/raid1/www/Hosts/bankrupt/TCRAP_Public/121128.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, November 28, 2012, Vol. 15, No. 237
Headlines
A U S T R A L I A
AUTODOM LIMITED: Union Wants Firm Sale to Secure Jobs
POOLRITE: SV Partners Appointed as Administrators
C H I N A
CHINA EXECUTIVE: Incurs $746,000 Net Loss in Third Quarter
CHINA GREEN: Reports $986,000 Net Income in Third Quarter
CHINA TEL GROUP: Incurs $4 Million Net Loss in Third Quarter
SINO-FOREST: Amended Plan Supplement Filed; Nov. 29 Meeting Set
SINO-FOREST: Ontario Appellate Court Junks Ex-Auditors' Appeal
ZHONG WEN: Incurs $7,500 Net Loss in Third Quarter
H O N G K O N G
ADVANCE NEW: Members' Final Meeting Set for Dec. 24
CAPITAL TOP: Creditors' Proofs of Debt Due Dec. 23
CHUN PO: Final Meetings Set for Dec. 28
HANTCHY (ASIA): Sole Shareholder's Final Meeting Set for Jan. 9
PICCADILLY CIRCUS: Members' Final Meeting Set for Dec. 28
RUISLIP ENTERPRISES: Members' Final Meeting Set for Dec. 28
SUNLINK GROUP: Final Meeting Set for Dec. 28
SY FONG: Creditors' Proofs of Debt Due Dec. 31
TITAN PETROCHEM: HK Court Delays Windup Hearing to Feb. 8
WHITE MARK: Court to Hear Wind-Up Petition on Jan. 9
WOB INVESTMENTS: Commences Wind-Up Proceedings
I N D I A
ABHARAN MOTORS: CRISIL Puts 'BB' Rating on INR97.4MM Loans
ARYAN RESIDENCY: CRISIL Rates INR120MM Term Loan at 'CRISIL B-'
ASG LEATHER: Delays in Loan Payment Cues CRISIL Junk Ratings
BUXA DOOARS: CRISIL Assigns 'CRISIL B-' Rating to INR165MM Loans
JK SURFACE: Delay in Loan Payment Cues CRISIL Junk Ratings
J.N. SONS: CRISIL Cuts Rating on INR60MM Loan to 'CRISIL B'
KIJALK INFRA: CRISIAL Cuts Rating on INR200MM Loan to 'D'
PARTAP INDUSTRIAL: CRISIL Assigns 'BB-' Ratings to INR62MM Loans
SHABINA FOODS: CRISIL Rates INR110MM Term Loan at 'CRISIL B'
SOBANA OFFSET: Delays in Loan Payment Cues CRISIL Junk Ratings
SUPREME KNOWLEDGE: CRISIAL Assigns 'D' Rating to INR96-Mil. Loan
TATA CHEMICALS: Moody's Affirms 'Ba2' Corp. Family Rating
VIRTUAAL RETAIL: CRISIL Puts 'CRISIL B-' Rating on INR144MM Loans
N E W Z E A L A N D
CS HOMES: Sub-Contractors Help Two Families Finish Homes
NATIONAL FINANCE: Ex-Director's Second Appeal Denied
NEW ZEALAND CREDIT: Axes 21 Jobs; To Close Five Branches
NZF GROUP: NZ$5-Mil. Valuation Discrepancy Surprised Directors
P H I L I P P I N E S
ILOCANDIA COMMUNITY: Placed Under PDIC receivership
SIAM BANK: MB Places Bank Under PDIC Receivership
S I N G A P O R E
GUAN SHENG: Court to Hear Wind-Up Petition Dec. 7
MCDF INVESTMENT: Creditors' Proofs of Debt Due Dec. 24
MCQUAY AIR: Creditors' Proofs of Debt Due Dec. 24
MICROELECTRONIC PACKAGING: Creditors' Proofs of Debt Due Dec. 7
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
AUTODOM LIMITED: Union Wants Firm Sale to Secure Jobs
------------------------------------------------------
ABC News reports that the Australian Manufacturing Workers Union
(AMWU) said the receivers of the troubled car-parts manufacturer,
Autodom Limited, have not put the company up for sale.
About 400 jobs, ABC News relates, remain in doubt after it was
noted in a creditors' meeting earlier this month that there has
been no interest from potential buyers.
According to the report, a spokesman for the receivers said it is
early into the process and attempts are being made to find a
buyer.
Steve Dargavel, the union's state secretary, however said there
has been no attempt to sell the company, the report relates.
"Normally in an insolvency such as this, we would see the
insolvency practitioner moving quickly to put the business to
market. We believe they need to move more quickly to secure these
400 jobs," ABC News quotes Mr. Dargavel as saying.
Mr. Dargavel, ABC News adds, is expecting decisions to be made
before the next creditors' meeting at the end of the year.
"What we're wanting is for the business to be put to the market
to see whether or not there are players that are prepared to come
in and secure the 400 jobs that are both here and in South
Australia," Mr. Dargavel, as cited by ABC News, said.
About Autodom Limited
Based in Australia, Autodom Limited (ASX:AIE) --
http://autodom.com.au/-- engages in automotive component
manufacturing, trades and painting of automotive componentry.
The Company manufactures automotive components at two
manufacturing plants: one in South Australia and one in Victoria.
The Company operates in one segment, Automotive. DAIR
manufactured items found in locally made vehicles include rear
bumper assemblies, foot brakes, clutch mechanisms, hood hinges,
parking brakes and car jacks.
Keith Crawford and Rob Kirman of McGrathNicol were appointed as
Receivers and Managers over Autodom Limited and its subsidiaries
by secured creditors. The appointment occurred after Autodom's
Directors appointed Voluntary Administrators on Nov. 3, 2012.
Control of Autodom's business and assets now rests with the
Receivers.
Autodom's subsidiaries include AiDAIR Dandenong Pty Limited,
AiAutomotive Pty Limited, AiDAIR New Gisborne Pty Limited,
Henderson Components Pty Limited, Motive Energy Pty Limited ABN,
and AiAutomotive (Victoria) Pty Limited ABN.
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2012, SmartCompany said the administrators were called in
after the company shut its doors in early November, with the high
cost of redundancy payments a key reason behind the beleaguered
auto component manufacturer's collapse.
Autodom's major creditors are the National Australia Bank, which
is a secured creditor, and car companies General Motors Holden,
Ford and Toyota, SmartCompany disclosed.
POOLRITE: SV Partners Appointed as Administrators
-------------------------------------------------
Patrick Stafford at SmartCompany reports that Poolrite, a
manufacturer and supplier of pool equipment and supplies, has
slipped into administration.
The company, which turned over AUD20 million in 2012, is now in
the hands of SV Partners, SmartCompany relates.
SmartCompany says Poolrite was founded by Peter Wolpert in the
western suburbs of Sydney in 1978, and now claims to be one of
Australia's biggest manufacturers of pool and spa equipment.
The business claims to have developed some of the industry's
leading equipment, including pumps and cleaning equipment. The
business developed MagnaPool, a patented mineral water system
used as an alternative to salt and chlorine systems.
SV Partners is calling for expressions of interest for the
business, saying it holds numerous patents and trademarks,
according to SmartCompany.
=========
C H I N A
=========
CHINA EXECUTIVE: Incurs $746,000 Net Loss in Third Quarter
----------------------------------------------------------
China Executive Education Corp. filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$746,455 on US$2.11 million of revenue
for the three months ended Sept. 30, 2012, compared with a net
loss of US$608,524 on US$2.78 million of revenue for the same
period a year ago.
For the nine months ended Sept. 30, 2012, the Company reported a
net loss of US$2.57 million on US$4.58 million of revenue,
compared with a net loss of US$4.79 million on US$5.66 million of
revenue for the same period during the prior year.
China Executive's balance sheet at Sept. 30, 2012, showed US$9.01
million in total assets, US$28.20 million in total liabilities
and a US$19.18 million total stockholders' deficiency.
A copy of the Form 10-Q is available for free at:
http://is.gd/UjwX9Q
About China Executive
Hangzhou, China-based China Executive Education Corp. is an
executive education company with operations in Hangzhou and
Shanghai, China. It operates comprehensive business training
programs that are designed to fit the needs of Chinese
entrepreneurs and to improve their leadership, management and
marketing skills, as well as bottom-line results.
Albert Wong & Co, in Hong Kong, China, issued a "going concern"
qualification on the financial statements for the year ended
Dec. 31, 2011. The independent auditors noted that the Company
has accumulated deficits as at Dec. 31, 2011, of $17,466,892
including net losses of $5,478,202 for the year ended Dec. 31,
2011, which raised substantial doubt about the Company's ability
to continue as a going concern.
The Company reported a net loss of US$5.47 million in 2011,
compared with a net loss of US$8.54 million in 2010.
CHINA GREEN: Reports $986,000 Net Income in Third Quarter
---------------------------------------------------------
China Green Creative, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $985,992 on $2.37 million of revenue for the three
months ended Sept. 30, 2012, compared with a net loss of $21,363
on $322,767 of revenue for the same period during the prior year.
For the nine months ended Sept. 30, 2012, the Company reported
net income of $1.53 million on $4.76 million of revenue, compared
with net income of $47,899 on $1.44 million of revenue for the
same period a year ago.
The Company's balance sheet at Sept. 30, 2012, showed
$8.48 million in total assets, $8.01 million in total
liabilities, and $477,036 in total stockholders' equity.
A copy of the Form 10-Q is available for free at:
http://is.gd/Ja8q91
About China Green
China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.
After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern. The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.
The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.
CHINA TEL GROUP: Incurs $4 Million Net Loss in Third Quarter
------------------------------------------------------------
Velatel Global Communications, Inc., formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of $3.99 million on $1.02 million of revenue for the three
months ended Sept. 30, 2012, compared with a net loss of
$7.22 million on $115,371 of revenue for the same period during
the prior year.
For the nine months ended Sept. 30, 2012, the Company reported a
net loss of $9.47 million on $2.10 million of revenue, compared
with a net loss of $17.97 million on $488,476 of revenue for the
same period a year ago.
The Company's balance sheet at Sept. 30, 2012, showed $21.55
million in total assets, $26.54 million in total liabilities and
a $4.99 million total stockholders' deficiency.
A copy of the Form 10-Q is available for free at:
http://is.gd/keX6og
About China Tel
Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services. Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services. ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.
After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern. The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.
The Company reported a net loss of $21.79 million in 2011,
compared with a net loss of $66.62 million in 2010.
SINO-FOREST: Amended Plan Supplement Filed; Nov. 29 Meeting Set
---------------------------------------------------------------
In connection with its creditor protection proceedings under the
Companies' Creditors Arrangement Act (Canada), Sino-Forest
Corporation filed with the Ontario Superior Court of Justice on
Nov. 21, 2012, a supplement to the Amended Plan of Compromise and
Reorganization concerning Sino-Forest dated Oct. 23, 2012.
The Amended Plan provides for a restructuring transaction under
which Sino-Forest would transfer substantially all of its assets,
other than certain excluded assets, to a newly formed entity to
be owned by the "Affected Creditors" of Sino-Forest. The class
of Affected Creditors includes Sino-Forest's current noteholders
and certain other creditors of Sino-Forest, and excludes
unaffected claims, equity claims, related indemnity claims,
subsidiary intercompany claims, and certain other claims. The
assets transferred to Newco pursuant to the Restructuring
Transaction would include all of the shares of the Company's
directly owned subsidiaries which own, directly or indirectly,
all of the business operations of the Company including
Greenheart Group Limited. The assets transferred to Newco would
not include, among other things, certain litigation claims of the
Company against third parties which would be transferred to a
litigation trust to be established to pursue such claims on
behalf of the Affected Creditors and certain other stakeholders,
and cash to fund the Litigation Trust.
The Plan Supplement includes additional information regarding the
Amended Plan, including: (A) a summary of the terms of the
Litigation Trust, (B) a draft copy of the Litigation Trust
agreement, (C) a summary of certain information concerning Newco,
including information relating to Newco's governance and a
summary of the terms of the Newco shares to be issued to Affected
Creditors upon implementation of the Amended Plan, (D) a
description of the terms of the Newco notes to be issued to
Affected Creditors upon implementation of the Amended Plan, (E) a
summary of the constitution and governance of SFC Escrow Co.,
which will hold certain Newco shares and Newco notes in escrow
pending resolution of certain unresolved claims in accordance
with the Amended Plan, (F) information concerning certain
reserves and other amounts relating to the Amended Plan, and (G)
a draft of the order that the Company intends to submit to the
Court providing for the sanction and approval of the Amended
Plan.
A copy of the Plan Supplement is available for free at:
http://www.sinoforest.com/Uploads/Plan_Supplement.pdf
Sino-Forest intends to hold a meeting of creditors in respect of
the Amended Plan on Nov. 29, 2012. Further information
concerning the Meeting and the Amended Plan is available in the
meeting information statement concerning the Amended Plan that
was mailed to creditors on Oct. 24, 2012.
In order to be effective, the Amended Plan must be approved by a
majority in number of Affected Creditors with proven claims, and
two-thirds in value of the proven claims held by the Affected
Creditors, in each case who vote (in person or by proxy) on the
Amended Plan at the meeting of Affected Creditors. The Amended
Plan is also subject to the approval of the Court and to numerous
conditions precedent, as well as receipt of any necessary
regulatory approvals. If requisite approvals are received within
the time frames anticipated, Sino-Forest intends to complete the
Restructuring Transaction not later than January 15, 2013.
About Sino-Forest Corp.
Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China. Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products. Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.
Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.
Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.
During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.
SINO-FOREST: Ontario Appellate Court Junks Ex-Auditors' Appeal
--------------------------------------------------------------
On Nov. 23, 2012, the Court of Appeal for Ontario dismissed an
appeal by Sino-Forest Corporation's former auditors and
underwriters from a July 27, 2012 order entered by the Ontario
Superior Court of Justice.
On July 27, 2012, the CCAA Court opined that certain shareholder
class action claims against the Company, and certain indemnity
claims against the Company by the Company's former auditors and
underwriters arising from those shareholder claims, are "equity
claims" as defined in section 2 of the Companies' Creditors
Arrangement Act ("CCAA"). Under the CCAA, equity claims are
subordinated to the claims of general creditors. In a recent
Nov. 23 ruling, the Court of Appeal affirmed the July 27 decision
of the CCAA Court.
On Oct. 19, 2012, the Company filed an amended Plan of Compromise
and Reorganization and an Information Statement concerning the
Plan. The meeting of the Company's creditors to consider the
Plan is scheduled for Nov. 29, 2012.
About Sino-Forest Corp.
Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China. Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products. Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.
Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.
Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.
During the CCAA process, Sino-Forest expects its normal day-to-
day operations to continue without interruption. The Company has
not planned any layoffs and all trade payables are expected to
remain unaffected by the CCAA proceedings.
ZHONG WEN: Incurs $7,500 Net Loss in Third Quarter
--------------------------------------------------
Zhong Wen International Holdings Co., Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of $7,530 on $9,495 of revenue for the
three months ended Sept. 30, 2012, compared with net income of
$29,357 on $77,578 of revenue for the same period during the
prior year.
For the nine months ended Sept. 30, 2012, the Company reported
net income of $44,021 on $123,913 of revenue, compared with net
income of $114,535 on $248,698 of revenue for the same period a
year ago.
The Company's balance sheet at Sept. 30, 2012, showed
$1.48 million in total assets, $1.55 million in total
liabilities, all current, and a $71,327 total stockholders'
deficit.
Bankruptcy Warning
"If the Company is unable to obtain additional funds, it will not
be able to sustain its operations and would be required to cease
its operations and/or seek bankruptcy protection. Given the
difficult current economic environment, the Company believes it
will be difficult to raise additional funds and there can be no
assurance as to the availability of additional financing or the
terms upon which additional financing may be available. As a
result of these conditions, there is substantial doubt regarding
the Company's ability to continue as a going concern."
A copy of the Form 10-Q is available for free at:
http://is.gd/kF4QWM
About Zong Wen
Located in Qingzhou, Shandong, People's Republic of China, Zhong
Wen International Holding Co., Ltd., is in the business of
equipment products procurement for the construction industry, and
project consultation for construction projects.
After auditing results for the year ended Dec. 31, 2011,
Bongiovanni & Associates, CPA's, in Cornelius, North Carolina,
expressed substantial doubt about Zhong Wen's ability to continue
as a going concern. The independent auditors noted that the
Company has suffered losses from operations and has a net capital
deficiency as of Dec. 31, 2011.
================
H O N G K O N G
================
ADVANCE NEW: Members' Final Meeting Set for Dec. 24
----------------------------------------------------
Members of Advance New Technology Limited will hold their final
general meeting on Dec. 24, 2012, at 10:00 a.m., at 17th Floor,
Li Ka Shing Tower, The Hong Kong Polytechnic University, Hung
Hom, Kowloon, in Hong Kong.
At the meeting, Heung Sai Kit, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
CAPITAL TOP: Creditors' Proofs of Debt Due Dec. 23
--------------------------------------------------
Creditors of Capital Top Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 23, 2012, to be included in the company's dividend
distribution.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Bldg
138 Gloucester Road
Wanchai, Hong Kong
CHUN PO: Final Meetings Set for Dec. 28
---------------------------------------
Members and creditors of Chun Po Investment Company Limited will
hold their final meetings on Dec. 28, 2012, at 10:00 a.m., and
10:30 a.m., respectively at 62/F, One Island East, at 18
Westlands Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
HANTCHY (ASIA): Sole Shareholder's Final Meeting Set for Jan. 9
---------------------------------------------------------------
Sole shareholder of Hantchy (Asia) Limited will hold their final
meeting on Jan. 9, 2013, at 11:30 a.m., at 17th Floor, Shun Kwong
Commercial Building, at No. 8 Des Voeux Road West, Sheung Wan, in
Hong Kong.
At the meeting, Liu Wing Ting Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
PICCADILLY CIRCUS: Members' Final Meeting Set for Dec. 28
---------------------------------------------------------
Members of Piccadilly Circus Limited will hold their final
general meeting on Dec. 28, 2013, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
RUISLIP ENTERPRISES: Members' Final Meeting Set for Dec. 28
-----------------------------------------------------------
Members of Ruislip Enterprises Limited will hold their final
general meeting on Dec. 28, 2013, at 10:00 a.m., at Level 28,
Three Pacific Place, at 1 Queen's Road East, in Hong Kong.
At the meeting, Chan Mi Har and Ying Hing Chiu, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
SUNLINK GROUP: Final Meeting Set for Dec. 28
--------------------------------------------
Members and creditors of Sunlink Group Investments (HK) Limited
will hold their final meeting on Dec. 28, 2012, at 11:00 a.m., at
62/F, One Island East, at 18 Westlands Road, Island East, in Hong
Kong.
At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
SY FONG: Creditors' Proofs of Debt Due Dec. 31
----------------------------------------------
Creditors of Sy Fong Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 31, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 12, 2012.
The company's liquidator is:
Yu Yuk Ling Theresa
Room 803, Tung Hip Comm. Bldg
248 Des Voeux Road
Central, Hong Kong
TITAN PETROCHEM: HK Court Delays Windup Hearing to Feb. 8
---------------------------------------------------------
SinoShip News reports that Titan Petrochemicals said the High
Court of the Hong Kong Special Administrative Region has ordered
that the proceedings looking into the company's liquidation be
delayed for 90 days from November 10, 2012, to Feb. 8, 2013, "to
enable the parties to attempt mediation by the parties' consent."
According to the report, the news follows last week's
announcement that the Supreme Court of Bermuda has delayed the
case into its liquidation, brought about by a key investor, from
November 16 to February 15 next year.
The Troubled Company Reporter-Asia Pacific, citing Bloomberg
News, reported on July 17, 2012, that private equity firm Warburg
Pincus LLC said in a lawsuit that Titan Petrochemicals Group Ltd.
should be liquidated because the Hong Kong-listed company is
insolvent. Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.
Bloomberg News noted that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due
on its U.S. dollar bonds on March 19. It hasn't been profitable
in any of the past five years, and its liabilities at the end of
last year exceeded its assets by HK$1.24 billion, according to
the petition obtained by Bloomberg News.
Titan is unlikely to be able to redeem Warburg's 555 million
preferred shares, according to the document cited by Bloomberg
News. Warburg sought redemption on July 4, claiming
HK$384 million, added Bloomberg News.
About Titan Petrochemicals
Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding. The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities. The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.
WHITE MARK: Court to Hear Wind-Up Petition on Jan. 9
----------------------------------------------------
A petition to wind up the operations of White Mark Limited will
be heard before the High Court of Hong Kong on Jan. 9, 2013, at
9:30 a.m.
S.T. Cheng & Co., Solicitors filed the petition against the
company on Nov. 7, 2012.
The Petitioner's solicitors are:
S.T. Cheng & Co., Solicitors
Room 1209, 12th Floor
COSCO Tower
183 Queen's Road
Central, Hong Kong
WOB INVESTMENTS: Commences Wind-Up Proceedings
----------------------------------------------
Members of Wob Investments Limited, on Nov. 7, 2012, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Tsoi Ying Ho
Room 2303, 23rd Floor
China Insurance Group Building
141 Des Voeux Road Central
Hong Kong
=========
I N D I A
=========
ABHARAN MOTORS: CRISIL Puts 'BB' Rating on INR97.4MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Abharan Motors Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 7.4 CRISIL BB/Stable (Assigned)
Cash Credit 90.0 CRISIL BB/Stable (Assigned)
Bank Guarantee 2.1 CRISIL A4+ (Assigned)
The ratings reflect AMPL's established position as a distributor
of automobiles manufactured by Maruti Suzuki India Ltd (MSIL;
rated 'CRISIL AAA/Stable/CRISIL A1+') in Udupi (Karnataka)
district, and its average financial risk profile, marked by
moderate total outstanding liabilities to tangible net worth
(TOLTNW) and interest coverage ratios. These rating strengths are
partially offset by principal concentration in AMPL's revenue
profile and its susceptibility to intense competition in the
automobile dealership industry.
Outlook: Stable
CRISIL believes that AMPL will continue to benefit from being a
sole dealer of MSIL's vehicles in Udupi district, over the medium
term. The outlook may be revised to 'Positive' if there is
significant improvement in AMPL's operating profitability or
more-than-expected growth in its revenues, resulting in
improvement in its TOLTNW ratio and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
programme, weakening its debt protection metrics, or if its
working capital management or operating profitability
deteriorates, resulting in pressure on liquidity.
About Abharan Motors
Incorporated in 2000 and based in Udupi, AMPL is the sole
authorised dealer for MSIL in Udupi district. The company
operates three showrooms and five service stations for MSIL's
vehicles. The company is promoted by Mr. Madhukar S Kamath and
his sons.
For 2011-12 (refers to financial year, April 1 to March 31), AMPL
reported a profit after tax (PAT) of INR5.7 million on net sales
of INR1.1 billion; the company reported a PAT of INR9.3 million
on net sales of INR964.7 million for 2010-11.
ARYAN RESIDENCY: CRISIL Rates INR120MM Term Loan at 'CRISIL B-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank loan facility of Aryan Residency Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 120 CRISIL B-/Stable (Assigned)
The rating reflects ARL's exposure to risks relating to
implementation and off take associated with the setting up of its
hostel on account of the cost and time overruns in the project
and constrained financial risk profile on account of low cash
accruals in its initial years of operations. . These rating
weaknesses are partially offset by the financial support from the
promoters and location advantage to the project.
Outlook: Stable
CRISIL believes that ARL's credit risk profile will remain
sensitive to the timely infusion of funds from the promoters to
service its debt obligations on account of low cash accruals in
its initial years of operations. The outlook may be revised to
'Positive' if ARL increases its scale of operations leading to
considerable improvement in its cash accruals, which will be
sufficient to pay its term debt obligations. Conversely, the
outlook may be revised to 'Negative' in case the company's
liquidity deteriorates further on account of lower-than-expected
cash accruals driven by significant drop in hostel's occupancy
rate or if there is significant delay in implementation and off
take of the project.
About Aryan Residency
ARL, incorporated in 2008, was taken over by the Beg family and N
S Associate Pvt Ltd (owned by Beg family) in 2009. The company is
setting up a hostel for students and working men in Knowledge
Park-1, Greater Noida (Uttar Pradesh). The project is expected to
get completed by March 2013.
ASG LEATHER: Delays in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of ASG Leather Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 36 CRISIL D (Assigned)
Term Loan 19 CRISIL D (Assigned)
The rating reflects delays by ASG in servicing its debt; the
delays have been caused by the company's weak liquidity. ASG has
weak liquidity because of the slow ramp up in operations from
enhanced capacities leading to low cash accruals vis-…-vis its
scheduled debt repayment obligations.
ASG also has a weak financial risk profile, marked by small net
worth, high gearing and weak debt protection metrics, small scale
of operations, and large working capital requirements. ASG,
however, benefits from its promoters' extensive experience in the
leather bags export business and established relations with
customers.
About ASG Leather
Set up in 2002 by Mr. Alok Kumar Sengupta, ASG mainly
manufactures and exports leather bags and wallets. ASG has two
manufacturing unit in Kolkata (West Bengal).
In 2011-12 (refers to financial year, April 1 to March 31), ASG
reported a profit after tax (PAT) of INR1.5 million on net income
of INR106.0 million; the company reported a PAT of INR1.1 million
on net income of INR84.9 million in 2010-11.
BUXA DOOARS: CRISIL Assigns 'CRISIL B-' Rating to INR165MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank loan facilities of The Buxa Dooars Tea Co (India) Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 80 CRISIL B-/Stable (Assigned)
Cash Credit 85 CRISIL B-/Stable (Assigned)
Bank Guarantee 5 CRISIL A4 (Assigned)
The ratings reflect TBDTCL's weak financial risk profile, marked
by weak capital structure and debt protection metrics and small
scale of operations in the matured tea industry. These rating
weaknesses are partially offset by the experience of TBDTCL's
promoter in the tea industry and the financial support that it
receives from them.
Outlook: Stable
CRISIL believes that TBDTCL will continue to benefit over the
medium term from its promoter's experience in the tea industry.
The outlook may be revised to 'Positive' in case the company
significantly improves its capital structure or registers better
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
TBDTCL's financial risk profile, especially its liquidity,
deteriorates on account of lower-than-expected accruals, stretch
in its working capital cycle, or significant debt-funded capital
expenditure plans.
About Buxa Dooars
TBDTCL, incorporated in 1975, owns two tea gardens under the name
of Raimatang and Kalchini near Siliguri (West Bengal). The
company's daily operations are being managed by Mr. Roshanlal
Agarwal.
JK SURFACE: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
JK Surface Coatings Pvt. Ltd. to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 61 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 7.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 5 CRISIL D (Downgraded from
'CRISIL A4+')
Overdraft Facility 25 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long-Term 7.8 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
Rupee Term Loan 21.2 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade reflects instances of delay by JKSC in
servicing its term debt; the delays have been caused by JKSC's
weak liquidity. The firm's liquidity is weak because of
increasing working capital requirements, driven by increase in
debtors and scale of operations. The downgrade also factors in
CRISIL's belief that JKSC's liquidity will continue to remain
stretched because of incremental working capital requirements,
due to increase in scale of operations.
The rating continues to reflect JKSC's large working capital
requirements and limited revenue diversity. These rating
weaknesses are partially offset by the company's strong client
base and healthy order book position.
About JK Surface
Incorporated in 1998, JKSC is a service contractor of protective
surface coatings. The company is based in Navi Mumbai
(Maharashtra), and promoted by Mr. Ajay Sagar and Mr. Sanjiv
Thakur. The company undertakes contracts for application of
surface coatings at industrial sites, both on work and labour
contracts.
J.N. SONS: CRISIL Cuts Rating on INR60MM Loan to 'CRISIL B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of J.N. Sons to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60.0 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The rating downgrade reflects decline in the firm's scale of
operation with its turnover declining to INR365 million in 2011-
12 (refers to financial year, April 1 to March 31) from INR508 in
the previous year. The downgrade also reflects deterioration in
the firm's financial risk profile as indicated by its high total
outside liabilities to tangible net worth (TOLTNW) ratio, weak
debt protection metrics and a small net worth. Against cash
accruals of INR0.28 million in 2011-12, the promoters have
withdrawn INR0.6 million leading to moderate decline in net
worth. Also, the company's TOLTNW ratio has deteriorated to 5.49
times as on March 31, 2012 from 4.10 times as on March 31, 2011
owing to increase in working capital related debt. Low cash
accruals and increasing debt levels have resulted in the
deterioration of the firm's debt protection measures.
The rating continues to reflect the firm's small scale of
operations, weak financial risk profile and supplier
concentration risks. These rating weaknesses are partially offset
by the extensive experience of JNS's partners in trading steel
products.
Outlook: Stable
CRISIL believes that JNS will maintain its credit risk profile
over the medium term supported by its long-standing presence in
the steel trading industry. The outlook may be revised to
'Positive' if the firm's scale of operations increases
significantly along with improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
JNS's financial risk profile deteriorates due to increase in
working capital requirements or large debt-funded capital
expenditure or withdrawal of large amount of funds from the
business by the promoters.
About J.N. Sons
Set up as a partnership firm by Mr. Rajesh Mittal and his family
members in 1991, JNS trades in various steel products, such as
hot rolled (HR) plates, mild steel (MS) plates, beams, channels,
round bars, and square bars finding demand across various
industries including foundry and fabrication, as well as machine
manufacturing companies. The firm's office is located in
Ghaziabad (Uttar Pradesh).
JNS reported a profit after tax (PAT) of INR0.5 million on net
sales of INR365 million for 2011-12, as against a PAT of INR2.3
million on net sales of INR507.8 million for 2010-11.
KIJALK INFRA: CRISIAL Cuts Rating on INR200MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Kijalk Infrastructure Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long-Term Loan 200 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The downgrade reflects instances of delay by KIPL in servicing
its debt; the delays have been caused by larger-than-expected
withdrawal of funds by KIPL's promoters, weakening KIPL's
liquidity.
KIPL's financial risk profile is below-average, marked by a small
net worth, high gearing, and modest debt protection metrics.
However, KIPL benefits from low offtake risk and its operation
and maintenance agreement with Tata Power Solar Systems Ltd
(rated 'CRISIL A+/Stable/CRISIL A1'), which has guaranteed power
generation levels for 25 years.
About Kijalk Infrastructure
KIPL was set up in 2006 by Mr. Ashok Kumar Verma and his brother,
Mr. Surendra Kumar Verma. However, the company started operations
only in 2011. KIPL has set up a 2-megawatt solar power plant in
Raj Nagar (Jharkhand). The installation of plant and machinery
was completed in January 2012, and the solar power plant was
commissioned under the Rooftop PV and Small Solar Generation
Programme-Jawaharlal Nehru National Solar Mission, on January 16,
2012.
PARTAP INDUSTRIAL: CRISIL Assigns 'BB-' Ratings to INR62MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Partap Industrial Products.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL BB-/Stable (Assigned)
Term Loan 2 CRISIL BB-/Stable (Assigned)
The rating reflects Partap's moderate financial risk profile
marked by moderate gearing and debt protection measures and
extensive industry experience of promoters. These rating
strengths are partially offset by Partap's small scale of
operations in highly fragmented metal wire industry, and the
susceptibility of the firm's margins to volatility in raw
material prices.
Outlook: Stable
CRISIL believes that Partap will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case the firm
registers higher-than-expected sales, and improves its financial
risk profile because of improvement in its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if Partap's financial risk profile weakens, most
likely because of lower-than-expected profitability, larger-than-
expected working capital requirements, or large debt-funded
capital expenditure.
About Partap Industrial
Partap was set up as a partnership firm in 2008 by Mr. Bharat
Bhushan and Mr. Sunny Mahajan. The firm manufactures steel wires,
galvanized iron (GI) wires, wire mesh, and barbed wires at its
manufacturing facility in Kangra (Himachal Pradesh).
Partap reported a book profit of INR6.1 million on net sales of
INR494.2 million for 2011-12, as against a PAT of INR21.8 million
on net sales of INR344.4 million for 2010-11.
SHABINA FOODS: CRISIL Rates INR110MM Term Loan at 'CRISIL B'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shabina Foods.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 110 CRISIL B/Stable (Assigned)
Packing Credit 75 CRISIL A4 (Assigned)
Foreign Bill Purchase 30 CRISIL A4 (Assigned)
Inland Guarantees 10.6 CRISIL A4 (Assigned)
The ratings reflect SF's slender profitability on account of
intense competition and weak financial risk profile marked by low
net worth and high gearing. These rating weaknesses are partially
offset by the extensive industry experience in the sea food
processing business.
Outlook: Stable
CRISIL believes that SF will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the sea food processing industry. The outlook
may be revised to 'Positive' if SF's financial risk profile
improves significantly driven by higher-than-expected revenues
and profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the company undertakes significant debt-funded
capital expenditure or if cash accruals decrease significantly
resulting in deterioration in SF's financial risk profile.
About Shabina Foods
SF was incorporated as a partnership firm in 2011 by Mr. Chouhan
Mohammad Safi Hasan, Mr. Bhisti Haji Hasam Haji Rehman and Mr.
Samir Mohammad Safi Hasan. The firm exports processed seafood to
various countries including China, Malaysia, Vietnam, US and some
parts of Europe. The firm is based out of Veraval (Gujarat). Its
partners have gained experience in the sea food processing
business by virtue of their association with a group firm,
Shabina Exports (rated 'CRISIL B+/Stable/CRISIL A4'), which
started its operations in 2006.
SF reported a profit after tax (PAT) of INR0.62 million on net
sales of INR45 million for 2011-12 (refers to financial year,
April 1 to March 31).
SOBANA OFFSET: Delays in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the long-term bank
facilities of The Sobana Offset Printers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 57.5 CRISIL D (Assigned)
Cash Credit 6 CRISIL D (Assigned)
Bank Guarantee 6 CRISIL D (Assigned)
Bill Discounting 0.5 CRISIL D (Assigned)
The ratings reflect instances of delay by TSOP in servicing its
term debt; the delays have been caused by the firm's weak
liquidity, resulting from low cash accruals against large term
debt repayments on account of the continuous debt-funded capital
expenditure (capex) incurred by the firm over the past five
years.
TSOP also has a below-average financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
However, the firm benefits from the extensive industry experience
of its promoters in the offset printing industry and its
established relationships with its customers.
About Sobana Offset
Set up in 1972 as a partnership firm, TSOP is engaged in printing
of textbooks and other reading materials for the Karnataka and
Tamil Nadu state textbook associations. The firm has its printing
facilities in Bangalore (Karnataka).
SUPREME KNOWLEDGE: CRISIAL Assigns 'D' Rating to INR96-Mil. Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Supreme Knowledge Foundation. The rating reflects the
instances of delay by SKF in servicing its term debt obligations.
The delays have been on account of stretched liquidity due to
cash flow mismatches.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 96 CRISIL D (Assigned)
SKF also has geographical concentration, limited flexibility to
increase fees and student intake, and exposed to intense
competition in the education sector. These rating weaknesses are
partially offset by the institute's established market position,
healthy demand prospects in the education sector and the
extensive experience of its promoters in the education sector.
About Supreme Knowledge
Established in 2007, Supreme Knowledge Foundation has set up two
educational institutes namely Sir JC Bose School of Engineering
(SJCB) and Dr P C Mahalanabish School of Management (DPCM). The
institutes offer graduate and post graduate courses in
engineering as well as management. Both the institutes are
located in the Hooghly district of West Bengal.
For 2011-12, SKF reported a PAT of INR13.8 million on net sales
of INR71.2 million, against a PAT of 3.4 million on net sales of
INR49.2 million for 2010-11.
TATA CHEMICALS: Moody's Affirms 'Ba2' Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service affirms Tata Chemicals Limited's Ba2
corporate family rating and maintains the stable outlook.
Ratings Rationale
"TCL's performance in recent years has benefited from steady
growth derived from both acquisitions and organic expansion while
maintaining an adjusted EBITDA margin of more than 17%", says
Alan Greene, a Moody's Vice President and Senior Credit Officer.
"This level of margin is strong for its rating category, but its
balance sheet and liquidity profile are commensurate with a Ba
range rating" adds Mr. Greene who is also Moody's Lead Analyst
for Tata Chemicals.
The acquisitions have provided given scale and geographic
diversification to the Group's soda ash and salt businesses, and
TCL is the world's second largest producer of soda ash.
Approximately 60% of Group EBITDA is generated by its Inorganic
Chemical operations. Acquisitions in this area include US- based
General Chemicals Industrial Products (GCIP) acquired in 2008,
while its European business has been built on the purchases of
Brunner Mond (acquired 2006) and British Salt (purchased 2011).
GCIP is TCL's largest soda ash operation and uses trona ore to
produce soda ash whereas its Indian and European plants use the
higher cost synthetic production process.
TCL's Indian companies account for around 60% of Group operating
profit, including Rallis, its 50.1%-owned agricultural services
operation (acquired 2009), which contributes around one fifth of
the Indian total. The bulk of profits is derived from its Indian
soda ash and salt businesses, and fertiliser operations. Its
fertiliser business includes the manufacture and sale of urea and
the production and marketing of Potassium and Phosphorus
fertiliser compounds. Acquisitions in respect of its fertiliser
business have focused on small stakes in overseas phosphate and
potash suppliers in order to ensure raw material security.
TCL has considered large scale expansion of its existing urea
plant in India, which would help to reduce the country's imports
of the fertiliser, but the supply of natural gas has been a
stumbling block. Moody's expects TCL to continue at its current
brisk rate of growth with further small investments to bolster
existing activities and continuing cost reduction and
productivity improvements.
"Overall, TCL has a very good track record of integrating
acquisitions and of eking out efficiency gains across its
operations, while the resultant geographic and product balance of
the business has reduced volatility", adds Mr. Greene. "The
disciplined nature of the US soda ash market and TCL's leading
position in the regulated fertiliser market in India are key
components of the company's stability", continues Mr. Greene.
Future large scale investments by TCL are likely to be undertaken
as joint ventures and utilizing project finance where possible.
In September 2011, TCL announced a joint venture with Olam
International and the Government of Gabon to build a urea plant
in Gabon to utilize that country's natural gas resource.
TCL's credit metrics are strong and with interest coverage
trending higher. Nevertheless, leverage (Adjusted debt/Adjusted
EBITDA) of 3.4x as at FYE March 2012 (FY2011: 3.4x), aligns well
to the Ba2 rating.
TCL generates strong cash flows but these are largely consumed by
capex and the investment to support growth. This has led to
negative free cash flow in three of the last five years. At the
same time, near-term debt repayments are fairly sizeable. As at
30th September 2012, TCL had cash and equivalents of INR12
billion and debt repayable within one year of some INR18 billion.
"While debt repayments can be met from cash balances and
operating cash flows, the reduction in financial flexibility is
sufficient to limit any advance in the rating, at this time",
comments Mr. Greene.
In order to improve comparability with other rated chemical
companies, a retained cash flow to debt trigger is being added to
the up/down trigger thresholds.
TCL's working capital requirements are highly correlated with
movements in raw material costs, selling price and seasonality.
TCL supports these with various fund and non-fund credit lines
which are adequate in size. The Tata Group has subscribed to
preferential share placings made by TCL. As part of the Tata
Group, Moody's expects TCL to enjoy continued, favourable access
to bank facilities.
The rating could be upgraded if consistent improvement in
performance is observed across its businesses, including
consistent discipline in global soda ash markets and continued
support for the Indian fertilizer operations from the regulatory
framework. Financial metrics that Moody's would consider for an
upgrade include Adjusted Debt/EBITDA ratio of below 2.5-3.0x,
Adjusted EBITDA/Interest above 4.5-5.0x and RCF/Debt over 17%, on
a consistent basis.
On the other hand, the rating could be downgraded if the outlook
for soda ash deteriorates and TCL's profitability declines beyond
Moody's expectations. Credit measures that Moody's would consider
include Adjusted Debt/EBITDA exceeding 4.0x-4.5x, EBITDA/interest
coverage falling and then remaining below 3.0x-3.5x and RCF/Debt
below 13% on a sustained basis.
The principal methodology used in rating Tata Chemicals Limited
was the Global Chemical Industry Methodology published in
December 2009.
Tata Chemicals Ltd, based in Mumbai, India, is the flagship
chemical company of the Tata Group, which owns 31.2% of TCL. It
is currently the world's second largest producer of soda ash and
a domestic leader for branded salt, fertilizer and urea products.
VIRTUAAL RETAIL: CRISIL Puts 'CRISIL B-' Rating on INR144MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Virtuaal Retail Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 32 CRISIL B-/Stable (Assigned)
Cash Credit 112 CRISIL B-/Stable (Assigned)
Bank Guarantee 16 CRISIL A4 (Assigned)
The ratings reflect VRPL's weak financial risk profile, marked by
a small net worth, high gearing, and weak liquidity and debt
protection metrics, and large working capital requirements. The
ratings also reflect the vulnerability of the company's operating
margin to volatility in product prices, and small scale of
operations, with geographical concentration in its revenue
profile. These rating weaknesses are partially offset by VRPL's
healthy revenue growth, diversified product portfolio, and
promoter's extensive experience in the retail business.
For arriving at its earlier ratings, CRISIL had consolidated the
business and financial risk profiles of Virtuaal Jewels and
Virtuaal Apparels with VRPL. As the operations of the two
partnership firms have been transferred to VRPL, CRISIL has
considered the financials and business risk profiles of VRPL on a
standalone basis.
Outlook: Stable
CRISIL believes that VRPL will continue to benefit over the
medium term from its promoter's extensive experience in the
retail industry. The outlook may be revised to 'Positive' if the
cash accruals are higher-than-expected or in case of large equity
infusion, leading to improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be
revised to 'Negative' if the company faces further pressure on
financial risk profile, particularly its liquidity, on account of
larger-than-expected working capital requirements or a large,
debt-funded capital expenditure.
About Virtuaal Retail
Promoted by Mr. Vikram Agarwal in 2011, VRPL was formed to take
over the existing business of Virtuaal Jewels and Virtuaal
Apparels. Virtuaal Jewels operated retail showrooms of Tanishq
jewellery, Titan watches, and Titan Eye Plus, while Virtuaal
Apparels was a retailer of brands, such as Reebok, Adidas, Puma,
Lee, Benetton, GAS, Wrangler, and cellphones from Nokia. From
February 2011, both proprietorships were merged to have the
entire business under one umbrella. VRPL has 50 showrooms across
Northern India; however, geographically, Dehradun (Uttarakhand)
contributes about 70 per cent to its total revenues.
For 2011-12 (refers to financial year, April 1 to March 31) VRPL
reported, on provisional basis, a profit after tax (PAT) of INR8
million on an operating income of INR785 million as against a net
loss of INR1 million on an operating income of INR107 million for
2011-12.
====================
N E W Z E A L A N D
====================
CS HOMES: Sub-Contractors Help Two Families Finish Homes
--------------------------------------------------------
stuff.co.nz reports that tradespeople and sub-contractors hit by
the collapse of CS Homes are rallying together to help two
Southland families whose homes have been left unfinished by the
company.
Company director Colin Murray Hiatt put the business into
voluntary liquidation earlier this month. Industry insiders
believe he has fled to Australia and could owe more than half a
million dollars to contractors and suppliers in the region.
stuff.co.nz notes that among the homeowners left in the lurch
were Southland Stags and Highlanders flanker Tim Boys and the
Buchanan family, of Wreys Bush.
According to the report, Mr. Boys said it was too early to know
what would happen to his home but he was grateful that Southland
businesses were helping him.
"We are working through it. Southland businesses are stepping up
to help us out. I hope it works out," the report quotes Mr. Boys
as saying.
The report says builders who played rugby with Mr. Boys at the
Winton-based Midlands club volunteered to help him finish his
home.
According to stuff.co.nz, Placemakers Invercargill operator
Alister Rance said his business had been affected by the CS Homes
collapse but he wanted to help Boys and his partner finish their
home.
Most CS Homes creditors were doing what they could to help Boys
and the Buchanan family, Mr. Rance, as cited by stuff.co.nz,
said.
CS Homes Ltd is a Southland-based construction firm. Insolvency
Management principal Iain Nellies and Paul Jenkins were appointed
liquidators when company director Colin Murray Hiatt put the
business into voluntary liquidation on November 7.
NATIONAL FINANCE: Ex-Director's Second Appeal Denied
----------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that former
National Finance director Trevor Allan Ludlow has failed a second
time to get bail before he appeals against his prison sentence.
The Herald recalls that Mr. Ludlow was convicted last year of six
charges of theft by a person in a special relationship and one of
false accounting in a case brought by the Serious Fraud Office.
He was sentenced by an Auckland District Court judge to five
years and seven months in jail, the report says.
After pleading guilty to eight further charges brought by the
Financial Markets Authority, the report relates, Mr. Ludlow had
an extra nine months added to his sentence by a High Court judge.
But Mr. Ludlow is now appealing his sentences in both courts as
well as the convictions made by the District Court, the Herald
reports.
The Herald says Mr. Ludlow applied in September to get bail from
Springhill Prison so he could prepare for his appeal, which is
due to begin in the first part of next year. The jailed finance
company boss argued there were inadequate facilities for him to
prepare for his case, the report says.
However, bail was denied and this month Mr. Ludlow tried a second
time to get released.
In his latest attempt for bail, the Herald states, Mr. Ludlow had
abandoned his arguments about Springhill's facilities and was
critical about the judgment convicting him, comparing it to other
judgments that contained "greater degrees of detail".
But in a decision Tuesday, three court of appeal judges denied
the prisoner's application, the Herald says.
About National Finance
National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million. Trevor Allan Ludlow was the sole shareholder and
a director of the company. John Gray was employed by the company
as an accountant.
After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud. An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006. This was elevated to a Part Two investigation on
May 8, 2007.
Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.
NEW ZEALAND CREDIT: Axes 21 Jobs; To Close Five Branches
--------------------------------------------------------
stuff.co.nz reports that about 21 staff will lose their jobs when
New Zealand Credit Union North closes five branches in a
nationwide restructure to "future-proof" the company.
The report says Waikato branches in Matamata and Tokoroa will
close, along with those in Turangi, Te Puke and Papamoa,
resulting in 14 job losses. An administration centre in Mt
Maunganui has also closed, leaving seven others out of work.
Further closures of the 16 branches across the country, seven of
which are in Waikato, have not been ruled out, the report notes.
According to stuff.co.nz, Credit Union North (NZCU North) will
transfer its business and its 27,500 members to First Credit
Union in a bid to "protect [its] members' interests". The
restructure was driven by pressure on member returns as a result
of high operating and compliance costs and an increasingly
competitive market, the report relays.
This "transfer of engagement" will be finalized on Saturday,
after which NZCU North will cease to exist, adds stuff.co.nz.
According to the report, First Credit Union general manager and
NZCU North acting general manager, Peter Iles, said members voted
in support of the move.
"Whilst these job losses are regrettable, they are unfortunately
unavoidable, as we seek to future- proof First Credit Union for
the benefit of our members," the report quotes Mr. Iles as
saying. "We will ensure that affected staff are supported in
every way possible in finding and preparing for new roles."
NZF GROUP: NZ$5-Mil. Valuation Discrepancy Surprised Directors
--------------------------------------------------------------
NBR Online reports that troubled financial services firm NZF
Group said it might revisit MPMH's valuation after an almost
NZ$5 million discrepancy.
NBR relates that the listed company said its half-stake in MPMH
is worth NZ$2.76 million, according to an independent valuation
by Simmons Corporate Finance.
MPMH, NZF's joint venture with Australian company Liberty
Financial, is the parent company of Mike Pero Mortgages and 50%
owner of Mike Pero Real Estate.
According to the report, NZF said MPMH has a carrying value of
NZ$7.5 million on its balance sheet, supported by annual
impairment testing and an external valuation in October last
year.
"The directors of NZF Group are surprised at the discrepancy
between the outcome of the valuation and the carrying value,
which they believed to be reasonable.
"They acknowledge that they may need to reconsider the carrying
value of this investment."
The statement lists possible reasons for the difference as: the
previous valuation being done on a discounted cashflows basis;
the current valuation places little weight on the property
market's recovery; the valuer being denied access to MPMH board
information, such as projections.
The sale now depends on shareholder approval.
NBR relates that NZF Group chief executive Mark Thornton said the
future of the company and its financial position depends on three
"uncertainties" -- its court battle with the receivers of its
failed subisiary NZF Money, resolving the MPMH battle with
Liberty, including court proceedings, and obtaining approval for
capital note holders to convert their notes to shares.
About NZF Money
NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997. The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking. NZF Money is the deposit-taking subsidiary of
NZF Group.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2011, BusinessDesk said NZF Money was put in
receivership in July 2011 after its parent failed to secure
short-term funding needed to keep the finance company afloat.
The shortfall arose after the Financial Markets Authority forced
the company to pull its debenture prospectus which hoped to raise
NZ$350 million over the issues around asset quality and liquidity
disclosure.
The TCR-AP reported on March 23, 2012, that the Serious Fraud
Office said that it has commenced a Part II investigation into
NZF Group Limited, NZF Money Limited, and their related
companies.
SFO and the Financial Markets Authority (FMA) together have been
assessing a range of allegations relating to the conduct of the
group. The primary focus of the SFO assessment relates to alleged
related party transactions between members of the group, its
directors and officers. The transactions cover a period from 2006
to the present.
=====================
P H I L I P P I N E S
=====================
ILOCANDIA COMMUNITY: Placed Under PDIC receivership
---------------------------------------------------
The Monetary Board (MB) placed Ilocandia Community Bank, Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1921 dated
Nov. 22, 2012. As Receiver, PDIC took over the bank on Nov. 23,
2012.
In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.
PDIC also announced that it will conduct Depositors Forum from
November 29 to December 1, 2012 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will also be distributed during the Depositors Forum.
The schedule and venue of the Depositors Forum will be posted in
the bank premises and in the PDIC website,
http://www.pdic.gov.ph/
Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms to be furnished by PDIC representatives.
Duly accomplished Depositor Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until Dec. 7, 2012.
Depositors with valid savings accounts with balances of PHP15,000
and below, who have no outstanding obligations with Ilocandia
Community Bank and who have complete and updated addresses with
the bank, need not file deposit insurance claims. PDIC targets to
start mailing payments to these depositors to their addresses
recorded in the bank by the second week of December 2012.
The following should file their deposit insurance claims: 1)
Depositors whose savings accounts have balances of more than
PHP15,000, 2) All depositors who are holders of certificates of
time deposits (CTDs), and 3) Depositors who have outstanding
obligations regardless of type of account. The inclusive dates
and schedule of the claims settlement operations for these
accounts will be announced by second week of December 2012
through notices to be posted in the bank premises and other
public places as well as through the PDIC website,
www.pdic.gov.ph.
Ilocandia Community Bank is a three-unit bank with Head Office
located in Brgy. 2, Pasuquin, Ilocos Norte. Its two branches are
in Piddig, Ilocos Norte and Flora, Apayao. Latest available
records show that as of September 30, 2012, Ilocandia Community
Bank had 1,533 accounts with total deposit liabilities of P39.44
million. According to the latest Bank Information Sheet (BIS) as
of June 30, 2012 filed by Ilocandia Community Bank with the PDIC,
the bank is majority owned by Oscar M. Santiago (24.69%) and
Maria H. Santiago (14.40%). Its Chairman is Oscar M. Santiago and
its President is Joel H. Santiago.
SIAM BANK: MB Places Bank Under PDIC Receivership
-------------------------------------------------
The Monetary Board (MB) placed Siam Bank (A Rural Bank), Inc.
under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1920.A dated
Nov. 22, 2012. As Receiver, PDIC took over the bank on Nov. 23,
2012.
In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.
PDIC also announced that it will conduct Depositors Forum from
November 29 to Dec. 3, 2012 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim forms will also be distributed during the Depositors Forum.
The schedule and venue of the Depositors Forum will be posted in
the bank premises and in the PDIC website,
http://www.pdic.gov.ph/
Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms to be furnished by PDIC representatives.
Duly accomplished Depositor Update Forms should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with signature. Depositors may update their addresses
until Dec. 7, 2012.
Depositors with valid savings accounts with balances of P15,000
and below, who have no outstanding obligations with Siam Bank and
who have complete and updated addresses with the bank, need not
file deposit insurance claims. PDIC intends to start mailing
payments to these depositors to their addresses recorded in the
bank by the third week of December.
The following should file their deposit insurance claims: (1)
Depositors whose savings accounts have balances of more than
PHP15,000, (2) All depositors who are holders of certificates of
time deposits (CTDs), and (3) Depositors who have outstanding
obligations regardless of type of account. The inclusive dates
and schedule of the claims settlement operations for these
accounts will be announced by the first week of January 2013
through notices to be posted in the bank premises and other
public places as well as through the PDIC website,
http://www.pdic.gov.ph/
Siam Bank is a five-unit bank with Head Office located at the
Ground Floor, Executive Centrum Bldg., J.R. Borja St., Cagayan de
Oro City, Misamis Oriental. Its four branches are in Iligan City
(Lanao del Norte), Valencia (Bukidnon), Lugait and Villanueva
(Misamis Oriental), all in Northern Mindanao. Latest available
records show that as of September 30, 2012, Siam Bank had 5,376
accounts with total deposit liabilities of PHP140.48 million.
According to the latest Bank Information Sheet (BIS) as of
June 30, 2012 filed by Siam Bank with the PDIC, the bank is
majority owned by Ma. Teresa F. Sarraga (40%), Jose Luis F.
Sarraga (18%) and John Mark F. Sarraga (18%). Its Chairman is
Francisco B. Sarraga and its President is Lope L. Bato, Jr.
=================
S I N G A P O R E
=================
GUAN SHENG: Court to Hear Wind-Up Petition Dec. 7
-------------------------------------------------
A petition to wind up the operations of Guan Sheng Oil Singapore
Pte Ltd will be heard before the High Court of Singapore on
Dec. 7, 2012, at 10:00 a.m.
The Comptroller of Income Tax filed the petition against the
company on Nov. 12, 2012.
The Petitioner's solicitors are:
Infinitus Law Corporation
77 Robinson Road
#16-00, Robinson 77
Singapore 068896
MCDF INVESTMENT: Creditors' Proofs of Debt Due Dec. 24
------------------------------------------------------
Creditors of MCDF Investment Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 24, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO LLP
21 Merchant Road #05-01
Royal Merukh S.E.A. Building
Singapore 058267
MCQUAY AIR: Creditors' Proofs of Debt Due Dec. 24
-------------------------------------------------
Creditors of McQuay Air Conditioning (Singapore) Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Dec. 24, 2012, to be included in the company's
dividend distribution.
The company's liquidator is:
Lau Chin Huat
c/o 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
MICROELECTRONIC PACKAGING: Creditors' Proofs of Debt Due Dec. 7
---------------------------------------------------------------
Creditors of Microelectronic Packaging (S) Pte Ltd are required
to file their proofs of debt by Dec. 7, 2012, to be included in
the company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Nov. 29-30, 2012
MID-SOUTH COMMERCIAL LAW INSTITUTE
33rd Annual Bankruptcy & Commercial Law Seminar
Nashville Marriott at Vanderbilt, Nashville, Tenn.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 1, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 4-8, 2012
AMERICAN BANKRUPTCY INSTITUTE
ABI/SJUSL Mediation Training Symposium
St. John's University, Queens, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 20-22, 2013
AMERICAN BANKRUPTCY INSTITUTE
VALCON
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
Apr. 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 13-16, 2013
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 11-13, 2013
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 8-10, 2013
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 22-24, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
Nov. 1, 2013
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Atlanta Marriott Marquis, Atlanta, Ga.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 2, 2013
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Dec. 5-7, 2013
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Terranea Resort, Rancho Palos Verdes, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie 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 ***