/raid1/www/Hosts/bankrupt/TCRAP_Public/121102.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, November 2, 2012, Vol. 15, No. 219
Headlines
A U S T R A L I A
REDBANK PROJECT: S&P Withdraws 'CC' Rating on AUD206-Mil. Debt
RESIMAC SERIES 2012-1NC: S&P Assigns 'B' Rating on Class F RMBS
C H I N A
CHINA SCE PROPERTY: S&P Revises Outlook on 'B+' CCR to Negative
* Fitch Reports Profit Grown for 40 Chinese Corporates
H O N G K O N G
HONAM OVERSEAS: Lai and Haughey Step Down as Liquidators
LEHMAN BROTHERS: Creditors' Proofs of Debt Due Nov. 20
LEHMAN BROTHERS COMMERCIAL: Creditors' Proofs of Debt Due Nov. 16
LIAN YOU: Creditors' Proofs of Debt Due Nov. 26
MILLION METRO: Members' Final Meeting Set for Nov. 30
PARKE OF AMERICA: Court Enters Wind-Up Order
POLYGLORY (HK): Final Meetings Set for Nov. 26
SKY FOCUS: Commences Wind-Up Proceedings
TAI CHONG: Members' Final Meeting Set for Nov. 26
TOP VIM: Court Enters Wind-Up Order
WALLER BROKING: Members' Final Meeting Set for Nov. 27
WEDDING WHISTER: Court to Hear Wind-Up Petition on Dec. 12
WELL HONOUR: Members' Final Meeting Set for Dec. 3
WING CHUEN: Court to Hear Wind-Up Petition on Dec. 12
WORLD GRACE: Court Enters Wind-Up Order
YILI PLASTIC: Court Enters Wind-Up Order
I N D I A
AEZ INFRATECH: CRISIL Lowers Rating on INR100MM Loan to 'D'
CREATIVE STYLO: CRISIL Assigns 'B' Rating to INR460MM Loans
GAZEBO INDUSTRIES: CRISIL Puts 'D' Ratings on INR88.6MM Loans
GOVINDAM FOOD: CRISIL Assigns 'B' Rating to INR55MM Loans
JAGDAMBAY EXPORTS: CRISIL Assigns 'B+' Rating to INR6.9MM Loans
KAMAL AGRO: CRISIL Assigns 'CRISIL B' Rating to INR140MM Loans
K.S. STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loans
S K P STEEL: CRISIL Upgrades Rating on INR145MM Loans to 'B+'
SAKTHI STEEL: CRISIL Puts 'B+' Rating on INR100MM Cash Credit
SAVERA FARMS: CRISIL Assigns 'B-' Rating to INR72.2MM Loans
SURYA SAREES: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loans
UNIQUE DELTA: CRISIL Raises Rating on INR145MM Loans to 'B'
UJJWAL AUTOWHEELS: CRISIL Rates INR55MM Cash Credit at 'B+'
M O N G O L I A
GOLOMT BANK OF MONGOLIA: S&P Revises Outlook on 'B+/B' ICR
S R I L A N K A
PEOPLE'S LEASING: Fitch Assigns 'B+' Issuer Default Rating
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
REDBANK PROJECT: S&P Withdraws 'CC' Rating on AUD206-Mil. Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its
'CC/Negative' issue credit rating on the senior-secured debt
(AUD206.3 million outstanding as of June 30, 2012) issued by
Australia-based RB Pass Through Pty Ltd. and Redbank Project Pty
Ltd. (together, "Redbank"). "The rating action is due to the lack
of information from the company to enable us to maintain
surveillance on the rating. In our view, the level of publicly
available information is also limited," S&P said.
"The rating and the negative outlook reflected our view that,
absent continued support from the lenders, and Redbank's ability
to pass through its exposure to carbon cost liability, Redbank
remains vulnerable to default, as defined under our criteria, in
the near term. Redbank owns and operates a 135 megawatt waste
coal-fired power plant in New South Wales," S&P said.
RESIMAC SERIES 2012-1NC: S&P Assigns 'B' Rating on Class F RMBS
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to seven
of the eight classes of residential mortgage-backed securities
(RMBS) issued by Perpetual Trustee Company Ltd. as trustee of
RESIMAC Bastille Trust in respect of RESIMAC Series 2012-1NC.
RESIMAC Series 2012-1NC is a securitization of a pool of
nonconforming and prime residential mortgages originated by
RESIMAC Ltd.
The ratings reflect:
* S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned
to the trust after the closing date.
* S&P's expectation that the various mechanisms to support
liquidity within the transaction, including principal draws
and an amortizing liquidity facility equal to 3.2% of the
initial invested amount of all notes, subject to a floor of
AUD1,920,000, are sufficient under our stress assumptions to
support timely payment of interest on the rated notes.
* S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises
mortgage insurance for 40% of the portfolio, which covers 100%
of the face value of those loans, their accrued interest, and
reasonable costs of enforcement; and note subordination for
the class A1, class A2, class B, class C, class D, class E,
and class F notes.
* The benefit of a fixed-to-floating interest-rate swap provided
by National Australia Bank Ltd. (AA-/Stable/A-1+), to hedge
the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate RMBS.
* The condition that a minimum margin will be maintained on the
residential mortgage loans.
* The availability of a retention amount built from excess
spread, and which will be applied monthly to repay the most
subordinated rated note at that time. An equal amount of
unrated class G notes will be issued at the same time to
maintain the level of credit support available to the rated
notes.
* The availability of an amortization amount built from excess
spread, starting two months after the call date onward, to
absorb any mortgage losses.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an assetbacked 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 Standard and Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com/1048.pdf
RATINGS ASSIGNED
Class Rating Amount (mil. A$)
A1 AAA (sf) 208.2
A2 AAA (sf) 34.8
B AA (sf) 27.0
C A (sf) 11.1
D BBB (sf) 7.8
E BB (sf) 5.1
F B (sf) 2.28
G N.R. 3.72
N.R. - Not rated.
=========
C H I N A
=========
CHINA SCE PROPERTY: S&P Revises Outlook on 'B+' CCR to Negative
---------------------------------------------------------------
On Nov. 1, 2012, Standard & Poor's Ratings Services revised the
rating outlook on China-based property developer China SCE
Property Holdings Ltd. to negative from stable. "At the same
time, we affirmed the 'B+ long-term corporate credit rating on
the company and the 'B' issue rating on its outstanding senior
unsecured notes. We also lowered our long-term Greater China
regional scale rating on the company to 'cnBB-' from 'cnBB' and
that on the note to 'cnB+' from 'cnBB-' to move them in line with
a negative outlook. In addition, we assigned our 'B' issue rating
and 'cnB+' Greaer China regional scale rating to CSCE's proposed
issue of U.S. dollar-denominated senior unsecured notes. The
rating on the notes is subject to our review of the final
issuance documentation," S&P said.
Rationale
"The outlook revision reflects our view that CSCE's capital
structure could weaken in the next 12 months because its debt-
funded expansion has become more aggressive. We expect the
volatility in financial performance to continue due to CSCE's
high concentration risk and small operating scale. The execution
risks outside Fujian province will also likely remain high in the
next two years. CSCE's stable sales execution and profitability
during the past two years and its established market position in
its home market of Quanzhou temper the weaknesses. We assess
CSCE's business risk profile as 'weak' and its financial risk
profile as 'aggressive,'" S&P said.
"We expect CSCE's growth in debt to continue to be faster than
its revenue growth in the next 12 months. The management
preserved liquidity by reducing capital expenditure and land
acquisitions as market conditions weakened. CSCE has limited
refinancing needs in the next 12 months; its new debt mostly
finances its increased construction needs and new land
acquisitions. We expect the company's total debt to exceed
Chinese renminbi (RMB) 7 billion by the end of 2012, compared
with RMB5.45 billion at the end of June," S&P said.
"In our view, CSCE will continue to have higher concentration
risk and financial volatility in the next two years than most
peers with a 'B+' rating. The company's sales are highly
sensitive to policy changes in Quanzhou, where the government's
home purchase restrictions are not applicable yet. More than half
of CSCE's land bank is in Quanzhou and the city accounted for
75.3% of the company's sales in the first half of 2012. CSCE's
contracted sales in the first nine months of 2012 were RMB3.89
billion, or 97.2% of its full-year target," S&P said.
"In our view, the company faces execution risks in expanding
outside its home market. CSCE has a limited record in new markets
outside Fujian province. It is also yet to demonstrate an ability
to achieve satisfactory property sales by managing multiple
projects in different regions. We expect CSCE's property sales
outside Fujian to be insignificant in 2012. In the first half of
2012, about 10% of the company's contracted sales were from
projects outside Fujian," S&P said.
"We expect CSCE to maintain a small operating scale in the next
two years. Compared with its peers', CSCE's property sales are
modest and its land bank is still fairly concentrated and small.
Nevertheless, the company's stable profitability and sales
execution compared with peers' reflect its low land cost and
adequate cost control," S&P said.
"In our base case, we expect CSCE to generate property contract
sales of about RMB5 billion and maintain an EBITDA margin of more
than 30% in 2012. We anticipate that the company will recognize
revenue of RMB4 billion in 2012. We expect the company's debt-to-
EBITDA ratio to be about 5x in 2012, compared with 4.5x in 2011.
We also anticipate EBITDA interest coverage to drop to about 2.5x
from 2.9x in 2011," S&P said.
"The issue rating on the proposed notes is one notch lower than
the corporate credit rating to reflect our opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default. In our view, the
company's ratio of priority borrowings to total assets will
remain above our notching threshold of 15% for speculative-grade
debt. CSCE will use the notes issue proceeds to fund existing and
new property projects (including construction costs and land
premium) and for general corporate purposes," S&P said.
Liquidity
CSCE's liquidity is "adequate," as defined in S&P's criteria. S&P
estimates that the company's liquidity sources will be more than
1.2x the uses of liquidity. S&P's view is based on these major
factors and assumptions:
* CSCE will achieve about RMB5 billion contract sales in 2012
and RMB6 billion in 2013.
* As of June 30, 2012, the company has unrestricted cash of
RMB1.07 billion against short-term debt of RMB1,716 million.
* Land premiums payable before the end of 2013 is limited.
* S&P has not considered the possibility of an asset sale
(e.g., investment properties, land plots) or refinancing.
* The company has some room to cut its budgeted costs for
construction and new land acquisitions.
* S&P expects the company to continue to maintain sufficient
headroom for covenants for its offshore loan in the next
year.
"As of June 30, 2012, CSCE has about RMB8.4 billion in unused and
uncommitted bank facilities, which need final approval from
lenders. We believe that the company has a reasonable liquidity
buffer even if some of these facilities are not forthcoming. In
July 2012, CSCE secured a Hong Kong dollar (HK$) 400 million
syndicated loan, which further supports its liquidity," S&P said.
Outlook
"The negative outlook reflects our view that CSCE's debt-funded
expansion has become more aggressive and its financial risk
profile could weaken in the next six to 12 months. This is
because the company's total borrowing will increase significantly
to fund future business expansion, but it may take time to
deliver and recognize any improvement in property sales. We also
expect CSCE to maintain consistent financial management and
adequate liquidity during its business expansion. We anticipate
that the company will hold at least RMB1 billion in unrestricted
cash and maintain its debt-to-EBITDA ratio at less than 5x over
the next 12 months," S&P said.
"We could lower the rating on CSCE in the next 12 months if the
company's property sales and margins are significantly weaker
than we expected, and its debt-funded expansion is more
aggressive than we anticipated, such that its debt-to-EBITDA
ratio is more than 5x. This could happen if the company's
property sales are lower than RMB6 billion or its gross margin is
lower than 35% in 2013," S&P said.
"We could revise the outlook to stable if CSCE executes its
accelerated business expansion smoothly, such that its EBITDA
interest coverage ratio recovers to above 3x, and its
geographically diversification improves," S&P said.
Ratings List
Outlook Action/Ratings Affirmed To From
China SCE Property Holdings Ltd.
Corporate credit rating B+/Negative/-- B+/Stable/--
Senior unsecured B
Downgraded
China SCE Property Holdings Ltd.
Greater China regional scale cnBB cnBB
Senior unsecured cnB+ cnBB-
Rating Assigned
Senior unsecured B
Greater China regional scale cnB+
* Fitch Reports Profit Grown for 40 Chinese Corporates
------------------------------------------------------
Fitch Ratings says in a new report that profit growth based on
both EBIT and cash flow from operations (CFO) for its portfolio
of 40 Chinese non-financial corporates will remain positive in
2012 and 2013 and likely outperform China on an overall basis.
Fitch compares this with China's overall industrial profits
falling by 1.8% over January to September 2012 against the same
period in 2011, underlining the possibility of negative growth
for the full-year 2012. Yet, Fitch's portfolio does not fully
represent China on a macro basis, as it focuses more on the
larger and stronger corporates, whereas the economic slowdown in
China is likely to be taking a greater toll on companies in the
middle and lower tiers.
Fitch expects the average credit profile of its portfolio of 40
Chinese corporates to improve by end-2012, and that this positive
trend is likely to continue during 2013.
In particular Fitch expects 23 Chinese corporates in its
portfolio to show an improvement in funds from operations (FFO)-
adjusted net leverage during 2012. This is largely from rising
FFO, due to ongoing revenue growth and stable margins. For the
remaining 17 corporates - including some major state-owned
entities - the agency expects a slight deterioration in leverage
due to high capex.
Fitch forecasts CFO growth in its Chinese portfolio to remain
positive but slow to, on average, 10% and 7% in 2012 and 2013,
respectively, after 19% in 2011. However, high capex levels are
likely to restrict the average corporate from generating positive
FCF in 2012 and 2013.
The publically rated issuers in Fitch's Portfolio of 40 Chinese
corporates are:
State-Owned Entities:
-- Aluminum Corporation of China Limited ('BBB+'/Stable)
-- Baosteel Group Corporation ('A-'/Stable)
-- Bright Food (Group) Co., Ltd. ('BBB-'/Stable)
-- China Mobile Limited ('A+'/Stable)
-- China Oilfield Services Limited ('A'/Stable)
-- China Petroleum & Chemical Corporation (Sinopec)
('A+'/Stable)
-- China Resources Gas Group Limited ('BBB+'/Stable)
-- China Telecom Corporation Limited ('A'/Stable)
-- China Yangtze Power Company Limited ('A-'/Stable)
-- CNOOC Limited ('A+'/Stable)
-- PetroChina Company Limited ('A+'/Stable)
-- Sinochem Hong Kong (Group) Company Limited ('BBB+'/Stable)
-- Yanzhou Coal Mining Company Limited ('BBB-'/Stable)
Non State-Owned Entities
-- China Hanking Holdings Limited ('BB-'/Stable)
-- China Hongqiao Group Limited ('BB'/Positive)
-- China Liansu Group Holdings Limited ('BB'/Stable)
-- China Oriental Group Company Limited ('BB+'/Negative)
-- China Shanshui Cement Group Limited ('BB-'/Positive)
-- Delong Holdings Limited ('B'/Negative)
-- ENN Energy Holdings Limited ('BBB'/Positive)
-- Evergrande Real Estate Group Limited ('BB'/Stable)
-- Fufeng Group Limited ('BB'/Negative)
-- Intime Department Store (Group) Company Limited
('BB'/Stable)
-- MIE Holdings Corporation ('B'/Stable)
-- Parkson Retail Group Limited ('BBB-'/Stable)
-- Road King Infrastructure Limited ('BB-'/Stable)
-- Shanghai Zendai Property Limited ('B'/Stable)
-- Shimao Property Holdings Limited ('BB'/Stable)
-- Sunac China Holdings Limited ('BB-'/Stable)
-- West China Cement Limited ('BB-'/Stable)
-- Winsway Coking Coal Holdings Limited ('BB-'/Negative)
-- Zoomlion Heavy Industry Science and Technology Co. Ltd
('BBB-'/Stable)
-- ZTE Corporation ('BB-'/RWN)
================
H O N G K O N G
================
HONAM OVERSEAS: Lai and Haughey Step Down as Liquidators
--------------------------------------------------------
Lai Kar yan (Derek) and Darach E. Haughey stepped down as
liquidators of Honam Overseas Holdings Limited on Oct. 16, 2012.
LEHMAN BROTHERS: Creditors' Proofs of Debt Due Nov. 20
------------------------------------------------------
Creditors of Lehman Brothers Securities Asia Limited, which is in
liquidation, are required to file their proofs of debt by
Nov. 20, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward Middleton
Patrick Cowley
Lui Yee Man
8th Floor, Price's Building
10 Chater Road
Central, Hong Kong
LEHMAN BROTHERS COMMERCIAL: Creditors' Proofs of Debt Due Nov. 16
-----------------------------------------------------------------
Creditors of Lehman Brothers Commercial Corporation Asia Limited,
which is in liquidation, are required to file their proofs of
debt by Nov. 16, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward Simon Middleton
Patrick Cowley
8th Floor, Price's Building
10 Chater Road
Central, Hong Kong
LIAN YOU: Creditors' Proofs of Debt Due Nov. 26
-----------------------------------------------
Creditors of Lian You Enterprise Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 26, 2012, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 15, 2012.
The company's liquidators are:
Lee Yuen Han Hope
Ng Chit Sing
20/F, Fung House
No. 19-20 Connaught Road
Central, Hong Kong
MILLION METRO: Members' Final Meeting Set for Nov. 30
-----------------------------------------------------
Members of Million Metro Investment Limited will hold their final
meeting on Nov. 30, 2012, at 10:00 a.m., at 76/F, Two
International Finance Centre, at 8 Finance Street, Central, in
Hong Kong.
At the meeting, Lee King Yue, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
PARKE OF AMERICA: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Oct. 17, 2012, to
wind up the operations of Parke of America Limited.
The official receiver is Teresa S W Wong.
POLYGLORY (HK): Final Meetings Set for Nov. 26
----------------------------------------------
Members and creditors of Polyglory (Hong Kong) Limited will hold
their final meetings on Nov. 26, 2012, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, at 61-
65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
SKY FOCUS: Commences Wind-Up Proceedings
----------------------------------------
Members of Sky Focus Limited, on Oct. 15, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 3rd Floor
China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
TAI CHONG: Members' Final Meeting Set for Nov. 26
-------------------------------------------------
Members of Tai Chong Development (Group) Limited will hold their
final meeting on Nov. 26, 2012, at 10:00 a.m., at 22/F, Fortune
House, at 61 Connaught Road Central, in Hong Kong.
At the meeting, Kwan Kwok Wah, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
TOP VIM: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on Oct. 17, 2012, to
wind up the operations of Top Vim Company Limited.
The official receiver is Teresa S W Wong.
WALLER BROKING: Members' Final Meeting Set for Nov. 27
------------------------------------------------------
Members of Waller Broking Agencies Limited will hold their final
general meeting on Nov. 27, 2012, at 11:00 a.m., at 23rd Floor,
Wing Hang Finance Centre, at 60 Gloucester Road, Wanchai, in
Hong Kong.
At the meeting, Yeh King Yeung Albrecht Carl, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
WEDDING WHISTER: Court to Hear Wind-Up Petition on Dec. 12
----------------------------------------------------------
A petition to wind up the operations of Wedding Whister Photo
Limited will be heard before the High Court of Hong Kong on
Dec. 12, 2012, at 9:30 a.m.
Fuk Shing Engineering (Holdings) Company Limited filed the
petition against the company on Oct. 8, 2012.
The Petitioner's solicitors are:
Hau, Lau, Li & Yeung
Units 1303, 13th Floor
Tower 1, Admiralty Centre
18 Harcourt Road
Admiralty, Hong Kong
WELL HONOUR: Members' Final Meeting Set for Dec. 3
--------------------------------------------------
Members of Well Honour Limited will hold their final meeting on
Dec. 3, 2012, at 9:30 a.m., at 8th Floor, Prince's Building, at
10 Chater Road, Central, in Hong Kong.
At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
WING CHUEN: Court to Hear Wind-Up Petition on Dec. 12
-----------------------------------------------------
A petition to wind up the operations of Wing Chuen Metal Factory
Limited will be heard before the High Court of Hong Kong on
Dec. 12, 2012, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on Sept. 27, 2012.
The Petitioner's solicitors are:
Arthur K.H. Chan & Co
Unit C1, 15th Floor
United Centre
No. 95 Queensway
Hong Kong
WORLD GRACE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Oct. 15, 2012, to
wind up the operations of World Grace Hong Kong Limited.
The company's liquidator is Bruno Arboit.
YILI PLASTIC: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Oct. 17, 2012, to
wind up the operations of Yili Plastic (Hong Kong) Company
Limited.
The official receiver is Teresa S W Wong.
=========
I N D I A
=========
AEZ INFRATECH: CRISIL Lowers Rating on INR100MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of AEZ
Infratech Pvt Ltd to 'CRISIL D' from 'CRISIL C'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 100 CRISIL D (Downgraded from
'CRISIL C')
The rating downgraded reflects the fact that AEZIPL's bank limits
have been continuously overdrawn for more than 30 days in the
past. The limits are overdrawn because of the company's weak
liquidity position.
AEZIPL is exposed to geographical concentration risks in its
revenue profile and is susceptible to downturns in the real
estate sector. The company, however, benefits from its promoters'
extensive experience in the real estate business.
AEZIPL is the real estate arm of the AEZ group. The AEZ group was
promoted by Mr. Sanjeev J Aeren, who has experience of more than
two decades in the real estate business. AEZIPL is a real estate
developer with operations across various locations in the
National Capital Region. It is engaged in development of
residential, commercial, institutional, and recreational
properties. Currently, the company is constructing residential
projects in Rishikesh (Uttarakhand) and Gurgaon (Haryana), and
commercial properties in Ghaziabad (Uttar Pradesh) and Faridabad
(Haryana).
For 2011-12 (refers to financial year, April 1 to March 31),
AEZIPL reported an operating income of INR143 million and a net
loss of INR59.7 million, against an operating income of INR395.6
million and a net profit of INR34.8 million for 2010-11.
CREATIVE STYLO: CRISIL Assigns 'B' Rating to INR460MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Creative Stylo Packs Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 127.5 CRISIL B/Stable (Assigned)
Proposed Long-Term 82.5 CRISIL B/Stable (Assigned)
Bank Loan Facility
External Commercial 210 CRISIL B/Stable (Assigned)
Borrowings
Bank Guarantee 20 CRISIL A4 (Assigned)
Cash Credit 40 CRISIL B/Stable (Assigned)
The ratings reflect CSPPL's weak financial risk profile, marked
by a high gearing and a modest net worth, and working-capital-
intensive operations. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the packaging industry and
established relationships with its customers.
Outlook: Stable
CRISIL believes that CSPPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established relationships in the packaging industry. The outlook
may be revised to 'Positive' in case the company increases its
scale of operations on a significant and sustained basis, while
it maintains its margins, and improves its capital structure.
Conversely, the outlook may be revised to 'Negative' in case
CSPPL generates lower-than-expected cash accruals, leading to
deterioration in its financial risk profile.
CSPPL was set up as a partnership firm named Creative Packaging
in 2009 by Mr. Bhupendra Shah, Mr. Bhavik Shah, and Mr. Darshan
Shah; it was reconstituted as a private limited company with its
current name in 2011. The company manufactures corrugated boxes,
and plastic co-extruded and laminated tubes.
CSPPL reported a profit after tax (PAT) of INR18.5 million on net
sales of INR111.8 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR8.9 million on net
sales of INR70.2 million for 2010-11.
GAZEBO INDUSTRIES: CRISIL Puts 'D' Ratings on INR88.6MM Loans
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gazebo Industries Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Packing Credit 40.0 CRISIL D (Downgraded from
'CRISIL A4')
Foreign Bill Purchase 20.0 CRISIL D (Downgraded from
'CRISIL B/Stable')
Rupee Term Loan 8.6 CRISIL D (Downgraded from
'CRISIL A4')
Letter of Credit 20.0 CRISIL D(Downgraded from
'CRISIL A4')
The downgrade reflects bills overdue for more than 30 consecutive
days in GIL's foreign bill purchase account, given its weak
liquidity. The weak liquidity is, in turn, mainly because most
customers have been delaying payments, leading to a stretch in
its receivables.
GIL also has a small scale of operations with limited track
record of its present business model, geographical and customer
concentration in its revenue profile, and average financial risk
profile, marked by weak debt protection metrics. However, GIL
benefits from the extensive experience of its promoters in the
trading business.
GIL was originally established in 1970 as a proprietorship firm,
Gazebo Industries; the firm was reconstituted as a private
limited company in 1988, and as a closely held public limited
company with the current name in 1991. GIL primarily trades in
railway parts, and has been exporting to Mozambique, an African
country, for the past three years. It also trades in plastic
granules, polyvinyl chloride (PVC) resin, polypropylene woven
sacks, and rice in the domestic as well as export markets. The
company uses an outsourcing model to manufacture railway parts
and woven sacks as per customers' requirements, through local
vendors. GIL derives more than 90 per cent of its revenues from
exports.
GIL reported a profit after tax (PAT) of INR0.4 million on net
sales of INR72.4 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.0 million on net
sales of INR107.2 million for 2010-11.
GOVINDAM FOOD: CRISIL Assigns 'B' Rating to INR55MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Govindam Food Products Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B/Stable (Assigned)
Term Loan 20 CRISIL B/Stable (Assigned)
The rating reflects GFPPL's below-average financial risk profile,
marked by modest networth, and modest scale of operations in the
intensely competitive wheat flour industry. These rating
weaknesses are partially offset by the extensive industry
experience of GFPPL's promoters.
Outlook: Stable
CRISIL believes that GFPPL will benefit over the medium term from
the extensive industry experience of its promoters'. The outlook
may be revised to 'Positive' if the company significantly
improves its revenues and profitability, while maintaining a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if GFPPL's financial risk profile
deteriorates, most likely due to large, debt-funded capital
expenditure or sharp decline in its revenues or profitability,
leading inadequate cash accruals for meeting maturing term debt
obligations.
Incorporated in 2010, GFPPL processes wheat to produce wheat
flour (atta), refined wheat flour (maida), cattle feed (cokar),
and wheat semolina (suji). The company is owned and managed by
Mr. Rajesh Ku Bansal, Mr. Vikram Ku Rajoria, and Mr. Pradeep
Kemka. It has its manufacturing facility at Dhanbad (Jharkhand)
and registered office in Kolkata (West Bengal).
JAGDAMBAY EXPORTS: CRISIL Assigns 'B+' Rating to INR6.9MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Jagdambay Exports.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 4.9 CRISIL B+/Stable
Cash Credit 2 CRISIL B+/Stable
Packing Credit 80 CRISIL A4
The ratings reflect JE's small scale of operations, below-average
financial risk profile, marked by a small net worth, and moderate
gearing and debt protection metrics, large working capital
requirements, moderate susceptibility to volatility in foreign
exchange rates, and geographical and customer concentration in
its revenue profile. These rating weaknesses are partially offset
by the extensive experience of JE's promoters in the readymade
garments industry and financial support from promoters.
For arriving at its ratings, CRISIL has treated unsecured loans
of INR15.3 million from family and relatives as neither debt nor
equity as these loans are interest-free and are expected to be
retained in the business over the medium term.
Outlook: Stable
CRISIL believes that JE will benefit from the extensive
experience of its promoters in the readymade garments industry.
The outlook may be revised to 'Positive' in case of larger-than-
expected cash accruals, leading to improvement in its liquidity
and capital structure. Conversely, the outlook may be revised to
'Negative' in case of deterioration in liquidity, due to larger-
than-expected working capital requirements or less-than-expected
cash accruals.
JE is a proprietorship firm set up in 1993 by Mr. Balvinder Kumar
Sharma. It is run by Mr. Balvinder Kumar Sharma and his brothers,
Mr. S P Sharma and Mr. Pawan Sharma. JE manufactures clothes for
children up to the age of 10.
JE, on a provisional basis, reported a profit after tax (PAT) of
INR3.0 million on net sales of INR181.6 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR4.0 million on net sales of INR309.5 million for 2010-11.
KAMAL AGRO: CRISIL Assigns 'CRISIL B' Rating to INR140MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kamal Agro Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 27.5 CRISIL B/Stable
Cash Credit 40 CRISIL B/Stable
Proposed Long-Term 72.5 CRISIL B/Stable
Bank Loan Facility
The rating reflects KAI's below-average financial risk profile
marked by a small net worth and high gearing, its modest scale of
operations with low profitability, and susceptibility of its
business and profitability to changes in government policies and
fluctuation in cotton prices. These rating weaknesses are
partially offset by the extensive experience of KAI's promoter-
partners in the cotton ginning industry, and the quick ramp up in
sales achieved by the firm.
KAI was extended loans of INR15.7 million (as of March 31, 2012)
by its promoter-partners and their family members. For arriving
at the rating, CRISIL has treated these loans as neither debt nor
equity because the loans are unsecured, subordinated to the bank
debt, and bear a nominal interest rate.
Outlook: Stable
CRISIL believes that KAI will benefit over the medium term from
its promoter-partners' extensive experience in the cotton ginning
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations significantly while improving its
profitability, leading to higher-than-expected cash accruals. A
significant improvement in KAI's capital structure, most likely
because of large, fresh, capital infusion by the partners, may
also result in a 'Positive' outlook. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in
KAI's financial risk profile, particularly its liquidity, most
likely because of larger-than-expected working capital
requirements or low cash accruals.
KAI was established by Mr. Ram Bilas, Mr. Binod Kumar, and
Mr. Rajesh Kumar in 2011. The firm set up a cotton ginning and
pressing unit and a cotton oil extraction unit at Adampur in
Hisar (Haryana) in 2011-12 (refers to financial year, April 1 to
March 31), which commenced commercial operations from October
2011.
K.S. STEEL: CRISIL Assigns 'CRISIL B+' Rating to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of K.S. Steel & Alloys Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable (Assigned)
Proposed Long-Term 20 CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflects KSSAPL's modest scale of operations and
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the steel-trading business.
Outlook: Stable
CRISIL believes that KSSAPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' if KSSAPL's
financial risk profile improves significantly, most likely
because of capital infusion and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's profitability or revenues decline,
resulting in lower-than-expected cash accruals, or it undertakes
a larger-than-expected debt-funded capital expenditure programme.
KSSAPL, incorporated in 1994, trades in steel products, mainly of
thermo-mechanically-treated (TMT) bars, angles, joints, channels,
and others.
S K P STEEL: CRISIL Upgrades Rating on INR145MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of S K P Steel Industries Pvt Ltd to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and has reaffirmed its rating
to the company's short-term facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.5 CRISIL A4 (Reaffirmed)
Letter of Credit 2.5 CRISIL A4 (Reaffirmed)
Proposed Long-Term 6.9 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
Term Loan 28.1 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Cash Credit 110 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects improvement in SKP's financial risk
profile, driven by infusion of fresh equity by the promoters and
increasing cash accruals. In 2011-12 (refers to financial year,
April 1 to March 31), the promoters infused equity of INR23
million into the company, as a result of which its gearing
improved to 1.69 times as on March 31, 2012, from 3.47 times as
on March 31, 2011. SKP's debt protections metrics were also above
average, with interest coverage ratio at 1.74 times and net cash
accruals to total debt ratio at 0.10 times in 2011-12. The
company's liquidity is also expected to improve because of
enhancement in its working capital limits. It earlier had a
working capital limit of INR62.5 million, which was utilised at
an average rate of 90 per cent over 2011-12. From August 2012,
the company has received sanction for enhanced working capital
limit to the extent of INR110 million.
However, SKP has a small scale of operations and a limited track
record of operations, and is susceptible to intense competition
in the iron and steel industry. Moreover, its operations are
highly working-capital-intensive, primarily because of delays in
realisation of receivables. These rating weaknesses are partially
offset by the improvement in SKP's revenue profile because of
increase in trading income and improved utilisation of its mild
steel (MS) pipes and wires manufacturing capacity.
For arriving at the ratings, CRISIL has treated the unsecured
loans of INR33.2 million as on March 31, 2012, extended to SKP by
its promoters and group companies as neither debt nor equity, as
these loans would be retained in the business and are
subordinated to bank debt.
Outlook: Stable
CRISIL believes that SKP will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SKP's financial risk profile improves
significantly, most likely because of equity infusion by the
promoters, and if the company reports better-than-expected
revenues and profitability, while achieving better working
capital management. Conversely, the outlook may be revised to
'Negative' if SKP's profitability or revenues decline, resulting
in lower-than-expected cash accruals, or if the company
undertakes a larger-than-expected, debt-funded capital
expenditure programme, thus weakening its financial risk profile.
SKP was originally set up in 2006 as SK Merchandise Pvt Ltd by
Mr. Anirudh Pasari; the name was changed in 2009-10. The company
manufactures MS pipes and wires, with installed capacity of
35,000 tonnes per annum. It also trades in various steel
products.
SKP reported a profit after tax (PAT) of INR1.77 million on net
sales of INR636 million for 2011-12, against a PAT of INR1.58
million on net sales of INR356 million for 2010-11.
SAKTHI STEEL: CRISIL Puts 'B+' Rating on INR100MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sakthi Steel Industries Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash Credit 100 CRISIL B+/Stable
Limit
Proposed Letter of 200 CRISIL A4
Credit
The ratings reflect SSIL's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics,
resulting from start-up nature of operations, and susceptibility
to intense competition in secondary steel industry. These rating
weaknesses are partially offset by extensive experience of SSIL's
promoters in steel industry.
Outlook: Stable
CRISIL believes that SSIL will continue to benefit from its
experienced promoter and its established position in Tamil Nadu
(TN). The outlook may be revised to 'Positive' if the company
improves its profitability while sustaining the growth in its
revenues, leading to more-than-expected cash accruals and
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SSIL's
revenues and profitability decline sharply due to any downturn in
the construction sector, or if it undertakes more-than-expected
debt-funded capex programme, resulting in further weakening in
its financial risk profile.
Established in 2010, SSIL manufactures steel billets. The company
is promoted by Mr. K A Anandh.
SSIL reported a profit after tax of INR0.75 million on net sales
of INR262.7 million for 2011-12 (refers to financial year,
April 1 to March 31).
SAVERA FARMS: CRISIL Assigns 'B-' Rating to INR72.2MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Savera Farms.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B-/Stable
Long-Term Loan 37.2 CRISIL B-/Stable
The rating reflects SF's modest scale of operations in the
intensely competitive poultry industry, and its below-average
financial risk profile, marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SF's promoters in the poultry
business.
Outlook: Stable
CRISIL believes that SF will continue to benefit over the medium
term from its promoters' extensive experience in the poultry
business. The outlook may be revised to 'Positive' if SF
diversifies or increases its scale of operations and operating
profitability on a sustained basis. Conversely, the outlook may
be revised to 'Negative' if SF's relationship with its key
customers deteriorates, leading to a decline in the firm's
revenues or operating profitability, or if the firm undertakes a
larger-than-expected, debt-funded capital expenditure programme,
or if SF's partners withdraw a significant amount of capital from
the firm, thereby weakening its financial risk profile.
Set up in 2005, SF is a partnership entity engaged in the
production of commercial eggs. The firm is promoted by Mr. R
Velusamy and his son, Mr. V Rajasekaran.
In 2011-12 (refers to financial year, April 1 to March 31), SF,
on a provisional basis, reported a profit after tax (PAT) of
INR331,874 on net sales of INR199.7 million, as against a PAT of
INR234,155 on net sales of INR176.7 million in 2010-11.
SURYA SAREES: CRISIL Assigns 'CRISIL B' Rating to INR60MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Surya Sarees Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B/Stable
Term Loan 30 CRISIL B/Stable
The rating reflects SSPL's below-average financial risk profile,
marked by a small net worth, a high gearing and weak debt
protection metrics, and small scale of operations in the
intensely competitive saree processing business, resulting in a
low operating margin. These rating weaknesses are partially
offset by the benefits that SSPL derives from its promoters'
extensive experience in the textiles industry and the funding
support that it receives from them.
Outlook: Stable
CRISIL believes that SSPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textiles industry and the funding support that it receives from
them. The outlook may be revised to 'Positive' in case the
company improves its financial risk profile, backed by higher-
than-expected increase in its scale of operations and improvement
in its operating margin, or in case of further equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' in case SSPL's financial risk profile deteriorates
because of lower-than-expected cash accruals, higher-than-
expected increase in its working capital requirements, or further
debt-funded capital expenditure.
SSPL, incorporated in May 2001 by the Surat-based Dange family,
is engaged in the processing of grey fabric into art sarees and
their wholesale trading. In June 2012, the company ventured into
manufacturing of net fabric from nylon yarn. The promoters have
been in the business of processing and trading of sarees for
nearly three decades.
UNIQUE DELTA: CRISIL Raises Rating on INR145MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Unique
Delta Force Security Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 60 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Proposed Long-Term 85 CRISIL B/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
The rating upgrade reflects repayment of the term debt and
sustained improvement in Unique Delta's liquidity; the company
does not have any long-term debt. Nevertheless, the working
capital limits continue to be extensively utilised. Unique Delta
closed the loan in June 2012 as the manufacturing facility on
which the term loan was contracted was sold. There has also been
an improvement in Unique Delta's business risk profile, driven by
the successful addition of new customers, significantly
increasing the company's scale of operations. The upgrade also
factors the improvement in the company's financial risk profile
as Unique Delta's gearing has reduced to 1.13 times in 2011-12
(refers to financial year, April 1 to March 31), from 1.34 times
in 2010-11, and improved further in 2012-13 due to closure of
term loan account. The debt protection metrics remain healthy,
with interest coverage ratio of 7.0 times and net cash accruals
to total debt ratio of 0.43 times for 2011-12; the debt
protection metrics are expected to improve further with moderate
cash accruals and reduction in debt.
The rating reflects Unique Delta's susceptibility to intense
industry competition in the security service industry and its
modest scale of operations. The rating also factors in Unique
Delta's large working capital requirements owing to its working-
capital-intensive business. These rating weaknesses are partially
offset by Unique Delta's above-average financial risk profile,
marked by a moderate gearing and healthy debt protection metrics,
and promoters' extensive experience in the security service
industry.
For arriving at the ratings, CRISIL has taken a standalone view
of the business and financial risk profiles of Unique Delta, as
against the earlier approach of consolidation with its group
entity, Sumeet Facilities Private Limited (Sumeet Facilities).
This is because Unique Delta is not expected to provide financial
support to Sumeet Facilities and there are no fungible cash flows
between them despite the common management. Also, CRISIL had
initially taken a consolidated approach because of the
expectation of strong business and financial linkages, as Unique
Delta was undertaking a capital expenditure (capex) programme for
setting up a manufacturing facility that was supposed to be
leased out to Sumeet Facilities. The capex programme was
undertaken; however, the same division was sold to a newly formed
entity, Summit Corporation Pvt Ltd.
The change in the analytical approach has also been driven by the
management's strong stance that there will be no financial
support to the group entity and any business transactions done
will be at arm's length.
Outlook: Stable
CRISIL believes that the Unique Delta will continue to benefit
over the medium term from the extensive industry experience of
its promoters and established customer relationships. The outlook
may be revised to 'Positive' if the Unique Delta's scale of
operations and profitability improves substantially, leading to
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of any significant pressure on the
company's liquidity due to stretch in receivables.
Set up in 1992 as a partnership concern by Mr. Prabhakar Salunke
and his wife Mrs. Sunanda Salunkhe, Unique Delta was
reconstituted as a private limited company in 2004. Unique Delta
provides security services such as manned guarding services,
executive protection, cash management, consulting, investigation,
and electronic surveillance services.
In 2011-12, Unique Delta reported a net profit of INR59.7 million
on net sales of INR724.9 million, as against a net profit of
INR22.3 million on net sales of INR526.8 million for 2010-11.
UJJWAL AUTOWHEELS: CRISIL Rates INR55MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Ujjwal Autowheels Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable
The rating reflects UAPL's exposure to intense competition in the
automobile dealership industry, slender profitability margins and
moderate financial risk profile marked by modest net worth and
highly geared capital structure. These rating weaknesses are
partially offset by the extensive experience of promoters in the
automobile dealership segment.
Outlook: Stable
CRISIL believes that UAPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile dealership segment. The outlook may be revised to
'Positive' if the company reports a significant growth in its
revenues and profitability while improving its capital structure
and debt protection metrics. The outlook may be revised to
'Negative' in case of decline in revenue growth or further
deterioration in capital structure, resulting in a weakening of
its financial risk profile.
UAPL, established in 2006 by Nashik based Choudhary family, is an
authorized dealer of Hyundai Motors India Ltd (HMIL; rated CRISIL
A1+). The company also deals in spare parts, car accessories and
provides car servicing facilities.
UAPL reported, on a provisional basis, a profit after tax (PAT)
of INR4.5 million on net sales of INR538.1 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR4.1 million on net sales of INR535.5 million for 2010-11.
===============
M O N G O L I A
===============
GOLOMT BANK OF MONGOLIA: S&P Revises Outlook on 'B+/B' ICR
----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term issuer credit rating on Golomt Bank of Mongolia to
stable from positive. At the same time, Standard & Poor's
affirmed the 'B+' long-term and 'B' short-term issuer credit
ratings on the bank.
"We revised the outlook after similarly revising the outlook on
the sovereign credit rating on Mongolia (BB-/Stable/B) on
Oct. 29, 2012. The outlook revision reflects our view that there
is a diminishing likelihood that the creditworthiness of Golomt
Bank could benefit from extraordinary support from the Mongolian
government over the next 12 months. This is because the bank's
stand-alone credit profile (SACP) of 'b+' is very close to the
local currency rating on the Mongolia government despite the
bank's 'high systemic importance' and our assessment of the
government of Mongolia as 'highly supportive' of the country's
banking sector," S&P said.
"We may raise the rating if Golomt Bank substantially improves
its capitalization under the expectation of strong asset growth
or noticeably improves its risk position through moderated credit
growth and a continued track record of credit losses that are
lower than domestic peers'. We may also raise the rating if the
sovereign rating on Mongolia is raised and Golomt Bank maintains
its 'high systemic importance.' Conversely, we may lower the
rating if the bank adopts a more aggressive expansion that
weakens its already moderate capitalization or risk position,"
S&P said.
================
S R I L A N K A
================
PEOPLE'S LEASING: Fitch Assigns 'B+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings Lanka has assigned People's Leasing Company PLC's
(PLC, 'AA-(lka)'/Stable) proposed issue of commercial paper of up
to LKR1bn a National Short-Term 'F1+(lka)' rating.
The proposed notes will have a tenor of up to one year, and will
be used to finance the company's working capital requirements.
The ratings reflect potential extraordinary support from the
government ('BB-'/Stable) through PLC's state-owned parent,
People's Bank (PB; 'AA+(lka)'/Stable), in times of distress. PB
owns 75% of PLC. This is based on the strong linkages between
PLC and PB, the subsidiary's strategic importance to PB, as well
as the consequent reputation risk to the government if PLC were
to default on its financial obligations.
PB's capacity to support PLC is derived from the financial
capacity and propensity of the government of Sri Lanka, given the
bank's increasing role in Sri Lanka's post-war economic
development and its high systemic importance (18% of system
assets and deposits in 2011).
PLC is the largest non-bank financial institution in Sri Lanka by
advances, with a 21% share of the market at end-2011. At end-
June 2012, its total assets and post-tax profits stood at LKR96bn
and LKR720m respectively.
PLC's ratings:
-- Long-Term Foreign Currency Issuer Default Rating: 'B+';
Outlook Stable
-- Long-Term Local Currency Issuer Default Rating: 'B+';
Outlook Stable
-- National Long-term Rating: 'AA-(lka)'; Outlook Stable
-- LKR1.48bn outstanding senior unsecured redeemable
debentures: 'AA-(lka)'
-- LKR2bn outstanding rated commercial paper: 'F1+(lka)'
-- Proposed commercial paper of up to LKR1bn: 'F1+(lka)'
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
CWH RESOURCES LT CWH 11.58 -2.08
MACQUARIE ATLAS MQA 1,618.82 -941.02
MISSION NEWENER MBT 22.05 -27.72
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
RUBICOR GROUP LT RUB 101.62 -19.93
STERLING BIOFUEL SBI 31.12 -7.52
CHINA
ANHUI GUOTONG-A 600444 68.75 -3.62
BAOCHENG INVESTM 600892 43.58 -3.69
CHANG JIANG-A 520 1,412.23 -34.77
CHENGDE DALU -B 200160 35.08 -6.23
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 66.74 -211.15
CONTEL CORP LTD CTEL 56.09 -14.27
DONGXIN ELECTR-A 600691 12.55 -32.52
GUANGDONG ORIE-A 600988 14.90 -3.96
GUANGXIA YINCH-A 557 50.01 -43.40
HEBEI BAOSHUO -A 600155 96.92 -82.96
HEBEI JINNIU C-A 600722 235.37 -87.11
HUASU HOLDINGS-A 509 82.75 -17.69
HULUDAO ZINC-A 751 1,156.17 -23.29
HUNAN TIANYI-A 908 62.60 -2.60
JILIN PHARMACE-A 545 30.62 -6.29
JINCHENG PAPER-A 820 109.56 -102.63
QINGDAO YELLOW 600579 197.77 -67.23
SHANDONG DACHE-A 600882 202.38 -17.37
SHANDONG HELON-A 677 744.39 -185.49
SHANG BROAD-A 600608 42.10 -9.12
SHANXI GUANLU-A 831 293.26 -22.96
SHENZ CHINA BI-A 17 22.32 -267.45
SHENZ CHINA BI-B 200017 22.32 -267.45
SHENZ INTL ENT-A 56 269.35 -48.30
SHENZ INTL ENT-B 200056 269.35 -48.30
SHIJIAZHUANG D-A 958 198.77 -118.66
SICHUAN GOLDEN 600678 145.99 -95.15
TAIYUAN TIANLO-A 600234 66.34 -12.60
TIANJIN MARINE 600751 70.78 -89.40
TIANJIN MARINE-B 900938 70.78 -89.40
TIBET SUMMIT I-A 600338 83.03 -10.94
TOPSUN SCIENCE-A 600771 125.34 -111.50
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 104.94 -25.18
XIAMEN OVERSEA-A 600870 269.06 -133.94
XIAN HONGSHENG-A 600817 15.72 -276.16
XINJIANG CHALK-A 972 672.72 -24.08
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUYUE INTERNATI YYUE 102.82 -9.02
YUEYANG HENGLI-A 622 33.31 -25.77
ZHEJIANG GENUINE 156 47.53 -21.44
HONG KONG
ASIA COAL LTD 835 20.25 -9.45
BEP INTL HLDGS L 2326 12.99 -0.37
BUILDMORE INTL 108 16.51 -47.88
CHINA HEALTHCARE 673 33.18 -15.21
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 31.27 -28.33
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 67.80 -28.72
U-RIGHT INTL HLD 627 14.80 -204.65
INDONESIA
APAC CITRA CENT MYTX 195.46 -0.74
ARPENI PRATAMA APOL 431.45 -194.55
ASIA PACIFIC POLY 369.69 -833.16
JAKARTA KYOEI ST JKSW 30.22 -42.19
MATAHARI DEPT LPPF 254.86 -270.94
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.93 -21.52
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 11.11 -20.32
SUMALINDO LESTAR SULI 172.87 -10.96
TOKO GUNUNG AGUN TKGA 12.02 -1.03
UNITEX TBK UNTX 15.41 -19.99
INDIA
ABHISHEK CORPORA ABSC 58.35 -14.51
AGRO DUTCH INDUS ADF 105.49 -3.84
ALPS INDUS LTD ALPI 215.85 -28.22
AMIT SPINNING AMSP 16.21 -6.54
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 167.68 -67.64
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CAMBRIDGE TECHNO CTECH 12.77 -7.96
CELEBRITY FASHIO CFLI 27.59 -8.60
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DHARAMSI MORARJI DMCC 21.44 -6.32
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.02 -18.42
DISH TV INDI-SLB DITV/S 517.02 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 16.51 -7.98
GANESH BENZOPLST GBP 49.24 -21.14
GOLDEN TOBACCO GTO 109.72 -5.01
GSL INDIA LTD GSL 29.86 -42.42
GUPTA SYNTHETICS GUSYN 52.94 -0.50
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 11.46 -5.39
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 16.65 -75.51
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 24.64 -38.69
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KERL 13.97 -1.69
KINGFISHER AIR KAIR 1,782.32 -997.63
KINGFISHER A-SLB KAIR/S 1,782.32 -997.63
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 14.71 -10.46
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 32.97 -3.87
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NATL STAND INDI NTSD 22.09 -0.73
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 25.42 -79.20
NK INDUS LTD NKI 141.35 -7.71
NRC LTD NTRY 73.10 -51.18
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIONEER DISTILLE PND 48.76 -1.44
PREMIER INDS LTD PRMI 11.61 -6.09
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 17.08 -0.35
SANATHNAGAR ENTE SNEL 39.67 -11.05
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
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 35.96 -1.80
SHREE RAMA MULTI SRMT 49.29 -25.47
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 210.98 -175.98
SPICEJET LTD SJET 386.76 -30.04
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA - RTS SPADVR 16.81 -13.07
SUN PHARMA ADV SPADV 16.81 -13.07
SUPER FORGINGS SFS 16.31 -5.93
TAMILNADU JAI TNJB 19.13 -2.69
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 20.48 -16.78
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 159.14 -146.31
UNIWORTH TEXTILE FBW 21.44 -34.74
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CEREBRIX CORP 2444 10.44 -2.32
GOYO FOODS INDUS 2230 14.77 -0.60
HIMAWARI HD 8738 283.82 -50.87
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 63.24 -2.65
NIS GROUP CO LTD NISZ 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TAIYO BUSSAN KAI 9941 148.45 -1.49
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
ORIENT PREGEN IN 60910 19.33 -0.09
MALAYSIA
HAISAN RESOURCES HRB 41.05 -10.24
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.70 -7.41
SILVER BIRD GROU SBG 44.30 -30.68
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZEALAND
NZF GROUP LTD NZF NZ Equity 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.62 -102.98
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
SWIFT FOODS INC SFI 23.93 -0.12
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 16.02 -10.79
HL GLOBAL ENTERP HLGE 81.65 -3.82
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
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 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
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
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
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
M LINK ASIA CORP MLINK 80.04 -27.77
M LINK ASIA-FOR MLINK/F 80.04 -27.77
M LINK ASIA-NVDR MLINK-R 80.04 -27.77
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 CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
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
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
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
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
*********
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 ***