/raid1/www/Hosts/bankrupt/TCRAP_Public/121206.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, December 6, 2012, Vol. 15, No. 243
Headlines
A U S T R A L I A
CRUSADE ABS 2012-1: Fitch Puts 'BB(exp)' Rating on AUD14MM Notes
INVESTEC BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt
REDEVELOPMENTS PTY: Old Jamison Inn Development in Administration
SKELTON SHERBORNE: Owner Puts Shipping Firm Into Liquidation
TGHA AVIATION: Nathan Tinkler Loses Personal Jet, Helicopter
C H I N A
CHINA FISHERY: Fitch Cuts Rating on $300-Mil. Sr. Notes to 'BB-'
CHINA FISHERY: S&P Revises Outlook on 'B+' CCR on Regulatory Risk
H O N G K O N G
ECO LED: Commences Wind-Up Proceedings
HONEST (HK): Creditors' Meeting Set for Dec. 14
INTERCARGO HK: Placed Under Voluntary Wind-Up Proceedings
JOY HARVEST: Creditors' Proofs of Debt Due Dec. 31
KIND TREND: Creditors' Proofs of Debt Due Dec. 14
MEDICORP 2000: Members' Final General Meeting Set for Jan. 7
MUCH EVER: Court to Hear Wind-Up Petition on Jan. 16
PACE LOGISTICS: Court to Hear Wind-Up Petition on Jan. 23
POWER BASE: Commences Wind-Up Proceedings
REVER EXPRESSION: Court to Hear Wind-Up Petition on Jan. 30
ROYAL DOULTON: Creditors To Get 3.19% Recovery on Claims
SHUM YIP: Creditors' Proofs of Debt Due Jan. 2
SING TAT: Wardell and Ip Appointed as Liquidators
SMARTECH DISPLAY: Court to Hear Wind-Up Petition on Jan. 23
TAIWAN-HK: Commences Wind-Up Proceedings
TANKINVESTMENTS LIMITED: Members' Final Meeting Set for Dec. 31
TINSON INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 14
TSINGSHAN (HK): Court to Hear Wind-Up Petition on Jan. 16
UNIVERSAL SHINY: Members' Final Meeting Set for Dec. 31
VETERANS OF THE HK: Members' Final Meeting Set for Dec. 31
I N D I A
ATR CARS: ICRA Reaffirms '[ICRA]B+' Rating on INR31.2cr Loans
CIVITECH DEVELOPERS: ICRA Rates INR60cr Long Term Loan at 'B+'
DECCAN CHRONICLE: Jammu and Kashmir Bank Files Winding-Up Bid
EAGLE SIZERS: ICRA Assigns '[ICRA]B-' Rating to INR6.98cr Loans
GAURISHANKER BIHANI: ICRA Assigns 'B+' Rating to INR15cr Loan
HEM RAJ: ICRA Rates INR30cr Cash Credit at '[ICRA]B'
KINGFISHER AIRLINES: Mumbai Airport Serves Eviction Notice
KINGFISHER AIRLINES: Lenders to Meet on December 8
K.M SUGAR: ICRA Reaffirms '[ICRA]D' Rating on INR103.5cr Loans
RAMESH COMPANY: ICRA Assigns '[ICRA]B+' Rating to INR14cr Loan
R NARAYANA: Delays in Loan Payment Cues ICRA Junk Ratings
SATNAM PSYLLIUM: ICRA Assigns 'B+' Rating to INR4.6cr Loans
SHREEJI ISPAT: Delays in Loan Payment Cues ICRA Junk Ratings
SPUTNIK ELECTRICALS: ICRA Reaffirms 'B+' Rating on INR9cr Loan
SREE GOPAL: ICRA Rates INR5.7cr Fund-Based Loans at '[ICRA]B+'
SUN PSYLLIUM: ICRA Assigns '[ICRA]B+' Rating to INR6.5cr Loans
J A P A N
ORIX-NRL TRUST 14: S&P Cuts Ratings on 4 Note Classes to 'D'
N E W Z E A L A N D
AORANGI SECURITIES: Managers to Pay NZ$37K After Losing Boxes
KELT CAPITAL: Faces Liquidation Over NZ$250,000 Unpaid Tax
S I N G A P O R E
EUREKA OFFICE: Creditors' Proofs of Debt Due Dec. 31
PATSON CONSTRUCTION: Creditors' Proofs of Debt Due Dec. 14
TRANSAGRO SHIPPING: Creditors' Proofs of Debt Due Dec. 14
TRIO ENERGY: Court Enters Wind-Up Order
UNIVERSAL ASSETS: Creditors' Proofs of Debt Due Dec. 14
VVC MARINE: Court Enters Wind-Up Order
- - - - -
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A U S T R A L I A
=================
CRUSADE ABS 2012-1: Fitch Puts 'BB(exp)' Rating on AUD14MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Crusade ABS Series 2012-1 Trust notes
expected ratings. The transaction is an asset-backed
securitisation backed by Australian automotive receivables
originated by St. George Finance Limited.
-- AUD637.5m Class A notes: 'AAA(EXP)sf'; Outlook Stable
-- AUD37.5m Class B notes: 'AA(EXP)sf'; Outlook Stable
-- AUD22.5m Class C notes: 'A(EXP)sf'; Outlook Stable
-- AUD15m Class D notes: 'BBB(EXP)sf'; Outlook Stable
-- AUD14m Class E notes: 'BB(EXP)sf'; Outlook Stable
-- AUD23.5m seller notes: not rated
The final ratings are contingent on receipt of final documents
conforming to information already received.
The notes will be issued by Perpetual Corporate Trust Limited as
trustee for Crusade ABS Series 2012-1 Trust. The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.
"Crusade ABS Series 2012-1 Trust marks St. George Finance's
return to the market after a four- year hiatus," said Ben Newey,
Director in Fitch's Structured Finance team. "Consumer finance
receivables as a proportion of receivables originated by St.
George Finance have increased over the past five years; however,
the portfolio has continued to demonstrate stable performance,
with the 30+days arrears consistently tracking below 3%."
The expected rating of the Class A notes is based on the quality
of the collateral; the 15% credit enhancement provided by the
subordinate Class B, C, D, and E notes, the unrated seller notes
and excess spread. It also reflects the presence of a liquidity
reserve account sized at 0.85% of the aggregate amount of the
notes at closing; the interest rate swap arrangement the trustee
has entered into with Westpac Banking Corporation ('AA-
'/Stable/'F1+'); and St. George Finance's lease underwriting and
servicing capabilities.
The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.
At the cut-off date, St. George Finance's collateral portfolio
consisted of 37,116 receivables totalling AUD750m with an average
size of AUD20,207. The pool comprises passenger and light
commercial vehicle receivables from Australian residents across
the country, consisting of amortising principal and interest
receivables with approximately 32% of the pool having balloon
amounts payable at maturity. The weighted average balloon
payment for the portfolio is 14.9% of receivables' current
balance. The majority of receivables consist of consumer finance
receivables (65.7%), followed by goods loans (14.3%) and finance
leases (12.5%).
Historical gross loss rates by quarterly vintage on Australian
automotive receivables originated by St. George Finance range
between 1.1% and 3.2%.
Fitch's stress and rating sensitivity analysis is discussed in
the corresponding presale report entitled "Crusade ABS Series
2012-1 Trust", now available on www.fitchratings.com.
INVESTEC BANK: Fitch Affirms 'BB+' Rating on Subordinated Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Investec Bank (Australia) Limited's
Long-Term Issuer Default Rating (IDR) at 'BBB-'. The Outlook is
Negative.
IBAL's IDRs and Viability Rating (VR) reflect the bank's
continuing improvements in asset quality and operating
profitability, adequate capitalisation, and sound funding and
liquidity. The ratings also reflect IBAL's small franchise in a
highly concentrated banking market in Australia. The ratings
further factor in strong ordinary support from its ultimate
parent UK-based Investec Bank plc (IBP, 'BBB-'/Negative/'F3').
IBAL's Support Rating reflects a moderate likelihood of
extraordinary support from IBP, in case of need. The Negative
Outlook on IBAL reflects that of IBP.
Given IBAL's strong ties with IBP, negative rating action on the
parent would probably result in a similar action on IBAL's VR and
IDRs. IBAL's VR could also come under pressure from aggressive
loan growth resulting in weakened asset quality, funding and
capitalization. Positive rating action is unlikely, given the
Negative Outlook.
IBAL's asset quality has improved significantly following an
asset sale and write-off of impaired assets. Its impaired loan
ratio fell to 1.06% in the half year ended 30 September 2012
(H1FY13) from 10.5% in H1FY12. Concentration risk by single name
and by industry has gradually been reduced. IBAL continues to
work through its legacy problem loans, and Fitch takes comfort
from the bank's renewed focus on risk appetite and restraint on
asset growth.
Fitch expects IBAL's operating profitability to increase on the
back of improved asset quality. However, revenue generation is
likely to remain under pressure from strong competition for
quality assets and deposits. As a result, IBAL's focus on costs
and asset quality will be even more crucial in improving its
profitability in FY13.
IBAL's funding position continues to improve, with strong deposit
growth and a reduction in loans resulting in an enhanced
loan/deposit ratio of 121%. This ratio compares well with the
industry average of around 135%. Wholesale funding declined but
still accounted for 38% of total non-equity funding at end-
H1FY13. Although liquid assets have declined, the bank has
sufficient liquidity to cover wholesale funding maturing within
the next 12 months. Capitalization -- reflected in a Tier 1 ratio
of 13.4% at end-H1FY13 -- remains adequate for IBAL's risk
profile.
The ratings of IBAL are listed below:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Negative
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '3'
-- Government guaranteed floating-rate notes affirmed at 'AAA'
-- Subordinated debt affirmed at 'BB+'
REDEVELOPMENTS PTY: Old Jamison Inn Development in Administration
-----------------------------------------------------------------
ABC News reports that a major development on the Old Jamison Inn
site at Macquarie in Canberra's north remains in doubt after the
developer, Redevelopments Pty Limited, went into administration.
SBR Insolvency and Reconstruction in Civic have been appointed as
administrators of Redevelopments, the report says.
In 2011, the ACT Planning and Land Authority (ACTPLA) announced
eight buildings had been approved on the large site for up to 322
apartments, ABC News recalls.
The empty hotel and parking area next to the Jamison Shopping
Centre has been vandalised and is described by local residents as
an eyesore.
ABC News notes that the administrators are planning to hold a
meeting with creditors before Christmas on the future of the
proposed development.
SKELTON SHERBORNE: Owner Puts Shipping Firm Into Liquidation
------------------------------------------------------------
SmartCompany reports that embattled business owner Brad Skelton
has placed his business, Skelton Sherborne, in liquidation,
claiming that receivers from Deloitte charged as much as $200,000
for one week's work as he fought to save his $68.5 million
business.
SmartCompany recalls that Deloitte was last week appointed by
HSBC bank as receivers to Skelton's shipping company and a team
from the accounting firm took control of trading the business and
established themselves in the businesses' offices.
Since then Mr. Skelton has been battling to save his business and
has been detailing the process of the receivership in regular
blog posts, the report relays.
Mr. Skelton thought he had turned a corner when he was handed
back partial control of the business on Friday but as he told
SmartCompany at that time, it turned out to be a "hospital
handpass from hell".
Although Deloitte left Skelton Sherborne's offices, the receivers
still held control of all the businesses' finances, making it
difficult for Mr. Skelton to resolve any of the problems the
business faces, says SmartCompany.
According to the report, Mr. Skelton said he was then hit by
another blow after discovering Deloitte's fees for one week's
work are likely to be AUD200,000.
"I was shocked at Deloitte's fees for essentially one week's
work, the estimate so far is AUD200,000," Mr. Skelton told
SmartCompany. "That is a staggering fee load for us to cope with
at this time as well and obviously they are still working."
SmartCompany says Deloitte disputes that the fees charged for one
week will be AUD200,000.
A spokesperson for Deloitte told SmartCompany the receiver did
not discuss its fees.
Skelton Sherborne specialized in shipping heavy machinery, such
as earth moving equipment, mining and construction equipment. It
has offices worldwide with 25 staff.
TGHA AVIATION: Nathan Tinkler Loses Personal Jet, Helicopter
------------------------------------------------------------
Joe Schneider at Bloomberg News reports that Nathan Tinkler, the
Australian mining magnate who's struggling to pay creditors, lost
ownership of his personal jet and helicopter after a financing
company pushed another of his companies into receivership.
Mr. Tinkler's Dassault Falcon 900C jet and AgustaWestland A109S
helicopter were seized after TGHA Aviation Pty was placed in
receivership on Nov. 23 at the request of GE Commercial
Australasia Pty, Nathan Landrey, a partner at the receiver Taylor
Woodings in Sydney told Bloomberg News in a phone interview.
Mr. Tinkler owes as much as $700 million to lenders including
Farallon Capital Partners, Credit Suisse Group AG and Kuok Group,
three people familiar with the matter told Bloomberg News last
month. His creditors may seek to take control of his stake in
Whitehaven (WHC) Coal Ltd., worth about AUD591 million (US$619
million) at the current share price, if he fails to make payments
on a loan, said the people, who asked not to be identified as the
details are private, Bloomberg News relates.
According to the report, Mr. Landrey said Taylor Woodings is in
talks with TGHA's management and creditors and Tinkler could
refinance his debt, or pay it off, to get his aircraft back. The
receiver can also sell the aircraft to repay the debts, he said.
Mr. Landrey declined to say how much GE Commercial is owed,
Bloomberg says.
Bloomberg notes that Mr. Tinkler's Mulsanne Resources Pty was
ordered liquidated by a New South Wales state judicial officer on
Nov. 20 after the company failed to pay AUD28.4 million for
shares in coal developer Blackwood Corp. His Patinack Farm
Administration Pty. was put in liquidation a day later by a
federal judge in Adelaide over a debt to Workcover Corp. of South
Australia.
=========
C H I N A
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CHINA FISHERY: Fitch Cuts Rating on $300-Mil. Sr. Notes to 'BB-'
----------------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's Issuer
Default Rating (IDR), its senior unsecured rating and USD300m
senior unsecured notes to 'BB-' from 'BB' and placed them on
Rating Watch Negative.
The downgrade reflects a sharp deterioration in China Fishery's
earning visibility over the next two years as two of its three
core operations, contract supply in Russia and China Fishery
fleet (CF fleet), face increased risk. The Negative Watch
reflects potential material financial losses at its contract
supply business, following media reports that their activity may
be in breach of Russian law. Fitch expects to conclude its
assessment and resolve the Rating Watch by February 2013.
Pacific Andes, the parent group of China Fishery, and Japanese
and Korean fishery companies are reportedly facing allegations
from Federal Antimonopoly Service (FAS) that their ownership of
Russian strategic resources (fishing rights) are illegal. FAS
has also reportedly suggested alternative ways for Pacific Andes
to continue operating in the Russian Federation. This suggests
the fishing industry in Russia may undergo restructuring,
increasing uncertainty for companies operating in this region.
Recently announced annual results showed poor catch volume at the
CF fleet with a 59% year- on-year decline in revenue. Moving
beyond South Pacific to Namibia and North Atlantic has not
improved the fleet's utilization. It remains unclear whether the
CF fleet has found a sustainable fishing ground in these waters
to allow regular and stable catch volumes. By contrast, such
stability has been achieved in its contract supply business and
Peruvian operations by having a total allowable catch quota
system managed by the respective governments.
China Fishery's rating is supported by its continued ability to
service its debt. Liquidity remains adequate and its Peruvian
operations continue to deliver stable earnings, averaging USD60m
over the last three financial years (year end 30 September). Its
FY12 leverage, as measured by net debt/EBITDAR, weakened to 2.99x
from 2.54x at FY11, largely due to a USD98m increase in working
capital needs which are affected by the timing of its fishing
seasons. The reversal of this working capital need and its
USD51m cash are sufficient to meet repayment of short-term
borrowing of USD149m, without considering its operating cash
flow.
What Could Trigger a Rating Action?
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- losing the contract supply business
-- material financial losses as a result of a possible
restructuring of the contract supply business
-- material investment required by its contract supply business
Positive: The current Rating is on Negative Watch. As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating upgrade.
CHINA FISHERY: S&P Revises Outlook on 'B+' CCR on Regulatory Risk
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
China Fishery Group Ltd. to negative from stable. "At the same
time, we affirmed the 'B+' long-term corporate credit rating on
China Fishery and the 'B+' issue rating on the company's senior
unsecured notes. In line with the outlook revision, we also
lowered the long-term Greater China regional scale ratings on
China Fishery and the notes to 'cnBB-' from 'cnBB'," S&P said.
"We revised the outlook on China Fishery to reflect our view that
the regulatory risk for China Fishery's Russian operations over
the next six to 12 months could be significantly higher than we
had earlier expected," said Standard & Poor's credit analyst
Lillian Chiou. "However, we understand that the company is still
seeking clarification from the Russian government."
"Recent media reports suggest that Russia's Federal Antimonopoly
Services has ordered China Fishery and its parent group, Pacific
Andes, to sell the Russian fishing assets they allegedly acquired
in violation of the law. The Pacific Andes group has confirmed
that it does not own any fishing quotas in Russian waters or
companies that have such quotas. However, the Russian government
could still take adverse actions on the group depending on its
interpretation of Russian law," S&P said.
"We believe there might be some ongoing changes in how the
Russian regulator manages the nation's strategic resources,
including aquatic biological resources," said Ms. Chiou. "As a
result, we have lower visibility on the revenue and profitability
of China Fishery's contract supply business."
"While China Fishery has increased diversity, the company will
continue to rely on its contract supply business in Russia in
2013. The business generated over 60% of China Fishery's revenue,
EBITDA, and operating cash flow in the fiscal year ended Sept.
30, 2012. The company increased total prepayment to suppliers in
the northern Pacific to about US$285 million from US$135 million
following a fourth long-term supply agreement on Nov. 14, 2012.
We believe this agreement further increases the company's
exposure to its contract supply business," S&P said.
"Any significant negative effects on China Fishery's contract
supply business in the northern Pacific will also negatively
affect the Pacific Andes group. Higher leverage at the parent
company, Pacific Andes International Holdings Ltd. (PAIH; not
rated), could constrain the rating on China Fishery," S&P said.
"China Fishery's operating track record, low leverage, and high
margins are rating strengths, in our opinion," S&P said.
"Our assessment of China Fishery's liquidity as 'less than
adequate,' as defined in our criteria, is primarily based on the
company's aggressive financial policy and low minimum cash
balance," S&P said.
"We could lower the rating if: (1) China Fishery loses material
contract fish supply in Russian waters, experiences severely
weaker profitability, or is heavily fined for breaching the laws
in that country; (2) the company's liquidity position
deteriorates to 'weak'; or (3) the financial performances of
China Fishery's direct and indirect parent companies, Pacific
Andes Resources Development Ltd. (not rated) and PAIH, weaken
materially, such that PAIH's total-debt-to-EBITDA ratio exceeds
6.0x," S&P said.
"Rising regulatory risk limits the rating upside for the next few
years. We could revise the outlook to stable if the situation in
Russia stabilizes so that the revenue generation and
profitability of China Fishery's contract supply business do not
deteriorate materially. We could also revise the outlook if the
company diversifies geographically, improves its product mix, and
maintains a solid financial performance," S&P said.
================
H O N G K O N G
================
ECO LED: Commences Wind-Up Proceedings
--------------------------------------
Members of Eco Led Lighting Technology Limited, on Nov. 19, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Cheung Kwok Ming
Yan Chuek Ning
15th Floor, The Bank of East Asia Building
10 Des Voeux Road
Central, Hong Kong
HONEST (HK): Creditors' Meeting Set for Dec. 14
-----------------------------------------------
Creditors of Honest (HK) Manufacturing Limited will hold their
meeting on Dec. 14, 2012, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243 and 244 of the Companies Ordinance.
The meeting will be held at Room 1106, 11/F, Hong Kong Scout
Centre, Scout Path, Austin Road, Kowloon, in Hong Kong.
INTERCARGO HK: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2012,
creditors of Intercargo Hong Kong Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Ho Man Kit
Kong Sau Wai
Unit 511, 5th Floor
Tower 1, Silvercord
No. 30 Canton Road
Tsimshatsui, Kowloon
Hong Kong
JOY HARVEST: Creditors' Proofs of Debt Due Dec. 31
--------------------------------------------------
Creditors of Joy Harvest Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 31, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 19, 2012.
The company's liquidators are:
Wong Poh Weng
Wong Tak Man Stephen
29/F, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
KIND TREND: Creditors' Proofs of Debt Due Dec. 14
-------------------------------------------------
Creditors of Kind Trend Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Chan Che Wai
Units 2201-2, 22/F, ING Tower
308 Des Voeux Road
Central, Hong Kong
MEDICORP 2000: Members' Final General Meeting Set for Jan. 7
------------------------------------------------------------
Members of Medicorp 2000 Limited will hold their final general
meeting on Jan. 7, 2013, at 4:00 p.m., at 13/F, Luk Kwok Centre,
at 72 Gloucester Road, Wan Chai, in Hong Kong.
At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
MUCH EVER: Court to Hear Wind-Up Petition on Jan. 16
----------------------------------------------------
A petition to wind up the operations of Much Ever Development
Limited will be heard before the High Court of Hong Kong on
Jan. 16, 2013, at 9:30 a.m.
The Petitioner's solicitors are:
Messrs. Chiu, Szeto & Cheng
Unit 818, 8th Floor
China Insurance Group Building
No. 73 Connaught Road
Central, Hong Kong
PACE LOGISTICS: Court to Hear Wind-Up Petition on Jan. 23
---------------------------------------------------------
A petition to wind up the operations of Pace Logistics Solutions
International Limited will be heard before the High Court of
Hong Kong on Jan. 23, 2013, at 9:30 a.m.
Ma Yuet Pong filed the petition against the company on Nov. 9,
2012.
The Petitioner's solicitors are:
Messrs. Tso Au Yim & Yeung
5th Floor, Ka Wah Bank Centre
232 Des Voeux Road
Central, Hong Kong
POWER BASE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Power Base Global Logistics Company Limited, on
Nov. 22, 2012, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidators are:
Messrs Osman Mohammed Arab
Wong Kwok Keung
29th Floor, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
REVER EXPRESSION: Court to Hear Wind-Up Petition on Jan. 30
-----------------------------------------------------------
A petition to wind up the operations of Rever Expression Salon
Limited will be heard before the High Court of Hong Kong on
Jan. 30, 2013, at 9:30 a.m.
Yap Thian Soo filed the petition against the company on Nov. 22,
2012.
The Petitioner's solicitors are:
Chan, Lau & Wai
8th Floor, Asia Standard Tower
Nos. 59-65 Queen's Road
Central, Hong Kong
ROYAL DOULTON: Creditors To Get 3.19% Recovery on Claims
--------------------------------------------------------
Royal Doulton Hong Kong Limited, which is in creditors' voluntary
liquidation, will declare the final dividend to its creditors on
Dec. 7, 2012.
The company will pay 3.19% for ordinary claims.
The company's liquidator is:
G Jacqueline Fangonil Walsh
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
SHUM YIP: Creditors' Proofs of Debt Due Jan. 2
----------------------------------------------
Creditors of Shum Yip Scoot City Foodstuff Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 2, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 21, 2012.
The company's liquidators are:
Lee Yuen Han Hope
Ng Chit Sing
20/F, Fung House
No. 19-20 Connaught Road
Central, Hong Kong
SING TAT: Wardell and Ip Appointed as Liquidators
-------------------------------------------------
Messrs. James Wardell and Jackson Ip on Sept. 20, 2012, were
appointed as liquidators of Sing Tat Apparels Company Limited.
The liquidators may be reached at:
Messrs. James Wardell
Jackson Ip
Suite 1704, 17/F
625 King's Road
North Point, Hong Kong
SMARTECH DISPLAY: Court to Hear Wind-Up Petition on Jan. 23
-----------------------------------------------------------
A petition to wind up the operations of Smartech Display Limited
will be heard before the High Court of Hong Kong on Jan. 23,
2013, at 9:30 a.m.
Yidong (HK) Limited filed the petition against the company on
Nov. 20, 2012.
The Petitioner's solicitors are:
Ho and Partners
Office Nos. 1001-1002, 10th Floor
Regent Centre
No. 88 Queen's Road
Central, Hong Kong
TAIWAN-HK: Commences Wind-Up Proceedings
----------------------------------------
Members of Taiwan-Hong Kong Exchange Association Limited, on
Nov. 29, 2012, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidator is:
Tang Wai Shun
Room 405, Tung Ning Building
249-253 Des Voeux Road
Central, Hong Kong
TANKINVESTMENTS LIMITED: Members' Final Meeting Set for Dec. 31
---------------------------------------------------------------
Members of Tankinvestments Limited will hold their final general
meeting on Dec. 31, 2012, at 10:30 a.m., at Room 3206, 32/F,
Lippo Centre, Tower Two, at 89 Queensway, in Hong Kong.
At the meeting, Hugo Stefan August Cox, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TINSON INTERNATIONAL: Creditors' Proofs of Debt Due Dec. 14
-----------------------------------------------------------
Creditors of Tinson International Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Cosimo Borrilli
G Jacqueline Fangonil Walsh
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
TSINGSHAN (HK): Court to Hear Wind-Up Petition on Jan. 16
---------------------------------------------------------
A petition to wind up the operations of Tsingshan (Hong Kong) Co.
Limited will be heard before the High Court of Hong Kong on
Jan. 16, 2013, at 9:30 a.m.
NCS Co. Limited filed the petition against the company on Nov.
15, 2012.
The Petitioner's solicitors are:
Chong & Partners
8/F, BOC Group Life Assurance Tower
136 Des Voeux Road
Central, Hong Kong
UNIVERSAL SHINY: Members' Final Meeting Set for Dec. 31
-------------------------------------------------------
Members of Universal Shiny Limited will hold their final general
meeting on Dec. 31, 2012, at 9:00 a.m., at Room 1603, 16/F, Tung
Chiu Commercial Centre, at 193 Lockhart Road, Wanchai,in Hong
Kong.
At the meeting, Kwong Ping Man, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
VETERANS OF THE HK: Members' Final Meeting Set for Dec. 31
----------------------------------------------------------
Members of The Veterans of the Hong Kong Police Officers'
Association Limited will hold their final general meeting on
Dec. 31, 2012, at 11:30 a.m., at Flat A, 3/F, Tat Ming Building,
at 20 Tung Choi Street, Kowloon, in Hong Kong.
At the meeting, Tang Ka Yin Teresa, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
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I N D I A
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ATR CARS: ICRA Reaffirms '[ICRA]B+' Rating on INR31.2cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' for
INR14.70 crore fund based limits and INR16.50 crore non fund
based limits of ATR Cars Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund based limits 14.70 [ICRA]B+ reaffirmed
Non fund based limits 16.50 [ICRA]B+ reaffirmed
The rating reaffirmation takes into account the low profitability
of ATRCPL which is an inherent feature of the automobile
dealership business on account of the high competitive intensity
of the industry; and the high working capital intensity of
operations. These factors have led to weak financial profile of
the company characterized by high gearing and modest debt
coverage indicators. ICRA notes that generation of sufficient
cash accruals remains critical to timely servicing of term loan
obligations of the company.
ICRA however, draws comfort from the long track record of the
promoters in the automobile dealership business, robust increase
in operating income (INR124 crore in FY2012 from INR4.95 crore in
FY2010) and increasing penetration and market share of Volkswagen
India in the passenger vehicle market. Company Profile ATRCPL,
incorporated in 2009 by Mr. A.T Rayudu with ATR Warehousing
Private Limited as a majority stakeholder, is an authorized
dealer of passenger cars of Volkswagen India. ATRCPL is engaged
in sales and service of vehicles along with sale of spare parts.
ATRCPL has exclusive dealership in vehicles of VW in the coastal
districts of Andhra Pradesh upto the year 2015 and has showrooms
and service centers at Visakhapatnam, Vijayawada, Nellore and
Rajmundhry.
CIVITECH DEVELOPERS: ICRA Rates INR60cr Long Term Loan at 'B+'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR60.00 Crore long
term fund based facilities of Civitech Developers Private
Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long Term Fund 60.00 [ICRA]B+ (Assigned)
Based Limits
The assigned rating takes into account attractive project
location, which is situated in close proximity to inhabited
sectors of Noida. Further, the rating is supported by low
regulatory risk as construction approvals are in place and the
company has taken possession of land. However, rating is
constrained due to funding risk arising from high dependence on
timely sales and collection of customer advances; which is
accentuated by modest response received by the project despite
attractive location as reflected in about 37% area booked till
September 2012. While booking levels continue to remain modest,
the risk is further heightened by minimal collections from almost
20% of the booked area. The market risk is also increased by the
limited track record of promoters in the group housing projects;
thus, ability to manage competition from established real estate
players of Noida, Uttar Pradesh remains to be seen as significant
proportion of inventory remains unsold. Further, ICRA also notes
that the scale of project undertaken is large in relation to the
projects executed by the promoter Group in past; thus, CDPL
remains exposed to execution risk despite the considerable
physical progress achieved at the project site with about 43% of
estimated construction cost incurred as on September 2012. The
rating is also constrained by concentration risk arising from
undiversified stream of cash flows on account of single project
under execution.
Going forward, ability of the company to successfully market
unsold apartment inventory, timely collection from already sold
units, and execution of the project as per scheduled timelines
will remain the key rating sensitivities.
Incorporated in 2010, Civitech Developers Private Limited (CDPL)
is a special purpose vehicle floated to develop a group housing
project in Noida, Uttar Pradesh. The company has acquired a
leasehold land measuring about 5 acres in Sector -77, Noida, and
is developing its maiden group housing project 'Civitech -
Sampriti' covering saleable area of 0.89 million square feet
(msf). The project was launched in March 2011, and subsequently
construction work has picked momentum in calendar year 2012. The
company is promoted by Mr. Subodh Goel, a first generation
entrepreneur, who has more than a decade long experience in real
estate market of Ghaziabad and Noida. Mr. Goel is a qualified
civil engineer, and has over the years delivered residential
projects covering area of 0.7 million square feet.
DECCAN CHRONICLE: Jammu and Kashmir Bank Files Winding-Up Bid
-------------------------------------------------------------
Livemint.com reports that Jammu and Kashmir Bank Ltd has filed a
winding-up petition against Deccan Chronicle Holdings Ltd in the
Andhra Pradesh high court to liquidate the assets of the debt-
laden publisher and recover dues worth INR52 crore.
Livemint.com says the petitioner asked the court to appoint an
official liquidator, and restrain the company by an interim order
from "disposing of, transferring or encumbering, alienating or
parting with possession of the assets of the Respondent Company."
According to the report, the petition said Jammu and Kashmir Bank
had bought commercial paper worth INR50 crore from Deccan
Chronicle Holdings that matured in June 2012.
Livemint.com notes that Jammu and Kashmir Bank is the fifth firm
to file a winding-up petition before the high court against
Deccan Chronicle Holdings, seeking liquidation of the company
over payment defaults.
Livemint.com relates that IFCI Ltd was the first to file such a
petition in July to recover INR27 crore, followed by a similar
petition by Hong Kong-based newsprint supplier Adonis Ltd for
recovery of dues worth INR128.55 crore towards the supply of
about 33,794.53 tonne newsprint between September 2011 and April
2012.
The National Pension System Trust and Photon Infotech Pvt. Ltd
have also filed winding-up petitions to recover their dues worth
about INR20 crore and INR5 crore, respectively. Most petitions
are pending at various stages of hearing before the court, the
report adds.
Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals. The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily. It also owns franchise rights for the
Hyderabad team of the Indian Premier League.
EAGLE SIZERS: ICRA Assigns '[ICRA]B-' Rating to INR6.98cr Loans
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' and a short-
term rating of '[ICRA]A4' to the term loans, fund based
facilities, and non-fund based facilities of Eagle Sizers
aggregating to INR7.10 Cr.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loans 4.98 [ICRA]B- assigned
Fund Based Limits 2.00 [ICRA]B- assigned
Non-Fund Based Limits 0.12 [ICRA]A4 assigned
The ratings are constrained by the limited track record of the
firm given that it has commenced operations in March 2012, highly
leveraged capital structure with gearing level of 5.30 times as
on 31st March 2012, high working capital intensity in the
operations, and stiff competitive pressures in a highly
fragmented industry. ICRA however favourably takes note of the
long track record of the promoters in the textile industry and
the group's strong dealer network & established relationships
with the dealers which carry out sales on behalf the firm.
Eagle Sizers was started as a partnership firm in the year 2012
and is engaged in the business of sizing of fully drawn yarns.
The firm has its manufacturing unit located in Surat, Gujarat
which has a total capacity of 2,400 TPA. The firm has started the
commercial operations in March 2012. One of the group companies
namely Eagle Fibres Pvt. Ltd. is also involved in similar line of
business. The firm has purchased three sizing machines at a total
cost of -INR7.00 Cr. (-INR5.00 Cr. for the machines and -INR2.00
Cr. for the building) which was funded in the Debt:Equity ratio
of 3:1. In FY 2012, the company reported an operating income of
INR0.35 Cr. and profit after tax of INR0.03 Cr.
GAURISHANKER BIHANI: ICRA Assigns 'B+' Rating to INR15cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR15.00 crore cash credit facility of Gaurishanker Bihani. ICRA
has also assigned a short term rating of '[ICRA]A4' to the
INR5.00 crore bill discounting facility of GSB.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund Based Limits- 15.00 [ICRA]B+ assigned
Cash Credit
Fund Based Limits- 5.00 [ICRA]A4 assigned
Bill Discounting
The ratings take into account GSB's low operating profitability
on account of the trading nature of the business, which leads to
nominal profits and cash accruals, despite increase in the scale
of operations. The ratings also factor in the high working
capital requirement of GSB, since the firm has to make cash
payment for purchases from TSL and in turn extend credit period
to its customers, which has led to increasing working capital
debt to support the growth in business. High working capital debt
on one hand and low profitability on the other, results in high
gearing levels and depressed debt coverage indicators for the
firm. ICRA, however, notes that the principal repayment
obligation of the firm is low since most of the debt on the books
is on account of working capital loans. The ratings also take
into account the risk associated with the entity's profile as a
partnership firm, including the risk of capital withdrawal by the
partners. The ratings, however, favorably factor in the
experience of the promoters in the trading business and the
firm's established relationship with TSL, the firm being an
exclusive project distributor for TSL's "TISCON" brand in West
Bengal. The ratings also derive support from the consistent
growth in turnover of the firm over the last three years.
Gaurishanker Bihani was incorporated in the year 1936 as a
proprietorship firm by late Mr. Gaurishanker Bihani and in the
year 1974, it was reconstituted as a partnership firm. Based at
Kolkata, West Bengal, GSB is an exclusive project distributor for
Tata Steel's "TISCON" TMT bars in West Bengal (WB) and an
authorized dealer of TSL's HR flat products.
Recent Results
The firm reported an operating income (OI) of INR144.22 crore and
a PAT of INR0.43 crore during FY12 as compared to an OI of
INR133.55 crore and a PAT of INR0.54 crore during FY11.
HEM RAJ: ICRA Rates INR30cr Cash Credit at '[ICRA]B'
----------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR30.00 crore
bank facilities of Hem Raj Sohan Lal.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Cash Credit 30.00 [ICRA]B assigned
The rating is constrained by the firm's modest scale of
operations; vulnerability of its profitability to adverse
movements in raw cotton prices; the low value addition in its
business; high fragmentation and high competitive intensity in
the cotton bales manufacturing and cotton seed trading business
resulting in thin profitability; weak financial profile of the
firm characterized by low return indicators, stretched capital
structure and weak debt coverage indicators and tight liquidity
position of the firm due to high utilization of working capital
limits. ICRA also notes that HRS is a partnership firm with
limited ability to raise capital and any significant withdrawal
of capital would affect its net worth and thereby its capital
structure. The rating however favorably factors in the
established track record of the partners in the cotton trading
business; positive demand outlook for cotton industry and the
locational advantage of the firm's manufacturing facility in
terms of proximity to the main cotton seed growing region in
Punjab.
Hem Raj Sohan Lal was promoted by Mr. Sohan Lal as a
proprietorship firm in 1993 which was converted into partnership
firm in March 2012. The firm is engaged in the business of cotton
ginning, cotton trading and trading of mustard oil and oil cakes.
HRS is located in Mansa, which is situated in the cotton-
producing belt of Punjab. The cotton bales manufacturing capacity
of the firm is 250 bales per day.
In 2011-12 the firm reported net profit after tax (PAT) of
INR0.16 crore on a turnover of INR134.20 crore against net profit
after tax of INR0.14 crore on a turnover of INR111.08 crore in
2010-11.
KINGFISHER AIRLINES: Mumbai Airport Serves Eviction Notice
----------------------------------------------------------
The Times of India reports that Kingfisher Airlines, which used
to operate out of domestic Terminal 1A of the city airport, was
served an eviction notice by Mumbai International Airport Pvt Ltd
a week ago.
The report relates that the airline, which owes Rs22 crore to the
airport operator, has been rented out offices and check-in desks
at the said terminal. The development casts doubts on
Kingfisher's ability to resume operations as the airport operator
has already started the process of getting another airline to
move its operations to Terminal 1A.
TOI notes that while an MIAL source said that Kingfisher did not
respond to their eviction notice, an official from the airline,
while confirming that they did get a notice from MIAL, added that
they had replied to the said notice. "We do not need all that
space anyway since we have scaled down our operations. So, we
were in the process of voluntarily handing over some of the
rented space back to MIAL," the official, as cited by TOI, added.
TOI recounts that after an employee unrest left its flight
schedule crippled, Kingfisher had announced a partial lockout on
October 1. This was followed by another blow when on October 20,
the Indian aviation regulator, the Directorate-General of Civil
Aviation, suspended the carrier's license to operate commercial
passenger flights within and out of India. The recent
development does not augur well for an airline that is supposed
to be trying to resume its operations since then, TOI's source
added.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
KINGFISHER AIRLINES: Lenders to Meet on December 8
--------------------------------------------------
The Hindu Business Line reports that the 17-bank consortium that
funded Kingfisher Airlines will meet on December 8 to decide its
future course of action against the beleaguered private carrier.
The report relates that sources in the banking industry said the
meeting has been convened at Mumbai by State Bank of India, which
heads the consortium.
There is still no clarity as to whether Kingfisher Airlines'
promoter will come up with a credible proposition for equity
infusion at the upcoming meeting on Saturday, according to the
report.
If nothing concrete comes through on Saturday, then bankers would
have to think of initiating recovery proceedings, a banker who
did not wish to be identified told The Hindu Business Line.
The report recalls that the 17-bank consortium had last met in
Bangalore in end September.
At that meeting, the bankers had rejected Kingfisher Airlines'
promoter Vijay Mallya's request to provide a "lifeline" of
INR200 crore to get all the "grounded aircraft" back into
operation, the report says.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12. The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012. According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.
Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation. The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.
K.M SUGAR: ICRA Reaffirms '[ICRA]D' Rating on INR103.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to INR25.76
crore1 term loans, INR8.74 crore unallocated bank lines loan and
the INR67.00 crore fund-based bank facilities of KM Sugar Mills
Limited. ICRA has also reaffirmed '[ICRA]D' rating assigned to
INR2.00 crore non fund based bank facilities of KM Sugar Mills
Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loans 25.76 [ICRA]D reaffirmed
Fund Based 67.00 [ICRA]D reaffirmed
Unallocated 8.74 [ICRA]D reaffirmed
Non Fund Based 2.00 [ICRA]D reaffirmed
The ratings reaffirmation factors in weak liquidity of the
company which has resulted in high utilization of bank lines and
continued delay in debt repayment. Moreover, the rating is also
constrained by company's weak financial profile as reflected by
net losses which has resulted in substantial erosion of net
worth. Further, debt levels remaining high, the gearing of the
company has increased substantially. The rating also factors in
cyclicality inherent in sugar business, agro climatic risk and
vulnerabilities in sugar business due to government policies
governing cane prices and sugar release.
During SY (Sugar Year) 2011-12*, around 6.53 lakh quintals of
sugar were produced as compared to 5.17 lakh quintals during the
last season. The company registered sale of 6.07 lakh quintals of
sugar for INR167 crore (Rs 2755/qtl) during SY 2011-12 as
compared to sale of 4.84 lakh quintal of sugar for INR130 cr
(2688/qtl) in last season. The increase in cane prices resulted
in increase in cane cost of production significantly outstripping
realization growth resulting in pressure in contribution margins
from sugar.
K.M Sugars was originally formed as a partnership firm as a small
sugar milling plant at Kanpur in the year 1942. The plant was
shifted to present site at village Masodha, P.O. Motinagar,
District Faizabad between 1949 and 1950. Company expanded the
sugar cane crushing capacity from 1800 TCD to 2500 TCD in the
year 1980 and crushing capacities were increased from 2500 TCD to
3500 TCD in the year 2000 and further to 4500 TCD in the year
2002. The Company's current capacity is 6500 TCD. The distillery
division of our Company was set up in the year 1995 to
manufacture Rectified Spirit (45 KLPD) and Extra Neutral Alcohol
(20 KLPD). In the year 2003 the division started production of
Ethanol (30 KLPD) and in the year 2004 the Extra Neutral Alcohol
plant was modified to produce Ethanol and thereby increasing the
total Ethanol production capacity to 50 KLPD. The company also
established a co generation facility of 28 MW in 2007.
Recent Results
In first nine months of SY 2012 the company reported operating
income of INR233.23 crore with net loss of INR3.86 crore compared
to an operating income (OI) of INR308.40 crore with a net loss of
INR11.13 crore in full year ending SY 2011.
RAMESH COMPANY: ICRA Assigns '[ICRA]B+' Rating to INR14cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR14.00 crore cash credit facility and a short term rating of
'[ICRA]A4' to the INR0.50 crore bill discounting facility of
Ramesh Company. ICRA has also assigned a long term rating of
'[ICRA]B+' and a short term rating of '[ICRA]A4' to INR5.50 crore
unallocated facility of RC.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Fund Based Limits- 14.00 [ICRA]B+ assigned
Cash Credit
Fund Based Limits- 0.50 [ICRA]A4 assigned
Bill Discounting
Unallocated 5.50 [ICRA]B+/[ICRA]A4 assigned
The ratings take into account RC's low operating profitability on
account of the trading nature of the business, which leads to
nominal profits and cash accruals. The ratings also factor in the
high working capital requirement of RC, since the firm has to
make cash payment for purchases from TSL and in turn extend
credit period to its customers, which has led to increasing
working capital debt to support the growth in business. High
working capital debt on one hand and low profitability on the
other, results in high gearing levels and depressed debt coverage
indicators for the firm. ICRA, however, notes that the principal
repayment obligation of the firm is low since most of the debt on
the books is on account of working capital loans. The ratings
also take into account the risk associated with the entity's
profile as a partnership firm, including the risk of capital
withdrawal by the partners. The ratings, however, favorably
factor in the experience of the promoters in the trading business
and the firm's established relationship with TSL, the firm being
a dealer of TSL's HR products over four decades.
Based out of Kolkata, West Bengal (WB), Ramesh Company is a
partnership firm and is an authorized dealer of TSL's HR products
in WB. RC also deals in HR products of Essar Steel and Jindal
Steel, although in very small quantities.
Recent Results
The firm reported an operating income (OI) of INR72.40 crore and
a PAT of INR0.09 crore during FY12 as compared to an OI of
INR66.00 crore and a PAT of INR0.29 crore during FY11.
R NARAYANA: Delays in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR9.52
crore1 bank facilities of R Narayana Reddy & Sons Construction
Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loan 3.02 [ICRA]D assigned
OD 3.75 [ICRA]D assigned
BG 2.75 [ICRA]D assigned
The ratings factor in the recent delays in servicing of debt
obligations by RNRSCPL due to its stretched liquidity position
primarily on account of non release of funds by the key customer
South Central Railways in a timely manner. RNRSCPL's working
capital intensity was at 52% as on 31st March 2012 primarily on
account of considerably high receivables (146 days including
retention money). ICRA expects timely debt servicing to continue
to remain challenging over the near term given the continued high
proportion of orders from South Central Railway in the current
order book. ICRA notes that the high working capital intensity
along with debt funded capital structure has resulted in a high
gearing (4.69 times as on March 31, 2012) and modest debt
protection indicators (interest coverage of 1.19 times and
NCA/Debt of 5% in FY2012). ICRA also notes the long track record
of operations of the company, steady growth in the operating
income over the last two years and healthy unexecuted order book
of 2x of income as on 31st March 2012.
R Narayana Reddy & Sons Construction Private Limited was
incorporated on 22nd November 1995 by Mr. R Narayana Reddy and is
now run by his sons Mr Ram Reddy, Sirangeva Reddy and Mr Prakash
Reddy. The company is into the business of construction of high
level over bridges & laying and maintenance of railways tracks
and supplying stone ballast largely for the South Central
Railways.
In FY12 the company recorded revenues of INR8.52 crore and PAT of
INR0.13 crore against INR10.63 crore and INR0.45 crore
respectively in FY11.
SATNAM PSYLLIUM: ICRA Assigns 'B+' Rating to INR4.6cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR4.60 Crore
fund based long-term facility of Satnam Psyllium Industries. The
rating of '[ICRA]A4' has also been assigned to the INR8.00 Crore
short-term fund based facilities of SPI.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Cash Credit 3.00 [ICRA]B+ assigned
Stand by Limit 1.60 [ICRA]B+ assigned
Export Packing Credit 8.00 [ICRA]A4 assigned
The ratings are constrained by the modest size of the firm's
operations; vulnerability of profitability to fluctuations in the
raw material prices on account of agro-climatic risks associated
with psyllium seed production and the high financial risk
profile, as characterized by low profitability, adverse capital
structure and modest coverage indicators. The ratings also
reflect the vulnerability of its profitability to foreign
currency fluctuations and partial/complete withdrawal of various
export incentives extended by the Government of India. However,
the ratings favorably factor in the established track record of
the firm in the manufacture and export of psyllium husk; low
demand risk for psyllium husks; established relations with
international customers and location advantage arising from
proximity to ports and raw material sources.
Satnam Psyllium Industries was established in 2001 and the firm
is primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Chirag Patel
and Mr. P. R. Patel. The processing plant is located at Unjha,
Gujarat and has a capacity to process 11,040 metric tonnes per
annum (MTPA) of seeds.
Recent Results
During FY2012, SPI reported an operating income of INR56.21 crore
(as against INR49.74 crore during FY 2011) and profit after tax
of INR0.77 crore (as against INR0.53 crore during FY 2011).
SHREEJI ISPAT: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR5.00 crore term
loans and the INR15.00 crore long-term fund based bank limits of
Shreeji Ispat Limited.
The rating factors in the recent delays by SIL in meeting
principal and interest payment obligations on bank loans, as well
as the company's loss making operations and high working capital
requirements that exert pressure on its liquidity position and
result in a very aggressive capital structure, leading to
stretched debt protection metrics as well. Moreover, SIL's profit
margins are exposed to the risks arising from volatility in raw
material supply and prices, given the company's inability to
sufficiently pass on cost increases. The margins are also kept
under check by the intense completion prevalent in the steel
industry. Additionally, SIL is exposed to the risks arising from
cyclical nature of the steel industry. The rating however, also
reflects the experience of SIL's promoters in the steel industry,
although the company's operations, which were recently taken over
by the current management, are yet to stabilize. The company's
close proximity to sources of raw material also provides cost
advantage in terms of lower transportation costs, although
operations are limited mostly to Orissa, which exposes SIL to
geographical concentration risks. In addition, ICRA notes the
consistent growth in turnover recorded by the company.
Shreeji Ispat Limitedwas established in 1997. It was taken over
by the present promoter, Mr. Surendra Kumar Behera, in October
2009. Commercial production started from March, 2010. At the time
of acquisition, SIL had a TMT manufacturing unit in Jagatpur,
Orissa with an installed capacity of 15,000 MTPA. In December
2010, SIL also acquired an induction furnace unit in Barbil,
Orissa, with an installed capacity of 48,000 MTPA. Approximately
90% of SIL's sales are generated from sale of TMT Bars, with the
balance being derived from ingot sales. The company also has a
small interest in the transportation business
Recent Results
SIL reported a net loss of INR7.14 crore in 2011-12 (provisional)
on an operating income of INR49.34 crore, as against a net loss
of INR0.63 crore and operating income of INR30.05 crore in 2010-
11.
SPUTNIK ELECTRICALS: ICRA Reaffirms 'B+' Rating on INR9cr Loan
--------------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]B+' for the
INR9.00 crores (enhanced from INR7.00 crores) fund based bank
facilities of Sputnik Electricals & Engineering Co.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund based 9.00 [ICRA]B+ reaffirmed
ICRA's rating factors in the weak financial profile of the firm
characterized by relatively high gearing and weak coverage
indicators on account of low profitability and working capital
intensive nature of operations. Further, small scale of
operations of the firm have resulted in modest economies of scale
and limited bargaining power vis-…-vis customers and suppliers.
The rating is also constrained by the high geographical
concentration with more than 80% of the sales coming from the
Hyderabad region. Also, the firm operates in a highly competitive
business scenario with low entry barriers which exposes the firm
to pricing pressures. The rating however favorably factors in the
established track record of the promoters in the business of
trading in electrical items and also established relations with
key suppliers and customers.
Incorporated in 1982, as a partnership firm, Sputnik Electricals
& Engineering is engaged in trading and distribution of
electrical items for brands such as Finolex Cables Ltd, Finecab
Wires & Cables Pvt Ltd, Havells India Ltd and Anchor switches &
bulbs. The firm is wholly owned by Mr. Pritpal Singh Gandhi, and
Mrs. Harpreet Kaur Gandhi. Since 2010, the firm is also engaged
in distribution of iron & steel products.
Recent Results
During the financial year ending March 2012, the company recorded
net profit of INR0.27 crores on a turnover of INR41.39 crores as
against net profit of INR0.24 crores on a turnover of INR37.00
crores during FY 2010-11.
SREE GOPAL: ICRA Rates INR5.7cr Fund-Based Loans at '[ICRA]B+'
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR5.70 crore cash
credit facilities of Sree Gopal Rice Mill.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund Based Limits- 5.70 [ICRA]B+ assigned
Cash Credit
The assigned rating takes into account SGRM's relatively small
scale of current operations and the weak financial profile
characterized by low profitability, high gearing and depressed
level of coverage indicators. The rating also takes into
consideration the fragmented nature of the industry, intensifying
competition and restricting pricing flexibility. The rating also
factors in the risks associated with the legal status of SGRM as
a partnership firm, including the risk of withdrawal of capital
by the partners. The rating, however, favorably considers the
experience of the promoters in the rice milling business and
SGRM's presence in a major paddy growing area, resulting in easy
availability of paddy.
SGRM, incorporated in 1997, is engaged in the milling of non-
basmati rice with an installed capacity of 52,560 metric tonne
per annum (MTPA). The manufacturing facility of the firm is
located at Bolpur, in the district of Birbhum, West Bengal.
Recent Results
The firm has reported a net profit of INR0.08 crore on an
operating income of INR27.19 crore during 2011-12; as compared to
a net profit of INR0.05 crore on an operating income of INR23.27
crore during 2010-11.
SUN PSYLLIUM: ICRA Assigns '[ICRA]B+' Rating to INR6.5cr Loans
--------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR6.50 Crore
fund based long-term facility of Sun Psyllium Industries. The
rating of '[ICRA]A4' has also been assigned to the INR7.50 Crore
short-term fund based facilities of SPI.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Cash Credit 5.00 [ICRA]B+ assigned
Stand by Limit 1.50 [ICRA]B+ assigned
Export Packing Credit 7.50 [ICRA]A4 assigned
The ratings are constrained by the modest size of the firm's
operations; vulnerability of profitability to fluctuations in the
raw material prices on account of agro-climatic risks associated
with psyllium seed production and the high financial risk
profile, as characterised by low profitability, adverse capital
structure, weak coverage indicators and high working capital
intensity. The ratings also reflect the vulnerability of its
profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. However, the ratings favorably factor
in the established track record of the firm in the manufacture
and export of psyllium husk; low demand risk for psyllium husks;
established relations with international customers and location
advantage arising from proximity to ports and raw material
sources.
Sun Psyllium Industries was established in 1989 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Praveen
Patel, Mr. Bharat Patel and Mr. Vishnu Patel. The processing
plant is located at Unjha, Gujarat and has a capacity to process
8400 metric tonnes per annum (MTPA) of seeds.
Recent Results
During FY2012, SPI reported an operating income of INR36.24 Crore
(as against INR37.45 Crore during FY 2011) and profit after tax
of INR0.63 Crore (as against INR0.62 Crore during FY 2011).
=========
J A P A N
=========
ORIX-NRL TRUST 14: S&P Cuts Ratings on 4 Note Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class D to G trust certificates issued
under the ORIX-NRL Trust 14 transaction. "At the same time, we
have kept our rating on class B on CreditWatch with negative
implications and have affirmed our 'CCC- (sf)' rating on class C.
The class A trust certificates issued under the same transaction
fully redeemed on the principal and interest payment date in
December 2011, and we withdrew the rating on the interest-only
class X in the same month. In September 2011, we lowered to 'D
(sf)' our rating on class H," S&P said.
"One defaulted loan currently backs the transaction, and a single
property backs the defaulted loan. The loan originally
represented about 13.4% of the total initial issuance amount of
the trust certificates," S&P said.
"The principal on one of the transaction's underlying specified
bonds, which has defaulted, has been impaired. The underlying
bond originally represented about 8.9% of the total initial
issuance amount of the trust certificates. We downgraded classes
D to G to 'D (sf)' because we confirmed that only partial
interest payments on these classes were made on the principal and
interest distribution date in December 2012, and no payments of
unpaid interest are set to be made in the future," S&P said.
Meanwhile, S&P kept its rating on class B on CreditWatch negative
based on these factors:
S&P has learned from the servicer that the property (an
office building in Kitakyushu City, Fukuoka Prefecture)
backing the transaction's remaining loan is now more likely
to be sold. However, the sale of the property is not yet
complete.
Although the loan-to-value ratio for class B declined
markedly, S&P believes that the rating on class B may come
under downward pressure if the sale of the property does not
progress as the transaction's legal final maturity date in
December 2013 draws closer.
"In addition, in our view, class C will very likely incur a loss
on a future principal and interest payment. Based on this view,
we affirmed our 'CCC- (sf)' rating on that class," S&P said.
"We intend to review our rating on the class B trust certificates
after ascertaining the progress of the sale of the property," S&P
said.
"ORIX-NRL Trust 14 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. Ten nonrecourse loans and
specified bonds extended to eight obligors initially secured the
trust certificates, and 39 real estate certificates and real
estate properties originally backed the 10 nonrecourse loans and
specified bonds. ORIX Corp. arranged the transaction, and ORIX
Asset Management & Loan Services Corp. acts as the servicer," S&P
said.
"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in December 2013 for
the class B to G trust certificates," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LOWERED
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2013
Class To From Initial issue amount
D D (sf) CCC- (sf) JPY0.7 bil.
E D (sf) CCC- (sf) JPY0.3 bil.
F D (sf) CCC- (sf) JPY0.5 bil.
G D (sf) CCC- (sf) JPY0.1 bil.
RATING KEPT ON CREDITWATCH NEGATIVE
ORIX-NRL Trust 14
Class Rating Initial issue amount
B A+ (sf)/Watch Neg JPY2.0 bil.
RATING AFFIRMED
ORIX-NRL Trust 14
Class Rating Initial issue amount
C CCC- (sf) JPY1.2 bil.
====================
N E W Z E A L A N D
====================
AORANGI SECURITIES: Managers to Pay NZ$37K After Losing Boxes
-------------------------------------------------------------
stuff.co.nz reports that Hubbard statutory managers and legal
advisers will have to pay NZ$37,500 of Jean Hubbard's legal bill
after misplacing 72 boxes of crucial documents.
stuff.co.nz notes that a trial had been set down for October 29
this year to determine the ownership of $60 million of assets,
but two weeks beforehand the statutory managers from Grant
Thornton asked the court for an adjournment as they had
discovered 72 boxes of documents.
Justice Chisholm adjourned it to May 20 next year, the report
relates.
Because of the delay, Mrs. Hubbard's lawyers sought NZ$140,000
legal costs and NZ$177,000 for wasted costs. Justice Chisholm
awarded Mrs. Hubbard NZ$37,500, according to stuff.co.nz.
"The situation giving rise to the adjournment in this case should
not have occurred and does not reflect well on the statutory
managers," the report quotes Justice Chisholm as saying.
"Obviously, the statutory managers should have realised that
relevant documents were held by them long before this actually
dawned on them, and their conduct could be categorised as
careless. Even the inquiries on behalf of Mrs Hubbard did not
alert them to the existence of the documents that were under
their control."
stuff.co.nz says Justice Chisholm did acknowledge it was a
difficult statutory management involving a huge number of
documents.
According to the report, the statutory managers said the assets
have been transferred by the Hubbards for the benefit of Aorangi
Securities investors, while Mrs. Hubbard argues on behalf of her
late husband Allan's estate and herself that the transfers were
not validly implemented.
A spokesperson for the statutory managers -- Trevor Thornton,
Richard Simpson and Graeme McGlinn -- said they would be
absorbing the cost. So far statutory management and legal bills
has cost Aorangi investors more than NZ$5 million, stuff.co.nz
reports.
About Aorangi Securities
Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.
On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities. The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti. Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.
The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission. Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.
On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.
The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011. Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.
Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default. So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.
KELT CAPITAL: Faces Liquidation Over NZ$250,000 Unpaid Tax
----------------------------------------------------------
Marty Sharpe at The Dominion Post reports that embattled merchant
banker Sam Kelt is facing further troubles with Inland Revenue
seeking to put his company Kelt Capital Limited into liquidation
over about NZ$250,000 in unpaid tax.
According to the report, the department has filed an application
with the High Court in Napier, claiming Kelt Capital has an
outstanding debt of NZ$240,960.53 in GST and penalties, NZ$13,016
in fringe benefit tax and penalties, and NZ$300 in income tax.
The department's bid to put the company into liquidation will be
heard in the court next month.
Earlier this month, The Dominion Post recalls that Mr. Kelt was
being pursued for a personal guarantee of nearly NZ$400,000 by
Wellington-based company Project Eight, run by Jason Deane and
Jeremy Smith.
Associate Judge David Gendall gave Kelt until November 29 to file
a notice of opposition to Project Eight's summary judgment
application.
Project Eight then has until December 12 to file a response
before the matter is called again on December 13 to set a hearing
date, the report says.
=================
S I N G A P O R E
=================
EUREKA OFFICE: Creditors' Proofs of Debt Due Dec. 31
----------------------------------------------------
Creditors of Eureka Office Fund Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Dec. 31, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Chia Soo Hien
c/o BDO LLP
21 Merchant Road #05-01
Royal Merukh S.E.A. Building
Singapore 058267
PATSON CONSTRUCTION: Creditors' Proofs of Debt Due Dec. 14
----------------------------------------------------------
Creditors of Patson Construction & Development Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 14, 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
TRANSAGRO SHIPPING: Creditors' Proofs of Debt Due Dec. 14
---------------------------------------------------------
Creditors of Transagro Shipping Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Dec. 14, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Sanjay P Mohnot
Stamford Associates LLP
7500A Beach Road
#08-313 The Plaza
Singapore 199591
TRIO ENERGY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Nov. 16, 2012, to
wind up the operations of Trio Energy Resources Pte Ltd.
Chemoil International Pte Ltd filed the petition against the
company.
The company's liquidators are:
Terence Ng Chi Hou
Thio Khiaw Ping Kelvin
c/o Ardent Business Advisory Pte Ltd
146 Robinson Road #12-01,
Singapore 068909
UNIVERSAL ASSETS: Creditors' Proofs of Debt Due Dec. 14
-------------------------------------------------------
Creditors of Universal Assets Group Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 14, 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
VVC MARINE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 23, 2012, to
wind up the operations of VVC Marine Pte Ltd.
Bacchus Besenwirtschaft Pte Ltd filed the petition against the
company.
The company's liquidator is:
Chee Yoh Chuang
Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road #03-08
Wilkie Edge
Singapore 228095
*********
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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each. For subscription information, contact
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*** End of Transmission ***