/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120315.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, March 15, 2012, Vol. 15, No. 54 Headlines A U S T R A L I A UNIBIC AUSTRALIA: Consortium Saves Anzac Biscuit Maker C H I N A AGILE PROPERTY: Moody's Rates USD Senior Unsecured Notes at 'Ba2' AGILE PROPERTY: S&P Gives 'BB' Rating on Senior Unsecured Notes H O N G K O N G AIG FINANCIAL: Members' Final Meeting Set for April 10 CEMCO LIMITED: Poon Wai Hung Richard Steps Down as Liquidator CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program CITIC PACIFIC: S&P Gives 'BB+' Rating on Senior Unsecured Notes COLOR MATCH: Creditors' Proofs of Debt Due March 30 DRAGON PROPERTY: Creditors' Proofs of Debt Due April 12 EAST ASIA PROPERTY: Members' Final Meeting Set for April 13 ELITE GROUP: Placed Under Voluntary Wind-Up Proceedings FAR EAST: Creditors' and Members' Meetings Set for March 27 FORTUNE BEST: Creditors' Proofs of Debt Due March 30 GALA (ASIA): Members and Creditors' Meetings Set for March 30 GENIUS LEGEND: Creditors' Proofs of Debt Due March 30 GIANT ELECTRONICS: Creditors' Meeting Set for March 22 GOLDEN COMMENCE: Creditors' Proofs of Debt Due March 30 GOODMAN FANLING: Creditors' Proofs of Debt Due March 26 GREAT EAGLE: Creditors' Proofs of Debt Due April 10 HK YOUTH: Placed Under Voluntary Wind-Up Proceedings KING ELEGANT: Creditors' Proofs of Debt Due March 30 MEDICORP 2000: Creditors' Proofs of Debt Due April 13 NETWORK MULTIMEDIA: Annual Meetings Set for April 18 PPF HK: Creditors' Proofs of Debt Due April 9 PROSPER LANE: Creditors' Proofs of Debt Due March 30 WAISS INTERIOR: Court Enters Wind-Up Order YORKSHIRE BIHK: Chan and Ying Step Down as Liquidators I N D I A AIR INDIA: To Receive INR67.5BB State Bail Out ARUNACHALA SPINNING: CARE Assigns 'B+' Rating to INR17.53cr Loan ASHISH INFRACON: CARE Reaffirms 'BB+' Rating on INR25cr Loans GANGA KAVERI: CARE Reaffirms 'BB' Rating on INR5.42cr LT Loan HARYANA STEEL: CARE Rates INR19cr Long-Term Loan at 'CARE BB' KARTIKEYA PAPER: CARE Reaffirms 'BB' Rating on INR10.11cr LT Loan KUMAR URBAN: CARE Assigns 'CARE BB+' Ratings to INR50cr Loans LAVASA CORP: CARE Reaffirms 'CARE D' Rating on INR1,193cr Loan MAHADEV FIBRES: CARE Reaffirms 'BB' Rating on INR5.39cr LT Loan NUTECH ENGINEERING: CARE Rates INR27.59cr Loan at 'CARE BB-' SALASAR BALAJI: CARE Assigns 'CARE BB' Rating to INR7cr LT Loan SUVIDHI RAYONS: CARE Reaffirms 'BB' Rating on INR36.63cr LT Loan TOPWORTH PIPES: CARE Assigns 'CARE B-' Rating to INR355.52cr Loan VISHWAS COTTON: CARE Assigns 'CARE B' Rating to INR4.67cr Loan I N D O N E S I A ALAM SUTERA: S&P Gives 'B' Corp. Credit Rating; Outlook Stable J A P A N AIJ INVESTMENT: Scandal Raises Fear of Asset Managers' Losses AIJ INVESTMENT: President Refuses to Cooperate in Pension Inquiry ELPIDA MEMORY: Taiwan Unit Plans to Raise Funds to Repay Debts NIPPON SHEET: Moody's Gives Ba3 Corp. Family Rating, Neg. Outlook M A L A Y S I A SILVER BIRD: Classified as Affected Listed Issuer Under PN17 N E W Z E A L A N D BLACK ROBIN: Mulls Legal Action Over Substandard Ship S I N G A P O R E PROCTER & GAMBLE CHEMICAL: Creditors' Proofs of Debt Due April 4 SENTOSA TIGER: Court Enters Wind-Up Order SINGAPHIL METALS: Court to Hear Wind-Up Petition March 23 SINGBUILD INVESTMENTS: Creditors' Proofs of Debt Due April 9 WEI LUN: Court to Hear Wind-Up Petition March 23 WESTMINSTER UNICAMPUS: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= UNIBIC AUSTRALIA: Consortium Saves Anzac Biscuit Maker ------------------------------------------------------ The Australian reports that a consortium of senior managers and local investors has stepped forward to buy Unibic Australia Pty Ltd, the country's fourth-biggest biscuit maker. According to the report, Unibic Australia shut down production lines for the famous Anzac biscuits and other snacks at its Melbourne factory when the company collapsed into administration in early March. The report says the move ensures packets of the crunchy biscuits, which were originally baked by wives and mums for the diggers fighting in World War I, will be available before Anzac Day on April 25. The sale also secures the jobs of Unibic's 170 workers and millions of dollars in royalties the RSL receives from the sale of Anzac biscuit packets, The Australian relates. According to the report, Modern Baking Co, the consortium acquiring Unibic, said the biscuit maker would be recapitalised, staff re-hired and production resumed immediately at its Broadmeadows plant. "The successful rescue of the business is testimony to what can be achieved with co-operation and support of all the company's stakeholders," the report cites the consortium as stated. "The RSL was also vital to the rescue, as well as the support and encouragement given by the company's customers, particularly the supermarket chains and suppliers." The Australian discloses that administrator Glenn Franklin of accounting firm Lawler Draper Dillon, said proceeds of Unibic's sale would cover the entitlements of employees, and there would be a partial return to secured creditors. There may also be a small return to unsecured creditors, the report adds. Unibic Australia Pty. Ltd. manufactures and supplies biscuits, cakes, cookies, pastries, and shortbreads to supermarkets in Australia, the United Kingdom, South East Asia, New Zealand, Canada, and the United States. It also sells ANZAC biscuits in India. ========= C H I N A ========= AGILE PROPERTY: Moody's Rates USD Senior Unsecured Notes at 'Ba2' ----------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 rating to Agile Property Holdings Ltd's proposed USD senior unsecured notes. At the same time, Moody's has affirmed Agile's Ba2 corporate family rating. The rating outlook is stable. Ratings Rationale The proceeds from the proposed USD bonds are intended to fund land acquisitions, refinancing and general corporate purposes. "Agile's proposed bond issuance will strengthen its liquidity position and support its business development in 2012, when property sales will remain challenging, given that the Chinese government has not removed its restrictions on home purchases," says Kaven Tsang, a Moody's AVP/analyst. "In addition, the new bonds will lengthen Agile's debt maturity profile, and this development will be credit positive," adds Tsang, also Moody's Lead Analyst for the company. "While Agile's contract sales of RMB32 billion in 2011 fell short of its target of RMB37 billion, it has -- in reaction -- prudently slowed its pace of development and land acquisitions. These steps have resulted in an adequate liquidity position, which includes an unrestricted cash balance of RMB4.7 billion at end-2011, and a stable interest coverage - EBITDA/interest of 6x," Mr. Tsang says. Meanwhile, its revenue of RMB22.9 billion (+11.8% y-o-y) and a decent gross margins of 53.8% in 2011 were in line with Moody's expectation. Agile's proposed bond issue will reduce room for further increase in borrowings as the proposed bond issue will push its adjusted debt/total capitalization to 50-55% which is at the high end for its rating Ba2 rating level. However, Moody's takes comfort that Agile can execute its sales which will in turn maintain a EBITDA interest coverage at around 5-5.5x that will support its Ba2 rating. Agile's Ba2 corporate family rating continues to reflect its long operating track record and established brand in the economically strong Pearl River Delta, as well as its resilient sales performance and disciplined financial management. These features have together resulted in stable financial metrics and a good liquidity position. At the same time, the company's ratings are constrained by the business and financial risks associated with its rapid expansion and geographic concentration in Guangdong province. The stable outlook reflects Moody's expectation that Agile will maintain discipline in its new land acquisitions, such that its liquidity will be sufficient to fund its near-term needs. Pressure for an upgrade could be limited in the near term given the challenging operating environment and the company's high adjusted debt/capitalization ratio. However, upgrade pressure could emerge over the medium term if the company can (1) successfully implement its business plan with good diversification in geography and products; and (2) maintain good liquidity, with a minimum cash balance consistently above 10%-15% of total assets, as well as access to the offshore bank and debt markets. Credit metrics indicating such improvements would include adjusted debt/capitalization below 35-40% and EBITDA/interest above 7-8x. On the other hand, the ratings could be pressured downwards if (1) Agile's operating cash flow weakens due to materially weaker- than-expected sales, and/or over-expansion in new projects; (2) liquidity deteriorates because of aggressive land acquisitions; or (3) debt increases substantially. Moody's would consider adjusted debt/capitalization consistently above 50-55% or EBITDA/interest below 4-5x as indicators for a downgrade. The principal methodology used in rating Agile Property Holdings Ltd was the Global Homebuilding Industry Methodology published in March 2009. Agile Property Holdings Ltd is one of China's major property developers, operating in the mid- to high-end segment. As of March 2012, the group has operations in 26 cities and districts in China, and a land bank with a total GFA of 31.44 million sqm. Guangdong province is its largest market, accounting for around 50% of the company's land bank. It listed on the Stock Exchange of Hong Kong in 2005. Currently, the Chen family, Agile's founding family, owns a 63.2% equity interest in the company. AGILE PROPERTY: S&P Gives 'BB' Rating on Senior Unsecured Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' issue rating and 'cnBBB-' Greater China credit scale issue rating to the proposed issue of U.S.-dollar fixed-rate senior unsecured notes by Agile Property Holdings Ltd. (BB/Stable/--; cnBBB-). "The rating is subject to our review of the final issuance documentation. The company will use the net proceeds from the proposed issuance to purchase new land sites, for refinancing and general working capital purposes," S&P said. "The issue rating is the same as the corporate credit rating on Agile because we believe the company's ratio of priority debt to total assets will likely remain below our threshold of 15% for speculative-grade debt," S&P said. "The rating on Agile reflects the company's sales concentration in Guangdong and Hainan provinces and execution risks associated with its expansion outside these markets. The rating also reflects the risk of operating in China's highly competitive and volatile real estate market with evolving regulatory policies. Agile's established market position in Guangdong and Hainan, its sizable low-cost land bank, and operating and financial management track record temper these weaknesses," S&P said. "The stable outlook on Agile reflects our expectation that the company's property sales and capital structure will largely remain stable in the next year. We also expect the company to continue to manage its expansion and leverage with caution," S&P said. ================ H O N G K O N G ================ AIG FINANCIAL: Members' Final Meeting Set for April 10 ------------------------------------------------------ Members of AIG Financial Products (International) Limited will hold their final general meeting on April 10, 2012, at 10:00 a.m., at Level 28, Three Pacific Place, 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. CEMCO LIMITED: Poon Wai Hung Richard Steps Down as Liquidator ------------------------------------------------------------- Poon Wai Hung Richard stepped down as liquidator of Cemco Limited on March 9, 2012. CITIC PACIFIC: Moody's Assigns 'Ba1' Rating to EMTN Program ----------------------------------------------------------- Moody's Investors Service has assigned a Ba1 rating to CITIC Pacific's USD notes drawn under its Euro Medium Term Notes (EMTN) Program. At the same time, Moody's has affirmed CITIC Pacific's Ba1 corporate family rating and the Ba1 senior unsecured bond rating on its outstanding bonds. The outlook on all ratings is negative. Ratings Rationale "The Ba1 rating incorporates CITIC Pacific's standalone Ba3 rating and a two-notch uplift, in turn reflecting Moody's assessment of the expected strong support that its major shareholder, CITIC Group Corporation (rated Baa2), is likely to provide, in case of need," says Ken Chan, a Moody's Vice President. The Ba3 standalone rating reflects its diversified business portfolio, which includes cyclical sectors, such as property development and steel, and those that provide more stable cash flow, including investment properties, tunnels, Dah Chong Hong (trading), power generation and CITIC 1616 (telecoms). "However, we consider that the Sino Iron project in Western Australia will continue to weigh on the credit profile of CITIC Pacific. We expect that the company's adjusted debt will continue to rise in 2012 and its financial metrics will remain weak for the rating level. The reason is that the large amount of capex needed to complete the iron ore project will far exceed its operating cash flow in the next two years," says Chan, also CITIC Pacific's international lead analyst. "In addition, despite the better visibility evident now on the completion of Lines 1 and 2, there is still a high degree of uncertainty on the time needed for their commissioning, their actual production costs and the scale of the capex for Lines 3- 6," adds Kai Hu, a Moody's Vice President and local market analyst for CITIC Pacific. "We also consider that CITIC Pacific's two other core businesses -- property development and specialty steel, and which are inherently cyclical and contribute to the bulk of the company's operating cash flow -- will be under pressure. The reasons are the slowdown in the Chinese economy and the extension of restrictions on housing purchases in key cities. The declining trend in iron ore prices will also challenge the projected profitability of the iron ore project, though it will moderately benefit the steel business," says Hu. "Moreover, CITIC Pacific will have a total of HKD28bn in debt maturing in 2012. We expect the refinancing risk to be manageable, given its past track record of demonstrated access to the bank and capital markets and the support from its parent. But it could face higher interest costs and stricter borrowing conditions," continues Hu. The two-notch uplift to the final Ba1 rating reflects the expected strong support from CITIC Group Corporation -- which has majority ownership --- in times of difficulty. Its timely provision of cover for CITIC Pacific's large derivative losses in late 2008 is clear evidence of this willingness to offer support. The negative outlook reflects Moody's concerns over uncertainties on the progress of the iron ore project and potential downward pressure on its property development and specialty steel business. The rating outlook could revert to stable if 1) the Sino Iron project progresses according to its current schedule and successfully ramps up to generate operating cash flow as projected, and 2) CITIC Pacific improves its liquidity profile and lowers its financial leverage through further asset sales, or equity raisings, or more restrained capital spending, such that adjusted FFO (Fund Flow From Operation)/Debt trends above 10%. The rating could undergo a downgrade if 1) the Sino Iron project misses its milestones or incurs further material cost overruns, 2) the operating performance of its other core businesses fall short of Moody's expectation; and 3) the company's liquidity profile deteriorates. Credit metrics that Moody's will consider for an downgrade include adjusted debt/capitalization above 55-60%, and adjusted FFO/Debt failing to trend above 10% in 2013. Should there be a downgrade of CITIC Group Corporation's rating, its support level and hence the rating uplift for CITIC Pacific would be revisited. CITIC Pacific Limited's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. CITIC Pacific Limited's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside CITIC Pacific Limited's core industry and believes CITIC Pacific Limited's ratings are comparable to those of other issuers with similar credit risk. Other Factors used in this rating are described in Analytical Considerations in Assessing Conglomerates published in September 2007. CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate 57.6% owned by CITIC Group Corporation. It was one of the first Chinese companies to list and invest outside of China. It is engaged in a range of businesses, including specialty steel manufacturing, iron ore mining, property development and investment, power generation, aviation, infrastructure, communications and distribution. CITIC Group Corporation, headquartered in Beijing, is a conglomerate investment company wholly owned by the State Council of the Chinese government. As of end-2010, it had total consolidated assets of HKD193 billion. CITIC PACIFIC: S&P Gives 'BB+' Rating on Senior Unsecured Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' rating to the proposed issue of senior unsecured notes by CITIC Pacific Ltd. (BB+/Negative/--; cnBBB/--) under the company's $2.0 billion medium-term notes program. "We also assigned our 'cnBBB' Greater China scale credit rating to the proposed issue. The ratings are subject to our review of the final issuance documentation. We expect CITIC Pacific to use the proceeds from the proposed notes for the group's general purposes, including financing the construction of Sino Iron, a project in Australia, and refinancing of existing debt," S&P said. "The corporate credit rating on CITIC Pacific is not affected by the proposed issue because we expect the company's leverage to increase in 2012 to fund its iron ore mining project in Australia. The company's financial performance in 2011 was broadly within our expectation. In our view, CITIC Pacific has some flexibility to moderate the increase in leverage by using its large cash balance and proceeds from asset sales to partly fund capital expenditure. As of Dec. 31, 2011, the company's ratio of adjusted debt to capital is 53.3% compared with 53.5% a year earlier," S&P said. "In our view, the credit profile of CITIC Pacific will hinge on the progress of the Sino Iron project. The company targets to commission the first production line by end-August and the second line by the end of December 2012. The project, if executed within budget and on schedule, is likely to generate meaningful cash flows in the next two to three years and help the group deleverage," S&P said. "We regard CITIC Pacific's liquidity as 'adequate,' as defined in our criteria. Our assessment is based on the company's high cash balance and available banking facilities. As of Dec. 31, 2011, the group has cash and deposits of Hong Kong dollar (HK$) 30.9 billion. We expect some cash inflows from asset disposals this year," S&P said. "The negative outlook on the rating on CITIC Pacific reflects our view of the commissioning risks associated with the Sino Iron project. We may lower the rating if: (1) cost overruns at the project drain CITIC Pacific's liquidity; (2) we believe the project will likely incur losses due to cost overruns or delays in commissioning; (3) the company's ratio of total debt to total capital increases to more than 60% on a sustainable basis due to a significant increase in debt to fund expansion or capital expenditure; or (4) in an unlikely scenario, support from CITIC Group weakens. In our view, the rating upside potential is limited," S&P said. COLOR MATCH: Creditors' Proofs of Debt Due March 30 --------------------------------------------------- Creditors of Color Match Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong DRAGON PROPERTY: Creditors' Proofs of Debt Due April 12 ------------------------------------------------------- Creditors of Dragon Property Group Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 12, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 2, 2012. The company's liquidator is: Davies Anthony Philip 13B, Tak Lee Commercial Building 113-117 Wan Chai Road Wanchai, Hong Kong EAST ASIA PROPERTY: Members' Final Meeting Set for April 13 ----------------------------------------------------------- Members of East Asia Property Development (Shanghai) Limited will hold their final general meeting on April 13, 2012, at 10:30 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. ELITE GROUP: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on March 2, 2012, creditors of Elite Group Asia Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Chan Chung Wash Clement 5/F, Heng Shan Centre 145 Queen's Road East Wanchai, Hong Kong FAR EAST: Creditors' and Members' Meetings Set for March 27 ----------------------------------------------------------- Creditors and members of Far East Chartering Limited will hold their annual meetings on March 27, 2012, at 11:30 a.m., at the offices of FTI Consulting (Hong Kong) Limited, Level 22, The Center, 99 Queen's Road Central, in Central Hong Kong. At the meeting, Fok Hei Yu, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FORTUNE BEST: Creditors' Proofs of Debt Due March 30 ---------------------------------------------------- Creditors of Fortune Best Investment Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong GALA (ASIA): Members and Creditors' Meetings Set for March 30 ------------------------------------------------------------- Members and creditors of Gala (Asia) Industries Limited will hold their annual meetings on March 30, 2012, at 2:30 p.m., and 3:00 p.m., respectively at 25/F, Tower One, Tern Centre, at 237-251 Queen's Road Central, in Hong Kong. At the meeting, Li Wai See, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GENIUS LEGEND: Creditors' Proofs of Debt Due March 30 ----------------------------------------------------- Creditors of Genius Legend Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong GIANT ELECTRONICS: Creditors' Meeting Set for March 22 ------------------------------------------------------ Creditors of Giant Electronics Limited will hold their meeting on March 22, 2012, at 12:00 p.m., for the purposes provided for in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. The meeting will be held at Room 704, The Boys' and Girls' Clubs Association of Hong Kong, 3 Lockhart Road, Wanchai, in Hong Kong. GOLDEN COMMENCE: Creditors' Proofs of Debt Due March 30 ------------------------------------------------------- Creditors of Golden Commence Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong GOODMAN FANLING: Creditors' Proofs of Debt Due March 26 ------------------------------------------------------- Creditors of Goodman Fanling Investments No. 1 Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 26, 2012, to be included in the company's dividend distribution. The company's liquidator is: Patrick Cowley 27/F, Alexandra House 18 Chater Road Central, Hong Kong GREAT EAGLE: Creditors' Proofs of Debt Due April 10 --------------------------------------------------- Creditors of Great Eagle Shipping Lines Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 10, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 28, 2012. The company's liquidators are: Stephen Briscoe Wong Teck Meng 602 The Chinese Bank Building 61-65 Des Voeux Road Central, Hong Kong HK YOUTH: Placed Under Voluntary Wind-Up Proceedings ---------------------------------------------------- At an extraordinary general meeting held on Feb. 27, 2012, creditors of Hong Kong Youth Science Foundation Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Chui Pui Tim Room 1001-2A, 10th Floor Double Building 22 Stanley Street Central, Hong Kong KING ELEGANT: Creditors' Proofs of Debt Due March 30 ---------------------------------------------------- Creditors of King Elegant Holdings Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong MEDICORP 2000: Creditors' Proofs of Debt Due April 13 ----------------------------------------------------- Creditors of Medicorp 2000 Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 13, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 24, 2012. The company's liquidators are: Dr. Terence Ho Yuen Wan Henry Fung Rooms 1001-1003, 10/F Manulife Provident Funds Place 345 Nathan Road Kowloon, Hong Kong NETWORK MULTIMEDIA: Annual Meetings Set for April 18 ---------------------------------------------------- Members and creditors of Network Multimedia Enterprises Limited will hold their annual meetings on April 18, 2012, at 10:30 a.m., and 11:00 a.m., respectively at Room 1601-1602, 16th Floor, One Hysan Avenue, Causeway Bay, in Hong Kong. At the meeting, Jackson Ip, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PPF HK: Creditors' Proofs of Debt Due April 9 --------------------------------------------- Creditors of PPF Hong Kong Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 9, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on Feb. 24, 2012. The company's liquidators are: Liou Kun Chiu Eddie Ng Kit Ying Zelinda 36/F, Tower Two Times Square, 1 Matheson Street Causeway Bay, Hong Kong PROSPER LANE: Creditors' Proofs of Debt Due March 30 ----------------------------------------------------- Creditors of Prosper Lane Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 30, 2012, to be included in the company's dividend distribution. The company's liquidator is: Fergal Power 27/F, Alexandra House 18 Chater Road Central, Hong Kong WAISS INTERIOR: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on Jan. 20, 2012, to wind up the operations of Waiss Interior Limited. The company's liquidator is Yuen Tsz Chun Frank. YORKSHIRE BIHK: Chan and Ying Step Down as Liquidators ------------------------------------------------------ Chan Mi Har and Ying Hing Chiu stepped down as liquidators of Yorkshire BIHK Limited on March 1, 2012. ========= I N D I A ========= AIR INDIA: To Receive INR67.5BB State Bail Out ---------------------------------------------- Bloomberg News reports that Air India Ltd. is set to get a INR67.5 billion (US$1.4 billion) state bailout, almost double the amount the federal government has spent on new hospitals over the past three years. Bloomberg relates that two people familiar with the matter said the cash injection will be announced in the budget on March 16. The government may also pay off INR180 billion of plane loans over the next 10 years, one of Bloomberg's source said. Bloomberg notes that India, which is facing surging rates of diabetes and has the world's highest number of people living with tuberculosis, has already pumped INR32 billion into Air India since April 2009 as the carrier struggles with fuel and loan costs. The unprofitable airline, India's third-largest, has also helped prolong a price war that has contributed to losses at listed Kingfisher Airlines Ltd. and Jet Airways (India) Ltd, says Bloomberg. The aviation ministry has recommended giving the carrier INR199 billion of new equity in the five years to 2017, Bloomberg discloses, citing a report submitted to the Planning Commission, an agency that designs five-year economic and social programs in India. About Air India Air India Ltd -- 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. Air India had debt of INR42,570 crore and accumulated losses of INR22,000 crore as of March 31, 2011, according to livemint.com. ARUNACHALA SPINNING: CARE Assigns 'B+' Rating to INR17.53cr Loan ---------------------------------------------------------------- CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of Arunachala Spinning Mills India Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 17.53 CARE B+ (Assigned) Short-term Bank Facilities 0.18 CARE A4 (Assigned) Long-term / Short-term Bank 2.00 CARE B+/CARE A4 Facilities (Assigned) Rating Rationale The ratings of Arunachala Spinning Mills India Pvt. Ltd. are primarily constrained by weak financial risk profile marked by low profitability, low net-worth base owing to accumulated losses and weak liquidity indicators. ASMIPL's presence in the highly fragmented cotton yarn industry with susceptibility of operating margins to volatility in raw material prices further constrain the ratings. The above constraints are partially offset by the wide experience of the promoters, presence in textile cluster with easy access to labor and proximity to the end user industry. ASMIPL's ability to move up in textile value chain, diversify product offerings and improvement in overall financial risk profile with improvement in profitability margins and solvency position are the key rating sensitivities. About Arunachala Spinning ASMIPL was incorporated in 2004 by a group of persons led by Mr. M. N. Natarajan to undertake business of manufacturing cotton yarn. The company produces cotton yarn with an average of 40 counts mainly used by hosiery industry. ASMIPL operates with an installed capacity of 16,800 spindles i.e. 2,800 metric tonnes per annum (MTPA) from its sole manufacturing facility located at Dharapuram region in Tirupur district of Tamil Nadu. ASMIPL has four associate companies namely Bagyalakshmi Dyeing, Everking Garments, Superking Knitters and Veeyem Tex. All the associate concerns are in the business of dyeing fabrics and manufacturing garments. ASHISH INFRACON: CARE Reaffirms 'BB+' Rating on INR25cr Loans ------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Ashish Infracon Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.00 'CARE BB+' Reaffirmed Long/Short-term Bank 20.00 'CARE BB+'/'CARE A4' Facilities Reaffirmed Rating Rationale The ratings continue to be constrained by the modest scale of operations with limited geographical diversity of Ashish Infracon Private Limited, low profitability, weak solvency position and intense competition in the highly fragmented tender based construction industry. The above factors continue to far outweigh promoters' experience, AIPL's long standing association with the government clientele and moderate revenue visibility. Sustained increase in the scale of operations and improvement in profitability through diversification into new revenue segments and geographies are the key rating sensitivities. About Ashish Infracon Gujarat based, Ashish Infracon Pvt. Ltd. was originally formed as a partnership firm, named as Ashish Construction, in 1995. The firm was taken over by AIPL as a going concern w.e.f. Sept. 21, 2010. AIPL is involved into the construction and infrastructure related activities, mainly road construction and has a status of 'AA' class contractor from Road and Building Department (R&B) of Government of Gujarat (GoG) for execution of the road projects. The main promoter, Mr. Ashish Patel, has about 15 years of experience in the construction industry. As per audited results of FY11 (refers to period from April, 1 to March 31), AIPL reported total operating income of INR67.20 crore and PAT of INR1.92 crore. GANGA KAVERI: CARE Reaffirms 'BB' Rating on INR5.42cr LT Loan ------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Ganga Kaveri Feeds Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.42 CARE BB (Reaffirmed) Rating Rationale The rating of Ganga Kaveri Feeds Private Limited continues to remain constrained on account of limited value addition resulting in low profit margins, leveraged capital structure and weak debt coverage indicators. Furthermore, the rating is also constrained owing to GKFPL's working-capital intensive operations, presence in the highly fragmented industry and seasonality associated with the agriculture based input. The rating, however, continues to factor in the wide experience of the promoters and the proximity to the raw material procurement area. Improvement in financial risk profile with improvement in profitability margins and improvement in capital structure is the key rating sensitivity. About Ganga Kaveri Ganga Kaveri Feeds Private Limited, based in Gadarpur area in Uttarakhand, was incorporated in 1988 by Mr. J. P. Sawhney. It is engaged in the processing of wheat and paddy seedsat its two processing units in Uttarakhand and West Bengal. GKFPL purchases the breeder seeds (initial level or raw seeds) of wheat and paddy from the state authorities or Agriculture Universities. These seeds are sold to the farmers for up-gradation to foundation seeds. Foundation seeds are then repurchased back from the farmers for further germination and for producing final seeds as per the specifications of State Certification Agency (for agriculture seed). GKFPL has installed capacity of 22 Metric Tonnes Per Hour of processing and grading of seeds as on Jan. 31, 2012. During FY11 (refers to the period April 1 to March 31), GKFPL reported a PAT of INR0.04 crore on a total operating income of INR12.25 crore as against a PAT of INR0.06 crore on a total operating income of INR18.40 crore in FY10. HARYANA STEEL: CARE Rates INR19cr Long-Term Loan at 'CARE BB' ------------------------------------------------------------- CARE assigns 'CARE BB' rating to the bank facilities of Haryana Steel Mongers Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 19.00 CARE BB (Assigned) Rating Rationale The rating is constrained by the relatively weak financial risk profile of HSMPL as reflected by thin profitability margin, high overall gearing and low debt coverage indicators. The rating also take into account the vulnerability of the company's business to volatility in steel prices, working-capital intensive nature of its operations, intense business competition owing to low entry barriers and the inherent cyclicality of the steel industry. However, the rating weaknesses are partially off-set by the experience of the promoters in steel trading, long track record of operations and established relationships with the suppliers and customers. Going forward, HSMPL's ability to achieve the envisaged income and profitability amid competition and managing its working- capital requirements effectively shall remain the key rating sensitivities. Haryana Steel Mongers Private Limited was originally incorporated by Mr. J.P. Gupta and family in 1976 as M/s Haryana Steel Mongers, a partnership firm. In January 1999 the firm was converted into a private limited company and was renamed as HSMPL. As per the family settlement in 2008, the business was divided, with Mr. Yogesh Gupta taking over Faridabad Steel Mongers Private Limited and Mr. Raj Kumar Gupta taking control of HSMPL. The company is involved in trading of flat steel products. It sources majority of its purchases from Steel Authority of India Ltd (SAIL) on Memorandum of Understanding (MOU) basis. During FY11 (refers to the period April 1 to March 31), the firm registered a PBILDT and PAT of INR1.72 cr and INR0.25 cr respectively on a total operating income of INR175.67cr. KARTIKEYA PAPER: CARE Reaffirms 'BB' Rating on INR10.11cr LT Loan ----------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Kartikeya Paper Distributor Pvt. Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 10.11 CARE BB (Reaffirmed) Rating rationale The rating continues to factor in the financial risk profile of KPDPL marked by low margins, high leverage and elongated operating cycle and small scale of operation. The rating is also constrained by the volatility in the prices of trading goods and its significant dependence on the fortunes of the paper industry. The rating, however, draws strength from the promoter's experience and long track record of operation. Ability of the company to increase the level of operation and improve the financial risk profile with better management of the working capital would be the key rating sensitivities. KPDPL was incorporated in April 1998 for carrying out the marketing and distribution business of various kinds of printing and writing paper. Mr. Raj Kumar Agarwal, the promoter of KPDPL, took over the reins of his family's business of the paper and paper products in the year 1981 and carried on the same by forming KPDPL in 1998. It sources all kinds of paper and paper products from reputed manufacturers and is the authorized wholesale dealer of Ballarpur Industries Ltd. and its subsidiary Bilt Graphic Paper Products Ltd. for eastern Uttar Pradesh (U.P.) and the authorized sole distributor of Avery Dennison (India) Pvt. Ltd. for U.P. and Uttaranchal. The company has branch offices in Kanpur, Allahabad and Lucknow. It deals with all kinds of printing and writing paper like news print paper, cartridge paper, coated paper, uncoated paper, photo state paper, lazor paper, executive bond paper, tissue paper, copier paper, etc. As per audited results for FY11 (refers to period from April 1 to March 31), KPDPL reported PBILDT & PAT of INR2.0 crore (INR1.8 crore in FY10) and INR0.2 crore (INR0.2 crore in FY10) respectively on total income of INR40.5 crore (INR35.8 crore in FY10). KUMAR URBAN: CARE Assigns 'CARE BB+' Ratings to INR50cr Loans ------------------------------------------------------------- CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank facilities of Kumar Urban Development Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 1.00 CARE BB+ (Assigned) Long-term/Short-term Bank 49.00 CARE BB+/CARE A4 Facilities (Assigned) Rating Rationale The ratings are constrained by heavy reliance on debt leading to considerable repayment obligations in the next 2-3 years and weak repayment track record in the past. The rating also factors in geographical concentration risk, aggressive development plans going forward, heavy reliance on customer advances to fund projects, inherent project execution risk and cyclical nature of the industry. The ratings, however, derive strength from experience and reputation of the promoters in the real estate industry and established brand image in Pune, healthy operating profitability, good booking status of the ongoing projects and presence of considerable land reserves with the company. Ability of KUDL to execute and market its Mumbai projects in a timely manner and arrange the requisite funding to deliver the increased scale of operations remain the key rating sensitivities. Kumar Urban Development Limited, formerly known as Kumar Housing and Land Development Limited, was incorporated in May 1993. The company is promoted by Mr. Lalit Kumar Jain and is in the business of real estate development. KUDL has presence primarily in Pune and has taken up projects in Mumbai. KUDL, including its subsidiaries, has developed 6.50 million square feet (msf) of developable area in the past. Currently, the company has 23 ongoing projects with total saleable area of 6.85 msf. During FY11 (refers to period from April 1 to March 31), KUDL earned total income of INR251 crore and incurred loss of INR45 crore on a consolidated basis. LAVASA CORP: CARE Reaffirms 'CARE D' Rating on INR1,193cr Loan -------------------------------------------------------------- CARE revises/withdraws ratings assigned to the bank facilities and instruments of lavasa corporation limited and its subsidiaries/group companies. Ratings Lavasa Corporation Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Bank Facilities 1,193.00 'CARE D' Reaffirmed DDCD-II# 250.00 Withdrawn # Ratings withdrawn with immediate effect as there is no outstanding amount under the said facility LCL Subsidiaries/Associate Companies Facilities (INR crore) Ratings ----------- ----------- ------- Dasve Hospitality Long-term 30.00 CARE B Institute Ltd. bank facilities (Reaffirm) Ecomotel Hotel Long-term 18.00 CARE D(Revised Limited bank facilities from CARE BB) Spotless Laundry Long-term 10.00 CARE D(Revised Services Ltd. bank facilities from CARE BB) Short-term 9.00 CARE D(Revised bank facilities from CARE A4) Rationale The ratings of Ecomotel Hotel Limited and Spotless Laundry Services Ltd. are revised to 'CARE D' on account of delays in servicing the principal and interest obligations to lenders. MAHADEV FIBRES: CARE Reaffirms 'BB' Rating on INR5.39cr LT Loan --------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Mahadev Fibres Limited. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.39 'CARE BB' (Reaffirmed) Short-term Bank Facilities 0.62 'CARE A4' (Reaffirmed) Rating Rationale The ratings of Mahadev Fibres Limited continue to be constrained due to its modest scale of operations, susceptibility of its operating margins to the volatility associated with the raw material price fluctuation and financial risk profile marked by thin profitability margins along with stressed liquidity indicators. The ratings are further constrained on account of the customer and supplier concentration risk and presence in the highly fragmented and competitive cotton yarn industry. The ratings continue to favorably take into account the experience of the promoters in the cotton yarn industry. MFL's ability to increase its scale of operations and improve its profitability through better product realization and by moving up in the textile value chain would remain the key rating sensitivity. About Mahadev Fibres Established in 2004, MFL is a closely-held public limited company promoted by Mr. Raj Kumar Bansal and Mr. Baldev Ram along with their family members. The company was established to undertake the business of manufacturing cotton yarn with an average of 20 counts and selling it in the domestic market. MFL operates with an installed capacity of 2,028 rotors i.e. 6,480 Metric Tonnes Per Annum (MTPA) from its sole manufacturing facility located at Samana in Punjab. The yarn manufactured by the company is sold to the hosiery and woven fabric manufacturing companies. As per audited results of FY11 (refers to period from April, 1 to March 31), MFL reported total operating income of INR29.59 crore and PAT of INR0.24 crore. NUTECH ENGINEERING: CARE Rates INR27.59cr Loan at 'CARE BB-' ------------------------------------------------------------ CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Nutech Engineering Technologies Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 27.59 'CARE BB-' Assigned Short-term Bank Facilities 6.00 'CARE A4' Assigned Rating Rationale The ratings are constrained by Nutech Engineering Technologies Ltd.'s relatively small scale of operations with a small net worth base & moderately stressed liquidity position marked by stretched working capital cycle, moderate current ratio and high working capital utilization. The ratings are also constrained by high debt levels and customer concentration risk. The ratings factor in the benefit derived from experienced management and their financial support in past & growth in operations with healthy operating margins and established relationship with reputed customers. The ability of NETL to improve the overall scale of operations and financial profile, efficient management of working capital cycle thereby improvement in liquidity position of the company are the key rating sensitivities. About Nutech Engineering Nutech Engineering is a closely held company and was promoted by Mr. Bishambernath Khurana in 1986. NETL is engaged in the business of manufacturing air conditioning, ventilations and exhaust system equipments like air handling units (AHUs), centrifugal fans etc. NETL's majority of the revue is derived from AHUs which are used in the centralised air conditioning systems. The products of the company are customised as per the requirement of the client and they find applications in various commercial establishments like shopping malls, hotels, hospitals, corporate offices. The company sources various key parts required for AHU from the domestic market as also predominantly its revenue is generated from domestic market. SALASAR BALAJI: CARE Assigns 'CARE BB' Rating to INR7cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Salasar Balaji Ship Breakers Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 7.00 CARE BB (Assigned) (Fund Based) Short-term Bank Facilities 60.00 CARE A4 (Assigned) (Non-fund Based) Rating Rationale The ratings are constrained by small scale of operations, low and highly volatile profitability margins inherent in the ship- breaking business. Further, regulatory/environmental risk, stiff competition with the large number of unorganized players and cyclical nature of the industry also act as constraining factors. The rating also factors in experience of the promoters in ship breaking activities and continuing over-supply scenario in the shipping industry and IMO regulations stipulating maximum age of tankers. The ability of the company to manage the gross margins between the purchase price and sales realization in the scenario of volatility in scrap prices and exchange rate is the key rating sensitivity. About Salasar Balaji Incorporated in the year 2000, Salasar Balaji Ship Breakers Private Limited is engaged in ship breaking activity. The Company is promoted by Mr. Sanjeev Chaudhry who has more than 25 years of experience in the ship breaking business. The ship breaking activity is carried out at Alang, Bhavnagar in Gujarat with total area of around 12,000 sq. mt. SBSBPL also has plans to enter into trading activity (ferrous and non-ferrous metals) to protect itself from the fluctuating fortunes of the ship breaking business. During FY'11, SBSBPL had earned a PAT of INR0.67 crore on total income of INR50.09 crore. SUVIDHI RAYONS: CARE Reaffirms 'BB' Rating on INR36.63cr LT Loan ---------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Suvidhi Rayons Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 36.63 'CARE BB' (Reaffirmed) Rating Rationale The rating of Suvidhi Rayons Private Limited continues to remain constrained by the small scale of operations characterized by low capitalization and modest income levels, presence in highly fragmented textile industry and financial risk profile characterized by high leverage. The rating, however, favorably takes into account the experience of the promoters of SRPL, established manufacturing operations and government support through Technology Upgradation Fund Scheme. Efficient utilization of enhanced production capacity while improving profitability and improvement in capital structure are the key rating sensitivities. Suvidhi Rayons Private Limited was originally incorporated in the name of Suvidhi Capvest Pvt. Ltd. in the year 1997 for dealing in investment activities. Subsequently in the year 2002, SRPL amended its object clause to deal in textile business and simultaneously changed its name to its present form. SRPL had started its weaving operations for grey synthetic fabric initially with 20 looms, which has grown to 108 Sulzer looms (Automatic Weaving Machines) as on March 31, 2011. SRPL has two manufacturing facilities at Bhilwara with an installed capacity of 84 Lakh Meters per Annum of fabric. As per audited results of FY11 (refers to period from April, 1 to March 31), SRPL reported total operating income of INR86.29 crore and PAT of INR1.07 crore. TOPWORTH PIPES: CARE Assigns 'CARE B-' Rating to INR355.52cr Loan ----------------------------------------------------------------- CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank facilities of Topworth Pipes & Tubes Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long term Bank Facilities 355.52 CARE B- (Assigned) Short term Bank Facilities 471.00 CARE A4 (Assigned) Rating Rationale The ratings are constrained by nascent stage of operations, low capacity utilization, lack of prior experience in pipe manufacturing, inadequate revenue visibility by way of low order- book and the past liquidity issues. However, the ratings derive strength from experience of promoters in steel industry, presence of certifications, accreditations and Registration with reputed clients and proximity to Jawaharlal Nehru Port Trust. The ability to secure adequate orders thereby operating at an optimal level is the key rating sensitivities. About Topworth Pipes Topworth Pipes and Tubes Pvt Ltd, previously named as Akshata Pipes and Tubes Pvt Ltd, is a Topworth group company. TPTPL has set up a plant for manufacturing and coating of H-SAW pipes (3 Lakh Tonne per annum), ERW pipes (0.4 lakh tonne per annum) at Khopoli, Maharashtra. The products of the company TPTPL finds its applications in various industries including water pipe lines, Agriculture and Irrigation, Oil and Gas Pipe Lines, Construction and Chemicals Industries, Fire Fighting System, Power Projects, Automobile Industry, etc. The company completed the project in September 2010 with total capital cost of INR465 crores which was funded through INR172 crore of equity and INR292 crore debt. VISHWAS COTTON: CARE Assigns 'CARE B' Rating to INR4.67cr Loan -------------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Vishwas Cotton Industries. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 4.67 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 the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. The rating assigned to bank facilities of Vishwas Cotton Industries is primarily constrained by its short track of operations and weak financial profile marked by thin and fluctuating profitability, low capital base and high overall gearing ratio. The rating is further constrained by its presence in the lowest segment of the textile value chain having limited value addition, highly fragmented and competitive cotton ginning business, volatility associated with the cotton prices and the government policies impacting the business. The rating, however, draws strength from the experience of the partners in cotton ginning and locational advantage on account of proximity to the cotton-growing regions of Gujarat. VCI's ability to improve its financial risk profile while managing volatility associated with the cotton prices and moving up in the textile value chain is the key rating sensitivity. About Vishwas Cotton Amreli-based Vishwas Cotton Industries was formed in June 2009 as a partnership concern by Mr. Dhanji Karetia and family members to undertake the business of cotton ginning. The promoter group consists of six partners including Mr. Janak Javiya, one of the key partners of the firm. He looks after the overall operations. The firm's product mix constitutes cotton bales and cotton seeds and has an installed capacity to produce 3,235 MTPA of cotton bales and 5,661 MTPA of cotton seeds as on March 31, 2011. ================= I N D O N E S I A ================= ALAM SUTERA: S&P Gives 'B' Corp. Credit Rating; Outlook Stable -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating and 'axBB-' ASEAN scale rating to Indonesia-based real estate developer PT Alam Sutera Realty Tbk. The outlook is stable. "At the same time, Standard & Poor's assigned a 'B' issue rating to the proposed senior unsecured notes by Alam Sutera International Pte. Ltd., a special purpose vehicle set up to issue the notes. Alam Sutera's subsidiaries guarantee the notes. The issue rating is subject to our review of the final documents," S&P said. "The rating on Alam Sutera reflects the company's aggressive debt-funded expansion, high project concentration, and execution risks for a proposed hospitality venture in Bali, Indonesia," said Standard & Poor's credit analyst Kah Ling Chan. "The company's large, low-cost, and well-located land bank, strong growth potential, and good record of developing the Alam Sutera township in Indonesia temper these weaknesses." "In our view, the single-project concentration risk is material despite the company's diversification efforts. The Alam Sutera township, which is west of Jakarta, will continue to contribute the bulk of property sales in the next two years. The company has launched its second project but contributions are likely to remain limited. Alam Sutera benefits from the good location and reputation of the project, as well as low land costs," S&P said. "We expect Alam Sutera to increase its debt aggressively over the next two years, albeit from a low level, to fund land acquisitions and new projects," Ms. Chan said. "In January 2012, the company raised Indonesian rupiah (IDR) 786 billion in a sale of shares for land bank acquisition. The proposed issue of up to $150 million in senior unsecured notes for buying more land will further increase debt to IDR2.8 trillion by the end of 2012 from an estimated IDR554 billion at the end of 2011," S&P said. "The stable outlook reflects our expectation that Alam Sutera will generate satisfactory cash flows from property sales at good margins to partly mitigate the significant increase in borrowings in 2012. The stable outlook also incorporates our expectation that the proposed bond issue will be successful, and the company will maintain adequate liquidity while expanding aggressively. In our base-case scenario, we expect the company's debt-to-EBITDA ratio to be about 2.9x and EBITDA interest coverage 4.4x in 2012," S&P said. "The potential upside to the rating is limited, in our view. We may raise the rating if Alam Sutera executes its high-growth strategy well, including replenishing its land bank at a low cost and generating good profitability from the Bali hospitality project. We may also upgrade the company if it increases its operating scale and diversifies its cash flow sources to include a larger number of projects and property leasing," S&P said. "We may lower the rating if Alam Sutera deviates from its strategy and core business of property development or makes larger debt-funded acquisitions than we expected. The rating may also come under pressure if a cyclical slowdown materially reduces the company's property sales and lowers EBITDA margin to less than 40%," S&P said. ========= J A P A N ========= AIJ INVESTMENT: Scandal Raises Fear of Asset Managers' Losses ------------------------------------------------------------- Hiroko Nakata at The Japan Times reports that the fiasco at AIJ Investment Advisors Co. is not only threatening the retirement prospects of more than 880,000 people, it is also raising fears that more corporate pension money is being misinvested. The news agency says AIJ's loss may force its client companies to slash pension benefits, raise premiums or, if worst comes to worst, collapse. Experts also said the possibility of veiled losses at other asset management firms during the economic slump cannot be ruled out because of a lack of proper scrutiny, the report relates. "The problem is not only about AIJ," the report quotes Koichi Haji, chief economist at NLI Research Institute, as saying. Mr. Haji said that the case involves numerous pension funds and that other asset managers may also have racked up massive losses. The AIJ scandal alone stunned its clients and their employees, the report says. According to the report, financial regulators suspended the Tokyo-based asset manager for a month from Feb. 24 because it could not explain what happened to the money. AIJ reportedly lost most of the JPY185.3 billion it was managing through funds registered in the Cayman Islands. Its clients included 84 corporate pension funds linked to about 540,000 workers and 340,000 recipients. As for why AIJ was able to continue engaging in its allegedly shady activities and whether other asset managers are in the same boat remain unanswered as the Securities and Exchange Surveillance Commission investigates, The Japan Times states. The report notes that the welfare ministry said that as many as 52 of the 84 pension funds AIJ was managing are already running deficits or will do so soon if AIJ cannot return the missing money. Tokyo-based asset-management firm AIJ Investment Advisors Co., led by Kazuhiko Asakawa, was established in April 1989, and had 120 clients including pension plans with JPY183.2 billion in assets as of the end of 2010. It has 12 employees. AIJ INVESTMENT: President Refuses to Cooperate in Pension Inquiry ----------------------------------------------------------------- Takashi Hirokawa at Bloomberg News reports that AIJ Investment Advisors Co. President Kazuhiko Asakawa declined a request to appear before a parliamentary committee seeking answers over how the suspended fund manager lost as much as US$2 billion of pension money. "Unfortunately I am unable to take up the offer," Mr. Asakawa said, according to a faxed statement read by Banri Kaieda, chairman of the lower house financial committee, to reporters in Tokyo on March 12. Asakawa wrote that he is busy compiling information requested by the government's financial watchdog, Mr. Kaieda, as cited by Bloomberg, said. According to Bloomberg, Mr. Asakawa's reply is his first statement to be made public since the Financial Services Agency suspended AIJ on Feb. 24 for a month to find out what happened to the JPY185.3 billion (US$2.3 billion) of pension assets managed by his firm. Bloomberg notes that the case has prompted the regulator to embark on its widest investigation of asset managers in the country and spurred politicians to consider increased oversight of the industry. The FSA's investigative arm, the Securities and Exchange Surveillance Commission, "is still continuing its inspection," Mr. Asakawa wrote, according to Mr. Kaieda. "I am busy as we are preparing documents to detail the assets under management by the March 23 deadline," Mr. Kaieda quoted Mr. Asakawa as saying, reports Bloomberg. Tokyo-based asset-management firm AIJ Investment Advisors Co., led by Kazuhiko Asakawa, was established in April 1989, and had 120 clients including pension plans with JPY183.2 billion in assets as of the end of 2010. It has 12 employees. ELPIDA MEMORY: Taiwan Unit Plans to Raise Funds to Repay Debts -------------------------------------------------------------- Focus Taiwan News Channel reports that Rexchip Electronics Corp., a Taiwan-based memory chip manufacturing arm of Elpida Memory Inc., said Friday that it plans to raise about NT$6 billion (US$203 million) in funds through a rights issue to repay its debts. The company said it will assign part of the funds as working capital for its day-to-day operations, the report relates. According to the news agency, Rexchip, which was established by Elpida and Taiwan's Powerchip Technology Corp. in November 2006 to produce DRAM chips, is faced with the obligation to repay some NT$15.3 billion in debts by the end of this year. However, Rexchip is sitting on only NT$5.8 billion in cash, while Elpida owes its Taiwanese unit as much as NT$4 billion in accounts receivable, dealing another blow to the Taiwanese firm's cash flow, Taiwan Focus notes. Taiwan Focus says the large accounts receivable came after Rexchip provided its DRAM chips to the Japanese parent company, which filed for bankruptcy last month in Japan at a time when the global financial DRAM business was encountering a market downturn. Currently, Elpida owns a more-than 50 percent stake in Rexchip, while Powerchip holds another 21.3 percent, the report discloses. About Elpida Memory Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a Japan-based company principally engaged in the development, design, manufacture and sale of semiconductor products, with a focus on dynamic random access memory (DRAM) silicon chips. The main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile RAM and XDR DRAM, among others. The Company distributes its products to both domestic and overseas markets, including the United States, Europe, Singapore, Taiwan, Hong Kong and others. The company has eight subsidiaries and two associated companies. Elpida Memory, Inc., and its consolidated subsidiary, Akita Elpida Memory, Inc., filed for corporate reorganization proceedings in Tokyo District Court on Feb. 27. Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo Court as Supervisor and Examiner in the case. Elpida has liabilities of JPY448.03 billion (US$5.52 billion) at the end of March 2011. NIPPON SHEET: Moody's Gives Ba3 Corp. Family Rating, Neg. Outlook ----------------------------------------------------------------- Moody's Japan K.K. has withdrawn its B1 issuer rating of Nippon Sheet Glass Co., Ltd., and assigned a Corporate Family Rating (CFR) of Ba3 with a negative outlook. Moody's assigns Corporate Family Ratings to companies with significant debt at multiple legal entities (as is the case with NSG). The CFR represents Moody's assessment of the risk of the enterprise and therefore, in Moody's opinion, the new CFR will more accurately reflect NSG's enterprise risk. Rating Rationale This withdrawal action does not reflect a change in the company's creditworthiness. The CFR of Ba3 reflects the challenges NSG faces in improving its earnings and cash flow because of weak economies in its main markets -- in particular Europe --, severe competitions in emerging markets and input costs pressure. The combination of restructuring costs and generally weak demand (other than in its auto sector) is expected to constrain improvement for the next 12 to 18 months. NSG's profitability has worsened since late 2011 and the company recorded an operating loss of JPY2.7 billion for Oct-Dec 2011. At the same time, it revised its full-year financial forecasts for FYE3/2012, cutting operating profits to JPY4 billion from JPY25 billion. Accordingly, it has been restructuring its business with estimated cost of JPY25 billion immediately leading to annual savings of JPY20 billion. In addition to these cash costs, the company will need to record non-cash expenses associated with the restructuring plan. These cash and non-cash costs will put pressure on NSG's financials for the immediate future while NSG continues to struggle with uncertain economic conditions, high input prices, pressured profitability in its main products such as building glass and glass for solar panels. The rating reflects continued support from financial institutions which lifts the rating by one notch from Nippon Sheet Glass's fundamental credit worthiness. Moody's believes that continued strong financial support from its main banks and Sumitomo Mitsui Banking Corporation (Aa3) is essential to NSG's structural reforms and in maintaining its ratings. The negative outlook reflects the significant execution risk involved in its plan to improve its weakened financial profile within a reasonable time and in an environment of volatile macro- economic conditions in its key markets. Downward rating pressure could emerge if NSG is not able to clearly demonstrate that its restructuring efforts are being achieved. This will include clear evidence of a continued strong position in its core markets, improved profitability, and declining leverage. These improvements are expected to become evident in the next 12 to 18 months. Further downward rating action would be considered if, for example, adjusted debt/EBITDA continues to exceed 7.0x at the end of FYE3/2014, or adjusted total debt/Capitalization remains over 75%. The rating could also come under pressure if headroom under its bank covenants --were to tighten. NSG is unlikely to be upgraded in the near term, given the negative outlook and the challenges facing the company. Steady improvements, after the initial restructuring charges are expected in its profitability and balance sheet structure, evidenced by adjusted Debt/EBITDA sustainably 6.0x and adjusted Debt/Capitalization below 65%, could generate a consideration of a change in the outlook to stable from negative. The principal methodology used in this rating was Moody's "Global Manufacturing Industry", published on December 29, 2010, and available on www.moodys.co.jp. Headquartered in Tokyo, Japan, Nippon Sheet Glass Co., Ltd. is one of the world's leading building products and automotive glass companies. =============== M A L A Y S I A =============== SILVER BIRD: Classified as Affected Listed Issuer Under PN17 ------------------------------------------------------------ Silver Bird Group Berhad is now listed as a Practice Note 17 company based on the criteria set by the Bursa Malaysia Securities Bhd as it has triggered Paragraph 8.04 and Paragraphs 2.1(d) and 2.1(f) of PN17 of the Main Market Listing Requirements. The PN17 criteria was triggered as a result of: -- the Company's latest audited accounts for the financial year ended Oct. 31, 2011, that was announced on Feb. 29, 2012, where SBGB's Auditors have expressed a disclaimer of opinion on the Company's latest audited accounts; -- a default in payment by the major subsidiaries of the Company; and -- the Company's inability to provide a solvency declaration to Bursa Malaysia. The Company intends to formulate a regularisation plan to address its PN17 status. Silver Bird Group Berhad, an investment holding company, manufactures and distributes consumer food products in Malaysia and Singapore. ==================== N E W Z E A L A N D ==================== BLACK ROBIN: Mulls Legal Action Over Substandard Ship ----------------------------------------------------- Fleur Cogle at The Timaru Herald reports that Black Robin Freighters is in danger of going under after major problems with a ship bought from Colombia came to light since its purchase in 2008. According to the report, the Jaguar was surveyed by a Colombian member of the Lloyd's Register Central and South America - part of the international classification society, Lloyd's Register, a British-registered charity. Problems started emerging the day Black Robin Freighters took possession of it late in 2008, the report says. The Timaru Herald notes that Black Robin, which runs a Chatham Islands service from Timaru, was dealt a second blow -- plunged into receivership and liquidation when South Canterbury Finance collapsed in 2010. Black Robin had borrowed nearly NZ$5 million from SCF to fund repairs to the ship, the report relates. Black Robin founder Kelvyn Leslie is now considering legal action against LR, which he says let Black Robin down, the Timaru Herald says. According to the Timaru Herald, Mr. Leslie said LR failed to identify major faults in the ship which should have been picked up in surveys done before the ship's purchase. "The bottom line is that we relied absolutely on the supposed reputation of Lloyd's Register to provide us with the assurance that the ship we were buying was fully up to class and statutory flag standards. And they let us down to the extent that they almost -- but not bloody quite -- broke us financially and in spirit," the report quotes Mr. Leslie as saying. "The multimillion-dollar losses, stress and hardship occasioned by their actions must, and will, be addressed." As well as surveying the ship to ensure it met the society's classification standards, LR carries out statutory checks for New Zealand ships on behalf of Maritime New Zealand, the report notes. However, LR has rejected the allegation of substandard surveys by members in Colombia. Black Robin Freighters is a Timaru shipping company. ================= S I N G A P O R E ================= PROCTER & GAMBLE CHEMICAL: Creditors' Proofs of Debt Due April 4 ---------------------------------------------------------------- Creditors of Procter & Gamble Chemical Services Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by April 4, 2012, to be included in the company's dividend distribution. The company's liquidator is: Aaron Loh Cheng Lee Ernst & Young Solutions LLP c/o One Raffles Quay North Tower 18th Floor Singapore 048583 SENTOSA TIGER: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on March 2, 2012, to wind up the operations of Sentosa Tiger Island Pte Ltd. Sentosa Development Corporation filed the petition against the company. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road, #05-11/#06-11 Singapore 069118 SINGAPHIL METALS: Court to Hear Wind-Up Petition March 23 --------------------------------------------------------- A petition to wind up the operations of Singaphil Metals (S) Pte Ltd will be heard before the High Court of Singapore on March 23, 2012, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 27, 2012. The Petitioner's solicitors are: Drew & Napier LLC 10 Collyer Quay, #10-01 Ocean Financial Centre Singapore 049315 SINGBUILD INVESTMENTS: Creditors' Proofs of Debt Due April 9 ------------------------------------------------------------ Creditors of Singbuild Investments Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by April 9, 2012, to be included in the company's dividend distribution. The company's liquidators are: Bob Yap Cheng Ghee Tay Puay Cheng Wong Pheng Cheong Martin c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 WEI LUN: Court to Hear Wind-Up Petition March 23 ------------------------------------------------ A petition to wind up the operations of Wei Lun Engineering Pte Ltd will be heard before the High Court of Singapore on March 23, 2012, at 10:00 a.m. United Overseas Bank Limited filed the petition against the company on Feb. 29, 2012. The Petitioner's solicitors are: Messrs Tan Kok Quan Partnership 8 Shenton Way #47-01, AXA Tower Singapore 068811 WESTMINSTER UNICAMPUS: Court Enters Wind-Up Order ------------------------------------------------- The High Court of Singapore entered an order on Feb. 24, 2012, to wind up the operations of Westminster Unicampus Pte Ltd. Attorney-General 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 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. *** End of Transmission ***