/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/101015.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, October 15, 2010, Vol. 13, No. 204 Headlines A U S T R A L I A COCOS FRESH: Former Owner Ready to Save Store Chain ENTERPRISE CAR: Former Director Ordered to Pay Workers MULHERN CONSTRUCTIONS: Owes AU$12.5 Million to Bank of Queensland H O N G K O N G ALCOA HK: Creditors' Proofs of Debt Due November 9 ALLIED INDUSTRIAL: Annual Meetings Slated for October 22 ARTISTE PERFORMANCE: Annual Meetings Set for October 20 ASSOCIATION OF INT'L: Placed Under Voluntary Wind-Up Proceedings BASF CONSTRUCTION: Ng and Ha Step Down as Liquidators B.S. SMITH: Creditors' Proofs of Debt Due October 29 BUSISTYLE TRADING: Members' Final Meeting Set for November 8 EVERCO LIMITED: Placed Under Voluntary Wind-Up Proceedings CAPITAL ASIA: Placed Under Voluntary Wind-Up Proceedings CATHAY ARTS: Members' Final Meeting Set for November 11 PEACE CITY: Annual Meetings Slated for October 22 PEARL POND: Creditors' Meeting Set for October 15 SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 20 UNIROSS BATTERIES: Creditors' Proofs of Debt Due October 29 VEGAS KNITTERS: First Meetings Slated for October 19 WAI LAM: Creditors Get 5.60% Recovery on Claims WAYSIN INTERNATIONAL: Lo and Leung Appointed as Liquidators WELLFRED (HAW KEE): Commences Wind-Up Proceedings WING YIP: Commences Wind-Up Proceedings ZHU SHENG: Commences Wind-Up Proceedings I N D I A AGNICE FIRE: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Ratings on Various Debts BASAI STEELS: CARE Place 'CARE BB' Rating on INR224.5cr LT Loans BILLETS ELEKTRO: CRISIL Cuts Rating on INR10MM Cash Debt to 'BB' CERAFLUX INDIA: CRISIL Reaffirms 'BB-' Rating on INR59MM Term Loan KAMALAKAR TRADELINKS: CARE Rates INR17cr LT Debts at 'CARE BB+' N.J. TEXTILE: CARE Assigns 'CARE BB+' Rating on INR22.35cr LT Loan NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan J A P A N JLOC XVII: S&P Downgrades Rating on Class D Certificates to 'BB' K O R E A SSANGYONG MOTOR: Mahindra to Ink Final Sale Deal by February WOORI BANK: Fitch Affirms Issuer Ratings; Gives Stable Outlook N E W Z E A L A N D FIVE STAR: Directors Sentencing Delayed Until December SOUTH CANTERBURY: Investors to Get Repaid Next Week SOUTH PACIFIC: NZ$241K Bad Debt Leads to Company's Collapse S I N G A P O R E TT INTERNATIONAL: Court Approves Debt Restructuring X X X X X X X X * Bingham Expands Financial Services Team in Asia * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= COCOS FRESH: Former Owner Ready to Save Store Chain --------------------------------------------------- Sam Coco is ready to step in to save Cocos Fresh Food Markets, the fruit store chain he founded, after it was placed into voluntary administration, Nick Nichols at goldcoast.com.au reports. According to goldcoast.com.au, Mr. Coco said he was prepared to roll up his sleeves and reopen at least the two stores that anchor his own shopping centers at Carrara on the Gold Coast and Annerley in Brisbane. "I've had 45 years' experience in retail and I'm ready to go in," Mr. Coco told the Bulletin. "I'd be looking to very quickly try to open them (and) reactivate the market as quickly as possible." The veteran fruiterer, who built a chain of 10 stores from humble beginnings in 1990, sold the business in 2003 to former Bi-Lo founder and millionaire retailer David Weeks, goldcoast.com.au discloses. Mr. Weeks, goldcoast.com.au notes, ran Cocos for six years before offloading it late last year to SSSMET Pty Ltd, controlled by Gold Coast businessmen Keith Nicholls and Stuart Aikman. As reported in the Troubled Company Reporter-Asia Pacific on October 14, 2010, ABC News said Cocos went into administration owing creditors around AU$12 million. All 54 employees from eight Cocos outlets were laid off but employee entitlements will be paid by a government scheme. Administrator Jason Bettles said the chain's financial situation is dire. Mr. Bettles secured said creditors, including a major bank, should receive money from the asset sale but others will miss out. Mr. Bettles said Cocos Fresh Food Markets got into financial trouble due to under- capitalization. Cocos Fresh Food Markets is a south-east Queensland grocery chain. The chain has outlets in south-east Queensland, including Brisbane, Toowoomba and on the Gold Coast. ENTERPRISE CAR: Former Director Ordered to Pay Workers ------------------------------------------------------ The former director of Enterprise Car Rental Group Pty Ltd has been fined AU$110,000 over the underpayment of seven workers, following a prosecution by the Fair Work Ombudsman, the Northside Chronicle reports. The Northside Chronicle says Nathan Conn was the manager and sole director of Enterprise Car Rental Group Pty Ltd, which traded as Abel Car Rental at a number of locations throughout Brisbane, before the company went into liquidation. According to the Northside Chronicle, Federal Magistrate Michael Burnett imposed the fine after finding Mr. Conn was involved in Enterprise Car Rental Group committing 28 breaches of workplace laws by underpaying seven workers a total of AU$61,423 between February, 2006 and April, 2008. Federal Magistrate Burnett ordered part of Mr. Conn's fine be paid to the underpaid workers, according to the Northside Chronicle. Enterprise Car Rental Group Pty Ltd is a Brisbane-based car rental company. MULHERN CONSTRUCTIONS: Owes AU$12.5 Million to Bank of Queensland ------------------------------------------------------------------ Liam Walsh at The Courier-Mail reports that a Supreme Court judgment revealed Mulhern Constructions owes more than AU$12 million to Bank of Queensland. According to The Courier-Mail, Mulhern Constructions' debt is a fraction of big-business loans at BoQ, of AU$1.3 billion at the half year. But BoQ then also had only 68 "connections" of more than AU$10 million. Mulhern Constructions Pty. Ltd. is a Brisbane-based construction company. Mulhern Constructions went into receivership in May 2010. ================ H O N G K O N G ================ ALCOA HK: Creditors' Proofs of Debt Due November 9 -------------------------------------------------- Creditors of Alcoa Hong Kong Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by November 9, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 28, 2010. The company's liquidators are: Lai Kar Yan (Derek) Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway, Hong Kong ALLIED INDUSTRIAL: Annual Meetings Slated for October 22 --------------------------------------------------------- Creditors and members of Allied Industrial Limited will hold their annual meetings on October 22, 2010, at 3:00 p.m., at the office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ARTISTE PERFORMANCE: Annual Meetings Set for October 20 ------------------------------------------------------- Members and creditors of Artiste Performance Platform Limited will hold their annual meetings on October 20, 2010, at 3:30 p.m., and 4:00 p.m., respectively at 29/F., Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong. At the meeting, Wong Tak Man Stephen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ASSOCIATION OF INT'L: Placed Under Voluntary Wind-Up Proceedings ---------------------------------------------------------------- At an extraordinary general meeting held on September 20, 2010, creditors of Association of International Beauty Therapists Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Mr. Hui Sze Wai Room 1102, Hang Seng Mongkok Building 677 Nathan Road Mongkok, Hong Kong BASF CONSTRUCTION: Ng and Ha Step Down as Liquidators ----------------------------------------------------- Ng Wai Yan and Ha Man Kit Marcus stepped down as liquidators of BASF Construction Chemicals (Hong Kong) Limited on September 30, 2010. B.S. SMITH: Creditors' Proofs of Debt Due October 29 ----------------------------------------------------- Creditors of B. S. Smith Foundation Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by October 29, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on September 29, 2010. The company's liquidator is: Suen Man Fai Room 2402, 24/F 101 King?s Road Fortress Hill Hong Kong BUSISTYLE TRADING: Members' Final Meeting Set for November 8 ------------------------------------------------------------ Members of Busistyle Trading Limited will hold their final general meeting on November 8, 2010, at 10:00 a.m., at Room 2, 1/F., North Point, in Hong Kong. At the meeting, Samuel Sih-Yu Yang, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. EVERCO LIMITED: Placed Under Voluntary Wind-Up Proceedings ---------------------------------------------------------- At an extraordinary general meeting held on October 6, 2010, creditors of Everco Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chan Yee Por Simon 14th Floor, Greatmany Centre 109-115 Queen?s Road East Wanchai, Hong Kong CAPITAL ASIA: Placed Under Voluntary Wind-Up Proceedings -------------------------------------------------------- At an extraordinary general meeting held on September 27, 2010, creditors of Capital Asia Investments Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Leong Ting Kwok David Mok Mun Lan Linda Units 3401-02, 34th Floor AIA Tower, 183 Electric Road North Point, Hong Kong CATHAY ARTS: Members' Final Meeting Set for November 11 ------------------------------------------------------- Members of Cathay Arts Company Limited will hold their final meeting on November 11, 2010, at 10:00 a.m., at its registered office, Flat D, 7/F., 7/F., 15 Playing Field Road, Kowloon, in Hong Kong. At the meeting, Fok Hei Yuen Paul, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PEACE CITY: Annual Meetings Slated for October 22 -------------------------------------------------- Creditors and members of Peace City Investments Limited will hold their annual meetings on October 22, 2010, at 2:45 p.m., at the office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PEARL POND: Creditors' Meeting Set for October 15 -------------------------------------------------- Creditors of Pearl Pond Limited will hold their meeting on October 15, 2010, at 3:30 p.m., for the purposes provided for in Sections 241, 242, 243, 244 and 255A of the Companies Ordinance. The meeting will be held at Star Seafood Restaurant, 1-3/F., G/F., 168-178A Tai Po Road, Sham Shui Po, Kowloon. SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 20 ---------------------------------------------------------------- Members and creditors of Soft-Trek Media (HK) Limited will hold their annual meetings on October 20, 2010, at 2:30 p.m., and 3:00 p.m., respectively at 29/F., Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong. At the meeting, Wong Tak Man Stephen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. UNIROSS BATTERIES: Creditors' Proofs of Debt Due October 29 ----------------------------------------------------------- Creditors of Uniross Batteries (HK) Limited, which is in liquidation, are required to file their proofs of debt by October 29, 2010, to be included in the company's dividend distribution. The company's liquidators are: Yuen Tsz Chun Frank Kennic Lai hang Lui 5th Floor, Ho Lee Commercial Building 38-44 D'Aguilar Street Central, Hong Kong VEGAS KNITTERS: First Meetings Slated for October 19 ----------------------------------------------------- Members and creditors of Vegas Knitters Limited will hold their first meetings on October 19, 2010, at 3:30 p.m., at Room 1909-10, Nan Fung Tower, 173 Des Voeux Road Central, in Hong Kong. At the meeting, Lau Siu Hung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WAI LAM: Creditors Get 5.60% Recovery on Claims ----------------------------------------------- Wai Lam Printing Factory Limited, which is in creditors' voluntary liquidation, declared the first and final ordinary dividend to its creditors on October 11, 2010. The company paid 5.60% for ordinary claims. The company's liquidator is: Cheng Faat Ting Gary 8/F, Richmond Commercial Building 109 Argyle Street, Mong Kok Kowloon, Hong Kong WAYSIN INTERNATIONAL: Lo and Leung Appointed as Liquidators ----------------------------------------------------------- Mr. Lo Ka Ying and Mr. Leung Ka Lok on June 17, 2010, were appointed as liquidators of Waysin International Investment Limited. The liquidators may be reached at: Mr. Lo Ka Ying Mr. Leung Ka Lok Room 3207 Tower 2 Lippo Centre 89 Queensway, Admiralty Hong Kong WELLFRED (HAW KEE): Commences Wind-Up Proceedings ------------------------------------------------- Members of Wellfred (Haw Kee) Engineering Company Limited, on September 7, 2010, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Bruno Arboit. WING YIP: Commences Wind-Up Proceedings --------------------------------------- Members of Wing Yip E & M Limited, on February 3, 2010, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Bruno Arboit. ZHU SHENG: Commences Wind-Up Proceedings ---------------------------------------- Members of Zhu Sheng Maritime (HK) Limited, on May 14, 2010, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is Bruno Arboit. ========= I N D I A ========= AGNICE FIRE: CRISIL Reaffirms 'BB+' Rating on INR150MM Cash Credit ------------------------------------------------------------------ CRISIL's ratings on the bank facilities of Agnice Fire Protection Ltd continue to reflect AFPL's exposure to risks inherent in its tender-based business, long gestation period of its projects, working-capital-intensive operations, and weak receivables collection mechanism. These rating weaknesses are partially offset by AFPL's established track record in the fire protection business. Facilities Ratings ---------- ------- INR150.00 Million Cash Credit BB+/Stable (Reaffirmed) INR230.00 Million Bank Guarantee P4+ (Reaffirmed) Outlook: Stable CRISIL believes that AFPL will continue to benefit over the medium term from its healthy operating efficiencies and strong relationships with vendors and customers. The outlook may be revised to 'Positive' if the company funds its incremental working capital requirements by equity infusion, thereby reducing the liquidity pressures it faces, and if it increases the diversity in its revenue profile and scales up its operations, thereby improving its margins. Conversely, the outlook may be revised to 'Negative' if AFPL undertakes a large, debt-funded capital expenditure program, or its cash flows are adversely affected because of deterioration in receivables management. About Agnice Fire Incorporated in 1995, AFPL undertakes engineering, procurement, and construction of fire protection systems for turnkey projects (from conception to commissioning). The promoters, Mr. R Govindarajan (chief executive officer) and Mr. Ameer Ahmed (chairman), have a combined experience of 25 years in similar lines of business. AFPL has enhanced its revenue diversification by acquiring Code Red Electronics Security Systems Pvt Ltd, which operates in the security system installation business. AFPL reported a profit after tax (PAT) of INR55 million on net sales of INR1031 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR28 million on net sales of INR608 million for 2008-09. AUGUSTAN TEXTILE: CRISIL Reaffirms 'D' Ratings on Various Debts --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Augustan Textile Colours Ltd continue to reflect delay by ATCL in servicing its term loan; the delay has been caused by ATCL's weak liquidity. Facilities Ratings ---------- ------- INR95.80 Million Long-Term Loan D (Reaffirmed) INR60.00 Million Cash Credit Limit D (Reaffirmed) INR13.40 Million Bank Guarantee Limit P5 (Reaffirmed) ATCL has a weak financial risk profile marked by high gearing and weak debt protection metrics. The company has small scale of operations with limited revenue diversity. Its margins are susceptible to increase in power costs and competitive pressures in the textile industry. However, ATCL benefits from its promoter's experience in the industry and from being a part of the Augustan group. ATCL, established in 2005, is part of the Augustan group based in Coimbatore (Tamil Nadu). The group, founded in 1992 by Mr. N Athimoolam Naidu, consists of four companies that are engaged in cutting, sewing, embroidery, printing, bleaching, dyeing, and knitting operations. ATCL prints, bleaches, and dyes fabric and yarn. ATCL incurred an estimated net loss of INR9 million on net sales of INR156 million in 2009-10 (refers to financial year, April 1 to March 31), against a net loss of INR15 million on net sales of INR166 million in 2008-09. BASAI STEELS: CARE Place 'CARE BB' Rating on INR224.5cr LT Loans ---------------------------------------------------------------- CARE assigns 'CARE BB' and 'PR4' rating to bank facilities of Basai Steels & Power Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 224.50 CARE BB Assigned Short-term Bank Facilities 32.00 PR4 Assigned Rating Rationale The rating factors in the limited experience of the promoters in manufacturing of steel, cost & time escalation for the project under implementation, funding for the cost escalation which is yet to be tied up, exposure to volatility in steel prices, absence of backward linkages and cyclicality inherent to the industry. However, the ratings also factor in the experience of the promoters in trading of steel, integrated nature of the proposed steel manufacturing facility with captive co-generation power plant, availability of iron ore in the vicinity of the plant and equity infusion of the promoters as on March 31, 2010 towards the project. The ability of the company to complete the project without further delay, stabilization of operations and improve profit margin are the key rating sensitivities. Basai Steels Private Ltd was started as a proprietorship concern by Mr. Gopal Agarwal in 1992. The same was converted into a private limited company in January 2002 and renamed Basai Steels & Power Pvt Ltd in June 2010. Basai is into trading of steel products catering mainly to the Hyderabad region. Presently, the company is in the process of setting up an integrated steel manufacturing plant with co-generation power plant at total project cost of INR278.83 cr funded at a debt to equity ratio of 1.84x. The integrated steel plant is being set up at Sidaginamola Village, Bellary district, Karnataka. In FY09, the company achieved revenue of INR352.8 cr and PAT of INR1.4 cr. On a total income of INR417.7 cr, Basai earned a PAT of INR2.40 cr in FY10 (Provisional). The overall gearing ratio was at 2.05x and the current ratio was at 1.15x as on March 31, 2010. BILLETS ELEKTRO: CRISIL Cuts Rating on INR10MM Cash Debt to 'BB' ---------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Billets Elektro Werke Ltd to 'BB/Negative' from 'BB+/Stable'; the rating on the short-term facilities has been reaffirmed at 'P4+'. Facilities Ratings ---------- ------- INR10.0 Million Cash Credit BB/Negative (Downgraded from 'BB+/Stable') INR40.0 Million Proposed Long- BB/Negative (Downgraded Term Bank Loan Facility from 'BB+/Stable') INR78.0 Million Packing Credit P4+ (Reaffirmed) INR72.0 Million Letter of Credit P4+ (Reaffirmed) The downgrade is driven by the deterioration in the business and financial risk profile of the company. BEWL's scale of operations reduced with revenues of INR245 million in 2009-10 (refers to financial year, April 1 to March 31) as against INR366 million in 2008-09. This was on account of the recession and the resultant decrease in demand for the company's products. Consequently, the company's operating margin declined to 10 per cent in 2009-10 from 18 per cent in 2008-09. The company's debt protection metrics were weak in 2009-10 ? its net cash accruals to total debt and interest coverage ratios are estimated to be 0.11 times and 1.85 times respectively. CRISIL believes that the debt repayment ability of BEWL will be constrained on account of weak cash accruals; however, the promoters are expected to infuse unsecured loans to ensure timely debt repayment. The ratings reflect BEWL's small scale of operations, large working capital requirements, and exposure to intense market competition in a highly fragmented industry and to customer concentration. These rating weaknesses are partially offset by BEWL's promoters' industry experience and established customer relations. Outlook: Negative CRISIL expects BEWL's operating cash flows to remain weak over the medium term. The rating may be downgraded if BEWL's financial risk profile weakens on account of lower-than-expected profitability, or if the company undertakes large, debt-funded capital expenditure program. Conversely, the outlook may be revised to 'Stable' if the company scales up operations substantially, while maintaining gearing and profitability at current levels. About Billets Elektro Incorporated in 1991, BEWL manufactures crimping tools and cable lugs made from copper and aluminium. The company is promoted by Mr. Ashok Patel and his son, Mr. Chirag Patel. Its manufacturing facilities at Umbergaon (Valsad, Gujarat) have capacity to manufacture around 201 million tools and terminals per annum. BEWL derives around 80 per cent of its revenues from exports. In August 2010, the company installed a furnace to backward integrate into converting copper cathode to tubes. For 2009-10, BEWL reported, on provisional basis, a profit after tax (PAT) of INR1.7 million on net sales of INR243.0 million; it reported a PAT of INR29.3 million on net sales of INR331.5 million for 2008-09. CERAFLUX INDIA: CRISIL Reaffirms 'BB-' Rating on INR59MM Term Loan ------------------------------------------------------------------ CRISIL's ratings on the bank facilities of Ceraflux India Pvt Ltd continue to reflect CIPL's weak financial risk profile marked by small net worth, high gearing, and weak debt protection metrics, working-capital-intensive operations, susceptibility to volatility in raw material prices, and exposure to intense competition in the fragmented industrial chemicals and alloys industry. The impact of these weaknesses is mitigated by CIPL's diversified revenue profile and its promoters' industry experience. Facilities Ratings ---------- ------- INR45.0 Million Cash Credit BB-/Stable (Reaffirmed) INR59.0 Million Term Loan BB-/Stable (Reaffirmed) INR5.0 Standby Line of Credit BB-/Stable (Reaffirmed) INR8.5 Million Letter of Credit P4+ (Reaffirmed) and Bank Guarantee Outlook: Stable CRISIL believes that CIPL's will continue to face pressures because of its small scale of operations and weak financial risk profile. The outlook may be revised to 'Positive' if CIPL achieves a significant growth in its revenues while sustaining its profitability and improving its liquidity. Conversely, the outlook may be revised to 'Negative' if the company's profitability declines or if the company undertakes a larger-than-expected debt- funded capital expenditure program over the medium term, leading to deterioration in its capital structure. About Ceraflux India CIPL was set up as a partnership firm, Ceral India, in 1991 and was reconstituted as a private limited company in 1995. Currently, CIPL is managed by four promoters, Mr. Uday Thite, Mr. Sanjeev Tungatkar, Mr. V Jadhav, and Mr. S R Kadukar. At its 2 units, which are based in Kolhapur, Maharashtra, CIPL produces around 130 products, including various fluxes, cover fluxes, de-gassers, grain refiners, coatings, launder systems, master alloys, and sand binders. The company derives about 70 per cent of its revenues from non-ferrous segments (aluminium industry) and the rest from ferrous segments (foundries and steel plants). CIPL reported a profit after tax (PAT) of INR11 million on net sales of INR214 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR4 million on net sales of INR148 million for 2008-09. KAMALAKAR TRADELINKS: CARE Rates INR17cr LT Debts at 'CARE BB+' --------------------------------------------------------------- CARE assigns 'CARE BB+' to the bank facilities of Kamalakar Tradelinks Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 17.00 'CARE BB+' Assigned Rating Rationale The ratings are constrained by the limited track record of KTPL, fragmented industry with intense competition from organized and unorganized sector, small scale of business activity and susceptibility of margins to adverse foreign exchange rate movements. The rating derives strength from experienced management and support of the Baid group. The ability of KTPL to achieve higher sales at healthy margins and protect itself from adverse exchange rate movements remains the key rating sensitivity. Incorporated in September 2009, Kamalakar Tradelinks Private Limited is an export-oriented gold jewellery manufacturer. KTPL is a part of the Baid group, established in 1947 with exposure in Textiles, Retail and Gems and Jewellery. KTPL, in FY10, during its first four months of commercial operations recorded net sales of INR67.84 crore with net profit of INR2.04 crore. N.J. TEXTILE: CARE Assigns 'CARE BB+' Rating on INR22.35cr LT Loan ------------------------------------------------------------------ CARE assigns 'CARE BB+' and 'PR4' ratings to bank facilities of N.J. Textile Industries Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 22.35 'CARE BB+' Assigned Short-term Bank Facilities 0.41 'PR4' Rating Rationale The ratings are constrained by NJTIPL's short track record of operations, low and fluctuating profitability margins, small net worth base and leveraged capital structure arising from debt- funded capacity expansion. The ratings are further constrained by highly fragmented nature of the industry and the company's limited presence in the textile value chain. The ratings take cognizance of the experience of the promoters of NJTIPL in the industry, increasing level of operations and well- established marketing and distribution setup. It further derives strength from long-standing relationship with its suppliers and customers. NJTIPL's ability to improve its profitability, improvement in capital structure and any future capex and its funding profile are the key rating sensitivities. About N.J. Textiles N.J. Textiles Industries Pvt. Ltd., incorporated in November 2006, is a private limited company promoted by the Surat-based N. J. group. NJTIPL is engaged in the manufacturing of texturized yarn from partially oriented yarn used in the manufacturing of fabrics of dress material/sarees. It has an installed capacity of 17,521 MTPA (Metric Tonnes per Annum) at its facility at Surat. During FY09 (Audited), NJTIPL had a total income of INR77.67 crore with PBILDT and PAT of INR5.37 crore and INR0.86 crore respectively. During FY10 (Provisional) NJTIPL had a total income of INR113.95 crore with PBILDT and PAT of INR6.51 crore and INR1.95 crore respectively. NANDHI DALL: ICRA Assigns 'LBB' Rating to INR0.7cr Term Loan ------------------------------------------------------------ ICRA has assigned 'LBB' rating to the INR0.7 crore term loan facilities and the INR39.0 crore fund based facilities of Nandhi Dall Mills. The outlook on the long term rating is stable. ICRA has also assigned 'A4' rating to the INR6.0 crore non-fund based (includes sub-limit of INR3.0 crore) facilities of NDM. The ratings reflect NDM's low profitability, stretched liquidity position and susceptibility of margins to raw material price fluctuations. The ratings are further constrained by the weak capital structure of the firm characterized by high gearing of 5.1x as on March 31, 2010. The rating also factors in the highly fragmented nature of the pulses processing industry and the intense competition from organized and unorganized players. However, the rating factors in the established track record of NDM in manufacturing and selling of a variety of pulses and gram floor under its established brand names and the firm's sustained growth in operating income. About Nandhi Dall Nandhi Dall Mills, a partnership firm, was established in 1940 by Mr. T. V. Arunachala Nadar with an objective of processing of pulses and gram floor. Mr. S. A. Kumar (Son of Arunachala Nadar) and Mrs. K. Jayanthi (wife of S.A. Kumar) are the 50:50 partners of the firm and are actively involved in the business of the firm. NDM is an ISO 9001:2000 certified firm with its registered office at Guhai, Salem and a manufacturing unit, stretched over 1,50,000 sq. mts area in Salem. The firm has established its own brand "Nandhi" which is popular in its home state, Tamil Nadu. The firm is also selling under "Aachi Masala Food Pvt Ltd," brand, which is a famous brand in south India. All the products manufactured by the firm are "AGMARK" graded under license from Govt. of India. NDM had received recognitions for the quality of the products from Consumer Vigilance Council of Tamil Nadu as well as from Govt of India. Recent Results (unaudited) NDM has reported profit before tax of INR0.7 crore on operating income of INR157.0 crore for the year ended March 31, 2010. ========= J A P A N ========= JLOC XVII: S&P Downgrades Rating on Class D Certificates to 'BB' ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its rating on the class D trust certificates issued under the JLOC XVII transaction to 'BB (sf)' from 'BBB (sf)', and placed it on CreditWatch with negative implications (see list below). The class A to C trust certificates, which accounted for 89.6% of the total initial issuance amount, have already been fully redeemed. The downgrade is based on S&P's view that, with only eight months remaining until the final maturity date in June 2011, there is insufficient time remaining to complete the sale of the collateral property at a level consistent with the current rating. Nevertheless, S&P believes it likely that the recovery amount from the collateral property will exceed the total amount of the class D certificates. Another rating review may be required if, as S&P approach the final maturity date, no clear signs appear of an improvement in the completion of the recovery process from the sale of the underlying property. JLOC XVII is a CMBS transaction arranged by Morgan Stanley Japan. The trust certificates were secured by specified bonds and loans. The ratings address the ultimate repayment of interest and principal by the final maturity of 2011 for the class D notes. Rating Lowered And Placed On Watch Negative JLOC XVII JPY25 billion trust certificates due 2011 Class To From Initial Issue Amount ----- -- ---- -------------------- D BB (sf)/Watch Neg BBB (sf) JPY2.6 bil. ========= K O R E A ========= SSANGYONG MOTOR: Mahindra to Ink Final Sale Deal by February ------------------------------------------------------------ Bloomberg News reports that Mahindra & Mahindra Ltd.'s planned acquisition of a controlling stake in Ssangyong Motor Co. may be completed in February or March. According to Bloomberg, Anand Mahindra, vice chairman of the Mahindra & Mahindra, said at a forum in Seoul on Thursday that India's largest maker of sport-utility vehicles hopes to complete the acquisition within that timeframe if it signs the final agreement with Ssangyong by the end of this year. The company, based in Mumbai, completed due diligence, he said, without elaborating, according to Bloomberg. Bloomberg notes that Mahindra & Mahindra was named the preferred bidder for the bankruptcy-protected Ssangyong Motor Co. in August. The maker of Scorpio SUVs is seeking to benefit from the South Korean automaker's technology and international sales network. "We believe that when the global presence of Mahindra and Ssangyong is combined, jointly we will be able to achieve more success in the global market," Mahindra said. After reaching agreement with Mahindra, the two automakers must seek approval from the creditors and court supervising the bankruptcy, Ssangyong said. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles primarily engaged in production of sports utility vehicles (SUVs) and recreational vehicles (RVs). The company's production is grouped into four lines: SUVs under brand names REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the brand name ACTYON Sports; passenger cars under brand name Chairman, and multi- purpose vehicles (MPVs) under the brand name Rodius. It also provides automobile parts such as coolers, diesel engines and others. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the Seoul Central District Court to stave off a complete collapse. In February, the Seoul Central District Court accepted Ssangyong's application to rehabilitate under court protection. The court named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive Park Young-tae to run the automaker. A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted a revival plans to the Seoul Central District Court seeking capital reduction and a debt-for-equity swap by creditor. A South Korean bankruptcy court approved in December Ssangyong Motor's restructuring plan despite opposition by some bondholders, the TCR-AP reported on Dec. 18, 2009. WOORI BANK: Fitch Affirms Issuer Ratings; Gives Stable Outlook -------------------------------------------------------------- Fitch Ratings has affirmed the Long-term foreign currency Issuer Default Ratings of Woori Bank at 'A-' and its parent company Woori Finance Holdings at 'BBB+'. The Outlook for both Long-term IDRs is Stable. The agency has at the same time taken different actions on both companies' Support, Individual and Hybrid Securities ratings. The affirmation of Woori's IDRs and Support Rating Floor reflects Fitch's continued belief of an extremely high propensity for support from the South Korean government ('A+'/Stable), if required, given its systemic importance as one of the major commercial banks in South Korea and the government's majority ownership in the bank through WFH. The bank has a sizable franchise in the Korean banking system, holding 13.3% of the system's total assets and 15.3% of the system's deposits through its nationwide branch network at mid-2010. During the global credit crisis, the bank availed itself of, among the various government support measures, the government's Bank Recapitalization Fund to shore up its capitalization (KRW1.3trn or 11% of Tier 1 capital at end-2008, including hybrid Tier 1 bonds of KRW1.0trn and subordinated debts of KRW0.3trn, which was on- injected through WFH as common shares). Fitch notes that such reliance on the government support was more of a preemptive move rather than as a last resort. The affirmation of Woori's Individual Rating at 'C' reflects its strong local franchise, capitalization, and adequate margin, but also its deteriorated loan quality and weak funding profile. Fitch notes that most of Woori's credit metrics have weakened in recent years in the aftermath of the excessive loan growth in the lead up to the credit crisis and consequently remained somewhat weaker than median of its 'C' rated global peer banks. Also, despite margins having recovered to 2.26% in H110 (versus the system average of 2.36%) from 1.98% in 2009, Fitch doesn't expect the bank's credit profile to improve significantly in the next few years, in view of persistent concerns on the bank's loan quality and structural weakness in liquidity (particularly foreign currency, like other Korean banks). Of specific concern is Woori's precautionary and below loans ratio which rose to 6.43% (with a low coverage of 35%) at mid-2010, due to its substantial exposure to construction/real-estate sectors (16% of total loans), shipbuilding sector (6%), and small medium-enterprises (41%). Also, Woori's loan-to-deposit ratio on a standalone basis remained high at 1.40x (1.09x including deposits from financial institutions, most of which may be deposits from special money trust accounts) at mid-2010. The downgrade of Woori's hybrid securities to 'BB+' from 'BBB-' reflects that they are performing, but there is an increasing probability of going concern loss absorption arising from the bank's weakened credit metrics and continued downward pressure on its loan quality. The 'BB+' rating is two notches below the bank's implicit unsupported IDR which is driven by its Individual Rating, and is in line with Fitch's criteria and typical notching practiced for such securities with loss absorption features. The upgrade of WFH's support rating to '2' from '5' and the assignment of a support floor of 'BBB+' reflects Fitch's increased expectation of support for the holding company of the systemically important Woori, notwithstanding the prospects of the government selling down its interests. This is because the timing and amount of sale is uncertain and support takes into account systemic importance, not just government ownership. As witnessed in other jurisdictions, support has often been expediently provided to banks through their parent companies, although there is no evidence of same in Korea. Fitch is of the belief that the government's propensity to support WFH, should the need arise, is high, on the back of the government's relationship with WFH through majority ownership/control, and spill-over effects of a material operation disruption at WFH, if any, to the group and subsequently the system. However, given that WFH is parent to several other entities and could get into difficulty for reasons other than due to the failure of its primary subsidiaries, Fitch assigns a lower Support Rating than for Woori. The downgrade on WFH's Individual Rating to 'C/D', which is one notch below that of flagship subsidiary Woori, factors in the weakened credit profile of Woori and the parent's high double leverage ratio of 125% at mid-2010. On a consolidation basis, WFH's underlying profitability weakened in 2009 and H110, due to high impairment charges (0.9% - 1.1% of average assets). As such, WFH's return on average assets remained at below 0.45% (v. 0.96% in 2007), despite the one-off gains of KRW0.6trn in 2009 and KRW0.4trn in H110 at Woori arising from sales of stocks obtained through debt-to-equity swaps and sales of a non-core IT centre. Also, Fitch expects WFH to continue to face downward pressure on its loan quality, given its high PBL ratio of 6.4% at mid-2010 and its substantial exposure to the problematic sectors mentioned above. However, Fitch expects WFH's capital, coupled with improved margin, to adequately cushion against high credit costs. WFH's Tier 1 and Total capital adequacy ratio were at 8.5% and 12.2% under Basel I at mid-2010 (10.9% and 14.6% for Woori under Basel II). Meanwhile, WFH's LTD ratio remained weak at 1.10x (including deposits from FIs). Woori's and WFH's IDRs would not change unless its Support Rating Floor is revised or their individual ratings get upgraded given that the IDR is at the Support Rating Floor. A substantial and sustainable improvement in asset quality and foreign-currency funding/liquidity profile could offer upside potential for the Individual ratings of Woori and WFH but this is unlikely to occur in the near future. Conversely, a significant increase in credit costs, eroding its capitalization, (currently not expected by the agency) could lead to a downgrade of their Individual ratings. WFH's Support Rating Floor would be negatively affected by a substantial reduction of the government's stake, which may suggest less propensity to support WFH in future. That said, Fitch is of view that when and how WFH would be sold remains uncertain, despite the announcement of the sales plan on 30 July 2010. WFH, established in 2001, is the largest financial institution by asset size in Korea, with its consolidated assets accounting for around 15% of total system assets at mid-2010. The flagship subsidiary Woori (80% of WFH's consolidated assets), established in 1999, is the second largest bank. The remaining major subsidiaries include Kyongnam bank ('BBB'/Stable), Kwangju bank ('BBB+'/Stable), and Woori Investment and Securities (WIS, 'BBB+'/Stable). Korea Deposit Insurance Corporation owns a 57% stake in WFH, which in turn holds a 100% stake in Woori, 99.9% in the two regional banks, and 35% in WIS. The rating actions of Woori and WFH are: Woori -- Long-term Foreign Currency IDR: affirmed at 'A-' with Stable Outlook; -- Short-term Foreign Currency IDR: affirmed at 'F2'; -- Individual Rating: affirmed at 'C'; -- Support Rating: affirmed at '1'; -- Support Rating Floor: affirmed at 'A-'; -- Senior unsecured debts: affirmed at 'A-'; -- Subordinated debts: affirmed at 'BBB+'; and -- Hybrid securities: downgraded to 'BB+' from 'BBB-'. WFH -- Long-term Foreign Currency IDR: affirmed at 'BBB+' with Stable Outlook; -- Short-term Foreign Currency IDR: affirmed at 'F2'; -- Individual Rating: downgraded to 'C/D' from 'C'; -- Support Rating: upgraded to '2' from '5'; and -- Support Rating Floor: assigned at 'BBB+'. ==================== N E W Z E A L A N D ==================== FIVE STAR: Directors Sentencing Delayed Until December ------------------------------------------------------ Two former Five Star Finance directors who pleaded guilty to Securities and Financial Reporting breaches were due to be sentenced on October 14, 2010, but that hearing has now been adjourned until December, New Zealand Herald reports. According to the report, Directors Nicholas Kirk and Anthony Bowden will be sentenced together with director Marcus MacDonald and Neill Williams, who is not listed as a director but was heavily involved in the running of the company on December 22. Mr. MacDonald and Mr. Williams pleaded guilty to similar charges this month, the report notes. The Herald says that Companies Office laid the criminal charges against Kirk, Bowden, MacDonald and Williams on July 8, 2008. The charges relate to securities being offered and allotted to members of the public without a registered prospectus, investment statement or trustee appointed, the report notes. Mr. Kirk and Mr. Bowden, the Herald says, will be sentenced together with director Marcus MacDonald and Neill Williams, who is not listed as a director but was heavily involved in the running of the company. The report relates Messrs. MacDonald and Williams pleaded guilty to similar charges this month. As reported in the Troubled Company Reporter-Asia Pacific on October 7, 2010, The National Business Review said that Mr. McDonald and Mr. Williams have pleaded guilty to criminal charges laid by the Companies Office under the Securities Act and the Financial Reporting Act and been convicted. According to NBR, the Securities Act charges relate to false and misleading statements contained in investment statements and the September 2006 registered prospectus, and carry a maximum sentence of five years' imprisonment. NBR says Messrs. McDonald and Williams are to be sentenced in December. The Serious Fraud Office has also laid 100 charges under the Crimes Act against the former directors and Mr. Williams over related party lending involving loans worth NZ$50 million, according to NBR. The Herald notes that all four directors were banned in April 2009 by the Registrar of Companies from holding board or management positions in New Zealand companies for five years. Five Star went into receivership on September 5, 2007, while Five Star Debenture Nominee went into liquidation on November 5, 2007. When the largest company in the group, The Herald says, Five Star Consumer Finance, collapsed in August 2007, it owed NZ$63 million, of which NZ$54.43 million was owed to debenture holders. In total more than NZ$90 million of investors' money is estimated to have been lost, the report adds. About Five Star Established in 1992, Five Star Finance Limited focused on financing real estate loans following a restructuring exercise that created Five Star Consumer Finance in New Zealand and Five Star Consumer Finance Pty in Australia. Five Star Debenture Nominee Limited acted as debenture holder on behalf of unsecured depositors and appeared to lend all of the money it raised to Five Star Finance. Five Star Finance Limited went into receivership on September 5, 2007. Five Star Debenture Nominee Limited went into liquidation on November 5, 2007. At the start of the liquidation in June 2009 the shortfall of assets to liabilities was NZ$51.7 million, according to The Dominion Post. The Post says joint liquidator Paul Sargison, of Gerry Rea & Associates, said the firm's directors attributed the group's failure to the economic crisis but his own appraisal is that Five Star has been insolvent since no later than March 31, 2005. SOUTH CANTERBURY: Investors to Get Repaid Next Week --------------------------------------------------- Marta Steeman at BusinessDay.co.nz reports that South Canterbury Finance's 35,000 debenture holders and depositors, who are owed about NZ$1.25 billion, will be repaid in full on October 20. BusinessDay.co.nz relates the trustee, Trustee Executors, said the audit and transfer of the register from SCF to Computershare Investors Services was detailed and complex and was finished. "Now that the transfer is complete we can confirm October 20 as the payment date," the report quoted Yogesh Mody, Trustee Executors regional manager, as saying. BusinessDay.co.nz says the process had taken longer than the four to six weeks initially estimated. But the trustee had wanted to take a prudent approach to ensure the investor details were as accurate as possible. About South Canterbury Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the provision of financial services. The Company's principal activities are borrowing funds from public and institutional investors and on- lending those funds to the business, plant and equipment, property, rural and consumer sectors. It typically advances funds by means of hire purchase, floor plans, leasing of plant, vehicles and equipment, personal loans, business term loans and revolving credit facilities, mortgages against property, and other financial instruments, including consumer loan insurance. On August 31, 2010, Trustees Executors Limited, as trustee for South Canterbury Finance charging group, appointed Kerryn Downey and William Black of McGrathNicol as receivers of the charging group's secured assets. "As Trustee, we have had South Canterbury Finance under heightened surveillance since 2008. As part of that, SCF was granted a Trustee waiver in February 2010 to allow it time to recapitalize. Unfortunately, the Company's Directors have advised us that they have not been successful with respect to a recapitalization and requested us to appoint a receiver. At this point we, as Trustee, agree that it is the best interests of debenture, deposit and bond holders to do that," said Yogesh Mody, Southern Regional Manager for Trustees Executors Limited. The New Zealand government said it would repay South Canterbury's 35,000 depositors and stockholders NZ$1.6 billion under the crown retail deposit guarantee scheme. SOUTH PACIFIC: NZ$241K Bad Debt Leads to Company's Collapse ----------------------------------------------------------- Rhonda Mark at The Timaru Herald reports that a NZ$241,000 unrecoverable debt had led to South Pacific Laminates' liquidation. The Timaru Herald, citing liquidators Rhys Cain and Malcolm Hollis' first report, discloses the 26-year-old company that contracted to make laminated timber products was owed NZ$257,590. A single debt of almost NZ$241,000 owed to the company was considered to be unrecoverable, the Timaru Herald says. A further account still to be paid by an overseas client was expected to be worth around NZ$56,000. According to The Timaru Herald, the liquidators' report shows the insolvency was due to both the reduced demand for the company's product and the significant non-recoverable debt. The Timaru Herald reports that the list of known creditors as at early August included 53 companies and individuals of which 25 had Timaru addresses. The amount owed to the individual creditors was not stated. The liquidators, according to the Timaru Herald, were unable to give an indication of the likely timeframe for completing the liquidation at this stage but intend to prepare their next report early in the new year. The shareholders of South Pacific Laminates and SPL Veneers voluntarily put the two companies into receivership on July 27. The company, which made parts for seats at its Washdyke factory, had employed eight staff. ================= S I N G A P O R E ================= TT INTERNATIONAL: Court Approves Debt Restructuring --------------------------------------------------- Millet Enriquez at Today Online reports that the Court of Appeal has approved the debt restructuring program of TT International. According to Today Online, the court said on October 13 that the scheme has attained the required level of approval from the firm's creditors, but will require some alterations. Among these is the membership of the monitoring committee that will oversee the implementation of the scheme. Today Online says the court ruled that TTI's wholly owned subsidiary Akira Corporation should not be on the committee and suggested DBS, DZ Bank, Habib Bank, Ho Lee Construction and OCBC as members. Today Online notes that the court also requires the monitoring committee to: * present its review to creditors every six months beginning November 1; * furnish a statement to verify that TTI is able to meet the obligations and objectives of the scheme; and * review TTI's budget, including its operating expenses and professional fees. Today Online relates the court said any amendments to the scheme will need to be approved by a majority of creditors present and a vote. It also set out some guidelines for pricing the rights of first refusal relating to redeemable convertible bonds and voting procedures, Today Online adds. "With this court approval, TTI will be able to embark on a new chapter of restructuring and growth to return value to all stakeholders including all creditors, 3,800 shareholders and 1,700 staff and their families," Ms. Julia Tong, executive director of TTI, told Today Online. The nearly two-year saga began when TTI's $332 million credit facilities were pulled out during the height of the credit crisis, forcing it to a standstill on payments. About TT International Based in Singapore, TT International Limited (SIN:T09) -- http://www.tt-intl.com/-- is engaged in the trading and distribution of a range of electrical and electronics products, and investment holding. The Company, and its subsidiaries, is engaged in the distribution of electrical and electronics products, brand management and sourcing services and retailing and wholesaling of seafood and related items. =============== X X X X X X X X =============== * Bingham Expands Financial Services Team in Asia ------------------------------------------------- Continuing the strategic growth of its acclaimed financial services capabilities in Asia, Bingham McCutchen LLP has expanded its Hong Kong office with the addition of three partners: Laurence Isaacson, Vincent Sum and Mark Fucci. Bingham's investment reflects a growing need within the financial services industry for high-level legal counsel based in Asia, said Chairman Jay Zimmerman, noting the increased capability in Hong Kong and Tokyo, where Bingham is the fourth-largest full-service law firm with 75 lawyers. Over the last year, Bingham has strategically extended its leading financial services team in Asia to better service global clients conducting work throughout the continent. "The addition of Larry, Vincent and Mark to our Hong Kong office reinforces Bingham's commitment to growing our financial services team in key financial centers worldwide," said Mr. Zimmerman. "With our exceptional on-the-ground talent and integrated global platform, Bingham is well-positioned to serve clients facing sophisticated legal issues related to doing business in Asia." "The expansion of Bingham's premier structured finance and derivatives practice to Asia continues our strategy of building upon our market-leading practices to service our clients globally," said Reed Auerbach, leader of Bingham's Structured Transactions Group. "Larry's move and Vincent's arrival to the Hong Kong office will be an immediate benefit to our clients doing business in Asia." Laurence Isaacson Mr. Isaacson, a recognized leader in structured finance and partner in Bingham's Structured Transactions Group, relocates to Hong Kong from New York. Mr. Isaacson represents clients in a wide variety of complex asset-based transactions, including collateralized debt, loan, swap and fund transactions; structured products backed by a variety of financial assets; credit linked notes; complex credit derivative transactions; and other structured vehicles. He has consistently been named one of the world's leading practitioners in the field of securitization by Chambers Global since 1999 and Chambers USA: America's Leading Lawyers for Business since 2003, which has also named him a Senior Statesman in the fields of structured products and securitization since 2009. "Expanding our U.S. and U.K. strengths in structured finance to Asia allows us to focus our abilities to advise clients on complex asset-based transactions," said Mr. Isaacson, who recently received a master of public administration from Harvard University John F. Kennedy School of Government. Vincent Sum Mr. Sum joins Bingham's Structured Transactions Group from Hogan Lovells in Hong Kong, where he led the debt capital markets practice. Mr. Sum has extensive experience in structured transactions, derivatives, structured credit, retail and non- retail structured funds, and debt capital markets. He advises arrangers, underwriters, portfolio managers, issuers, institutional investors and trustees. Mr. Sum is qualified to practice in Hong Kong, England and New York, and is experienced in handling complex transactions governed by the laws of those jurisdictions. "Bingham is a market leader in structured transactions," said Mr. Sum. "The firm's focus and dedication of resources to Hong Kong and Asia means we are position to serve our clients with best-in- class lawyers who have critical relationships in the region," said Mr. Sum. Mark Fucci Mr. Fucci, a partner in Bingham's global Financial Restructuring Group, transfers to Hong Kong from Bingham's Tokyo office. Mr. Fucci has substantial experience in restructurings, insolvencies and complex financial transactions. He has been resident in Bingham's Tokyo office since 2007 and has represented creditor clients in a number of major cross-border insolvencies, including Spansion, a case involving parallel U.S. and Japan insolvency proceedings. He has represented the Ad Hoc Committee of Senior Secured Lenders in the Delta Air Lines Chapter 11 case. The committee, comprised of more than 60 insurance companies, hedge funds and other investors, holds more than $2.5 billion in leveraged lease debt and deficiency claims. "Expanding in Hong Kong is a logical evolution of our cross-border restructuring practice," said Mr. Fucci, "especially with so many of our Hong Kong clients active in Japan." The expansion of the Hong Kong office, currently with 10 lawyers, continues Bingham's investment and extension of its market-leading Financial Services Area globally. In June, Anne-Marie Godfrey joined the Hong Kong office as a partner in the investment management practice, where she advises investment advisers, fund administrators, trustees and other fund service providers on investment fund-related issues. In January, Bingham expanded its U.S. and Asian antitrust capabilities to Europe with the addition of Davina Garrod to its London office as a partner focusing in the financial services industry. Last December, Sarah Smith joined Bingham in London, where she focuses on general finance and restructuring matters, and has significant experience in structured finance and securitization, and domestic and cross- border asset-based lending. In expanding its on-the-ground presence in Asia, Bingham relocated corporate partner Brian Beglin and restructuring partner Mark Deveno from New York to the 75-lawyer Tokyo office last spring. "Having Mark based in Hong Kong augments our already strong financial restructuring capabilities on the ground in Asia, a key global financial hub," said James Roome, co-chair of Bingham's global Financial Restructuring Group. Bingham offers a broad range of market-leading practices focused on global financial services firms and Fortune 100 companies. The firm has more than 1,100 lawyers in 13 locations in the United States, Europe and Asia. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA ADVANCE HEAL-NEW AHGN 16.93 -8.23 ARASOR INTERNATI ARR 19.21 -26.51 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 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 11.81 -5.15 IVANHOE AUST LTD IVA 49.44 -6.51 JAMES HARDIE-CDI JHX 2,132.00 -26.70 JAMES HARDIE NV JHXCC 2,132.00 -26.70 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 69.94 -29.79 SHELL VILLAGES A SVC 13.47 -1.66 TAKORADI LTD TKG 13.99 -0.41 VERTICON GROUP VGP 10.08 -29.12 CHINA BAOCHENG INVESTM 600892 22.47 -3.17 CHANGAN INFO-A 600706 20.37 -7.96 CHENGDE DALU -B 200160 26.84 -6.15 CHENGDU UNION-A 693 39.91 -14.85 CHINA KEJIAN-A 35 85.26 -186.04 DATONG CEMENT-A 673 20.42 -2.75 DONGGUAN FANGD-A 600656 22.37 -60.70 DONGXIN ELECTR-A 600691 13.31 -20.95 GUANGDONG ORIE-A 600988 11.79 -7.36 GUANGMING GRP -A 587 46.84 -39.50 GUANGXIA YINCH-A 557 30.00 -31.75 HEBEI BAOSHUO -A 600155 114.87 -390.50 HEBEI JINNIU C-A 600722 231.07 -236.93 HUASU HOLDINGS-A 509 81.80 -4.82 HUNAN ANPLAS CO 156 39.16 -65.29 JIANGSU CHINES-A 805 12.46 -12.21 JINCHENG PAPER-A 820 255.17 -31.31 JINHUA GROUP-A 818 334.60 -45.66 LIAOYUAN DEHENG 600699 120.45 -31.43 MUDAN AUTOMOBI-H 8188 36.26 -0.61 NINGBO YIDONG-H 8249 43.21 -33.74 QINGHAI SUNSHI-A 600381 108.89 -24.71 SHAANXI QINLIN-A 600217 233.75 -37.00 SHANG BROAD-A 600608 69.72 -20.98 SHANG HONGSHENG 600817 15.37 -460.74 SHANGHAI WORLDBE 600757 154.83 -257.96 SHENZ CHINA BI-A 17 24.86 -272.59 SHENZ CHINA BI-B 200017 24.86 -272.59 SHENZHEN DAWNC-A 863 26.90 -151.27 SHENZHEN KONDA-A 48 116.05 -0.97 SHENZHEN SHENX-A 34 21.92 -118.85 SHENZHEN ZERO-A 7 51.44 -6.96 SHIJIAZHUANG D-A 958 216.46 -76.14 SICHUAN DIRECT-A 757 103.56 -138.84 SICHUAN GOLDEN 600678 233.64 -37.42 TAIYUAN TIANLO-A 600234 52.47 -27.08 TIANJIN MARINE 600751 78.09 -63.86 TIANJIN MARINE-B 900938 78.09 -63.86 TIBET SUMMIT I-A 600338 83.10 -1.66 TOPSUN SCIENCE-A 600771 155.93 -158.88 WINOWNER GROUP C 600681 11.13 -72.07 WUHAN BOILER-B 200770 269.09 -143.61 WUHAN GUOYAO-A 600421 11.02 -24.12 XIAMEN OVERSEA-A 600870 338.03 -139.08 XINHUA FINANCE 9399 35.80 -1.17 YANBIAN SHIXIA-A 600462 208.72 -14.53 YIBIN PAPER IN-A 600793 111.63 -0.13 YUEYANG HENGLI-A 622 36.02 -16.09 YUNNAN MALONG-A 600792 122.13 -50.67 ZHANGJIAJIE TO-A 430 45.95 -4.59 ZHONGCHANG MAR-A 600242 20.42 -1.12 HONG KONG ASIA TELEMEDIA L 376 16.62 -5.37 ASIAN CAPITAL RE 8025 21.97 -0.68 BUILDMORE INTL 108 13.08 -43.45 CHINA HEALTHCARE 673 37.98 -2.81 CMMB VISION HOLD 471 41.31 -5.11 COSMO INTL 1000 2930 83.67 -25.33 COSMO INTL 1000 120 83.67 -25.33 CROSBY CAPITAL 8088 13.84 -14.46 EGANAGOLDPFEIL 48 557.89 -132.86 FULBOND HLDGS 1041 54.53 -24.07 HAO WEN HOLDINGS 8019 22.57 -0.46 IMAGI INTERNATIO 585 11.29 -21.23 JIAN EPAYMENT 8165 14.66 -1.12 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 5,350.25 -416.24 PROVIEW INTL HLD 334 314.87 -294.85 SINO RESOURCES G 223 25.07 -39.10 TACK HSIN HLDG 611 27.01 -62.70 TLT LOTTOTAINMEN 8022 25.21 -8.78 TONIC IND HLDGS 978 56.17 -54.52 INDONESIA ASIA PACIFIC POLY 485.05 -844.50 ERATEX DJAJA ERTX 11.30 -18.23 JAKARTA KYOEI ST JKSW 28.61 -45.23 MITRA INTERNATIO MIRA 990.92 -217.75 MITRA RAJASA-RTS MIRA-R2 990.92 -217.75 MULIA INDUSTRIND MLIA 360.87 -368.54 PANASIA FILAMENT PAFI 45.10 -8.20 PANCA WIRATAMA PWSI 30.32 -37.84 PRIMARINDO ASIA BIMA 12.22 -21.89 STEADY SAFE TBK SAFE 11.85 -5.88 SURABAYA AGUNG SAIP 265.80 -83.61 UNITEX TBK UNTX 16.09 -16.28 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 14.98 -7.51 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 14.15 -3.66 HMT LTD HMT 142.67 -386.80 ICDS ICDS 13.30 -6.17 INDIA FOILS LTD IF 54.77 -2.70 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 13.99 -1.18 KINGFISHER AIR KAIR 1,781.30 -861.06 LLOYDS FINANCE LYDF 23.77 -10.87 LLOYDS STEEL IND LYDS 415.66 -63.93 MAHA RASHTRA APE MHAC 24.13 -14.27 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 1,584.27 -4.80 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 UFC 45.05 -0.90 UNIFLEX CABLES UFCZ 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 DAIWASYSTEM CO 8939 607.68 -259.76 DPG HOLDINGS INC 3781 11.77 -3.99 HARAKOSAN CO 8894 225.69 -62.68 JIPANGU HOLDINGS 2684 15.05 -8.38 KNT 9726 1,058.18 -13.37 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 SEOUL MUTL SAVIN 16560 874.79 -34.13 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 91.03 -38.57 HO HUP CONSTR CO HO 68.68 -7.10 LCL CORP BHD LCL 45.27 -111.27 LIMAHSOON BHD LIMA 26.52 -1.56 LUSTER INDUSTRIE LSTI 22.97 -1.72 MEMS TECHNOLOGY MEMS 10.41 -20.77 NGIU KEE CO-BHD NKC 22.98 -0.16 OILCORP BHD OILC 91.94 -63.88 TRACOMA HOLDINGS TRAH 72.64 -6.19 NEW ZEALAND DORCHESTER PAC DPC 77.28 -2.01 PHILIPPINES APEX MINING 'B' APXB 45.84 -20.95 APEX MINING-A APX 45.84 -20.95 BENGUET CORP 'B' BCB 80.66 -37.36 BENGUET CORP-A BC 80.66 -37.36 CYBER BAY CORP CYBR 13.30 -83.83 EAST ASIA POWER PWR 42.01 -159.00 FIL ESTATE CORP FC 38.38 -13.37 FILSYN CORP A FYN 22.72 -10.89 FILSYN CORP. B FYNB 22.72 -10.89 GOTESCO LAND-A GO 18.68 -10.86 GOTESCO LAND-B GOB 18.68 -10.86 MRC ALLIED INC MRC 13.26 -5.43 PICOP RESOURCES PCP 105.66 -23.33 PRIME ORION PHIL POPI 90.35 -5.12 STENIEL MFG STN 22.11 -13.42 UNIVERSAL RIGHTF UP 45.12 -13.48 UNIWIDE HOLDINGS UW 52.80 -56.18 VICTORIAS MILL VMC 164.26 -18.20 SINGAPORE ADV SYSTEMS AUTO ASA 14.49 -12.12 ADVANCE SCT LTD ASCT 16.05 -43.84 HL GLOBAL ENTERP HLGE 93.41 -11.84 JURONG TECH IND JTL 98.76 -227.28 LINDETEVES-JACOB LJ 135.79 -90.16 SUNMOON FOOD COM SMOON 14.19 -14.22 TT INTERNATIONAL TTI 256.51 -50.62 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 BANGKOK RUBBER BRC 95.77 -72.05 BANGKOK RUBBER-F BRC/F 95.77 -72.05 BANGKOK RUB-NVDR BRC-R 95.77 -72.05 CIRCUIT ELEC PCL CIRKIT 16.79 -96.30 CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30 CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30 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 GRANDE ASSE-NVDR GRAND-R 206.18 -3.80 GRANDE ASSET H-F GRAND/F 206.18 -3.80 GRANDE ASSET HOT GRAND 206.18 -3.80 ITV PCL ITV 34.83 -100.25 ITV PCL-FOREIGN ITV/F 34.83 -100.25 ITV PCL-NVDR ITV-R 34.83 -100.25 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 23.00 -9.14 PONGSAAP PCL PSAAP 23.00 -9.14 PONGSAAP PCL-NVD PSAAP-R 23.00 -9.14 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 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 THAI-GERMAN PR-F TGPRO/F 53.47 -4.49 THAI-GERMAN PRO TGPRO 53.47 -4.49 THAI-GERMAN-NVDR TGPRO-R 53.47 -4.49 TRANG SEAFOOD TRS 13.34 -4.01 TRANG SEAFOOD-F TRS/F 13.34 -4.01 TRANG SFD-NVDR TRS-R 13.34 -4.01 UNIVERSAL S-NVDR USC-R 114.26 -20.53 UNIVERSAL STARCH USC 114.26 -20.53 UNIVERSAL STAR-F USC/F 114.26 -20.53 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 ***