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                      A S I A   P A C I F I C

          Wednesday, February 8, 2012, Vol. 15, No. 28

                            Headlines


A U S T R A L I A

ABC LEARNING: Creditors Win Bid to Access Key Docs From Banks


H O N G  K O N G

EVADA FOUNDATION: Members' Final Meeting Set for March 6
G.H INVESTMENT: Members' Final General Meeting Set for March 5
HARCOURT ALTERNATIVE: Commences Wind-Up Proceedings
HONOUR FUTURES: Members' Final General Meeting Set for March 5
HOOLEY ESTATE: Creditors' Proofs of Debt Due March 23

INTERSOM HK: Creditors' Proofs of Debt Due March 5
JOINT COUNCIL: Placed Under Voluntary Wind-Up Proceedings
KEWAN INVESTMENT: Members' Final General Meeting Set for March 5
LENGENT COMPANY: Ng Sau Wa Sylvia Steps Down as Liquidator
NIDEC PIGEON: Members' Final Meeting Set for March 16


I N D I A

AMBICA DEVELOPERS: CARE Rates INR15cr LT Loan at 'CARE B+'
ANANT SYNTEX: CARE Rates INR10.57cr Loan at 'CARE BB'
ENKAY TEXFAB: CARE Assigns 'CARE BB' Rating to INR7.67cr LT Loan
KINGFISHER AIRLINES: Suspended From IATA Geneva Clearing House
KINGFISHER AIRLINES: Puts on Hold Alliance with oneworld

LIVA CERAMICS: CARE Assigns 'CARE B+' Rating to INR9.7cr LT Loan
MARSONS ENERGY: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan
MONTEX GLASS: CARE Assigns 'CARE BB+' Rating to INR3.29cr Loan
OM HOSPITALITY: CARE Rates INR17.25cr LT Loan at 'CARE BB+'
SPICEJET LTD: Auditors Cast Doubts as Losses Erode Net Worth

SRI JYOTI: CARE Rates INR26.95cr Long-Term Loan at 'CARE B+'


J A P A N

TOKYO ELECTRIC: Biggest Customers Balk as Firm Seeks Higher Rates


S I N G A P O R E

LBGA TRADING: Creditors' Proofs of Debt Due March 3
LIGHTSHIP CHARTERING: Creditors' Proofs of Debt Due March 1
PAU (F&B): Court Enters Wind-Up Order
TGL DISTRIBUTORS: Creditors' Proofs of Debt Due March 16
VINCI PTE: Borrelli and Kardachi Appointed as Liquidators


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


=================
A U S T R A L I A
=================


ABC LEARNING: Creditors Win Bid to Access Key Docs From Banks
-------------------------------------------------------------
ABC Learning creditors might succeed in attempts to get their
money back.  Sue Lannin at ABC News reports that an Australian
federal court directed bank lenders of the collapsed childcare
provider to provide litigation funder IMF Australia access to
certain key documents.

IMF Australia, ABC News relates, is backing an investigation by
ABC Learning liquidator Ferrier Hodgson.

According to the report, ABC Learning's banks have recovered
around $800 million in loans from the collapsed company, and the
liquidator is looking at whether that money could be returned and
distributed to non-bank creditors.

ABC News relates that Ferrier Hodgson is investigating whether
the charge was wrongly taken back by the banks' receivers and
therefore could be declared a "voidable transaction" under the
Corporations Act, because an "unfair preference" was given to the
banks as secured creditors.

In the Federal Court, ABC News cites, Justice Dennis Cowdroy
ruled that the liquidators could pass the documents on to IMF
Australia, writing: "The Court considers the statutory duties of
the liquidators outweigh the interests of the banks in
maintaining the confidentiality of the documents."

In a statement, IMF Australia said: "The judgment will enable IMF
to properly consider whether it wishes to continue funding the
liquidators, including funding a challenge to the charge."  The
bank documents include internal e-mails that outlined the
lenders' concerns that ABC Learning could go under.

In the e-mails, the banks also discussed the possibility of
investors ranking above other creditors and being paid back
before the banks in the event of a collapse, following a landmark
court judgment known as Sons of Gwalia.

ABC Learning's banking syndicate included Australia's big four
banks -- Commonwealth Bank, Westpac, National Australia Bank and
ANZ -- as well as foreign lenders Citigroup and Bank of America.

IMF Australia is also funding a potential class action by
investors against ABC Learning.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land
Holdings (NZ) Limited and Child Care Centers Australia Ltd.  On
Jan. 26, 2007, it acquired La Petite Holdings Inc.  On Feb. 2,
2007, it acquired Forward Steps Holdings Ltd.  On March 23, 2007,
it acquired Children's Gardens LLP.  In September 2007, the
Company purchased the Nursery division (Leapfrog Nurseries) from
Nord Anglia Education PLC.  In June 2008, the Company completed
the sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


================
H O N G  K O N G
================


EVADA FOUNDATION: Members' Final Meeting Set for March 6
--------------------------------------------------------
Members of The Evada Foundation Limited will hold their final
meeting on March 6, 2012, at 10:00 a.m., at 20th Floor, Tung Wai
Commercial Building, at 109-111 Gloucester Road, Wanchai, in
Hong Kong.

At the meeting, Francis Young, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


G.H INVESTMENT: Members' Final General Meeting Set for March 5
--------------------------------------------------------------
Members of G.H Investment Co Limited will hold their final
general meeting on March 5, 2012, at 10:00 a.m., at 20/F,
Prince's Building, Central, in Hong Kong.

At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HARCOURT ALTERNATIVE: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Harcourt Alternative Investment (HK) Limited, on
Jan. 30, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


HONOUR FUTURES: Members' Final General Meeting Set for March 5
--------------------------------------------------------------
Members of Honour Futures Limited will hold their final general
meeting on March 5, 2012, at 10:00 a.m., at 45th Floor, Sun Hung
Kai Centre, at 30 Harbour Road, in Hong Kong.

At the meeting, Pun Chun Sun Bernard, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HOOLEY ESTATE: Creditors' Proofs of Debt Due March 23
-----------------------------------------------------
Creditors of Hooley Estate Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 23, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 18, 2012.

The company's liquidator is:

         Chow Ming Charlie
         1903-4, China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


INTERSOM HK: Creditors' Proofs of Debt Due March 5
--------------------------------------------------
Creditors of Intersom Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 20, 2012.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JOINT COUNCIL: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2011,
creditors of The Joint Council of the Travel Industry of Hong
Kong Limited resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

         Luk Chi Cheong
         Room 2210, 22/F
         No. 113, Argyle Street
         Mongkok, Kowloon
         Hong Kong


KEWAN INVESTMENT: Members' Final General Meeting Set for March 5
----------------------------------------------------------------
Members of Kewan Investment Limited will hold their final general
meeting on March 5, 2012, at 11:00 a.m., at 6/F, Greenwich
Centre, at 260 King's Road, North Point, in Hong Kong.

At the meeting, Yuen Sik Ming Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


LENGENT COMPANY: Ng Sau Wa Sylvia Steps Down as Liquidator
----------------------------------------------------------
Ng Sau Wa Sylvia stepped down as liquidator of Lengent Company
Limited on Feb. 3, 2012.


NIDEC PIGEON: Members' Final Meeting Set for March 16
-----------------------------------------------------
Members of Nidec Pigeon (H.K.) Co., Limited will hold their final
general meeting on March 16, 2012, at 2:00 p.m., at Unit 2605-
2606, Level 26, Metroplaza Tower 2, at No. 223 Hing Fong Road,
Kwai Fong, N.T., in Hong Kong.

At the meeting, Wakisaka Shoji, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


=========
I N D I A
=========


AMBICA DEVELOPERS: CARE Rates INR15cr LT Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ambica
Developers.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15.00      CARE B+ Assigned

Rating Rationale

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.  The rating is
primarily constrained on account of project implementation risk
associated with the ongoing project of Ambica Developers and low
order book status. The rating is further constrained on account
of inherent risk associated with the cyclical nature of the real
estate industry and interest rate risk.

The rating, however, favorably factors vast experience of the
partners in real estate sector and satisfactory progress of the
project with moderate gearing level.

Timely completion of the ongoing project without any cost overrun
and achievement of the envisaged sales at anticipated prices is
the key rating sensitivity.

Ambica was formed as a partnership firm in June 2010 by the
Western Group to carry out the real estate business. The Western
Group has been engaged in the business of real estate since the
last two decades and has developed various schemes in residential
and commercial segments in and around Surat, Gujarat including
Western City, City Plaza and Citizen Heights. Currently, Ambica
is executing one each of commercial and residential project
namely 'Western Business Park' and 'Western Residency'
respectively in Surat.

The envisaged total cost of the project is INR42.24 crore. Up to
Dec. 20, 2011, Ambica has incurred expenditure of INR32.29 crore.
The project is scheduled to be completed by January 2013.


ANANT SYNTEX: CARE Rates INR10.57cr Loan at 'CARE BB'
-----------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Anant
Syntex Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.57      CARE BB Assigned

Rating Rationale

The rating is primarily constrained by the modest scale of
operations of Anant Syntex Ltd. and moderate financial risk
profile marked by thin profitability, weak debt coverage and
liquidity indicators. The rating is further constrained by
limited presence in the textile value chain and fragmented nature
of the textile processing industry.

Above weaknesses are partially offset by the experience of the
promoters of ASL, established track record of operations and
presence in the textile cluster of India.

ASL's ability to increase its scale of operations amidst intense
competition along with improvement in overall financial risk
profile are the key rating sensitivities.

Bhilwara based Anant Syntex Limited was initially incorporated as
a private limited company in 1986 and later on in 1997 it resumed
its current name. ASL is engaged in the processing and dyeing of
synthetics fabrics on job work basis which are primarily used for
the manufacturing of suitings. The company also trades in grey
and finished fabrics in small lots which contribute around 15% to
20% of its total revenues. The processing facility of the company
is located in Bhilwara district in Rajasthan with an installed
capacity of 397 Lakh Metric per Annum (LMPA) as on March 31,
2011.

During FY11 (refers to the period April 1 to March 31, as per
audited results), MPPL reported a total operating income of
INR40.25 crore (FY10: INR35.23 crore) and Profit After Tax (PAT)
of INR0.30 crore (FY10: INR0.27 crore).


ENKAY TEXFAB: CARE Assigns 'CARE BB' Rating to INR7.67cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Enkay Texfab Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.67      'CARE BB' Assigned
   Short-term Bank Facilities      0.07      'CARE A4' Assigned

Rating Rationale

The ratings are constrained by relatively small scale of
operations of Enkay Texfab Pvt. Ltd. in a highly competitive and
fragmented textile industry, and its financial profile marked by
moderately high leverage and stressed liquidity. The ratings are
further constrained by susceptibility of margins to volatile raw
material prices and the risk associated with the proposed
project.  The ratings factor in the benefit derived from
experienced promoters and their financial support in past.

The ability of ETPL to complete the ongoing capex without any
time and cost overrun, overall improvement in the scale of
operation and financial profile along with efficient management
of working capital cycle are the key rating sensitivities.

Mumbai based Enkay Texfab Pvt. Ltd. was incorporated in 1998 by
Mr. Neeraj Kataruka.  ETPL is mainly engaged in the business of
weaving of synthetic textile fabrics and generates revenue
entirely from the domestic market. Over the years, the company
has expanded its capacity from 6 looms in 1998 to 77 looms as at
the end of FY11. ETPL also undertakes job work for other textile
players. ETPL has installed weaving capacity of 48,00,000 meters
per annum as on March 31, 2011 at its plant located at Silvassa.


KINGFISHER AIRLINES: Suspended From IATA Geneva Clearing House
--------------------------------------------------------------
The Economic Times reports that the International Air Transport
Association (IATA) has suspended Kingfisher Airlines from its
Geneva-based clearing house (ICH) due to non-payment of dues to
airline members.  According to the report, a Kingfisher
spokesperson said the problem was due to a failure in their
automated system and the airline is in consultation with the
clearing agency to sort issues out.

"As a result of a recent internal system failure, certain credits
did not hit our ICH account in time, triggering an automatic
suspension.  Kingfisher would like to confirm that all its dues
via ICH have been settled in full and it has absolutely no
outstanding due as of date," the report quotes Kingfisher
spokesperson as saying.

"We are working closely with ICH and expect to see a reversal of
the automatic suspension shortly," the spokesperson added.  IATA
has about 240 members in 118 countries.

According to the report, the ICH acts as a kind of a via media
between partner airlines internationally and if it suspends
Kingfisher this will mean that the international airlines will
not be able to honour Kingfisher coupons.  The ICH acts as a
coupon collector for airlines when there is an interline
agreement between two of them.  For instance, a Kingfisher flight
from Mumbai to New York will be directed via London, the journey
from where will be taken care of by British Airways as partner
airline.

                    US$5.48 Million Tax Dues Payment

Separately, The Economic Times reports that Kingfisher Airlines
has paid tax dues of about $5.48 million until January, the CBEC
chairman S.K. Goel.

The airline, struggling to raise fresh funds, is expected to pay
the remainder of its tax dues by March, S.K. Goel told reporters.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


KINGFISHER AIRLINES: Puts on Hold Alliance with oneworld
--------------------------------------------------------
Kingfisher Airlines and oneworld(R) on Feb. 3 agreed to put on
hold the airline's entry into an alliance to give it time to
strengthen its financial position.

Implementation of Kingfisher's alliance with oneworld had been
planned for Feb. 10.

oneworld CEO Bruce Ashby said: "These are turbulent times for the
airline industry in India and many other parts of the world.  We
have been working closely with Kingfisher Airlines over the past
months and it has become increasingly clear recently that the
airline needs more time to resolve the financial issues it is
confronting before it can be welcomed into oneworld.

"We wish it well during this process and will work with
Kingfisher Airlines with the aim of setting a new joining date
once it is through this current period of turbulence."

Kingfisher Airlines Chairman Vijay Mallya added:  "In light of
the many priorities centred around Kingfisher Airlines'
recapitalisation efforts, we felt it prudent to defer our entry
into the alliance for a little while.  This will allow us the
opportunity to focus on the issues at hand and we look forward to
being part of the oneworld alliance very shortly."

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


LIVA CERAMICS: CARE Assigns 'CARE B+' Rating to INR9.7cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Liva Ceramics.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      9.70       CARE B+ Assigned
   Short-term Bank Facilities     0.75       CARE A4 Assigned

Rating Rationale

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings of Liva Ceramics are mainly constrained on account of
risks associated with implementation of predominantly debt-funded
project and its presence in highly competitive and fragmented
ceramic industry.  The ratings are further constrained on account
of susceptibility of its profitability to volatile prices of raw
materials and natural gas and linkages to cyclical real estate
sector.  The ratings, however, favorably takes into account the
experience of the partners in the ceramic industry and the
benefits derived from being located in ceramic cluster in Morbi.

Liva's ability to timely complete the project without any cost
overrun and achieve the envisaged level of operations in light of
competitive nature of the industry is the key rating sensitivity.

Rajkot-based Liva Ceramics, setup in April 2011 is promoted by
fifteen partners with unequal profit and loss sharing agreement
within them.  Mr. Dhiraj Detroja, Mr. Vasant Rojmala, Mr. Tarun
Likhiya are the key partners of the firm.  Liva is currently
undertaking a green-field project to manufacture digital printed
ceramic wall tiles and glazed ceramic wall tiles with a proposed
installed capacity of 18,000 Metric Tonnes Per Annum (MTPA).


MARSONS ENERGY: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Marsons Energy Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.00      CARE BB Assigned
   Long/Short-term Bank            4.50      CARE BB/CARE A4
    Facilities                                Assigned
   Short-term Bank Facilities      2.50      CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the modest scale of
operations of Marsons Energy Private Limited in the highly
fragmented and competitive transformer industry.  The below
average financial risk profile marked by low profitability
margins and high overall gearing, volatility associated with the
prices of key raw materials and proposed debt-funded capex
further constrain the ratings. Above constraints are partially
offset by the wide experience of the promoters in the transformer
industry, reputed clientele and positive demand outlook for the
transformer industry.  MEPL's ability to increase its scale of
operations with improvement in profitability amidst intense
competition along-with efficient management of working capital
and funding structure of proposed debt-funded capex are the key
rating sensitivities.

Marsons Energy Private Limited, incorporated in 2005, was
promoted by Mr. Rahul Jain and Mr. Deepak Jain. The company is
engaged in manufacturing of power distribution transformers at
its sole manufacturing plant at Jaipur. MEPL manufactures
transformers ranging from 25 kilovolt ampere (KVA) to 5 megavolt
ampere (MVA) within 33 kilovolt (Kv) voltage class. The company
also offers related technical assistance and services including
repair works. MEPL offers Bureau of Energy Efficiency (BEE)
registered energy efficient transformers to its various customers
including State Electricity Boards (SEBs), turnkey-solution
providers and also in the export market.

Furthermore, the manufactured products are tested at independent
National Accreditation Board for Testing and Calibration
Laboratories accredited houses which assure the quality of
products.


MONTEX GLASS: CARE Assigns 'CARE BB+' Rating to INR3.29cr Loan
--------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Montex Glass Fibre Industries Pvt. Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.29       'CARE BB+' Assigned
   Short-term Bank Facilities     7.50       'CARE A4+' Assigned

Rating Rationale

The ratings are constrained by relatively small scale of
operations of Montex Glass Fibre Industries Pvt. Ltd. with
fluctuating revenue & cash accruals and moderately stressed
liquidity position due to elongated working capital cycle. The
ratings are further constrained by foreign exchange fluctuation
and customer concentration risk.  The ratings also take comfort
from the established track record, experienced promoters and
healthy profitability margins.

The ability of MGFIPL to manage the expected slowdown in key
export markets and efficient management of working capital cycle
are the key rating sensitivities.

Montex Glass Fibre Industries Pvt. Ltd., established in 1972 as a
partnership firm, was promoted by Mumbai-based Mr. Jagdish
Kaushik. MGFIPL is engaged in the manufacturing of fibre
glass fabric and generates its revenue mainly from export market
of Kuwait, Italy, South Africa and UK.  The company sources
majority of its raw material requirement through imports mainly
from China and Taiwan and balance from the domestic market. As on
March 31, 2011, MGFIPL has an installed capacity of 90,00,000
meters p.a. at its sole manufacturing facility located at Nashik,
Maharashtra.

During FY11, MGFIPL reported total operating income of
INR24.53crore and PAT of INR1.38 crore as against total operating
income of INR18.10 crore and net profit of INR0.92 crore in FY10.


OM HOSPITALITY: CARE Rates INR17.25cr LT Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of OM
Hospitality Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       17.25     CARE BB+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Om Hospitality Pvt
Ltd are constrained on account of very short track record of
operations due to recent commencement of the hotel project,
cyclicality associated with the competitive hotel industry and
leveraged capital structure.  The rating however draws strength
from the operational and brand synergies that OHPL derives from
its tie-up with Royal Orchid Hotels Ltd and the promoter's
extensive experience in the hotel management industry.  Ability
of OHPL to stabilize the operations in a timely manner and
achieve the envisaged occupancy rates and Average Room Revenue
(ARR) levels are the key rating sensitivities.

Om Hospitality Pvt Ltd was incorporated in 2006 by Mr. Nilesh
Shah and Mr. Hitesh Agarwal for setting up a hotel at Vadodra,
Gujarat. Mr. Hitesh Agarwal and Mr Nilesh Shah are family members
and they are involved in the hospitality industry since more than
two decades.  The family owns and operates eight hotels ranging
from budget hotel to four star hotel at Vadodra region.

OHPL owns a three star category hotel having 81 rooms, two
restaurants and three banquet halls facility which can
accommodate 180 persons. Earlier, it was proposed to be operated
by promoter group only. However, during June 2010 promoters
decided to have a tie-up with hotel chain for management of
operations and in October 2010, OHPL entered into an agreement
with Royal Orchid Hotels Ltd for operations and management.


SPICEJET LTD: Auditors Cast Doubts as Losses Erode Net Worth
------------------------------------------------------------
The Economic Times reports that auditors of low-cost airline
SpiceJet Ltd have cast doubts over the company's ability to stay
afloat as its accumulated losses have eroded its net worth.

S R Batliboi & Associates said in a limited review report to
SpiceJet directors that accumulated losses of INR1,077.81 crore
as of December 31 have "substantially" eroded the company's net
worth, raising questions about the company's ability to continue
as a "going concern".

SpiceJet, whose net worth stood at INR315.83 crore in December,
has a market-cap of INR1,108 crore.  The Kalanithi Maran-owned
airline on Monday reported a loss of INR39.3 crore for the three
months to December as against a profit of INR94.44 crore a year
ago.

The auditors said the losses would have gone up further had
SpiceJet made a provision for interest relating to earlier years
on the outstanding inter-corporate deposits which the Gurgaon-
based airline has under-reported.

The auditors also said SpiceJet has not accounted for the foreign
exchange differences on borrowings to the extent they are
regarded as an adjustment to interest costs. SpiceJet is among
the three listed Indian carriers (of a total of six scheduled
commercial airlines) whose health is being questioned by
auditors.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
airline company. The Company operates 113 flights daily to 18
destinations, offering connectivity between metros and non-
metros.


SRI JYOTI: CARE Rates INR26.95cr Long-Term Loan at 'CARE B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sri Jyoti
Renewable Energy Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       26.95      CARE B+ Assigned

Rating Rationale

The rating is constrained by delay in the commencement of
operations due to delay in the installation of transmission
lines, lack of experience of the promoters in biomass procurement
in Haryana, volatility in availability and prices of biomass. The
rating, however, takes into account the experience of the
promoters and technical consultant, power purchase agreement with
Haryana Power Purchase Centre (HPPC) till 2031, tax exemption for
biomass power generation and growing demand for power in the
country. The ability of SJREPL to commence the operations without
further time overrun and procurement of biomass without impacting
the profitability of the company.

Sri Jyoti Renewable Energy Private Limited, incorporated in the
year 2008, was promoted by Mr Srinivas Sanapala and Jyoti Bio
Energy Ltd. for setting up a 9.5MW biomass-based power plant in
the state of Haryana. Prior to SJREPL, JBEL has setup two biomass
power plants of 4.5MW (Year-2000) and 6MW (Year-2003) in the
state of Andhra Pradesh.  As the unit falls under non-
conventional sources of energy, has been exempted from paying of
Income Tax for the first ten years of operations. The project is
completed and commercial generation is expected in mid-February
2012. The company is waiting for the completion of transmission
lines from the Haryana Vidyut Prasaran Nigam Limited.  SJREPL has
procured 12000MT of raw material till December 2011.

The company is drawing comfort for raw material procurement since
the company is the first biomass plant in the Bhiwani district,
Haryana.


=========
J A P A N
=========


TOKYO ELECTRIC: Biggest Customers Balk as Firm Seeks Higher Rates
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that as rising fuel
costs and the shutdown of nuclear reactors push Japan's already-
steep electricity costs even higher, Tokyo Electric Power Co. and
other utilities are starting to see revolt by some of their
biggest customers.

                       About Tokyo Electric

Tokyo Electric Power Company (Tepco) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


=================
S I N G A P O R E
=================


LBGA TRADING: Creditors' Proofs of Debt Due March 3
---------------------------------------------------
Creditors of LBGA Trading (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 3, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


LIGHTSHIP CHARTERING: Creditors' Proofs of Debt Due March 1
-----------------------------------------------------------
Creditors of Lightship Chartering Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 1, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


PAU (F&B): Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Jan. 13, 2012, to
wind up the operations of Pau (F&B) Holdings Pte Ltd.

Singapore Food Industries Pte Ltd filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


TGL DISTRIBUTORS: Creditors' Proofs of Debt Due March 16
--------------------------------------------------------
Creditors of TGL Distributors (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 16, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Heng Lee Seng
          15 Hoe Chiang Road #12-02
          Tower Fifteen
          Singapore 089316


VINCI PTE: Borrelli and Kardachi Appointed as Liquidators
---------------------------------------------------------
Cosimo Borrelli and Jason Aleksander Kardachi on Jan. 4, 2012,
were appointed as liquidators of Vinci Pte Ltd.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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