/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100705.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 Monday, July 5, 2010, Vol. 13, No. 130 Headlines A U S T R A L I A STORM FINANCIAL: Former Clients Launch Class Action Against CBA H O N G K O N G BASF RESINS: Ng and Ha Step Down as Liquidators CHEUNG WHO: Members' Final Meeting Set for July 26 CHINA-HK OPTOELECTRONICS: Chu Appointed as Liquidator CODIAN (ASIA PACIFIC): Commences Wind-Up Proceedings CROSSPOOL LIMITED: Creditors' Proofs of Debt Due July 16 HK SOCIETY: Chu King Hei Victor Appointed as Liquidator KATUN (HK): Arboit and Blade Step Down as Liquidators NEW PROFIT: Fok and Sutton Appointed as Liquidators NISCA (HK): Lai and Haughey Step Down as Liquidators PERIBIT NETWORKS: Ying and Yeung Step Down as Liquidators PETS CHINA: Creditors' Proofs of Debt Due July 24 WEDISDALE COMPANY: Members' Final Meeting Set for July 26 I N D I A BHARATH AUTO: ICRA Assigns 'LBB+' Rating on INR40MM LT Bank Debts BHARATH BUILDERS: ICRA Assigns 'LBB' Rating on INR130MM Loans CITY HEART: ICRA Assigns 'LB' Rating on INR95 Million Bank Debts DIAM STAR: ICRA Assigns 'LBB+' Rating on INR490MM Bank Facilities FORD MOTOR: Indian Unit Sales Jump 267% in June M+ACER AUTOMOTIVE: ICRA Puts 'LBB' Rating on INR6.1MM LT Loans MACUREX SENSORS: ICRA Assigns 'LBB+' Rating on INR3.7MM Term Loan MODERN CHEMICALS: ICRA Assigns 'LBB-' Rating on INR25MM Bank Debts OMICRON POWER: ICRA Assigns 'LBB+' Rating on INR220MM Cash Credit PANDIT AUTOMOTIVE: ICRA Reaffirms 'LBB+' Ratings on Bank Debts RITEMED PHARMA: ICRA Puts 'LBB' Rating on INR84 Million Term Loans SUMERU AGRO: ICRA Assigns 'LBB-' Rating on INR66.9MM Term Loans TRIWAY CONTAINER: ICRA Places 'LB' Rating on INR183.8MM Term Loan VIORICA PROPERTIES: ICRA Places 'LBB-' Rating on INR615.8MM Loans J A P A N JAPAN AIRLINES: Formally Asks Banks for Additional Debt Waiver JAPAN AIRLINES: Negotiates Rent Cut for Tokyo Headquarters PROMISE CO: 966 Employees Agree on Voluntary Retirement Program K O R E A GENERAL MOTORS: GM Daewoo's Creditors to Roll Over Maturing Loans N E W Z E A L A N D SOUTHLAND BUILDING: Fitch Affirms Ratings; Puts on Positive Watch P A K I S T A N PAKISTAN MOBILE: Moody's Confirms 'B2' Corporate Family Rating - - - - - ================= A U S T R A L I A ================= STORM FINANCIAL: Former Clients Launch Class Action Against CBA --------------------------------------------------------------- Law firm Levitt Robinson on Friday launched a class action against the Commonwealth Bank in Brisbane over the collapse of Storm Financial Ltd, The Brisbane Times reports. The Brisbane Times recounts that the bank in February 2010 agreed to a deal with lawyers for more than 2,000 former Storm clients, involving cash payouts and mortgage reductions for those affected by bad lending practices and a failure to call in margin loans. However, ABC News relates, not all Storm clients are eligible for the scheme, and not all are satisfied with the deal. Lawyer Stewart Levitt of Levitt Robinson said the 300 investors who have joined the class action were hardworking Australians who were enticed to borrow money beyond their means, according to the Brisbane Times. The Brisbane Times adds Mr. Levitt said the class action asserted that Storm Financial and the Commonwealth Bank of Australia effectively ran a managed investment scheme but it was never registered as such. The Macquarie and National banks are also subject to legal action, Mr. Levitt added. ABC News reports that the CBA said it is disappointed former Storm Financial clients have launched a class action against it. The CBA said the class action potentially denies clients a certain and timely resolution, ABC News relates. About Storm Financial Storm Financial Limited -- http://www.stormfinancial.com.au/-- operates in the Australian wealth management industry. The company manages over one trillion dollars in investment fund assets for over nine million investors, distributed through investment administration providers and financial adviser. The funds are invested through different investment products and structures, including superannuation, nonsuperannuation managed funds and life insurance products. Non-superannuation managed funds, which form the majority of Storm's products, total approximately 26.5% of total investment fund assets in Australia, as of June 30, 2007. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency & Forensic Accountants as voluntary administrators after the Commonwealth Bank of Australia demanded debt repayment of around AU$20 million. Storm later closed its business and fired all of its 115 staff. The closure, the company's administrators said, was due to the significant reduction in Storm's income resulting in trading losses being incurred "at a rate which the company could no longer absorb." The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's largest creditor, lodged a AU$27.09 million debt claim at a first meeting of the company's creditors on Jan. 20, 2010. The group's remaining creditors are owed AU$51 million, plus a provision for dividends of AU$10 million. In March 2009, the Australian Securities and Investments Commission won its bid to liquidate Storm Financial after the Federal Court ruled that the Company be wound up. Federal court Justice John Logan appointed Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic Accountants as liquidators for the Company. ================ H O N G K O N G ================ BASF RESINS: Ng and Ha Step Down as Liquidators ----------------------------------------------- Ng Wai Yan and Ha Man Kit Marcus stepped down as liquidators of BASF Resins Company Limited on June 17, 2010. CHEUNG WHO: Members' Final Meeting Set for July 26 -------------------------------------------------- Members of Cheung Who Technologies (Hong Kong) Company Limited will hold their final meeting on July 26, 2010, at 10:00 a.m., at 23 Tuas South Street 1, in Singapore 638033. At the meeting, Wong Yun Wah, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHINA-HK OPTOELECTRONICS: Chu Appointed as Liquidator ----------------------------------------------------- Chu King Hei Victor on June 25, 2010, was appointed as liquidator of China-HK Optoelectronics Association Limited. The liquidator may be reached at: Chu King Hei Victor Rooms 905-909 Yu To Sang Building 37 Queen's Road Central, Hong Kong CODIAN (ASIA PACIFIC): Commences Wind-Up Proceedings ---------------------------------------------------- Members of Codian (Asia Pacific) Limited, on June 17, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is: Au Tin Po Units B-C, 15th Floor Sun House, 90 Connaught Road Central, Hong Kong CROSSPOOL LIMITED: Creditors' Proofs of Debt Due July 16 -------------------------------------------------------- Creditors of Crosspool Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by July 16, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2010. The company's liquidators are: Ying Hing Chiu Chan Mi Har Level 28, Three Pacific Place 1 Queen's Road East Hong Kong HK SOCIETY: Chu King Hei Victor Appointed as Liquidator ------------------------------------------------------- Chu King Hei Victor on June 25, 2010, was appointed as liquidator of HK Society of Optoelectronics Technology Limited. The liquidator may be reached at: Chu King Hei Victor Rooms 905-909 Yu To Sang Building 37 Queen's Road Central, Hong Kong KATUN (HK): Arboit and Blade Step Down as Liquidators ----------------------------------------------------- Bruno Arboit and Simon Richard Blade stepped down as liquidators of Katun (Hong Kong) Trading Co Limited on June 25, 2010. NEW PROFIT: Fok and Sutton Appointed as Liquidators --------------------------------------------------- Fok Hei Yu and Roderick John Sutton on June 14, 2010, were appointed as liquidators of New Profit Holdings Limited. The liquidators may be reached at: Fok Hei Yu Roderick John Sutton c/o Ferrier Hodgson Limited 14th Floor, The Hong Kong Club Building 3A Chater Road Central, Hong Kong NISCA (HK): Lai and Haughey Step Down as Liquidators ---------------------------------------------------- Lai Kar Yan (Derek) and Darach E. Haughey stepped down as liquidators of Nisca (HK) Limited on June 17, 2010. PERIBIT NETWORKS: Ying and Yeung Step Down as Liquidators --------------------------------------------------------- Mr. Ying Hing Chiu and Ms. Yeung Betty Yuen stepped down as liquidators of Peribit Networks (Asia Pacific) Limited on June 22, 2010. PETS CHINA: Creditors' Proofs of Debt Due July 24 ------------------------------------------------- Pets China Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by July 24, 2010, to be included in the company's dividend distribution. The company's liquidator is: Lau Yuen Man Unit 505, 5/F., Wing On House 71 Des Voeux Road Central, Hong Kong WEDISDALE COMPANY: Members' Final Meeting Set for July 26 --------------------------------------------------------- Members of Wedisdale Company Limited will hold their final meeting on July 26, 2010, at 10:00 a.m., at 7th Floor, Alexandra House, 18 Chater Road, Central, in Hong Kong. At the meeting, Philip Brendan Gilligan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= BHARATH AUTO: ICRA Assigns 'LBB+' Rating on INR40MM LT Bank Debts ----------------------------------------------------------------- ICRA has assigned an "LBB+" rating to the INR40.0 million long- term fund based limits of Bharath Auto Cars Private Limited. The outlook on the long term rating is stable. ICRA has also assigned an "A4+" rating to the INR40.0 million non-fund based limits of the Company. The ratings take into account the moderate scale of operations, the thin operating margins and competitive nature of the dealership business. The company also has a highly leverage capital structure with a gearing of 2.34 times (as on March 31, 2010 provisional). As the company plans to expand along the coastal belt up to Goa by setting up new dealerships, debt funded financing of the same could result in further increase in leverage. The assigned ratings consider the strong growth in sales over the past three years and the financial flexibility the company enjoys from being part of the larger Bharath group of companies. Bharath Auto Cars Pvt Ltd was incorporated in 2006 and operates as the authorized dealer of Maruti passenger vehicles in Mangalore. BAC is part of the Bharath group of companies which has five other companies engaged in Auto, Retail, Entertainment Industry, printing, transport, & construction. The flagship company of the group is Bharath Beedi Works Private Limited, engaged in tobacco production. The company has four showrooms (main showroom in Mangalore and other three showrooms with sales, service and spare parts facility in Puttur, Belthangady and Moodbidri). BAC also has an exclusive display area for used cars next to Bharath Beedi Works, Kadri, Mangalore. The main showroom at Mangalore is located on Kuntikan, 3.5kms away from the heart of the city. It is spread over a sprawling area of 40,000 sq ft and covers 3 levels - sales, service and spare facility. It has a fully equipped and sophisticated workshop with a facility to service 100 cars a day. In 2009-10 (provisional), the company reported a profit after tax of INR12.0 million on an operating income of INR981.2 million as against a net profit of INR6.0 million on an operating income of INR696.6 million in 2008-09 (audited). BHARATH BUILDERS: ICRA Assigns 'LBB' Rating on INR130MM Loans ------------------------------------------------------------- ICRA has assigned a "LBB" rating to INR130 million term loans of Bharath Builders. The outlook on the long-term rating is stable. The rating takes into account the current moderate gearing level of the firm, high occupancy level in Bharath Mall and the group support the firm enjoys from the parent company Bharath Beedi Works Pvt Limited. The rating, however, is constrained by the company's limited track record in real estate development, competitive nature of the Mangalore real estate market in the residential as well as commercial space and the inherent risk associated with the partnership firm. Moreover, the firm's aggressive plans to develop residential as well as commercial space in the Mangalore region is expected to increase its funding requirements. Besides the timely execution as ability to achieve high bookings in these projects will be key sensitivity factors. About Bharath Builders Bharath Builders is a partnership firm which was incorporated in the year 2005 and started its operations by developing a shopping mall by name Bharath Mall in Mangalore. Besides the shopping mall, the firm has also developed a residential project by name "Bharath Blue Terraces" which has 9 residential apartments. The firm plans to develop two more residential projects with an aggregate saleable area of 0.21 million sft in Udupi and Lohith Nagar, Managalore. The firm belongs to the Bharath Beedi group which has an established presence in tobacco production through its flagship company BBWPL. CITY HEART: ICRA Assigns 'LB' Rating on INR95 Million Bank Debts ---------------------------------------------------------------- ICRA has assigned an "LB" rating to the INR95 million fund-based facilities of City Heart Hotels Private Limited. The rating takes into account CHHPL's recent debt-funded capital expenditure, significant delays in project execution and inadequacy of cash flows from existing operations in relation to debt servicing obligations of the company. The rating is further constrained by the geographical concentration of CHHPL's existing and upcoming properties resulting in dependence on the Chandigarh market and exposing it to the intensely competitive scenario in the budget-category hotel segment in the city; as well as the execution risk pertaining to the company's upcoming 3-star hotel project and significant size of expansion in relation to its current scale of operations. CHHPL's investment in the new project has resulted in a sharp increase in its gearing levels to 2.07 times as on March 31, 2010 from 0.91 times as on March 31, 2008. CHHPL's cash flows from current operations are not adequate to cover the company's debt obligations and hence its ability to complete the project without further delays and cost over-runs will be critical for debt servicing. The rating is, however, supported by the favorable location of CHHPL's properties and the experience of its promoters who have established track record in the Chandigarh hospitality industry. Incorporated in March 2006, CHHPL is a closely held company owned by the Chandigarh-based Narang family. The company operates three budget hotels in Chandigarh city namely Hotel City Heart Premium, Hotel City Heart Residency and Hotel Park Plaza. The above- mentioned properties which were earlier operated by the four brothers (promoters) - Mr. Subhash Narang, Mr. Krishal Lal Narang, Mr. Baldev Narang and Mr. Deepak Narang, in proprietorships/ partnerships, were transferred to CHHPL w.e.f. April 1, 2006. Apart from the three operational properties, the company is now in the process of setting up a new three-star hotel at the Chandigarh Industrial and Business Park. While the new property was initially planned to become operational in January 2009, delays in getting requisite approvals and change in design specifications, resulted in a significant delay in project execution. The property is now expected to be launched in Q2 2010-11. DIAM STAR: ICRA Assigns 'LBB+' Rating on INR490MM Bank Facilities ----------------------------------------------------------------- ICRA has assigned a "LBB+" rating and an "A4+" rating to INR490 million fund and non fund based bank facilities of Diam Star Jewellery (India) Private Limited. The outlook assigned to the long term rating is "Stable". The fund and non fund based limits are rated on both the scales though the total utilization should not exceed INR490 million at any point of usage. The assigned ratings takes into account DJPL's weak profitability and return indicators as evident from operating losses in FY 2008 and FY 2009 and stretched liquidity position due to slow debtor realization resulting in high working capital utilization. Also the company's margins remain vulnerable to volatility in gold prices and foreign exchange fluctuations. The rating also factors in DJPL's moderately concentrated client base with significant portion of sales made to group concerns. The rating favorably factors in the promoters four decades of experience of the in the gems & jewellery business, and comfortable capital structure at present. Established in 2002, Diam Star Jewellery Pvt. Ltd. is engaged in export of gold jewellery and diamond studded gold jewellery. The company's sales are entirely export driven mainly to the US. The manufacturing unit & export office are situated at SEEPZ, Mumbai. DJPL is a part of Gold Star Group, with companies involved in diamond studded gold jewellery business. DJPL has recorded a net profit of INR8.20 million on an operating income of INR1013.40 million as per the unaudited figures of March 31, 2010 and a net profit of INR 12.30 million on an operating income of INR964.10 million for the year ending March 31, 2009. FORD MOTOR: Indian Unit Sales Jump 267% in June ----------------------------------------------- The Times of India reports that Ford India has posted a 267% increase in its sales to 7,269 units in June as compared to 1,982 units in the same period last year on the back of a good response for Figo. "Success was driven mainly by the popularity of the Figo. We will continue to focus on our customers needs so that they will feel the Ford difference with our products and services," the report quoted Ford India's president and managing director Michael Boneham, as saying. The company sold 22,858 units from April to June this year, as compared to 6,184 units in the same period last year, the report notes. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles across six continents. With about 200,000 employees and about 90 plants worldwide, the company's automotive brands include Ford, Lincoln, Mercury and Volvo. The Company provides financial services through Ford Motor Credit Company. At March 31, 2010, the Company had $191.968 billion in total assets against $197.405 billion in total liabilities. As reported by the Troubled Company Reporter on June 7, 2010, Moody's released an Issuer Comment stating that the ratings and outlook of Ford Motor Company are being maintained following the company's announcement that it will end production of Mercury vehicles during the fourth quarter of this year. Ford's ratings include: B1 Corporate Family Rating and Probability of Default Rating; Ba1 secured rating; B2 unsecured rating; and SGL-2 Speculative Grade Liquidity Rating. The rating outlook is stable. The last rating action on Ford was an upgrade of the company's Corporate Family Rating to B1 on May 18, 2010. M+ACER AUTOMOTIVE: ICRA Puts 'LBB' Rating on INR6.1MM LT Loans -------------------------------------------------------------- ICRA has assigned an "LBB" rating to the INR6.1 million long term loans and INR24.0 million long-term fund-based limits of M+Acer Automotive Systems Private Limited. The outlook on the long term rating is stable. ICRA has also assigned an "A4" rating to the INR16.0 million non-fund based limits of the Company. The company also has proposed limits of INR1.9 million which would carry a LBB/Stable rating if used as a long term facility or an A4 rating if used as a short term facility. The ratings take into account the strong relationship the company enjoys with its leading customer Bosch. The company caters to 100% of Bosch's global requirements for all its factories worldwide. The rating also factors in the operational and financial flexibility the company enjoys by virtue of being a subsidiary of Macurex Sensors Private Limited, a relatively larger entity. However, the rating is constrained by the small scale of operations of the company and high customer concentration risk. Bosch, the top customer has accounted for over 75% of its total sales, on an average in the last three years. The company is also exposed to volatility in the raw material prices as it enjoys limited pricing power with the clients. The company is also vulnerable to foreign exchange volatility (USD/ INR and EUR/INR movements) both on its exports and imports. About M+Acer Automotive M+Acer Automotive Systems Pvt. Ltd, established in 1999, is an 100% EOU involved in the business of assembling electrical components mainly for automotive business (4 wheelers) and some appliances like refrigerators, washing machines etc. Exports contribute to almost 91% of the total sales. The company has one factory in Kumbalgod, Bangalore with a labor force of 150 people. M+Acer's largest customer Bosch Limited-accounted for almost 86.3% of the sales in 2009-10. MACUREX SENSORS: ICRA Assigns 'LBB+' Rating on INR3.7MM Term Loan ----------------------------------------------------------------- ICRA has assigned an "LBB+" rating to the INR3.7 million term loan and INR50.0 million long-term fund based limits of Macurex Sensors Private Limited. The outlook on the long term rating is stable. ICRA has also assigned an A4+ rating to the INR18 million non-fund based limits of the Company. The ratings take into account the strong and diversified customer profile of the company. The company has been enjoying a long standing relationship with its customers like Bosch and Whirlpool, since the time of inception. However, the rating is constrained by the small scale of operations of the company. The company is also exposed to volatility in the raw material prices as it enjoys limited pricing power with the clients. Though Macurex caters to only the domestic market, it is still exposed to foreign exchange volatility (USD/ INR and EUR/INR movements) as almost 60% of the raw materials are imported from Germany and US. Macurex Sensors Private Limited, established in 1993, is involved in the business of assembling electrical components for four main businesses. 1.) Automotive Industry (especially 4 wheelers) and the main products are solenoid, lead assembly. 2.) Home appliances (like refrigerator, washing machine, dishwasher etc) with main products being controller cards, pressure sensors, audio buzzers, water level sensors, and radiant heater. 3.) Off Road vehicles (Tractor companies TAFE). 4.) ISRO (pressure transducers). Automotive components account for 55% of the total business while 40% is contributed by the home appliances segment. The company has one factory in Kumbalgod, Bangalore with a labour force of 300 people. The company caters to only the domestic markets. The major customers are Bosch Limited, Whirlpool of India Limited, Godrej & Boyce Manufacturing Co Limited and Mahle Filters Systems (India) Private Limited. MODERN CHEMICALS: ICRA Assigns 'LBB-' Rating on INR25MM Bank Debts ------------------------------------------------------------------ ICRA has assigned an "LBB-" rating to the INR25 million fund based limits of Modern Chemicals. The outlook on the long-term rating is stable. ICRA has also assigned an "A4" rating to the INR 150 million non-fund based limits of Modern Chemicals. In arriving at the ratings, ICRA has taken a consolidated view of Paswara Group companies as all the companies are closely held by the same promoter family and inter-group transactions are likely to continue in future. The ratings of Modern Chemicals are constrained by the moderately high financial risk profile characterized by low return indicators, moderately high gearing level and moderate coverage indicators; tight liquidity position as reflected in high utilization of working capital limits; exposure to commodity price risk and foreign exchange fluctuation. The ratings, however, factor in long experience of the promoters, established presence of the company in trading of Industrial Burning Oils and Industrial Solvents and favorable domestic demand growth prospects for Industrial Solvents. About Modern Chemicals Modern Chemicals was incorporated as a partnership firm started by two brothers Mr. Rajeshwar Prasad and Late Mr. Ram Autar. It was in the business of producing Lime, Limestone, Surkhi, Coal, Paints and Chemicals. In 2002, another partnership firm of the same name was formulated by their three sons for the business of trading of Petroleum products. Both these firms were merged in 2003 with all the five becoming equal partners and the earlier business of lime etc. was closed. In 2007, the partnership was reconstituted with the three brothers Vinod Kumar, Arvind Kumar and Kapil Kumar becoming equal partners. At present, Modern Chemicals trades in burning oils such as Heavy cut oil, Mix black oil, Furnace oil, and chemicals like Glycerine etc. OMICRON POWER: ICRA Assigns 'LBB+' Rating on INR220MM Cash Credit ----------------------------------------------------------------- ICRA has assigned an "LBB+" rating to the INR220.0 million cash credit facility of Omicron Power Engineers Private Limited. The long term rating has been assigned a stable outlook. ICRA has also assigned an A4+ rating to INR 180.0 million non-fund based limits of Omicron. The assigned ratings reflect Omicron's experienced management, moderate financial risk profile, long-track record in the electrical engineering business, wide geographical presence and reputed client base. These strengths are partially offset by the intensely competitive nature of the industry which puts pressure on the margins. The electrical contracting industry is highly competitive and fragmented and is characterized by the presence of a large number of players. This limits the pricing flexibility of companies like Omicron. Moreover Omicron's modest scale of operations, working capital intensive nature of business and its low capitalization limits its ability to bid for larger projects where profitability is higher. Omicron is an ISO 9001 certified turnkey power infrastructure development company started by first generation entrepreneur Mr R. C. Agrawal. Omicron is primarily engaged in execution of power infrastructure works like erection and commissioning of substation, transmission line setup for Government, Semi Governments and private organizations. In FY10, the company was converted into a private limited company from a partnership firm. Omicron initially executed contracts for Maharashtra State Electricity Board (MSEB) and later they started executing sub- station erection & commissioning work on turnkey basis for other state electricity boards (SEBs). The firm has executed various infrastructure works for Karnataka Power Transmission Corporation Ltd, Gulbarg Electricity Supply Company Limited, Hubli Electricity Supply Company Limited, Municipal Corporations, and National Highway Authority of India. Recent Result As per unaudited 2009-10 annual results, the company has reported an operating profit of Rs 91.33 million on an operating income of INR 662.06 million. The operating income has grown by 10.27% and its operating profitability has improved by 61 bps to 13.79%. PANDIT AUTOMOTIVE: ICRA Reaffirms 'LBB+' Ratings on Bank Debts -------------------------------------------------------------- ICRA has reaffirmed an "LBB+" to the INR296 million fund based bank limits (INR120 million Term Loan and INR176 million Cash Credit) of Pandit Automotive Private Limited. The long term rating has been assigned a stable outlook. ICRA has also reaffirmed an "A4+" rating to the INR30 million short term non fund based limits of PAPL. The assigned ratings take into account the long standing track record of the promoter group and the established position of the company as one of the largest automobile dealers for TATA Motors Limited in India. ICRA also takes note of PAPL's diversified presence across western belt of Maharashtra with owned showrooms in Pune, Satara and Sangli region. However, the ratings are constrained by thin profit margins and working capital intensive nature of operations both of which are inherent in the automobile dealership industry and stretched capital structure of the company which is characterized by high gearing and weak coverage indicators. About Pandit Automotive Pandit Automotive Private Ltd. was incorporated in 1980. The present business was taken over in the year 1987 from Automotive Services, a proprietary firm established in 1956, then run by Mr. R. H. Pandit. PAPL is in the business of retailing cars / commercial vehicles for TATA Motors Limited and spare parts. The Company retails the whole range of vehicles produced by TML in three districts in Maharashtra viz. Pune, Satara and Sangli. It also deals in other manufacturers' vehicles (Fiat Automobiles) which are marketed in India by TML. RITEMED PHARMA: ICRA Puts 'LBB' Rating on INR84 Million Term Loans ------------------------------------------------------------------ ICRA has assigned "LBB" rating to the INR84.0 million term loans and INR126.0 million cash credit limits of Ritemed Pharma Retail Private Limited. ICRA has assigned stable outlook to the long term rating. The assigned ratings take into account the current nascent stage of operations, large scale expansion plans in relation to existing scale of operations and the fact that there is a gestation period involved from the launch of stores to the break even point and the stores getting profitable while the term loan repayments are scheduled to start in July 2010 leaving little window for stabilization of operations and generation of surplus cash flows from operations. Moreover, as the company is still in project stage, it carries execution risks. This is somewhat mitigated by the fact that the company has already launched few stores and it expects to have about 50 operational stores by the end of June 2010. Another comforting factor is that the promoters are involved in pharmacy retail business for over three years and have substantive experience in launching and operating these outlets. Nevertheless, ICRA notes that the company might go for an aggressive expansion strategy that could lead to losses during initial period and may also result into cash flow mismatches due to high pre-operative expenses related to store launches. High pace growth before stabilization of the first 280 stores could lead to liquidity constraints and would be a key rating sensitivity. The ratings, however, draw comfort from the prior exposure of the promoters to pharmacy retail business, the professional management team and the group's established relationship with suppliers besides the well established brand Medplus under which the company would retail pharmaceutical & other health care products. As there are already more than 640 outlets across South India running under ?Medplus? brand, the company need not spend significantly on brand building expenses in the short term. The centralized bulk procurement of the group through the group company MedPlus Health Services Private Limited (MHS) results in significant cost savings in procurement and Ritemed stands to benefit from the same. The ratings also factor in the already existing sourcing team, logistics infrastructure and back office which would help Ritemed save substantially in administrative and other overheads and thus could help it reach an early break even, provided the company is able to quickly and effectively scale up its existing business model. ICRA also notes that the group's focus on private labels could help improve margins going forward. About Ritemed Ritemed was incorporated on June 25, 2009 to carry out the retail trading business of pharmaceutical & other health care products to the end users through its retail outlets under the brand name ?MedPlus?. The company has been promoted by Dr. Madhukar Gangadi who has also promoted another retail chain of pharmacies by name ?Optival Health Solutions Pvt. Ltd.? which also trades under the brand ?Medplus?. Presently OHS is having 640+ retail pharmacy outlets in operation spread across five states (Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra and West Bengal). The brand ?Medplus? is owned by a group company-MedPlus Health Services Private Limited which is involved in wholesale distribution of pharma and other healthcare products. The promoter holds 48% stake in Ritemed, the remaining being with the Private Equity (PE) fund Chintalapati Holdings Pvt. Limited (32%) and other investors. Substantial stake of the other two group companies are also with PE funds like CHPL, Peepul Capital Fund II LLC, Pharmaceutia Ventures Limited and NEA Indo US Venture Capital LLC besides other individual investors. SUMERU AGRO: ICRA Assigns 'LBB-' Rating on INR66.9MM Term Loans --------------------------------------------------------------- ICRA has assigned "LBB-" rating to the INR66.9 million term loans of Sumeru Agro Harvest Exports Private Limited. ICRA has also assigned "A4" rating to the INR44.0 million fund based facilities and the INR2.5 million non-fund based facilities of Sumeru. The outlook on the long term rating is stable. The ratings reflect the Company's smaller scale of operations with the product exposed to risks of threat of monsoons and disease outbreaks, high customer concentration risk, vulnerability to exchange rate risks and moderate financial profile characterized by high debt-equity ratio and stretched coverage indicators. The ratings also take into account the limited entry barriers in the industry exposing Sumeru to intense competition. However the ratings derive comfort from the growing demand for Indian gherkins in the export market, faster cultivable nature of the product, inherent high margin nature of the product and the promoters' experience in the industry. The ratings are also underpinned by the company's planned diversification into mushrooms which is likely to help Sumeru mitigate the risks of single product concentration. ICRA notes that the planned capital expenditure involves significant debt component, which is likely to be stress the capital structure further. Sumeru Agro Harvest Exports Private Limited, incorporated in September 2005, is a small sized company involved in production and export of gherkins. Not being in the complete chain of processing, the company's activities are restricted to production and supply of gherkins to its customers, who further process the same and sell it to its customers. The Company was formed by way of take-over of physical assets of a small company called SMS Technology Foods in 2005. Sumeru has its processing plant located in a 100% EOU in Malur Taluk, Kolar District; the area being conducive for cultivation. In terms of capacity, the maximum production capacity is around 3, 50,000 kgs of gherkins per month. The Company was promoted by Mr. Rajendra M Chandra and Mr. Sandesh Raj in September 2005. The promoters have plans of diversifying the product profile to consist of mushrooms, jalapenos and other fruit and vegetable related products. TRIWAY CONTAINER: ICRA Places 'LB' Rating on INR183.8MM Term Loan ----------------------------------------------------------------- ICRA has assigned an "LB" rating to the INR183.8 million term loan facilities of Triway Container Freight Station Private Limited. The ratings are constrained by Triway's unsatisfactory debt servicing track record; limited track record of Triway in Container Freight Station (CFS) business, though the operational risk is mitigated by the long standing experience of the promoter in cargo logistics business by the way of group's association in customs clearance and road transportation ventures. The business is exposed to the pattern of global container trade, which is currently in recovery phase post the global economic slowdown; hence the revenue growth in the short term is expected to be muted. ICRA also notes that the CFS market addressing the traffic of Chennai Port Trust (ChPT) is overcrowded with 24 CFS players operating in Chennai hinterland and hence Triway faces stiff competition from dominant organized CFS players which might limit the company's volume growth and restrict its ability to charge a premium to its customers for the services offered. The ratings however consider Triway's moderate financial risk profile with strong operating profitability and moderate gearing levels; favorable industry prospects over the long term, also aided by debottlenecking of evacuation infrastructure leading to an increase in container traffic handled at ChPT. About Triway Container Triway Container Freight Station Pvt. Ltd., was incorporated in 2001. However, the operations started only in September 2006. The CFS facility, spanning 24 acres, is located 19 kms away from Chennai Port and 11 kms away from Ennore Port. Triway has a total handling capacity of 7500 twenty-foot equivalent units per month (TEUs/ month) and 2700 container ground capacity. The facility has handling equipment such as four rail mounted gantry cranes (RTG), forklifts, cranes and trailers which enable Triway to render efficient operations. Triway group incorporated Triway Forwarders Private Limited, a licensed customs house broker, in 1994 to handle the customs clearance and documentation formalities for import and export cargo. In addition, the group is also present in road logistics business through Route Logistics which has a fleet size of 200 vehicles and caters to South Indian cities. The promoter's focus is to provide one-stop solution to the customer from road transportation to transit storage to customs clearance & documentation. The company achieved operating income and profit after tax of INR169.2 million and INR14.5 million, respectively, for the nine months ended December 2009. VIORICA PROPERTIES: ICRA Places 'LBB-' Rating on INR615.8MM Loans ----------------------------------------------------------------- ICRA has assigned "LBB-" to INR615.8 million long term fund based limits of Viorica Properties Private Limited. ICRA has also assigned "A4" to the INR45 million short term non-fund based limit of the company. The outlook on the long term rating is stable. The ratings are constrained by limited operational track record of the company, project delays resulting in time and cost overruns, vulnerability to competition from entrenched players and weak financial profile. The financial profile of the company is stretched due to debt funded capex plans resulting in high gearing. The coverage indicators of the company are likely to be under stress during the initial years till the company achieves moderate scale and size and accruals are sufficient to meet debt obligations. However the rating draws comfort from the long experience of promoters in the industry and its management contract with International Holiday Group under the brand name Holiday INN. About Viorica Properties Viorica Properties private limited is promoted by Vascon Engineers Limited (32% stake) and group of other investors. Vascon Engineers has over 24 years of experience in providing EPC services, which includes, constructing factories, hospitals, hospitality properties, shopping malls etc. The company has tied up with International Holiday Group which will benefit it in terms of access to global reservation system, branding and operations. As on March 31, 2010 the total debt of the company stood at INR419 million while its net worth stood at INR298 million. ========= J A P A N ========= JAPAN AIRLINES: Formally Asks Banks for Additional Debt Waiver -------------------------------------------------------------- Kyodo News reports that Japan Airlines Corp. formally asked its main creditor banks Thursday for an additional debt waiver. Sources close to the matter told Kyodo that though JAL aims to obtain an agreement with the creditor banks by early August before its turnaround plan is due to the Tokyo District Court at the end of the month, the banks are reluctant to provide further support. Kyodo relates the sources said JAL is likely to have asked the creditor banks to expand the amount of debt waivers to more than JPY400 billion from about JPY358.5 billion the airline planned to ask for initially. About Japan Airlines Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is $28 billion. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JAPAN AIRLINES: Negotiates Rent Cut for Tokyo Headquarters ---------------------------------------------------------- Chris Cooper and Katsuyo Kuwako at Bloomberg News report that Japan Airlines Corp. has negotiated a reduction in rent for its headquarters in Tokyo as it works to slash costs and return to profit. Bloomberg News, citing Nomura Real Estate Asset Management Co., the manager of the building, relates that the carrier?s monthly rent will be cut by JPY43.3 million from this month until March and the airline will reduce the amount of space it rents from April. About Japan Airlines Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is $28 billion. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) PROMISE CO: 966 Employees Agree on Voluntary Retirement Program --------------------------------------------------------------- Promise Co. said 966 employees have agreed to quit as the company cuts staff and branches to cope with tougher regulations on lending, The Japan Times reports. The report relates the company said it will take a JPY6.8 billion one-time charge in the year ending March 31 because of costs related to the voluntary retirement plan. The company expects staffing costs to drop by JPY3.8 billion this fiscal year and JPY7.4 billion next year after the resignations. According to the report, President Ken Kubo said a loss of "several tens of billions of yen" is unavoidable this year as he adjusts the company to regulations introduced in June that cap borrowing to one-third of a person's annual income. About Promise Co. Headquartered in Tokyo, Japan, Promise Co., Ltd., (TYO:8574) specializes in the consumer finance industry. The Company operates in two business segments. The Financial segment is engaged in the provision of unsecured/unguaranteed loans in small sums to individual customers in Japan, Hong Kong and Thailand, as well as the collection and management of debt through its subsidiaries. The Others segment is engaged in the leasing of tenant buildings, the telemarketing business, the design, development and operation of computer systems, the sale and maintenance of automobiles, the coating of metal plates, insurance agency business, mail-order business, the operation of golf courses, as well as investment business in China. As reported in the Troubled Company Reporter-Asia Pacific on June 2, 2010, Moody's Investors Service downgraded the long-term issuer and senior unsecured debt ratings of Promise Co., Ltd., to Ba1 from Baa2. The ratings outlook is negative. ========= K O R E A ========= GENERAL MOTORS: GM Daewoo's Creditors to Roll Over Maturing Loans ----------------------------------------------------------------- Creditors of GM Daewoo Auto & Technology, the South Korean unit of General Motors Co., will roll over KRW1.13 trillion in maturing loans to the automaker as they are in talks with its U.S. parent over ways to keep it afloat, Yonhap News reports citing GM Daewoo's major creditor, the Korea Development Bank. The news agency relates KDB said creditors will allow GM Daewoo to delay payment for its loans that will mature today, July 5, for another month. Yonhap recalls that GM Daewoo suffered a cash squeeze early last year as the 2008 global crisis troubled the company's vehicle sales and that KDB has been negotiating with its U.S. parent over the problem. According to the report, creditors said they will permit a freeze in debt repayment on condition GM commits to transfer key auto technologies to its South Korean unit and dispatch an official to take charge of the subsidiary's finances to keep it afloat. A breakdown in the talks is expected to force the KDB and other creditors to retrieve the loans, Yonhap notes. "KDB is expected to receive the final written agreement from other creditors by Monday [July 5] to extend the debts, and we have virtually a consensus on the roll-over," the report quoted a KDB official as saying. If agreed on, the latest debt roll-over would be the third monthly extension. "The negotiation is still ongoing, and the result has yet to be made," the official told Yonhap. About General Motors With its global headquarters in Detroit, Michigan, General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers. GM employs 207,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At March 31, 2010, GM had US$136.021 billion in total assets, total liabilities of US$105.970 billion and preferred stock of US$6.998 billion, and non-controlling interests of US$814 million, resulting in total equity of US$23.053 billion. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) ==================== N E W Z E A L A N D ==================== SOUTHLAND BUILDING: Fitch Affirms Ratings; Puts on Positive Watch ----------------------------------------------------------------- Fitch Ratings has affirmed the ratings of New Zealand-based Southland Building Society and has simultaneously affirmed Hastings Building Society's Support Rating at '5', while placing its Long-term and Short-term IDR and Individual rating on Rating Watch Positive. The rating action follows the announcement that SBS Bank and HBS have signed a heads of agreement to investigate a merger of the two institutions, prior to asking HBS' members to vote on such a proposal. Fitch expects the proposed merger to deliver a larger and more diversified financial institution, although advantages are more obvious for HBS. SBS would gain a deeper footing in the Hawke's Bay region and continue to enhance its retail funding position, while HBS would benefit from a broader access to funding, products and distribution via the SBS network. The financial impact of merging is likely to be modest, as importantly both SBS Bank and HBS already possess relatively high levels of liquidity and capital, similarly conservative risk appetites and a reasonably close cultural alignment. Under the terms of the merger, which has the unanimous support of both boards, HBS members would exchange their membership rights for membership in SBS Bank. HBS would ultimately be folded into SBS Bank, which is a registered bank regulated by the Reserve Bank of New Zealand. Proposed governance arrangements allow HBS to provide one director to the SBS Board, while staffing levels and conditions will not change. Acceptance from the HBS members requires a vote in September 2010 at an extraordinary general meeting, whereby 75% of the members entitled to vote must vote in favor of the merger. Resolution of the RWP will take place once the merger has been legally formalized or rejected by either party. The ratings of SBS Bank and HBS are: SBS Bank -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook Stable; -- Long-term local currency IDR: affirmed at 'BBB'; Outlook Stable; -- Short-term foreign currency IDR: affirmed at 'F2'; -- Short-term local currency IDR: affirmed at 'F2'; -- Individual: affirmed at 'C'; -- Support Rating: affirmed at '5'; -- Support Rating Floor: affirmed at 'No Floor'; -- Senior Unsecured Long-term debt: affirmed at 'BBB+'; and -- Subordinated debt: affirmed at 'BBB-'. HBS -- Long-term foreign currency IDR: 'BB'; Placed on RWP; -- Long-term local currency IDR: 'BB'; Placed on RWP; -- Short-term foreign currency IDR: 'B' Placed on RWP; -- Short-term local currency IDR: 'B' Placed on RWP; -- Individual Rating: 'C/D' Placed on RWP; -- Support Rating: affirmed at '5'; and -- Support Rating Floor: affirmed at 'No Floor'. =============== P A K I S T A N =============== PAKISTAN MOBILE: Moody's Confirms 'B2' Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has confirmed Pakistan Mobile Communications Limited B2 local currency corporate family rating and Caa1 senior unsecured bond rating. The outlook on the ratings is negative. This rating action concludes the review which commenced on November 20, 2009. The rating confirmation is based on Moody's view that Mobilink should be able to comply with its amended bank covenants for at least the next 12 months and its year-to-date operating performance is in line with Moody's expectations and support the B2 rating. "The negative outlook continues to reflect Moody's concerns over covenant compliance over the 12-18 month horizon should Mobilink not be able to deliver under its projections, particularly as covenant thresholds are set to step-down in December 2011," says Laura Acres, a Moody's Vice President and Senior Credit Officer. Although recent performance by Mobilink has been positive Moody's anticipates a risk that headroom could erode and further support from parent Orascom Telecom Holdings (rated B2/negative) may be required unless Mobilink is able to meet its projections. "The presence of the cross default between Mobilink and Orascom, and the close financial linkages between them, suggests that such support will be forthcoming if required, and therefore Mobilink's rating will be constrained by that of Orascom Telecom," adds Acres, also Moody's Lead Analyst for Mobilink. The B2 rating continues to recognize Mobilink's position as the largest mobile telecommunications operator in Pakistan and the ongoing growth potential in that market which Mobilink -- as the largest operator and with the widest network -- will stand to benefit. However, these factors are counterbalanced by Pakistan's competitive and fragmented cellular market which could create challenges for Mobilink in achieving its growth target and profit margin. The rating also takes into account emerging market risk, such as uncertainty surrounding Pakistan's political, legal and economic environment. Upward pressure on the rating is unlikely given the negative outlook. However, the outlook could revert to stable should Mobilink deliver on its financial projections and develop a sustainable cushion under its bank loan covenants particularly as covenants step down. Moody's would also like for Mobilink to demonstrate an ability to become self funding, evidenced by improving free cash flows as well as the ability to cover its capex and interest, evidenced by adjusted (EBITDA-capex)/interest exceeding 1.5x. Moody's would also like to see adjusted debt/EBITDA improve such that it returns to less than 3.0x. Further downward pressure on the ratings could emerge should Mobilink: a) experience a significant deterioration in market share such that it loses its market leadership status; b) resume the payment of dividends or management fees thereby reducing available retained cash flow, such that retained cash flow/adjusted debt falls below 10%; and c) is unable to access finances to fund ongoing growth or repay/refinance lines as and when they fall due. Moody's would also be concerned if Mobilink did not delever in line with expectations such that adjusted debt/EBITDA increases above 4.0x to 4.5x. The last rating action was on November 20, 2009, when Mobilink's B2 corporate family rating and Caa1 senior unsecured bond rating were placed on review for possible downgrade following a similar action on Orascom Telecom. Mobilink is the largest mobile operator in Pakistan with more than 31.6 million customers and a subscriber market share of 32.6% as at March 2010 (source: PTA). Mobilink is indirectly 100%-owned by Orascom -- itself rated B2/negative. ********* 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 C. Udtuhan, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 Christopher Beard at 240/629-3300. *** End of Transmission ***