/raid1/www/Hosts/bankrupt/TCRAP_Public/120516.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 16, 2012, Vol. 15, No. 97
Headlines
A U S T R A L I A
1ST FLEET: Administrators Probe Director for Alleged Offences
BELLA TRUST 2: Moody's Assigns 'B2' Rating to Class E Notes
GOLD COAST BLAZE: Calls In Administrators; Seeks Equity Partner
ROCKY POINT: Sugar Mill to Be Liquidated Following Sale
C H I N A
CHINA SHENGDA: Gets Non-Compliance Notice From NASDAQ
MELCO CROWN: S&P Ups Corp. Credit Rating to 'BB'; Outlook Stable
H O N G K O N G
EVERWISE DEVELOPMENT: Members' Final Meeting Set for June 8
FIVECHIT (CONSULTANTS): Members' Final Meeting Set for June 8
FORTIS LEASE: Commences Wind-Up Proceedings
HENDERSON INVESTMENT: Members' Final Meeting Set for June 8
HENDERSON LAND: Members' Final Meeting Set for June 8
KERRISDALE LIMITED: Creditors' Proofs of Debt Due May 28
RAPID GROW: Creditors' Proofs of Debt Due May 28
SAI HKG: Creditors' Proofs of Debt Due June 5
SAWA ELECTRONICS: Creditors' Proofs of Debt Due June 4
TAVISTOCK SPRINGS: Creditors' Proofs of Debt Due May 18
I N D I A
AIR INDIA: 14 Int'l Flights Cancelled as Strike Entered 7th Day
BENGAL INVESTMENTS: CRISIL Puts 'BB' Rating on INR110MM Loans
CLASSIC PRODUCTS: CRISIL Puts 'BB' Rating on INR72.5MM Loan
FRENCH MOTOR: CRISIL Assigns 'BB+' Rating on INR494.4MM Loans
KOHINOOR INDIA: CRISIL Cuts Rating on INR100MM Loan to 'B-'
LRN FINANCE: CRISIL Upgrades Rating on INR250MM Loan to 'BB'
NANCY KRAFTS: CRISIL Cuts Rating on INR18.4MM Loan to 'BB-'
RAMA STEEL: CRISIL Assigns 'BB+' Rating to INR260MM Loan
SENGUNTHAR MILLS: CRISIL Cuts Rating on INR114.7MM Loans to 'B+'
SUNPACK BARRIER: CRISIL Cuts Rating on INR154.1MM Loan to 'D'
TULSI DALL: CRISIL Cuts Rating on INR75MM Loan to 'CRISIL D'
WORLD SCHOOLS: CRISIL Upgrades Rating on INR100MM Loan to 'C'
* INDIA: Moody's Downgrades BFSRs of Three Banks to 'D+'
J A P A N
TOKYO ELECTRIC: Posts JPY781.6BB Net Loss for Fiscal 2011
TOKYO ELECTRIC: S&P Keeps 'B+' Corp. Credit Rating on Watch Neg
* JAPAN: Moody's Says Utilities Sector Still Face Challenges
N E W Z E A L A N D
WIRE BY DESIGN: PwC Turned Down as Company's Liquidators
S I N G A P O R E
ALFA AIRE: Creditors Get 1.26007% Recovery on Claims
ARMADA PACIFIC: Creditors Get $10.00 Cents Recovery on Claims
AVIA GROWTH: Creditors' Proofs of Debt Due June 11
BTB MANAGEMENT: Creditors' Proofs of Debt Due May 25
CAMBODIA CARE: Creditors' Proofs of Debt Due June 11
LERNOUT & HAUSPIE: Creditors Get 100% Recovery on Claims
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
1ST FLEET: Administrators Probe Director for Alleged Offences
-------------------------------------------------------------
Cara Waters at SmartCompany reports that Stephen Brown, the
managing director and owner of failed transport company 1st
Fleet, has left Australia for the United States while
administrators investigate claims company directors have
committed offences.
SmartCompany notes that 1st Fleet was placed into administration
on Anzac Day with workers locked out and their jobs terminated.
At the time, Mr. Brown told SmartCompany the collapse was "a
friggin' disaster". Mr. Brown placed the blame for the
administration on 1st Fleet's funders, Coface.
Administrators de Vries Tayeh told SmartCompany Tuesday that
Mr. Brown is now overseas and is being investigated for potential
offences.
"I think he is out of the country but he is returning; he has
just gone for a short while," the report quotes administrator
Antony de Vries as saying. "We have completed our preliminary
review of the situation and identified offences we think the
company officers may have committed."
SmartCompany relates that Mr. De Vries said he is unable to
expand on the allegations in relation to offences committed by
company directors at this stage, but said "there is only one
director, Stephen Brown".
"The second meeting of creditors is scheduled for May 22 and it
appears likely that the company may go into liquidation and we
will have a long list of items to investigate," Mr. de Vries told
SmartCompany.
Mr. Brown said 400-500 employees of 1st Fleet had been terminated
along with a similar number of sub-contractors, "who were, for
all intents and purposes, part of the work force," the report
adds.
1st Fleet offered trucking services, along with supply chain,
warehousing and recruitment services as well. It employed around
1,200 staff.
BELLA TRUST 2: Moody's Assigns 'B2' Rating to Class E Notes
-----------------------------------------------------------
Moody's Investors Service has assigned the following definitive
long-term ratings to notes issued by BNY Trust Company of
Australia Limited as Trustee of Bella Trust No. 2 Series 2012-1.
Issuer: Bella Trust No. 2 Series 2012-1
USD353.50 million Class A Notes, Assigned Aaa (sf)
AUD68.80 milliom Class B Notes, Assigned A2 (sf)
AUD10.40 million Class C Notes, Assigned Baa2 (sf)
AUD10.00 milion Class D Notes, Assigned Ba2 (sf)
AUD4.50 million Class E Notes, Assigned B2 (sf)
The AUD 9.50 million Seller Notes are not rated by Moody's.
The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.
The transaction is a securitisation of a portfolio of Australian
loans extended to individual and small business obligors. All
loans are secured by either motor vehicles or other commercial
equipment and originated by the broker channel of Capital Finance
Australia Limited ("CFAL"), a wholly owned subsidiary of Lloyds
Banking Group Plc (rated A1, on review for possible downgrade).
Bella Trust No. 2 Series 2012-1 is CFAL's seventh ABS transaction
to date.
Ratings Rationale
In terms of transaction structure, Bella Trust No. 2 Series 2012-
1 ("Bella 2012-1") is broadly similar to CFAL's previous
securitisation Bella Trust No. 2 Series 2011-2 issued in
September 2011. The only difference is that instead of all notes
being AUD denominated, this transaction has USD denominated Class
A Notes.
From a collateral pool composition perspective this transaction
is again similar to Bella Trust No. 2 Series 2011-2 in that all
loans were originated by the broker division of CFAL as opposed
to CFAL's retail auto finance area and both transactions comprise
of motor vehicles and other commercial equipment. However, Bella
2012-1 has a wider eligibility criteria with receivables of up to
$1,000,000 and includes novated and finance leases.
64.1% of the deal is backed by motor vehicles, predominantly
cars. In Moody's opinion, receivables backed by cars exhibit less
cyclical default patterns and, on average, higher recovery rates.
The pool includes a relatively high proportion of loans extended
to small businesses (69.5%). This is a positive feature of the
transaction, given that commercial loan contracts historically
experience lower default rates as well as higher recoveries
compared to contracts taken out by individuals.
In order to fund the purchase price of the portfolio, the Trust
will issue six classes of notes. The notes will be repaid on a
sequential basis in the initial stages and during the tail end of
the transaction.
Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.
Moody's base case assumptions are a default rate of 3.35% and a
recovery rate of 30.0%. These imply an expected (net) loss of
2.35%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 2.83% and
39.20% respectively.
The principal methodology used in this rating was Moody's
Approach to Rating Australian Asset-Backed Securities published
in July 2009.
VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES
The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, Moody's has
been provided with detailed vintage data segregated for different
receivable categories for the 2001-2011 period. This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating Bella Trust No. 2 Series 2012-1.
Moreover, CFAL retaining a significant proportion of the
transaction helps to better align incentives compared to other
transactions where no or a minor proportion of notes is retained
by the sponsor.
V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Non-U.S. Vehicle ABS Sector", published in January 2009.
Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed. The analysis
assumes that the deal has not aged. Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.
In the case of Bella Trust No. 2 Series 2012-1, the Class A Notes
remain strongly investment grade under all scenarios, i.e. A3
under the most severe stress assumptions under which the default
rate rises to 6.7% (double Moody's assumption of 3.35%) and the
recovery rate decreases to 10% (a third of Moody's assumption of
30.0%). The Aaa rating of the Class A Notes reduces by one notch
to Aa1 when the base recovery rate is stressed from the assumed
30.0% to 20% and 10% (holding other factors, including the
assumed default rate of 3.35%, constant).
Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.
GOLD COAST BLAZE: Calls In Administrators; Seeks Equity Partner
---------------------------------------------------------------
Cara Waters at SmartCompany reports that National Basketball
League team Gold Coast Blaze has appointed administrators, but
hopes the administrators, Aggs Robson Accountants, can conclude
negotiations with a potential equity partner.
According to the report, Gold Coast Blaze owner Owen Tomlinson
said in a statement that, while negotiations continued, the club
had been unable to finalize any deal because of a dispute with
former coach, Brendan Joyce.
SmartCompany relates that the club owes Mr. Joyce more than
AUD350,000 for wrongful termination of his contract.
"Our former coach, who has obtained a Supreme Court judgment
against the company, had refused to delay enforcement proceedings
before the required deadline, to enable us to finalise
negotiations with this investor and so we have appointed a
voluntary administrator to control the affairs of the club
pending the completion of these negotiations and thereby secure
the long-term future of the club, " the report quotes
Mr. Tomlinson as saying.
Paul Pamenter, chief executive of the Gold Coast Blaze, told
SmartCompany the club could "absolutely" be saved from
administration.
"It came down to a timing issue, there was a previous statutory
demand which expired last week," SmartCompany quotes Mr. Pamenter
as saying. "We had to take the move that we did to protect the
sale."
SmartCompany relates that Mr. Pamenter said the club hopes to
find a buyer in the next week although he concedes a savior is
unlikely to be found before the meeting of creditors, which is
scheduled for Monday, May 21.
The Gold Coast Blaze is an Australian men's professional
basketball team which competes in the National Basketball League
(NBL).
ROCKY POINT: Sugar Mill to Be Liquidated Following Sale
-------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that Rocky Point Power
Project, the holding company for the Rocky Point sugar mill's
power plant, is expected to be placed in liquidation following
the sale of the facility by receivers on Friday.
A creditors meeting was scheduled May 15 and administrators to
the company, which is held by US interests, earlier indicated
they would recommend the move, the report relates.
goldcoast.com.au notes that receivers were appointed to the
company in January at the behest of the financier, an arm of
Babcock and Brown, and administrators Anne Meagher and Terry
Rose, of SV Partners, were put in place the following month.
According to the report, the receivers, Jason Preston,
Peter Anderson and William Harris of McGrathNicol, negotiated
sale of the Woongoolba facility after offering it in an
expression of interest campaign that closed on February 27.
The purchase price has not been disclosed, says goldcoast.com.au.
The report says Rocky Point Power Project, which traded as Rocky
Point Green Power, is understood to owe the financier
AUD6 million and to have a number of AUD1 million-plus debts to
unsecured creditors, including the sugar mill, which is held by
the Heck family.
Debts also are owed to the 35 staff of the power generation
facility, the report notes.
According to goldcoast.com.au, one employee said they had been
told there was nothing in the kitty and liquidation of the
company would enable them to receive some recompense for debts
from the Federal Government's General Employees Entitlements and
Redundancy Scheme.
The staff were handed termination notices following the signing
of the contract of sale, the report relays.
The new owner, First Pacific Capital Underwriters, associated
with businessman Eduardo Alcordo, is expected to rehire staff in
the wake of its takeover of the plant, goldcoast.com.au adds.
Rocky Point Green Power is a Queensland-based electricity
generation plant.
=========
C H I N A
=========
CHINA SHENGDA: Gets Non-Compliance Notice From NASDAQ
-----------------------------------------------------
China Shengda Packaging Group Inc. received a letter from the
NASDAQ Stock Market on May 7, 2012 indicating that, for the
previous 30 consecutive business days, the bid price of the
Company's common stock had closed below the minimum $1.00 per
share requirement for continued inclusion on The NASDAQ Global
Market under NASDAQ Listing Rule 5450(a)(1). The letter did not
indicate the Company's non-compliance with any other listing
requirement. The notification has no effect at this time on the
listing of the Company's common stock, which will continue to
trade on the NASDAQ Global market under the symbol CPGI.
The Company has been provided 180 calendar days, or until Nov. 5,
2012, to regain compliance. If at any time before this date the
Company's common stock has a closing bid price of $1.00 or more
for a minimum of 10 consecutive business days, NASDAQ staff will
notify the Company that it has regained compliance.
If the Company has not regained compliance by November 5, 2012,
it may be eligible for additional time. The Company would be
required to meet certain continued listing requirements and the
initial listing criteria for The NASDAQ Global Market except for
the bid price requirement and will need to provide written notice
of its intention to cure its deficiency during the second
compliance period. If it meets these criteria, NASDAQ staff will
notify the Company that it has been granted an additional 180 day
compliance period. If the Company is not eligible for an
additional compliance period, NASDAQ will provide the Company
with written notification that its common stock will be delisted.
At that time, the Company can appeal NASDAQ's determination to
delist its common stock to a NASDAQ Hearings Panel.
The Company intends to consider all available options to resolve
the deficiency and regain compliance with the NASDAQ minimum bid
price requirements. In addition, the Company intends to explore
other options for the listing of its common stock.
About China Shengda
China Shengda Packaging Group Inc. -- http://www.cnpti.com/-- is
a packaging company in China. It is principally engaged in the
design, manufacturing and sale of flexo-printed and color-printed
corrugated paper cartons in a variety of sizes and strengths. It
also manufactures corrugated paperboards, which are used for the
production of its flexo-printed and color-printed cartons. The
company provides paper packaging solutions to a wide variety of
industries, including food, beverage, cigarette, household
appliance, consumer electronics, pharmaceuticals, chemicals,
machinery and other consumer and industrial sectors in China.
MELCO CROWN: S&P Ups Corp. Credit Rating to 'BB'; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign currency
long-term corporate credit rating on Melco Crown Gaming (Macau)
Ltd. to 'BB' from 'BB-'. The outlook is stable. "We also raised
the issue rating on the guaranteed US$600 million senior
unsecured notes due 2018, issued by MCE Finance Ltd., to 'BB-'
from 'B+'. At the same time, we raised our Greater China credit
scale rating on Melco Crown and the notes to 'cnBBB-' from
'cnBB+'," S&P said.
"We upgraded Melco Crown because we expect the company to
maintain its much improved operating and financial performances
over the next 12 months," said Standard & Poor's credit analyst
Joe Poon. "Melco Crown's liquidity position further underpins the
ratings."
"We raised Melco Crown's stand-alone credit profile to 'bb-' from
'b+', to reflect the company's 'fair' business risk profile and
'aggressive' financial risk profile. The rating on Melco Crown is
one notch higher than the stand-alone credit profile to reflect
some support from Australia-based Crown Ltd. (Crown;
BBB/Stable/A-2). We consider Melco Crown to be a strategically
important subsidiary of Crown, based on our group rating
methodology. Melco Crown is a wholly owned subsidiary of Melco
Crown Entertainment Ltd. (MCE; not rated). Crown and Hong Kong-
based Melco International Development Ltd. (Melco; not rated)
each holds 33.43% of MCE. Standard & Poor's takes a consolidated
view when analyzing Melco Crown's credit profile because the
company is MCE's major operating asset," S&P said.
"MCE's operating and financial performance continues to exceed
our expectations due to the much improved operating performance
of its integrated gaming resort City of Dreams (CoD). MCE's
revenue in the first quarter of 2012 rose about 27% year over
year to US$1.03 billion, and its revenue for full-year 2011 rose
45% to US$3.83 billion, which was significantly above our
expectation. We expect revenue growth at 15% in 2012," S&P said.
Melco Crown's operations were unaffected by the competition from
a new integrated casino resort, Galaxy Macau, which opened in
June 2011.
"The stable outlook reflects our expectation that Melco Crown's
CoD casino will continue to generate strong cash flow," Mr. Poon
said. "The outlook also reflects our expectation that Crown and
Melco will maintain their close strategic relationship with Melco
Crown."
"We may lower the rating if MCE's financial performance weakens,
such that its ratio of total debt to EBITDA exceeds 4.5x on a
sustained basis. This could happen if the market downturn is
significant, MCE's market share materially declines due to
intense competition, or the group engages in aggressive debt-
funded expansion. We could also lower the rating if, in our view,
Melco Crown's strategic importance to Crown diminishes
significantly or MCE's growth strategy and financial risk
appetite become more aggressive," S&P said.
"We could raise the rating if Melco Crown prudently and
effectively manages its growth strategy, including the
development of Studio City, while maintaining a financial profile
consistent with a higher rating. An improved financial profile
would include maintaining a ratio of total debt to EBITDA of less
than 3.5x and strong liquidity," S&P said.
================
H O N G K O N G
================
EVERWISE DEVELOPMENT: Members' Final Meeting Set for June 8
-----------------------------------------------------------
Members of Everwise Development Limited will hold their final
meeting on June 8, 2012, at 10:00 a.m., at 72-76/F., Two
International Finance Centre, at 8 Finance Street, Central, in
Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
FIVECHIT (CONSULTANTS): Members' Final Meeting Set for June 8
-------------------------------------------------------------
Members of Fivechit (Consultants) Limited will hold their final
meeting on June 8, 2012, at 10:15 a.m., at 72-76/F, Two
International Finance Centre, 8 Finance Street, Central, in Hong
Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
FORTIS LEASE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Fortis Lease Hong Kong Limited, on April 23, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Thierry Bonetto
Philippe Maurice E De Vos
Frederic Michel Neyret
c/o 3806 Central Plaza
18 Harbour Road
Wanchai, Hong Kong
HENDERSON INVESTMENT: Members' Final Meeting Set for June 8
-----------------------------------------------------------
Members of Henderson Investment Credit Limited will hold their
final meeting on June 8, 2012, at 10:30 a.m., at 72-76/F., Two
International Finance Centre, at 8 Finance Street, Central, in
Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HENDERSON LAND: Members' Final Meeting Set for June 8
-----------------------------------------------------
Members of Henderson Land Credit (2004) Limited will hold their
final meeting on June 8, 2012, at 11:00 a.m., at 72-76/F., Two
International Finance Centre, at 8 Finance Street, Central, in
Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
KERRISDALE LIMITED: Creditors' Proofs of Debt Due May 28
--------------------------------------------------------
Creditors of Kerrisdale Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 28,
2012, to be included in the company's dividend distribution.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
62nd Floor, One Island East
18 Westlands Road
Island East, Hong Kong
RAPID GROW: Creditors' Proofs of Debt Due May 28
------------------------------------------------
Creditors of Rapid Grow Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 28,
2012, to be included in the company's dividend distribution.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
62nd Floor, One Island East
18 Westlands Road
Island East, Hong Kong
SAI HKG: Creditors' Proofs of Debt Due June 5
---------------------------------------------
Creditors of Sai HKG Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 5,
2012, to be included in the company's dividend distribution.
The company's liquidator is:
Wong Kwok Hong
16th Floor, Lockhart Centre
301-307 Lockhart Road
Wanchai, Hong Kong
SAWA ELECTRONICS: Creditors' Proofs of Debt Due June 4
------------------------------------------------------
Creditors of Sawa Electronics (Holdings) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 4, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on April 25, 2012.
The company's liquidator is:
Sum Wai Ching Helena
19/F, S.B. Commercial Building
478 Nathan Road
Yau Ma Tei, Kowloon
TAVISTOCK SPRINGS: Creditors' Proofs of Debt Due May 18
-------------------------------------------------------
Creditors of Tavistock Springs (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 18, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Lai Kar Yan (Derek)
Yeung Lui Ming (Edmund)
Kong Kian Chong (Wesley)
35th Floor, One Pacific Place
88 Queensway, Hong Kong
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I N D I A
=========
AIR INDIA: 14 Int'l Flights Cancelled as Strike Entered 7th Day
---------------------------------------------------------------
The Press Trust of India reports that the strike by Air India
pilots entered the seventh day on Monday, forcing the national
carrier to cancel as many as 14 of its international flights that
caused inconvenience to hundreds of passengers.
"As the pilots are not ready to call-off their strike and join
work, we have cancelled 14 international flights from Delhi and
Mumbai," an Air India official told PTI.
PTI says the pilots are not ready to relent from their stand
until their demands are met. They have also refused to accept
Civil Aviation Minister Ajit Singh's call to come to the dialogue
table after withdrawing their strike, PTI relays.
The carrier had to cancel Sunday as many as 20 international
flights. Hundreds of passengers were stranded following the
flight cancellations. They had alleged that they had not been
given the refund by the airline against their booked tickets
after the cancellation of the flights.
According to IANS, trouble started for the airline May 8 when
pilots belonging to Indian Pilots Guild (IPG) took mass sick
leave protesting the move to provide Boeing-787 Dreamliner
training to pilots from the erstwhile Indian Airlines.
On Sunday, hindustantimes reports, union civil aviation minister
Ajit Singh acknowledged the fact that Air India's merger with
Indian Airlines did not go as "planned " and that "something
seriously " had gone wrong.
"Obviously it (the merger) didn't go as planned. My job now is
to see what the current situation is, learn from past mistakes
and work to see that Air India succeeds," Mr. Singh told a TV
channel, hindustantimes relates.
According to hindustantimes, the sackings and the AI management's
move to approach the Directorate General of Civil Aviation (DGCA)
to cancel the flying licences of 11 pilots leading the agitation
have pushed the striking pilots to a corner.
They are now hoping the Centre will reverse its decision,
hindustantimes notes. In May 2011, hindustantimes recalls, seven
IA pilots were sacked when they had gone on strike. They were
reinstated when the strike was called off. "This time things
are different," hindustantimes quotes a senior official as
saying.
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.
In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.
"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.
BENGAL INVESTMENTS: CRISIL Puts 'BB' Rating on INR110MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Bengal Investments Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 70 CRISIL BB/Stable (Assigned)
Term Loan 40 CRISIL BB/Stable (Assigned)
The rating reflects BIL's above average financial risk profile
marked by healthy debt protection measures and steady cash
accruals from the warehousing business. These rating strengths
are partially offset by small scale of business and revenue
sustainability risk in its jute trading business on account of
high customer concentration.
Outlook: Stable
CRISIL expects that BIL will register steady cash accruals from
its warehousing business and will maintain its financial risk
profile. The outlook could be revised to positive if the company
is able to generate more than expected cash accruals from its
warehousing business and is able to reduce its receivables period
significantly. Conversely, the outlook could be revised to
negative if the company undertakes higher than expected debt
funded capex or if there is a stretch in the working capital
cycle of the company.
About Bengal Investments
BIL was incorporated in 1996 by the Poddar group headed by Mr.
Ashok Kumar Poddar (brother of Mr. Saroj Poddar who is currently
the Chairman of Gillette India Ltd). It commenced its jute
trading operations in 2001 and also has 60 acres of land at
Sankrail (Howrah) which is located close to Kolkata city. The
warehousing space currently at 700,000 sq ft is given on rent to
different customers both on long term and short term basis.
For 2010-11 (refers to financial year, April 1 to March 31), BIL
reported a profit after tax (PAT) of INR17.3 million (Rs.15.4
million for 2009-10).
CLASSIC PRODUCTS: CRISIL Puts 'BB' Rating on INR72.5MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Classic Products Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52.5 CRISIL BB/Stable (Assigned)
Proposed Long-Term 20 CRISIL BB/Stable (Assigned)
Bank Loan Facility
The rating reflects the benefits that CPPL derives from its
promoters' extensive experience in the industrial packaging
industry and established customer base, coupled with the above-
average financial risk profile marked by a modest net worth, and
comfortable gearing and debt protection metrics. These rating
strengths are partially offset by CPPL's working-capital-
intensive nature of activity and slender profitability margins.
Outlook: Stable
CRISIL believes that CPPL will continue to benefit over the
medium term from its promoters' extensive experience in the
industrial packaging industry. The outlook may be revised to
'Positive' in case the company reports a substantial growth in
its operating revenues, while improving its profitability and
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case CPPL reports lower-than-expected growth in its
revenues and profitability, or lengthening of its working capital
cycle.
About Classic Products
CPPL was set up as a partnership firm in 2000 by Mumbai
(Maharashtra)-based Mr. Suresh Mutneja and his wife, Mrs. Shallu
Mutneja (first-generation entrepreneurs). It was later
reconstituted as a private limited company in 2004; its
operations are currently being handled by Mr. Suresh Mutneja.
CPPL provides packaging solutions to various steel and glass
companies. Its clientele includes Essar Steel Ltd, Thyssenkrupp
Electrical Steel India Pvt Ltd, Saint Gobain Glass India Ltd, and
Hindustan National Glass. CPPL has its registered office at
Oshiwara in Mumbai.
CPPL reported a profit after tax (PAT) of INR 13.5 million on net
sales of INR800.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR 8.7 million on net
sales of INR 637.8 million for 2009-10.
FRENCH MOTOR: CRISIL Assigns 'BB+' Rating on INR494.4MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of French Motor Car Co Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 31.90 CRISIL BB+/Stable (Assigned)
Bank Loan Facility
Inventory Funding 83.00 CRISIL BB+/Stable (Assigned)
Facility
Channel Financing 275.00 CRISIL BB+/Stable (Assigned)
Bank Guarantee 5.60 CRISIL A4+ (Assigned)
Cash Credit 104.50 CRISIL BB+/Stable (Assigned)
The ratings reflect the benefits that FMCCL derives from its
long-standing association with its principal, Tata Motors Ltd
(TML; rated 'CRISIL AA-/Positive/CRISIL A1+'). This rating
strength is partially offset by FMCCL's low bargaining power with
its principal resulting in low profitability and exposure to
intense competition in the automobile dealership industry.
Outlook: Stable
CRISIL believes that FMCCL will benefit over the medium term from
its promoters' experience in the commercial vehicle dealership
business and long association with its principal. The outlook may
be revised to 'Positive' if the financial risk profile improves
on account of better profitability and accruals. Conversely, the
outlook may be revised to 'Negative' if the company's working
capital cycle weakens or if it undertakes any debt-funded capital
expenditure programme.
About French Motor
FMCCL was formed in 1905 by a French diamond merchant. In 1943-44
(refers to financial year, April 1 to March 31), the Jatia family
of Kolkata (West Bengal [WB]) took over the company. In 1954, the
company became an authorised dealer of TML for their commercial
vehicles (small, light, medium, and heavy and buses) in West
Bengal and Assam. The company has two showrooms in Kolkata and
Guwahati (Assam). FMCCL also has three workshops - one each in
Howrah, Asansol (both in WB), and Guwahati. It also has three
small offices in WB with two vehicle display space. FMCCL's day-
to-day operations are being managed by Mr. Sandeep Jatia.
FMCCL had an estimated profit after tax (PAT) and net sales of
INR13.7 million on net sales of INR5.3 billion for 2011-12, as
against a PAT of INR12.3 million on net sales of INR4.5 billion
for 2010-11.
KOHINOOR INDIA: CRISIL Cuts Rating on INR100MM Loan to 'B-'
-----------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facilities
of Kohinoor India Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and has reaffirmed the rating on the short-term
facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Letter of Credit 47 CRISIL A4 (Reaffirmed)
The rating downgrade reflects stretch in KIPL's liquidity because
of its large debt repayment obligations vis-a-vis small expected
cash accruals for 2012-13 (refers to financial year, April 1 to
March 31) and working capital intensive operations leading to
high utilization in the bank limits with instances of overdrawls
in the recent past. The downgrade also factors in the significant
susceptibility of KIPL's profitability's to volatility in foreign
exchange rates, as around 40 per cent of its total raw materials
is imported and the payments are not hedged.
The ratings reflect KIPL's weak financial risk profile, marked by
small net worth, relatively high gearing and weak debt protection
metrics, and large working capital requirements. These rating
weaknesses are partially offset by the extensive industry
experience of KIPL's promoters.
Outlook: Stable
CRISIL believes that KIPL's financial risk profile will remain
weak over the near term, as its operating margin is expected to
remain under pressure because of volatility in raw material
prices and foreign exchange rates and because of its limited
bargaining power with its customers. The outlook may be revised
to 'Positive' if KIPL manages its working capital effectively,
improves its profitability, and increases its operating revenues
beyond expected levels, leading to improvement in its gearing.
Conversely, the outlook may be revised to 'Negative' if KIPL's
sales or profitability is lower than expected, or if the company
undertakes a larger-than-expected, debt-funded, capital
expenditure programme, thereby further weakening its capital
structure.
About Kohinoor India
KIPL was established in 1970 as a partnership firm and
reconstituted as a private limited company in 1989. It
manufactures tyres and tubes for bicycles and rickshaws,
primarily catering to the replacement market. It also trades in
rubber compounds, natural rubber and chemicals used for rubber
processing. The company is managed by Mr. S P Jain and his son.
KIPL has a manufacturing unit in Jalandhar (Punjab), with a
capacity of 15 tonnes per day.
KIPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR1.03 billion for 2010-11, against a PAT of INR1.4
million on net sales of INR827.8 million for 2009-10.
LRN FINANCE: CRISIL Upgrades Rating on INR250MM Loan to 'BB'
------------------------------------------------------------
CRISIL has upgraded its rating on the INR250 million non-
convertible debenture (NCD) programme and the proposed long-term
bank loan facility of L R N Finance Ltd (part of the Pincon
group) to 'CRISIL BB/Stable' from 'CRISIL BB-/Stable', and has
assigned its 'CRISIL BB/Stable' rating to LRN Finance's INR300-
million NCD programme.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Non-Convertible 300 CRISIL BB/Stable (Assigned)
Debentures
Non-Convertible 250 CRISIL BB/Stable (Upgraded
Debentures from CRISIL BB-/Stable)
The upgrade reflects increase in LRN Finance's net worth, with
fresh infusion of equity capital by its promoters. Net worth
increased to INR697 million as on March 31, 2012 (provisional
figures) from INR132 million as on March 31, 2011. LRN Finance
has also increased its scale of operations, with loans
outstanding increasing to INR814 million as on March 31, 2012
(provisional figures) from INR143 million as on March 31, 2011.
The company has reduced the proportion of bridge financing
business (29 per cent for 2011-12 [refers to financial year,
April 1 to March 31], compared with 45 per cent for 2010-11) and
has disbursed loans in tractor financing, earth moving equipment
and heavy machinery financing divisions.
LRN Finance benefits from the brand image of the Pincon group,
which is engaged in manufacturing and distributing fast-moving
consumer goods (FMCG) products and liquor; the group is also into
real estate development. The Pincon group's well-established
operations in eastern India will enable LRN Finance to tap the
group's customer network to develop potential customers for its
financing businesses. CRISIL also believes the Pincon group's
brand image will enable LRN Finance to competitively raise
resources, compared to a standalone non-banking finance company
(NBFC) with limited track record of operations. In addition, LRN
Finance's capitalisation is adequate for its current scale of
operations supported by the recent infusions by the promoter.
Furthermore, the company has flexibility to bring in additional
capital from its group entities or its promoters.
However, LRN Finance's track record in the financial services
industry is very short; the company had completed only two years
of operations under its new management as on March 31, 2012.
Moreover, LRN Finance's group entities also lack experience in
the financial services industry. LRN Finance's current loan
portfolio (Rs.814 million as on March 31, 2012 [provisional
figures]) is yet to be seasoned, as it has built an asset
financing portfolio in 2011-12. CRISIL believes that the segments
in which LRN Finance operates are highly competitive, with the
presence of well established players; LRN Finance's ability to
profitably scale up its operations in these proposed business
segments is yet to be demonstrated. The company also plans to
expand its market share in eastern India from its current
operations in Salem (Tamil Nadu), leveraging the Pincon group's
brand position in the region. CRISIL believes that LRN Finance's
expansion plans will expose the company to considerable execution
risks associated with its proposed businesses. LRN Finance's
ability to establish a track record and maintain healthy asset
quality in its proposed business segments will have a bearing on
the rating.
Outlook: Stable
CRISIL believes that LRN Finance will maintain its adequate
capitalisation and benefit from the Pincon group's brand image
and market position in eastern India. The outlook may be revised
to 'Positive' if LRN Finance scales up its operations
substantially, while maintaining healthy asset quality and
profitability. Conversely, the outlook may be revised to
'Negative' if LRN Finance's asset quality and earnings profile
significantly weaken, leading to weakening in its capitalisation,
or if the company is unable to effectively execute its business
plans, or if it enters into unrelated or high-risk businesses.
About L R N Finance
LRN Finance was acquired by Mr. Monoranjan Roy on March 31, 2010
to start operations in the financial sector. The company was
earlier run by Mr. Shanmugan Sundaresan in Salem, who was running
down his business. The company's operations are primarily in
Salem. LRN Finance is now part of the Pincon group, which has
been in business for the past 16 years in eastern India. In
addition to LRN Finance, the group comprises Greenage Food
Products Ltd, Pincon Spirit Ltd, Pincon Developers Ltd, and
Bengal Pincon Housing Infrastructure Ltd. LRN Finance's
outstanding loans of INR143 million are all towards bridge
financing for heavy machinery and bill discounting. The company
sources its bridge financing business through the Pincon group's
network and offers loans for a period of six months in this
segment. The company plans to expand its operations in eastern
India by starting tractor financing and gold financing over the
medium term.
For 2011-12, LRN Finance reported, on provisional basis, a profit
after tax (PAT) of INR36 million on a total income of INR223
million; it reported a PAT of INR31 million on a total income of
INR197 million for the previous year.
NANCY KRAFTS: CRISIL Cuts Rating on INR18.4MM Loan to 'BB-'
-----------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facilities
of Nancy Krafts Pvt Ltd (part of the Nancy group) to 'CRISIL BB-
/Stable' from 'CRISIL BB/Stable', and has reaffirmed the rating
on the company's short-term bank facilities at 'CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Line of Credit 10.0 CRISIL BB-/Stable
(Downgraded from
'CRISIL BB/Stable')
Export Packing Credit 166.6 CRISIL A4+ (Reaffirmed)
Letter of credit & Bank 45.0 CRISIL A4+ (Reaffirmed)
Guarantee
Term Loan 8.4 CRISIL BB-/Stable
(Downgraded from
'CRISIL BB/Stable')
The rating downgrade reflects the Nancy group's highly working-
capital-intensive operations marked by high gross current asset
(GCA) days of more than 400 in each of the past three years with
estimated GCA days of around 450 as on March 31, 2012. The Nancy
group's operations are working capital intensive primarily
because of the group's high debtor days which are estimated at
over 200 as on March 31, 2012, compared to 170 as on March 31,
2011. The Nancy group's working-capital-intensive operations have
led to near full utilisation in the group's fund-based limits.
The Nancy group's operations are expected to remain working
capital intensive over the near term, despite concentrated
efforts by the group's management to gradually shift its customer
base.
The ratings continue to reflect the benefits that the Nancy group
derives from its promoters' experience in the ready-made garments
business and its established relationships with its key
customers. These rating strengths are partially offset by the
group's large working capital requirements, and weak financial
risk profile marked by weak debt protection metrics.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Nancy Krafts, NKPL, and Kitty
Overseas. This is because the three entities, together referred
to as the Nancy group, are in the same line of business with a
common customer base and common promoters and management.
Outlook: Stable
CRISIL believes that the Nancy group will continue to benefit
over the medium term from its established relationships with its
customers. CRISIL, however, believes that the group's financial
risk profile will remain weak during this period, because of low
profitability margins and large working capital requirements,
leading to weak debt protection metrics. The outlook may be
revised to 'Positive' if the Nancy group reports improvement in
its working capital management or achieves improvement in its
operating revenues and profitability margins, leading to
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case the group reports
more-than-expected deterioration in its capital structure because
of large working capital requirements or debt-funded capital
expenditure, or a decline in its profitability margins, putting
pressure on its already weak debt protection metrics.
About the Group
Nancy Krafts, set up in 1980 as partnership firm, manufactures
ready-made garments, specialising for women's and children's
wear. Its plant, located at New Delhi, has capacity of around
4000 pieces of garments a day. NKPL, incorporated in 1981 as a
partnership firm and reconstituted as a private limited company,
manufactures ready-made garments for women and children. Its
plant, located at New Delhi, has capacity to manufacture around
10,000 pieces of garments a day.
Kitty Overseas, a partnership firm incorporated in 1993,
manufactures ready-made garments, specialising for women's and
children's wear. Its plant, located at New Delhi, has capacity to
manufacture around 4000 pieces of garments a day.
All the three entities cater to the export market and supply
their products to retailers and wholesalers in Latin America,
Mexico, Spain, the US, and Europe.
The Nancy group is estimated to report a profit after tax (PAT)
of -INR.5 million on net sales of -INR1.00 billion for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR5.02 million on net sales of INR1.01 billion for 2010-11.
RAMA STEEL: CRISIL Assigns 'BB+' Rating to INR260MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Rama Steel Tubes Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 100 CRISIL A4+ (Assigned)
Bank Guarantee 100 CRISIL A4+ (Assigned)
Cash Credit 260 CRISIL BB+/Stable
(Assigned)
The ratings reflect the extensive industry experience of RSTL's
promoters, established presence in domestic and overseas markets
and long standing relationship with customers. These rating
strengths are partially offset by RSTL's exposure to intense
competition in the steel pipe manufacturing industry and
susceptibility of operating performance to the demand by
infrastructure and construction sector.
Outlook: Stable
CRISIL believes that RSTL will benefit over the medium term from
its promoters' extensive experience and established relationship
with its customers and suppliers. The outlook may be revised to
'Positive' in case of significant scale-up in its operations
while maintaining its profitability levels. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected revenues or deterioration in operating margin or
significant debt-funded capital expenditure, resulting in
weakening in its debt protection metrics.
About Rama Steel
Incorporated in 1974 by the late Mr. Harbans Lal Bansal, RSTL
manufactures mild steel black pipes and galvanised iron pipes.
The company's manufacturing facilities are located in Sahibabad
(Uttar Pradesh) with capacity of 75,000 tonnes per annum. RSTL
primarily caters to water & irrigation and construction &
infrastructure sectors. RSPL is managed by Mr. Naresh Bansal (son
of Mr. Harbans Lal Bansal) and his son, Mr. Richi Bansal.
RSTL reported a profit after tax (PAT) of INR13.7 million on net
sales of INR1.2 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR25.1 million on net
sales of INR1.3 billion for 2009-10.
SENGUNTHAR MILLS: CRISIL Cuts Rating on INR114.7MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sengunthar Mills Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Downgraded
from CRISIL BB/Stable)
Long-Term Loan 54.7 CRISIL B+/Stable (Downgraded
from CRISIL BB/Stable)
The rating downgrade reflects expected deterioration in SMPL's
financial risk profile, particularly its liquidity, because of
operating losses in the first three quarters of 2011-12 (refers
to financial year, April 1 to March 31). SMPL incurred a net loss
of INR48.4 million and cash loss of INR28.1 million for the nine
months ended December 31, 2011; the losses are attributable to a
decline in cotton yarn prices in the first six months of 2011-12,
aggravated by the high cost of yarn inventory carried forward
from 2010-11. Though SMPL's profitability is expected to recover
during 2012-13, its financial risk profile is expected to remain
below average.
The ratings reflect SMPL's below-average financial risk profile,
marked by high gearing, small scale of operations and
susceptibility to raw material price volatility. These rating
weaknesses are partially offset by experience of SMPL's promoters
in the textile industry and established position in the cotton
yarn segment in Tamil Nadu.
Outlook: Stable
CRISIL believes that SMPL will continue to benefit from its
promoter's industry experience, over the medium term. The outlook
may be revised to 'Positive' if SMPL's scale of operations and
profitability improve significantly, resulting in improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SMPL undertakes any larger-than-
expected, debt-funded capital expenditure, or its profitability
declines sharply.
About Sengunthar Mills
Set up in 1980, SMPL manufactures cotton yarn. Its facility,
located at Tiruchengode, Tamil Nadu, has an installed capacity of
22,272 spindles. The company also generates wind power and has an
installed capacity of 2.95 megawatts in Tamil Nadu. SMPL's
promoter-director, Mr. T N Thiruvenkadam, has been in similar
lines of business for the past three decades.
SMPL reported a profit after tax (PAT) of INR16.8 million on net
sales of INR285.0 million for 2010-11, against a PAT of INR11.8
million on net sales of INR221.3 million for 2009-10.
SUNPACK BARRIER: CRISIL Cuts Rating on INR154.1MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sunpack Barrier Films Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Negative'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL D (Downgraded from
CRISILB-/Negative)
Rupee Term Loan 119.1 CRISIL D (Downgraded from
CRISILB-/Negative)
The rating downgrade reflects instances of delay by Sunpack in
servicing its debt; the delays have been caused by the company's
weak liquidity. The installments on the company's term loan fall
due on the first day of every quarter. Sunpack, however, only
makes the payment in two or three tranches after the due date; it
had yet to repay the installment due on April 1, 2012 as on April
17, 2012. The company has been facing liquidity issues, with
stretched receivables and consequently, a cash flow mismatch.
Around 70 per cent of Sunpack's direct sales are to a single
customer and delays in realization of receivables have led the
company to delay servicing of its term debt.
Sunpack also has a weak financial risk profile, marked by a small
net worth and high gearing, and faces customer concentration in
its revenue profile, as 70 per cent of direct sales are to a
single client. However, the company benefits from its presence in
the niche segment of multilayer, high-grade films.
About Sunpack Barrier
Incorporated in 2006, Sunpack is part of the Mamta group of
companies promoted by Mr. Mahendra N Patel. The company was
incorporated to set up a flexible packaging and multilayer films
manufacturing unit near Kadi (Gujarat). The unit, which became
operational in 2007, was set up at a cost of around INR200
million, funded through a term loan of INR154 million and through
promoters' funds. The company has installed capacity to
manufacture 3600 tonnes per annum of co-extruded films.
Sunpack reported a profit after tax (PAT) of INR6.3 million on
net sales of INR80.8 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR4.4 million on
net sales of INR67.9 million for 2009-10.
TULSI DALL: CRISIL Cuts Rating on INR75MM Loan to 'CRISIL D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facility
of Tulsi Dall Mill to 'CRISIL D' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL D
The downgrade reflects instances of irregularity in TDM's cash
credit account over the past few months due to its weak
liquidity. Also, TDM has been delaying repayment of its monthly
term debt (not rated by CRISIL) installments by over 10 days over
the past four months. The liquidity is weak mainly because many
of the firm's customers, on account of delayed realisation of
payment from government entities, could not pay back TDM on time,
leading to a stretch in the rated firm's receivables.
TDM also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. TDM's
scale of operations is small in the intensely competitive
agricultural (agro) commodities industry; it has large working
capital requirements and lacks risk management policies. The
firm, however, benefits from the extensive experience of its
promoters in the agro commodities business.
About Tulsi Dall
TDM has been in the business of pulse processing since 1987. The
firm's unit in Nagpur (Maharashtra) has processing capacity of
200 tonnes per day. It processes, and occasionally trades in a
variety of pulses such as vatana, chana, and tuar.
TDM reported a profit after tax (PAT) ofINR2.8 million on net
sales of INR399.2 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.1 million on net
sales of INR754.9 million for 2009-10.
WORLD SCHOOLS: CRISIL Upgrades Rating on INR100MM Loan to 'C'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of World Schools Pvt Ltd to 'CRISIL C' from 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 100 CRISIL C
(Upgraded from
CRISIL D)
The rating upgrade reflects the expected improvement in WSPL's
liquidity, backed by continued fund support in the form of
unsecured loans extended by the promoters and expected increase
in scale of operations. While the company's estimated cash
accruals in 2011-12 was insufficient to service its debt of
INR17.4 million, WSPL's promoters have been providing need-based
fund support in the form of unsecured loans to help meet
repayments. The promoters extended unsecured loans of around
INR12 million in 2011-12. There are no current overdues in any of
WSPL's existing term loan obligations. Besides, WSPL is expected
to increase its student intake, by close to 35 per cent, to over
500 students in Academic year 2012-13. Consequently, the
company's scale of operations is expected to improve over the
medium term, with the revenues expected to increase to around
INR60-65 million in 2012-13 from INR43 million estimated for
2011-12. The company's cash accruals are also expected to
increase to over INR10 million in 2012-13, which is likely to be
tightly matched against maturing term debt obligations. However,
CRISIL believes that the promoters of WSPL would extend timely
need based fund support to meet any shortfalls.
WSPL has a below-average financial risk profile, marked by weak
debt protection metrics. Also, its scale of operations is modest,
as its operations are in the start-up stage. However, the company
benefits from its good operating capabilities and the healthy
demand for international schools in the Bangalore region.
About World Schools
Set up in 2007 by Mr. Venkatesh Korvadi, WSPL runs a
kindergarten-to-twelfth-standard school, Treamis World School
(Treamis), in Bangalore. The school currently has 370 students.
Of the 370 students, 35 are international students from Thailand
and Korea. The school also has a hostel, which has a capacity to
accommodate 86 students. The school is authorized to offer
International General Certificate of Secondary Education (IGCSE)
program from the University of Cambridge International
Examinations Syndicate and CBSE program from Central Board of
Secondary Education of India. The school caters mainly to
children from the families of professionals in information
technology at Electronic City in Bangalore and to professionals
who are working abroad.
WSPL is estimated to report net sales of INR43.2 million for
2011-12. The company reported a PAT of INR1.4 million on net
sales of INR41.7 million for 2010-11 as against a PAT of INR0.11
million on net sales of INR30.1 million in 2009-10.
* INDIA: Moody's Downgrades BFSRs of Three Banks to 'D+'
--------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of three Indian banks -- Axis
Bank, HDFC Bank and ICICI Bank Limited -- to D+ from C-, which
now maps to a baseline credit assessment (BCA) of baa3 from baa2
on the long-term scale. The rating actions took place in the
context of an ongoing global review affecting all banks whose
standalone ratings are higher than the rating of the government
where they are domiciled, and they conclude the review that was
initiated on April 30, 2012.
At the same time, the rating agency has downgraded the hybrid
ratings of Axis Bank and ICICI Bank Limited to Ba3 (hyb) from Ba2
(hyb).
All revised ratings carry stable outlooks.
The other ratings of the three banks were unaffected and have
stable outlooks as detailed below.
Ratings Rationale
- DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING
LEVEL
The downward revision to the three Indian banks' standalone
ratings reflects Moody's assessment that their creditworthiness
are highly correlated with that of the Indian government's credit
strength taking into account (i) the extent to which their
business depend on the domestic macroeconomic and financial
environment; (ii) the degree of reliance on market-based, and
therefore more confidence-sensitive, funding; and (iii) their
direct or indirect exposures to domestic sovereign debt, compared
with their capital bases.
For all three banks, the key drivers for the rating action were
(i) the relatively low level of cross-border diversification of
their operations; (ii) the high level of balance-sheet exposure
to domestic sovereign debt, compared with their capital bases;
(iii) franchise resilience and intrinsic strength within the
operating environment; and (iv) the absence of ongoing support
from foreign ownership.
Moody's review indicated that there are little, if any, reasons
to believe that these banks would be insulated from a government
debt crisis. More particularly, Moody's notes their significant
direct exposure to the Indian government securities, equivalent
to 239% of tier 1 at Axis Bank, 226% of tier 1 at HDFC Bank and
143% of tier 1 capital at ICICI (based on latest publicly
available data). In addition, these three banks are primarily
domestic institutions with similar macroeconomic exposures as the
sovereign government.
Therefore, Moody's view sthe lower standalone ratings -- which
are now positioned at the rating of the Indian government -- as
more appropriate to capture the credit profiles of the banks.
These rating actions derive from Moody's updated assessment of
the linkage between the credit profiles of sovereigns and other
institutions domiciled within the sovereign, which is discussed
in the rating implementation guidance "How Sovereign Credit
Quality May Affect Other Ratings" published on 13 February 2012,
and further detailed in the special comment "Banks and
Sovereigns: Risk Correlations Constrain Standalone Bank Credit
Assessments" published on 30 April 2012.
The revised rating continues to reflect the balance of the
individual banks' strengths and weaknesses.
At Axis, the revised ratings also incorporate its relatively
small but rapidly expanding franchise as India's third-largest
private-sector bank, as well as its improving financial
fundamentals as it expands its range of business activities and
customer base, as well as its strong presence in niche markets
that provides sustainable business and revenue streams.
Moody's continues to assume a high likelihood of systemic support
for the bank due to its importance to the banking system so its
Baa2 global local currency deposit rating benefits from one notch
of support from its BCA.
With respect to HDFC, the rating reflects the bank's solid
commercial and retail banking franchise as the second-largest
private-sector bank in India, with 2,201 branches and 7,110 ATMs,
and a market share of almost 4% in loans and deposits. The rating
also reflects its consistent and strong financial metrics
relative to other rated-Indian banks. Specifically, its
performance in profitability, capital and asset quality has been
better than the average of the Indian banking system. Its
weighting towards the retail sector underpins its lower risk
profile and wider net interest margin. As of December 31, 2011,
the retail segment accounted for 51% of the bank's loans.
Therefore, compared with its peers, HDFC Bank's loan book is less
exposed to high-risk sectors, thereby reducing the threat to its
asset quality amid challenging macro-economic conditions.
Moody's also continues to assess a high likelihood of systemic
support for HDFC due to its importance to the banking system so
its Baa2 global local currency deposit rating benefits from one
notch of support from its BCA.
For ICICI, the ratings capture the bank's solid franchise as the
second largest commercial bank in India as well as its strong
capitalization, liquidity, and earnings profile. At the same
time, the rating also reflects the bank's high borrower
concentration in the form of its mandatory government securities
portfolio, weaker asset quality when compared to its peers, a
difficult operating environment, and the intense competition it
faces in its domestic markets.
Moody's believes that the probability of systemic support for
ICICI Bank is very high, given its sizeable retail deposit
franchise, and its importance to the national payments system as
India's second largest commercial bank. Therefore, it receives
one notch rating uplift from its BCA.
- DOWNGRADE OF HYBRID RATINGS
In Moody's approach to rating hybrid securities, the starting
point is the Adjusted BCA. The Adjusted BCA reflects a bank's
standalone credit strength as expressed through its BCA and
includes uplift from parental and/or cooperative support, if
applicable, but excludes systemic support.
For both Axis Bank and ICICI Bank Limited, their Adjusted BCA is
in line with their respective BCA as no parental or cooperative
support is imputed. Therefore, a lower BCA becomes the starting
point for notching hybrid securities and results in lower hybrid
ratings in both banks' cases.
LIST OF RATINGS AFFIRMED
Axis Bank: Baa2 foreign currency long-term senior unsecured debt
rating, (P)Baa2 foreign currency long-term senior unsecured debt
program rating, Baa2 long-term local currency bank deposit
rating, Prime-2 short-term local currency bank deposit rating,
Baa3 long-term foreign-currency deposit rating, Prime-3 short-
term foreign currency bank deposit rating, Baa3 foreign currency
subordinated debt rating, (P)Baa3 foreign currency subordinated
debt program rating, Ba1 foreign currency junior subordinated
debt rating and (P)Ba1 foreign currency junior subordinated debt
program rating. The foreign currency long --term senior unsecured
debt rating is at Baa2, the same level as the foreign currency
debt ceiling for India. The foreign currency deposit rating of
Baa3/Prime-3 is constrained by the deposit ceiling for India.
HDFC Bank Limited: Baa2 foreign currency long-term senior
unsecured debt rating, (P)Baa2 foreign currency long-term senior
unsecured debt program rating, Baa2 long-term local currency bank
deposit rating, Prime-2 short-term local currency bank deposit
rating, Baa3 long-term foreign-currency deposit rating, Prime-3
short-term foreign currency bank deposit rating, Baa3 foreign
currency subordinated debt rating, (P)Baa3 foreign currency
subordinated debt program rating, Ba1 foreign currency junior
subordinated debt rating and (P)Ba1 foreign currency junior
subordinated debt program rating. The foreign currency long --
term senior unsecured debt rating is at Baa2, the same level as
the foreign currency debt ceiling for India. The foreign currency
deposit rating of Baa3/Prime-3 is constrained by the deposit
ceiling for India.
ICICI Bank Limited: Baa2 foreign currency long-term senior
unsecured debt rating, (P)Baa2 foreign currency long-term senior
unsecured debt program rating, Baa2 long-term local currency bank
deposit rating, Prime-2 short-term local currency bank deposit
rating, Baa3 long-term foreign-currency deposit rating, Prime-3
short-term foreign currency bank deposit rating, Baa3 foreign
currency subordinated debt rating, (P)Baa3 foreign currency
subordinated debt program rating, Ba1 foreign currency junior
subordinated debt rating and (P)Ba1 foreign currency junior
subordinated debt program rating. The foreign currency long --
term senior unsecured debt rating is at Baa2, the same level as
the foreign currency debt ceiling for India. The bank's foreign
currency deposit rating of Baa3/Prime-3 is constrained by the
corresponding sovereign ceilings for India.
All three banks are headquartered in Mumbai, India. Below are
details of their assets at March 2012.
Axis Bank INR2,856.28 billion; HDFC Bank INR3,379.10 billion; and
ICICI Bank Limited INR4,736.47 billion.
Principal Methodologies
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.
=========
J A P A N
=========
TOKYO ELECTRIC: Posts JPY781.6BB Net Loss for Fiscal 2011
---------------------------------------------------------
The Tokyo Electric Power Co., Inc. (TEPCO) announced that
operating revenues for the FY2011 (from April 1, 2011 to
March 31, 2012) decreased 0.4% from the previous fiscal year to
JPY5,349.4 billion (down 0.7% to JPY5,107.7 billion on a non-
consolidated basis). Ordinary loss was JPY400.4 billion (JPY408.3
billion on a non-consolidated basis). Net loss was JPY781.6
billion (JPY758.4 billion on a non-consolidated basis).
Electricity sales decreased 8.6% from the previous fiscal year to
268.2 billion kWh as a result of a decrease of all types of
electricity usage compared to the previous year due to customer
cooperation in helping us save electricity and a decline in
production activities.
Per demand type, the electricity sales for residential usage
decreased by 7.4% to 95.8 billion kWh, low-voltage users
decreased by 8.3% to 11.2 billion kWh, and those for specified-
scale demand decreased by 9.3% to 161.3 billion kWh, compared
with the previous fiscal year, respectively.
On the revenue side, electricity sales revenues decreased 0.9%
from the previous fiscal year to JPY4,754.0 billion due to a
decrease in electricity sales despite an increase in the unit
price of electricity resulting from factors such as Fuel Cost
Adjustments. Operating revenues, including electricity sales to
other companies, etc., decreased by 0.4% to JPY5,349.4 billion
(down 0.7% to JPY5,107.7 billion on a non-consolidated basis).
Ordinary revenues decreased by 0.8% to 5,401.5 billion (down 0.4%
to JPY5,184.3 billion on a non-consolidated basis).
On the expense side, ordinary expenses increased 13.2% from the
previous fiscal year to JPY5,802.0 billion (up 13.4% to
JPY5,592.7 billion on a non-consolidated basis) due to an
increase in fuel costs caused by a decrease in power normally
supplied from nuclear power stations, in spite of our efforts to
cut down expenses such as reducing personnel expenses by cutting
earnings and bonuses and reducing repair expenses by cutting
procurement expenses of materials and services.
Extraordinary income was JPY2,516.8 billion (JPY2,517.4 billion
on a non-consolidated basis), due to Grants-in-aid from the
Nuclear Damage Compensation Facilitation Corporation concerning
the accident at Fukushima Daiichi Nuclear Power Plant of
JPY2,426.2 billion and gains on the sales of fixed assets and
marketable securities of JPY41.6 billion (JPY41.1 billion on a
non-consolidated basis) and JPY49.0 billion (JPY50.0 billion on a
non-consolidated basis) respectively, resulting from the selling
off of assets.
Extraordinary losses were JPY2,867.8 billion (JPY2,865.1 billion
on a non-consolidated basis), comprised of expenses and losses of
JPY297.8 billion (JPY297.4 billion on a non-consolidated basis)
resulting from restoration costs, etc. of the properties damaged
by the Tohoku-Chihou-Taiheiyou-Oki Earthquake, nuclear damage
compensation of JPY2,524.9 billion yen, and losses due to the
sale of marketable securities of JPY45.1 billion (JPY42.7 billion
on a non-consolidated basis).
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of TEPCO and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.
Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.
Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station. Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.
TOKYO ELECTRIC: S&P Keeps 'B+' Corp. Credit Rating on Watch Neg
---------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit, 'B' short-term corporate credit, and 'BB+'
long-term debt ratings on Tokyo Electric Power Co. Inc. (TEPCO)
on CreditWatch with negative implications, following the Ministry
of Economy, Trade and Industry's approval on May 9 of a
government-backed fund and restructuring plan to aide TEPCO. "The
company's stand-alone credit profile remains at 'ccc+', and we
believe the company remains highly likely to receive
extraordinary government support. We placed the ratings on
CreditWatch with negative implications on Feb. 20, 2012, after
lowering the ratings on the company on May 30, 2011, Aug. 4, Nov.
9, and Feb. 20, 2012," S&P said.
"We believe government approval of the fund and restructuring
plan sets an important milestone for our ability to predict
TEPCO's future credit quality," S&P said. Components of the
approved plan seem to meet most of S&P's base case expectations,
including:
State approval of TEPCO's request for a JPY1 trillion
infusion of government capital, paving the way for the
government to take majority ownership in the company in July
2012; and
A proposed average 10.28% hike in regulated electricity
rates--higher than our most recent assumption of a 8%-to-10%
hike.
"We also expect TEPCO's lender banks to receive the approved plan
favorably, which should help TEPCO maintain access to credit
lines," S&P said.
"However, we also believe the approved plans lack some concrete
details and some uncertainties remain regarding implementation of
the plan, and we need to confirm these matters with TEPCO and the
government in order to resolve the CreditWatch placement," S&P
said. These details include:
Information on whether the government capital will be in the
form of common equity or preference shares.;
Any conditions for repayment of government capital;
Composition of TEPCO's board following the capital injection;
How actively the government will manage TEPCO's operations;
The likelihood and timing of TEPCO electricity rate hikes of
an average 10.28% for regulated customers;
The timing of the restart of the Kashiwazaki-Kariwa nuclear
reactors;
TEPCO's revised financial projections and key supporting
assumptions; and
The government's capacity and willingness to support TEPCO in
the medium to long term.
"We aim to resolve the CreditWatch placement on TEPCO as soon as
possible, but this may take up to three months if the government
requires that much time to formalize details of the plan and if
delays occur during its implementation," S&P said.
* JAPAN: Moody's Says Utilities Sector Still Face Challenges
------------------------------------------------------------
Moody's Japan K. K. says Japan's electric utilities sector
continues to experience material effects from the Fukushima
Daiichi tragedy in 2011, and the credit implications remain
negatively-biased.
On May 10, Moody's concluded a review for downgrade of seven
electric utilities that was originally initiated on March 28,
2011, and continued on September 1, 2011.
The ratings for six electric utilities, all of which own nuclear
facilities, were downgraded by two-notches to A3 from A1, and a
negative rating outlook was assigned. Also, Moody's downgraded
Electric Power Development Co., Ltd. (J-Power) by one notch to A1
from Aa3, with a negative outlook.
In a report titled, "Regulatory uncertainty, higher costs create
long-term challenges," Moody's highlights the key drivers behind
the rating actions.
The rating actions and negative outlook reflect the ongoing
uncertainty in the regulatory environment, compared with
historical patterns; the inability and/or unwillingness of
utilities to seek higher rates for electricity in order to
recover higher costs on a full and timely basis; a sustained
deterioration of financial strength; and a lack of bond market
access for funding.
Among the Japanese utilities, Tokyo Electric Power Company,
Incorporated (TEPCO, Issuer Rating B1, negative) remains a
significant outlier to the rest of the industry.
Government support continues to be the principal driver of
TEPCO's credit rating more than a year after the Fukushima
Daiichi nuclear accident. Its path to recovery and profitability
is still highly uncertain and changes in TEPCO's ownership and
management structure are only beginning to emerge.
The six regulated Japanese electric utilities that were
downgraded to A3 from A1 are: Chubu Electric Power, Chugoku
Electric Power; Hokkaido Electric Power, Hokuriku Electric Power,
Kansai Electric Power, and Kyushu Electric Power.
====================
N E W Z E A L A N D
====================
WIRE BY DESIGN: PwC Turned Down as Company's Liquidators
--------------------------------------------------------
The National Business Review Online reports that Colin McCloy and
Craig Sanson of accounting firm PricewaterhouseCoopers have been
turned down as liquidators of Wire By Design because of their
role in winding up a related company.
NBR Online notes that the company was placed in receivership this
month owing NZ$960,000 to the Inland Revenue Department and
NZ$24,075 to Faulkner Collins, which failed last year and from
whom Wire By Design bought its assets.
The report relates that Mr. McCloy and Mr. Sanson are the
liquidators of Faulkner Collins and IRD had proposed they have
the same role at Wire By Design.
However, the receivers of Faulkner Collins opposed the
appointment, according to a reserved judgment from Associate
Judge Hannah Sargisson in the High Court at Auckland, NBR Online
relays.
In addition to being liquidators of Faulkner Collins, Messrs.
McCloy and Sanson had a continuing business association with a
number of the secured creditors of Wire by Design, Judge
Sargisson said in her decision, according to NBR Online.
"Weighing up all considerations, it seems to the court there is
too much risk for the good reputation of Messrs McCloy and Sanson
because of the inevitable perception that their independence
would be at risk," the report quotes Judge Sargisson as saying.
Andrew McKay of Corporate Finance has subsequently been appointed
liquidator to Wire By Design, NBR Online discloses citing the
Companies Office.
Based in Auckland, New Zealand, Wire by Design manufactures wire,
tube and sheetmetal products including shopping trolleys.
=================
S I N G A P O R E
=================
ALFA AIRE: Creditors Get 1.26007% Recovery on Claims
----------------------------------------------------
Alfa Aire Pte Ltd declared the preferential dividend on May 7,
2012.
The company paid 1.26007% to the received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
ARMADA PACIFIC: Creditors Get $10.00 Cents Recovery on Claims
-------------------------------------------------------------
Armada Pacific Bulk Carriers (Singapore) Pte Ltd declared the
first interim dividend on May 7, 2012.
The company paid $10.00 cents to the received claims.
The company's liquidators are:
Tam Chee Chong
Lim Loo Khoon
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809
AVIA GROWTH: Creditors' Proofs of Debt Due June 11
--------------------------------------------------
Creditors of Avia Growth Opportunities II Pte Ltd, which is in
liquidation, are required to file their proofs of debt by
June 11, 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
BTB MANAGEMENT: Creditors' Proofs of Debt Due May 25
----------------------------------------------------
Creditors of BTB Management Services Pte Ltd, which is in
liquidation, are required to file their proofs of debt by May 25,
2012, to be included in the company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
CAMBODIA CARE: Creditors' Proofs of Debt Due June 11
----------------------------------------------------
Creditors of Cambodia Care Centre Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 11, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 8, 2012.
The company's liquidator is:
Teh Kwang Hwee
c/o 1 Commonwealth Lane
#07-32 One Commonwealth
Singapore 149544
LERNOUT & HAUSPIE: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Lernout & Hauspie Asia Pte Ltd declared the first and final
dividend on May 11, 2012.
The company paid 100% to the received claims.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
c/o Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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.
*** End of Transmission ***