/raid1/www/Hosts/bankrupt/TCRAP_Public/130423.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
Tuesday, April 23, 2013, Vol. 16, No. 79
Headlines
A U S T R A L I A
BURRUP FERTILISERS: PPB Defends Charges as Judge Orders Probe
HINES DAIRY: CBA Placed Dairy Firm Into Receivership
C H I N A
CHINA FISHERY: Rights Issue Completion No Impact on B1 CFR
SUNAC CHINA: Moody's Rates $500MM Five-Year Senior Notes 'B1'
XINYUAN REAL: Fitch Corrects Ratings Release Issued April 18
I N D I A
AMBER DISTILLERIES: CRISIL Assigns 'B' Rating to INR80MM Loans
BHAGYANAGAR HOTELS: CRISIL Assigns 'D' Ratings to INR307MM Loans
DIVYA SPINNING: CRISIL Lowers Ratings on INR548.6MM Loan to 'D'
EKTA SHAKTI: CRISIL Assigns 'B' Ratings to INR60MM Loans
FAIRLIE HOTELS: CRISIL Upgrades Rating on INR13.5MM Loans to 'B-'
KAVIYAN CONSTRUCTION: CRISIL Rates INR120MM Loans at 'B+'
NILACHAL PETROPRODUCTS: CRISIL Rates INR50MM Loans at 'B'
SMALL BUSINESS: Base-Case Default Rise May Cue Fitch BB+ Rating
SPENTO FLOOR: CRISIL Rates INR100MM Term Loan at 'CRISIL B-'
TEXCEL INT'L: CRISIL Cuts Ratings on INR206.3MM Loans to 'D'
TUNGNATH EDUCATIONAL: CRISIL Rates INR66.6MM Loan at 'D'
N E W Z E A L A N D
CAPITAL + MERCHANT: Directors Bid to Appeal in High Court Nixed
FIVE STAR: Founder Gets 3 Years and 7 Months Prison Term
P H I L I P P I N E S
VICTORIAS MILLING: Prepays PHP709.45MM Loan and $3.24MM Debt
X X X X X X X X
* Fitch Publishes Risk Radar Report for Asia-Pacific
* BOND PRICING: For the Week April 15 to April 19, 2013
- - - - -
=================
A U S T R A L I A
=================
BURRUP FERTILISERS: PPB Defends Charges as Judge Orders Probe
--------------------------------------------------------------
The Sydney Morning Herald reports that insolvency firm PPB
Advisory has defended the price tag for its work on Burrup
Fertilisers, after the Federal Court ordered a judicial inquiry
into the fees and expenses charged during the final weeks of
Burrup's receivership.
In one of many court cases sparked by the 2010 collapse of Burrup
Fertilisers, SMH relates, Justice Antony Siopis has ordered an
inquiry into the "propriety" of Melbourne-based PPB in accepting
the role as receiver and manager of WA-based Burrup Fertilisers,
and the extent to which PPB's staff being based in Melbourne
increased the fees, expenses and disbursements charged.
According to SMH, Burrup Fertilisers' founder and former part-
owner, the Indian entrepreneur Pankaj Oswal, criticised the
AUD2.2 million in fees and AUD303,295 in expenses incurred by PPB
in the final six weeks of the receivership.
SMH relates that Justice Siopis said on Friday that an "inquiry
into the level of fees and expenses charged during the last six
weeks of the receivership of BFPL [Burrup Fertiliser] is
warranted."
But Ian Carson, PPB's chairman of partners, noted the bulk of
Mr. Oswal's claims against PPB were rejected and said the ruling
was a "vindication" of the firm's work, according to SMH.
He added that it was proper for the receivership to be carried out
on the east coast, as this was where the relevant expertise and
relevant bank were located, SMH relays.
ANZ, owed AUD860 million, appointed PPB receivers and managers in
late 2010, citing defaults, evidence of financial irregularities
and court disputes. The 65 per cent share held by Mr. Oswal and
his wife in Burrup Holdings, the parent company, was later sold
for US$580 million.
SMH adds that Mr. Carson said PPB's fees for Burrup were
AUD16 million and fees for law firm Freehills were AUD9 million
-- well below the AUD56 million in total costs claimed by
Mr. Oswal and much of it related to cross-claims with the couple.
From 17 original court cases related to the collapse, about six or
seven were outstanding, Mr. Carson, as cited by SMH, said.
He added the Tax Office was still pursuing the Oswals -- who are
no longer in Australia -- for a AUD186 million tax debt. PPB was
also understood to have been pursuing the Oswals over financial
irregularities worth an estimated AUD200 million, SMH reports.
In a statement after the ruling, SMH relates, Mr. Oswal said he
welcomed "judicial review into this matter and believes it will
reveal further extravagant and unnecessary costs incurred as a
result of appointment of receivers to the Oswals' once highly
profitable business."
A hearing has been set down for April 26 to discuss how the
inquiry should be conducted and costs, SMH adds.
About Burrup Fertilisers
Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer. The company has a production capacity
of 850-tonnes of liquid ammonia a year.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers. ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings. The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.
HINES DAIRY: CBA Placed Dairy Firm Into Receivership
----------------------------------------------------
SmartCompany reports that Hines Dairy Farm has been placed into
receivership by the Commonwealth Bank.
According to the report, the Australian Financial Review reported
that the farm has more than AUD5 million worth of dairy farming
land and up to 500 cows.
PPB has been appointed as receivers and Geoff Ridgeway --
geoffr@jirschsutherland.com.au -- and Philip McGibbon --
philipm@jirschsutherland.com.au -- of Jirsch Sutherland have been
appointed as liquidators of the dairy farm, SmartCompany says.
A source told SmartCompany the receivers were conducting an urgent
assessment of the farm.
While at this stage it is too early to say what is happening, the
source said one of the options is a restructure of the business,
the report says.
Hines Dairy Farm is a large dairy farm in Victoria.
=========
C H I N A
=========
CHINA FISHERY: Rights Issue Completion No Impact on B1 CFR
----------------------------------------------------------
Moody's Investors Service says that the completion of China
Fishery Group Limited's rights issue will not have any immediate
impact on its B1 corporate family and senior unsecured debt
ratings, and its negative rating outlook.
On April 16, 2013, China Fishery said that it raised SGD348
million, or $281 million, from a rights issue composed of 1,023
million new shares. Nearly 99% of its shareholders accepted and
participated in the rights issue, with excess applications of 27%.
"The rights issue is credit positive, as it has improved China
Fishery's equity base and debt leverage, and optimized its capital
structure," says Alan Gao, Moody's Vice President and Senior
Analyst.
On a pro-forma basis, Moody's estimates that China Fishery's
adjusted debt/book capitalization will decline to 39.8% from 46.6%
at end-2012.
"In addition, the rights issue enhances the company's liquidity
position, allowing it to pursue its acquisition of Copeinca ASA,"
adds Gao, who is also the Lead Analyst for China Fishery.
However, these credit positive developments are offset by the
lingering uncertainty over China's Fishery's bid for Copeinca ASA.
On April 11, 2013, China Fishery raised its voluntary cash offer
price for Copeinca to NOK59.70 from NOK53.85 in order to match a
competing bid from Cermaq ASA, an Oslo-based fish-farming and
fish-feed group that is 43.5% owned by the Norwegian government
(Aaa Stable).
Cermaq currently holds an 18% stake in Copeinca through a private
share placement that it completed on April 5, 2013. In addition,
the company has entered into an irrevocable purchase agreement to
acquire 23 million shares in Copeinca at NOK59.70 per share from
Dyer Coriat Holding SL, Weilheim Investments SL and certain other
shareholders. Once the irrevocable purchase agreement is realized,
Cermaq's stake in Copeinca would reach 50.8%.
China Fishery's new offer price values Copeinca at around $724
million, including the shares placed to Cermaq. After considering
China Fishery's existing 8.2% stake in Copeinca, Moody's estimates
that the total acquisition cost could amount to $716 million,
assuming all of Copeinca's shareholders accept the revised offer
price. This amount exceeds the $600 million approved by China
Fishery's shareholders at the company's Extraordinary General
Meeting on March 19, 2013.
If China Fishery borrows more debt to acquire a 100% stake in
Copeinca at its revised offer price, its debt leverage measured by
debt/EBITDA and EBIT/interest would reach 3.6x and 3.0x,
respectively. While these levels would be higher than the
estimated 3.2x under its original offer price, they would
marginally support its B1 ratings.
The principal methodology used in this rating was Global Food -
Protein and Agriculture Industry Methodology published in
September 2009.
China Fishery Group Ltd, listed in Singapore, is engaged mainly in
industrial fishery operations in the North Pacific and Peruvian
waters. Its catches are processed on board and frozen, packed, and
delivered to the market. It is 36% effectively owned by Pacific
Andes International Holdings Ltd (unrated), a Hong Kong-listed
integrated fish and seafood processor.
Listed on both the Oslo Stock Exchange and the Lima Stock
Exchange, Copeinca ASA conducts its business through its major
subsidiary Corporacion Pesquera Inca (B2 positive).
SUNAC CHINA: Moody's Rates $500MM Five-Year Senior Notes 'B1'
-------------------------------------------------------------
Moody's Investors Service assigned a definitive B1 senior
unsecured rating to the $500 million, 9.375%, five-year notes
issued by Sunac China Holdings Limited. Sunac's Ba3 corporate
family rating remains unchanged.
The ratings outlook is stable.
Ratings Rationale:
Moody's definitive rating is at the same level as the provisional
(P)B1 rating assigned on 27 March 2013. The final terms and
conditions of the bond are consistent with Moody's expectations.
Sunac plans to use the proceeds from the issuance to refinance its
debt, and for general corporate purposes.
The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.
Sunac China Holdings Limited is an integrated residential and
commercial property developer. It has projects in key markets such
as Beijing, Tianjin, Shanghai, Chongqing and Hangzhou.
The company has a diverse range of property types, such as high-
rise and mid-rise residences, detached villas, townhouses, retail
properties, offices and car parks.
Sunac was incorporated in the Cayman Islands on April 27, 2007 and
was listed on the Hong Kong Stock Exchange on October 7, 2010. It
owned 44 projects and had a land bank of 14.7 million square
meters at end-2012.
XINYUAN REAL: Fitch Corrects Ratings Release Issued April 18
------------------------------------------------------------
This is a correction of the release dated April 18, 2013. Net
debt/adjusted inventory rising above 25, and not falling below 25,
is a future development that may, individually or collectively
with other factors, lead to negative rating action. The correct
version is as follows:
Fitch Ratings has assigned US-listed China-based homebuilder
Xinyuan Real Estate Co., Ltd. a Long-Term Issuer Default Rating
(IDR) of 'B+' with Stable Outlook and a senior unsecured rating of
'B+' and Recovery Rating 'RR4'.
Fitch has also assigned Xinyuan's proposed senior unsecured USD
notes an expected 'B+(EXP)'/'RR4' rating. The notes are rated at
the same level as Xinyuan's senior unsecured rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company. The final rating is contingent on the
receipt of final documents conforming to information already
received.
Key Rating Drivers
Financial strength balances scale: Xinyuan's rating is dependent
on its financial strength remaining solid, especially in
maintaining sufficient cash to meet short-term debt obligations.
Its small scale constrains its business diversity in terms of a
narrow product mix, limited geographical spread, and a small
number of projects being sold in a year relative to peers.
Xinyuan's low EBITDA margin of about 13% on a five-year rolling
average basis reflects that it is susceptible to sudden sharp home
price swings, such as that in 2008.
Asset-light small homebuilder: Xinyuan's small holding of property
development assets give its creditors less protection in the event
of asset liquidation. Its land bank by saleable gross floor area
(GFA) of 1.2 million square metres (sqm) at end-2012 was less than
the size of similarly rated peers. Even including the new land
Xinyuan is close to acquiring, its land bank will still be less
than half of that of its peers. Further, its land acquisition
strategy will continue to focus on fast-growing 2nd and 3rd tier
cities with a concentration on Henan Province. Xinyuan's
contracted sales of CNY5.2bn in 2012 were, however, comparable to
other 'B+' rated Chinese homebuilders.
Land cost affects margin: Xinyuan's high proportion of land cost
versus its selling price kept profit margin low. Land cost has
been between 20% and 30% of its average selling prices (ASP). This
is compared with less than 20% for most Chinese homebuilders. The
higher proportion of land cost was in part due to its land being
acquired in land auctions and also partly because Xinyuan's fast
turnover business model does not allow for much land price
appreciation, given the short lead time between land acquisition
and the start of presales. However, the company aims to partly
mitigate this acquiring land plots through negotiated land
auctions, whereby land costs may be closer to 20% of ASP.
Healthy credit metrics: Xinyuan has been in a net cash position
since 2011. Its low inventory levels are a result of its high
asset turnover strategy, thus minimising investments in
development properties. The company's 2012 contracted sales/total
debt ratio of 2.7x was the highest among Fitch-rated Chinese
homebuilders.
Replicating home base success: Xinyuan has developed 24 projects
since 2001, 16 of which are in Zhengzhou. Since 2007, Xinyuan has
replicated its successful Zhengzhou developments in other cities.
This has helped Xinyuan gain new markets in Jinan, Kunshan,
Chengdu, Suzhou and Xuzhou. These new markets are now growth
opportunities for Xinyuan as seen by its development presence in
Jinan, Suzhou, and Xuzhou.
Undergoing faster expansion: Xinyuan has gone through financial
consolidation between 2008 and 2012 in the face of market
uncertainty. Its financial strength makes it an attractive
strategic partner to local land authorities for participation in
early stage land development. This will help Xinyuan undergo a
faster pace of land acquisition in Zhengzhou.
Rating Sensitivities
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- reduction of scale as reflected by a fall in GFA land bank to
less than two years
- contracted sales falling below CNY5bn
- net debt/adjusted inventory rising above 25
- changes to its fast turnover model where contracted sales/gross
debt fall below 1.5x
Positive: Positive rating action is not expected in the next 18-24
months due to Xinyuan's small operational scale and lack of
business diversification. However, future developments that may,
individually or collectively, lead to positive rating action
include:
- significant increase in scale as reflected by contracted sales
exceeding CNY15bn
- increase in business diversification by geography, by product
mix as well as in presence in a greater number of cities
- maintaining a strong financial profile
=========
I N D I A
=========
AMBER DISTILLERIES: CRISIL Assigns 'B' Rating to INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Amber Distilleries Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 6.5 CRISIL B/Stable
Cash Credit 50.0 CRISIL B/Stable
Proposed Long-Term 23.5 CRISIL B/Stable
Bank Loan Facility
The rating reflects ADL's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics, and
its working-capital-intensive operations, resulting in stretched
liquidity. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the alcohol
industry, and its established customer relationships.
Outlook: Stable
CRISIL believes that ADL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if ADL registers a higher-than-expected growth in
revenues, while substantially improving its profitability, thereby
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if the company's profitability or revenues
decline, or its working capital cycle is stretched, resulting in
lower-than-expected cash accruals, thereby weakening its financial
risk profile.
ADL was established in 1985 by Kesar Enterprises Ltd, and was
later taken over by Mr. Pratap Talwar along with his family
members in 2006. The company manufactures Indian-made foreign
liquor (IMFL) under its own brands and sells it in the domestic
and international markets. It has a distillery unit near Thane
(Maharashtra).
ADL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR137.0 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR97.6 million for 2010-11.
BHAGYANAGAR HOTELS: CRISIL Assigns 'D' Ratings to INR307MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bhagyanagar Hotels Pvt Ltd. The ratings reflect
instances of delay by BHPL in servicing its debt; the delays have
been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 237.00 CRISIL D
Bank Guarantee 10.00 CRISIL D
Secured Overdraft 60.00 CRISIL D
Facility
BHPL also has a below-average financial risk profile and its
revenues are vulnerable to cyclicality in the hospitality
industry. BHPL, however, benefits from its promoters' extensive
experience in the hospitality industry.
BHPL, which is part of the SKIL group promoted by Mr. Premsagar
Rao, was established in 1993 as a private limited company to run
Chiraan Fort Club and The Fern Mansarovar in Hyderabad (Andhra
Pradesh).
DIVYA SPINNING: CRISIL Lowers Ratings on INR548.6MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Divya
Spinning Mill (P) Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 300 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Proposed Long-Term 18.6 CRISIL D (Downgraded from
Bank Loan Facility CRISIL B-/Stable
Long-Term Loan 230.0 CRISIL D (Downgraded from
'CRISIL A4')
The ratings downgrade reflects instances of delay by DSMPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. DSMPL has weak liquidity because of
delay in receivables collection.
DSMPL also has a below-average financial risk profile, marked by a
high gearing, and is susceptible to volatility in input material
prices and to intense industry competition. However, the company
benefits from its promoters' extensive experience in the textiles
industry.
DSMPL, incorporated in 1980 and based in Tirupur (Tamil Nadu),
manufactures yarn and grey cloth.
For 2011-12 (refers to financial year, April 1 to March 31), DSMPL
reported a profit after tax (PAT) of INR2.7 million on net sales
of INR971.3 million, against a PAT of INR24 million on net sales
of INR1.2 billion for 2010-11.
EKTA SHAKTI: CRISIL Assigns 'B' Ratings to INR60MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ekta Shakti Foundation.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 59 CRISIL B/Stable (Assigned)
Term Loan 1 CRISIL B/Stable (Assigned)
The rating reflects ESF's weak financial risk profile, marked by a
weak capital structure and weak debt protection metrics, small
scale of operations, which are dependent on the number of students
present in the school and are vulnerable to government policies
and large working capital requirements. These rating weaknesses
are partially offset by the benefits that ESF derives from its
promoters' extensive industry experience and the firm's revenue
visibility over the medium term.
Outlook: Stable
CRISIL believes that ESF will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate revenue visibility. CRISIL, however, also believes that
the firm's financial risk profile will remain constrained by large
working capital requirements and weak capital structure. The
outlook may be revised to 'Positive' in case ESF significantly
improves its scale of operations and profitability, or improves
its capital structure. Conversely, the outlook may be revised to
'Negative' in case ESF's profitability and working capital
management are constrained, leading to pressure on the firm's
already weak liquidity.
ESF was set up in 2003 by Mr. Anil Aggarwal. The trust provides
mid-day meals to government-run schools. Currently, ESF supplies
to parts of New Delhi and Bihar; it is also expected to soon start
supplying to parts of Maharashtra.
ESF reported a surplus (excess of revenue over expenditure) of
INR0.37 million on net sales of INR323.2 million for 2011-12
(refers to financial year, April 1 to March 31), against a surplus
(excess of revenue over expenditure) of INR2.6 million on net
sales of INR332.9 million for 2010-11.
FAIRLIE HOTELS: CRISIL Upgrades Rating on INR13.5MM Loans to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Fairlie Hotels & Resorts Pvt Ltd to 'CRISIL B-/Stable' from
'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 4.0 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Term Loan 9.5 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely debt servicing by FHRPL over
the six months through March 2013. The upgrade also factors in
CRISIL's belief that FHRPL will generate sufficient cash accruals
to service its debt over the medium term, backed by improvement in
liquidity.
The ratings reflect FHRPL's limited revenue diversity, limited
track record in operating a hotel, and exposure to risks related
to cyclicality in the hospitality segment. These rating weaknesses
are partially offset by the benefits that FHRPL derives from the
extensive experience of its operation and management (O&M)
partner, Carlson, in the hotel management industry.
CRISIL has treated unsecured loans of INR75.4 million extended by
the promoters as on March 31, 2012, as neither debt nor equity as
the same is non-interest-bearing in nature and the directors have
undertaken to retain the loans in the business until the company's
bank loans are repaid.
Outlook: Stable
CRISIL believes that FHRPL will continue to benefit over the
medium term from its tie-up with O&M partner Carlson. The outlook
may be revised to 'Positive' if the company exhibits significant
improvement in its scale of operations and profitability, backed
by sustained increase in its occupancy levels and room tariffs.
Conversely, the outlook may be revised to 'Negative' if FHRPL
reports a decline in occupancy levels leading to lower cash
accruals or undertakes any larger-than-expected debt funded
capital expenditure programme leading to deterioration in its
financial risk profile.
Incorporated in 2008, FHRPL operates a 3-star hotel called Country
Inn & Suites in Chattarpur, New Delhi, under the Country Inn brand
managed by Carlson, its O&M partner. The hotel has 37 rooms
including the executive rooms. Facilities offered by the hotel
include restaurants, bar, coffee shop, banquet halls and
conference centres. The hotel is developed on the farm house
(owned by the promoters) which has two lawns which are primarily
used for functions such as a wedding. It had commenced operations
in April 2011.
FHRPL reported a net loss of INR26.7 million on sales of INR66
million for 2011-12 (refers to financial year, April 1 to
March 31), which was its first year of operations.
KAVIYAN CONSTRUCTION: CRISIL Rates INR120MM Loans at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kaviyan Construction Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 105 CRISIL B+/Stable
Proposed Cash Credit 15 CRISIL B+/Stable
Limit
The rating reflects KCPL's susceptibility to risks related to
completion and saleability of its ongoing real estate projects in
Madurai and Chennai (both in Tamil Nadu [TN]) and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the benefits that KCPL derives
from the extensive experience of its promoters in the real estate
business.
Outlook: Stable
CRISIL believes that KCPL will benefit over the medium term from
its promoters' experience in the real estate construction segment.
The outlook may be revised to 'Positive' if KCPL completes the
construction of its ongoing projects in time, leading to higher-
than-expected booking rates, sales realisations, and cash flows
thereby strengthening its liquidity. Conversely, the outlook may
be revised to 'Negative' if it faces any delays in project
implementation leading to time and cost overruns and fall in
realisations, or KCPL contracts more-than-expected debt weakening
its financial risk profile.
Set up as a proprietorship firm in 2005 and reconstituted as a
private limited company in 2010, KCPL is engaged in the real
estate development in TN.
KCPL reported a profit after tax (PAT) of INR2 million on net
sales of INR41 million during 2011-12 (refers to financial year,
April 1 to March 31) as against PAT of INR0.3 million on net sales
of INR2 million during 2010-11.
NILACHAL PETROPRODUCTS: CRISIL Rates INR50MM Loans at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Nilachal Petroproducts (P) Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 20.00 CRISIL B/Stable
Proposed Cash Credit 7.00 CRISIL B/Stable
Limit
Proposed Long-Term 23.00 CRISIL B/Stable
Bank Loan Facility
The rating reflects NPPL's exposure to risks related to the
implementation and stabilisation of its ongoing liquefied
petroleum gas (LPG) bottling project in Khordha District of
Odisha, and exposure to risks related to changes in government
regulations. These weaknesses of NPPL are mitigated by the
benefits that the company derives from the experience of its
promoters, the location advantage of its plant, and healthy demand
prospects for commercial LPG.
Outlook: Stable
CRISIL believes that NPPL will commence commercial operations as
scheduled without any time overrun. The outlook may be revised to
'Positive' if the company generates more-than-expected revenues
and profitability due to successful stabilisation of operations.
Conversely, the outlook may be revised to 'Negative' if the
commissioning of the project faces delays on account of unforeseen
events, or if the company undertakes additional debt-funded
capital expenditure leading to deterioration in its financial and
liquidity risk profiles.
NPPL was set up in February 2013 by Mr. Narasingha Pujapanda, Ms.
Jharana Pujapanda, and Ms. Subhalaxmi Pujapanda in Khordha
District. The company has been incorporated with the aim of
setting up a plant for LPG bottling. The company plans to start
commercial operations in October 2013.
SMALL BUSINESS: Base-Case Default Rise May Cue Fitch BB+ Rating
---------------------------------------------------------------
Fitch Ratings has assigned Small Business Trust 2013 pass-through
certificates (PTCs) final ratings as follows:
INR1,290.2m Series A1 PTCs due March 2014: 'BBB-sf'; Stable
Outlook
INR546.4m Series A2 PTCs due March 2015: 'BBB-sf'; Stable Outlook
INR206.8m Series A3 PTCs due June 2017: 'BBB-sf'; Stable Outlook
The transaction is a static securitisation of INR-denominated
small business loans originated by Shriram City Union Finance
Limited (SCUF), which is also the servicer.
Key Rating Drivers
The ratings and Outlooks are based on credit enhancement (CE) of
13.3% of the initial principal balance, SCUF's origination,
servicing, collection and recovery expertise, as well as the legal
and financial structure of the transaction. The ratings address
timely payment of interest and principal in accordance with the
payout schedule in the transaction document.
The CE comprises a first loss credit facility (FLCF) and a second
loss credit facility (SLCF). Both the FLCF and SLCF are in the
form of fixed deposits with Canara Bank (BBB-/Negative/F3) in the
name of the originator, with a lien marked in favor of the
trustee, IDBI Trusteeship Services Limited. The SLCF may
subsequently be replaced by an irrevocable & unconditional
guarantees provided by a bank rated at least 'BBB-' and 'F3' by
Fitch.
Rating Sensitivities
Fitch assessed the base case default rate, recovery rate, time to
recovery and prepayment rate based on the originator's historical
data. These factors, together with the portfolio's weighted
average yield, were stressed in Fitch's ABS cashflow model to
assess whether the transaction CE level was sufficient for the
current rating level. Fitch also assessed the commingling risk of
the servicer and the liquidity sufficiency for timely payment of
the PTCs. The transaction is not exposed to interest rate or
foreign currency risks since both the assets and the PTCs are
fixed-rate and are denominated in INR. Fitch also conducted rating
sensitivity tests. An increase in the base-case default rate by
30%, while keeping other risk factors constant, may result in a
one-notch downgrade of the PTCs to 'BB+sf'.
The collateral pool to be assigned to the trust at par had an
aggregate outstanding principal balance of INR2,043.4 million and
consisted of 4,938 loans as of Jan. 31, 2013.
The tranche thickness percentage (TT%), defined as the ratio of
the issue size of the PTCs to the initial collateral pool balance,
is 100%. The tranche thickness loss multiple, which is calculated
as the TT% divided by Fitch's base case loss expectation, is 128x.
SPENTO FLOOR: CRISIL Rates INR100MM Term Loan at 'CRISIL B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Spento Floor Tiles Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 100 CRISIL B-/Stable
The rating reflects SFT's constrained liquidity position, large
working capital requirements and small scale of operations in the
intensely competitive ceramic tiles industry. These rating
weaknesses are partially offset by the extensive industry
experience of SFT's promoter and the benefits it derives from its
favorable location.
Outlook: Stable
CRISIL believes that SFT will continue to benefit over the medium
term from the extensive experience of its promoter in the ceramic
tiles industry. The outlook may be revised to 'Positive' in case
of significant improvement in the company's scale of operations
while it maintains its profitability, leading to higher-than-
expected accruals. Conversely, the outlook may be revised to
'Negative' if SFT registers lower-than-anticipated accruals, incur
larger-than-expected debt-funded capital expenditure or a further
stretch in the company's working capital requirements, leading to
deterioration in its financial risk profile, particularly its
liquidity.
SFT was established in 2011 at Morbi (Gujarat), promoted by Mr.
Pareshkumar Detroja. The company manufactures porcelain floor
tiles at its plant located at Morbi, Gujarat and started
production in April 2012.
TEXCEL INT'L: CRISIL Cuts Ratings on INR206.3MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Texcel
International Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 102 CRISIL D (Downgraded from
'CRISIL C')
Letter of Credit 30 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long-Term 74.3 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL C')
The rating downgrade reflects instances of continuous delay by
TIPL in servicing its debt over the seven months through February
2013; the delays are on account of the company's weak liquidity.
The rating also reflects TIPL's weak financial risk profile,
marked by a small net worth, weak debt protection metrics, and
large working capital requirements. These rating weaknesses are
partially offset by TIPL's established regional position in the
fabrication and precision components segment.
Established in 2001, TIPL manufactures precision components
required by the automobile, engineering, and related industries.
TIPL's core competence is in offering material handling solutions
for the automobile industry, manufacturing auto components, and
fabrication of steel racks, pallets, heavy equipments, such as
pressure vessels, HSD tanks, cement mill equipment, and equipment
for the chemical and engineering industries. TIPL was set up by
the late Mr. R Rajalingam and is being currently managed by its
managing director, Mr. Kumar Narayanan.
For 2011-12 (refers to financial year, April 1 to March 31), TIPL
reported a net loss of INR34.6 million on net sales of INR241.1
million as against net loss of INR51.6 million on net sales of
INR219.3 million for 2010-11.
TUNGNATH EDUCATIONAL: CRISIL Rates INR66.6MM Loan at 'D'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Tungnath Educational Society. The rating reflects
instances of delay by TES in servicing its debt; the delays have
been caused by the society's weak liquidity, driven by low
enrolment levels for its courses.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 66.6 CRISIL D
TES also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by funding support from
promoters and benefits expected from the healthy demand prospects
for the education sector.
TES was set up in 2005 by Mr. Surender Raheja, Mr. Rajendra
Prasad, Mr. Mahesh Kathuria, Mr. Tarun Banfa, and Mr. Nitin Patil.
The society established the Satya College of Engineering and
Technology, which started the first batch of its graduate course
in technology in 2007. Subsequently, it introduced its graduate
and post-graduate courses in business administration, and its
post-graduate course in technology.
TES reported an excess of expenses over income of INR10.8 million
on net receipts of INR69.7 million for 2011-12 (refers to
financial year, April 1 to March 31), as against an excess of
income over expenses of INR11.0 million on net receipts of INR56.6
million for 2010-11.
====================
N E W Z E A L A N D
====================
CAPITAL + MERCHANT: Directors Bid to Appeal in High Court Nixed
---------------------------------------------------------------
The New Zealand Herald reports that jailed Capital + Merchant
Finance Ltd directors Wayne Douglas and Neal Nicholls have failed
in their "strawman" bid to take their case to the Supreme Court.
The Herald says Messrs. Douglas and Nicholls, the founding
directors and beneficial owners of Capital + Merchant, were found
guilty in July last year of three charges of theft by a person in
a special relationship.
In a case brought by the Serious Fraud Office, both men were each
jailed for seven and a half years, the longest sentences given to
failed finance companies bosses to date, the report relays.
Former director and chief executive Owen Tallentire was also found
guilty of two charges in this case and sentenced to five years in
jail, says the Herald.
According to the report, the trio then attempted to overturn their
convictions and sentences in the Court of Appeal but this was
rejected in December. Messrs. Douglas and Nicholls then filed
leave to appeal to the Supreme Court, but this was rejected Friday
in a judgment from Justices Robert Chambers and Susan Glazebrook.
The Herald notes that while Mr. Tallentire made a bid at the Court
of Appeal, he was not involved in this latest appeal attempt.
Messrs. Tallentire, Nicholls and Douglas also pleaded guilty this
year to charges concerning mistatements in offer documents brought
by the Financial Markets Authority. Mr. Tallentire had an extra
year added to his jail sentence while Messrs. Nicholls and Douglas
have not yet been sentenced, the Herald notes.
About Capital + Merchant
Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.
Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd. Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.
Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.
FIVE STAR: Founder Gets 3 Years and 7 Months Prison Term
--------------------------------------------------------
The New Zealand Herald reports that the elderly founder of the
failed Five Star group, Neill Williams, has been sentenced to
three years and seven months in prison for misleading investors
-- a longer jail stint than any of his colleagues from the set of
finance companies.
The Herald says Mr. Williams, 79, pleaded guilty in 2010 to three
Securities Act charges concerning misstatements in an
advertisement or registered prospectus.
He also pleaded guilty to one charge of a false or misleading
statement in a financial statement, the report relates.
According to the Herald, Mr. Williams was not a listed director of
Five Star Finance or related company Five Star Consumer Finance,
and claimed he was only an employee of director
Nicholas Kirk.
But a district court judge found otherwise last month and said Mr.
Williams was "an integral part of all major strategic decisions
within the Five Star group," the Herald says.
The Herald reports that Judge David Wilson said that Mr. Williams
was the founder of Five Star and his "employment" by Mr. Kirk was
part of a "careful construction to hide the real position from the
investing public and the authorities".
When sentencing Mr. Williams before a packed public gallery -
including out-of-pocket Five Star investors - Judge Wilson said
Mr. Williams' culpability was high, the Herald reports.
Judge Wilson said the offending prospectus had misled the public
regarding the quality or risk of investment, according to the
Herald.
"I have found that you had actual knowledge of the deficiencies
[in the prospectus] and that you acted dishonestly in concealing
your role," the report quotes Mr. Williams as saying.
About Five Star Finance
Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.
Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.
Five Star Finance Limited went into receivership on September 5,
2007. Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007. At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post. The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.
=====================
P H I L I P P I N E S
=====================
VICTORIAS MILLING: Prepays PHP709.45MM Loan and $3.24MM Debt
------------------------------------------------------------
The Philippine Daily Inquirer reports that Victorias Milling Co.
has agreed to retire ahead of maturity about PHP842 million worth
of restructured debts as part of continuing efforts to clean up
its balance sheet and trim debt servicing expenses.
The Inquirer relates that VMC said in a disclosure to the
Philippine Stock Exchange on Monday its board had approved to pre-
pay at end-May restructured loans in the amount of about PHP709.45
million plus a US dollar-denominated debt worth about $3.24
million.
According to the Inquirer, the disclosure said this would leave
about PHP2.7 billion in VMC's books, inclusive of interest as of
June 1.
These debts were earlier restructured by VMC under its corporate
rehabilitation plan through 2018, the report notes.
The Inquirer says VMC would have wanted to restructure some of its
debts anew because interest rates have gone down to record-low
levels. However, creditors were lukewarm to another restructuring.
VMC chair Wilson Young said the debt prepayment is however within
the rehabilitation framework and would not have to rely on consent
from creditors and the Securities and Exchange Commission, the
Inquirer adds.
About Victorias Milling
Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities. Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.
On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors. On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations. The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.
In 2011, BusinessWorld Online reported that the company told the
SEC it was on tract with its rehabilitation plans, reportedly
paying its creditors some PHP4 billion of its PHP4.417-billion
restructured loan after several asset sales and work force cuts.
The company also streamlined its manpower to 851 in 2009 from
3,325 in 1997 and has leased off a few properties for additional
cash flow, BusinessWorld disclosed.
===============
X X X X X X X X
===============
* Fitch Publishes Risk Radar Report for Asia-Pacific
----------------------------------------------------
Fitch Ratings has published its inaugural edition of APAC Risk
Radar.
The latest addition to Fitch's Risk Radar series complements the
global and Latin America Risk Radar publications already
published. Key macroeconomic rating drivers for Fitch's portfolio
of ratings in the region are portrayed, with their relative
urgency and impact.
Fitch considers most potential risks to be lower in urgency in
Asia-Pacific (APAC) than in other regions. Comparatively strong
growth and the strengthening of sovereign balance sheets have
increased buffers against future shocks. The high proportion of
Stable Outlooks in the APAC portfolio supports our expectation of
rating stability in the region.
* BOND PRICING: For the Week April 15 to April 19, 2013
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
COM BK AUSTRALIA 1.50 04/19/2022 AUD 75.18
MIDWEST VANADIUM 11.50 02/15/2018 USD 63.38
MIDWEST VANADIUM 11.50 02/15/2018 USD 57.88
NEW S WALES TREA 0.50 09/14/2022 AUD 70.58
NEW S WALES TREA 0.50 10/07/2022 AUD 69.40
NEW S WALES TREA 0.50 10/28/2022 AUD 69.22
NEW S WALES TREA 0.50 11/18/2022 AUD 69.30
NEW S WALES TREA 0.50 12/16/2022 AUD 70.53
NEW S WALES TREA 0.50 02/02/2023 AUD 70.10
NEW S WALES TREA 0.50 03/30/2023 AUD 69.60
TREAS CORP VICT 0.50 08/25/2022 AUD 72.38
TREAS CORP VICT 0.50 03/03/2023 AUD 70.66
TREAS CORP VICT 0.50 11/12/2030 AUD 49.69
CHINA
-----
CHINA GOVT BOND 4.86 08/10/2014 CNY 102.47
CHINA GOVT BOND 1.64 12/15/2033 CNY 69.69
INDIA
-----
CORE PROJECTS 7.00 05/07/2015 USD 50.47
DR REDDY'S LABOR 9.25 03/24/2014 INR 5.00
JCT LTD 2.50 04/08/2011 USD 20.00
MASCON GLOBAL LT 2.00 12/28/2012 USD 10.00
PRAKASH IND LTD 5.63 10/17/2014 USD 67.35
PRAKASH IND LTD 5.25 04/30/2015 USD 64.59
PUNJAB INFRA DB 0.40 10/15/2024 INR 32.35
PUNJAB INFRA DB 0.40 10/15/2025 INR 29.49
PUNJAB INFRA DB 0.40 10/15/2026 INR 26.91
PUNJAB INFRA DB 0.40 10/15/2027 INR 24.59
PUNJAB INFRA DB 0.40 10/15/2028 INR 22.50
PUNJAB INFRA DB 0.40 10/15/2029 INR 20.61
PUNJAB INFRA DB 0.40 10/15/2030 INR 18.92
PUNJAB INFRA DB 0.40 10/15/2031 INR 17.39
PUNJAB INFRA DB 0.40 10/15/2032 INR 16.01
PUNJAB INFRA DB 0.40 10/15/2033 INR 14.77
PYRAMID SAIMIRA 1.75 07/04/2012 USD 1.00
REI AGRO 5.50 11/13/2014 USD 72.46
REI AGRO 5.50 11/13/2014 USD 72.46
RELIGARE FINVEST 11.75 02/08/2015 INR 3.50
SHIV-VANI OIL 5.00 08/17/2015 USD 38.21
SREI INFRA FIN 8.90 03/22/2022 INR 27.95
SUZLON ENERGY LT 7.50 10/11/2012 USD 65.13
SUZLON ENERGY LT 5.00 04/13/2016 USD 50.79
JAPAN
-----
EBARA CORP 1.30 09/30/2013 JPY 99.99
ELPIDA MEMORY 2.03 03/22/2012 JPY 9.50
ELPIDA MEMORY 2.10 11/29/2012 JPY 9.50
ELPIDA MEMORY 2.29 12/07/2012 JPY 9.50
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 71.32
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 70.92
KADOKAWA HLDGS 1.00 12/18/2014 JPY 116.45
SHARP CORP 2.07 03/19/2019 JPY 72.40
SHARP CORP 1.60 09/13/2019 JPY 71.12
TOKYO ELEC POWER 2.37 05/28/2040 JPY 70.38
MALAYSIA
--------
AMAN SUKUK 4.25 03/08/2028 MYR 4.16
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/2006 USD 22.75
BAYAN TELECOMMUN 13.50 07/15/2006 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/2015 USD 35.88
BAKRIE TELECOM 11.50 05/07/2015 USD 34.31
BLD INVESTMENT 8.63 03/23/2015 USD 69.00
BLUE OCEAN 11.00 06/28/2012 USD 36.25
BLUE OCEAN 11.00 06/28/2012 USD 36.25
CAPITAMALLS ASIA 2.15 01/21/2014 SGD 99.92
CAPITAMALLS ASIA 3.80 01/12/2022 SGD 103.50
DAVOMAS INTL FIN 11.00 12/08/2014 USD 29.13
DAVOMAS INTL FIN 11.00 12/08/2014 USD 29.13
F&N TREASURY PTE 2.48 03/28/2016 SGD 100.72
F&N TREASURY PTE 3.15 03/28/2018 SGD 101.50
INDO INFRASTRUCT 2.00 07/30/2049 USD 1.88
SOUTH KOREA
-----------
CHEJU REGION DEV 3.00 12/29/2034 KRW 68.78
EXP-IMP BK KOREA 0.50 08/10/2016 BRL 73.90
EXP-IMP BK KOREA 0.50 09/28/2016 BRL 73.53
EXP-IMP BK KOREA 0.50 10/27/2016 BRL 72.99
EXP-IMP BK KOREA 0.50 11/28/2016 BRL 72.39
EXP-IMP BK KOREA 0.50 12/22/2016 BRL 69.01
EXP-IMP BK KOREA 0.50 10/23/2017 TRY 72.11
EXP-IMP BK KOREA 0.50 11/21/2017 BRL 66.54
EXP-IMP BK KOREA 0.50 12/22/2017 TRY 71.91
EXP-IMP BK KOREA 0.50 12/22/2017 BRL 65.95
SINBO 14TH ABS 8.00 02/02/2015 KRW 30.35
SRI LANKA
---------
SRI LANKA GOVT 6.20 08/01/2020 LKR 73.60
SRI LANKA GOVT 7.00 10/01/2023 LKR 67.06
SRI LANKA GOVT 5.35 03/01/2026 LKR 56.50
SRI LANKA GOVT 9.00 07/01/2028 LKR 74.25
SRI LANKA GOVT 8.00 01/01/2032 LKR 69.57
THAILAND
--------
BANGKOK LAND 4.50 10/13/2003 USD 6.38
G STEEL 3.00 10/04/2015 USD 8.25
MDX PUBLIC CO 4.75 09/17/2003 USD 4.00
*********
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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2013. 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$775 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 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***