/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100908.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, September 8, 2010, Vol. 13, No. 177 Headlines A U S T R A L I A ARAB BANK: Fitch Affirms 'C/D' Ratings; Gives Stable Outlook OCTAVIAR LIMITED: Liquidator Reveals UBS's Role in MFS Collapse REFLECTIONS GROUP: Unsecured Creditors Unlikely to be Repaid C H I N A CHINA VOIP: Posts US$111,700 Net Loss in June 30 Quarter H O N G K O N G 1,2,3 PRINTING: Court Enters Wind-Up Order ASSOCIATION OF INTERNATIONAL: Creditors' Meeting Set for Sept. 20 AIRCOMMUNICATIONS INFO: Young and Wong Step Down as Liquidators ANTEX ELECTRONIC: Pui and Cheung Appointed as Liquidators BABOR COSMETICS: Kong Chi How Johnson Steps Down as Liquidator CANDY CREATIONS: Lees and Ng Appointed as Provisional Liquidators DICKSON CONST: Creditors Get 100% & 4.79% Recovery on Claims PURE RICHES: Placed Under Voluntary Wind-Up Proceedings RATIONAL INDUSTRIAL: Contributories, Creditors to Meet on Sept. 10 REAL INTEGRITY: Members' Final Meeting Set for October 6 RINGGIT NAVIGATION: Man Yun Wah Steps Down as Liquidator SENCO INDUSTRIES: Commences Wind-Up Proceedings SHEEN BENEFIT: Contributories and Creditors to Meet on Sept. 10 SINOFORD HK: Final Meetings Slated for October 5 SKYLINK GROUP: Creditors and Contributories to Meet on Sept. 14 STREAMVPN ASIA: Members' Final Meeting Set for October 4 SWEET ESSENTIALS: Creditors' Proofs of Debt Due September 17 TEAMRICH LIMITED: Members' Final Meeting Set for October 3 TIMETECH INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings TRENDWIN ENTERPRISES: Members' Final Meeting Set for October 8 TRINITY HOLISTIC: Members' Final Meeting Set for October 3 YUEN CHEONG: Members' Final General Meeting Set for October 4 I N D I A AIR INDIA: April-July Revenue Up 25.8% on Improved Seat Factor ARIHANT COAL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts DIEHARD DIES: CRISIL Downgrades Rating on INR160MM LT Loan to 'D' IND SPHINX: CRISIL Reaffirms 'D' Rating on INR305MM Term Loan KINGFISHER AIRLINES: Signs Code Share Deal With British Airways MUNISH INT'L: CRISIL Assigns 'B+' Rating on INR70MM Demand Loan NARMADA EXTRUSIONS: CRISIL Reaffirms 'BB' Rating on INR36MM Debt SANGAMNER-LONI INFRA: CRISIL Reaffirms 'BB' Rating on INR140M Loan SPECIALTY POLYFILMS: CRISIL Reaffirms 'B' Rating to INR70MM Loan SRIRAMAGIRI SPINNING: CRISIL Assigns 'BB-' to INR295MM LT Loan SRI VAKIRAKAALIAMMAN: CRISIL Assigns 'B+' Rating to INR89MM Loan K O R E A HYUNDAI ENGINEERING: Creditors May Seek 20% Premium on Stake M A L A Y S I A BASWELL RESOURCES: Provisional Liquidator Appointed to Unit FOUNTAIN VIEW: Seeks Extension of Time to Submit Plan JPK HOLDINGS: Reprimanded for Breaching Listing Rules OILCORP BERHAD: Receives Demand Notice From Ahmad Hisham STAMFORD COLLEGE: Posts MYR1.27 Million Net Loss in June 30 Qtr N E W Z E A L A N D ALLIED FARMERS: Receives NZ$3.5 Million 2nd Interim Distribution NELSON BUILDING: Fitch Upgrades Issuer Default Rating to 'BB+' SOUTH CANTERBURY: Receivers to Give Update on Funding Arrangements X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= ARAB BANK: Fitch Affirms 'C/D' Ratings; Gives Stable Outlook ------------------------------------------------------------ Fitch Ratings has affirmed the ratings of Arab Bank Australia Limited's. The Outlook is Stable. A full list of ratings can be found at the end of this release. ABAL's ratings are underpinned by an extremely high probability of support from its closely-related parent, Arab Bank plc ('A- '/Outlook Stable/'F1'), a Jordanian bank with a leading market position in the Middle East, and an extensive global presence. Arab Bank plc has a history of consistent profitability, prudent balance sheet management, a strong capital base and stable funding, such that Fitch believes Arab Bank plc would not only be willing, but also has good capacity to provide support. ABAL's Individual rating reflects a conservative risk appetite underpinned by prudent credit policies and balance sheet settings, but at the same time recognizes funding pressures being experienced by ABAL, and other small Australian financial institutions. While ABAL's funding position remains sound, should competition materially erode the bank's deposit base, it could have negative rating implications, particularly for ABAL's Individual rating. Although the bank's Tier 1 capital ratio has fallen over the past three years to reside at 9.5% at December 31, 2009, it compares well with other Australian banks. Growth in risk-weighted assets and increased deductions for intangibles has had a major influence on this ratio. The fiercely competitive deposit market has caused deposit balances to shrink by around 20% in absolute terms, and management focused on sourcing alternative and additional funding from a longer-term government-guaranteed wholesale debt issue. Additional capital through a small amount of subordinated debt from Arab Bank plc was received throughout the year to assist the continued growth of the bank. Nonetheless, liquidity remains well managed, with ABAL maintaining a holding in excess of 20% of total assets. While ABAL's liquidity and capital position is sound, it could also seek additional liquidity support from its parent, if ever the need arose. The Arab Bank Group typically holds high levels of liquidity and capital: at December 31, 2009, its loans/deposits ratio was 65.5%, and Tier 1 capital ratio was 17.1%. Apart from one large impairment charge of AUD10.9m, ABAL's profitability remained solid in the financial year ending December 31, 2009. This charge related to a trade finance exposure to a Middle-eastern bank, which collapsed prior to confirming a letter of credit, leaving ABAL with an unsecured exposure. With the help of Arab Bank Plc, recovery action is underway; ABAL has adopted a conservative position, setting aside provisions that cover the entire exposure. Largely due to the influence of this single exposure, gross impaired loans relative to gross loans increased noticeably to 1.31% by December 31, 2009, from 0.18% at December 31, 2008. ABAL is a wholly-owned subsidiary of Arab Bank plc, which is based in Amman, Jordan. ABAL commenced operations in Australia as a merchant bank in 1986 and was granted an unrestricted banking licence in 1994. ABAL's core market is the Arab community in metropolitan Sydney and Melbourne. The ratings of Arab Bank Australia Limited are affirmed as below: -- Long-term Foreign Currency IDR: affirmed at 'A-'; Outlook Stable; -- Short-term Foreign Currency IDR: affirmed at 'F1'; -- Individual Rating: affirmed at 'C/D'; -- Support Rating: affirmed at '1'; and -- AUD-denominated government guaranteed senior debt: affirmed at 'AAA'. OCTAVIAR LIMITED: Liquidator Reveals UBS's Role in MFS Collapse --------------------------------------------------------------- The Sydney Morning Herald reports that the liquidator investigating the collapse of MFS Ltd, now known as Octaviar Ltd, has highlighted the role of the investment bank UBS in the cash crisis that crippled the travel operator and financier in 2007. In the New South Wales Supreme Court on September 3, 2010, Adam Bell, SC, on behalf of liquidator Kate Barnet of Bentleys Corporate Recovery, examined Rolf Krecklenberg, a former MFS director and the boss of its travel subsidiary Stella, about a $1.1 billion facility provided by the Swiss bank. As part of the funding agreement in June 2007, SMH relates, UBS included terms restricting the flow of cash between the group's companies if certain debt-to-earnings ratios were not met. According to SMH, Mr. Bell described the clause as a "cash lock- up." Mr. Krecklenberg agreed the clause meant distributions were governed by a leveraged ratio agreement of debt to normalised EBITDA, the report relates. The Sydney Morning Herald further says that throughout the latter half of 2007, MFS was in talks to sell its travel and leisure business, Stella, to private equity firm CVC. But as the global financial crisis unfolded, MFS faced increasing funding difficulties. Having drawn down about $800 million of the UBS facility, SHM notes, MFS took out a fresh $240 million short-term loan from Fortress. MFS's debt position became more critical the longer CVC took to negotiate the deal. SMH relates that with $140 million due to be repaid to Fortress by February 2008, the court heard there was $211 million in free cash on Stella's balance sheet that MFS wanted. Mr. Bell suggested: "Stella wasn't in the position to repay interest on company loans since the UBS facility was entered into." About Octaviar Limited Headquartered in Queensland, Australia, Octaviar Limited (ASX:OCV) -- http://www.mfsgroup.com.au-- formerly known as MFS Limited, perates as an Investment Management business with a portfolio of usinesses and assets, including: operating businesses in the leisure and childcare sectors; real estate portfolio; 35% interest in the Stella Group; operating businesses which hold AFSL licenses and act as Responsible Entity for a number of Managed Investment Schemes. * * * As reported in the Troubled Company Reporter-Asia Pacific on Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas Harwood of Deloitte as Voluntary Administrators. The directors of three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd, Octaviar Investment Notes Limited and Octaviar Investment Bonds Limited, also appointed Messrs. Greig and Harwood as Voluntary Administrators. Fortress Credit Corporation (Australia) II Pty Ltd., one of Octaviar Limited's major creditors, also appointed Stephen James Parbery and Anthony Milton Sims of PPB as receivers and managers for Octaviar. In December 2008, Octaviar's creditors voted for a deed of company arrangement over two entities in the Octaviar group, Octaviar Limited and Octaviar Administration Pty Limited. The three other companies in the group were subsequently wound up. The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of Queensland placed Octaviar Limited into liquidation. Justice Philip McMurdo terminated a deed of company arrangement that has been in place since December 2008, naming company administrators John Greig and Nick Harwood at Deloitte, as provisional liquidators. Administrators and liquidators Greig and Harwood at Deloitte were then replaced by Bentleys Corporate Recovery under court order. According to The Age, creditors are yet to recover about AU$2.5 billion from the Group, which was found to have AU$1 billion in inter-company loans. REFLECTIONS GROUP: Unsecured Creditors Unlikely to be Repaid ------------------------------------------------------------ James Thomson at SmartCompany reports that the bulk of the 3,500 staff of Reflections Group will keep their jobs after the company's contracts were put out to tender, but unsecured creditors are unlikely to receive a return as the business now has no tangible assets. Reflections Group was one of Australia's largest contract cleaners, providing cleaning services to more than 450 sites on a daily basis, including an estimated one third of all shopping centres. The company had revenue of $150 million a year and about 3,500 staff. SmartCompany says the company's contracts have been re-tendered over the last three weeks, with bidders asked to agree to re- employ staff where possible. According to the report, Jack Juresko of JP Downey and Co, which was appointed as the company's administrators prior to the appointment of receivers, confirmed the company would be liquidated with little prospect of a return for unsecured creditors. Mr. Juresko said that without its contracts, Reflections Group does not have much in the way of tangible assets, according to SmartCompany. SmartCompany reports Gerry Goldberg, president of the National Cleaning Suppliers Association, said his members that have been affected by the collapse are largely resigned to not receiving a return from the liquidation process, but warns the ripple effects will be felt throughout the industries. According to SmartCompany, Mr. Goldberg said industry sources suggested Reflections Group's total debts could be as high as $50 million, which has many in the sector asking what happened in the lead-up to the collapse. About Reflections Group Reflections Group is a Melbourne-based cleaning, security and facilities management company. Reflections Group was placed in receivership on August 11, 2010. Mark Korda and Andrew Malarkey from insolvency firm KordaMentha were appointed receivers to the company. ========= C H I N A ========= CHINA VOIP: Posts US$111,700 Net Loss in June 30 Quarter -------------------------------------------------------- China VoIP & Digital Telecom, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of US$111,730 on US$1.0 million of revenue for the three months ended June 30, 2010, compared with net income of US$1.3 million on US$75,745 of revenue for the same period last year. The Company recorded an operating loss of US$984,087 during the three month period ended June 30, 2010, compared to an operating loss of US$158,759 during the same period of 2009. Significant growth of net revenues during the three month period ended June 30, 2010, was not enough to offset the increases in cost of revenue and SG&A expenses. The Company has an accumulated deficit of US$5.0 million as of June 30, 2010. The Company's balance sheet as of June 30, 2010, showed US$8.4 million in total assets, US$7.6 million in total liabilities, and stockholders' equity of US$861,829. As reported in the Troubled Company Reporter on April 28, 2010, Kabani & Company, Inc., in Los Angeles, expressed substantial doubt about the Company's ability to continue as a going concern, following its 2009 results. The independent auditors noted that of the Company's significant operating losses and insufficient capital. A full-text copy of the Form 10-Q is available for free at: http://researcharchives.com/t/s?6acb Based in Jihan, China, China VoIP & Digital Telecom, Inc., formerly known as Crawford Lake Mining, Inc., is a developer of computer software and hardware and digital video pictures system and a developer of computer network and network audio devices, parts and low value consumables. After completing the acquisition of Beijing PowerUnique Technologies Co., Ltd. in 2008, the Company was focusing on the Voice over Internet Phone, information security and virtualization technology related business. ================ H O N G K O N G ================ 1,2,3 PRINTING: Court Enters Wind-Up Order ------------------------------------------ The High Court of Hong Kong entered an order on May 9, 2007, to wind up the operations of 1,2,3 Printing Services Limited. The company's liquidator is: Ng Kwok Wai Unit A, 14/F., JCG Building 16 Mongkok Road, Mongkok Kowloon, Hong Kong ASSOCIATION OF INTERNATIONAL: Creditors' Meeting Set for Sept. 20 ----------------------------------------------------------------- Creditors of Association of International Beauty Therapist Limited will hold their meeting on September 20, 2010, at 11:00 a.m., for the purposes provided for in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. The meeting will be held at Room 1103, Hang Seng Mongkok Building, 677 Nathan Road, in Mongkok Kowloon. AIRCOMMUNICATIONS INFO: Young and Wong Step Down as Liquidators --------------------------------------------------------------- Isabelle Angeline Young and John Chi Wai Wong stepped down as liquidators of Aircommunications Information Services Limited on August 19, 2010. ANTEX ELECTRONIC: Pui and Cheung Appointed as Liquidators --------------------------------------------------------- Pui Chiu Wing and Cheung Lai Kuen on February 9, 2010, were appointed as liquidators of Antex Electronic Systems Company Limited. The liquidators may be reached at: Pui Chiu Wing Cheung Lai Kuen c/o Neil Collins Corporate Advisory Services Room 10 16/F 25 Kin Wing Street Tuen Mu, NT Hong Kong BABOR COSMETICS: Kong Chi How Johnson Steps Down as Liquidator -------------------------------------------------------------- Kong Chi How Johnson stepped down as liquidator of Babor Cosmetics Asia Pacific Limited on August 24, 2010. CANDY CREATIONS: Lees and Ng Appointed as Provisional Liquidators ----------------------------------------------------------------- John Lees and Mat Ng of John Lees Associates on June 30, 2010, were appointed as liquidators of Candy Creations Manufacturing Group Limited. The liquidators may be reached at: John Lees Mat Ng c/o John Lees & Associates Limited 20/F Henley Building 5 Queen's Road Central Hong Kong DICKSON CONST: Creditors Get 100% & 4.79% Recovery on Claims ------------------------------------------------------------ Dickson Construction (Maintenance) Limited, which is in liquidation, paid the preferential and ordinary dividend to creditors on September 3, 2010. The company paid 100% for preferential and 4.79% for ordinary claims. The company's liquidator is: Stephen Liu Yiu Keung 62nd Floor, One Island East 18 Westlands Road Island East, Hong Kong PURE RICHES: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on August 20, 2010, creditors of Pure Riches Industries Limited resolved to voluntarily wind up the company's operations. The company's liquidators are Roderick John Sutton and John Howard Batchelor. RATIONAL INDUSTRIAL: Contributories, Creditors to Meet on Sept. 10 ------------------------------------------------------------------ Contributories and creditors of Rational Industrial Limited will hold their meetings on September 10, 2010, at 10:00 a.m., and 10:30 a.m., respectively at 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, Stephen Liu Yiu Keung, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. REAL INTEGRITY: Members' Final Meeting Set for October 6 -------------------------------------------------------- Members of Real Integrity Limited will hold their final meeting on October 6, 2010, at 2:30 p.m., at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Ho Man Kit and Kong Sau Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. RINGGIT NAVIGATION: Man Yun Wah Steps Down as Liquidator -------------------------------------------------------- Man Yun Wah stepped down as liquidator of Ringgit Navigation Company Limited on September 3, 2010. SENCO INDUSTRIES: Commences Wind-Up Proceedings ----------------------------------------------- Members of Senco Industries Limited, on August 25, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidators are: Rainer Hok Chung Lam Anthony David Kenneth Boswell 22/F, Prince's Building Central, Hong Kong SHEEN BENEFIT: Contributories and Creditors to Meet on Sept. 10 --------------------------------------------------------------- Contributories and creditors of Sheen Benefit International Limited will hold their meetings on September 10, 2010, at 11:00 a.m., and 11:30 a.m., respectively at 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, Stephen Liu Yiu Keung, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SINOFORD HK: Final Meetings Slated for October 5 ------------------------------------------------ Members and creditors of Sinoford Hong Kong Investment Limited will hold their final meetings on September 30, 2010, at 3:00 p.m., and 3:30 p.m., respectively at Rooms 1214-1215, 12/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, in Kowloon. At the meeting, Chung Cheuk Ming, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SKYLINK GROUP: Creditors and Contributories to Meet on Sept. 14 --------------------------------------------------------------- Creditors and contributories of Skylink Group Holdings Limited will hold their first meetings on September 14, 2010, at 10:00 a.m., and 11:00 a.m., respectively at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, in Hong Kong. STREAMVPN ASIA: Members' Final Meeting Set for October 4 -------------------------------------------------------- Members of Streamvpn Asia Limited will hold their final meeting on October 4, 2010, at 9:00 a.m., at 27/F Alexandra House, 18 Chater Road, Central, in Hong Kong. At the meeting, Edward Middleton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SWEET ESSENTIALS: Creditors' Proofs of Debt Due September 17 ------------------------------------------------------------ Sweet Essentials Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by September 17, 2010, to be included in the company's dividend distribution. The company's liquidators are: Edward Simon Middleton Chan Mei Lan 27th Floor, Alexandra House 18 Chater Road Central, Hong Kong TEAMRICH LIMITED: Members' Final Meeting Set for October 3 ---------------------------------------------------------- Members of Teamrich Limited will hold their final meeting on October 3, 2010, at 10:00 am., at Unit 1201, 12th Floor, Ka Wahd Bank Centre, 232 Des Voeux Road Central, in Hong Kong. At the meeting, Shum Lap Chi, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TIMETECH INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------------- At an extraordinary general meeting held on August 20, 2010, creditors of Timetech Industrial Limited resolved to voluntarily wind up the company's operations. The company's liquidators are Roderick John Sutton and John Howard Batchelor. TRENDWIN ENTERPRISES: Members' Final Meeting Set for October 8 -------------------------------------------------------------- Members of Trendwin Enterprises Limited will hold their final general meeting on October 8, 2010, at 2503 Bank of America Tower, 12 Harcourt Road, Central, in Hong Kong. At the meeting, Susanna Bik-Chu Lung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TRINITY HOLISTIC: Members' Final Meeting Set for October 3 ---------------------------------------------------------- Members of Trinity Holistic Healthcare Co. Limited will hold their final meeting on October 3, 2010, at 11:00 am., at Unit 1201, 12th Floor, Ka Wahd Bank Centre, 232 Des Voeux Road Central, in Hong Kong. At the meeting, Shum Lap Chi, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. YUEN CHEONG: Members' Final General Meeting Set for October 4 ------------------------------------------------------------- Members of Yuen Cheong Property Investment Co. Limited will hold their final general meeting on October 4, 2010, at 10:30 am., at Suite 2202, 22/F., Chinachem Tower, 34-37 Connaught Road Central, 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. ========= I N D I A ========= AIR INDIA: April-July Revenue Up 25.8% on Improved Seat Factor -------------------------------------------------------------- Air India Ltd has booked growth in revenues besides a significant improvement in yields and seat-factor in the April-July period, The Economic Times reports citing an unnamed source. AI carried 7.1 lakh passengers on its domestic network with a 17.3% market share in July, the report says. "The airline clocked a 25.8% growth in revenue at INR3,577 crore in the first four-months of FY11 against INR2,843 crore in the corresponding period of the last fiscal," the report quoted a source as saying. According to the report, the source said the rise in revenue has been across both domestic and international operations. The air- carrier has clocked a robust 43.1% growth in revenue on domestic operations during this period. "Revenue from international operations increased 16.2%," the source said. About Air India Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout the world. Affiliate Air India Express operates as a low-fare carrier, mainly between India and destinations in the Middle East, and Air India Cargo provides freight transportation. The government of India has merged Air India with another state- controlled carrier, Indian Airlines, which has focused on domestic routes. The combined airline, part of a new holding company called National Aviation Company of India, uses the Air India brand. The new Air India and its affiliates have a fleet of more than 110 aircraft altogether. * * * The Troubled Company Reporter-Asia Pacific, citing the Hindustan Times, reported on June 19, 2009, that Air India has been bleeding cash due to excess capacity, lower yield, a drop in passenger numbers, an increase in fuel prices and the effects of the global slowdown. The carrier incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air India is estimated to have lost INR54 billion in the fiscal year ended March 31, 2010, according to The Wall Street Journal. The TCR-AP, citing livemint.com, reported on July 27, 2010, that Air India unveiled a turnaround plan that envisages the airline reaching operational break-even and wiping out the INR14,000 crore of accumulated losses and INR18,000 crore of debt on its balance sheet by 2014-15. The plan includes raising its fleet strength to as many as 275 planes in five years from 148 now. Air India Chairman and Managing Director Arvind Jadhav said the new 100-page turnaround plan for 2010-14, which ruled out any job cuts or wage reductions and, was approved by the board and would be adopted after incorporating suggestions by representatives of the airline's 33,500 employees. ARIHANT COAL: CRISIL Reaffirms 'BB+' Rating on Various Bank Debts ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Arihant Coal Sales India Pvt Ltd continue to reflect Arihant's modest scale of operations in the intensely competitive coal trading industry, weak capital structure and lack of forward integration in operations. These weaknesses are partially offset by Arihant's promoters' experience in the coal trading business and the company's reputed clientele. Facilities Ratings ---------- ------- INR210.0 Million Cash Credit BB+/Stable (Reaffirmed) INR30.0 Million Line of Credit BB+/Stable (Reaffirmed) INR30.0 Million Letter of Credit P4+ (Reaffirmed) Outlook: Stable CRISIL believes that Arihant will maintain its business risk profile over the medium term, supported by established client relationships and increase in scale of operations. The outlook may be revised to 'Positive' if Arihant improves its gearing along with increasing its scale of operations. Conversely, the outlook may be revised to 'Negative' if the company undertakes larger- than-expected debt-funded capital expenditure (capex) programme, thereby weakening its capital structure, or faces pressure on profitability. Update Arihant's sales increased by 7% in 2009-10 (refers to financial year, April 1 to March 31) over the previous year; this increase has been lower than CRISIL's expectations primarily because of decline in the prices of coal; though, this was offset by increase in quantity of coal sold to 533,000 tonnes in 2009-10 from 431,000 tonnes in 2008-09. The company's operating profitability improved considerably because of purchase of imported coal at a rate cheaper than the domestic purchase rate and mild inventory gain. The company's financial risk profile has deteriorated marginally owing to increase in gearing and weakening in debt protection metrics. Increase in its working capital requirements has been met by increased limits, promoter's equity infusion, and increased internal accruals. Arihant proposes to begin offering beneficiation services, which will entail a total outlay of INR150 million. The management has begun to look for land to set up the facility near mines to ensure smooth procurement of raw material and save on transportation costs. As the project is in its initial stage it has not been factored into the ratings. About Arihant Coal Set up in 2004, Arihant is into coal-trading and coal-liasoning. It procures coal from Coal India Ltd, and occasionally buys excess stock from its customers. Arihant buys coal through auctions conducted by two auction agents of CIL: Metal Junction, and Metal and Scrap Trading Corporation Ltd. Arihant has yard facilities in Bhopal, and Katni (Madhya Pradesh), in Nagpur and Wani (Maharashtra), and in Kota (Rajasthan). Arihant reported a profit after tax (PAT) of INR28.00 million on net sales of INR1.34 billion for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR30.00 million on net sales of INR1.25 billion for 2008-09. DIEHARD DIES: CRISIL Downgrades Rating on INR160MM LT Loan to 'D' ----------------------------------------------------------------- CRISIL has downgraded its ratings on Diehard Dies Pvt Ltd's bank facilities to 'D/P5' from 'BB/Stable/P4+'. The downgrade follows delay in repayment of term debt installment of Rs.12.5 million for the quarter ended June 2010. The delay has been caused by Diehard Dies's weak liquidity, which was a result of delays in commissioning of the company's ongoing project involving manufacturing of dies for Flat Steel rule cutting. Facilities Ratings ---------- ------- INR20.6 Million Cash Credit D (Downgraded from 'BB/Stable') INR160.0 Million Long Term Loan D (Downgraded from 'BB/Stable') INR20.0 Million Letter of Credit P5 (Downgraded from 'P4+') About Diehard Dies Diehard Dies is part of the Tulasi group of companies headed by Mr. Tulasi Ramachandra Prabhu. The group was set up in the 1970s with the establishment of Coastal Packaging. Diehard Dies was set up in 2007-08 (refers to financial year, April 1 to March 31) and is setting up a unit for manufacturing flat-steel-rule-cutting- creasing-stripping dies, rotary-steel-cutting dies, and steel? line-label-cutting dies (flexible dies). The total project cost is around INR230 million to be funded in debt equity ratio of 1.9:1.The production of flat steel rule cutting and rotary steel cutting dies has started from November 10, 2009, while that of flexible dies is expected to start from October 2010. Diehard Dies reported a profit after tax (PAT) of INR0.1 million on net sales of INR0.8 million for 2009-10. IND SPHINX: CRISIL Reaffirms 'D' Rating on INR305MM Term Loan ------------------------------------------------------------- CRISIL's ratings of 'D/P5' on the bank facilities of IND Sphinx Precision Ltd continue to reflect ISPL's continuing delays in servicing its debt; the delays are being caused by ISPL's weak liquidity. Facilities Ratings ---------- ------- INR305.0 Million Term Loan D (Reaffirmed) INR13.0 Million Cash Credit D (Reaffirmed) INR64.0 Million Export Packing Credit P5 (Reaffirmed) INR17.0 Million Letter of Credit P5 (Reaffirmed) INR1.0 Million Bank Guarantee P5 (Reaffirmed) ISPL has weak financial risk profile marked by high gearing and weak debt protection indicators on account of large working capital requirements and large debt funded capital expenditure. The company, however, continues to benefit from high operational efficiency and extensive experience of promoters in printed circuit board (PCB) drilling tools industry. ISPL was incorporated in 1987. It is a joint venture of Mr. Sunil Taneja and Sphinx Werke Mueller AG of Switzerland. ISPL manufactures tungsten carbide tools, used in drilling/routing and micromachining printed circuit boards (PCBs). The majority of ISPL's products are sold in the export market. Its manufacturing plant in Parwanoo, Himachal Pradesh, has a capacity of 10.55 million units per annum. The company has recently ventured into non-PCB tools. For 2008-09 (refers to financial year, April 1 to March 31), ISPL reported a profit after tax (PAT) of INR0.8 million on net sales of INR218.0 million, against a PAT of INR7.8 million on net sales of INR208.0 million for 2007-08. For 2009-10, ISPL reported, on a provisional basis, a PAT of INR9.0 million on net sales of INR242.0 million. KINGFISHER AIRLINES: Signs Code Share Deal With British Airways --------------------------------------------------------------- Kingfisher Airlines' Executive Vice-President (Commercial) Manoj Chacko and British Airways' Chief Executive Willie Walsh on Saturday disclosed the launch of code sharing between the two air carriers from September 15, The Hindu reports. Under the code-share agreement, British Airways code will be placed on 11 domestic routes and one international route (Sri Lanka) operated by Kingfisher Airlines while Kingfisher Airlines' code will be placed on nine British Airways routes from Heathrow to the U.K. regions and continental Europe. "The code-share with Kingfisher Airlines will give our customers easier access to the Indian domestic routes and Sri Lanka," The Hindu quoted Mr. Walsh as saying. The Hindu notes that the BA code will be placed on Kingfisher flights from Bangalore to Chennai, Coimbatore and Kochi, Chennai to Coimbatore and Colombo, Delhi to Bangalore and Kolkata, Mumbai to Bangalore, Chennai, Goa, Hyderabad and Kolkata. Similarly, the report says, the Kingfisher code will be placed on BA flights from Heathrow to Aberdeen, Edinburgh, Glasgow, Manchester, Amsterdam, Brussels, Dusseldorf, Lisbon and Paris. About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., serves about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. It maintains bases in major cities such as Delhi and Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known for its United Breweries unit, and the carrier shares the Kingfisher brand with a popular Indian beer. UB Holdings also owns a stake in another domestic carrier, Air Deccan, whose operations it combined with Kingfisher Airlines in mid-2008. Kingfisher Airlines began flying in 2005. * * * Kingfisher Airlines posted three consecutive net losses of INR21.40 billion, INR1.89 billion, and INR4.2 billion for the FY2007 through FY2009. MUNISH INT'L: CRISIL Assigns 'B+' Rating on INR70MM Demand Loan --------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' ratings to the working capital demand loan and proposed short-term facility of Munish International Pvt Ltd, while reaffirming the rating on the company's other short-term facilities at 'P4'. Facilities Ratings ---------- ------- INR70.0 Million Working Capital B+/Stable (Assigned) Demand Loan INR172.5 Million Export Packing Credit P4 (Reaffirmed) INR35.5 Million Letter of P4 (Reaffirmed) Credit/Bank Guarantee The ratings reflect the Munish group's large working capital requirements, below-average financial risk profile, marked by weak liquidity, high gearing, and weak debt protection metrics, and susceptibility to volatility in raw material prices and intense competition in the forgings segment. These rating weaknesses are partially offset by the Munish group's diversified revenue profile, and presence in the high-value-added products segment in the industrial forgings industry.. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of MIPL, Munish Forge Pvt Ltd, and Dev Arjuna Cast and Forge Pvt Ltd, collectively referred to as the Munish group. This is because MIPL works as the exclusive export arm of MFPL and DACF, and sells most of the products manufactured by them. All three companies have also extended corporate guarantee for the bank lines of each other. Outlook: Stable CRISIL believes that the Munish group will continue to benefit from its comfortable market position in industrial forgings segment overseas. However, the group's financial risk profile, particularly liquidity, is expected to remain weak because of depressed cash accruals. The outlook may be revised to 'Positive' in case of significant improvement in the Munish group's liquidity, most likely through fresh equity infusion or sharp increase in cash accruals. Conversely, the outlook may be revised to 'Negative' if there is increased pressure on the cash accruals and liquidity of the group, most likely because of continuing depressed demand from the US and Canadian markets. About the Group Set up in 1985 as partnership firm, MIPL was reconstituted as a private limited company in 2006. MIPL is part of the Munish group of companies based in Ludhiana (Punjab) and is the export arm of the group. The Munish group manufactures automobile components (off-highway vehicles), flanges, and scaffoldings through its two manufacturing arms, MFPL and DACF. The group has three manufacturing facilities: one in MFPL and two in DACF, all in Ludhiana. MIPL exports goods imported from China. However, import from China is only against specific order from the customer. In the Indian market, MIPL procures primarily from MFPL and DACF with minimal procurement from outside the group. The Munish group reported a profit after tax (PAT) of INR1 million on an operating income of INR897 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR42 million on an operating income of INR956 million for 2007-08. NARMADA EXTRUSIONS: CRISIL Reaffirms 'BB' Rating on INR36MM Debt ---------------------------------------------------------------- CRISIL has re-affirmed its ratings on Narmada Extrusions (P) Limited at BB/Stable/P4+. Facilities Ratings ---------- ------- INR36.0 Million Cash Credit BB/Stable (Reaffirmed) INR144.0 Million Working Capital BB/Stable (Reaffirmed) Demand Loan INR110.3 Million Term Loan BB/Stable (Reaffirmed) INR10.0 Million Bill Discounting P4+ (Reaffirmed) INR45.0 Million Bank Guarantee P4+ (Reaffirmed) CRISIL's ratings on the bank facilities of Narmada Extrusions continue to reflect its limited financial flexibility because of its moderate gearing, working-capital-intensive operations, and small scale of operations in the fragmented poly-bags industry. These weaknesses are partially offset by Narmada Extrusions' strong track record in the poly-bags industry, and its established customer relationships. Outlook: Stable CRISIL believes that Narmada Extrusions will continue to benefit from its long track record and healthy customer profile over the medium term. The outlook may be revised to 'Positive' if Narmada Extrusions' financial risk profile improves significantly, driven by an increase in net cash accruals and consequent significant improvement in debt protection metrics. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile weakens on account of large, debt-funded capital expenditure. About Narmada Extrusions Incorporated in 1985 as a private limited company, Narmada Extrusions is promoted by Mr. Mahesh Mittal and his family. It was reconstituted as a public limited company in 1998. The company manufactures high-density polyethylene (HDPE) bags and polypropylene (PP) bags. Narmada Extrusions also has a trading division, which distributes GAIL (India) Ltd's polymer products. Narmada Extrusions' profit after tax (PAT) and net revenues are estimated to be INR18 million and INR913 million for 2009-10 (refers to financial year, April 1 to March 31); it reported a PAT of INR12 million on net revenues of INR767 million for 2008-09. SANGAMNER-LONI INFRA: CRISIL Reaffirms 'BB' Rating on INR140M Loan ------------------------------------------------------------------ CRISIL's ratings on the bank loan facilities of Sangamner-Loni Infrastructure Pvt Ltd continue to reflect company's weak debt- protection measures. These weaknesses are, however, partially offset by the benefits that the SPV derives from stable traffic driven by diverse traffic base. Facilities Ratings ---------- ------- INR140.0 Million Term Loan BB/Stable (Reaffirmed) INR10.0 Million Proposed BB/Stable (Reaffirmed) Term Loan Facility Outlook: Stable CRISIL believes that Sangamner Loni will generate stable revenues on the back of continued and increasing traffic inflow. The outlook may be revised to 'Positive' in case the company's revenues are larger-than-expected because of significant increase in traffic volumes. Conversely, the outlook may be revised to 'Negative' in case Sangamner Loni's revenues take a hit because of lower-than-expected traffic volumes. Update For 2009-10 (refers to financial year, April 1 to March 31), Sangamner-Loni reported better-than-expected operating income of INR42 million, on account of marketing efforts undertaken by the company to improve traffic along the tollway. This also resulted in more-than-expected profitability and cash accruals. The company is also likely to benefit from Maharashtra Public Work Department's permission to hike toll rates by about 15% with effect from July 01, 2010. However, the company will use its cash accruals to meet increased term loan obligations from 2010-11 onwards ? term loan instalments are expected to increase to INR21.9 million in 2010-11 from INR6.0 million in 2009-10. Sangamner-Loni's gearing, as on March 31, 2010, was lower than expected because of better profitability and equity infusion of INR14.1 million by promoters to partly fund capital expenditure on renewal of toll road. However, gearing is expected to increase over the medium term because of the company's additional term loan INR30 million. About Sangamner-Loni Sangamner-Loni was set up in May 2002, as a special-purpose vehicle (SPV) by Rudranee Construction Company, to improve the Sangamner-Loni-Kolhar Road (Maharashtra) on a build-operate- transfer (BOT) basis. The project involved widening the road to 10 meters from 7.5 meters and applying a layer of bitumen on the road on a BOT basis for a concession period till December 2016. The total length of the project road is 36 kilometres. The cost of the project was INR200 million and the toll road was operational in March 2006. Mr. Mohammed Israil Sheikh bought the toll road in 2006 from the promoters of RCC, and infused INR10 million in 2007-08 in the SPV. Sangamner-Loni reported a net loss of INR0.2 million on an operating income of INR42.0 million for 2009-10, against a net loss of INR4.6 million on operating income of INR37.0 million for 2008-09. SPECIALTY POLYFILMS: CRISIL Reaffirms 'B' Rating to INR70MM Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Specialty Polyfilms (India) Pvt Ltd continue to reflect Specialty's weak financial risk profile and small scale of operations in the synthetic packaging films industry. These rating weaknesses are partially offset by the benefits that Speciality derives from its established relationships with customers. Facilities Ratings ---------- ------- INR70.4 Million Long Term Loan B/Stable (Reaffirmed) INR40.0 Million Cash Credit B/Stable (Reaffirmed) INR6.0 Million Standby Line of Credit B/Stable (Reaffirmed) INR10.0 Million Letter of Credit P4 (Reaffirmed) Outlook: Stable CRISIL believes that Specialty will continue to benefit over the medium term from its established relationships with customers and its modest profitability. The outlook may be revised to 'Positive' if Speciality's financial risk profile improves significantly, driven most likely by significant increase in cash accruals as a result of increase in revenues and operating margin, or substantial equity infusion by promoters. Conversely, the outlook may be revised to 'Negative' if Specialty's financial risk profile weakens, most likely because of a considerable decline in operating profitability or large debt-funded capital expenditure (capex). Update Specialty's net sales increased substantially to around INR191 million in 2009-10 (refers to financial year, April 1 to March 31) from INR133 million in 2008-09, and its operating profitability improved marginally because of its recent entry into high-value- added product segment. Specialty's gearing remained high at more than 3 times as on March 31, 2010, despite equity infusion of around INR10 million by promoters during 2009-10, given the company's working-capital- intensive operations and its large debt-funded capex. Although Specialty's receivables management has remained stable, its inventory requirement has increased marginally in 2009-10. The company's liquidity, as reflected in its high bank limit utilisation, remains weak. CRISIL expects Speciality's financial risk profile to remain weak, marked by high gearing and weak debt protection metrics over the medium term. Specialty reported a net loss of around INR0.1 million on net sales of INR191.0 million for 2009-10, against a profit after tax of INR4.6 million on net sales of INR133.0 million for 2008-09. About Specialty Polyfilms Speciality was incorporated in 2000; it is promoted by Mr. Shantanu Deshpande. Specialty manufactures synthetic films, used in packaging industrial and food products. The company has four main product categories: industrial wrap, food wrap, protective, and agricultural product wrap films. Recently, Speciality also began manufacturing aluminium foil. In early 2009-10, Specialty increased its capacity to more than 4100 tonnes per annum (tpa) from about 1100 tpa. SRIRAMAGIRI SPINNING: CRISIL Assigns 'BB-' to INR295MM LT Loan -------------------------------------------------------------- CRISIL has assigned its 'BB-/Stable' rating to the bank facilities of Sriramagiri Spinning Mills Ltd. Facilities Ratings ---------- ------- INR55 Million Cash Credit BB-/Stable (Assigned) INR295 Million Long-Term Loan BB-/Stable (Assigned) The rating reflects SSML's financial risk profile is marked by weak debt protection measures, and exposure to risks related to volatility in raw material prices. These rating weaknesses are partially offset by SSML's successful stabilization of operations and proposed increase in capacity which is expected to improve the scale of operations. Outlook: Stable CRISIL believes that SSML will maintain a stable business risk profile backed by successful stabilization of operations and improved demand scenario over the medium term. The outlook may be revised to 'Positive' if SSML's financial risk profile improves substantially, with sustainable improvement in the company's margins and capital structure. Conversely, the outlook may be revised to 'Negative' if SSML undertakes any large, debt-funded capital expenditure programme, or if its profitability declines significantly, thereby deteriorating its financial risk profile. About Sriramagiri Spinning Incorporated in July 2006, SSML manufactures cotton yarn. SSML was set up to take over the business of the erstwhile Sriramagiri Cold Storage Ltd, which was incorporated in August 2001 to set up a cold storage business; however, SCSL remained a shell company. SSML's manufacturing unit is situated in Nalgonda (Andhra Pradesh). The company commenced operations in April 2010 with 16,800 ring spindles. It manufactures yarn in counts of 36s to 42s, but largely manufactures yarn in the count of 40s. The mill has capacity to manufacture 6000 kilogram of cotton yarn per day. Tirupur (Tamil Nadu) and Maharashtra are SSML's major markets. SRI VAKIRAKAALIAMMAN: CRISIL Assigns 'B+' Rating to INR89MM Loan ---------------------------------------------------------------- CRISIL has assigned its 'B+/Stable/P4' ratings to Sri Vakirakaaliamman Spinning Mills Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR89.00 Million Term Loan B+/Stable (Assigned) INR135.00 Million Cash Credit B+/Stable (Assigned) INR6.50 Million Letter of P4 (Assigned) Credit/ Bank Guarantee The ratings reflect SVS's below-average financial risk profile, marked by high gearing and weak debt protection metrics, small scale of operations, and large working capital requirements. These weaknesses are partially offset by SVS's promoters' experience in the textile industry. Outlook: Stable CRISIL believes that SVS will maintain its moderate business risk profile on the back of its promoters' experience in the cotton spinning industry. The outlook may be revised to 'Positive' in case SVS reports a significant improvement in its capital structure and increase in its scale of operations, while sustaining its profitability. Conversely, the outlook may be revised to 'Negative' if SVS undertakes a larger-than-expected debt-funded capital expenditure programme, its profitability declines significantly, or it extends sizeable funding support to its group entities, thereby weakening its financial risk profile. About Sri Vakirakaaliamman SVS has been manufacturing hosiery yarn since 2001; it has spindle capacity of 16,532. Earlier, the business of the company was run under the entity CRR Textiles, established in 1996 by another promoter group. CRR Textiles was taken over by SVS's current management in 2001, and its name was changed to the current one. SVS is promoted and currently managed by Mr. R M Rajmanickam, and his son Mr. R Jagadeeshwaran. The manufacturing operations are being carried out at its unit at Dindigul (Tamil Nadu); its administrative office is in Tirupur (Tamil Nadu). SVS reported a provisional profit after tax (PAT) of INR6.0 million on net sales of INR218.0 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR0.3 million on net sales of INR161.0 million for 2008-09. ========= K O R E A ========= HYUNDAI ENGINEERING: Creditors May Seek 20% Premium on Stake ------------------------------------------------------------ Hyundai Engineering & Construction Co.'s creditors plan to sell their stake in South Korea's largest builder for as much as 20 percent more than its market value, Bloomberg News reports citing an official at one of the debt holders. The official, declining to be named because the information isn't public, told Bloomberg News that the creditors aim to sell the 35 percent stake at a premium of between 10 percent and 20 percent. That would price the holding, which comes with management rights, at as much as KRW3.1 trillion (US$2.6 billion). According to Bloomberg, the official said Hyundai Engineering's nine creditors will announce the sale Sept. 24. As reported in the Troubled Company Reporter-Asia Pacific on July 1, 2010, Bloomberg News said Hyundai Engineering's creditors plan to choose a preferred bidder for a KRW2.17 trillion controlling stake in the builder by the end of this year. The debt holders plan to complete the sale, open to both domestic and overseas buyers, by early 2011. About Hyundai Engineering Headquartered in Seoul, South Korea, Hyundai Engineering & Construction Company Limited -- http://www.hdec.co.kr/-- is involved in civil engineering, housing development projects and other contracted construction works in South Korea and internationally. Its operations fall into the following key areas: building, civil works, plant and power works. Within the building and housing section, HDEC is involved in construction and architecture, and has been involved in residential, commercial and institutional building projects. Hyundai Engineering has been under creditors' control. In August 2001, Hyundai Group was split into three -- Hyundai Motor, Hyundai Heavy Industries and one which retained the name, Hyundai Group -- while the remaining businesses were taken over by creditors. =============== M A L A Y S I A =============== BASWELL RESOURCES: Provisional Liquidator Appointed to Unit ----------------------------------------------------------- Baswell Resources Berhad disclosed in a regulatory filing that Dato' Robert Teo Keng Tuan of Messrs. RSM NWT Advisory Services Sdn. Bhd. has been appointed as provisional liquidator for the Company's subsidiary, Aimwood Furniture Industries Sdn. Bhd. Achieve Coatings and Services Sdn. Bhd. filed the petition against AFISB on August 20, 2010. Baswell told Bursa Malaysia that the appointment of provisional liquidator may adversely affect the realizable values of assets arising from the companies asset disposal programme as the liquidator will now manage the sale of assets and interested parties will now have to negotiate with the provisional liquidator instead of the Directors. With the cessation of AFISB'S business operations, the Company's board of directors does not foresee any operational impact arising from the appointment of Provisional Liquidator. About Baswell Resources Based in Malaysia, Baswell Resources Berhad -- http://www.baswell.com.my/-- is an investment holding company engaged in the provision of management services to its subsidiaries. It operates in three segments: furniture, which includes the manufacturing of knockdown wooden furniture and furniture parts, and the provision of preservative treatment and kiln drying of wood and timber; packing, which includes the manufacturer and dealer in papers, paper carton boxes and boards, and other related products, and others, which comprises investment holding and provision of management services. The Company?s subsidiaries include Aimwood Furniture Industries Sdn Bhd, Baswood Industries Sdn Bhd, Deswell Packaging (M) Sdn Bhd and Woodmaster Furniture Consolidation Sdn Bhd. Baswell Resources Berhad has been classified as an Affected Listed Issuer under Practice Note No. 17 of the Bursa Malaysia Securities Berhad as the company ceased all its furniture-manufacturing operations effective August 9, 2010. The company was also put under PN 17 after a proposed memorandum of understanding with Metroplex Resources Ltd for a project in Middle East was terminated. The company's wholly owned furniture-manufacturing subsidiaries Baswood Industries Sdn Bhd and Aimwood Furniture Industries Sdn Bhd also defaulted in loan payment. FOUNTAIN VIEW: Seeks Extension of Time to Submit Plan ----------------------------------------------------- Fountain View Development Berhad has submitted an application for an extension of time to submit its regularization plan to the relevant authorities for approval. As such, Bursa Malaysia Securities Berhad will defer the de-listing of the Company's securities pending the decision on the Company Application. About Fountain View Fountain View Development Berhad is a Malaysia-based investment holding company. The Company operates in four segments: Plantation, Property development, Investment and Elimination. The Company principally operates in Malaysia. Its subsidiaries includes Citra Tani Sdn. Bhd., Everange Sdn. Bhd., Fountain View Land Sdn. Bhd., Invescor Ventures Sdn. Bhd., Bentayan Holdings Sdn. Bhd., Fountain View Realty Sdn. Bhd., Bentayan Properties Sdn. Bhd., Mujur Zaman Sdn. Bhd., MZ Development Sdn. Bhd. and Extrogold Sdn. Bhd. Fountain View Development Berhad has been considered as an Affected Listed Issuer under Practice Note No. 17 of the Bursa Malaysia Securities Berhad as it has triggered Paragraph 2.1(h) of the PN17 for having an insignificant business or operation. The Company's unaudited second quarterly financial result ended June 30, 2009, recorded no revenue resulting in the Company triggering Paragraph 2.1 (h) of the PN17. JPK HOLDINGS: Reprimanded for Breaching Listing Rules ----------------------------------------------------- Bursa Malaysia Securities Berhad has reprimanded JPK Holdings Berhad for breach of paragraph 9.19(19) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements. The Company had breached paragraph 9.19(19) of the Main Market LR for failing to make an immediate announcement of the winding-up petitions served on JPK (Malaysia) Sdn Bhd by Public Bank (M) Berhad and Corplast Packaging Industries Sdn Bhd on February 17, 2010, and April 5, 2010. The Company only made the announcements in respect of the winding-petitions by PBB and CORPLAST on March 4, 2010 and April 13, 2010, respectively. JPKM is a major subsidiary of the Company where the total assets of JPKM of MYR69.352 million represented 74% of JPK Group's total assets of MYR94.035 million as at 31 March 2009. About JPK Holdings JPK Holdings Berhad is a Malaysia-based investment holding company engaged in the provision of management services to its subsidiaries. The Company's subsidiaries include JPK (Malaysia) Sdn. Bhd., which is engaged in the manufacture of precision plastic injection moulded parts; JPK Industries Sdn. Bhd., which is engaged in property holding; JPK Co. Ltd., which is engaged in investment holding; JPK (Dongguan) Co. Ltd., which is engaged in the Manufacture of precision plastic injection moulded parts, and JPK (Hanoi) Co. Ltd., which is engaged in the manufacture, assemble, process and design precision plastic injection moulded parts. The Company's operating businesses are organized and managed into three geographical locations: Malaysia, The Socialist Republic of Vietnam and The People's Republic of China. * * * JPK Holdings Berhad has been considered as an Affected Listed Issuer under Practice Note No. 17 of the Bursa Malaysia Securities Berhad as the external auditors of the Company have expressed a disclaimer opinion on the Company's audited financial statements for the financial year ended March 31, 2009. OILCORP BERHAD: Receives Demand Notice From Ahmad Hisham -------------------------------------------------------- Oilcorp Berhad has been served with a notice pursuant to Section 218 of the Companies Act 1965 by Messrs. Hisham & Associates, solicitors acting for Ahmad Hisham Bin Kamaruddin and Jamsalina Binti Jaafar. Ahmad Hisham is demanding the payment of MYR260,000 with interest of 8% per annum from March 10, 2010, until full settlement, for the outstanding legal fees due and disbursements payable for professional services rendered. Oilcorp will seek legal advice in respect of the Notice and will make further announcements in due course. About Oilcorp Berhad Oilcorp Berhad is a Malaysia-based investment holding company. The Company operates in five segments: oil and gas and engineering, which includes engineering, procurement, construction and contract-related services in oil and gas related industries; property investment/resort, which includes property and resort operations and related activities and services; investment holding, which includes investment holding; fisheries, which includes deep sea fishing operations and related activities, and overseas special project (construction), which includes engineering, procurement, construction and contract-related sources in non oil and gas industries related industries. Its wholly owned subsidiaries include Oil-Line Engineering & Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd. and D'Tiara Corp Limited. Oilcorp Berhad has been classified as an Affected Listed Issuer under Practice Note 17/2005 of Bursa Malaysia Securities Berhad as the Company is unable to provide a solvency declaration to Bursa Securities following a default in its interest payments pursuant to Practice Note 1/2001. STAMFORD COLLEGE: Posts MYR1.27 Million Net Loss in June 30 Qtr --------------------------------------------------------------- Stamford College Berhad posted a net loss of MYR1.27 million on revenue of MYR6.96 million for the three months ended June 30, 2010, compared with net income of MYR154,000 on revenue of MYR3.76 million in the same quarter of 2009. As of June 30, 2010, the Company's consolidated balance sheet showed MYR46.61 million in total assets, MYR25.76 million in total liabilities and shareholders' equity of MYR20.85million. The Company's consolidated balance sheet at June 30, 2010, showed strained liquidity with MYR10.94 million in total current assets available to pay MYR22.49 million in total current liabilities. A full-text copy of the Company's quarterly report is available for free at http://ResearchArchives.com/t/s?6ad9 About Stamford College Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) -- http://www.stamford.edu.my/-- is an investment holding and management company. It principally engaged in the provision of executive training. The Company offers over 50 courses of study, which include full Undergraduate Degrees, Masters Degrees and North American Degree Program. The disciplines offered by Stamford range from Accounting to Business Administration, Engineering, Computer Science, Hospitality Management and Executive Secretaryship. Foreign students have also been part of Stamford's landscape, and Stamford has more than 1,500 foreign students from over 40 countries pursuing their higher education. Stamford College Berhad has been considered as an Affected Listed Issuer under Practice Note No. 17/2005 of the Bursa Malaysia Securities Berhad as it has triggered Paragraph 2.1(e) of PN 17/2005. According to the Company's disclosure statement with the bourse, it triggered the PN 17/2005 listing since auditors have expressed a modified opinion with emphasis on the Company's going concern status in the latest audited accounts for the financial year ended December 31, 2008, and the Company's shareholders equity on a consolidated basis is equal to or less than 50% of the issued and paid-up capital of the company. ==================== N E W Z E A L A N D ==================== ALLIED FARMERS: Receives NZ$3.5 Million 2nd Interim Distribution ---------------------------------------------------------------- The New Zealand Press Association reports Allied Farmers Ltd said Trustees Executors, the trustee of its capital notes, has written to the Companies Office about the financial state of Allied Farmers. According to the report, Allied Farmers, which purchased the assets of Hanover Group last year, has delayed the reporting of its annual accounts after the receivership of its finance company Allied Nationwide Finance, and its chairman and managing director have resigned. "We are making solid progress in addressing our financial position and we will give a further update, including some likely further positive developments when we release our preliminary accounts later this week," Rob Alloway, who is continuing in his role as managing director until December, said Monday, NZPA relates. The company told NZX Monday that on Saturday morning it had been awarded a further interim distribution of about NZ$3.5 million relating to a luxury development in Beverley Hills, California, known as the Maison Reeves Condominiums, NZPA reports. This development was financed in part by Hanover and has been in receivership. This is the second distribution. More than NZ$6 million was received in June. According to the report, the company said it is seeking to brief relevant stakeholders, including Trustees Executors and the Companies Office on the state of various initiatives, including the impending receipt of the Maison Reeves funds and other positive news expected shortly. Allied Farmers is confident that these initiatives and an appropriate briefing will assist in clarifying the state of Allied Farmers' financial position. NZPA relates the Californian receiver is likely to be able to apply to the court within the next few months for a motion to make a final distribution of about NZ$7 million to Allied Farmers. While Allied Farmers expects to report that it remains in compliance with its covenants in respect of the capital notes, Trustees Executors has an ongoing obligation to consider and report on the financial position of Allied Farmers generally, and has made Allied Farmers aware that it has written to the Companies Office in relation to the financial state of Allied Farmers, NZPA notes. Given the work being undertaken on its accounts and also given that a number of proposed actions are incomplete and subject to commercial sensitivities, and therefore are not capable of general disclosure, the position is that not all stakeholders can be fully up to date with developments at all times, and Trustees Executors' action therefore necessarily occurred without it being aware of the latest information or developments, NZPA adds. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprises livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. On June 29, 2007, Allied Nationwide Finance Limited, Nationwide Finance Limited and Allied Prime Finance Limited were amalgamated, with Nationwide Finance Limited being the continuing entity. Nationwide Finance Limited subsequently changed its name to Allied Nationwide Finance Limited. * * * As reported in the Troubled Company Reporter-Asia Pacific on July 21, 2010, Allied Farmers Lt gained a six-month extension of its loan facility with Westpac, giving the finance company more time to repay debt and restructure its business. Allied Farmers had NZ$21 million outstanding on the facility as at June 30 and had an overdraft facility of NZ$2.5 million that was set to expire on July 1. The latest agreement pushes out the due date to March 31 next year from September 24, 2010. NELSON BUILDING: Fitch Upgrades Issuer Default Rating to 'BB+' -------------------------------------------------------------- Fitch Ratings has upgraded the Long-term Issuer Default Rating of Nelson Building Society to 'BB+' from 'BB'. The Outlook is Stable. Fitch also upgraded the Support Rating for NBS, Wairarapa Building Society and Hastings Building Society to '4' from '5' and assigned a Support Rating Floor at 'B' for all three building societies. At the same time, the agency affirmed the Long-term IDR of WBS at 'BB+'. The Outlook of WBS' Long-term IDR remains Stable. HBS' Long-term IDR is maintained at 'BB' Rating Watch Positive. All other ratings are affirmed. A full list of rating actions is included at the end of this rating action commentary. Despite a difficult operating environment all three building societies performed well, although some faired better than others. "From an international perspective, all three entities are small but consistently report relatively strong capital and asset quality ratios, as well as healthy pre-impairment operating profitability," says Andrea Jaehne, Director in Fitch's Financial Institutions team. "On a domestic level, these three institutions have stable funding positions largely due to the strong ties they maintain with their members. However, as a result of changes in regulatory liquidity and funding requirements, competition for customer deposits is likely to remain intense," adds John Miles, Senior Director in Fitch's Financial Institutions team. The upgrade of NBS' Long-term IDR reflects the society's consistent improvement relative to similar rated peers. This is supported by NBS' resilient performance over the last two years while New Zealand experienced an economic recession, and the customer deposit market, being NBS' main funding source, became highly competitive. Despite these negative developments in its challenging operating environment, NBS benefited from stable operating profitability, good asset quality, and a sound funding and adequate liquidity position. The potential for further upgrades of its Long-term IDR is constrained by NBS' small absolute capital base and significant regional geographical concentration. The Support Rating upgrade for all three building societies reflects Fitch's view that the propensity for the New Zealand regulatory authorities to provide support is higher than Fitch originally considered likely at the initial assignation of the ratings. The Reserve Bank of New Zealand assumed responsibility for the prudential supervision of non-bank deposit-taking institutions in 2010 under a new regulatory framework. The Support Rating Floor assigned to NBS, WBS and HBS at 'B' indicates Fitch's view that support from the local authorities is likely to be provided at these rating levels, meaning that, were the Long-term IDRs to be downgraded, they would not fall below the Support Rating Floor of 'B'. The ratings of HBS reflect its small absolute size and take the deterioration in HBS' asset quality into consideration but also HBS' improving pre-impairment operating profitability and an adequate funding position due to its local franchise. The RWP on HBS' Long-term and Short-term IDRs and Individual Rating which was assigned on July 2, 2010, after the announcement of HBS' intention to merge with the larger Southland Building Society (SBS Bank, SBS, rated Long-term IDR 'BBB'/ Stable), is maintained. In addition, a RWP was assigned on HBS' Support Rating Floor, reflecting the planned merger and SBS' higher Support Rating Floor. At end-August 2010, HBS' members voted in favor of the merger with SBS. Fitch will resolve the RWP once the merger with SBS is legally completed which is expected to take place in October 2010. The affirmation of WBS' Long-term and Short-term IDRs and Individual Rating reflects its small size, concentration in loans and deposits, and dependence on bank facilities for liquidity. At the same time, the ratings also consider the conservative nature of its lending activities, as well as good asset quality and capital ratios. All three building societies operate within the New Zealand banking market, which is dominated by large subsidiaries of Australian banks. All New Zealand building societies accounted for less than 10% of the mortgage and deposit market at FYE10. Nelson Building Society: -- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable; -- Local Currency Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable; -- Short-term IDR affirmed at 'B'; -- Local Currency Short-term IDR affirmed at 'B'; -- Individual Rating affirmed at 'C/D'; -- Support rating upgraded to '4' from '5'; and -- Support rating floor assigned at 'B'. Hastings Building Society: -- Long-term IDR 'BB'; Rating Watch Positive maintained; -- Local Currency Long-term IDR 'BB'; Rating Watch Positive maintained; -- Short-term IDR 'B', RWP maintained; -- Local Currency Short-term IDR 'B', RWP maintained; -- Individual Rating maintained at 'C/D', RWP maintained; -- Support rating upgraded to '4' from '5'; and -- Support rating floor assigned at 'B'; RWP assigned. Wairarapa Building Society: -- Long-term IDR affirmed at 'BB+'; Outlook Stable; -- Local Currency Long-term IDR affirmed at 'BB+'; Outlook Stable; -- Short-term IDR affirmed at 'B'; -- Local Currency Short-term IDR affirmed at 'B'; -- Individual Rating affirmed at 'C/D'; -- Support rating upgraded to '4' from '5'; and -- Support rating floor assigned at 'B' SOUTH CANTERBURY: Receivers to Give Update on Funding Arrangements ------------------------------------------------------------------ The National Business Review reports that South Canterbury Finance's receivers expect to update borrowers this week on their funding arrangements as prospective buyer interest in the company's assets heightens. NBR relates Kerryn Downey and William Black, of McGrathNicol, said they had made significant progress assessing the group's operations over the past week with the help of South Canterbury Finance management and staff. According to the report, the receivers said they had already fielded a significant number of enquiries from prospective buyers and were working with the Crown to compile a coordinated register of interest. The receivers, as cited by NBR, said they also expected to update South Canterbury customers this week on various matters affecting business operations, including funding arrangements. A spokesman for McGrathNicol told NBR that the update would look to address concerns borrowers had over revolving credit facilities and seasonal finance -- "just how that's going to be managed, what's going to be done and by whom." About South Canterbury Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the provision of financial services. The Company's principal activities are borrowing funds from public and institutional investors and on- lending those funds to the business, plant and equipment, property, rural and consumer sectors. It typically advances funds by means of hire purchase, floor plans, leasing of plant, vehicles and equipment, personal loans, business term loans and revolving credit facilities, mortgages against property, and other financial instruments, including consumer loan insurance. Southbury Group Limited holds a controlling interest in the Company. Its subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd, Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd, Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd, Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd, Walkato Finance Ltd and Wellington Finance Ltd. On August 31, 2010, Trustees Executors Limited, as trustee for South Canterbury Finance charging group, appointed Kerryn Downey and William Black of McGrathNicol as receivers of the charging group's secured assets. "As Trustee, we have had South Canterbury Finance under heightened surveillance since 2008. As part of that, SCF was granted a Trustee waiver in February 2010 to allow it time to recapitalise. Unfortunately, the Company's Directors have advised us that they have not been successful with respect to a recapitalization and requested us to appoint a receiver. At this point we, as Trustee, agree that it is the best interests of debenture, deposit and bond holders to do that," said Yogesh Mody, Southern Regional Manager for Trustees Executors Limited. The New Zealand government said it would repay South Canterbury's 35,000 depositors and stockholders NZ$1.6 billion under the crown retail deposit guarantee scheme. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 14, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/NYIC Golf and Tennis Fundraiser Maplewood Golf Club, Maplewood, N.J. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 20, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Fordham Law School, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Jan. 20-21, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 (tentative) AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 ***