/raid1/www/Hosts/bankrupt/TCRAP_Public/120130.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, January 30, 2012, Vol. 15, No. 21
Headlines
A U S T R A L I A
AURORA OIL: S&P Gives 'B' Corporate Credit Rating; Outlook Stable
FLETCHER JONES: To Liquidate Stock, Administrator Seeks Buyer
C H I N A
CDC CORP: Troutman Sanders Approved as Equity Committee Counsel
H O N G K O N G
MERRY CHANCE: Court Enters Wind-Up Order
MF GLOBAL: Court Enters Wind-Up Order
MF GLOBAL HOLDINGS: Court Enters Wind-Up Order
MGT NEMOTO: Court Enters Wind-Up Order
NITTSU ELECTRONICS: Court Enters Wind-Up Order
RENCO TRADING: Court to Hear Wind-Up Petition on Feb. 29
RONNY INDUSTRIES: Court Enters Wind-Up Order
ROYAL FORD: Court Enters Wind-Up Order
SC AND PARTNERS: Court Enters Wind-Up Order
SEEBRIGHT LIMITED: Court Enters Wind-Up Order
SHING HING: Court to Hear Wind-Up Petition on Feb. 1
SMART CHIEF: Court Enters Wind-Up Order
SOFTEC MICROSYSTEMS: Court Enters Wind-Up Order
TOP STAR: Court Enters Wind-Up Order
WEALTH PERFECT: Court Enters Wind-Up Order
YING HUA: Court Enters Wind-Up Order
I N D I A
AMBALIKA WELFARE: CRISIL Places 'BB+' Rating on INR124MM Loan
BAAHUBALI FERRO: Delay in Loan Payment Cues CRISIL Junk Ratings
BHAWANI SHANKAR: CRISIL Rates INR60MM Loan at 'CRISIL B+'
BHOLANATH INDUSTRIES: CRISIL Rates INR6.2MM Loan at 'CRISIL BB'
DHANLAXMI TMT: CRISIL Assigns 'CRISIL B+' Rating to INR135MM Loan
GOLDRUSH SALES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
KIRTI AGROVET: CRISIL Assigns 'CRISIL BB-' Rating to INR90MM Loan
KTC AUTOMOBILES: CRISIL Places 'CRISIL B-' Rating on INR20MM Loan
KWALITY FOUNDRY: CRISIL Places 'CRISIL B' Rating on INR20MM Loan
PATO BUILDERS: CRISIL Places 'CRISIL BB-' Rating on INR20MM Loan
SONU EXIM: CRISIL Assigns 'CRISIL BB+' Rating to INR40MM Loan
SREE RANI: CRISIL Puts 'CRISIL B' Rating on INR40MM Cash Credit
SRI BALMUKUND: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
VIRGO ALUMINIUM: CRISIL Places 'CRISIL B' Rating to INR360MM Loan
J A P A N
CORSAIR NO. 2: S&P Raises Rating on Series 52 CDO to 'BB+'
ELPIDA MEMORY: May Sell Mainstay Hiroshima Plant to Raise Cash
J-CORE FL1: Moody's Lowers Rating of Class D Notes to 'Ca'
JLOC XXXIV: S&P Cuts Rating on Class D Certificates to CC'
JLOC 37: S&P Cuts Ratings on 2 Classes of Notes to 'CC'
JLOC 41: S&P Cuts Rating on Class D-2 Floating-Rate Notes to 'CC'
NEC CORP: To Cut 10,000 Jobs Worldwide; Sees JPY100-Bil. Net Loss
ORSO FUNDING: S&P Lowers Rating on Class F Notes to 'CC'
K O R E A
KOREA EXCHANGE: Hana Financial Wins OK to Buy 51.02% KEB Stake
N E W Z E A L A N D
CRAFAR FARMS: NZ Approves Crafar Farms Sale to Chinese Buyer
- - - - -
=================
A U S T R A L I A
=================
AURORA OIL: S&P Gives 'B' Corporate Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Australia-based Aurora Oil & Gas Ltd. The
outlook is stable.
"At the same time, we assigned our 'CCC+' issue rating to the
proposed $200 million senior unsecured notes due 2017 to be
issued by Aurora USA Oil & Gas Inc. and guaranteed by Aurora Oil
& Gas Ltd. and its subsidiaries. The recovery rating is '6',
indicating our expectation of negligible (0% to 10%) recovery in
the event of a payment default. We expect the debt proceeds to be
used to finance Aurora's drilling program in 2012 in the Eagle
Ford Shale basin located in Texas," S&P said.
"The ratings on Aurora reflect the company's small asset base and
low production levels, lack of geographical diversification, and
limited operating track record. In addition, the company will
generate negative free operating cash flow including capital
expenditure in 2012 and 2013, and will be mostly debt funded,"
Standard & Poor's credit analyst Andrew Wong said. "We consider
Aurora's financial risk profile to be 'aggressive', and business
risk profile 'vulnerable.'"
"Offsetting the weaknesses is our opinion of Aurora's high-
quality reserve base with significant exposure to crude oil
prices, and its favorable cost structure. We believe Aurora's
extensive reserve area and the relatively low-risk nature of
resource development should provide a solid platform for reserve
and production growth. Furthermore, we consider that Marathon Oil
Corp.'s (BBB/Stable/A-2) involvement mitigates the execution risk
associated with the aggressive forward drilling program," S&P
said.
"The stable outlook reflects our view that Aurora will be able to
fund its aggressive drilling program in 2012, and maintain
adequate liquidity and above-average credit metrics for the
current rating. We expect the debt-to-EBITDA ratio to remain
below 2x over 2012 and 2013," S&P said.
"We would consider a higher rating if the company achieves its
reserve and production growth targets for 2012, and maintains
adequate liquidity and a debt-to-EBITDA ratio of less than 2x.
This ratio could be achieved if production levels were more than
12,000 barrels of oil equivalents per day, as well as prices
being higher than $80 per barrel (bbl) for West Texas
Intermediate crude oil, $44/bbl for natural gas liquids, and
$3.75 per million cubic feet for natural gas," S&P said.
"Alternatively, we would consider lowering the ratings if the
company were to materially increase debt funding such that
leverage approaches 5x, or liquidity were to significantly erode
with no near-term remedy," S&P said.
FLETCHER JONES: To Liquidate Stock, Administrator Seeks Buyer
-------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that Fletcher
Jones is selling all its stock and the administrator is working
to find a buyer for the iconic brand. From Friday, stock in all
of the firm's 30 remaining stores will be liquidated by Hilco
Merchant Australia, the report says.
SMH relates that the administrator, Bruno Secatore of Cor Cordis,
said the company's 159 staff would have work for the 12 weeks
needed to sell the stock. After then, their fate was uncertain.
While the former owner, the Dimmick family, has guaranteed that
employees will receive their entitlements, continued employment
depends on the fate of each store, according to SMH.
Mr. Secatore said that in addition to trying to sell the brand
name, he was looking for retailers who would take over individual
stores and buy shop fittings, SMH relates.
"We had some parties who were only interested in the name and the
store network," the report quotes Mr. Secatore as saying. "While
there are some people who are still interested in the store
network, until such time as we've realised all the stock, the
store network has to stay with us."
According to the report, Mr. Secatore had received offers to buy
the business as a going concern, but the Hilco offer would give
Fletcher Jones's creditors a better return. "I've got a duty to
all the creditors to maximise the return to them," Mr. Secatore,
as cited by SMH, said.
Mr. Secatore said a meeting of creditors would be held "shortly
after" May 14.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 9, 2011, The Australian said Fletcher Jones has been placed
in administration becoming the latest victim of the retail slump.
Executive Director Russell Zimmerman said clothing and footwear
retailers were struggling with poor sales, which were down 2.2%
on last year. Mr. Zimmerman, the report related, blamed
unsustainable rents, time-and-a-half and double-time rates for
weekend trade in an industry where consumers expected doors to be
open on weekends and, sometimes, around the clock. Mr.
Zimmerman said that internet shopping was also to blame, but
retailers were evolving and moving into the online space to limit
its impact.
The company owes about AUD1 million in staff entitlements and
about AUD8.5 million in debt to unsecured creditors with about
half of that owed to shareholders, according to The Sydney
Morning Herald.
Bruno Secatore, Daniel Juratowitch and Glenn Spooner of Cor
Cordis were appointed voluntary administrators for Fletcher Jones
on Dec. 7, 2011.
Fletcher Jones -- http://www.fletcherjones.com.au/-- is an
iconic Australian clothing retailer. The company has 240 staff
and 45 stores nationally.
=========
C H I N A
=========
CDC CORP: Troutman Sanders Approved as Equity Committee Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia
authorized the Official Committee of Equity Security Holders in
the Chapter 11 case of CDC Corporation to retain Troutman Sanders
as its counsel.
As reported in the Troubled Company Reporter on Jan. 20, 2012,
the firm will:
(a) provide legal advice with respect to the Committee's
rights and duties under the Bankruptcy Code and the
Bankruptcy Rules;
(b) prepare on behalf of the Committee necessary motions,
applications, orders, reports, pleadings, and other legal
papers;
(c) appear before the Court and the United States Trustee to
represent and protect the interests of the Committee;
(d) represent the Committee and assist with and participate in
negotiations with the Debtor, creditors, and other
parties-in-interest in formulating a plan of
reorganization, drafting such a plan and related
disclosure statement, and taking necessary steps to
confirm such a plan;
(e) represent the Committee and assist with and participate in
negotiation with the Debtor, creditors, and other parties-
in-interest for the sale or use of any of the Debtor's
assets, including the formulation of any necessary
documents required to execute any sale or use of the
Debtor's assets;
(f) represent the Committee and assist with and participate in
negotiations with potential financing sources for the
Debtor;
(g) represent the Committee in all adversary proceedings,
contested matters, and other matters involving the
administration of the Debtor's case in which the Committee
has interest; and
(h) perform other legal services that may be necessary for the
preservation of the Committee's rights and interests in
the Debtor's Chapter 11 case.
Troutman Sanders' billing rates for the partners and senior
counsel expected to render services in this representation range
from $325 to $750 per hour, for associates from $210 to $535 per
hour, and for paraprofessionals from $125 to $275 per hour.
The firm also will seek reimbursement for its expenses including,
messengers, courier mail, computer assisted legal research,
transportation and lodging.
To the best of the Committee's knowledge, Troutman Sanders is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
About CDC Corp
Based in Atlanta, CDC Corp. (Nasdaq: CHINA) --
http://www.cdccorporation.net/-- is the parent company of CDC
Software (Nasdaq: CDCS). CDC Software is based dually in
Shanghai, China, and Atlanta and produces enterprise software
applications, IT consulting services, outsourced applications
development and IT staffing. The company's owners include Asia
Pacific Online Ltd., Xinhua News Agency and Evolution Capital
Management.
CDC Corporation, doing business as Chinadotcom, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 11-79079) on Oct. 4, 2011.
James C. Cifelli, Esq., at Lamberth, Cifelli, Stokes & Stout, PA,
in Atlanta, Georgia, serves as counsel. Moelis & Company LLC
serves as its financial advisor and investment banker. Marcus A.
Watson at Finley Colmer and Company serves as chief restructuring
officer. The Debtor estimated assets and debts at $100 million
to $500 million as of the Chapter 11 filing.
The Official Committee of Equity Security Holders tapped Morgan
Joseph TriArtisan LLC as its financial advisor.
================
H O N G K O N G
================
MERRY CHANCE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Merry Chance Industries Limited.
The official receiver is Teresa S W Wong.
MF GLOBAL: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of MF Global Hong Kong Limited.
The official receiver is Teresa S W Wong.
MF GLOBAL HOLDINGS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of MF Global Holdings HK Limited.
The official receiver is Teresa S W Wong.
MGT NEMOTO: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 10, 2012, to
wind up the operations of MGT Nemoto International Limited.
The official receiver is Teresa S W Wong.
NITTSU ELECTRONICS: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Nittsu Electronics Company Limited.
The official receiver is Teresa S W Wong.
RENCO TRADING: Court to Hear Wind-Up Petition on Feb. 29
--------------------------------------------------------
A petition to wind up the operations of Renco Trading Limited
will be heard before the High Court of Hong Kong on Feb. 29,
2012, at 9:30 a.m.
Bodum AG filed the petition against the company Dec. 21, 2011.
The Petitioner's solicitors are:
Stephen Mok & Co
21/F, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
RONNY INDUSTRIES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Ronny Industries Limited.
The official receiver is Teresa S W Wong.
ROYAL FORD: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Royal Ford Garment Company Limited.
The official receiver is Teresa S W Wong.
SC AND PARTNERS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Jan. 4, 2012, to
wind up the operations of SC and Partners Limited.
The company's liquidators are:
Ng Kwok Wai
Lui Chi Kit
Unit A, 14/F, JCG Building
16 Mongkok Road
Mongkok, Kowloon
Hong Kong
SEEBRIGHT LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Jan. 11, 2012, to
wind up the operations of Seebright Limited.
The official receiver is Teresa S W Wong.
SHING HING: Court to Hear Wind-Up Petition on Feb. 1
----------------------------------------------------
A petition to wind up the operations of Shing Hing Sanitaryware
Company limited will be heard before the High Court of Hong Kong
on Feb. 1, 2012, at 9:30 a.m.
Cheung King Ching filed the petition against the company Nov. 18,
2011.
The Petitioner's solicitors are:
Chu & Lau
Unit A, 33rd Floor
United Centre
No. 95 Queensway
Hong Kong
SMART CHIEF: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 19, 2011, to
wind up the operations of Smart Chief Limited.
The company's liquidators are:
Yiu Cho Yan
Jacqueline Lai
Room 1702, 17/F
Asian House, 1 Hennessy Road
Wanchai, Hong Kong
SOFTEC MICROSYSTEMS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Oct. 6, 2011, to
wind up the operations of Softec Microsystems Asia Limited.
The company's liquidators are:
Ng Kwok Wai
Lui Chi Kit
Unit A, 14/F, JCG Building
16 Mongkok Road
Mongkok, Kowloon
Hong Kong
TOP STAR: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Nov. 15, 2011, to
wind up the operations of Top Star Consultancy Limited.
The company's liquidators are:
Yiu Cho Yan
Jacqueline Lai
Room 1702, 17/F
Asian House, 1 Hennessy Road
Wanchai, Hong Kong
WEALTH PERFECT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 21, 2011, to
wind up the operations of Wealth Perfect Financial Services
Limited.
The company's liquidators are:
Yiu Cho Yan
Jacqueline Lai
Room 1702, 17/F
Asian House, 1 Hennessy Road
Wanchai, Hong Kong
YING HUA: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on Sept. 28, 2011,
to wind up the operations of Ying Hua Manufacturing Limited.
The company's liquidators are:
Yiu Cho Yan
Jacqueline Lai
Room 1702, 17/F
Asian House, 1 Hennessy Road
Wanchai, Hong Kong
=========
I N D I A
=========
AMBALIKA WELFARE: CRISIL Places 'BB+' Rating on INR124MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Ambalika Welfare Foundation.
Facilities Ratings
---------- -------
INR124 Million Term Loan CRISIL BB+/Stable (Assigned)
INR50 Million Overdraft Facility CRISIL BB+/Stable (Assigned)
The rating reflects AWF's moderate financial risk profile, marked
by healthy operating efficiencies, and diverse course offerings.
These rating strengths are partially offset by AWF's
susceptibility to competition and regulatory restrictions, and
limited track record in operating management courses.
Outlook: Stable
CRISIL believes that AWF will benefit over the medium term from
its healthy operating efficiency and improving market position in
offering engineering courses in Lucknow (Uttar Pradesh). The
outlook may be revised to 'Positive' if AWF's fee receipts
improve significantly or if its capital structure improves,
resulting in improvement in the trust's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AWF
undertakes a large debt-funded capital expenditure plan, leading
to weakening in its financial risk profile, or if there is a drop
in the occupancy levels of its offered courses or if the All
India Council for Technical Education withdraws its approval for
the trust's various courses.
Set up in 2007 by Mr. B C Misra, AWF operates Ambalika Institute
of Management and Technology, which offers engineering and
management courses. The institute is located in Mohanlalganj on
the outskirts of Lucknow. It offers graduation courses mainly in
engineering, such as computer science, information technology,
civil, electronics/communication, and mechanical. The operations
of the institute started from 2008-09 (refers to financial year,
April 1 to March 31). Currently, the trust is managed by the
Misra family, with Mr. B C Misra as the chairman, Mrs. Rama Misra
as vice-chairperson, and Mr. Ambika Misra as secretary. It has a
total intake capacity of 1440 students for its courses and is
currently operating at almost full occupancy.
AWF reported a surplus of INR15.44 million on fee receipts of
INR90.63 million for 2010-11, as against a surplus of INR21.28
million on fee receipts of INR68.21 million for 2009-10.
BAAHUBALI FERRO: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Baahubali Ferro Tech & Power Private Limited, part of the
Baahubali group, to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Facilities Ratings
---------- -------
INR75.0 Million Rupee Term Loan CRISIL D (Downgraded from
'CRISIL B-/Stable')
INR80.0-Mil. Overdraft Facility CRISIL D (Downgraded from
'CRISIL B-/Stable')
INR35.0-Mil. Proposed Long-Term CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B-/Stable')
INR10.0-Mil. Letter of Credit CRISIL D (Downgraded from
'CRISIL A4')
The downgraded reflects delay by BFTPL in paying its term loan
installment to Syndicate Bank by a week and the company
overdrawing its cash credit account for more than two months. The
delay and overdrawn cash credit limit resulted from the transfer
of the company's bank facilities to State Bank of India. While
the transfer is still in progress, BFTPL has not made payment of
its overdue amounts to Syndicate Bank.
The Baahubali group continues to have a weak financial risk
profile, marked by low profitability. Its margins remain
susceptible to volatility in raw material prices and to
cyclicality in the steel industry. Also, the group's operations
in the manufacture of ferroalloys and steel products remain small
scale. However, the group continues to benefit from its
promoters' experience in the ferroalloys industry and from its
established clientele.
For arriving at its ratings, CRISIL has combined the financial
and business risk profiles of BFTPL and its group entities,
Baahubali TMT Bars Pvt Ltd and RLJ Ferro Alloys Ltd. The
entities are collectively referred to as the Baahubali group.
This is because the entities have common promoters, trade in
ferroalloys and thermo-mechanically treated (TMT) bars, and have
significant operational and financial linkages with each other.
Although the group's promoters have communicated to CRISIL that
the group entities will no longer be extending any funding
support to each other, it is yet to be demonstrated.
About the Group
The Baahubali group is based in Kolkata (West Bengal). BFTPL was
incorporated in 2003 as Daudee Steel P Ltd and its name was
changed to the current one in 2008 by its current management,
which includes Mr. Ratanlal Jain, his son, Mr. Ashok Jain, and
their families. BFTPL manufactures silico-manganese, mild-steel
ingots, ferrosilicon, ferromanganese, and TMT bars. The group's
manufacturing unit is in Durgapur (West Bengal), and has
installed capacity of 5000 million tonnes per month (mtpm) for
mild-steel ingots and 8500 mtpm for ferroalloys. BTBL and RJLFA
trade in TMT bars and ferroalloys, respectively.
On a standalone basis, BFTPL reported a PAT of INR9.7 million on
net sales of INR1.1 billion for 2010-11, against a PAT of INR6.0
million on net sales of INR1 billion for 2009-10.
BHAWANI SHANKAR: CRISIL Rates INR60MM Loan at 'CRISIL B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Bhawani Shankar Ginning Factory.
Facilities Ratings
---------- -------
INR60 Million Cash Credit CRISIL B+/Stable (Assigned)
The rating reflects BSGF's small scale of operations in highly
fragmented industry, its moderate financial risk profile marked
by small size of net worth, moderate debt protection metrics, and
healthy gearing and its susceptibility of its margins to
volatility in raw cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of BSGF's
promoters and its established regional presence in the cotton
ginning industry.
Outlook: Stable
CRISIL believes that BSGF will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton ginning business. The outlook may be revised to 'Positive'
if the firm's revenues and profitability increase substantially,
leading to an improvement in its financial risk profile, or in
case of significant infusion of capital by the partners,
resulting in an improvement in BSGF's capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive debt-funded expansions, or if its revenues
and profitability decline substantially or if the partners
withdraw capital from the firm, leading to weakening in its
financial risk profile.
About Bhawani Shankar
Established in 1991, BSGF is engaged in cotton ginning. The firm
is located in Sendhwa (Madhya Pradesh). It operates with an
installed ginning capacity of 325 bales per day. BSGF's managing
partners, Mr. Goverdhandas H Tayal and Mr. Gopal H Tayal, have
more than 15 years of experience in the cotton ginning business.
BSGF reported a profit after tax (PAT) of INR3 million on net
sales of INR349 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR5 million on net
sales of INR191 million for 2009-10.
BHOLANATH INDUSTRIES: CRISIL Rates INR6.2MM Loan at 'CRISIL BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Bholanath Industries Ltd, part of the
Bholanath group.
Facilities Ratings
---------- -------
INR6.2 Million Term Loan CRISIL BB/Stable (Assigned)
INR3.3 Million Working Capital CRISIL BB/Stable (Assigned)
Term Loan
INR45 Million Letter of Credit CRISIL A4+ (Assigned)
INR28.5 Million Packing Credit CRISIL A4+ (Assigned)
The ratings reflect the group's moderate financial risk profile,
marked by a comfortable capital structure and debt protection
metrics, established market position, and promoters' extensive
experience in the hand-made carpets and woollen yarn export
industry. These rating strengths are partially offset by the
Bholanath group's working-capital-intensive operations,
susceptibility to any decline in demand from the export market,
and high customer concentration mainly in the woollen yarn
business.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BDL and its group company BIL
Continental Ltd (BIL), together referred to as the Bholanath
group. This is because both BDL and BIL are managed by the same
promoters, are in a similar line of business, and have
operational and financial linkages. Also, BIL held 45.4 per cent
stake in BDL as on March 31, 2011, and has given corporate
guarantee for BDL's bank facilities. The Bholanath group's
promoters, as on the same date, have extended interest-free
unsecured loans of INR42.1 million to the group. These loans are
interest free and are subordinated to the bank debt; hence,
CRISIL has treated these loans are neither debt nor equity.
Outlook: Stable
CRISIL believes that Bholanath group will continue to benefit
from its established position and its promoters' extensive
experience in the hand-made carpets and woollen yarn industry.
The outlook may be revised to 'Positive' in case Bholanath
group's scale of operations and profitability improves
significantly, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
Bholanath group reports lower-than-expected revenues and
profitability, leads to smaller cash accruals, or undertakes any
large, debt-funded capital expenditure programme, thereby
constraining its financial risk profile, particularly its
liquidity.
About the Group
The Bholanath group, promoted by Baranwal family, is mainly
engaged in the business of manufacturing and export of hand-made
carpets and woollen yarn. The group derives around 70 per cent of
its revenues from its carpets business while around 30 per cent
of the revenues are derived from woollen yarn spinning business.
Furthermore, the group is predominantly into exports, which
accounts for around 70 per cent of the revenues.
BDL, part of Bholanath group, is an export-oriented unit mainly
engaged in the export of woollen yarn and has a spinning unit at
Varanasi with capacity of 4800 spindles. The majority of BDL's
sales are to two key customers in Malaysia and Belgium.
BIL, part of Bholanath group, was incorporated in 1973 by Mr.
Bholanath Baranwal at Varanasi (Uttar Pradesh [UP]). BIL
manufactures and sells hand-knotted and hand-tufted carpets and
dhurries. BIL has its carpets manufacturing facility at Bhadohi
(UP) and sells these carpets in the domestic as well as export
markets.
The Bholanath group reported a profit after tax (PAT) of INR3.1
million on operating income of INR 443.0 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR1.9 million on operating income of INR 381.8 million for
2009-10.
DHANLAXMI TMT: CRISIL Assigns 'CRISIL B+' Rating to INR135MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dhanlaxmi TMT Bars Pvt Ltd.
Facilities Ratings
---------- -------
INR135 Million Cash Credit CRISIL B+/Stable (Assigned)
INR5 Million Bank Guarantee CRISIL A4 (Assigned)
The ratings reflect Dhanlaxmi's modest scale of operations,
moderate financial risk profile and susceptibility of operating
margins to volatility in steel prices. These rating weaknesses
are partially offset by the extensive experience of Dhanlaxmi's
promoters in the steel industry.
CRISIL has consolidated the financials of Dhanlaxmi TMT Bars
Private Limited and Nilesh Steel Alloys Private Limited, referred
to as the Dhanlaxmi group. This is because of significant sale/
purchase transactions. Besides being part of the value chain,
both companies have a common management and significant financial
fungibility.
Outlook: Stable
CRISIL believes that Dhanlaxmi group will benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if Dhanlaxmi
group reports a significant growth in revenues or profitability
while improving its capital structure and debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case the company reports less-than-expected revenues or
significant deterioration in its margins or debt protection
indicators.
About Dhanlaxmi TMT
Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri,
manufactures thermo-mechanically treated bars. Its manufacturing
facility at Jalna (Maharashtra) has an installed capacity of
60,000 tonnes per annum (tpa). Dhanlaxmi's products are marketed
under the brand name "Laxmi 500" TMT bars and sells primarily
through dealers to end users in Western Maharashtra, Pune and
Goa.
In 2002, Mr. Sanjay Mantri and Mr. Nilesh Chechani incorporated
Nilesh Steel Alloys Pvt Ltd (NSAPL), which manufactures mild
steel ingots/billets. NSAPL's manufacturing facility at Jalna has
an installed capacity of 40,000 tpa.
Dhanlaxmi reported a net profit of INR 6.99 million on net sales
of INR1.2 billion for 2010-11 (refers to financial year, April 1
to March 31), as against a profit after tax of INR 29.82 million
on net sales of INR 1.00 billion for 2009-10.
GOLDRUSH SALES: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
---------------------------------------------------------------
CRISIL's rating on the cash credit facility of Goldrush Sales &
Services Ltd continues to reflect Goldrush's weak financial risk
profile marked by high gearing, small net worth and stretched
liquidity. This rating weakness is partially offset by Goldrush's
established regional market position, improving profitability and
promoters' experience in the automobile dealership business.
Facilities Ratings
---------- -------
INR135 Million Cash Credit CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Goldrush's liquidity will remain stretched
over the medium term because of its large working capital
requirements. However, the company's business risk profile will
continue to be supported by its established regional market
position and promoters' experience in the automobile dealership
business. The outlook may be revised to 'Positive' if Goldrush
improves its liquidity, most likely driven by a significant
enhancement in its working capital limits, improvement in its
capital structure by way of infusion of equity by the promoters,
or higher-than-expected improvement in profitability leading to
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
further, most likely because of larger-than-expected working
capital requirements or debt-funded capital expenditure (capex),
or a sharp decline in profitability and cash accruals.
Update
Goldrush's operating income increased at a moderate year-on-year
rate of 10 per cent in 2010-11 (refers to financial year, April 1
to March 31) and is expected to increase at a similar rate in
2011-12 - operating income in 2011-12 is expected to be in the
range of INR1.35 billion to INR1.45 billion. The increase in the
company's scale of operations has been mainly driven by increase
in its service income (owing to capacity expansion at its
workshop) as well as Annual Maintenance Charge (AMC) earned from
maintenance-work for buses of Uttar Pradesh State Road
Transportation Corporation (UPSRTC) and moderate growth in number
of vehicles sold. As a result of these initiatives, the company's
profitability has improved, as reflected in improvement in its
operating margin to 5 per cent in 2010-11 from 3.5 per cent in
2009-10. Improvement in profitability is expected to continue
over the medium term, driven by increasing share of service
income and AMC income in the overall operating income. However,
Goldrush's liquidity remains stretched, as reflected in the near-
full utilisation of its working capital lines and frequently
availed temporary overdraft facility.
Goldrush reported a profit after tax (PAT) of INR13 million on an
operating income of INR1229 million for 2010-11, against a PAT of
INR5.1 million on an operating income of INR1116 million for
2009-10.
About Goldrush Sales
Incorporated in 1989, Goldrush was acquired by Mr. Pradeep
Aggarwal in 1990. Goldrush is an automobile dealer for Tata
Motors Ltd and deals in passenger cars and light commercial
vehicles (LCVs). Goldrush operates through two showrooms in
Lucknow (Uttar Pradesh) and one sales outlet each in Sitarpur and
Hardoi (on the outskirts of Lucknow). Goldrush also has three
service centers within its premises at Ismailganj (center of
Lucknow).
KIRTI AGROVET: CRISIL Assigns 'CRISIL BB-' Rating to INR90MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kirti Agrovet Ltd, part of the Kirti group.
Facilities Ratings
---------- -------
INR90 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR230 Mil. Proposed Long-Term CRISIL BB-/Stable (Assigned)
Bank Loan Facility
The rating reflects the Kirti group's promoters' extensive
experience in the edible oils industry, and the group's strong
operational efficiencies, supported by its vertically integrated
operations. These rating strengths are partially offset by the
pricing pressures the group faces because of intense market
competition, and the group's weak financial risk profile marked
by highly levered capital structure and modest debt protection
metrics.
For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of KAVL, Kirti Agrotech Ltd, Kirti
Dal Mills Ltd, Kirti Solvex Ltd and Kirti Foods Ltd. The
entities are collectively referred to as the Kirti group. This is
because the entities have common promoters, are in similar lines
of business, and have significant operational and financial
linkages with each other.
Outlook: Stable
CRISIL believes that Kirti group will maintain a stable business
risk profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of an improvement in the company's capital
structure due to higher than expected profitability or additional
infusion of funds by the promoters. Conversely, the outlook may
be revised to 'Negative' if the company's credit risk profile
weakens substantially on account of a decline in accruals and
operating margins, or an increase in gearing.
About the Group
The Kirti group promoted by the Latur, Maharashtra based Bhutada
family has been in existence since the 1970s, when the first
group entity, Kirti Oil Mills Ltd, was established by the
patriarch of the group Mr. Vishudas Bhutada. The group
established KDML in 1990-91 (refers to financial year, April 1 to
March 31), and KSL and KFL in 1997-98, and KATL and KAVL in 2003-
04. The groups day to day operations are looked after by Mr.
Ashokkumar Bhutada and Mr. Kiritkumar Butada both sons of Mr.
Vishnudas Bhutada.
KAVL is engaged in solvent extraction. The company's solvent
extraction plant is the largest in the group, with a capacity of
225,000 tonnes per annum (tpa). The company also exports de-oiled
cakes - it has exported close to a 1000 tonnes of soyabean de-
oiled cakes in 2010-11.
For 2010-11, the KAVL reported a profit after tax (PAT) of INR4.6
million on net sales of INR1.14 billion, against a PAT of INR3.8
million on net sales of INR1.08 billion for 2009-10.
KTC AUTOMOBILES: CRISIL Places 'CRISIL B-' Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of KTC Automobiles Pvt Ltd.
Facilities Ratings
---------- -------
INR70 Million Cash Credit CRISIL B-/Stable (Assigned)
INR128.5 Million Long-Term Loan CRISIL B-/Stable (Assigned)
INR20 Million Proposed Cash CRISIL B-/Stable (Assigned)
Credit Limit
The rating reflects KTCAPL's weak financial risk profile, marked
by high gearing and weak debt protections metrics, and
susceptibility to intense competition in the automobile
dealership segment. These rating weaknesses are partially offset
by KTCAPL's established position in the automobile dealership
market for Hyundai in Kerala.
Outlook: Stable
CRISIL believes that KTCAPL will continue to benefit over the
medium term from its established position in the automobile
dealership market for Hyundai in Kerala and the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if KTCAPL's volumes and operating margin improve
substantially or in case of any significant equity infusion by
the promoter, resulting in improvement in its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if KTCAPL's market share declines, thereby
significantly impacting its revenues and profitability, or if the
company undertakes any large debt-funded capital expenditure
programme, thereby weakening its capital structure and cash
accruals.
About KTC Automobiles
Set up in 1998 as a partnership firm, KTCAPL was reconstituted as
a private limited company in 2004. The company is one of the
authorised dealers for Hyundai in Kerala. KTCAPL operates three
dealerships, one each in Kannur, Calicut, and Thrissur (all in
Kerala) and owns six service centres.
KTCAPL is part of the KTC group, which is a Kerala-based
diversified business conglomerate with interest in automobile
dealership, hospitals, real estate, education, plantation,
logistics, and film production.
KTCAPL reported a profit after tax (PAT) of INR4.0 million on net
sales of INR1.46 billion for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.5 million on net
sales of INR1.52 billion for 2009-10.
KWALITY FOUNDRY: CRISIL Places 'CRISIL B' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Kwality Foundry Industries.
Facilities Ratings
---------- -------
INR80 Million Cash Credit CRISIL B/Stable (Assigned)
INR20 Million Proposed Long-Term CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects KFI's weak financial risk profile, marked by
small net worth and weak debt protection metrics, small scale of
operations with low profitability, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of KFI's management in the casting industry.
Outlook: Stable
CRISIL believes that KFI will continue to benefit over the medium
term from the extensive industry experience of its proprietor.
The outlook may be revised to 'Positive' in case the firm's scale
of operations and profitability improve considerably, leading to
better-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of any further pressure on
liquidity and financial risk profile due to larger-than-expected
working capital requirements, large debt-funded capital
expenditure plan, or large withdrawals by the proprietor.
About Kwality Foundry
Incorporated in 1978-79 (refers to financial year, April 1 to
March 31), KFI is a part of the Vaswani group. The firm
manufactures cast-iron moulds, manhole covers and pipes and
fittings by using pig iron and Cast iron scrap. KFI also
occasionally trades in pig-iron. The firm has a manufacturing
unit in Raipur (Chhattisgarh) with a total manufacturing capacity
of 12,000 tonnes per annum, which is being operated at full
capacity.
KFI reported a profit before tax (PBT) of INR0.97 million on net
sales of INR430.4 million for 2010-11 (which includes INR65.7
million of raw materials traded), as against a PBT of INR0.24
million on net sales of INR331.3 million for 2009-10 (which
includes INR29.6 million of raw material traded).
PATO BUILDERS: CRISIL Places 'CRISIL BB-' Rating on INR20MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Pato Builders Ltd.
Facilities Ratings
---------- -------
INR20 Million Term Loan CRISIL BB-/Stable (Assigned)
INR70 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR30 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect the extensive industry experience of PBL's
promoters and it strong market position. These rating strengths
are partially offset by PBL's working-capital-intensive, and
small scale of, operations and revenue concentration.
Outlook: Stable
CRISIL believes that PBL will benefit over the medium term from
its promoters' extensive industry experience and its healthy
order book. The outlook may be revised to 'Positive' if PBL
reports higher-than-expected revenue growth and maintains its
profitability, while efficiently managing its working capital.
Conversely, the outlook may be revised to 'Negative' if PBL faces
significant delays in delivering orders or its liquidity weakens
further because of large incremental working capital requirements
or build-up of debtors.
About Pato Builders
Set up in 1997 by Mr. Mukesh Kumar and his family members, PBL
undertakes construction work for various projects of the
Government of India. The projects primarily include construction
of commercial buildings on contractual basis. PBL has its
presence in Jharkhand, Bihar, New Delhi, and Chhattisgarh.
SONU EXIM: CRISIL Assigns 'CRISIL BB+' Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Sonu Exim
Facilities Ratings
---------- -------
INR40 Million Proposed Long-Term CRISIL BB+/Stable (Assigned)
Bank Loan Facility
INR200 Million Short-Term Bank CRISIL A4+ (Assigned)
Facility
The ratings reflect Sonu Exim's moderate financial risk profile,
marked by a moderate net worth, gearing, and debt protection
metrics, promoter's extensive experience in the ready-made
garment industry, and established relationships with customers.
These rating strengths are partially offset by Sonu Exim's highly
working-capital-intensive operations, customer and geographical
concentration, and susceptibility of its profitability to
volatility in raw material price and foreign exchange (forex)
rates.
Outlook: Stable
CRISIL believes that Sonu Exim will benefit over the medium term
from its established clientele and its promoter's extensive
industry experience. The outlook may be revised to 'Positive' in
case of better-than-expected growth in turnover or improvement in
gearing and working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the firm's operating margin declines or
working capital requirements increase, thereby impacting its cash
accruals, or in case there is volatility in forex rates.
About Sonu Exim
Sonu Exim was set up by Mr. Anuj Goel in 1997 as a proprietorship
firm. The firm manufactures and exports fashionable garments for
women. At present, Sonu Exim has seven manufacturing units - five
in Okhla (New Delhi) and two in Noida (Uttar Pradesh) - with
total manufacturing capacity of about 45,000 pieces per month at
around 70 per cent capacity utilisation. The firm derives its
revenues mainly through export to the USA and European countries.
Sonu Exim has established relationships with some of the reputed
international brands, such as Inditex Group's Zara.
Sonu Exim reported a profit after tax (PAT) of INR34.2 million on
net sales of INR571.7 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR19.5 million
on net sales of INR358.2 million for 2009-10.
SREE RANI: CRISIL Puts 'CRISIL B' Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sree Rani Sati Overseas Pvt Ltd.
Facilities Ratings
---------- -------
INR40 Million Cash Credit CRISIL B/Stable (Assigned)
INR100 Million Letter of Credit CRISIL A4 (Assigned)
The ratings reflect SROPL's weak financial risk profile marked by
weak capital structure and debt protection measures, high working
capital requirements and small scale of operations in the timber
industry. These rating weaknesses are partially offset by the
extensive experience of the SROPL's promoters in the industry and
established customer relationships.
Outlook: Stable
CRISIL believes that SROPL will maintain its business risk
profile over the medium term backed by its long standing presence
in timber industry. The company's financial risk profile is
expected to remain weak due to working capital intensive nature
of operations. The outlook may be revised to 'Positive' if there
is improvement in working capital management leading to better
financial flexibility along with increase in networth.
Conversely, the outlook may be revised to 'Negative' if company's
financial risk profile deteriorates significantly because of
significant borrowings for capex or working capital requirements.
About Sree Rani
SROPL was incorporated by Mr. Sanjay Poddar and his family
members in 2010. Prior to the establishment of the concern, the
promoter was engaged in the same line of business in another
entity, namely, Sree Rani Sati and Company, a proprietary concern
started by his father. After graduation, in 1997, Mr. Sanjay
Poddar managed the operations of the proprietary concern.
SROPL is engaged in trading and processing of timber logs mainly
from teak wood. It has six swan mills in Gandhidham (Gujarat) and
Delhi, where timber logs (imported) are sawed and then sold in
domestic market.
SROPL reported a profit after tax (PAT) of INR1.1 million on net
sales of INR286.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR48.0 million for 2009-10.
SRI BALMUKUND: CRISIL Puts 'CRISIL BB-' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balmukund Polypack
Pvt Ltd continue to reflect the benefit that Sri Balmukund
derives from its promoters' experience in the packaging industry,
and the company's moderate financial risk profile marked by a
moderate gearing and healthy debt protection metrics. These
rating strengths are partially offset by Sri Balmukund's small
scale of operations and exposure to volatility in raw material
prices.
Facilities Ratings
---------- -------
INR50 Million Long-Term Loan CRISIL BB-/Stable
(Reduced from INR67.5 Million) (Reaffirmed)
INR60 Million Cash Credit CRISIL BB-/Stable
(Enhanced from INR27.5 Million) (Reaffirmed)
INR39.5 Million Proposed Long- CRISIL BB-/Stable
Term Bank Loan Facility (Reaffirmed)
INR5 Million Letter of credit & CRISIL A4+ (Assigned)
Bank Guarantee
Outlook: Stable
CRISIL believes that Sri Balmukund will continue to benefit over
the medium term from its promoters' industry experience and its
established relations with its customers and suppliers. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, on the back of optimum utilisation of
its enhanced capacities, while it maintains its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' in case Sri Balmukund undertakes a large, debt-funded
capital expenditure programme, faces suboptimal utilisation of
its enhanced capacities, or extends substantial financial
assistance to its group entities.
About Sri Balmukund
Sri Balmukund, incorporated in December 2007, manufactures high-
density polyethylene and polypropylene fabrics and bags. Its
facility at Industrial Area in Tendua in Raipur (Chhattisgarh)
has capacity of 7200 tonnes per annum (tpa). Its capacity is
currently being expanded to 9600 tpa at a total outlay of about
INR80 million, which is to be funded by a term loan of INR50
million, and the rest through a mix of internal accruals and
equity and unsecured loans. Sri Balmukund has so far expended
about INR60 million to enhance its capacities to 7200 tpa; the
capacities are expected to be further increased to 9600 tpa by
March 31, 2012. The company primarily supplies bags to the cement
companies with some sales to the fertiliser, petrochemicals, and
sugar segments.
VIRGO ALUMINIUM: CRISIL Places 'CRISIL B' Rating to INR360MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Virgo Aluminium Ltd.
Facilities Ratings
---------- -------
INR360.0 Million Term Loan CRISIL B/Stable (Assigned)
INR222.5 Million Cash Credit CRISIL B/Stable (Assigned)
The rating reflects VAL's start-up nature of operations leading
to weak financial risk profile, marked by high gearing and weak
debt protection metrics, and promoters' limited track record in
the aluminium industry. These rating weaknesses are partially
offset by the support that VAL's promoters extend through equity
infusion, and diversified end-user base.
Outlook: Stable
CRISIL believes that VAL's liquidity and financial risk profile
will remain stretched and weak respectively during the initial
years of its operations however, CRISIL also believes that
funding support from the promoters will help the company to
service its debt in a timely manner. The outlook may be revised
to 'Positive' in case VAL ramps up its operations and reports
higher than expected accruals leading to improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
VAL registers lower-than-expected topline or undertakes a further
large debt-funded capital expenditure programme, leading to
further weakening in its liquidity and thus, financial risk
profile.
About Virgo Aluminium
VAL was incorporated on Sept. 27, 1989, by Mr. RP Arora, as Alpha
Reprographics Ltd; the name was later changed to VAL on September
7, 2009. Till 2009, VAL did not carry out any commercial
activity; in 2010, it established a unit to manufacture aluminium
sheets and coils in Kala Ambh (Himachal Pradesh). VAL has an
installed capacity to manufacture sheets of 18,000 tonnes per
annum of sizes varying from 0.1 millimetres (mm) to 4 mm. The
commercial production started in January 2011.
About the Virgo Group
Virgo Group, promoted by Mr. RP Arora, came into existence in
1975 by setting up a Rice Mill at Mogha District of Punjab, which
does not exist now. The group set up its first ply-wood factory
at Derawasi, Chandigarh (Punjab) under Virgo Plywood Limited
(VPL) in 1993; which later on was expanded to manufacture boards
under Virgo Boards Limited (VBL) at Derawasi in 1997; decorative
& industrial laminates under Katyani Chemtech India Limited
(Katyani) at Derawasi in 1999. In 2004, Virgo Industries (VI) was
established to manufacture Decorative Laminates at Kala Ambh
(HP). The group has recently entered into aluminium sheets by
setting up a unit at Kala Ambh in 2009. The group is currently
being managed by sons of Mr. RP Arora; Mr. Bishambar Dass Arora,
Mr. Surender Pal Arora, Mr. Tilak Raj Arora, Mr. Praveen Kumar
Arora having considerable experience in the field.
=========
J A P A N
=========
CORSAIR NO. 2: S&P Raises Rating on Series 52 CDO to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Corsair
(Jersey) No. 2 Ltd.'s series 52 synthetic collateralized debt
obligation (CDO) transaction by two notches to 'BB+ (sf)', and
removed the rating from CreditWatch with positive implications .
"The rating action is part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. This action incorporates,
among other things, the effect of rating migration within the
reference portfolio," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Rating Raised, Removed From CreditWatch Positive
Corsair (Jersey) No. 2 Ltd.
Floating rate secured portfolio credit-linked series 52
(Portfolio F360)
To From Issue amount
BB+ (sf) BB- (sf)/Watch Pos JPY1.0 bil.
ELPIDA MEMORY: May Sell Mainstay Hiroshima Plant to Raise Cash
--------------------------------------------------------------
Kyodo News reports that sources said Elpida Memory Inc.,
currently undergoing rehabilitation, is considering selling its
mainstay plant in Hiroshima Prefecture to raise money.
Kyodo's sources said the DRAM maker is also mulling a capital and
business alliance with major U.S. chip-maker Micron Technology
Inc. by accepting its investment.
In a briefing the company provided to its creditor banks, Elpida
said it is studying the possibility of receiving support from
Innovation Network Corp. of Japan, an investment fund backed by
the government, to rebuild its financial standing, the sources,
as cited by Kyodo, said.
Elpida, whose business has been declining due to dropping DRAM
prices and has to redeem massive amounts of corporate bonds and
debts, plans to secure cash reserves through the sale of the
plant in Higashihiroshima, according to the report.
The company plans to continue production and maintain employment
by leasing the plant back after selling it, sources told Kyodo.
According to Kyodo, sources said the banks will closely monitor
the prospects for the sale of the plant as well as negotiations
on receiving investment and the government's stance on supporting
the chip-maker.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2012, Bloomberg News said Elpida Memory, facing a
deadline to repay $1.2 billion of debt by April, may gain
financial support for the second time in three years as Japan
seeks to keep the company alive amid a slump in the chip market.
Bloomberg related that Yoshihiro Nakatani, a senior fund manager
at Asahi Life Asset Management Co., said the nation's trade
ministry will probably extend support set to expire in March for
Elpida.
In June 2009, Elpida received JPY30 billion of public loans via
the Development Bank of Japan under the Law on Special Measures
for Industrial Revitalization. Elpida later received another
JPY10 billion from the DBJ and JPY100 billion from 14 private
banks, including three megabanks, as syndicated loans.
About Elpida Memory
Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips. The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others. The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.
J-CORE FL1: Moody's Lowers Rating of Class D Notes to 'Ca'
----------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class D and
E Trust Certificates issued by J-CORE FL1 Trust.
Details follow:
Class D, downgraded to Ca (sf); previously on December 1, 2010,
downgraded to Caa1 (sf) from B1 (sf)
Class E, downgraded to C (sf); previously on December 1, 2010,
downgraded to Caa3 (sf) from B3 (sf)
Deal Name: J-CORE FL1 Trust
Class: Class D and E Trust Certificates
Issue Amount (initial): JPY1.2 billion
Dividend: Floating
Issue Date: Dec. 27, 2006
Final Maturity Date: April 2012
Underlying Asset (initial): Loan and others; backed by a
portfolio of four assets, comprising specified bonds and non-
recourse loans secured by four real estate properties
Originator: Deutsche Bank, Tokyo Branch
Arranger: Deutsche Securities Inc
Asset Trustee: The Sumitomo Trust and Banking Co. Ltd.
J-CORE FL1 Trust, effected in December 2006, represents the
securitization of three TMK bonds and one non-recourse loan.
The Originator entrusted the three specified bonds and the non-
recourse loan to the Asset Trustee, and received the Class A
through E and X Trust Certificates, which it then sold to
investors. The Trust Certificates are rated by Moody's.
In this transaction, payments on the recovery of any defaulting
bond or loan will be made on a sequential basis.
Two of the bonds and the loan have been paid down in full, and
the transaction had been secured by a bond (backed by a retail
property outside Tokyo) that was recovered by collection
activities in December 2011, while it had been under special
servicing since March 2010.
Consequently, the Class C Trust Certificates were redeemed in
full by net proceed of the property disposal.
Rating Rationale
The current rating action reflects this factor:
-- Class D and E Trust Certificates will incur losses, as a
result of the collection activity by the special servicer.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010.
Moody's did not receive or take into account any third party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.
JLOC XXXIV: S&P Cuts Rating on Class D Certificates to CC'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its rating on the class D trust certificates issued under
the JLOC XXXIV Trust Certificate (JLOC XXXIV) transaction. "At
the same time, we withdrew our rating on the interest-only (IO)
class X trust certificates issued under the same transaction,"
S&P said.
"Of the two TMK bonds and single nonrecourse loan that originally
backed the trust certificates, only one TMK bond remains. The
remaining TMK bond originally represented about 40% of the total
initial issuance amount of the trust certificates. We lowered to
'CC (sf)' our rating on class D because, although the sales of
the properties backing the transaction's remaining TMK bond have
been completed, we have found that the outstanding principal on
the TMK bond exceeded the amount of proceeds collected through
the sales of the properties in question. We intend to lower to 'D
(sf)' the rating on class D if losses are actually incurred at
the transaction level in the future," S&P said.
"Since the class B and C trust certificates were fully redeemed
in January 2012, no trust certificates rated 'AA- (sf)' or above
with an outstanding principal balance remain under this
transaction. Accordingly, we have withdrawn our rating on class X
in accordance with our updated criteria for rating IO
securities," S&P said.
JLOC XXXIV is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by two TMK bonds and a nonrecourse loan. The
TMK bonds and the nonrecourse loan were originally backed by 61
real estate properties and two loans extended to two obligors.
The transaction was arranged by Morgan Stanley Japan Securities
Co. Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.
"The rating reflects our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in October 2013 for the
class D certificates," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Rating Lowered
JLOC XXXIV Trust Certificate
JPY67.1 billion trust certificates due October 2013
Class To From Initial issue amount
D CC (sf) CCC (sf) JPY6.9 bil.
Rating Withdrawn
JLOC XXXIV Trust Certificate
Class Rating Initial notional principal
X* AAA (sf) JPY67.1 bil.
*Interest only
JLOC 37: S&P Cuts Ratings on 2 Classes of Notes to 'CC'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its ratings on the class D1 and D2 floating-rate notes
issued under the JLOC 37 LLC (JLOC 37) transaction.
"We lowered to 'CC (sf)' our ratings on classes D1 and D2
because, although the sales of the properties backing one of the
transaction's remaining loans has been completed, we have found
that the outstanding principal on the loan exceeds the amount of
proceeds collected through the sales of the properties in
question. The loan originally represented about 16% of the total
initial issuance amount of the notes. We intend to lower to 'D
(sf)' the ratings on these two classes if losses are actually
incurred at the transaction level in the future," S&P said.
JLOC 37 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The notes issued under this transaction were
originally secured by multiple loans extended to 10 obligors. The
loans were initially backed by 61 real estate properties and real
estate trust certificates. The transaction was arranged by Morgan
Stanley Japan Securities Co. Ltd., and ORIX Asset Management &
Loan Services Corp. acts as the servicer for this transaction.
"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in January 2015 for
the class D1 and D2 notes," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Ratings Lowered
JLOC 37 LLC
JPY81.22 billion equivalent notes issued on July 11, 2007, due
January 2015
Class To From Initial issue amount
D1 CC (sf) CCC (sf) JPY8.0 bil.
D2 CC (sf) CCC (sf) EUR1.95 mil.
JLOC 41: S&P Cuts Rating on Class D-2 Floating-Rate Notes to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from
'CCC- (sf)' its rating on the class D-2 floating-rate notes
issued under the JLOC 41 LLC. (JLOC 41) transaction . The class A
to C-2 notes have already been fully redeemed. "We lowered to 'D
(sf)' our ratings on classes C-3 and D-3 on Aug. 23, 2010, as
well as our rating on class D-1 on Nov. 24, 2010," S&P said.
"Of the three loans that initially backed the notes, only one
loan remains. The remaining loan originally represented about
22.2% of the total initial issuance amount of the notes. We
lowered to 'CC (sf)' our rating on class D-2 because, although
the sales of the properties backing the transaction's remaining
loan have been completed, we have found that the outstanding
principal on the loan exceeds the amount of proceeds collected
through the sales of the properties in question. We intend to
lower to 'D (sf)' the rating on class D-2 if losses are actually
incurred at the transaction level in the future," S&P said.
The notes issued under this commercial mortgage-backed securities
(CMBS) transaction were originally secured by three loans
extended to three obligors. The loans were initially backed by 31
real estate trust certificates and real estate properties. The
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd., and ORIX Asset Management & Loan Services Corp. acts as
the servicer for this transaction.
"The rating reflects our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in February 2015 for the
class D-2 notes," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Rating Lowered
JLOC 41 LLC.
JPY23.36 billion floating-rate notes due February 2015
Class To From Initial issue amt Coupon type
D-2 CC (sf) CCC- (sf) JPY0.69-bil. Floating rate
NEC CORP: To Cut 10,000 Jobs Worldwide; Sees JPY100-Bil. Net Loss
-----------------------------------------------------------------
AFP reports that NEC Corporation said Thursday it would axe
10,000 jobs worldwide, as it announced losses for the past nine
months had almost doubled.
In a presentation accompanying its third-quarter results, it said
it was projecting a loss of JPY100 billion for the financial year
ending in March 2012 and would not be paying a dividend, AFP
relates.
NEC said it would reduce headcount by 7,000 in Japan and 3,000
overseas, according to the news agency.
According to AFP, the company said the job losses would cost it
JPY40 billion this financial year, but were expected to generate
savings of well over that amount in the following two years.
AFP relates that NEC said the changes were to bring about
"restructuring in businesses that require immediate reform" and
would give it a "business structure with high profitability."
NEC said its mobile phone business had suffered from "drastic
changes in the Japanese market," with foreign vendors' market
share increasing, the news agency relays.
AFP discloses that the company posted a net loss of
JPY97.5 billion for the nine months to December, compared with a
JPY53.6 billion loss in the corresponding period a year
previously.
The company had previously projected a JPY15 billion net profit
for the current financial year but revised that to a
JPY100 billion net loss, even though it would make an operating
profit of JPY70 billion, the report notes.
The company blamed "business restructuring costs for the reform
of cost structure, and an increase in income taxes" and said that
"regrettably" it was revising its year-end dividend forecast to
"none," AFP adds.
About NEC Corp.
NEC Corporation (TYO:6701) -- http://www.nec.com/-- is a Japan-
based manufacturer. The Information Technology (IT)/Network (NW)
Solution segment provides system integration, support and
outsourcing services for government offices and communication
companies. It also develops, designs and sells hardware,
software, network systems and broadcasting systems, among others.
The Mobile/Personal Solution segment develops, designs and sells
cellular phones and personal computers, as well as provides
Internet service under the name BIGLOBE. The Electronic Device
segment develops, designs, manufactures, and sells electronic
products, including large-scale integrated circuits, general
devices, system memories, color liquid crystal displays,
capacitors, relays and lithium-ion secondary batteries. In
addition, the Company is also engaged in the development, design,
manufacturing and sale of monitors and liquid crystal projectors.
ORSO FUNDING: S&P Lowers Rating on Class F Notes to 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC
(sf)' its rating on the class F notes issued under the Godo
Kaisha Orso Funding CMBS 7 transaction in July 2007.
Of the four loans and two TMK bonds (extended to or issued by six
obligors) that initially backed the transaction, only four loans
and one TMK bond (hereafter, collectively referred to as "loans")
remain. The five remaining loans originally represented a
combined 83% or so of the total initial issuance amount of the
notes.
One of the five remaining loans is a loan that was backed by a
mechanical car park located in Kagoshima Prefecture. The loan,
which originally represented about 3.1% of the total initial
issuance amount of the notes, defaulted in April 2011.
"We lowered to 'CC (sf)' our rating on class F because, although
the sale of the car park backing the above defaulted loan was
completed in December 2011, we have found that the outstanding
principal on the loan exceeds the amount of proceeds collected
through the sale of the car park in question. We intend to lower
to 'D (sf)' the rating on that class if losses are actually
incurred at the transaction level in the future," S&P said.
Orso Funding CMBS 7 Trust is a multiborrower commercial mortgage-
backed securities (CMBS) transaction. The floating-rate notes
were initially secured by four loans and two TMK bonds extended
to or issued by six obligors. The loans and the TMK bonds were
originally backed by 42 real estate properties. The transaction
was arranged by Bear Stearns (Japan) Ltd., Tokyo Branch, and
Premier Asset Management Co. acts as the servicer for this
transaction.
"The rating reflects our opinion on the likelihood of the full
payment of interest and ultimate repayment of principal by the
transaction's legal final maturity date in May 2014 for the class
F notes," S&P said.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
Rating Lowered
Godo Kaisha Orso Funding CMBS 7
JPY50.3 billion floating-rate notes due May 2014
Class To From Initial issue amount
F CC (sf) CCC (sf) JPY0.9 bil.
=========
K O R E A
=========
KOREA EXCHANGE: Hana Financial Wins OK to Buy 51.02% KEB Stake
--------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial regulator
approved Hana Financial Group Inc.'s takeover of the Korea
Exchange Bank on Friday, clearing the way for the No. 4 banking
group to seal a long-delayed deal with Lone Star Funds.
In November 2010, Hana Financial agreed with the U.S. private
equity fund to buy the latter's 51.02% stake in KEB for
KRW4.69 trillion (US$4.11 billion), but the contract has been in
regulatory limbo.
The news agency relates that the Financial Services Commission
said it had reached the conclusion after close consultation with
the Financial Supervisory Service, its executive body, and the
Fair Trade Commission, the country's corporate regulator.
"We decided to permit Hana Financial's acquisition of KEB
following a comprehensive and sufficient deliberation," the FSC
said in a press release, according to Yonhap.
According to Yonhap, the FSC said the two agencies determined
that Hana Financial is qualified to take over KEB, the fifth-
largest lender in South Korea, and the acquisition will not hurt
market competition.
In a press conference after getting the approval, Hana Financial
Chairman Kim Seung-yu ruled out the possibility of major job cuts
in the process of acquiring KEB.
"Currently, I'm not thinking about artificial manpower
restructuring," Mr. Kim told reporters, adding he will help KEB
maintain its independence of operations under Hana.
About Korea Exchange Bank
Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank. KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.
* * *
Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating. KEB also carries Fitch
Ratings "C" Individual Rating.
====================
N E W Z E A L A N D
====================
CRAFAR FARMS: NZ Approves Crafar Farms Sale to Chinese Buyer
------------------------------------------------------------
John Hartevelt and Andrea Fox at stuff.co.nz report that
New Zealand Prime Minister John Key said the successful Chinese
bid for the Crafar farm estate "well and truly exceeded" all the
Government's conditions for a purchase.
According to the report, Government ministers on Friday confirmed
approval for the sale of the farms to Shanghai Pengxin. The
report relates that Land Information Minister Maurice Williamson
and Associate Minister of Finance Dr. Jonathan Coleman said they
had accepted the recommendation of the Overseas Investment Office
(OIO) to grant consent to Milk New Zealand Holding, a subsidiary
of Shanghai Pengxin Group, to acquire the 16 Crafar farms.
Mr. Key said the OIO had "quite clearly corrected interpreted the
legislation."
"This is a positive move for those particular farms - as we can
see from the bid, there will be significant investment made," the
report quotes Mr. Key as saying.
Mr. Key, as cited by stuff.co.nz, said he "wouldn't want to see
enormous tracts of land sold regularly, week after week after
week" but that was not the case in New Zealand at the moment.
"I think we should see this for what it can be, which is a
positive for some farms that were very badly run in New Zealand,
that didn't meet environmental conditions and were in
[receivership]."
Mr. Key said he expected ''some concern and apprehension'' from
the public over the sale.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.
The latest report on the four Crafar companies in receivership
-- Plateau Farms, Ferry View Farms, Hillside and Taharua -- said
their bank debt in October was NZ$256 million, according to
BusinessDay.co.nz.
As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate. Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history. The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares. They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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
Peter Chapman at 240/629-3300.
*** End of Transmission ***