/raid1/www/Hosts/bankrupt/TCRAP_Public/121205.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, December 5, 2012, Vol. 15, No. 242
Headlines
A U S T R A L I A
SOLAGEX AUSTRALIA: Goes Into Liquidation; Owes AUD3.129-Mil.
C H I N A
CHINA EXECUTIVE: Stockholders Plan Short-Form Merger With BETC
CHISEN ELECTRIC: Incurs $30.5-Mil. Net Loss in Sept. 30 Quarter
SINO-FOREST CORP: E&Y to Pay $117.6MM to Settle Class Suit
H O N G K O N G
CCPEPA LIMITED: Members' Final Meeting Set for Jan. 11
EASTERN COTTON: Members' Final Meeting Set for Jan. 10
ECM CHINA: Court to Hear Wind-Up Petition on Dec. 19
HI TAK: Creditors and Contributories to Meet on Dec. 14
HK (ASIA): Members' Final General Meeting Set for Jan. 7
INTERTEXTILE TRADING: Creditors' Proofs of Debt Due Dec. 30
IREWIN INDUSTRIAL: Court to Hear Wind-Up Petition on Jan. 9
JINGO INTERIORS: Court to Hear Wind-Up Petition on Jan. 9
KEEN TECH: Creditors Get 100% Recovery on Claims
LEHMAN BROTHERS: HKMA Announces Progress of Banking Complaints
MARCO POLO: Creditors and Contributories to Meet on Dec. 19
I N D I A
ADISHAKTI CARS: ICRA Assigns 'B' Rating to INR7.5cr Loans
AKASH OIL: ICRA Rates INR30cr Cash Credit at '[ICRA]B'
BESTECH HOSPITALITIES: ICRA Reaffirms BB+ Rating on INR125cr Loan
EVERGREEN VENEERS: ICRA Reaffirms 'B+' Rating on INR5cr Loans
FRIENDS AGRO: ICRA Reaffirms '[ICRA]B' Rating on INR9.6cr Loans
HYDERABAD FOOD: ICRA Assigns '[ICRA]B-' Rating to INR10cr Loans
MAC INDUSTRY: ICRA Assigns 'BB' Rating to INR6.04cr Loans
N. K. PROTEINS: ICRA Assigns 'BB+' Rating to INR74.5cr Loan
ROYALE CONCORDE: Delays in Loan Payment Cues ICRA Junk Ratings
SUN ENTERPRISE: ICRA Places '[ICRA] B+' Rating on INR6.5cr Loans
VERACIOUS BUILDERS: ICRA Rates INR25cr Fund Based Loans at 'B+'
VINIT YARN: CRISIL Assigns '[ICRA] B+' Rating to INR6.5cr Loans
J A P A N
SHARP CORP: Teams Up With Qualcomm to Make Displays
K O R E A
KOREA WATER: S&P Lowers Stand-Alone Credit Profile to 'bb-'
N E W Z E A L A N D
4RF COMMUNICATIONS: Sells Assets to Israel's Fortissimo For US$8M
BELGRAVE FINANCE: FMA Lays Further Fraud Charges Over Collapse
CRAFAR FARMS: Chinese Buyers Now Legally Own Family Farms
CEDENCO FOODS: Liquidators Use of NZ Data Upsets High Court
ROSS ASSET: Investors Face "Gruesome Legal Fight" to Recoup Funds
ROSS ASSET: FMA Probes Financial Adviser Role
S I N G A P O R E
EUREKA OFFICE: Creditors' Proofs of Debt Due Dec. 31
J-PILE SISTEM: Members' Final Meeting Set for Jan. 4
OLAM INT'L: Plans to Raise Up to US$1.25 Billion in Capital
ONE GEORGE: Creditors' Proofs of Debt Due Dec. 31
PACIFIC HEART: Creditors' Proofs of Debt Due Jan. 11
PARAMOUNT FOOD: Court Enters Wind-Up Order
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A U S T R A L I A
=================
SOLAGEX AUSTRALIA: Goes Into Liquidation; Owes AUD3.129-Mil.
------------------------------------------------------------
The Courier-Mail reports that Solagex Australia Pty Ltd ceased
trading in early September and went into liquidation on
October 29.
The report says customers and businesses from Queensland,
Victoria, NSW and South Australia -- including many who paid
deposits between AUD500 and AUD5,000 -- never received systems.
A creditor list compiled by liquidator David Ross, of Hall
Chadwick, outlined 179 parties owed a total of AUD3.129 million,
The Courier-Mail discloses.
According to the report, leading wholesale distributor Conergy
Pty Ltd is out of pocket AUD2.5 million, while other creditors
include the Australian Taxation Office, AAPT, Workcover
Queensland, and the Office of State Revenue.
Mr. Ross told The Courier-Mail that another company, Freetricity,
had bought the business and was working with deposit holders to
try to complete installations.
Noosa builder Peter Collins is among those waiting to see if they
will recoup deposits handed to Solagex before it hit hard times
in a market that went into overdrive in the dying days of the
State Government's 44 cents solar feed-in tariff, which ended on
July 9.
Based in Queensland, Solagex Australia Pty Ltd is solar supply
and installation company.
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C H I N A
=========
CHINA EXECUTIVE: Stockholders Plan Short-Form Merger With BETC
--------------------------------------------------------------
Rollover stockholders, namely Kaien Liang, Pokai Hsu, Tingyuan
Chen, Yen Chen Chi, Huang-Jen Chou, ChiaYeh Lin, China Berkshire
Surpass Buffett Co., Ltd., and Zhicheng Zheng, filed with the
U.S. Securities and Exchange Commission a Schedule 13E-3, as
amended, announcing their intention to cause Beyond Extreme
Training Corp. to merge with China Executive Education Corp. in a
"short-form" merger, with CEEC continuing as the surviving
corporation. BETC is a newly formed Nevada Corporation created
by the Rollover Stockholders for the purpose of effecting the
Merger.
On Oct. 16, 2012, the boards of directors of BETC and CEEC
approved the Merger and adopted a plan for the Merger.
Following the Merger, the Rollover Stockholders will own 100% of
the common stock of CEEC.
Upon the effective date of the Merger, each share of CEEC common
stock will be cancelled and automatically converted into the
right to receive $0.324 in cash, without interest.
As of Nov. 30, 2012, a total of 22,834,100 shares of CEEC common
stock were outstanding. As of Nov. 30, 2012, the Rollover
Stockholders were, in the aggregate, the beneficial owners of
20,565,000 shares of CEEC common stock or approximately 90.06% of
the outstanding shares of CEEC common stock. There is no
outstanding option or warrant to acquire shares of common stock
or other capital stock of CEEC.
A copy of the Schedule 13E-3, as amended, is available at:
http://is.gd/vtADVK
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 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.
CHISEN ELECTRIC: Incurs $30.5-Mil. Net Loss in Sept. 30 Quarter
---------------------------------------------------------------
Chisen Electric Corporation filed its quarterly report on Form
10-Q, reporting a net loss of $30.5 million on $22.7 million of
revenues for the three months ended Sept. 30, 2012, compared with
net income of $891,000 on $36.4 million of revenues for the three
months ended Sept. 30, 2011.
General and administrative expenses were $5.0 million and
$2.1 million for the three months ended Sept. 30, 2012, and 2011,
respectively. Sales, marketing and distribution expenses for the
three months ended Sept. 30, 2012, and 2011 were $11.1 million
and $2.1 million, respectively.
"In September 2012, two of our factory customers which are also
major electric bicycle manufacturers claimed that they had
suffered losses from the poor product quality of our batteries
and denied to settle their outstanding debt with us. Up to the
date of this report, we are still negotiating with them for the
settlement. However, management expects that negotiations will
not be finalized within a short period of time and that it is
highly likely that these factory customers would not make any
settlement to the Company during the negotiation period.
Management, based on the current situation, believes that the
opportunity to recover the debts from these customers is remote
and therefore has decided to make an allowance for doubtful debts
of $13,478,000 for the period."
For the six months ended Sept. 30, 2012, the Company had a net
loss of $41.0 million on $43.2 million of revenues, compared with
net income of $9.3 million on $71.8 million of revenues for the
six months ended Sept. 30, 2012.
The Company's balance sheet at Sept. 30, 2012, showed
$229.8 million in total assets, $243.9 million in total
liabilities, and stockholders' deficit of $14.1 million.
"The Company had negative working capital of $85.0 million as of
Sept. 30, 2012.
A copy of the Form 10-Q is available at http://is.gd/ldRUK7
About Chisen Electric
Headquartered in Changxing, Zhejiang Province, The People's
Republic of China, Chisen Electric Corporation produces and sells
sealed lead-acid motive batteries, also known as valve regulated
lead-acid motive batteries (VRLA batteries) in China's personal
transportation device market.
* * *
As reported in the TCR on July 5, 2012, Mazars CPA Limited, in
Hong Kong, expressed substantial doubt about Chisen Electric's
ability to continue as a going concern, following the Company's
results for the year ended March 31, 2012. The independent
auditors noted that the Company had a negative working capital as
of March 31, 2012, and incurred loss for the year then ended.
SINO-FOREST CORP: E&Y to Pay $117.6MM to Settle Class Suit
----------------------------------------------------------
Christopher Donville at Bloomberg News reports that Ernst & Young
LLP has agreed to pay C$117 million to settle claims in a
Canadian class action suit against Sino-Forest Corp., according
to the law firms behind the action.
Bloomberg relates that law firms Siskinds LLP and Koskie Minsky
LLP said in an e-mailed statement December 3 that the class
action alleges that Sino-Forest, certain of its directors and
officers, auditors and underwriters misled investors concerning
the business and accounting at the now insolvent Chinese timber
trader.
The settlement is the largest by an auditor in Canadian history,
the law firms said in the statement, Bloomberg says.
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.
================
H O N G K O N G
================
CCPEPA LIMITED: Members' Final Meeting Set for Jan. 11
------------------------------------------------------
Members of CCPEPA Limited will hold their final general meeting
on Jan. 11, 2013, at 9:30 a.m., at Room 1802, 18/F, Sunbeam
Commercial Building, 469-471 Nathan Road, Kowloon, in Hong Kong.
At the meeting, Suen Suk Ying, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
EASTERN COTTON: Members' Final Meeting Set for Jan. 10
------------------------------------------------------
Members of Eastern Cotton Mills Limited will hold their final
meeting on Jan. 10, 2013, at 10:00 a.m., at 19/F, Fairmount
House, 8 Cotton Tree Drive, Central, in Hong Kong.
At the meeting, Tam Kwan Ping Ignatius, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
ECM CHINA: Court to Hear Wind-Up Petition on Dec. 19
----------------------------------------------------
A petition to wind up the operations of ECM China Investments
s.r.o (Incorporated in the Czech Republic) will be heard before
the High Court of Hong Kong on Dec. 19, 2012, at 9:30 a.m.
ECM Real Estate Investments A.G. filed the petition against the
company on Feb. 24, 2012.
The Petitioner's solicitors are:
Tanner De Witt
1806, Tower Two
Lippo Centre
89 Queensway, Hong Kong
HI TAK: Creditors and Contributories to Meet on Dec. 14
-------------------------------------------------------
Creditors and contributories of Hi Tak Thermal Insulation Limited
will hold their first meetings on Dec. 14, 2012, at 2:30 p.m.,
and 3:30 p.m., respectively at the Official Receiver's Office,
10th Floor, at 66 Queensway, in Hong Kong.
At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HK (ASIA): Members' Final General Meeting Set for Jan. 7
--------------------------------------------------------
Members of Hong Kong (Asia) Exhibition Company Limited will hold
their final general meeting on Jan. 7, 2013, at 4:30 p.m., at
13/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, in Hong
Kong.
At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
INTERTEXTILE TRADING: Creditors' Proofs of Debt Due Dec. 30
-----------------------------------------------------------
Creditors of Intertextile Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 30, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Nov. 20, 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
IREWIN INDUSTRIAL: Court to Hear Wind-Up Petition on Jan. 9
-----------------------------------------------------------
A petition to wind up the operations of Irewin Industrial Limited
will be heard before the High Court of Hong Kong on Jan. 9, 2013,
at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Oct. 18, 2012.
The Petitioner's solicitors are:
Tsang, Chan & Wong
16th Floor, Wing On House
No. 71 Des Voeux Road
Central, Hong Kong
JINGO INTERIORS: Court to Hear Wind-Up Petition on Jan. 9
---------------------------------------------------------
A petition to wind up the operations of Jingo Interiors Design
Limited will be heard before the High Court of Hong Kong on
Jan. 9, 2013, at 9:30 a.m.
The Petitioner's solicitors are:
Messrs. Huen & Partners
9 Des Voeux Road
West, Hong Kong
KEEN TECH: Creditors Get 100% Recovery on Claims
------------------------------------------------
Keen Tech Engineering Limited, which is in liquidation, declared
dividend to its creditors on Nov. 30, 2012.
The company paid 100% for preferential and 32% for ordinary
claims.
The company's liquidator is:
Kenny King Ching Tam
Room 908, 9/F, Nan Fung Tower
173 Des Voeux Road
Central, Hong Kong
LEHMAN BROTHERS: HKMA Announces Progress of Banking Complaints
--------------------------------------------------------------
The Hong Kong Monetary Authority announced the progress of its
banking complaint cases at the end of October 2012. These cases
include both Lehman-Brothers-related and other non-Lehman-
Brothers-related banking complaints as well as other cases
referred by the HKMA's banking departments and other regulators.
In October 2012, 82 cases were received and 110 cases were
completed. As at end October, the handling of 1,371 cases were
in progress.
A table summarizing the progress of the banking complaint cases
can be accessed for free at http://is.gd/HW9LLx
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion. Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees. Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.
Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history. The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.
Lehman made its first payment of $22.5 billion to creditors in
April 2012 and a second payment of $10.2 billion on Oct. 1. A
third distribution is set for around March 30, 2013. The
brokerage is yet to make a first distribution to non-customers.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-700)
MARCO POLO: Creditors and Contributories to Meet on Dec. 19
-----------------------------------------------------------
Creditors and contributories of Marco Polo Creations Limited will
hold their first meetings on Dec. 19, 2012, at 10:30 a.m., and
11:30 a.m., respectively at the Official Receiver's Office, 10th
Floor, at 66 Queensway, in Hong Kong.
At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
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I N D I A
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ADISHAKTI CARS: ICRA Assigns 'B' Rating to INR7.5cr Loans
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR1.40
crore term loan facilities and INR6.10 crore fund based
facilities of Adishakti Cars Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Term Loan facilities 1.40 [ICRA]B assigned
Fund based facilities 6.10 [ICRA]B assigned
The rating derives comfort from experience of the promoters in
the industry- ACPL being part of the Shakti Group- a major
distributor of automobile spare parts in Karnataka. The rating
considers the Company's small scale of operations and financial
profile characterized by thin profit margins, partly inherent to
the automotive dealership business, stretched capital structure
and weak coverage indicators. The rating also factors in the high
competition prevalent in the industry leading to discount
pressures, impacting margins. The subdued near term outlook for
the passenger vehicle industry owing to high fuel cost and
hardening interest rates is expected to impact near term revenue
growth for the Company.
Adishakti Cars Private Limited was established in the year 2008
by Mr. Narayanrao B Tatuskar at Shimoga in Karnataka as a 3-S
(sales, service and spares) dealership of Tata Motors Limited
passenger cars. The Company operates from two places -- Shimoga
and Devangere in Karnataka and has opened one more new showroom
in Sagar during the current fiscal which is fully dedicated to
Nano cars. ACPL is part of the Shakti Group of Companies which
also comprises of Shakti Enterprises, authorised stockist for
Hero Honda spare parts and Shakti Automart, authorised
distributor for Maruti Suzuki genuine spares in Karnataka.
Recent Result
The Company had reported net profit of INR0.1 crore on an
operating income of INR40.9 crore during 2011-12.
AKASH OIL: ICRA Rates INR30cr Cash Credit at '[ICRA]B'
------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR30.00 crore
bank facilities of Akash Oil & Cotton Factory.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Cash Credit 30.00 [ICRA]B assigned
The rating is constrained by the modest scale of operations;
vulnerability of margins to fluctuation in prices of both mustard
and cotton seeds; low value addition in trading business; high
fragmentation and high competitive intensity in both edible oil
industry and cotton seed trading; weak financial profile of the
firm characterized by low return indicators, stretched capital
structure and weak debt coverage indicators and tight liquidity
position of the firm due to high utilization of working capital
limits. ICRA also notes that AOCF is a partnership firm with
limited ability to raise capital and any significant withdrawal
of capital would affect its net worth and thereby its capital
structure. The rating however favorably factors in the
established track record of the partners in cotton seed and
edible oil trading business; positive demand outlook for edible
oil industry and the locational advantage of the firm in terms of
proximity to the main cotton seed growing region in Punjab.
Akash Oil & Cotton Factory was promoted by Mr. Sohan Lal as a
proprietorship firm in 1988 which got converted into partnership
firm in March 2012. The firm is engaged in the trading of cotton
seeds, mustard seeds and processing of edible oil and cakes. AOCF
is located in Mansa, which is situated in the cotton-producing
belt of Punjab.
In 2011-12 the firm reported net profit after tax (PAT) of
INR0.15 crore on a turnover of INR113.54 crore against net profit
after tax of INR0.13 crore on a turnover of INR87.64 crore in
2010-11.
BESTECH HOSPITALITIES: ICRA Reaffirms BB+ Rating on INR125cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR125.00
crore1 term loans of Bestech Hospitalities Private Limited at
'[ICRA]BB+'. The outlook on the rating has been changed from
stable to negative.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Term Loans 125.00 [ICRA]BB+ (Reaffirmed)
Outlook changed to
Negative
The change in rating outlook factors in BHPL's continued
dependence on infusion by promoters to meet its debt obligations.
ICRA believes that BHPL's financial risk profile will be under
pressure on account of a weak operating environment, and
significant debt repayments to be made over the medium term. The
rating may be downgraded in case of continuing underperformance
of the company's hotels or slippages in fund infusion by the
promoters. On the other hand, outlook may be revised to 'Stable'
in case of improvement in operations of the company's hotels or
reduction in indebtedness through promoter support.
The rating reaffirmation is primarily based on BHPL's strong
promoter group and track record of timely infusion of funds by
promoters and group companies to meet the cash flow gap of the
company. The reaffirmation also factors in BHPL's association
with 'Radisson Hotels International Inc.'s for its hotel
properties which besides brand recognition, provides it access to
RHI's global reservation systems. The rating is however
constrained by the low occupancy and average room revenues (ARRs)
of BHPL's Indore hotel, significant time and cost overruns in the
development of its hotel in Nagpur and modest accruals from its
hotel in Gurgaon, which resulted in pressure on the company's
cash flows and consequently necessitated support from the
promoters and other group companies. The rating is also
constrained by high gearing of the company and the anticipated
funding requirements on account of expected subdued cash flows
from operations and large repayments to be made in the medium
term.
Bestech Hospitalites Private Limited is part of the Bestech Group
which was founded by Mr. Dharmendra Bhandari and Mr. Sunil Satija
in early 90s. The group started as a construction contractor and
has been in the construction business for over two decades. It
has constructed over 14 million sq. ft of space for various real
estate projects including several residential and commercial
projects in the NCR for developers like Unitech, MGF etc. In
2001, the group diversified into real estate business and
incorporated Besetch India Private Limited. Over the years, the
Bestech Group has developed residential and commercial projects
in Gurgaon which include -- Bestech Chambers, Bestech Central
Square, Park View City -- I & II. In 2002, the Bestech Group
diversified into hospitality sector and incorporated BHPL. BHPL
has completed four hotel properties - Park Plaza Gurgaon (4 star
property) which was sold in 2008, Radisson Suites Gurgaon which
became operational in April 2009, Radisson Blu Indore which
commenced operations June 2010 and Radisson Blu Nagpur which
became operational in June 2012.
EVERGREEN VENEERS: ICRA Reaffirms 'B+' Rating on INR5cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the 'ICRA]B+' Long Term rating to Rs 5.00
crore fund based bank limits of Evergreen Veneers Private
Limited. ICRA has also reaffirmed the '[ICRA]A4' Short Term
rating to the INR23.05 crore non-fund based bank limits of EVPL.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Fund based limits 5.00 [ICRA]B+ reaffirmed
Non-fund based limits 23.05 [ICRA]A4 reaffirmed
The ratings continue to be constrained by the company's modest
scale of operations in its core business of plywood manufacture,
resulting in moderate economies of scale, which, coupled with the
highly competitive nature of the plywood industry has resulted in
thin margins. The ratings also factor in increasing working
capital requirements in the business, driven mainly by increased
turnover as well as increase in inventory days, although this has
been partly offset by availing letters of credit (LCs) for 180
days for its imports. ICRA also notes EVPL's susceptibility to
raw material price variations and its exposure to fluctuations in
currency exchange as key raw materials are imported which have
impacted its financial profile.
The ratings however continue to draw comfort from the established
presence of EVPL in plywood manufacture for almost two decades,
the experience of promoters in the business and the satisfactory
demand outlook for plywood from sectors such as real estate and
infrastructure. This coupled with the established relations with
timber suppliers and plywood dealers across the country have
resulted in significant volume and revenue growth. ICRA notes
EVPL's presence in the retail segment through its brands such as
Du'k, Mount, and Montek as an operational strength.
Evergreen Veneers Private Limited is a private limited company
incorporated in 1992. The promoters, Mr. Vijay Gupta and Mr.
Ashok Kumar Aggarwal have extensive experience in manufacturing
of Plywood, Face Veneer, Core Veneer, and Trading in Timber. The
company manufactures face veneer, core veneer, plywood, and block
board. It imports Gurjan, Batu and Marbu timber from Hong-Kong,
Malaysia and Myanmar among other countries and sells face veneer
and plywood across Andhra Pradesh and other parts of India, and
Nepal.
Recent Results
In FY2012, the company has reported an operating income of
INR68.20 crore and an operating loss of INR0.52 crore.
FRIENDS AGRO: ICRA Reaffirms '[ICRA]B' Rating on INR9.6cr Loans
---------------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]B' assigned
to the enhanced INR9.60 crore (enhanced from INR7.00 crore) fund
based facilities of Friends Agro Industries.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Fund Based Limits 9.60 [ICRA]B (Reaffirmed)
The rating reaffirmation continues to factor in its modest scale
of operations; its high gearing levels and weak debt protection
indicators. The rating also factors in the low entry barriers and
intensely competitive nature of industry which makes margins and
cash flows vulnerable to fluctuations in prices. The rating is
also constrained by high working capital intensity of business
and the risks inherent in a partnership firm. However, the rating
favorably takes into account the firm's experienced management
and its proximity to raw material sources.
Friends Agro Industries is a partnership firm established in
January 2010 with Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin
Kumar and Mr. Vikram Kumar as partners. The firm is involved in
the milling and processing of basmati and non basmati rice and is
based out of Jalalabad, Punjab. The partners purchased the mill
and installed a sortex machine to manufacture and sell a value
added product.
Recent Results
During the financial year 2011-12, the firm reported a profit
after tax (PAT) of INR0.07 crore on an operating income of
INR19.86 crore as against PAT of INR0.01 crore on an operating
income of INR7.34 crore in 2010-11.
HYDERABAD FOOD: ICRA Assigns '[ICRA]B-' Rating to INR10cr Loans
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the
INR10.00 crore fund based facilities of Hyderabad Food Products
Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loan 4.15 [ICRA]B- Assigned
Fund based-Cash Credit 4.00 [ICRA]B- Assigned
Proposed Limits 1.85 [ICRA]B- Assigned
The assigned ratings are constrained by the highly competitive
nature of the industry with the presence of several players in
both the organized and unorganized segments on account of limited
entry barriers. The ratings also factor in the regional presence
of the company with sales concentration in the state of Andhra
Pradesh and vulnerability to agro-climatic risks and raw material
price volatility. The ratings are further constrained by the weak
financial profile characterized by low profitability margins and
high leveraging due to the high levels of borrowing in the
company. The term loan repayments due in the near future are
expected to stretch the future free cash flows.
The ratings however draw comfort from the over 25 years of
presence of the company in the food processing industry,
established 'Surya' brand and distribution network. The ratings
also derive strength from the moderately diversified customer
base for the company with the top ten customers contributing -30%
of the total Sales. The ratings also factor in the ease of
availability of primary raw materials on account of favorable
location in Andhra Pradesh, a major producer of chilly, turmeric,
coriander and ginger.
Hyderabad Food Products Private Limited, established in 1984, is
engaged in the manufacturing of ground spice powders, blended
masalas, Indian pickles, culinary pastes, namkeens, sweets and
bakery items with ground spices esp. chilly & turmeric
contributing majorly to the sales of the company. It has a
capacity to produce 7000 tons of spice powders, 2000 tons of
blended masalas, 1500 tons of Indian pickles and culinary pastes
and 6000 tons of namkeens and sweets per annum with facilities
located in Hyderabad. The company manufactures and markets its
products under the brand 'SURYA'. It is ISO 9001-2000 & HACCP
quality certified. The company is promoted by Mr. Ravindra Modi
along with his brothers who have over 25 years of experience in
the food processing industry.
In the financial year 2011-12, HFPL reported an Operating income
of INR29.32 Crore with a net profit of INR0.01 crore as against
an Operating income of INR26.55 Crore with a net profit of
INR0.09 crore in the financial year 2010-11.
MAC INDUSTRY: ICRA Assigns 'BB' Rating to INR6.04cr Loans
---------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR2.04 crore1 term loan and to the INR4.00 crore cash credit
facilities of Mac Industry. The outlook on the long term rating
is 'Stable'.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Fund Based Limits- 2.04 [ICRA]BB (Stable) assigned
Term Loans
Fund Based Limits- 4.00 [ICRA]BB (Stable) assigned
Cash Credit
Fund Based Limits- 2.50 [ICRA]A4 assigned
PC/ FBE/FBE
Non Fund Based Limits- 5.50 [ICRA]A4 assigned
Letter of credit
Untied limits 5.96 [ICRA]BB (Stable)/
[ICRA]A4
ICRA has assigned the short term rating of '[ICRA]A4' to the
INR2.50 crore fund based limits and to the INR5.50 non fund based
limits of Mac. ICRA has also assigned [ICRA]BB and [ICRA]A4 to
the INR5.96 crore untied limits of the company. The combined fund
based and non fund based utilization should not exceed INR20.00
crore at any point of usage.
The assigned ratings are constrained by the firm's modest scale
of operations, stiff competition from domestic & international
players leading to weak profit margins, stretched capital
structure with high leverage and weak coverage indicators and the
firm's weak liquidity profile as reflected by high utilization of
sanctioned bank limits. ICRA notes that the firm is also exposed
to fluctuations in raw material prices which are linked to the
volatile crude oil prices and the susceptibility of its margins
to adverse fluctuations in forex rates. ICRA has also factored in
the legal status of Mac as a partnership firm, including the
risks of withdrawal of capital by the partners. The ratings,
however, favorably factor in the long experience of the partners
in the chemical manufacturing business along with the group's
presence in the same line of business and the diverse end
applications of its products which mitigate demand cyclicality in
user industry to some extent.
M/s Mac Industry, incorporated as partnership concern in 1993,
was initially engaged in manufacturing Hendecanaldehyde (Aldehyde
C-11) an Aroma Chemical in small quantities which was primarily
catered to the domestic market. Gradually, to take advantage of
growing opportunities in international markets (due to reduced
import duties and easier import facilities) the firm shifted its
focused on developing two bulk products in house VIZ PTBCHA
(Para-tertiary Butyl Cyclo hexyl Acetate) & OTBCHA (Ortho-
tertiary Butyl Cyclo Hexyl Acetate). The firm has its
manufacturing facility set up at G.I.D.C Chemical zone near
Sarigam in Valsad district, Gujarat. The plant is equipped with
dedicated production lines and testing facilities. The firm has
its registered office in Mulund, Mumbai.
Recent results:
Mac industry has reported a net profit of INR0.3 crore on an
operating income of INR25.0 crore for the year ending March 31,
2012 as against net profit of INR0.9 crore on an operating income
of INR23.2 crore for the year ending March 31, 2011.
N. K. PROTEINS: ICRA Assigns 'BB+' Rating to INR74.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR74.50 crores
(reduced from INR100.0 crores) fund based facility of N. K.
Proteins Limited. The outlook for the long term rating is
Stable. ICRA has also reaffirmed the '[ICRA]A4+' rating to the
INR110.0 crore (enhanced from INR40.0 crore) short term fund
based/ non-fund based facilities of NKPL.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Long-term fund 74.5 [ICRA]BB+ (stable)
based limits reaffirmed
Short-term fund based/ 110.0 [ICRA]A4+ reaffirmed
non-fund based limits
The ratings continue to reflect the highly competitive nature of
the edible oil industry with increasing presence of large players
and multinationals in the branded segment; inherently low margins
in the business and vulnerability of company's profitability to
the raw material price fluctuations. Further the ratings are
constrained by the concentration of product portfolio on
cottonseed oil within the edible oil segment and limited brand
recognition at the national level. ICRA also notes that NKPL has
limited financial flexibility in terms of availing working
capital facilities from banks due to weak financial position of
its group company N. K. Industries Limited. While NKPL has been
sanctioned bank facilities by the Central Bank of India recently;
disbursement of the fund based limits remains contingent on the
tie-up of the proposed limits with the other banks.
The ratings however consider the long track record of the
promoters in this line of business, well established retail
presence with more than 90% of sales of the edible oil segment
being derived from branded products and strong market position of
NKPL in the cottonseed oil segment in Gujarat (~60% market share
in Gujarat under "Tirupati Brand"). The ratings also consider the
favorable growth prospects for the edible oil market in India;
and locational advantage arising from the proximity to ports as
well as oilseed growing belts.
N. K. Proteins Limited was incorporated in March, 1992 as Maruti
Proteins Ltd. Later, it changed its name to N K Proteins Ltd in
February, 1993. The company is promoted by Mr. Nimish Patel & Mr.
Nilesh Patel and is engaged in the business of refining edible
oils viz, Cotton Seed Oil, Palmolein, Sunflower Oil, Groundnut
Oil and Vegetable Oils including trading in edible edible oils.
However, its product portfolio is concentrated towards cottonseed
oil, which contributed 53% of the turnover in FY 12. It has a
refining capacity of 1600 tpd and fractionation capacity of 650
tpd at its plant located at Kadi, Gujarat. It also has a 100 tpd
refinery plant at Akola, Maharashtra. Apart from the above, NKPL
also utilizes additional capacities on jobwork basis. It markets
edible oils under the brand name of "TIRUPATI", "Malaya" and
"Sunpride" with Tirupati being the flagship brand and enjoying a
market share of -60% in the cottonseed oil segment in Gujarat.
Recent Results
For the year FY 12, the company reported an operating income of
INR2510.30 crores and profit after tax of INR15.21 crores. As per
the unaudited results for the period Q1 FY 13, the company
reported an operating income of INR729.48 crores and profit after
tax of INR6.93 crores.
ROYALE CONCORDE: Delays in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR40.0
crore1 term loans and INR1.0 crore fund based facilities of
Royale Concorde Educational Trust.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Term Loans 40.0 [ICRA]D assigned
Long-Term Fund 1.0 [ICRA]D assigned
Based Limits
The assigned rating reflects delays in debt servicing by the
trust in the recent past owing to the liquidity constraints
arising from mismatch between the fee collections and the term
loan repayment obligations. The trust has relatively small scale
of operations restricting operational and financial flexibility.
The financial profile is weak as reflected in high gearing and
inadequate coverage indicators and the proposed implementation of
Right to Education Act is likely to adversely impact the revenues
and margins of the trust with a reservation of 25% of the seats
for students from weaker sections. Moreover, the trust has
outlined aggressive debt-funded capital expenditure which is
likely to adversely impact the trust's financial profile. The
education sector in India remains tightly governed thereby also
exposing the educational trusts to high regulatory risk. ICRA
however notes the extensive experience of the promoters in the
education sector, favorable demography of Bangalore offering
strong potential for future growth and healthy operating margins
of RCET with its schools targeted primarily towards middle and
upper-middle income segments.
Royale Concorde Educational Trust, an educational trust
established by Mr. L. R. Shivarame Gowda in 2003, is engaged in
providing primary and secondary education in Bangalore. The trust
currently owns four schools in Bangalore (2 each at Kalyan Nagar
and Yelahanka) affiliated to Central Board of Secondary Education
and Karnataka Secondary Education Examination Board under the
brand name of Royal Concorde International School. The schools
owned by the trust offer classes from kindergarten to pre
university level.
Recent Results
The Trust posted net profit of INR0.9 crore on operating income
of INR11.7 crore during 2011-12 as against net profit of INR0.7
crore on operating income of INR10.6 crore during 2010-11.
SUN ENTERPRISE: ICRA Places '[ICRA] B+' Rating on INR6.5cr Loans
----------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR6.50 Crore
fund based long-term facility of Sun Enterprise. The rating of
'[ICRA]A4' has also been assigned to the INR7.50 Crore short-term
fund based facilities of SE.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Cash Credit 5.00 [ICRA]B+ assigned
Stand by Limit 1.50 [ICRA]B+ assigned
Export Packing Credit 7.50 [ICRA]A4 assigned
The ratings are constrained by the modest size of the firm's
operations; vulnerability of profitability to fluctuations in the
raw material prices on account of agro-climatic risks associated
with psyllium seed production and the high financial risk
profile, as characterized by low profitability, adverse capital
structure, weak coverage indicators and high working capital
intensity. The ratings also reflect the vulnerability of its
profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. However, the ratings favorably factor
in the established track record of the firm in the manufacture
and export of psyllium husk; low demand risk for psyllium husks;
established relations with international customers and location
advantage arising from proximity to ports and raw material
sources.
Sun Enterprise was established in 1995 and the firm is primarily
engaged in the processing of psyllium husk (Isabgol husks) powder
from agriculture product called psyllium seeds or isabgol seeds.
The firm is currently managed by Mr. Praveen Patel, Mr. Bharat
Patel and Mr. Vishnu Patel. The processing plant is located at
Unjha, Gujarat and has a capacity to process 8400 metric tonnes
per annum (MTPA) of seeds.
Recent Results
During FY2012, SE reported an operating income of INR28.06 crore
(as against INR27.45 crore during FY 2011) and profit after tax
of INR0.43 crore (as against INR0.39 crore during FY 2011).
VERACIOUS BUILDERS: ICRA Rates INR25cr Fund Based Loans at 'B+'
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR25 Crore
fund based limits of Veracious Builders and Developers Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Fund Based Limits- CC 25.00 [ICRA]B+ Assigned
The assigned rating takes into account the positive market
response for VBDPL's ongoing residential project 'Veracious
Rosedale', an apartment project in Whitefield, as indicated by
healthy bookings six months into launch. The rating also takes
comfort from the fact that the company is following the Joint
development model for its projects thus reducing the need for
upfront capital investments. However, VBDPL's rating is
constrained by modest scale of its operations and exposure to
high execution risk for its second project, 'Veracious Vani
Vilas', considering its large scale and initial stage of
development. Further, the aforementioned project remains exposed
to high market risk as it is yet to be launched and is located in
the Yelehanka area (Bengaluru) which has seen significant supply
in the recent times. The assigned rating also takes into account
the fact that loan funding for 'Veracious Vani Vilas' is yet to
be tied up. Going forward the company's ability to tie-up debt
for its new project, execute projects in a timely manner, achieve
bookings in its projects, and maintain good collection efficiency
will be key rating sensitivities.
Veracious Builders and Developers Pvt. Ltd was incorporated in
2010, to take over the business of proprietary firm Veracious
Builders and Developers (VBD). The company is jointly held by
Mr. Kaluvoy Sreenivasulu Reddy (75%) and Mrs. Kaluvoy Madhavi
(25%). The promoter had been previously associated with the
Hyderabad real estate market and had developed 18 projects (0.3
msf) under the name of a proprietorship concern, Sai Mitra
Builders and Developers. In 2005 the promoter, shifted base, and
made an entry to the more lucrative Bangalore real estate market
through the proprietary firm VBD. Since then, VBD has completed
three residential projects (-0.2 Mn Sq. ft.) and one commercial
project (-15,000 Sq. ft.). Currently VBDPL has two ongoing
projects, Veracious Rosedale located at Whitefield and Veracious
Vani Vilas located at Yelahanka. November
VINIT YARN: CRISIL Assigns '[ICRA] B+' Rating to INR6.5cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR6.50
crore fund based bank facilities of Vinit Yarn Dyeing Private
Limited.
Amount
Facilities (INR crore) Ratings
----------- ---------- -------
Long Term, Fund Based INR5.00 [ICRA]B+ assigned
Limits-Term Loan
Long Term, Fund Based INR1.50 [ICRA]B+ assigned
Limits-Cash Credit
The assigned rating is constrained by VYDPL's small scale of
operations with limited track record in the fragmented textile
industry, and a highly leveraged capital structure with low
coverage indicators. ICRA notes that the company's plan for
capacity expansion, which is at initial stages, exposes the firm
to project execution risks as well as the market risks. Also,
this capex being proposed to be largely debt funded would keep
capital structure at high level. The rating however favorably
factors in the long standing experience of promoters in the
textile industry, along with operational support from its group
companies for marketing and sales of its products. Company
Profile: Incorporated in January 2011, Vinit Yarn Dyeing Pvt.
Limited is is engaged in processing of grey fabrics (polyester
and nylon) for various dress materials and sarees. Mr. Pradip
Goyal, Ajit Goyal and Mr. Manoj Goyal manage its day to day
functioning as directors. The company has a registered office at
Kalbadevi, Mumbai and processing unit at Bhiwandi, Thane.
Recent Results:
VYDPL's recorded an operating profit of INR2.99 crore on an
operating income of INR13.03 crores for the year ending March 31,
2012.
=========
J A P A N
=========
SHARP CORP: Teams Up With Qualcomm to Make Displays
---------------------------------------------------
Mariko Yasu & Ian King at Bloomberg News report that Sharp Corp.,
the Japanese TV maker that warned last month about its ability to
survive, agreed to sell a stake in itself to Qualcomm Inc. and
team up with the U.S. company to make displays, two people
familiar with the plan said.
According to Bloomberg, one of the people said Sharp is expected
to make an announcement Tuesday on the agreement, which includes
selling JPY5 billion (US$61 million) of new shares to the San
Diego-based chipmaker this year. That would give Qualcomm a 2.6%
stake in Sharp, based on its JPY191 billion market value on
December 2.
Bloomberg relates that the planned tie-up was reported earlier
Tuesday by the Nikkei newspaper. The two companies will jointly
promote development of energy-efficient displays for smartphones,
the Nikkei said, without saying where it got the information,
Bloomberg relays.
Qualcomm may invest an additional JPY5 billion in Sharp if the
partnership turns out to be successful, Bloomberg report citing
the Nikkei report.
About Sharp Corp.
Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 7, 2012, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB+' its long-term corporate credit ratings on Sharp Corp.
and its overseas subsidiaries Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC. S&P also lowered to 'B+' from
'BB+' its senior unsecured debt ratings on Sharp. It kept both
Its 'B+' long-term and 'B' short-term ratings on CreditWatch with
negative implications.
S&P has lowered Sharp's financial risk profile to 'highly
leveraged' from 'significant' following its announcement of
disappointing business results. On Nov. 1, 2012, Sharp announced
a JPY387.5 billion net loss for the six months ended Sept. 30,
2012, and a forecast JPY450.0 billion net loss for fiscal 2012
(ending March 31, 2013), both significantly weaker than Standard
& Poor's expectations and Sharp's earlier forecasts. Sharp's net
loss for the first half of fiscal 2012 includes JPY84.4 billion
in restructuring costs -- including a JPY30.1 billion asset
impairment in solar batteries and a JPY53.4 billion inventory
write-down -- and JPY61.0 billion in a reversal of deferred tax
assets. Sharp's announced losses for fiscal 2012 follow a
JPY376.0 billion net loss in fiscal 2011. In Standard & Poor's
view, losses of this scale for two years running weaken Sharp's
equity and its capital structure and are likely to exacerbate the
company's difficulties in restoring earnings and liquidity. It
expects the ratio of the company's debt to capital to deteriorate
from 66% at the end of fiscal 2011 to around 86% at the end of
fiscal 2012.
Sharp's liquidity remains "less than adequate" in view of
upcoming liquidity needs that could exceed sources in the coming
12 months. As of Sept. 30, 2012, Sharp remained highly dependent
on short-term borrowings. It had JPY511.2 billion in short-term
debt, JPY205.9 billion in bonds due to mature within a year
(including JPY200.7 billion in convertible bonds maturing
Sept. 30, 2013), and JPY167.5 billion in commercial paper. While
Sharp in late September signed a JPY360 billion syndicated loan
agreement with Mizuho Corporate Bank Ltd. (A+/Negative/A-1) and
Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/Stable/A-1) that consisted
of a JPY180 billion term loan and a JPY180 billion uncommitted
line of credit, Standard & Poor's does not consider the signing
of the loan agreement to have improved the company's debt profile
materially, because the contract term is short, ending June 30,
2013, and Sharp's debt profile remains largely dependent on
short-term debt. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Still, ongoing support from the banks and from management's
initiatives, including to slow funding uses for working capital
and capital expenditures and to expand funding sources by
disposing of assets, could alleviate pressure on the company's
liquidity, S&P said.
=========
K O R E A
=========
KOREA WATER: S&P Lowers Stand-Alone Credit Profile to 'bb-'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A+' foreign and
local currency long-term corporate credit and debt ratings on
Korea-based water utility company Korea Water Resources Corp..
"We also affirmed our Greater China regional scale long-term debt
rating on K-Water at 'cnAAA'. The outlook on the ratings remains
stable. We lowered the stand-alone credit profile (SACP) for K-
Water to 'bb-' from 'bb'," S&P said.
"We lowered the SACP for K-Water to 'bb-' from 'bb' because we
expect its financial risk profile to deteriorate owing to planned
capital expenditures on property development in waterfront areas
of the Four Major Rivers Restoration Project site. Such capital
spending is likely to further pressure measures of K-Water's
credit quality already weakened by capital expenditures on the
project," S&P said.
"K-Water aims to recover its investment in the Four Major Rivers
Restoration project through waterfront development. K-water
estimates it will spend KRW4.3 trillion in capital investment on
the first waterfront project by 2017. Under our base-case
scenario, the ratio of the company's adjusted funds from
operations (FFO) to debt is likely to fall below 5% over the next
12 to 18 months, compared with 13% on average over the past three
years. We assume the Four Major Rivers Restoration Project,
including development projects in waterfront areas, will not
generate cash flow beyond government financing of interest
payments on debt for the project over the next two years because
of the long timeframe for repayment in the property development
business," S&P said.
"Still, we affirm the ratings on K-Water, reflecting Standard &
Poor's opinion that there is an 'extremely high' likelihood that
the government of Korea would provide K-Water with timely and
sufficient extraordinary support in the event K-Water were to
suffer financial distress," S&P said.
"In accordance with our criteria for government-related entities
(GREs), we base our rating approach on our view that K-Water
plays a very important role for the government given its
essential public policy function to develop and manage Korea's
water resources. Furthermore, we believe K-Water has an integral
link to the government due to the government's full ownership,
strong ongoing financial support, and tight supervision and
control through the Ministry of Land, Transportation and Maritime
Affairs," S&P said.
"The stable outlook reflects our expectations that K-Water's very
important role for and integral link with the government will
attract continued government support for the entity. We would
lower the ratings if the company's policy role or its link with
the government were to weaken -- such as if the government
reduced its stake in the company -- or if the SACP for the
company were to fall below 'bb-'. Such deterioration in the SACP
could occur if the company's debt to total capital were to
approach 65%. It could happen if the company were to exceed its
budgeted capital spending and expand further into new noncore
projects over the next few years. Conversely, we could raise the
ratings on K-Water if the likelihood of extraordinary government
support were to increase," S&P said.
====================
N E W Z E A L A N D
====================
4RF COMMUNICATIONS: Sells Assets to Israel's Fortissimo For US$8M
-----------------------------------------------------------------
BusinessDesk reports that Israeli private equity group Fortissimo
Capital paid $US8 million for microwave radio products developer
4RF, allowing the receivers to repay creditors and settle with
noteholders.
BusinessDesk notes that the former parent company, 4RF
Communications, was put in receivership in April after failing to
reach agreement on restructuring some NZ$5.5 million of
convertible notes. To ensure the business, which had
NZ$20.4 million of sales in 2010, could continue trading, the
operating assets were placed in a subsidiary company which was
put up for sale, the report relates.
According to BusinessDesk, receiver John Fisk of PwC said the
noteholders were paid at about 73 cents in the dollar of the
total principle and interest owed of $6 million. First ranking
creditor ANZ National, owed $4.1 million, was also repaid, and
Sydney-based Carnegie, Wylie & Co, owed about $2.1 million, was
largely repaid.
Including funds on hand and net sale proceeds, 4RF Communications
had receipts for $8.7 million, BusinessDesk discloses citing the
receivers' report for the period ended October 2.
About 4RF Communications
4RF Communications, Ltd. -- http://www.4rf.com/-- designs and
manufactures point to point microwave radio systems in New
Zealand and internationally. Its products include Aprisa XE
digital access radio, a point-to-point linking solution; and
Aprisa XS expansion shelf.
As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2012, BusinessDesk said 4RF Communications Ltd has been
placed in receivership after it failed to reach agreement on
restructuring some NZ$5.5 million of convertible notes.
John Fisk of PricewaterhouseCoopers was appointed receiver.
Mr. Fisk told BusinessDesk the operating business of 4RF has been
placed in a separate vehicle and is continuing in business while
the merits of a full sale of the business or capital raising are
considered.
BELGRAVE FINANCE: FMA Lays Further Fraud Charges Over Collapse
--------------------------------------------------------------
The Financial Markets Authority said Hugh Edward Staples Hamilton
has appeared at the Auckland District Court on Nov. 30, 2012,
charged with fraud following the 2008 collapse of Belgrave
Finance Limited.
As a result of a joint prosecution by the Serious Fraud Office
and the Financial Markets Authority, Mr. Hamilton is facing 19
Crimes Act charges of theft by a person in a special
relationship, five charges of false statement by promoter, and 11
Companies Act charges of making a false statement to a trustee.
Mr. Hamilton, a former barrister and solicitor, was a legal
advisor to the other individuals charged in relation to Belgrave.
He no longer holds a current practicing certificate.
Following the collapse of Belgrave in 2008, the FMA (then
Securities Commission) made initial investigations into the
company before referring the matter to the SFO in June 2010. As a
result of the SFO investigation, in September 2011 the SFO and
FMA commenced a joint prosecution.
The SFO initially laid 23 fraud charges against three people
alleging that between June 2005 and March 2008 they used more
than $18 million of Belgrave investors' funds to make related
party loans and in doing so they misrepresented to investors how
their funds would be used.
The FMA laid an additional 23 charges under the Securities Act
and Companies Act.
Acting Chief Executive of the SFO, Simon McArley explained that
additional information resulted in further enquiries into Mr
Hamilton's involvement. The SFO and FMA now allege that Mr
Hamilton is an accomplice to the substantive fraudulent
representations and use of the Belgrave investors' funds.
"We believe that it is important to explore the culpability of
all involved with financial crime. Professional advisors are not
exempt and where we believe they have been complicit in
offending, we will seek to bring those individuals to account,"
Simon McArley said.
FMA Head of Enforcement, Belinda Moffat, said it is alleged that
Mr. Hamilton was a party to the conduct of the Belgrave directors
particularly with respect to related party lending and statements
made to the trustee.
"This case highlights the importance of the role that
professional advisers have to ensure that Trustees of issuers are
provided with accurate information," Ms. Moffat said.
On Aug. 30, 2012, Shane Joseph Buckley a former Belgrave Director
was sentenced to three years imprisonment after pleading guilty
for his role in defrauding the Belgrave investors. Mr. Buckley
was convicted on 19 charges of theft by person in a special
relationship and four charges of false statement by a promoter
laid under the Crimes Act by the SFO. Mr. Buckley was also
convicted on representative charges brought by the FMA under the
Securities Act and the Companies Act.
Earlier this year, former Belgrave Finance Director, Stephen
Charles Smith, and an associate, Raymond Tasman Schofield, were
committed for trial on similar charges. The trial date is set
for April 29, 2013.
About Belgrave Finance
Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- engaged in property development
financing.
Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million. The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.
CRAFAR FARMS: Chinese Buyers Now Legally Own Family Farms
---------------------------------------------------------
Radio New Zealand reports that the Crafar family farms put into
receivership three years ago are now legally in the hands of
their new Chinese owner.
Radio NZ says the Shanghai Pengxin group had to overcome legal
challenges from New Zealand farming and Maori interests but
finally took possession of the 16 North Island farms on
November 30.
According to the report, spokesman Cedric Allan said the aim is
to lift production on the 13 dairy and three dry stock farms
under the management of the state-owned farming enterprise
LandCorp.
Radio NZ relates that Mr. Allan said a business plan has been
approved and almost NZ$16 million will be spent on the farms in
the next three years to upgrade the properties with a view to
increasing milk production by about 10% in the next few years.
Mr. Allan said Shanghai Pengxin is still considering whether it
will set up a joint venture processing plant or get someone else
to manufacture the consumer dairy products it plans to sell in
China, according to the Radio NZ.
Radio NZ adds that Mr. Allan said it spent well over
NZ$200 million to acquire the farms but that's only the starting
point.
According to the report, receivers Korda Mentha said they're
pleased to get a final settlement at a price that was by far the
best on offer. They have had to run the farms for three years
and Brendan Gibson of Korda Mentha said the receivership was one
of the most difficult and complex they have handled.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.
The four Crafar companies in receivership are Plateau Farms,
Ferry View Farms, Hillside Limited and Taharua Limited.
CEDENCO FOODS: Liquidators Use of NZ Data Upsets High Court
-----------------------------------------------------------
BusinessDesk reports that the firm hired for separate
liquidations of the Cedenco group of companies in Australia and
New Zealand has been ticked off by the High Court for using
information gained during the New Zealand administration in its
work across the Tasman.
BusinessDesk relates that in the High Court in Auckland, Justice
Paul Heath took a dim view of the Cedenco liquidators' use of a
transcript interview with ANZ New Zealand relationship manager
Kate Dekker for its Australian liquidation before getting her
approval, according to a November 15 judgment.
The report says John Sheahan and Ian Lock of Sheahan Lock were
appointed liquidators for the Australian and New Zealand wind-ups
and were seeking retrospective approval from the court for their
use of the transcript in Australia.
"Because Messrs Sheahan and Lock hold office as both Australian
and New Zealand liquidators, they cannot, as Australian
liquidators, assert that they did not know what they were doing
as New Zealand liquidators," BusinessDesk quotes Justice Heath as
saying. "In effect, they (as Australian liquidators) were parties
to the misconduct of the New Zealand liquidators."
According to the report, Justice Heath refused to give
retrospective approval for sharing the material and urged the
liquidators to disclose what has happened to the Australian
Federal Court to seek orders on further use of the transcript.
"It is also open to ANZ NZ or Ms. Dekker, in light of what I have
said in this judgment, to apply to the Federal Court for such an
order as they might think appropriate to forbid or limit the
ability of any other person to inspect (or otherwise use) the
transcript," Justice Heath, as cited by BusinessDesk, said.
BusinessDesk notes that ANZ Bank pulled the pin on Cedenco in
2009, appointing receivers when it breached an earnings covenant.
The following year the Australian receivers sold those businesses
for $A93 million to Japan's Kargomi, satisfying all creditors,
while the New Zealand units were sold to Japan's Imanaki for
$29.5 million, which also left a surplus.
Sheahan Lock was appointed liquidator to deal with the residue.
About Cedenco Foods
Cedenco Foods -- http://www.cedenco.co.nz/-- is a leading
New Zealand and Australian based food ingredient processing and
marketing company. It produces and exports vegetable and fruit
powders, aseptic paste, purees and dice, frozen purees, and UHT
vegetable purees individually Quick Frozen (IQF) products to
customers globally.
In November 2009, ANZ Banking Group placed Cedenco Foods
Australia in receivership. Craig Shepard and Mark Korda of
KordaMentha were appointed receivers and managers of Cedenco
Australia and its related trading entities. The move came after
ANZ Banking Group NZ subsidiary, ANZ National Bank, called in
receivers into Cedenco Foods in New Zealand.
ROSS ASSET: Investors Face "Gruesome Legal Fight" to Recoup Funds
-----------------------------------------------------------------
NBR Online reports that investors in Ross Asset Management face a
"gruesome legal fight" to recover their funds if investigations
by regulators show David Ross was running a ponzi scheme,
investor spokesman Bruce Tichbon says.
NBR says the receivers of the Ross group on December 3 applied to
the High Court to liquidate the companies and a hearing date has
been set for December 17. Receivers have uncovered only about
NZ$11 million of the NZ$449.6 million purported to be under
management, the report notes.
According to NBR, Mr. Tichbon is among investors who put money
into David Ross's funds on the recommendation of an adviser and
the Financial Markets Authority wrote in a letter to him Monday
that it was "actively engaging with such advisers and will take
appropriate action where, after investigation, any breaches are
discovered".
"Some people have done very well out of David Ross," NBR quotes
Mr. Tichbon, who has lost almost NZ$1 million, as saying. "There
will be a terrible legal battle between those who put more money
in and those who took more money out. First it has to be
determined whether or not David Ross was running a ponzi scheme."
NBR notes that Mr. Tichbon represents more than 50% of the
affected investors . In an effort to develop a strategy he has
been in contact "with the people running the Madoff unwind" in
the US.
He declined to give details until the plan is developed, NBR
says. Bernie Madoff was jailed after pleading guilty to running
the biggest ponzi scheme in US history, involving billions of
dollars.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.
The nine other associated entities are:
* Bevis Marks Corporation Limited
* Dagger Nominees Limited
* McIntosh Asset Management Limited
* Mercury Asset Management Limited
* Ross Investment Management Limited
* Ross Unit Trusts Management Limited
* United Asset Management Limited
* Chapman Ross Trust
* Woburn Ross Trust
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
ROSS ASSET: FMA Probes Financial Adviser Role
---------------------------------------------
stuff.co.nz reports that the Financial Markets Authority is
investigating the role of financial advisers who recommended
clients put money into the collapsed investment company Ross
Asset Management.
stuff.co.nz relates that the regulator said a "small number" of
clients invested with Ross on the basis of recommendations by
their financial advisers -- not including David Ross, who was
himself a registered authorised financial adviser.
"We are actively engaging with those advisers and will take
appropriate action where, after investigation, any breaches are
discovered," the report quotes an FMA spokesman as saying.
The FMA refused to name advisers under investigation. Ross's own
adviser business -- which appears to have operated as a quasi
funds management company -- was not reviewed by the FMA until
regulators swooped, stuff.co.nz reports.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.
The nine other associated entities are:
* Bevis Marks Corporation Limited
* Dagger Nominees Limited
* McIntosh Asset Management Limited
* Mercury Asset Management Limited
* Ross Investment Management Limited
* Ross Unit Trusts Management Limited
* United Asset Management Limited
* Chapman Ross Trust
* Woburn Ross Trust
The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.
Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.
=================
S I N G A P O R E
=================
EUREKA OFFICE: Creditors' Proofs of Debt Due Dec. 31
----------------------------------------------------
Creditors of Eureka Office Fund Pte Ltd, which is in 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's liquidator is:
Chia Soo Hien
c/o BDO LLP
21 Merchant Road #05-01
Royal Merukh S.E.A. Building
Singapore 058267
J-PILE SISTEM: Members' Final Meeting Set for Jan. 4
----------------------------------------------------
Members of J-Pile Sistem Pte Ltd will hold their final meeting on
Jan. 4, 2013, at 11:00 a.m., at 25 International Business Park,
at #04-22/26 German Centre, in Singapore 609916.
At the meeting, Steven Tan Chee Chuan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
OLAM INT'L: Plans to Raise Up to US$1.25 Billion in Capital
-----------------------------------------------------------
Thomas Biesheuvel & Klaus Wille at Bloomberg News report that
Olam International Ltd., the commodity trader that short-seller
Carson Block said might fail, is selling as much as $1.25 billion
of bonds and warrants to existing shareholders in a transaction
backed by Singapore's state-owned investment company. The stock
surged.
According to Bloomberg, Olam said it will offer $750 million in
bonds and as much as $500 million in warrants. The city-state's
Temasek Holdings Pte, Olam's second-largest shareholder, agreed
to buy any rights not taken up by other investors, Olam said.
"This is a strong vote of confidence we are seeing from Temasek,
our long-term strategic shareholder," the report quotes Chief
Executive Officer Sunny Verghese as saying at a press conference
in Singapore. "his transaction also demonstrates the ability to
access both debt and equity capital markets, even in current
conditions."
Bloomberg notes that Mr. Block, a 36-year-old former lawyer,
first said on Nov. 19 that he was selling Olam shares short --
borrowing them to profit by buying them at a lower price later --
and said the company was at risk of collapse. Bloomberg relates
that Olam said it faces no risk of insolvency and sued the
research firm and Block on Nov. 21 in the Singapore High Court,
calling the comments malicious falsehoods.
Based in Singapore, Olam International Limited (SGX:O32) --
http://olamonline.com/-- engages in sourcing, processing,
packaging and merchandising of agricultural products. The
Company's supply chain activities include sourcing, processing
and merchandising across a range of agricultural products.
ONE GEORGE: Creditors' Proofs of Debt Due Dec. 31
-------------------------------------------------
Creditors of One George CDO Pte Ltd, 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's liquidators are:
Sim Guan Seng
Khor Boon Hong
Victor Goh
C/o Baker Tilly TFW LLP
15 Beach Road
#03-10 Beach Centre
Singapore 189677
PACIFIC HEART: Creditors' Proofs of Debt Due Jan. 11
----------------------------------------------------
Creditors of Pacific Heart, Stroke and Cancer Centre Pte Ltd,
which is in voluntary liquidation, are required to file their
proofs of debt by Jan. 11, 2013, to be included in the company's
dividend distribution.
The company's liquidator is:
Heng Lee Seng
15 Hoe Chiang Road
#12-02 Tower Fifteen
Singapore 089316
PARAMOUNT FOOD: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 16, 2012, to
wind up the operations of Paramount Food Pte Ltd.
Leong Peng Yew (Liang Bingyao) and Leong Peng Wei (Liang Bingwei)
filed the petition against the company.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
care of BDO LLP
21 Merchant Road
#05-01 Royal Merukh S.E.A. Building
Singapore 058267
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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 ***