related interest
(Dosri), although none of these loans were past due.
Manila Standard Today says that the bank declared total assets of
PHP6.39 billion as of December 2010, including PHP292.6 million in
the value of its offices and premises and PHP150 million in cash;
while its other assets were placed at PHP3.155 billion. The
report relates that real and other properties acquired amounted to
PHP167.4 million.
PDIC Assures Depositors Will Get Money Back
Philippine Inquirer relates that PDIC as assured the LBC
Development Bank's depositors, many of whom are believed to be
families of overseas Filipino workers, that they would be able to
get back the remittances they placed as deposits in the failed
bank. "PDIC assures the public, particularly depositors of the
LBC Development Bank, that the corporation will pay all valid
accounts and deposit insurance claims as soon as possible," PDIC
said in a statement obtained by Philippine Inquirer.
Philippine Inquirer says that LBC Development Bank had 321,516
depositors owning P6.09 billion worth of deposits. The report
notes that PDIC said that of the deposits placed with LBC
Development Bank, PHP3.73 billion is covered by insurance. Under
the charter of PDIC, deposit account worth PHP500,000 or below is
covered by insurance.
Meanwhile, philstar.com relates that BSP said it has advised LBC
Development Bank to find a "white knight" to save its ailing
financial condition.
In a radio interview, BSP Deputy Governor Nestor Espenilla Jr.
said they have given enough time to LBC to find ways to address
its problems, according to philstar.com. "Despite the efforts of
the LBC, they still fail to find someone to help them. So the
best recourse of action is to stop its operation," the report
quoted Espenilla Jr. as saying.
LBC Development Bank is a 20-unit thrift bank. Its head office is
located at 809 J. P. Rizal St., Poblacion, Makati City. Its 19
branches are located nationwide.
=================
S I N G A P O R E
=================
INTELLIGENT COMMUNICATION: Reports US$2.4MM Net Income in 2nd Qtr.
------------------------------------------------------------------
Intelligent Communication Enterprise Corporation filed its
quarterly report on Form 10-Q, reporting net income of
US$2.4 million on US$0 revenue for the three months ended June 30,
2011, compared with a net loss of US$908,673 on US$0 revenue for
the same period last year.
The Company reported net income of US$1.2 million on US$0 revenue
for the six months ended June 30, 2011, compared with a net loss
of US$3.8 million on US$77,389 of revenue for the same period last
year.
The sale of the discontinued operations resulted in a gain of
US$4.4 million for the three and six months ended June 30, 2011.
The Company's balance sheet at June 30, 2011, showed
US$2.7 million in total assets, US$770,536 in total liabilities,
all current, and stockholders' equity of US$1.9 million.
Peterson Sullivan LLP, in Seattle, Washington, expressed
substantial doubt about Intelligent Communication's ability to
continue as a going concern, following the Company's results for
2010. The independent auditors noted that the Company has
incurred losses, and has negative working capital and an
accumulated deficit at Dec. 31, 2010.
A copy of the Form 10-Q is available at http://is.gd/gGxF81
Based in Singapore, Intelligent Communication Enterprise
Corporation (OTC BB: ICMC) -- http://www.icecorpasia.com/--
offers a range of innovative enterprise and consumer solutions
over the mobile phone. ICE Corp owns and operates the ICEsync
platform, which currently hosts Modizo.com the celebrity video
blog and the related applications for mobile devices. Intelligent
Communication Enterprise is a Pennsylvania corporation, with
offices in Singapore and Malaysia.
PREMIER TRAVEL: Creditors' Proofs of Debt Due Oct. 10
-----------------------------------------------------
Creditors of Premier Travel Co-Operative Society Limited, which is
in voluntary liquidation, are required to file their proofs of
debt by Oct. 10, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Kelvin Thio
c/o 146 Robinson Road #12-01
Singapore 068909
SENTOSA ADVENTURE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 2, 2011, to
wind up the operations of Sentosa Adventure Golf Pte Ltd.
Bank Of China Limited filed the petition against the company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SIJORI RESORT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 2, 2011, to
wind up the operations of Sijori Resort (Sentosa) Pte Ltd.
Bank Of China Limited filed the petition against the company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SPA CONCEPTS: Court to Hear Wind-Up Petition Sept. 23
-----------------------------------------------------
A petition to wind up the operations of Spa Concepts Pte Ltd will
be heard before the High Court of Singapore on Sept. 23, 2011, at
10:00 a.m.
Chan Cheow Chye filed the petition against the company on Sept. 1,
2011.
The Petitioner's solicitors are:
Straits Law Practice LLC
(Attn: Ms Valerie Ang)
36 Robinson Road #18-00
City House
Singapore 068877
STUDIO D'BEAUMONDE: Creditors' Proofs of Debt Due Sept. 30
----------------------------------------------------------
Creditors of Studio D'beaumonde Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 3, 2011.
The company's liquidator is:
Chia Lay Beng
1 Scotts Road
#21-08 Shaw Centre
Singapore 228208
TEO BROS: Creditors Get S$0.12 Recovery on Claims
-------------------------------------------------
Teo Bros Pte Ltd declared the fifth and final dividend on Sept. 9,
2011.
The company paid cash S$0.12 to the received claims.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
c/o Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
TOP SECRET: Court to Hear Wind-Up Petition Sept. 30
----------------------------------------------------
A petition to wind up the operations of Top Secret Private Limited
will be heard before the High Court of Singapore on Sept. 30,
2011, at 10:00 a.m.
Jack Investment Pte Ltd filed the petition against the company on
Sept. 2, 2011.
The Petitioner's solicitors are:
Bee See & Tay
10 Anson Road #24-11
International Plaza
Singapore 079903
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Dublin, Ireland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.
Copyright 2011. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***