/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/141209.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, December 9, 2014, Vol. 17, No. 243 Headlines A U S T R A L I A ALEXIS HARPER: First Creditors' Meeting Set For Dec. 15 LIFESTYLE MOTELS: First Creditors' Meeting Slated For Dec. 15 PROSTRUCT CONTRACTING: First Creditors' Meeting Set For Dec. 15 I N D I A A. GEERI: CRISIL Assigns B+ Rating to INR170MM Cash Credit ATLAS ALLOYS: ICRA Cuts Rating on INR9cr ST Fund Based Loan to D AURO GOLD: ICRA Revises Rating on INR400cr Fund Based Loan to B GAUTAM EXPORTS: CARE Suspends 'D' Rating on INR10cr LT Loan GOYAL DEVELOPERS: ICRA Withdraws B+ Rating on INR6.5cr Cash Loan HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12cr Working Loan HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3.2cr Term Loan IFMR CAPITAL: ICRA Assigns B(SO) Rating to INR3.2cr PTC Series A3 JS ESTATES: ICRA Upgrades Rating on INR4.25cr LT Loan From B+ LIFE SPRING: ICRA Reaffirms B+ Rating on INR4.25cr LT Loan MONTAGE HEALTH: CRISIL Assigns B+ Rating to INR121.4MM Loan RECORE CERAMIC: CRISIL Assigns B Rating to INR67.5MM Term Loan SURBHI FERRO: ICRA Reaffirms B Rating on INR8cr Capital Loan SWASTIK INDUSTRIES: ICRA Puts B/A4 Rating on INR1cr Unalloc. Loan THARUN TEXSPIN: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan N E W Z E A L A N D AWARUA FARM: Leases Farm Land to US Wine Company X X X X X X X X * BOND PRICING: For the Week Dec. 1 to Dec. 5, 2014 - - - - - ================= A U S T R A L I A ================= ALEXIS HARPER: First Creditors' Meeting Set For Dec. 15 ------------------------------------------------------- Bryan Kevin Hughes of Pitcher Partners was appointed as administrator of Alexis Harper Pty Ltd, trading as The Victoria Hotel, on Dec. 4, 2014. A first meeting of the creditors of the Company will be held at Level 1, 914 Hay Street, Perth, Western Australia, on Dec. 15, 2014, at 10:00 a.m. LIFESTYLE MOTELS: First Creditors' Meeting Slated For Dec. 15 ------------------------------------------------------------- David Michael Stimpson -- david.stimpson@svp.com.au -- and Matthew John Bookless -- matthew.bookless@svp.com.au -- of SV Partners were appointed as administrators of Lifestyle Motels Pty. Ltd. on Dec. 3, 2014. A first meeting of the creditors of the Company will be held at SV Partners, 138 Mary Street, in Brisbane, Queensland, on Dec. 15, 2014, at 11:00 a.m. PROSTRUCT CONTRACTING: First Creditors' Meeting Set For Dec. 15 --------------------------------------------------------------- Simon Roger Coad -- admin@ticcidew.com.au -- of Ticcidew Insolvency was appointed as administrator of Prostruct Contracting Pty Ltd on Dec. 4, 2014. A first meeting of the creditors of the Company will be held at Level 2, 55 Carrington St, in Nedlands on Dec. 15, 2014, at 10:30 a.m. ========= I N D I A ========= A. GEERI: CRISIL Assigns B+ Rating to INR170MM Cash Credit ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of A. Geeri Pai Gold and Diamonds (AGP). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 170 CRISIL B+/Stable Long Term Loan 134 CRISIL B+/Stable The rating reflects AGP's modest scale of operations in the highly fragmented and competitive gold jewellery industry, and its below- average financial risk profile, marked by high gearing. These rating weaknesses are partially offset by the extensive industry experience of the firm's partners and its established market position in Ernakulum (Kerala). Outlook: Stable CRISIL believes that AGP will continue to benefit over the medium term from its partners' extensive industry experience. The outlook may be revised to 'Positive' if there is a substantial improvement in the firm's scale of operations while it maintains its profitability, leading to an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if AGP undertakes a large debt-funded capital expenditure programme, or if its cash accruals decline substantially, or if its working capital management deteriorates, weakening its financial risk profile. Set up in 2007 as a partnership firm, AGP is engaged in jewellery retailing. The firm is based in Ernakulam. Its day-to-day operations are managed by Mr. Sachithananda Pai. AGP recorded a profit after tax (PAT) of INR 8.6 million on revenue of INR510.4 million for 2013-14 (refers to financial year, April 1 to March 31), against a PAT of INR12.3 million on revenue of INR537 million for 2012-13. ATLAS ALLOYS: ICRA Cuts Rating on INR9cr ST Fund Based Loan to D ---------------------------------------------------------------- ICRA has revised its rating on the INR2.846 crore term loan of Atlas Alloys (India) Private Limited to [ICRA]D from [ICRA]B-. ICRA has also revised its rating on the INR9.00 crore short-term fund based limit and INR3.05 crore short-term non-fund based limit of AAPL to [ICRA]D from [ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund 2.85 [ICRA]D; revised Based Facility from [ICRA]B- Short Term Fund 9.00 [ICRA]D; revised Based Facilities from [ICRA]A4 Short Term Non-Fund 3.05 [ICRA]D; revised Based Facilities from [ICRA]A4 The ratings revision is driven by recent delays in debt servicing by the company on account of its stretched liquidity position, mainly on account of build up of debtors. The ratings continue to be constrained by AAPL's weak financial profile characterized by low profitability, high gearing and weak coverage indicators and its exposure to volatility in lead prices for the inventory maintained. The ratings also take into consideration the high competitive intensity in the business on account of the presence of a large number of players in the organized and unorganized sector and the seasonality of demand. However, ICRA positively factors in the extensive experience of the promoters of AAPL in the battery business, its diversified customer profile and healthy demand outlook for inverter and UPS batteries given the power shortage scenario in India. Going forward, a track record of timely debt servicing and a sustained improvement in the company's liquidity position will be the key rating sensitivities. Company Profile Incorporated in 1990, AAPL is involved in the manufacturing of batteries like automotive, tubular, valve-regulated lead-acid and batteries for electric two wheelers, and has a manufacturing capacity of around 2,60,000 batteries per annum. The manufacturing facility is located at Beawar, Rajasthan. The company sells its products under the brand names of Grand, Trend Setter, Sukui and Misko. Recent Results As per its audited financials for 2013-14, AAPL recorded a net profit of INR0.07 crore on an operating income of INR18.44 crore, as against a net profit of INR0.03 crore on an operating income of INR15.12 crore in 2012-13. AURO GOLD: ICRA Revises Rating on INR400cr Fund Based Loan to B --------------------------------------------------------------- ICRA has revised the long term rating to [ICRA]B from [ICRA]BB (negative) for the INR400.00 Crore Fund-Based Bank Facility of Auro Gold Jewellery Private Limited. ICRA has also reaffirmed the short term rating at [ICRA]A4 for INR60.00 Crore (sublimit) of fund based facility, as such the total utilization for fund based limit should not exceed INR400.00 Crore at any point of usage. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 400.00 [ICRA]B Revised from [ICRA]BB(negative) Non-fund based (sublimit) (60.00) [ICRA]A4 Reaffirmed The rating revision follows notable deterioration in the financial performance of AJPL, with sharp dip in margins at net level along with significant rise in debtors on account of delay in receipt of payment from export clients, which has impacted the cash flow position of the company adversely. The liquidity position hence continues to be highly stressed. The dip in profitability levels coupled with rise in working capital borrowing has also weakened the debt coverage indicators from the earlier levels. The rating however continues to favourably factor in the promoters experience in Gold jewellery business for over two decades. Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the business of manufacturing, exporting, whole selling of non-branded gold jewellery. It is a family run business; with the Managing Director Mr. Ritesh Jain, being the third generation in the business. The company generates the bulk of its revenue from its whole selling business and has a robust distribution model spanning almost entire country, revenues being concentrated to some extent towards southern India. The company is primarily into the B2B segment; with showroom in Zaveri Bazar, Mumbai. The export business is based out of three units in SEZ Surat, which cater to U.A.E. and Singapore markets. As of FY14 AJPL reported a net profit of INR8.04 Crore on an operating income of INR3669.37 Crore. GAUTAM EXPORTS: CARE Suspends 'D' Rating on INR10cr LT Loan ----------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Gautam Exports and subsequently also suspends the rating. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10 Revised from CARE B+ to CARE D and suspended CARE has revised the rating due to the stressed liquidity position. Furthermore, as the firm has not furnished the information required by CARE for monitoring of the rating, CARE has suspended the ratings assigned to the bank facilities. Established in 1992 as a proprietorship entity, Gautam Exports (GE) is engaged in the trading of polished diamonds. The entity has been in the Gems & Jewellery (G&I) industry for more than two decades .GE procures polished diamonds from the domestic markets and generates revenue by exporting them in foreign markets (majorly to Hong Kong). GOYAL DEVELOPERS: ICRA Withdraws B+ Rating on INR6.5cr Cash Loan ---------------------------------------------------------------- ICRA has withdrawn the [ICRA]B+ rating assigned to the INR6.50 crore long term fund based facility of Goyal Developers, at the request of the company, as there is no debt outstanding against the rated instruments. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term, Fund 6.50 [ICRA]B+ withdrawn based limits- Cash Credit Established in 2010, Goyal Developers is developing a residential real estate project 'My Home (MH-14) on Talegaon-Chakan Road in Talegaon, Pune. The firm is a part of Goyal Properties. The group is promoted by Mr. Rajendra Goyal having 25 years working experience in real estate development. HAJI ALIMOHAMED: ICRA Reaffirms B+ Rating on INR12cr Working Loan ----------------------------------------------------------------- ICRA has reaffirmed the [ICRA]B+ rating to the INR12.00 crore working capital facility of Haji Alimohamed Moosa & Co. ICRA has also reaffirmed an [ICRA]A4 rating to INR0.50 crore short-term forward contract limit of HAMC. The ratings continue to be constrained by Haji Alimohamed Moosa & Co's (HAMC) weak financial position as is evident in the thin profitability, leveraged capital structure and weak debt protection indicators. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Working Capital 12.00 [ICRA]B+; Reaffirmed (CC/EPC/PSCFC/ PCFC/FBD/FBP) Forward Contract 0.50 [ICRA]A4; Reaffirmed limit The rating is further constrained by the low operating margins on account of limited value addition and highly competitive and fragmented industry structure due to low entry barriers. The rating further incorporates the susceptibility of the cotton prices to seasonality and regulatory risks which together with the highly competitive industry environment exerts more pressure on the margins. ICRA also notes that Haji Alimohamed Moosa & Co. is a partnership firm and any significant withdrawals from the capital account will affect its net worth and thereby the gearing levels. The ratings, however, continue to factor in the long standing experience of the promoters in the cotton industry, established track record of the firm and favorable location, giving it easy access to high quality raw cotton. The ratings also consider the forward integration in crushing facilities for castor seeds and cottonseeds resulting in limited diversification and additional revenue as well as a positive demand outlook for edible oil in India. Haji Alimohamed Moosa & Co. (HAMC) was initially established as a sole proprietor concern which later in October 2004, converted into a partnership firm with three partners, Mr. Adambhai A. Halai and his two sons Mr. Aslam Halai and Mr. Noormohamed Halai. The firm is engaged in cotton ginning and pressing and the crushing of cottonseeds and castor seeds with 25 double roller ginning machines and 5 expellers located at Kodinar, Gujarat. The firm has the capacity to produce 8000 MT of cotton bales, 4500 MT of cottonseeds oil and 6000 MT castor seeds oil. Recent Results For the year ended 31st March, 2014, the firm reported an operating income of INR94.38 crore with profit after tax (PAT) of INR0.71 crore. HILLTOP CERAMIC: ICRA Reaffirms B+ Rating on INR3.2cr Term Loan --------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR3.20 crore(earlier INR1.70 crore) term loan and INR3.00 crore cash credit facility of Hilltop Ceramic. ICRA has also reaffirmed the short term rating of [ICRA]A4 to the INR1.40 crore (earlier INR0.90 Crore) short term non-fund based facility of HC. The reaffirmed ratings take into account HC's weak financial profile as reflected by low profitability, stressed liquidity and moderate coverage indicators. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.00 [ICRA]B+ reaffirmed Term Loans 3.20 [ICRA]B+ reaffirmed Bank Guarantee 1.40 [ICRA]A4 reaffirmed The ratings are further constrained by HC's modest track record of operations and limited distribution network which along with the high competitive intensity is likely to exert pressure on margins. ICRA also notes the dependence of operations and cash flows of the firm on the performance of the real estate industry which is the main consumer sector and vulnerability of profitability to increasing prices of gas and power. The ratings however have favorably considered location advantage enjoyed by HC giving it easy access to raw material, presence in both wall and floor tiles segment providing diversification and positive demand outlook for wall and floor tiles driven by steady demand from the residential and commercial real estate segment. Hilltop ceramic is a wall and floor tiles manufacturer with its plant situated at Wankaner (Morbi), Gujarat. The firm was established in 2003 is managed by Mr. Jagdish Kanjiya and other family members. The plant has an installed capacity to produce 31200 MTPA of wall and floor tiles. The firm currently manufactures wall tiles and floor tiles of sizes 10" X 15" and 12" X 12" with the current set of machineries at its production facilities. Recent Results For the year ended 31st March 2014, the company reported an operating income of INR14.49 crore and profit before tax of INR0.06 crore. IFMR CAPITAL: ICRA Assigns B(SO) Rating to INR3.2cr PTC Series A3 ----------------------------------------------------------------- Conditional ratings of [ICRA]A-(SO), [ICRA]BBB(SO)and [ICRA]B(SO) have been assigned to PTC Series A1, PTC Series A2 and PTC Series A3 respectively, issued by IFMR Capital Mosec Rhea 2014, a Special Purpose Vehicle (SPV). The PTCs are backed by a pool of micro loan receivables, originated by Disha Microfin Private Limited (Disha), Satin Creditcare Network Limited (Satin) and Suryoday Micro Finance Private Limited (Suryoday) (collectively referred to as Originators). Amount Facilities (INR crore) Ratings ---------- ----------- ------- PTC Series A1 35.37 [ICRA]A-(SO) PTC Series A2 2.03 [ICRA]BBB(SO) PTC Series A3 3.2 [ICRA]B(SO) The conditional ratings are subject to the fulfillment of all conditions under the structure, due diligence audit of the pool, review by ICRA of the documentation pertaining to the transaction and receipt by ICRA of a legal opinion on the transaction from the transaction legal counsel. The conditional ratings are based on the strength of cash flows from the selected pool of contracts; the credit enhancement available in the form of (i) cash collateral of 7.68% expressed as % of pool principal, and (ii) subordination of 12.91% of the discounted value of aggregate pool cashflows for PTC A1 and 7.91% of the discounted value of aggregate pool cashflows for PTC A2; and the integrity of the legal structure. The ratings are however constrained by ICRA's view on the credit quality of the Servicers, given the operations- intensive nature of the MFI business and the difficulty in instituting an alternate servicing mechanism. The selected pool consists of unsecured micro loans (less than or equal to INR50,000 each) given by the Originators, to borrowers with weak economic profile under a Joint Liability Group (JLG) model. The share of the six individual sub-pools of Disha, Satin and Suryoday in the aggregate issue size is 20%, 49% and 31% of the total pool principal respectively. The presence of multiple Originators provides the overall pool a reasonable geographical diversity, with the pool spread across multiple states. Moreover, having 3 Servicers in the transaction is more beneficial when compared to a pool that is being serviced by a single Servicer, where disruption of the Servicer can have a bearing on the overall pool collections going ahead. The aggregate pool is characterised by weekly, fortnightly and monthly repaying contracts with moderate seasoning, moderate residual tenure of contracts (about 23 months) and no overdue on the selected loans as of cut-off date. According to the transaction structure, the entire pool of selected contracts will be assigned to a Special Purpose Vehicle (Trust) at premium. The Trust will issue three series of PTCs backed by the receivables. The upfront purchase consideration to be paid by PTC A1 to the Trustee will be 87.09% of the discounted pool cashflows i.e. INR35.37 crore, that payable by PTC A2 to the Trustee will be 5.00% of the discounted pool cashflows i.e. INR2.03 crore while that payable by PTC A3 to the Trustee will be remaining 7.91% of the discounted pool cashflows i.e. INR3.2 crore. JS ESTATES: ICRA Upgrades Rating on INR4.25cr LT Loan From B+ ------------------------------------------------------------- ICRA has upgraded the long term rating to INR4.25 crore fund based facilities, INR1.38 crore (reduced from 2.00) term loan and INR1.37 crore (enhanced from 0.75) unallocated limits of JS Estates & Projects (P) Limited from [ICRA] B+ to [ICRA]BB-. The outlook on the rating is stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 4.25 [ICRA]BB- (stable) (upgraded Based from [ICRA]B+) Term Loan 1.38 [ICRA]BB- (stable) (upgraded from [ICRA]B+) Unallocated 1.37 [ICRA]BB- (stable) (upgraded from [ICRA]B+) The upgrade in rating takes into consideration the significant progress in the JSEP's two ongoing projects Pawani Harmony (PH) in Hyderabad and JS Sunflower (JSS) in Bangalore for which 93% (Rs. 13.5 crore out of INR14.5 crore) and 50% (Rs. 7.0 crore out of INR14.0 crore) of the development cost has been incurred up to October 2014 respectively. The rating also positively factors in the healthy sales velocity for the two ongoing projects as 88% (15 units out of company's share of 17) and 55% (20 units out of company's share of 36) of the units have already been booked upto October 2014 for PH and JSS respectively. The rating also takes comfort from the long standing experience of more than a decade of the directors in the construction and real estate industry. The rating is however constrained by the company's modest scale of operations and high competition from established players in the real estate industry. The rating is also constrained owing to low collections for JSS (around 25% of the total sales upto October 2014) along with high reliance on customer's advance for funding the residual project; albeit the healthy collections (around 90% of the total sales upto October 2014) from PH provides comfort. The rating also factors in the funding and execution risks for JSEP's upcoming projects, one of which is of a relatively very large size. Going forward, timely execution of the ongoing and upcoming projects and ability of the company to maintain healthy sales velocity along with improvement in the sales collection would remain key sensitivities. JS contractors and Consultants has been in existence since 1996 as partnership firm, converted to private limited company in 2004 and renamed as JS Estates & Projects (P) Limited in January 2013. The company was initially involved in undertaking small valued civil contracts (< INR4 crore) for construction of buildings for government projects majorly. Recently the company started development of residential real estate projects under Joint Development Agreement model with private parties. The company is promoted by Mr Shravan Kumar Reddy who has been involved with the company since inception. Recent Results As per the audited results, the company reported a net profit of INR0.31 crore on operating income of INR7.03 crore during 2013-14 as against of a net profit of INR0.39 crore on operating income of INR8.92 crore during 2012-13. LIFE SPRING: ICRA Reaffirms B+ Rating on INR4.25cr LT Loan ---------------------------------------------------------- ICRA has reaffirmed [ICRA] B+ rating to INR4.25 crore fund based facilities of Life Spring Hospitals Private Limited (LHPL). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund based Limits 4.25 [ICRA]B+ reaffirmed The rating retention takes into account the low occupancy of 55% during FY14 for the hospitals operated by the company leading to a weak financial profile characterised by erosion of company's net worth with negative accumulated reserves of INR16.64 Cr as on March 2014. The rating is however supported by healthy growth in operating income of the company by 43% (y-o-y) as well as growth in operating margins by 1200 basis points primarily on account of improved occupancy levels from 48% to 55% during FY14. The rating also draws comfort from the parental support from HLL Lifecare Limited (rated at [ICRA]A+(Stable)/A1) in terms of funding the operational losses in the past. The ability of the company to improve its occupancy levels will remain the key rating sensitivity. Formed as a Private Ltd. Company in February 2008, Life Spring Hospitals Private Limited (LHPL) is jointly owned by HLL Lifecare Ltd. (a Government of India enterprise) and Acumen Fund (a US- based social venture capital fund). It started with a 25 bed hospital in 2008 at Maula Ali, Hyderabad and currently has a capacity of 150 beds with 12 units in Hyderabad, AP. LHPL operates small sized (20 bed) maternity hospitals in the proximity of urban slums, providing core maternal healthcare at affordable prices. As per the audited results in FY14 the company recorded revenues of INR5.56 crore and negative PAT of INR0.54 crore as against mention the previous year numbers in similar format. MONTAGE HEALTH: CRISIL Assigns B+ Rating to INR121.4MM Loan ----------------------------------------------------------- CRISIL has assigned its CRISIL B+/Stable rating to the long term bank facilities of Montage Health Care & Biochem Private limited (MHCBPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 11.9 CRISIL B+/Stable Term Loan 121.4 CRISIL B+/Stable The rating reflects MHCBPL's exposure to implementation and stabilisation related risks for its ongoing project. These rating weaknesses are partially offset by the benefits MHCBPL derives from its experienced promoters and other senior management, their fund support and the confirmed offtake for its initial year of operations. Outlook: Stable CRISIL believes that MHCBPL will maintain a stable credit profile over the medium term on back of extensive experience of its promoters and their fund support. The outlook may be revised to 'Positive' in case of successful commissioning of the project coupled with higher than expected revenue and profitability. Conversely, the outlook may be revised to 'Negative' in case of delays in commissioning of the project or any significant cost over runs, leading to deterioration in its liquidity. MHCBPL, incorporated in September 2011, is setting up a unit for manufacturing of bio-degradable plastic granules from mango kernels in Sameerpet, Telangana with capacity of 1000MTPA. The company is promoted by Mr. Rajesh Shukla, Ms. Shweta Shukla, Mrs. Anupama Shukla and Mr. Govind Swarup. RECORE CERAMIC: CRISIL Assigns B Rating to INR67.5MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Recore Ceramic (Recore). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 67.5 CRISIL B/Stable Cash Credit 30 CRISIL B/Stable Proposed Long Term 27.5 CRISIL B/Stable Bank Loan Facility The rating reflects Recore's exposure to its ongoing project, modest scale of operations in the highly competitive ceramics industry, and its working-capital-intensive operations. These rating weaknesses are partially offset by the extensive experience of Recore's promoters in the ceramics industry and proximity of its manufacturing facilities to raw material and labour resources. Outlook: Stable CRISIL believes that Recore will benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the firm stabilises its operations earlier than expected, leading to healthy accruals and improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the firm's operating margin is significantly lower than expected, or it undertakes a substantial debt-funded capital expenditure programme, or its working capital management deteriorates, resulting in significant weakening in its financial risk profile. Established in 2014, Recore is set up by members of the Morbi (Gujarat)-based Savsani and Nagpara families. The firm manufactures digital wall tiles of various sizes at its production facilities in Morbi. Recore's commercial operations are estimated to commence from February 2014. SURBHI FERRO: ICRA Reaffirms B Rating on INR8cr Capital Loan ------------------------------------------------------------ ICRA has reaffirmed the ratings at [ICRA]B for INR15.00 crore of bank facilities of Surbhi Ferro Impex Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Working Capital Limits 8.00 [ICRA]B reaffirmed Unallocated 7.00 [ICRA]B reaffirmed The reaffirmation in ratings takes into account SFIPL's relatively modest scale of operations on account of limited operational track record and the company's stretched liquidity position owing to the high working capital intensity of business, which has led to consistently high utilization of working capital facilities from bank. This, coupled with modest net worth has led to high gearing levels (3.8 times as on 31st March 2014) for the company. The rating is also constrained by the highly competitive and fragmented nature of the industry, which along with the trading nature of operations has resulted in low profitability indicators. Further, the company's profitability remains vulnerable to adverse movements in metal prices given the inventory levels required to be maintained by it, and exchange rate fluctuation in the absence of a hedging mechanism. Also, ICRA noted the decline in operating income in 2013-14 after years of healthy growth, although the company saw an improvement in operating margin during 2013-14. However, ICRA draws comfort from the long experience of the promoters in the ferrous and non ferrous metal scrap trading business. The rating also drives comfort from the continued support of the promoters for the company in its initial stages through infusion of equity and unsecured loans. Going forward, the company's ability to increase the scale of operations, improvement in its margins and improve its credit profile will remain the key rating sensitivities. SFIPL was incorporated in the year 2010 by Mr. Rajesh Kumar Gadiya. SFIPL is engaged in the business of trading ferrous and non ferrous metal scrap such as steel, brass, copper, zinc, aluminum etc. Recent Results In 2013-14, SFIPL reported operating income of INR41.7 Crore, Profit before Depreciation, Interest and Tax (PBDIT) of INR1.3 Crore and net profit of INR0.1 Crore. SWASTIK INDUSTRIES: ICRA Puts B/A4 Rating on INR1cr Unalloc. Loan ----------------------------------------------------------------- ICRA has reaffirmed its short term rating of [ICRA]A4 on the INR9.50 crore short-term bank facilities of Swastik Industries (Swastik). ICRA has also assigned its [ICRA]B/[ICRA]A4 rating to the INR1.0 crore unallocated limits of the firm. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Packing Credit 4.5 [ICRA]A4; reaffirmed Foreign Bill Purchase 5.0 [ICRA]A4; reaffirmed Unallocated 1.0 [ICRA]B/[ICRA]A4; assigned ICRA's ratings continue to reflect the high competitive intensity in the menthol industry with competition from several companies in the organized sector; threat of substitution from synthetic menthol which has assumed greater importance in recent times with the commissioning of new capacities by international players; high working capital intensity and vulnerability to agro-climatic risks which could affect the availability and price of raw material. ICRA also takes note of the low profitability of the business and the weak financial profile of the firm characterized by high gearing and subdued coverage indicators, and its low net worth base resulting in the firm's dependence on external funding to meet its working capital requirements. Nevertheless, the ratings positively factor in the extensive experience of Swastik's promoters in the menthol industry; favourable export demand prospects of the products of the firm and its locational advantages due to proximity to the raw material sources. Going forward, the ability of the firm to increase its scale of operations in a profitable manner while maintaining working capital intensity will be the key rating sensitivities. Swastik was established as a partnership firm in 1986. It is involved in production of Mentha oil based products, primary products being menthol, peppermint oil, menthol crude oil and menthol crystals. The production facility is based in Chandausi (U.P.). The firm exports these products to various customers in China, Europe, USA and South America. The firm's clientele includes companies involved in production of fast moving consumer goods, pharmaceuticals, flavours and fragrances. Recent Results Swastik recorded an operating income of INR28.2 crore, OPBDITA of INR1.4 crore and profit after tax of INR0.16 crore in 2013-14 as against an operating income of INR67.2 crore, OPBDITA of INR0.20 crore and profit after tax of INR0.16 crore in 2012-13. THARUN TEXSPIN: CRISIL Assigns B+ Rating to INR42.5MM Cash Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Tharun Texspin Mills Pvt Ltd (TTMPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Term Loan 40.5 CRISIL B+/Stable Proposed Cash Credit 37.5 CRISIL B+/Stable Limit Cash Credit 42.5 CRISIL B+/Stable Long Term Loan 4.5 CRISIL B+/Stable The rating reflects TTMPL's moderate scale of operations in the intensely competitive textile industry, susceptibility of its operating profitability to volatility in raw material prices, and below-average financial risk profile marked by high gearing. These rating weaknesses are partially offset by its promoters' extensive experience in the textile industry and their need-based funding support. Outlook: Stable CRISIL believes that TTMPL will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company records considerable increase in scale of operations while it maintains its profitability, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if TTMPL's cash accruals decline, or its working capital management deteriorates, or it undertakes any large debt-funded capital expenditure programme leading to deterioration in its financial risk profile. TTMPL, established in 2013, manufactures cotton yarn. The company's facility is located at Palladam (Tamil Nadu). Its day- to-day operations are managed by Mr. Chandrasekar and Mrs. Baby Chandrasekar. ==================== N E W Z E A L A N D ==================== AWARUA FARM: Leases Farm Land to US Wine Company ------------------------------------------------ The Marlborough Express reports that Marlborough dairy farmer Philip Woolley, who put his company in to receivership earlier this month, has leased 308 hectares of his farm land to an American wine company. The Marlborough Express relates that an Overseas Investment Office decision summary showed Constellations Brands New Zealand, which is owned by Constellation Brands Inc United States of America, signed the lease in October for an undisclosed amount. The lease, which is understood to be a 34-year lease, is for land on Hunter, Pembers, Blind Creek and Rarangi roads in Tuamarina, the report says. Constellation Brands New Zealand already owns Drylands Wines on Hammerichs Rd, Blenheim, The Marlborough Express discloses. According to the report, Mr. Woolley put his company Awarua Farm Marlborough Limited into receivership on December 2, after racking up nearly NZ$200,000 in legal debts, doing major upgrading works and getting little income from this year's dairy season. The Marlborough Express relates that Mr. Woolley said in a statement he and his wife Sue decided to put the company into receivership to help future-proof their farming businesses. They planned to take back control of the farms once they had restructured the businesses, the report notes. He appointed Wellington accountants Richard Simpson and David Ruscoe, of Grant Thornton, as the receivers, according to the Marlborough Express. Mr. Ruscoe said it was a good outcome for a lease at the property. He would not comment further, the report notes. Mr. Woolley is thought to own the largest dairy farming operation in Marlborough, with 1,900 cows spread over two farms, one at Tuamarina and one at Glenmae, the report adds. In September, High Court judge Justice Lowell Goddard confirmed a ruling by the Environment Court that barred Woolley from re- stocking his Tuamarina farm until he upgraded the effluent management system to comply with its resource consent, The Marlborough Express recalls. The report says Mr. Woolley was also forced to pay NZ$196,000 in reparations and legal costs. On top of that, enforcement orders meant Mr. Woolley could not have milk collected from his Tuamarina and Glenmae farms. As a result, he was getting little income from this year's dairy season, the report states. The first receivers report is due in February next year, The Marlborough Express adds. =============== X X X X X X X X =============== * BOND PRICING: For the Week Dec. 1 to Dec. 5, 2014 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ANTARES ENERGY LTD 10.00 10/30/23 AUD 2.01 CRATER GOLD MINING 10.00 08/18/17 AUD 23.50 KBL MINING LTD 10.00 08/05/16 AUD 0.22 MIDWEST VANADIUM P 11.50 02/15/18 USD 11.00 MIDWEST VANADIUM P 11.50 02/15/18 USD 10.00 STOKES LTD 10.00 06/30/17 AUD 0.38 TREASURY CORP OF V 0.50 11/12/30 AUD 57.72 CHINA ----- CHANGCHUN CITY DEV 6.08 03/09/16 CNY 71.00 CHANGCHUN CITY DEV 6.08 03/09/16 CNY 70.85 CHANGZHOU INVESTME 5.80 07/01/16 CNY 70.31 CHANGZHOU INVESTME 5.80 07/01/16 CNY 70.84 CHANGZHOU SMALL & 6.18 11/29/14 CNY 60.03 CHINA GOVERNMENT B 1.64 12/15/33 CNY 69.06 CHINA NATIONAL ERZ 5.65 09/26/17 CNY 61.87 DANYANG INVESTMENT 6.30 06/03/16 CNY 71.06 GUANGXI XINFAZHAN 5.75 11/30/14 CNY 40.00 HEILONGJIANG HECHE 7.78 11/17/16 CNY 72.29 HEILONGJIANG HECHE 7.78 11/17/16 CNY 72.00 JIANGSU LIANYUN DE 7.85 07/22/15 CNY 71.39 KUNSHAN ENTREPRENE 4.70 03/30/16 CNY 70.06 KUNSHAN ENTREPRENE 4.70 03/30/16 CNY 69.53 NANJING PUBLIC HOL 5.85 08/08/17 CNY 65.34 NANTONG STATE-OWNE 6.72 11/13/16 CNY 72.02 NANTONG STATE-OWNE 6.72 11/13/16 CNY 71.60 NINGDE CITY STATE- 6.25 10/21/17 CNY 61.55 QINGZHOU HONGYUAN 6.50 05/22/19 CNY 51.32 QINGZHOU HONGYUAN 6.50 05/22/19 CNY 51.81 WUXI COMMUNICATION 5.58 07/08/16 CNY 50.50 WUXI COMMUNICATION 5.58 07/08/16 CNY 50.49 YANGZHOU URBAN CON 5.94 07/23/16 CNY 70.80 YANGZHOU URBAN CON 5.94 07/23/16 CNY 71.08 YIYANG CITY CONSTR 8.20 11/19/16 CNY 73.00 ZHENJIANG CITY CON 5.85 03/30/15 CNY 70.20 ZHENJIANG CITY CON 5.85 03/30/15 CNY 70.25 ZHUCHENG ECONOMIC 7.50 08/25/18 CNY 50.01 ZIBO CITY PROPERTY 5.45 04/27/19 CNY 60.05 ZOUCHENG CITY ASSE 7.02 01/12/18 CNY 72.29 INDONESIA --------- BERAU COAL ENERGY 7.25 03/13/17 USD 57.20 BERAU COAL ENERGY 7.25 03/13/17 USD 56.33 DAVOMAS INTERNATIO 11.00 12/08/14 USD 19.50 DAVOMAS INTERNATIO 11.00 12/08/14 USD 19.50 PERUSAHAAN PENERBI 6.75 04/15/43 IDR 74.80 PERUSAHAAN PENERBI 6.10 02/15/37 IDR 70.50 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 33.38 CORE EDUCATION & T 7.00 05/07/15 USD 9.50 COROMANDEL INTERNA 9.00 07/23/16 INR 15.42 GTL INFRASTRUCTURE 3.03 11/09/17 USD 30.17 INCLINE REALTY PVT 10.85 04/21/17 INR 14.45 INCLINE REALTY PVT 10.85 08/21/17 INR 17.54 INDIA GOVERNMENT B 0.23 01/25/35 INR 21.52 JCT LTD 2.50 04/08/11 USD 18.13 MASCON GLOBAL LTD 2.00 12/28/12 USD 4.32 PRAKASH INDUSTRIES 5.25 04/30/15 USD 70.38 PYRAMID SAIMIRA TH 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 55.88 REI AGRO LTD 5.50 11/13/14 USD 55.88 SHIV-VANI OIL & GA 5.00 08/17/15 USD 26.38 JAPAN ----- AVANSTRATE INC 3.02 11/05/15 JPY 41.88 AVANSTRATE INC 5.00 11/05/17 JPY 32.63 ELPIDA MEMORY INC 0.50 10/26/15 JPY 16.63 ELPIDA MEMORY INC 0.70 08/01/16 JPY 17.00 ELPIDA MEMORY INC 2.03 03/22/12 JPY 17.00 ELPIDA MEMORY INC 2.10 11/29/12 JPY 17.00 ELPIDA MEMORY INC 2.29 12/07/12 JPY 17.00 KOREA ----- 2014 KODIT CREATIV 5.00 12/25/17 KRW 30.32 2014 KODIT CREATIV 5.00 12/25/17 KRW 30.32 DONGBU METAL CO LT 5.20 09/12/19 KRW 62.96 EXPORT-IMPORT BANK 0.50 12/22/17 BRL 70.35 EXPORT-IMPORT BANK 0.50 11/21/17 BRL 70.63 HYUNDAI MERCHANT M 7.05 12/27/42 KRW 41.24 KIBO ABS SPECIALTY 10.00 09/04/16 KRW 32.10 KIBO ABS SPECIALTY 10.00 08/22/17 KRW 29.75 KIBO ABS SPECIALTY 10.00 02/19/17 KRW 31.24 KIBO ABS SPECIALTY 5.00 01/31/17 KRW 30.07 KIBO GREEN HI-TECH 10.00 01/25/15 KRW 72.19 KIBO GREEN HI-TECH 10.00 12/21/15 KRW 33.06 KIBO GREEN HI-TECH 10.00 03/20/15 KRW 51.44 LSMTRON DONGBANGSE 4.53 11/22/17 KRW 30.04 POSCO ENERGY CORP 4.66 08/29/43 KRW 74.87 POSCO ENERGY CORP 4.72 08/29/43 KRW 74.30 POSCO ENERGY CORP 4.72 08/29/43 KRW 74.15 SINBO SECURITIZATI 5.00 02/11/18 KRW 30.05 SINBO SECURITIZATI 9.00 07/27/15 KRW 33.65 SINBO SECURITIZATI 5.00 01/19/16 KRW 29.42 SINBO SECURITIZATI 5.00 02/11/18 KRW 30.05 SINBO SECURITIZATI 8.00 03/07/15 KRW 49.21 SINBO SECURITIZATI 5.00 03/14/16 KRW 29.19 SINBO SECURITIZATI 5.00 09/13/15 KRW 30.88 SINBO SECURITIZATI 5.00 09/13/15 KRW 23.25 SINBO SECURITIZATI 8.00 02/02/15 KRW 50.86 SINBO SECURITIZATI 5.00 02/02/16 KRW 29.63 SINBO SECURITIZATI 8.00 02/02/16 KRW 34.59 SINBO SECURITIZATI 5.00 10/05/16 KRW 30.12 SINBO SECURITIZATI 5.00 10/05/16 KRW 30.12 SINBO SECURITIZATI 5.00 09/28/15 KRW 31.33 SINBO SECURITIZATI 5.00 12/07/15 KRW 32.31 SINBO SECURITIZATI 10.00 12/27/15 KRW 35.83 SINBO SECURITIZATI 10.00 12/27/14 KRW 64.04 SINBO SECURITIZATI 5.00 07/19/15 KRW 33.60 SINBO SECURITIZATI 5.00 07/26/16 KRW 30.44 SINBO SECURITIZATI 5.00 07/26/16 KRW 30.44 SINBO SECURITIZATI 5.00 08/31/16 KRW 30.43 SINBO SECURITIZATI 5.00 08/31/16 KRW 30.26 SINBO SECURITIZATI 4.60 06/29/15 KRW 30.94 SINBO SECURITIZATI 4.60 06/29/15 KRW 30.95 SINBO SECURITIZATI 5.00 01/29/17 KRW 28.93 SINBO SECURITIZATI 5.00 05/27/16 KRW 30.87 SINBO SECURITIZATI 5.00 05/27/16 KRW 31.51 SINBO SECURITIZATI 5.00 02/21/17 KRW 29.52 SINBO SECURITIZATI 5.00 08/16/16 KRW 30.61 SINBO SECURITIZATI 5.00 08/16/17 KRW 30.34 SINBO SECURITIZATI 5.00 08/16/17 KRW 30.34 SINBO SECURITIZATI 5.00 12/13/16 KRW 29.87 SINBO SECURITIZATI 5.00 02/21/17 KRW 28.68 SINBO SECURITIZATI 5.00 06/29/16 KRW 31.14 SINBO SECURITIZATI 5.00 08/24/15 KRW 31.49 SINBO SECURITIZATI 5.00 10/01/17 KRW 29.96 SINBO SECURITIZATI 5.00 03/13/17 KRW 29.42 SINBO SECURITIZATI 5.00 03/13/17 KRW 29.42 SINBO SECURITIZATI 5.00 06/07/17 KRW 27.22 SINBO SECURITIZATI 5.00 06/07/17 KRW 27.22 SINBO SECURITIZATI 5.00 07/08/17 KRW 30.49 SINBO SECURITIZATI 5.00 07/08/17 KRW 30.49 SINBO SECURITIZATI 5.00 12/25/16 KRW 30.27 SINBO SECURITIZATI 5.00 10/01/17 KRW 29.96 SINBO SECURITIZATI 5.00 10/01/17 KRW 29.96 SINBO SECURITIZATI 5.00 01/15/18 KRW 30.30 SINBO SECURITIZATI 5.00 01/15/18 KRW 30.30 SK TELECOM CO LTD 4.21 06/07/73 KRW 72.16 STX OFFSHORE & SHI 3.00 09/06/15 KRW 72.97 STX OFFSHORE & SHI 6.90 04/09/15 KRW 72.58 TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00 TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00 U-BEST SECURITIZAT 5.50 11/16/17 KRW 30.39 WOONGJIN ENERGY CO 2.00 12/19/16 KRW 64.42 MALAYSIA -------- BANDAR MALAYSIA SD 0.35 02/20/24 MYR 67.73 BIMB HOLDINGS BHD 1.50 12/12/23 MYR 66.32 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 60.34 BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.85 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.41 SENAI-DESARU EXPRE 0.50 12/31/38 MYR 61.79 SENAI-DESARU EXPRE 0.50 12/30/39 MYR 63.11 SENAI-DESARU EXPRE 0.50 12/31/40 MYR 64.30 SENAI-DESARU EXPRE 0.50 12/29/45 MYR 69.17 SENAI-DESARU EXPRE 0.50 12/30/44 MYR 68.36 SENAI-DESARU EXPRE 0.50 12/31/46 MYR 69.95 SENAI-DESARU EXPRE 0.50 12/31/41 MYR 65.47 SENAI-DESARU EXPRE 0.50 12/31/42 MYR 66.51 SENAI-DESARU EXPRE 0.50 12/31/43 MYR 67.43 SENAI-DESARU EXPRE 0.50 12/31/47 MYR 70.67 SENAI-DESARU EXPRE 1.10 12/31/21 MYR 70.68 SENAI-DESARU EXPRE 1.10 12/31/20 MYR 74.44 SENAI-DESARU EXPRE 1.10 06/30/21 MYR 72.55 SENAI-DESARU EXPRE 1.15 12/30/22 MYR 67.65 SENAI-DESARU EXPRE 1.35 12/31/25 MYR 61.17 SENAI-DESARU EXPRE 1.35 06/30/27 MYR 58.10 SENAI-DESARU EXPRE 1.35 12/31/29 MYR 52.80 SENAI-DESARU EXPRE 1.35 06/28/30 MYR 51.63 SENAI-DESARU EXPRE 1.35 12/31/30 MYR 50.44 SENAI-DESARU EXPRE 1.35 06/30/31 MYR 49.28 SENAI-DESARU EXPRE 1.10 06/30/22 MYR 68.98 SENAI-DESARU EXPRE 1.15 06/30/23 MYR 66.12 SENAI-DESARU EXPRE 1.15 12/29/23 MYR 64.64 SENAI-DESARU EXPRE 1.15 06/28/24 MYR 63.29 SENAI-DESARU EXPRE 1.15 12/31/24 MYR 61.95 SENAI-DESARU EXPRE 1.15 06/30/25 MYR 60.74 SENAI-DESARU EXPRE 1.35 06/30/26 MYR 60.13 SENAI-DESARU EXPRE 1.35 12/31/26 MYR 59.11 SENAI-DESARU EXPRE 1.35 12/31/27 MYR 57.10 SENAI-DESARU EXPRE 1.35 06/29/29 MYR 53.91 SENAI-DESARU EXPRE 0.65 06/30/20 MYR 74.27 SENAI-DESARU EXPRE 1.35 06/30/28 MYR 56.05 SENAI-DESARU EXPRE 1.35 12/29/28 MYR 55.01 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.36 NEW ZEALAND ----------- KIWI INCOME PROPER 8.95 12/20/14 NZD 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNIC 13.50 07/15/06 USD 22.75 SINGAPORE --------- BAKRIE TELECOM PTE 11.50 05/07/15 USD 12.00 BAKRIE TELECOM PTE 11.50 05/07/15 USD 9.00 BERAU CAPITAL RESO 12.50 07/08/15 USD 59.50 BERAU CAPITAL RESO 12.50 07/08/15 USD 84.75 BLD INVESTMENTS PT 8.63 03/23/15 USD 16.38 BUMI CAPITAL PTE L 12.00 11/10/16 USD 30.00 BUMI CAPITAL PTE L 12.00 11/10/16 USD 28.05 BUMI INVESTMENT PT 10.75 10/06/17 USD 27.00 BUMI INVESTMENT PT 10.75 10/06/17 USD 28.23 ENERCOAL RESOURCES 6.00 04/07/18 USD 29.00 INDO INFRASTRUCTUR 2.00 07/30/10 USD 1.88 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 2.71 MDX PCL 4.75 09/17/03 USD 25.00 VIETNAM ------- DEBT AND ASSET TRA 1.00 10/10/25 USD 54.88 ********* 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, and Peter A. Chapman, Editors. Copyright 2014. 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 202-362-8552. *** End of Transmission ***