/raid1/www/Hosts/bankrupt/TCRAP_Public/100910.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
Friday, September 10, 2010, Vol. 13, No. 179
Headlines
C H I N A
AGRISOLAR SOLUTIONS: Posts US$31,500 Net Loss in June 30 Quarter
CHINA LOGISTICS: Incurs US$937,300 Net Loss in June 30 Quarter
H O N G K O N G
JATRADE (H.K.): Court Enters Wind-Up Order
JIN FANG: Tam Chun Wan Steps Down as Liquidator
JIUZHOU HK: Court Enters Wind-Up Order
KEEP CLEAN: Court Enters Wind-Up Order
KENMARK INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 20
KENSLAND REALTY: Stephen Briscoe Steps Down as Liquidator
KOOLL INTERNATIONAL: Creditors' Proofs of Debt Due October 6
LEHMAN BROTHERS: HKMA Reports on Minibond Cases
LONG NGAI: Court to Hear Wind-Up Petition on October 6
LONG PANTIUM: Court Enters Wind-Up Order
LONG VACATION: Court Enters Wind-Up Order
LONNIX GARMENTS: Court Enters Wind-Up Order
MANDARIN AUDIO: Court Enters Wind-Up Order
MANIFEST LIMITED: Court Enters Wind-Up Order
MANLUX INVESTMENT: Court Enters Wind-Up Order
MANY LOGISTICS: Court Enters Wind-Up Order
MULTIPIPE RENOVATION: Court to Hear Wind-Up Petition on Sept. 29
NEC TOKIN: Commences Wind-Up Proceedings
NEW TREND: Court Enters Wind-Up Order
PCCW SMATV: Seng and Lo Step Down as Liquidators
P.C.S. SERVICES: Court Enters Wind-Up Order
I N D I A
ADVANCE INDIA: CRISIL Rates INR250 Million Term Loan at 'B-'
BAIT AL: ICRA Assigns 'LBB+' Rating to INR12cr Long Term Loans
BHARAT ELECTRICAL: CRISIL Lifts Rating on Cash Credit to 'BBB-'
BHAGWATI FERRO: CRISIL Reaffirms 'BB+' Rating on INR26MM Term Loan
BHAGWATI STEEL: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
BRIGHTSTAR INFRA: ICRA Assigns 'LBB' Rating to INR29.5cr Bank Debt
CAPTAIN POLYPLAST: CRISIL Reaffirms 'BB-' Rating on INR55MM Credit
DADHEECH INFRA: CRISIL Assigns 'C' Rating to INR95MM Cash Credit
HIGHRISE ROLLER: CRISIL Reaffirms 'BB+' Rating on Cash Credit
INDO UNIQUE: ICRA Assigns 'LBB' Rating to INR22.1cr Bank Debts
KALYANI DEVELOPERS: CRISIL Rates INR100 Million Cash Credit at 'B'
KOYO TECH: ICRA Assigns 'LBB' Rating to INR7cr Bank Facilities
KUMARAGIRI TEXTILES: ICRA Reaffirms 'LB' Rating on INR9.9cr Loan
KUMARAGIRI ELECTRONICS: ICRA Reaffirms 'LB' Rating on Term Loan
MECORDS INDIA: CRISIL Reaffirms 'D' Rating on INR155.2MM Credit
MEHALA CARONA: CRISIL Assigns 'B-' Rating to INR67.2MM LT Loan
PONDICHERRY TEXTILE: CRISIL Assigns 'D' Rating to INR111.5MM Loan
SNC JEWELS: CRISIL Reaffirms 'BB+' Rating on INR70MM Proposed Loan
STERLING SEZ: ICRA Assigns 'LBB+' Rating to INR992cr Term Loan
SURYAVANSHI SPINNING: ICRA Places 'LBB+' Rating on Fund Based Debt
VISHNU CHEMICALS: CRISIL Reaffirms 'D' Ratings on Various Debts
I N D O N E S I A
GARUDA INDONESIA: Plans to Spin Off Citilink Ahead of IPO
J A P A N
* JAPAN: Corporate Bankruptcies Fell 14.26% in August
* Fitch Places 9 Classes of J-CORE15 Trust on RWN
N E W Z E A L A N D
DYNASTY GROUP: Court Proceedings Delayed Until December
KAIAPOI NEW WORLD: To Cut 80 Jobs After Quake Damaged Supermarket
WINDFLOW TECHNOLOGY: Expects Wider Loss for Year Ended June 30
* Fitch Says Too Early to Quantify Impact of Christchurch Quake
* NEW ZEALAND: Quake May Boost Economy Next Year, English Says
P H I L I P P I N E S
PHILIPPINE AIRLINES: Flight Crew Union Files Notice of Strike
* Fitch Assigns 'BB' Rating to Upcoming Debt Issuance
S I N G A P O R E
CARD CENTRE: Fitch Assigns 'BBsf' Rating to Class C Certificates
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=========
C H I N A
=========
AGRISOLAR SOLUTIONS: Posts US$31,500 Net Loss in June 30 Quarter
----------------------------------------------------------------
AgriSolar Solutions, Inc., formerly V2K International, Inc., filed
its quarterly report on Form 10-Q, reporting a net loss of
US$31,461 on US$2.9 million of revenue for the three months ended
June 30, 2010, compared with net income of US$179,657 on
US$965,166 of revenue for the three months ended June 30, 2009.
The Company recognized a US$440,000 loss on extinguishment of debt
for the three months ended June 30, 2010.
As of June 30, 2010, the Company had working capital of
US$1.9 million as compared to a working capital deficit of
US$200,578 at March 31, 2010. The improved working capital
results from an increase in sales activity in the three month
period ended June 30, 2010. For the three months ended June 30,
2010, the Company experienced negative cash flows from operations
of US$837,501. As of June 30, 2010, the Company has an
accumulated deficit of US$1.8 million.
The Company's balance sheet at June 30, 2010, showed US$8.3
million in total assets, US$4.9 million in total liabilities, and
stockholders' equity of US$3.4 million.
As reported in the Troubled Company Reporter on July 20, 2010,
ZYCPA Company Limited, in Hong Kong, China, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its results for the fiscal year ended March 31, 2010.
The independent auditors noted that the Company has incurred
continuous losses.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?6af1
Denver, Colo.-based AgriSolar Solutions, Inc. (OTC BB: AGSO)
through its wholly-owned subsidiary, Shenzhen Fuwaysun Technology
Company Limited, a People's Republic of China corporation, is
engaged primarily in the development, production and sale of solar
products, including a solar insect killer and other products
designed for agricultural and commercial use. The Company's
manufacturing facility is located in Shenzhen, the People's
Republic of China, and a substantial majority of its current sales
and business operations are in China.
The Company was incorporated in the State of Colorado on March 13,
2006, under the name V2K International, Inc. On January 8, 2010,
the Company changed its company name from "V2K International,
Inc." to its current name.
CHINA LOGISTICS: Incurs US$937,300 Net Loss in June 30 Quarter
------------------------------------------------------------
China Logistics Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$937,350 on US$5.8 million of
revenue for the three months ended June 30, 2010, compared with
net income of US$132,387 on US$4.6 million of revenue for the same
period last year.
At June 30, 2010, the Company had working capital of US$209,766
compared to US$163,820 at December 31, 2009, which remained at a
lower level in relation to the Company's working capital needs.
The Company had an accumulated deficit of US$20.5 million at
June 30, 2010.
The Company's balance sheet at June 30, 2010, showed US$6.5
million in total assets, US$6.2 million in total liabilities, and
stockholders' equity of US$234,818.
As reported in the Troubled Company Reporter on April 21, 2010,
Lake & Associates CPA's LLC expressed substantial doubt about the
Company's ability to continue as a going concern, following its
2009 results. The independent auditors noted of the Company's
recurring losses and accumulated deficit.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?6ae9
About China Logistics
Based in Guangzou, P.R. China, China Logistics, Inc., specializes
in logistical services for car manufacturers, car components, food
assortments, chemicals, paper, and machinery in China. The
services cover various aspects of transportation management,
including logistical planning, import and export management,
electronic customs declaration systems, supply chain planning,
transporting products from ports to warehouses or vice versa,
organization of transportation, and storage and distribution of
products.
================
H O N G K O N G
================
JATRADE (H.K.): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 15, 2010, to
wind up the operations of Jatrade (H.K.) Limited.
The company's liquidator is Lau Siu Hung.
JIN FANG: Tam Chun Wan Steps Down as Liquidator
-----------------------------------------------
Tam Chun Wan stepped down as liquidator of Jin Fang Youth
Education Fund Limited on August 26, 2010.
JIUZHOU HK: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 9, 2009, to
wind up the operations of Jiuzhou Hong Kong Trading Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
KEEP CLEAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on July 22, 2010, to
wind up the operations of Keep Clean Washing Limited.
The company's liquidator is Lau Siu Hung.
KENMARK INTERNATIONAL: Creditors' Proofs of Debt Due Sept. 20
-------------------------------------------------------------
Creditors of Kenmark International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 20, 2010, to be included in the company's dividend
distribution.
KENSLAND REALTY: Stephen Briscoe Steps Down as Liquidator
---------------------------------------------------------
Stephen Briscoe stepped down as liquidator of Kensland Realty
Limited on August 26, 2010.
KOOLL INTERNATIONAL: Creditors' Proofs of Debt Due October 6
------------------------------------------------------------
Creditors of Kooll International Consolidated Services Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by October 6, 2010, to be included in the
company's dividend distribution.
The company's liquidators are:
Kong Chi How, Johnson
Lo Siu Ki
25/F, Wing On Centre,
111 Connaught Road Central
Hong Kong
LEHMAN BROTHERS: HKMA Reports on Minibond Cases
-----------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced September 3 that
investigation of over 99% of a total of 21,703 Lehman-Brothers-
related complaint cases received has been completed. These
include:
* 14,165 cases which have been resolved by a settlement
agreement reached under section 201 of the Securities and
Futures Ordinance;
* 2,503 cases which have been resolved through the enhanced
complaint handling procedures required by the settlement
agreement;
* 2,586 cases which were closed because insufficient prima
facie evidence of misconduct was found after assessment or
no sufficient grounds and evidence were found after
investigation;
* 1,741 cases (including minibond cases) which are under
disciplinary consideration after detailed investigation by
the HKMA, of which proposed disciplinary notices are being
prepared in respect of 947 such cases and proposed
disciplinary notices or decision notices have been issued
in respect of the other 794 cases; and
* 536 cases in respect of which investigation work has been
completed and are going through the decision process to
decide whether there are sufficient grounds for
disciplinary actions or whether the cases should be closed
because of insufficient evidence or lack of disciplinary
grounds.
Investigation work is underway for the remaining 170 cases.
A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?6aad
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
LONG NGAI: Court to Hear Wind-Up Petition on October 6
------------------------------------------------------
A petition to wind up the operations of Long Ngai Stainless Steel
Decoration Work Company Limited will be heard before the
High Court of Hong Kong on October 6, 2010, at 9:30 a.m.
LONG PANTIUM: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on January 21, 2010,
to wind up the operations of Long Pantium Holiday Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
LONG VACATION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 9, 2009, to
wind up the operations of Long Vacation Travel Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
LONNIX GARMENTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on October 29, 2008,
to wind up the operations of Lonnix Garments Holding Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
MANDARIN AUDIO: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on August 5, 2010, to
wind up the operations of Mandarin Audio and Video Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
MANIFEST LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on July 30, 2010, to
wind up the operations of Manifest Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
MANLUX INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on August 5, 2010, to
wind up the operations of Manlux Investment (China) Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
MANY LOGISTICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 28, 2010, to
wind up the operations of Many Logistics Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
MULTIPIPE RENOVATION: Court to Hear Wind-Up Petition on Sept. 29
---------------------------------------------------------------
A petition to wind up the operations Multipipe Renovation (HK)
Limited will be heard before the High Court of Hong Kong on
September 29, 2010, at 9:30 a.m.
Sun Fook Kong (Civil) Limited filed the petition against the
company on July 26, 2010.
The Petitioner's solicitors are:
Li & Partners
22nd Floor, World-Wide House
19 Des Voeux Road, Central
Hong Kong
NEC TOKIN: Commences Wind-Up Proceedings
----------------------------------------
Members of NEC Tokin International Procurement (HK) Company
Limited, on August 24, 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
NEW TREND: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 28, 2009, to
wind up the operations of New Trend Telecom Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
PCCW SMATV: Seng and Lo Step Down as Liquidators
------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
PCCW SMATV Limited on August 14, 2010.
P.C.S. SERVICES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on May 27, 2009, to
wind up the operations of P.C.S. Services Company Limited.
The company's liquidator is:
Ng Kwok Wai
Unit A, 14/F., JCG Building
16 Mongkok Road, Mongkok
Kowloon, Hong Kong
=========
I N D I A
=========
ADVANCE INDIA: CRISIL Rates INR250 Million Term Loan at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Advance India
Projects Ltd's bank facilities.
Facilities Ratings
---------- -------
INR250.0 Million Term Loan B-/Stable (Assigned)
The rating reflects AIPL's exposure to risks related to
implementation of its Greenfort project at Noida (Uttar Pradesh),
and AIPL's history of movement of funds within its numerous group
companies for real estate development. AIPL's financial risk
profile and liquidity is expected to remain vulnerable to its
investments in such real estate ventures and cyclicalities in the
real estate sector over the medium term. These rating weaknesses
are partially offset by AIPL's promoters' extensive experience in
the real estate sector, resulting in the successful launch of
various projects and partnerships.
Outlook: Stable
CRISIL believes that AIPL's Greenfort project's construction is on
track and no major time and cost overruns are expected in the
construction of the project. However, the company's credit
profile will be highly dependent on timely completion of the
project, and receipt of the contracted payment from VALS
Developers Pvt Ltd on time. The outlook may be revised to
'Positive' if the Greenfort project is completed well ahead of
schedule and payments from VALS are received. Conversely, the
outlook may be revised to 'Negative' in case there are delays in
project execution or in receiving funds from VALS.
About Advance India
AIPL was incorporated in March 1997 by Mr. Daljeet Singh, Mr.
Harinder Singh, Mr. Gurdeep Singh, and Mr. Rachhpal Singh The
company is engaged in construction and development of commercial
(office spaces and malls) real estate properties in Delhi and
Punjab. AIPL has many subsidiaries, associate companies, and joint
ventures (JVs), which work as special purpose vehicles (SPVs) for
development and management of various real estate projects the
group has engaged in. The company has formed two JVs with
Capitaland Ltd (Singapore) and one with Ambuja Realty Development
Ltd (ARDL).
AIPL is building Greenfort, an IT park in Noida. The project is
being built under Pace Infocom Park Pvt Ltd (Pace), a wholly owned
subsidiary of Hermit Projects Pvt Ltd, which, in turn, is a wholly
owned subsidiary of AIPL. After project completion, AIPL's stake
in Hermit will be acquired by VALS.
AIPL reported a profit after tax (PAT) of INR40 million on net
sales of INR638 million for 2008-09, against a PAT of INR142
million on net sales of INR711 million for 2007-08.
BAIT AL: ICRA Assigns 'LBB+' Rating to INR12cr Long Term Loans
--------------------------------------------------------------
ICRA has assigned an 'A4+' rating to INR5 Crore short term non
fund based facilities and 'LBB+' rating to INR12 Crore long term
fund based facilities of Bait Al Tamur. The long term rating
carries a stable outlook.
The rating takes into account BAT's modest size of operations,
presence in a business which has high competitive pressures from
unorganized players and moderately stretched liquidity profile as
reflected by high working capital utilization. The rating
however, favorably factors in the promoters' experience in the
business and long standing relationships with its diversified
customer base. ICRA also takes into account BAT's improved
operating income and profitability in FY 2010.
About Bait Al Tamur
M/s Bait Al Tamur was incorporated in 1997 as a proprietorship
concern by Mr. Narendra Jamnadas Ashar. The firm is engaged in
the business of importing and reselling wet dates. The firm
imports the products from Dubai and sells them in the domestic
market. The company has its office and warehouse in Navi Mumbai.
Recent results:
BAT recorded a net profit of INR4.45 Crore on an operating income
of INR65.47 Crore for the year ending March 31, 2010 (provisional)
and a net profit of INR1.92 Crore on an operating income of
INR45.03 Crore for the year ending March 31, 2009.
BHARAT ELECTRICAL: CRISIL Lifts Rating on Cash Credit to 'BBB-'
---------------------------------------------------------------
CRISIL has upgraded its ratings on Bharat Electrical Contractors
and Manufacturers Pvt Ltd's bank facilities to 'BBB-/Stable/P3'
from 'BB+/Positive/P4+'.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit BBB-/Stable (Upgraded from
'BB+'; Outlook
revised from
'Positive')
INR200.0 Million Bank Guarantee P3 (Upgraded from 'P4+')
INR60.0 Million Letter of Credit P3 (Upgraded from 'P4+')
The upgrade reflects an improvement in BECMPL's business risk
profile, driven by the company's sizeable order book, robust
increase in operating revenues, and improvement in profitability
supported by strong performance of its joint venture company -
Pratibha and Bharat Associates. The upgrade also reflects
CRISIL's belief that BECMPL shall exhibit sustained performance
over the medium term.
The ratings reflect BECMPL's strong financial risk profile, marked
by low gearing and robust debt protection metrics, and strong
operating efficiency. These rating strengths are partially offset
by BECMPL's dependence on state electricity boards (SEBs) for
revenues and its moderate scale of operations.
Outlook: Stable
CRISIL believes that BECMPL will continue to benefit from its
project execution abilities and its promoters' experience in
electrical component trading business. The outlook may be revised
to 'Positive' if BECMPL improves its debt protection metrics and
increases its operating revenues and cash accruals significantly.
Conversely, the outlook may be revised to 'Negative' if the
company reports lower-than-expected operating revenues and
accruals.
About Bharat Electrical
Incorporated in 2005 by Mr. Shantinath Patil and Ms. Sangeeta
Patil, BECMPL undertakes contracts in erection, installation,
commissioning and maintenance of power lines, and also trades in
fabricated electrical components. BECMPL's office is in Sangli
(Maharashtra). The company has executed projects in Maharashtra,
Karnataka, and Madhya Pradesh. In 2007, Bharat Metal Works, a
partnership firm owned by the Patil family and in the same
business as BECMPL, was merged with BECMPL.
BECMPL reported a profit after tax (PAT) of INR66.40 million on
net sales of INR627.99 million for 2009-10 (refers to financial
year, April 1 to March 31, provisional financials), against a PAT
of INR44.16 million on net sales of INR384.86 million for 2008-09.
BHAGWATI FERRO: CRISIL Reaffirms 'BB+' Rating on INR26MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on Bhagwati Ferro Metal Pvt Ltd's bank facilities
continue to reflect the Bhagwati group's vulnerability to slowdown
in end-user industries?real estate and construction.
Facilities Ratings
---------- -------
INR100 Million Cash Credit BB+/Negative (Reaffirmed)
INR26.0 Million Rupee Term Loan BB+/Negative (Reaffirmed)
INR4.0 Million Bank Guarantee P4+ (Reaffirmed)
The ratings also factor in the group's proposed large, debt-funded
capital expenditure. These weaknesses are partially offset by the
Bhagwati group's established presence in the Maharashtra and
Gujarat markets, efficient working capital management, and the
benefits it derives from the experience of its promoters.
For arriving at the ratings, CRISIL has combined the financials of
BFMPL and Bhagwati Steel Cast Ltd. This is because the two
companies, together referred to as the Bhagwati group, are under a
common management and engaged in similar businesses.
Outlook: Negative
CRISIL believes that the Bhagwati group's credit risk profile will
remain constrained over the medium term by the large debt
contracted to fund ongoing capital expenditure. The outlook may
be revised to Stable if the company commissions the project
without time and cost overruns. Conversely, the rating may be
downgraded if significant cost overruns lead to substantial
deterioration in the group's debt protection measures.
Update
The Bhagwati group's net sales declined marginally by around 3 per
cent in 2009-10 (refers to financial year, April 1 to March 31)
over the previous year, owing to decline in realizations of end
products. The group's operating margin has, however, improved
marginally to around 2.3 per cent from 1.96 per cent, backed by
better operating efficiency.
The group is setting up a 500 tonnes per day furnace at Nashik at
a project cost of INR700 million to be funded in debt-to-equity
ratio of 5:2. The company expects the plant to be commissioned by
April 2011.
About the Group
The Bhagwati group is promoted and managed by Mr. Mahendra Agrawal
and his son, Mr. Amit Burakhia. The group manufactures thermo-
mechanically-treated (TMT) bars; headquartered in Mumbai, it has
manufacturing units in Silvassa and Nashik.
The Bhagwati group reported a profit after tax (PAT) of INR34.7
million on net sales of INR3317.3 million for 2009-10, as against
a PAT of INR25.9 million on net sales of INR3426.9 million for
2008-09.
BHAGWATI STEEL: CRISIL Reaffirms 'BB+' Ratings on Bank Debts
------------------------------------------------------------
CRISIL's ratings on Bhagwati Steel Cast Ltd's bank facilities
continue to reflect the Bhagwati group's vulnerability to slowdown
in end-user industries?real estate and construction. The ratings
also factor in the group's proposed large, debt-funded capital
expenditure. These weaknesses are partially offset by the
Bhagwati group's established presence in the Maharashtra and
Gujarat markets, efficient working capital management, and the
benefits it derives from the experience of its promoters.
Facilities Ratings
---------- -------
INR135.0 Million Cash Credit BB+/Negative (Reaffirmed)
INR17.0 Million Standby Line BB+/Negative (Reaffirmed)
of Credit
INR12.2 Million Rupee Term Loan BB+/Negative (Reaffirmed)
INR30.0 Million Letter of Credit P4+ (Reaffirmed)
and Bank Guarantee
For arriving at the ratings, CRISIL has combined the financials of
BSCL and Bhagwati Ferro Metal Pvt Ltd. This is because the two
companies, together referred to as the Bhagwati group, are under a
common management and engaged in similar businesses.
Outlook: Negative
CRISIL believes that the Bhagwati group's credit risk profile will
remain constrained over the medium term by the large debt
contracted to fund ongoing capital expenditure. The outlook may
be revised to Stable if the company commissions the project
without time and cost overruns. Conversely, the rating may be
downgraded if significant cost overruns lead to substantial
deterioration in the group's debt protection measures.
Update
The Bhagwati group's net sales declined marginally by around 3 per
cent in 2009-10 (refers to financial year, April 1 to March 31)
over the previous year, owing to decline in realizations of end
products. The group's operating margin has, however, improved
marginally to around 2.3 per cent from 1.96 per cent, backed by
better operating efficiency.
The group is setting up a 500 tonnes per day furnace at Nashik at
a project cost of INR700 million to be funded in debt-to-equity
ratio of 5:2. The company expects the plant to be commissioned by
April 2011.
About the Group
The Bhagwati group is promoted and managed by Mr. Mahendra Agrawal
and his son, Mr. Amit Burakhia. The group manufactures thermo-
mechanically-treated (TMT) bars; headquartered in Mumbai, it has
manufacturing units in Silvassa and Nashik.
The Bhagwati group reported a profit after tax (PAT) of INR34.7
million on net sales of INR3317.3 million for 2009-10, as against
a PAT of INR25.9 million on net sales of INR3426.9 million for
2008-09.
BRIGHTSTAR INFRA: ICRA Assigns 'LBB' Rating to INR29.5cr Bank Debt
------------------------------------------------------------------
ICRA has assigned "LBB" to the INR 29.5 crores Fund Based bank
limits of Brightstar Infrastructure Private Limited. The long
term rating has been assigned a stable outlook.
While assigning the rating, ICRA has taken into consideration
BIPL's strong parentage (Ruchi Group and Sun Apollo Real Estate
Fund), low approval risk, clear title on the land, and the fact
that it is the biggest township being constructed in Bhopal. The
rating is, however, constrained by BIPL's limited track record in
the real estate sector which along with the fact that the project
is in the initial construction phase leads to execution risks.
Moreover, considering the cyclical real estate demand, BIPL is
exposed to market risk in its un-booked area which can increase
the funding requirement of the project as majority of the
construction cost is expected to be met from customer advances.
ICRA has also taken note of the current access road to the project
site which is quite narrow and has slum developments on certain
patches and also the proposed access road in future which is
currently undeveloped. Going forward, BIPL's ability to maintain
its sales momentum, meet its construction completion schedule, as
well as ensure timely collections from the existing bookings would
be the key rating sensitivities.
About Brightstar Infrastructure
BIPL is an SPV incorporated in FY 2006 and is promoted by Ruchi
Realty Holdings Ltd. (RRHL) and Sun Apollo Real Estate Fund LLC in
a 55:45 joint venture respectively. The SPV is developing a
residential township, named Ruchi Lifescapes in Bhopal spread over
~85 acres of land. The township consists of 1,439 housing units
having various specifications and other amenities like club house,
shopping mall, office complexes, school, dispensary etc. It is
being constructed in the Jatkhedi Village, Bhopal. BIPL has
secured the mandatory approvals for this and the construction work
is in progress. The project is expected to be completed by FY
2014.
CAPTAIN POLYPLAST: CRISIL Reaffirms 'BB-' Rating on INR55MM Credit
------------------------------------------------------------------
CRISIL's ratings on Captain Polyplast Ltd's bank facilities
continue to reflect CPPL's weak financial risk profile, marked by
small net worth and below-average debt protection metrics, and
large working capital requirements and susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by CPPL's established market position in the fast-growing micro
irrigation systems industry in Gujarat.
Facilities Ratings
---------- -------
INR55.00 Million Cash Credit Facility BB-/Stable (Reaffirmed)
INR25.00 Million Letter of Credit P4+ (Reaffirmed)
INR20.00 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that CPPL will continue to increase its sales and
benefit from the expected growth in the demand for modern
irrigation techniques and its expansion into newer geographies in
India. The outlook may be revised to 'Positive' if CPPL improves
its profitability backed by its new installed in-house capacities
of polyvinyl chloride (PVC) pipes, which were earlier sourced from
outside. Conversely, the outlook may be revised to 'Negative' if
the company's capital structure deteriorates materially, driven by
incremental working capital requirements, or capacity expansion
plans.
About Captain Polyplast
Incorporated in 1997, CPPL manufactures micro irrigation systems,
including sprinkler, drip, and mini-sprinkler irrigation systems.
It also manufactures high-density polyethylene (HDPE) pipes,
linear low-density polyethylene (LLDPE) pipes and PVC pipes. The
company is promoted by Mr. Ramesh Khichadia. Its plant is located
in Rajkot (Gujarat).
CPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR372.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 4.7 million on net
sales of INR228.3 million for 2008-09.
DADHEECH INFRA: CRISIL Assigns 'C' Rating to INR95MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to Dadheech Infrastructures
Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR95.0 Million Cash Credit Limit C (Assigned)
INR30.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect delays by DIPL in repayment of equipment loans
from various infrastructure finance companies on account of
stretched liquidity.
DIPL's track record in the civil construction industry is short,
and its scale of operations remains small. DIPL also has an
average financial risk profile, marked by high gearing and small
net worth. DIPL has tied up with renowned infrastructure
companies, which is expected to ensure a healthy inflow of orders.
Incorporated in 2007 by Mr. Sanjeev Kumar Sharma, DIPL is a civil
contractor. DIPL undertakes residential and mining projects in
Orissa. The company has tied up with RDB Industries Ltd (RDB) and
MBL Infrastructures Ltd, for which it works as a sub-contractor.
DIPL is currently executing four government projects and is
expected to deliver its first project by July 2010.
DIPL reported a profit after tax (PAT) of INR3.6 million on net
sales of INR124 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.0 million on net sales
of INR109 million for 2007-08.
HIGHRISE ROLLER: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's ratings on Highrise Roller Flour Mills Pvt Ltd bank loan
facilities continue to reflect HRFM's susceptibility of its
operating margins to fluctuations in raw material prices, its low
net worth, low pricing power and small scale of operations. These
rating weaknesses are partially offset by the company's moderate
business risk profile marked by longstanding relationships with
established clients, and it's prudent inventory management.
Facilities Ratings
---------- -------
INR80 Million Cash Credit Limits BB+/Stable (Reaffirmed)
INR10 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that HRFM will maintain a stable business risk
profile over the medium term, backed by its established
relationships with its customers. The outlook could be revised to
'Positive' if the company improves its operating margin
significantly or improvement in capital structure through equity
infusion. Conversely, the outlook could be revised to 'Negative'
if the company fails to maintain its margin at current levels, or
undertakes larger-than-expected debt-funded capital expenditure.
Update
HRFM's operating income is estimated to decline 8.2 per cent in
2009-10 (refers to financial year, April 1 to March 31) due to
decline in trading activity. The company's operating margin is
expected to improve to around 2.3 per cent in 2009-10 as compared
to 2008-09; however, in line with the past levels of 2.3-2.6 per
cent during 2005-08. The company successfully commissioned its
rice mill unit of 57,600 tonnes per annum (tpa) milling capacity
in February 2010 at an estimated cost of INR58 million. The
project was funded by term loan of INR25 million and the repayment
to commence from December 2010. It also does not have any debt-
funded capex plans over the medium term. Further, the company's
bank limit utilization was utilized to an extent of 32 per cent
for 12 months ending March 2010. The company's gearing increased
to 1.19 times in 2009-10 as compared to 0.54 times in 2008-09.
CRISIL believe that the company will generate adequate cash
accruals to repay the maturing debt obligations over the medium
term.
HRFM is estimated to report a profit after tax of INR45 million on
an operating income of INR620 million for 2009-10. HRFM reported a
profit after tax (PAT) of INR4.3 million on an operating income of
INR676 million for 2008-09, as against a PAT of INR5.2 million on
operating income of INR591 million for 2007-08.
About Highrise Roller
Incorporated in 1987, HRFM is closely held and managed by the
Saboo family. HRFM commenced commercial wheat processing
operations in 1989, and since then, has diversified into the
business of roller flour mills. Highrise's milling facility at
Shibrampur in West Bengal has an installed capacity of 84,000
tonnes per annum. Its rice mill unit was commissioned in February
2010 and the rice is sold majority to Food Corporation of India
(FCI).
INDO UNIQUE: ICRA Assigns 'LBB' Rating to INR22.1cr Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB' and 'A4' rating to the INR 22.10 Crore
bank facilities of Indo Unique Trading Private Limited. The
outlook assigned to the long term rating is "Stable".
The ratings reflect IUTPL's weak financial risk profile
characterised by low profit margins, adverse capital structure and
stretched liquidity position because of high receivables. The
company has suffered a drop in revenues in the last two fiscals
following the demand slowdown for cut and polished diamonds in the
key consuming markets along with the company's exposure to adverse
fluctuations in exchange rates. The company's high dependence on
a single customer for a significant portion of the total revenues
also remains a concern. The ratings however favorably factor in
the experience of the promoters in the gems & jewellery business
and the operational backing from the group concerns engaged in
similar line of business.
About Indo Unique
Promoted by Mr. Kedia, Indo Unique Trading Pvt Ltd commenced
business in 1971. IUTPL is engaged in trading of rough and
polished diamonds. The company does not have a manufacturing
facility of its own and gets the diamonds polished on job work
basis. IUTPL has a marketing office in Mumbai. IUTPL trades in
diamonds of size ranging from 10 cents to 5 carats.
Recent Results
IUTPL recorded a net profit of INR0.46 Cr on an operating income
of INR45.53 Cr for the year ended March 31, 2010 (unaudited
figures) and net profit of INR0.47 Cr on an operating income of
INR 50.98 Cr for the year ending March 31, 2009.
KALYANI DEVELOPERS: CRISIL Rates INR100 Million Cash Credit at 'B'
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Kalyani Developers. The rating reflects Kalyani's
weak financial risk profile marked by high gearing, and
significant client and geographical concentration in its revenue
profile.
Facilities Ratings
---------- -------
INR100 Million Cash Credit B/Stable (Assigned)
Outlook: Stable
CRISIL believes that the ability of Kalyani to meet its debt
obligations on time will depend upon the timely receipt of lease
rentals. The 'Stable' outlook is driven by the firm's demonstrated
track record of meeting its debt obligations since November 2009,
aided by the definitive three-year lease agreement with Delphi
India. The outlook could be revised to 'Positive' in case of
improvement in the firm's capital structure and liquidity.
Conversely, the outlook could be revised to 'Negative' if there is
unexpected/early termination of the existing lease contracts,
leading to a decline in its cash accruals, and/or in case Kalyani
aggressively undertakes new projects, leading to deterioration in
its capital structure and debt protection measures.
About Kalyani Developers
Kalyani was incorporated in 2005 by Mr. S Anantha Raju and his son
Mr. A Mohan Raju to develop and lease commercial real estate
properties in Bengaluru (Karnataka). The firm currently owns an
office space of 28,000 square feet (sq ft) to be provided on lease
to Honeywell Automation India Ltd at a rental of INR62 per sq ft
from August 2010. It is also earning lease rental from Delphi
India for providing the office fit out for an area of 120,000 sq
ft at a rate of INR36 per sq ft since April 2009.
Kalyani also undertakes construction activity for its group
companies on a contract basis. Currently, the firm is executing
orders worth INR1.58 billion received from its group companies,
Kalyani Techpark Pvt Ltd and Kristi Techpark Pvt Ltd. Under these
contracts, the firm is developing an office space of 1.3 million
sq ft. Construction segment contributed 79.5 per cent of total
revenue in 2009-10 (refers to financial year, April 1 to
March 31).
For 2008-09, Kalyani reported a profit after tax (PAT) of INR10
million on net revenues of INR387 million, against a PAT of INR1
million and net revenues of INR230 million for the previous year.
KOYO TECH: ICRA Assigns 'LBB' Rating to INR7cr Bank Facilities
--------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR7.00 crore fund based
facilities of Koyo Tech Electro Private Limited. ICRA has also
assigned an 'A4' rating to INR3.00 crore non-fund based facilities
of KTEPL. The outlook on the long-term rating is Stable.
The assigned ratings are constrained by KTEPL's relatively small
scale of operations which limits economies of scale and financial
flexibility; low profitability due to limited value addition
involved in the manufacturing process and stretched debt coverage
indicators. As the company commenced operations from September
2009, the track record of the company is limited; however the
company benefits from significant experience of the promoters in
the industry. The ratings favorably factor in the strong
association of the company with Polar, which is an established
brand in the domestic market, fiscal incentives on account of
presence in Uttarakhand which provides competitive advantage
and moderate gearing. ICRA notes that commencement of some of the
value added manufacturing operations in-house might result in
improvement in operating profitability going forward. The ratings
also take into account the favorable growth prospects of the
industry given the revival in the housing segment, growth in the
replacement market due to rising disposable income and increasing
brand consciousness among the customers
About Koyo Tech
KTEPL was incorporated in June 2009 and is engaged in
manufacturing of ceiling and table fans for Polaron Marketing
Ltd., which is the distributor of Polar fans and electrical
appliances. KTEPL is promoted by PML and other promoters of PML
and thus serves as a captive manufacturing unit for PML. KTEPL
has two leased manufacturing units in Roorkee district of
Uttarakhand. One of the units commenced production from September
2009 with assembling of ceiling fans and the second unit commenced
production from March 2010 for assembling of table fans.
KUMARAGIRI TEXTILES: ICRA Reaffirms 'LB' Rating on INR9.9cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the 'LB' rating outstanding on the INR9.9
crore term loan facilities and the INR4.0 crore fund based
facilities of Kumaragiri Textiles Limited. ICRA has also re-
affirmed the 'A4' rating outstanding on the INR4.3 crore non-fund
based facilities of KTL.
The re-affirmation of ratings considers KTL's weak financial
profile characterized by very high gearing and stretched coverage
metrics. The ratings also consider the small scale of KTL's
operations and the susceptibility of the Indian textile industry
to competition from other low cost countries. The ratings however
consider the experience of promoters in textile industry spanning
over thirty years.
KTL was incorporated in 1980 with an installed capacity of 27,606
spindles and 600 rotors and is primarily engaged in the production
of cotton yarn. The Company's production facility is located at
Dharmapuri, Tamil Nadu. KTL is closely held by the promoter and
their relatives/friends. KTL produces combed warp yarn, with a
presence in higher count segment ranging from 66s to 82s. KTL
sells mainly in the domestic market through agents. KTL installed
an 800 KW windmill near Chinna Puthur in Tamil Nadu for captive
power consumption in the year 2006-07.
Recent Results
The company has reported profit after tax of INR0.5 crore on
operating income of INR30.3 crore for the year ended March 31,
2010.
KUMARAGIRI ELECTRONICS: ICRA Reaffirms 'LB' Rating on Term Loan
---------------------------------------------------------------
ICRA has re-affirmed the 'LB' rating outstanding on the INR7.6
crore term loan facilities and the INR3.5 crore fund based
facilities of Kumaragiri Electronics Limited. ICRA has also re-
affirmed the 'A4' rating outstanding on the INR4.0 crore non-fund
based facilities of KEL.
The re-affirmation of ratings considers KEL's small scale of
operations, which restrict scale economics and financial
flexibility. The ratings also consider KEL's highly geared
capital structure and the weak financial profile of its group
company, Kumaragiri Textiles Limited (rated LB/A4 by ICRA). The
Indian textile industry is highly fragmented with surplus
capacities and is susceptible to competition from other low-cost
countries. The ratings however consider the experience of
promoters in textile industry spanning over thirty years.
About Kumaragiri Textiles
Incorporated in 1986, KEL is presently engaged in producing cotton
yarn. Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
Company presently has an installed capacity of 28,000 spindles.
KEL is closely held by the promoter and their relatives / friends.
The Company has manufacturing facilities located at Dharmapuri,
Tamil Nadu. KEL produces combed warp yarn and has presence in the
higher count ranges of yarn, ranging from 60s to 80s count. KEL
installed a 600 KW windmill near Panagudi in Tamil Nadu for
captive power consumption in the year 2004-05.
Recent Results
The company has reported profit after tax of INR2.1 crore on
operating income of INR30.6 crore for the year ended March 31,
2010.
MECORDS INDIA: CRISIL Reaffirms 'D' Rating on INR155.2MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mecords India Ltd
continue to reflect MIL's delays in servicing its term loan
instalments. The delays have been caused by MIL's weak liquidity.
Facilities Ratings
---------- -------
INR155.2 Million Cash Credit D (Reaffirmed)
INR39.8 Million Letter of Credit P5 (Reaffirmed)
INR2.50 Million Bank Guarantee P5 (Reaffirmed)
MIL has weak financial risk profile, small scale of operations,
and large working capital requirements. The company, however,
continues to benefit from its established clientele and promoters'
experience in the industrial fabric business.
Update
MIL generated an operating income of INR647.1 million in the
eighteen month ended March 31, 2010. The company has good near-
term revenue visibility, reflected in its order book of about
INR640 million for the next 18 months. Its operations are highly
working-capital-intensive; its liquidity is weak because of large
incremental working capital requirements and large debt repayment
obligations. MIL company had contracted term loans of Industrial
Development Bank of India (IDBI; the loans were transferred to
Stressed Assets Stabilization Fund) and of Industrial Investment
Bank of India (loans transferred to Industrial Finance Corporation
of India IFCI). MIL defaulted on these loans because of its weak
liquidity. The company has entered into a one-time settlement for
the IDBI loan and has started repaying the same. However, it is
yet to enter into a settlement for the IFCI loan and has not yet
started repaying the loan. MIL's liquidity is expected to remain
weak; its bank limits are also expected to remain highly utilised
over then medium term.
About Mecords India
Set up in 1994 by the Mehta family of Mumbai. MIL (formerly Mehta
Cords Pvt Ltd) manufactures chafer, liner, filter, and other
industrial fabrics, which are used mainly in the tyre industry.
MIL's unit, located in Tarapur (Maharashtra), has capacity to
manufacture about 1600 tonnes of industrial fabrics per annum.
MIL reported a profit after tax (PAT) of INR29.0 million on net
sales of INR634.6 million for eighteen months ended March 31,
2010, against a PAT of INR17.4 million on net sales of INR388.8
million for 2007-08 (refers to financial year, October 1 to
September 30).
MEHALA CARONA: CRISIL Assigns 'B-' Rating to INR67.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Mehala Carona Textiles Pvt Ltd, which is part of the
Mehala group.
Facilities Ratings
---------- -------
INR67.20 Million Long Term Loan B-/Stable (Assigned)
INR340.00 Million Cash Credit B-/Stable (Assigned)
INR25.00 Million Packing Credit P4 (Assigned)
INR65.00 Million Short Term Loan P4 (Assigned)
INR60.00 Million Letter of Credit P4 (Assigned)
INR10.10 Million Bank Guarantee P4 (Assigned)
The ratings reflect the Mehala group's weak financial risk
profile, marked by high gearing, average net worth, and weak debt
protection metrics, and susceptibility to volatility in raw
material prices and to power shortage. These rating weaknesses
are partially offset by the Mehala group's established position in
the textile cotton yarn market and its promoters' industry
experience.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MCT and Dharani Textiles Pvt Ltd. This
is because MCT and DTPL, together referred to as Mehala group, are
in the same line of business, have close intra-group operational
and financial linkages, including fungible cash flows, and are
under a common management.
Outlook: Stable
CRISIL believes that the Mehala group will continue to benefit
from its established market position in the cotton textile yarn
market over the medium term. The outlook may be revised to
'Positive' if the group's capital structure and debt protection
metrics improve considerably from current levels. Conversely, the
outlook may be revised to 'Negative' if the group undertakes a
larger-than-expected debt-funded capital expenditure programme, or
reports a significant decline in revenues and margins.
About Mehala Carona
MCT was established in 1994; it is based in Tirupur, Tamil Nadu
and was promoted by Mr. R. Doraisamy. The company manufactures
hosiery yarn. Its unit has 30,912 spindles and 32 knitting
machines. Established in 2005, DTPL manufactures cotton yarn, with
an installed capacity of 38,000 spindles.
The Mehala group reported, on provisional basis, a profit after
tax (PAT) of INR13.00 million on net sales of INR1.40 billion for
2009-10 (refers to financial year, April 1 to March 31); it
reported a net loss of INR26.00 million on net sales of INR1.24
billion for 2008-09.
PONDICHERRY TEXTILE: CRISIL Assigns 'D' Rating to INR111.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Pondicherry Textile
Corporation Ltd's bank facilities.
Facilities Ratings
---------- -------
INR111.50 Million Working Capital D (Assigned)
Demand Loan
INR27.00 Million Cash Credit D (Assigned)
INR45.00 Million Packing Credit P5 (Assigned)
INR6.00 Million Bills - Inland P5 (Assigned)
INR21.00 Million Bills - Foreign P5 (Assigned)
INR25.20 Million Letter of Credit P5 (Assigned)
INR15.50 Million Letter of Guarantee P5 (Assigned)
The ratings reflect delay by PTCL in servicing its term loan,
frequent instances of the company overdrawing its cash credit
limits, and the company's delay in interest payments for the
working capital demand loan. The delays have been caused by PTCL's
weak liquidity.
PTCL has a weak financial risk profile and has low operating
margin because of obsolete machinery and low capacity utilisation
at its plant. PTCL, however, benefits from support, in the form
of equity infusion and grants, extended by the Government of
Puducherry (GoP).
About Pondicherry Textile
PTCL was set up in the 1898 in the UK as a joint stock company
under the name Rodier Mills. It was renamed as Anglo French
Textiles in 1956. Anglo French Textiles was closed in 1983 because
of persistent labour unrest and obsolete equipment. PTCL, an
undertaking of GoP, took over Anglo French Textiles in 1986.
PTCL has an integrated facility for converting cotton to
garments/made-ups. The mill has five units, A, B, C, H, and B5 in
Puducherry, with a combined installed capacity of 27,568 spindles
and 980 looms, spread over 50 acres. The H and B5 are garment
units, which can produce 8000 pieces of garments and 5600 pieces
of made-ups per day. Currently, the capacity utilization is very
low because of lack of working capital funds and outdated
machinery.
PTCL reported a net loss of INR423.5 million on net sales of
INR310.2 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR440.9 million on net sales of
INR422.1 million for 2007-08.
SNC JEWELS: CRISIL Reaffirms 'BB+' Rating on INR70MM Proposed Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of SNC Jewels Pvt Ltd
continue to reflect SNC Jewels' high concentration of sales in the
US market, and its small scale of operations and net worth. These
rating weaknesses are partially offset by SNC Jewels' promoters'
experience in the gems and jewellery business, and the company's
healthy financial risk profile.
Facilities Ratings
---------- -------
INR70.0 Million Proposed LT Loan BB+/Stable (Reaffirmed)
INR35.0 Million Export Packing Credit P4+ (Reaffirmed)
INR80.0 Million Post-Shipment Credit P4+ (Reaffirmed)
INR25.0 Million Gold Loan P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that SNC Jewels will maintain its financial risk
profile over the medium term on the back of moderate cash
accruals. The outlook may be revised to 'Positive' in case of a
significant increase in the company's scale of operations and net
worth, leading to sustained improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SNC Jewels' profitability deteriorates significantly, thereby
adversely affecting its cash accruals, or its capital structure
deteriorates because of large debt-funded capital expenditure
(capex).
Update
During 2009-10 (refers to financial year, April 1 to March 31),
SNC Jewels' sales increased by 60 per cent to INR573 million from
INR358 million in 2008-09. This has been driven by normalisation
of activity for the company which had consciously reduced sales
turnover during the recession. The company has 35 active
customers as on date, against 5 in 2006-07. Its operating margin
reduced during 2009-10 to 6.5 per cent from 14.1 per cent in 2008-
09 with the company entering lower-price segments. Its margins
declined also because of liquidation of older higher-priced
inventory at lower prices.
SNC Jewels' financial risk profile, however, remained healthy with
low gearing and healthy debt protection metrics. Gearing was less
than 1 time as on March 31, 2010; net cash accruals to total debt
and interest coverage were 0.13 times and 4.25 times respectively.
SNC Jewels reported a profit after tax (PAT) of INR24 million on
net sales of INR573 million for 2009-10, against a PAT of INR39
million on net sales of INR358 million for 2008-09.
About SNC Jewels
SNC Jewels was established in 2002 by Mr. Amish R Jhaveri and Mr.
Aditya V Choksi for exporting diamond-studded gold jewellery. The
Jhaveri family's 70 per cent ownership in SNC Jewels was purchased
by the Choksi and the Sagar families in April 2010. The Choksi
and Sagar families have been in the business of gems and jewellery
for over three decades. The company catered only to the US gems
and jewellery market till recession hit the market. Thereafter,
SNC Jewels started marketing its products in Europe and the Middle
East. Sales to the US market accounted for 95 per cent of SNC
Jewels' total sales in 2009-10.
STERLING SEZ: ICRA Assigns 'LBB+' Rating to INR992cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to INR992 cr term
loan facility of Sterling SEZ & Infrastructure Ltd. Further, ICRA
has assigned a stable outlook to the long-term rating of the
company.
The rating is constrained because of significant market risk of
the proposed multi product SEZ park coupled with uncertainty in
demand due to proposed discontinuation of tax benefits to SEZ
parks. Further, the rating takes factors in slow off-take in lease
tie ups, the long gestation nature of the project with back-ended
cash flows, remaining equity still to be infused and lack of
previous experience of the group in development and selling of
large format projects. Nevertheless the rating takes comfort from
the attractive location of the park, low approval risk coupled
with advanced stage of development in processing zone, tie-up of
debt facility and comfortable repayment schedule.
The term loan is to be repaid over 11 years door-to-door including
54 months of moratorium period. The interest during construction
period is being financed as part of the project cost. The
epayment of principal is expected to commence from Q1 of 2012-13
in 28 equal quarterly instalments of INR35.4 cr each.
About Sterling SEZ
Sterling SEZ & Infrastructure Ltd is part of Sterling Group
promoted by Mr. Nitin Sandesara and Mr. Chetan Sandesara. The
flagship company of Sterling Group - Sterling Biotech Ltd is the
largest share holder with 19.5% stake followed by Blue-mark
Mercantile Pvt. Ltd at 12.5% and other Sterling Group entities.
SSIL is developing a Multi Product SEZ in Bharuch district of
Gujarat over 3120 acres of contiguous land parcel. While 64% of
the total area is represented by the processing zone, the balance
36% is to be developed as non-processing zone. The estimated
project cost of INR1781 cr is to be funded by debt and equity
(including lease premium) in the ratio of 1.25:1. The cumulative
project cost incurred as on July 31, 2010 was INR1,333 cr which
was 75% of the total project cost.
SURYAVANSHI SPINNING: ICRA Places 'LBB+' Rating on Fund Based Debt
------------------------------------------------------------------
ICRA has assigned 'LBB+' rating to INR76.56 crore fund based
facilities of Suryavanshi Spinning Mills Ltd. ICRA has also
assigned an 'A4+' rating to INR17.00 crore non-fund based
facilities of SVSML. The outlook on the long-term rating is
Stable.
The assigned ratings are constrained by SVSML's relatively weak
financial profile with volatility in operating margins, low
profitability and high gearing. The losses incurred by SVSML in
two consecutive years (FY 08 and FY 09) coupled with increase in
total debt had led to increase in gearing. ICRA notes that the
operating losses in FY 09, is because of the increase in Minimum
Support Price (MSP) by 40% and the inability of SVSML to pass it
on to customers. Whereas in FY 08, the losses incurred by SVSML,
were because of labor and power irregularities. Many new entrants
who previously postponed their plans in the last two years because
of unfavorable market conditions (low realization price and high
input price) are now contemplating to setup new units. Hence this
business is susceptible to new capacity additions in the industry.
SVSML faces high competitive intensity primarily due to fragmented
nature of the industry.
The ratings draw comfort from the integrated nature of operations
of SVSML coupled with its diversified product portfolio comprising
of blended, synthetic and cotton yarn along with garments. The
foray of SVSML into garment manufacturing in 2007 is seen as a
positive because of the favorable impact it has on the margins.
Garment business provides higher margins when compared to yarn.
Also, in case of yarn there is an element of uncertainty with
respect to the determination of Minimum support price for cotton
by the government which is not the same in case of garments. The
strong farmer base which SVSML developed over a period of time is
considered as a positive. The ratings factor in the significant
experience of the promoters in the manufacturing of garments and
knitted fabric and the improved demand prospect in the textile
industry.
About Suryavanshi Spinning
SVSML was established in 1978 and is engaged in the production of
yarn and garments. It has an installed capacity of 98,288
spindles in case of yarn and 20 lakh pieces in case of garments.
SVSML has three spinning units at Bhongir (AP), Aliabad (AP) and
Rajna (MP). Out of the 98,288 spindles, 32,976 spindles produce
blended (P/C) and synthetic ? both polyester and poly viscose.
The remaining 65,312 spindles are used for production of cotton
yarn.
VISHNU CHEMICALS: CRISIL Reaffirms 'D' Ratings on Various Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishnu Chemicals Ltd
continue to reflect delays by VCL in servicing its term loan. The
delays have been caused by VCL's weak liquidity.
Facilities Ratings
---------- -------
INR773.9 Million Long-Term Loan D (Reaffirmed)
INR400.0 Million Cash Credit D (Reaffirmed)
INR26.1 Million Proposed Long-Term D (Reaffirmed)
Bank Loan Facility
INR50.0 Million Line of Credit P5 (Reaffirmed)
INR700.0 Million Letter of Credit P5 (Reaffirmed)
INR100.0 Million Bank Guarantee P5 (Reaffirmed)
VCL has a weak financial risk profile, marked by high gearing and
weak debt protection measures. The company, however, benefits
from its contract manufacturing agreement with the BASF group for
global sales.
VCL, promoted by Mr. Ch Krishna Murthy, manufactures sodium
bichromate and its by-products. The company has manufacturing
units at Kazipalli (near Hyderabad), Bhilai, and Vishakhapatnam.
VCL exported about 20 per cent of its sales in 2009-10 (refers to
financial year, April 1 to March 31).
For 2009-10, VCL reported a profit after tax (PAT) of INR 16.10
million on net sales of INR2.01 billion, against a net loss of
INR75.00 million on net sales of INR1.27 billion for 2008-09.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Plans to Spin Off Citilink Ahead of IPO
---------------------------------------------------------
Garuda Indonesia is considering spinning off its sputtering low-
cost subsidiary Citilink Indonesia into a separate company, The
Jakarta Globe reports citing Muhammad Said Didu, secretary to the
state-owned enterprises minister.
Mr. Didu said Garuda was hoping to reduce the burden Citilink was
putting on its bottom line.
"Citilink is struggling to turn a profit," Jakarta Globe quoted
Mr. Didu as saying. "Competition in the low-cost carrier sector
is quite tough. Garuda should spin off Citilink and focus on
improving its performance ahead of its IPO."
In February, Garuda announced plans for an IPO by mid-year, but
the share sale has been pushed back and is now expected in
November.
The Troubled Company Reporter-Asia Pacific reported on Aug. 11,
2010, that Garuda Indonesia had completed the restructuring of
US$76 million of debts to state oil and gas company PT Pertamina,
in the airline's latest move to help ease its debt burden.
Garuda has also completed a debt restructuring negotiation with
its biggest creditor, the state lender Bank Mandiri.
Garuda received IDR1 trillion from the government in 2006 to help
it keep flying and has been negotiating with bondholders since
2007 over notes that weren't redeemed, according to Bloomberg
News.
About Garuda Indonesia
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations. Under its
Citilink brand, it serves 10 other domestic routes. Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.
=========
J A P A N
=========
* JAPAN: Corporate Bankruptcies Fell 14.26% in August
-----------------------------------------------------
Kyodo News, citing Tokyo Shoko Research, reports that the number
of corporate bankruptcies in August fell 14.26% from a year
earlier to 1,064 for the 13th consecutive month of year-on-year
decline. The debts left behind by failed firms fell below the
JPY200 billion level for the first time in 19 years and 10 months,
the report says.
Kyodo News relates the research agency said liabilities
accompanying the corporate failures sank 33.52% to JPY188.92
billion due to government stimulus measures as well as business
improvements, mainly major firms expanding their exports to
vigorous emerging countries.
The research company also noted that failures with liabilities of
more than JPY10 billion were not reported for the first time since
the bubble economy period of September 1990, according to Kyodo
News.
* Fitch Places 9 Classes of J-CORE15 Trust on RWN
-------------------------------------------------
Fitch Ratings has placed nine trust beneficiary interests or
asset-backed loans of J-CORE15 Trust due July 2013 on Rating Watch
Negative. The transaction is a Japanese single-borrower type CMBS
securitization. The rating actions are:
JPY6.7 billion* Class A1 TBIs 'AAAsf'; placed on RWN;
JPY14.6 billion* Class A1 ABL 'AAAsf'; placed on RWN;
JPY14.7 billion* Class A2 TBIs 'AAsf'; placed on RWN;
JPY1.0 billion* Class A2 ABL 'AAsf'; placed on RWN;
JPY8.0 billion* Class B TBIs 'BBBsf'; placed on RWN;
JPY6.6 billion* Class D ABL 'Bsf'; placed on RWN;
JPY3.0 billion* Class E TBIs 'B-sf'; placed on RWN;
JPY1.4.billion* Class F TBIs 'CCCsf'; placed on RWN;
Recovery Rating of 'RR5'; and
JPY4.0 billion* Class F ABL 'CCCsf'; placed on RWN; Recovery
Rating of 'RR5'.
*as of September 8, 2010
Class X TBIs (interest-only), rating of 'AAAsf' with Stable
Outlook has been withdrawn.
The RWN status reflects Fitch's concern that the single collateral
property backing this transaction may have significantly declined
in value. Recent market rents applicable to the property have
decreased further than Fitch's previous expectations. Since the
current main tenant of the subject property has declared its
intention to move out, expected recovery amounts from the property
will be affected by the potential rent the new tenants would pay,
and this may vary depending on the leasing and disposition
strategy that will be initiated by the asset manager of this
transaction.
Fitch expects to resolve the RWN status within two months,
following a review of the subject property through an interview to
be held with the asset manager.
The rating on the dividend-only Class X TBIs, which only addresses
the likelihood of receiving dividends while principal on the
related classes remains outstanding, has been withdrawn. For
additional information, please see the rating action commentary,
entitled "Fitch Revises Practice for Rating IO & Pre-Payment
Related Structured Finance Securities", dated 23 June 2010.
Fitch assigned initial ratings to this transaction in July 2008.
The transaction is a securitization of a TMK Bond purchased by
Deutsche Bank AG, Tokyo branch. The bond is backed by a Class A
office building -- the Shinsei Bank Head Office Building, located
in Chiyoda-ku, Tokyo.
====================
N E W Z E A L A N D
====================
DYNASTY GROUP: Court Proceedings Delayed Until December
-------------------------------------------------------
The New Zealand Press Association reports that Dynasty Group owner
May Wang has again had court proceedings delayed in relation to
her failed property and hotel business.
NZPA relates Ms. Wang has pleaded not guilty to three charges
under the Companies Act brought on by the Ministry of Economic
Development. These charges are:
* failing to keep proper books and records;
* failing to provide information to the liquidator; and
* leaving New Zealand without advising the liquidator.
According to NZPA, a defended hearing has been scheduled for
December 2 and a status hearing, when any preliminary matters can
be dealt with, will be held on October 14.
Ms. Wang also faces a separate set of charges in the High Court
for failing to pay back creditors after the Dynasty Group
collapse, NZPA adds.
Ms. Wang had earlier offered payment of NZ$500,000 to clear debts
worth $22.2 million, equating to about 2.5c on the dollar. She
later increased her offer to the creditors 6.5 cents on the
dollar. Associate Judge Jeremy Doogue adjourned Westpac's
application to bankrupt Ms. Wang in the Auckland High Court to
give creditors time to vote on her proposal. Westpac had applied
to court to bankrupt Ms. Wang over debts of NZ$620,000 while
Allied Nationwide Finance, as a supporting creditor, is owed about
NZ$250,000.
Dynasty Group collapsed in 2008 owing creditors about NZ$22
million.
KAIAPOI NEW WORLD: To Cut 80 Jobs After Quake Damaged Supermarket
-----------------------------------------------------------------
Kaiapoi New World is set to axe more than 80 workers following a
7.1 magnitude earthquake that struck the city of Christchurch,
according to The New Zealand Herald.
According to the report, Foodstuffs South Island chief executive
Steve Anderson said store owners Andrew and Jacqui Palmer broke
the news to 34 full time and 52 part time staff affected on
September 8.
The report says the supermarket has been closed since the
earthquake struck the region on September 4 causing irreparable
damage to the site.
The supermarket is set to be demolished at a date to be
determined. It would be rebuilt, but might take a year, Mr.
Anderson said.
Mr. Anderson said it was a distressing time for the staff and the
owners and the company had pledged to do all it could to help, the
report adds.
Kaiapoi New World -- http://www.newworld.co.nz/kaiapoi-- is a
Kaiapoi, New Zealand-based supermarket.
WINDFLOW TECHNOLOGY: Expects Wider Loss for Year Ended June 30
--------------------------------------------------------------
Windflow Technology Ltd said that it has increased the prospective
loss for the year ended June 30, 2010, from the previously
notified range of between NZ$5 and NZ$6 million to NZ$7.95
million.
This increased loss arises from additional provisions WTL has
recorded in respect of the full costs of remedial work arising
from the agreement reached with NZ Windfarms Limited, together
with a reassessment of the Company's warranty cost requirements
for the next five years.
In determining the future likely warranty costs, WTL said it has
reviewed all obligations to NZ Windfarms Limited, historical
warranty cost data, and publicly available competitor information.
CEO Geoff Henderson said, "although this review has resulted in an
increased level of provisioning, I am comforted that the warranty
costs relating to our new and unique technology are at the low end
of international norms."
"In the past, it has been difficult to estimate provisions for
future expected warranty costs for our new and unique technology
because there have not been significant numbers of turbines in
operation. Now as the track record at Te Rere Hau approaches 100
turbine-years of operation, the Company can annually review the
adequacy of warranty provisions based on field data. This
evidence continues to validate Windflow's belief in the long term
engineering benefits of our wind turbine design."
About Windflow Technology
Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power
development. As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited. The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited. The principal activity of NZ Windfarms
Limited is the development of wind farms. Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.
* * *
Windflow Technology incurred a net loss of NZ$2.04 million in the
financial year ended June 30, 2008, compared with the NZ$3.28
million loss booked in the prior financial year. The company
posted a net loss of NZ$1.23 million for the year ended June 30,
2009.
* Fitch Says Too Early to Quantify Impact of Christchurch Quake
---------------------------------------------------------------
Fitch Ratings says that it is too early to quantify the extent to
which the Christchurch earthquake could impact on outstanding
Fitch-rated New Zealand mortgage-backed transactions. Currently,
Fitch believes that: i) servicing activity will not be materially
impacted; ii) property damage may temporarily affect borrowers'
ability to pay and possibly eventual recovery rates; and iii)
transactions might bear a certain degree of income shortfall,
which should be fully covered by principal draws and other
structural features within the transactions.
Up to 100,000 homes in the Christchurch, Selwyn and Waimakariri
areas have been affected by the earthquake, which hit on
September 4. Fitch will assess the impact in respect of servicing
activity, arrears levels, recovery rates, and eventual principal
or interest shortfalls on the affected transactions, which are
listed at the end of this commentary, together with the exposure
to the relevant areas.
Servicers who are based in Christchurch and contribute fully or
partially to the transactions' servicing activity have been
affected, with some offices temporarily closed. However, Fitch
notes that arrangements have been made to complete critical tasks
and reports in a timely manner. At this stage the agency does not
expect any significant impact on servicing activity.
It remains to be seen whether any of the below-listed transactions
will bear a loss or income shortfall related to the earthquake.
Property damage may affect borrowers' credit risk profiles and
recovery rates. This situation could persist for a considerable
amount of time, depending on the availability of building
companies. Given the current situation in the Christchurch, Selwyn
and Waimakariri areas, it is likely that demand for building
activity will overcome the available supply, in turn affecting the
timing of eventual repairs. Furthermore, even in the case of
insurance cover, property damage is expected to cause a temporary
financial shock to borrowers due to cash outflows, such as:
payments incurred before the claims are settled; additional
expenses for repairing functional items in the home; and the cost
of replacement being higher than the indemnity value. However,
part of this financial shock will be offset by lenders'
initiatives such as payment holidays and additional further
advances.
New Zealand's Earthquake Commission provides catastrophe cover for
the first NZD112.5k for damage to the home and NZD22.5k for damage
to personal belongings. Any additional losses are expected to be
covered by private insurance, and only those households with
private insurance are expected to be covered by the Earthquake
Commission.
It is unknown how many properties are expected to be uninsured,
but Prime Minister John Key has stated that on a national scale,
5% of homes are not insured. Some borrowers may no longer have
insurance in place, as not all lenders monitor insurance renewals,
although all borrowers had insurance in place at origination. Over
the next few weeks, servicers are expected to engage with affected
borrowers and start tracking the status and damage of the
underlying properties. However, it may take time to assess the
portion of uninsured properties as households can lodge a claim up
to three months from the date of damage being suffered.
Another source of uncertainty is whether borrowers will experience
a shortfall in income due to infrastructure damage or temporary
business closures. This will in turn affect delinquencies. Some
banks have already announced payment holidays in favor of affected
households of up to three months. Transactions are therefore
expected to bear a certain degree of income shortfall, which
should be fully covered by principal draws and by other structural
features within the transactions.
Fitch will continue to monitor the situation closely and take any
appropriate rating actions as the earthquake's impact on these
structured finance transactions become clearer.
The full list of Fitch-rated transactions potentially impacted by
the earthquake, together with regional exposures, is:
NZD6,487 million BNZ RMBS Trust Series 2008-1 (Christchurch:
14.5% as of June 2010);
NZD5,791 million Kingfisher NZ Trust 2008-1 (Canterbury:
11.0% as of July 2010);
NZD600 million Kiwibank RMBS Trust Series 2009-1 (Canterbury:
13.8% as of June 2010);
NZD3,894 million Medallion NZ Trust Series 2009-1R (Canterbury:
6.8% as of March 2010);
NZD81.1 million Propertyfinance Securities LS 2005-4 Trust
(Canterbury/Westland: 25.3% as of June 2010);
NZD27.3 million Propertyfinance Securities RM 2005-1 Trust
(Canterbury/Westland: 8.2% as of June 2010);
NZD14.7 million Sapphire II NZ Series 2005-1 Trust
(Christchurch: 6.2% as of July 2010);
NZD50.3 million Sapphire III NZ Series 2006-1 Trust
(Christchurch: 4.9% as of July 2010);
NZD103.3 million Sapphire IV NZ Series 2007-1 Trust
(Christchurch: 5.8% as of July 2010); and
NZD6,327.1 million Westpac NZ Securitisation Limited
(Canterbury: 15.8% as of June 2010).
* NEW ZEALAND: Quake May Boost Economy Next Year, English Says
--------------------------------------------------------------
Tracey Williams at Bloomberg News reports that Finance Minister
Bill English said New Zealand's economy may be boosted next year
by spending on reconstruction after the earthquake.
"Treasury has advised the earthquake is likely to lower gross
domestic product growth over the next two or three months,"
Bloomberg quoted Mr. English as saying in response to a question
in parliament. "However, they would expect in the 12 months
beyond that, that the earthquake will have a net benefit on GDP."
According to Bloomberg, Mr. English confirmed that "very early
estimates" of the damage caused by the earthquake, which struck
the largest city on the nation's South Island early Sept. 4, are
about NZ$4 billion ($2.9 billion). The region continues to be
buffeted by aftershocks and water and power are still out in some
areas, Christchurch city council said, according to the report.
Bloomberg relates Mr. English said the bill incorporates damage to
residential buildings and property largely covered by the
Earthquake Commission, the government's disaster insurer. It also
includes damage to commercial buildings largely covered by private
insurers, the damage to local government infrastructure, some of
which will be covered by private insurance, and costs and damage
to central government assets.
"Businesses and employees face a loss of potential income because
of damage to stocks or because the workplace is closed," he said.
"That's why the government has initially set aside NZ$15 million
for a wage subsidy program to help keep businesses employing 20 or
fewer people on their feet," he said.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE AIRLINES: Flight Crew Union Files Notice of Strike
-------------------------------------------------------------
Flight attendants and stewards of Philippine Airlines filed with
the National Conciliation and Mediation Board a notice of strike
on Thursday after withdrawing from mediation talks with management
last month, BusinessWorld Online reports.
According to the report, Andy Ortega, vice-president of the Flight
Attendants and Stewards Association of the Philippines (FASAP),
said the group filed for a strike to protest unfair retirement
rules and minimum wage.
"Nothing has been happening in our discussions with the PAL
management for the past three years," Mr. Ortega said in a press
conference, referring to a collective bargaining agreement that
will replace a 2007 deal, according to BusinessWorld.
BusinessWorld notes that Mr. Ortega assured that FASAP will abide
by government regulations before holding the strike, namely the
30-day cooling-off period before reaching a strike vote. The
strike could be staged late October or early November, the report
says.
The group is still open to further negotiations with the
management, provided the company offers a "fair and concrete"
proposal addressing 40-year-old retirement age and higher minimum
wage, Mr. Ortega added, according to BusinessWorld.
About Philippine Airlines
Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline. It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights. First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, the Manila Bulletin said that the Philippine
Airlines is to spin off its three non-core units as a last resort
to avoid bankruptcy. PAL will spin off its three non-core units:
inflight catering services; airport services, including ground
handling, cargo handling and ramp handling; and call center
reservations, the Manila Bulletin said. The PAL Employees Union
estimated that 2,000 to 4,000 employees assigned to those
departments could be retired. PAL said competition from overseas
carriers, slower global economic growth, and higher oil prices had
prompted the airline to slash its non-core businesses. The
carrier had approached several investors but failed to secure
financial help, and equity had dropped to a worrisome US$1.1
million as of February 2010, according to the Manila Standard.
The TCR-AP, citing BusinessWorld Online, reported on July 28,
2010, that Philippine Airlines announced a narrower loss for its
fiscal year that ended March 2010 to $14.3 million, from the
previous year's $297.8 million, but warned of still weak demand
for international flights.
* Fitch Assigns 'BB' Rating to Upcoming Debt Issuance
-----------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to the Republic of the
Philippines' upcoming benchmark PHP-denominated global bonds due
2021.
As the currency of settlement is specified as USD, the rating is
in line with the Philippine sovereign's Long-term foreign currency
Issuer Default Rating. Philippines' Long-term local currency IDR
is 'BB+'. The rating Outlooks are Stable.
=================
S I N G A P O R E
=================
CARD CENTRE: Fitch Assigns 'BBsf' Rating to Class C Certificates
----------------------------------------------------------------
Fitch Ratings has assigned ratings to the floating rate investor
interest certificates issued by Card Centre Asset Purchase Company
Pte. Ltd., and backed by Singapore credit and charge card
receivables originated by Diners Club (Singapore) Private Limited,
as:
Working Capital Facility: 'A-sf'; Outlook Stable;
Class A1 certificates: 'A-sf'; Outlook Stable; Loss Severity
Rating at 'LS-2';
Class A2 certificates: 'A-sf'; Outlook Stable; Loss Severity
Rating at 'LS-2';
Class B certificates: 'BBBsf'; Outlook Stable; Loss Severity
Rating at 'LS-5'; and
Class C certificates: 'BBsf'; Outlook Stable; Loss Severity
Rating at 'LS-5'.
Each class of certificates comprises a proportion of the capital
structure as follows: Class A1, Class A2, and Working Capital
Facility (Together Class A ): 72.5%; Class B: 5.9%; Class C: 5.0%;
Class D-1: 10.6% and Class D-2: 6.0%. Class A2 has a fixed size of
SGD105m, while all other classes have floating sizes. The
programme limit for the transaction (the maximum limit on the
aggregate investor interests that might be held by the investor
beneficiaries) is SGD223m.
The ratings of the new issuance are based on Fitch's assessment of
the underlying collateral, available credit enhancement, the
origination and underwriting procedures used by DCS, its servicing
capabilities and the transaction's sound legal structure. Credit
enhancement is provided to the rated notes by subordination and
closing reserves. The reserve amount funded at closing covers
perfection notice expenses, senior expenses, back-up servicer
expenses, three months interest payments for Class B and Class C
certificates, and six months interest payments for the Class A
certificates. It also covers the dilution risk of the credit and
charge card receivables.
The transaction has an 18 month revolving period followed by a
pass-through period. During the revolving period, principal
collections from the receivables can be used to purchase
additional receivables, while during the pass-through period,
principal collections from the receivables will be used to pay
down the certificates. The Issuer has entered into an interest
rate swap for SGD105 million with The Royal Bank of Scotland Plc
('AA-'/Stable/'F1+') and Australia and New Zealand Banking Group
Limited ('AA-'/Positive/'F1+') to hedge the interest rate risk of
a portion of the certificates.
Fitch also notes that the transaction is a refinancing of Diners
Club Card Securitisation under Orchid Funding ABCP program. It
allows receivables to be one-120 days delinquent as of the initial
cut-off date, although any additional receivables are required to
be current. The available credit enhancement covers the impact of
delinquent initial receivables.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
AUSTAR UNITED AUN 502.05 -284.60
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.39 -13.42
AUTRON CORP LTD AAT 32.39 -13.42
BCD RESOURCES OP BCO 22.09 -61.19
BCD RESOURCES-PP BCOCC 22.09 -61.19
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 14,253.26 -825.84
CHALLENGER INF-A CIF 2,161.41 -339.11
CHEMEQ LTD CMQ 25.19 -24.25
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 13.85 -0.97
HYRO LTD HYO 11.59 -4.73
IVANHOE AUST LTD IVA 49.44 -6.51
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 12.37 -24.99
POWERLAN LTD PWR 30.84 -5.94
SCIGEN LTD-CUFS SIE 71.22 -25.69
SHELL VILLAGES A SVC 13.47 -1.66
TAKORADI LTD TKG 13.99 -0.41
VERTICON GROUP VGP 15.07 -29.20
CHINA
SHANG HONGSHENG 600817 15.44 -457.23
SHENZ CHINA BI-A 17 24.86 -272.59
SHENZ CHINA BI-B 200017 24.86 -272.59
TIANJIN MARINE 600751 78.09 -63.86
TIANJIN MARINE-B 900938 78.09 -63.86
ZHANGJIAJIE TO-A 430 45.95 -4.59
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
BUILDMORE INTL 108 13.08 -43.45
CHINA HEALTHCARE 673 37.98 -2.81
CMMB VISION HOLD 471 38.50 -8.34
COSMO INTL 1000 2930 83.67 -25.33
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 54.53 -24.07
IMAGI INTERNATIO 585 11.29 -21.23
JACKIN INTL HLDG 630 50.53 -1.92
MELCOLOT LTD 8198 63.25 -34.53
MITSUMARU EAST K 2358 21.23 -9.04
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 21.16 -3.64
PAC PLYWOOD 767 68.66 -12.31
PALADIN LTD 495 155.31 -10.91
PCCW LTD 8 5,801.75 -261.18
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 25.07 -39.10
TACK HSIN HLDG 611 27.01 -62.70
TONIC IND HLDGS 978 56.17 -54.52
INDONESIA
JAKARTA KYOEI ST JKSW 28.61 -45.23
MULIA INDUSTRIND MLIA 360.87 -368.54
INDIA
ALCOBEX METALS AML 16.59 -21.47
ARTSON ENGR ART 15.63 -1.61
ASHIMA LTD ASHM 63.65 -55.81
ATV PROJECTS ATV 60.46 -55.04
BALAJI DISTILLER BLD 66.32 -25.40
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 156.75 -46.79
CFL CAPITAL FIN CEATF 15.35 -46.89
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 16.06 -9.47
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 422.08 -127.61
DUNCANS INDUS DAI 133.65 -205.38
GANESH BENZOPLST GBP 43.99 -24.57
GEM SPINNERS LTD GEMS 15.23 -0.11
GLOBAL BOARDS GLB 25.15 -0.79
GSL INDIA LTD GSL 37.04 -42.34
GSL NOVA PETROCH GSLN 44.39 -0.93
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HFCL INFOTEL LTD HFCL 173.52 -101.57
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 68.94 -1,147.18
HINDUSTAN SYNTEX HSYN 12.68 -1.79
HMT LTD HMT 139.31 -277.69
ICDS ICDS 13.30 -6.17
INDIA FOILS LTD IF 54.77 -2.70
INFOMEDIA 18 LTD INF18 35.80 -1.94
INTEGRAT FINANCE IFC 45.56 -43.27
ITI LTD ITI 1,116.21 -0.80
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 17.91 -84.78
JIK INDUS LTD KFS 20.63 -5.62
JK SYNTHETICS JKS 13.51 -3.03
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 37.45 -45.90
KERALA AYURVEDA KRAP 13.41 -0.59
KINGFISHER AIR KAIR 1,458.64 -418.91
LLOYDS FINANCE LYDF 23.77 -10.87
LLOYDS STEEL IND LYDS 415.66 -63.93
MILLENNIUM BEER MLB 36.39 -3.20
MILTON PLASTICS MILT 18.31 -40.44
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 111.97 -317.11
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 45.82 -32.69
POLAR INDS LTD PLI 11.61 -22.28
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIGARE TECHNOV RTCL 44.13 -1.46
REMI METALS GUJA RMM 102.64 -5.29
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.62 -20.95
SCOOTERS INDIA SCTR 13.29 -0.58
SHALIMAR WIRES SWRI 24.49 -49.90
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 44.50 -2.89
SHREE RAMA MULTI SRMT 63.73 -52.93
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1,543.61 -35.61
SPICEJET LTD SJET 220.03 -76.12
STERLING HOL RES SLHR 52.91 -0.63
STI INDIA LTD STIB 28.05 -8.04
TAMILNADU TELE TNT 12.82 -5.15
TATA TELESERVICE TTLS 1,069.83 -154.99
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.39 -8.90
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIFLEX CABLES UFC 45.05 -0.90
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
ARDEPRO 8925 310.82 -253.28
DAIWASYSTEM CO 8939 607.68 -259.76
HARAKOSAN CO 8894 225.69 -62.68
JIPANGU HOLDINGS 2684 15.05 -8.38
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 51.30 -2.57
NIHON INTER ELEC 6974 218.08 -50.73
PROPERST CO LTD 3236 305.90 -330.20
RAYTEX CORP 6672 41.66 -28.52
SAIKAYA CO LTD 8254 375.83 -72.59
SHINWA OX CORP 2654 41.06 -24.43
SHIOMI HOLDINGS 2414 190.97 -22.81
SUMITOMO MITSUI 1821 2,382.17 -98.97
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
KEYSTONE GLOBAL 12170 10.61 -0.74
KUKDONG CORP 5320 51.19 -1.39
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
SAMT CO LTD 31330 200.83 -152.09
TAESAN LCD CO 36210 296.83 -91.03
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 39.22 -86.70
GULA PERAK BHD GUP 117.66 -0.91
LCL CORP BHD LCL 45.27 -111.27
LIMAHSOON BHD LIMA 26.52 -1.56
LUSTER INDUSTRIE LSTI 35.61 -0.32
MEMS TECHNOLOGY MEMS 10.41 -20.77
OILCORP BHD OILC 134.45 -59.41
TRACOMA HOLDINGS TRAH 75.40 -5.29
NEW ZEALAND
DOMINION FINANCE DFH 258.90 -55.31
PHILIPPINES
APEX MINING 'B' APXB PM Eq 45.84 -20.95
APEX MINING-A APX PM Equ 45.84 -20.95
CYBER BAY CORP CYBR PM Eq 13.30 -83.83
EAST ASIA POWER PWR PM Equ 42.01 -159.00
FIL ESTATE CORP FC PM Equi 38.38 -13.37
FILSYN CORP A FYN PM Equ 22.72 -10.89
FILSYN CORP. B FYNB PM Eq 22.72 -10.89
GOTESCO LAND-A GO PM Equi 18.68 -10.86
GOTESCO LAND-B GOB PM Equ 18.68 -10.86
MRC ALLIED INC MRC PM Equ 13.26 -5.43
PICOP RESOURCES PCP PM Equ 105.66 -23.33
PRIME ORION PHIL POPI PM Eq 90.35 -5.12
STENIEL MFG STN PM Equ 22.11 -13.42
UNIVERSAL RIGHTF UP PM Equi 45.12 -13.48
UNIWIDE HOLDINGS UW PM Equi 52.80 -56.18
VICTORIAS MILL VMC PM Equ 164.26 -18.20
SINGAPORE
ADVANCE SCT LTD ASCT 16.05 -43.84
CONTEL CORP LTD CTEL 24.17 -45.31
FALMAC LTD FAL 10.12 -6.80
JURONG TECH IND JTL 98.76 -227.28
LINDETEVES-JACOB LJ 145.25 -85.84
TT INTERNATIONAL TTI 262.41 -48.15
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
CIRCUIT ELEC PCL CIRKIT 17.39 -88.00
CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00
CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
K-TECH CONSTRUCT KTECH/F 39.74 -33.07
K-TECH CONSTRUCT KTECH 39.74 -33.07
K-TECH CONTRU-R KTECH-R 39.74 -33.07
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORPORATI PICNI 162.04 -79.86
PICNIC CORPORATI PICNI-R 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PONGSAAP PCL PSAAP/F 24.33 -7.95
PONGSAAP PCL PSAAP 24.33 -7.95
PONGSAAP PCL-NVD PSAAP-R 24.33 -7.95
SAFARI WORLD PUB SAFARI 107.40 -17.63
SAFARI WORLD-FOR SAFARI/F 107.40 -17.63
SAFARI WORL-NVDR SAFARI-R 107.40 -17.63
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SINGHA PARA-NVDR SINGHA-R 44.34 -2.01
SINGHA PARATEC-F SINGHA/F 44.34 -2.01
SINGHA PARATECH SINGHA 44.34 -2.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TAIWAN
CHIEN TAI CEMENT 1107 202.42 -33.40
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
PRODISC TECH 2396 253.76 -36.04
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 42.86 -0.71
VERTEX PRECISION 5318 42.86 -0.71
*********
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 ***