/raid1/www/Hosts/bankrupt/TCRAP_Public/081110.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
Monday, November 10, 2008, Vol. 11, No. 223
Headlines
A U S T R A L I A
ALLCO FINANCE: NAB Appoints Receivers to Rubicon
ALLCO HIT: Appoints Voluntary Administrators
ALWAYS PASTEL: Placed Under Voluntary Liquidation
BAKHOS & SONS: Placed Under Voluntary Liquidation
BARROHAZ PTY: Placed Under Voluntary Liquidation
CRL (NSW): Members and Creditors to Meet on November 14
ESPRESSO COFFEE: Inability to Pay Debts Prompts Wind-Up
FOURTUNE DEVELOPMENTS: Inability to Pay Debts Prompts Wind-Up
GEORGE GANAS: Commences Liquidation Proceedings
HUNTER VALLEY: Placed Under Voluntary Liquidation
LAKESALLEN NOMINEES ET AL: General Meeting Set for November 14
M.A. COLEMAN: To Declare Dividend on November 21
MCCALL PERSONNEL ET AL: Members' Final Meeting Set for Today
NAMIR PTY: Placed Under Voluntary Liquidation
NICOLIC PROPRIETORS: Members and Creditors to Meet on November 14
PRODUXI PTY: To Declare Dividend on November 17
* Members & Creditors of 45 Companies Hold Final Meeting
* Fitch: Challenges Ahead for Government-Owned Seaport Sector
C H I N A
AGRICULTURAL BANK: Gets CNY130 Bil. Bailout from Government
FERROCHINA LIMITED: Creditors Plan to Seize and Sell Assets
JIANGXI COPPER: May Face Futures Trading Losses This Year
H O N G K O N G
A-ONE INVESTMENTS: Wind-Up Petition Hearing Set for November 26
ALL RIGHT: Wind-Up Petition Hearing Set for December 17
CARLSON INDUSTRIAL: Court to Hear Wind-Up Petition on December 24
CRYSTAL JADE: Creditors' Proofs of Debt Due on November 14
E T INTERNATIONAL: Court Enters Wind-Up Order
GLORY MUTUAL: Wind-Up Petition Hearing Set for December 17
HARMONIC HALL: To Pay Dividend on November 14
HING SHING: Court Enters Wind-Up Order
HUA YANG: Appoints Middleton and Cowley as Liquidators
KUEN SHING: Court Enters Wind-Up Order
LEADKEEN INDUSTRIAL: Creditors' Proofs of Debt Due on November 14
MARKING DEVICE: Placed Under Voluntary Liquidation
MOULIN GLOBAL: Creditors' Proofs of Debt Due on November 14
SILVER ELEGANT: Court Enters Wind-Up Order
SUN SOON: Placed Under Voluntary Liquidation
UNI-CAPITAL: Wind-Up Petition Hearing Set for December 10
I N D I A
CCS INFOTECH: CRISIL Rates Rs.64 Mil. Cash Credit Limits at 'BB+'
GENERAL MOTORS: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
JET AIRWAYS: Terminates 30 to 35 Expat Pilots
SMRUTHI ORGANICS: CRISIL Rates Rs.75 Mil. Long Term Loan at 'BB+'
J A P A N
ELPIDA MEMORY: To Delay Joint Venture in China
FORD MOTOR: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
JAPAN AIRLINES: 6 Months Operating Income Drops 47% to JPY30.2-BB
N E W Z E A L A N D
AMAZING GRAPES: Fixes Nov. 17 as Last Day to File Claims
BGI INVESTMENTS: Subject to LDC Finance's Wind-Up Petition
CT & JL: Creditors' Proofs of Debt Due on November 17
FITZPATRICK ENTERPRISES: Fixes Nov. 15 as Last Day to File Claims
G.K. HORTICULTURE: Faces Accident Compensation's Wind-Up Petition
G & D LOGAN: Court to Hear Wind-Up Petition on November 17
HARRIS ROAD: Court to Hear Wind-Up Petition on November 14
LEGGE CONTRACTING: Subject to CIR's Wind-Up Petition
LOCK STOCK: Fixes November 14 as Last Day to File Claims
MAKARANUI ENTERPRISES: Subject to Taumarunui's Wind-Up Petition
OCEANVIEW PROPERTY: Creditors' Proofs of Debt Due on November 12
PORTSMOUTH INVESTMENTS: Subject to Comfortplus' Wind-Up Petition
PURPLE MOSS: Court to Hear Wind-Up Petition on November 14
TANNADYCE INVESTMENTS: Subject to CIR's Wind-Up Petition
TECHNICAL WATER: Wind-Up Petition Hearing Set for November 17
TIHEMA CONTRACTORS: Subject to CIR's Wind-Up Petition
WEBNICHE LTD: Wind-Up Petition Hearing Set for November 17
T H A I L A N D
TRUE CORP: Moody's Continues to Monitor Ratings After Rights Issue
X X X X X X X X
* Moody's Sees Negative Outlook for Asia Pacific's Gaming Sector
- - - - -
=================
A U S T R A L I A
=================
ALLCO FINANCE: NAB Appoints Receivers to Rubicon
-------------------------------------------------
Following a request from the directors of Allco Finance Group-
managed Rubicon Holdings Australia Ltd., National Australia Bank
(NAB) has appointed Chris Campbell and Vaughan Strawbridge of
Deloitte as receivers and managers to the company.
NAB has an exposure of approximately AU$20 million to Rubicon and
is taking a provision against a proportion of this debt, the bank
said in a statement.
NAB said it is a lender to the underlying trusts in the Rubicon
group to the extent of approximately AU$170 million. These
borrowings are secured by assets, the trusts are performing and no
material losses are anticipated.
NAB also said it is a lender to other companies within the Allco
group. These loans are secured, currently performing and no
material losses are anticipated.
The exposure to Allco Principal Investments provisioned in
February 2008 was written off following the sale of the shares in
Allco Finance Group in May 2008, the bank said.
About Allco Finance
Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets. Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited. The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services. In July 2007, it acquired Allco Equity
Partners Ltd. In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.
Subsequent to the appointment of administrators to Allco, the
company's banking syndicate appointed Steve Sherman and
Peter Gothard of Ferrier Hodgson as receivers.
ALLCO HIT: Appoints Voluntary Administrators
--------------------------------------------
Allco HIT Limited (AHI) has appointed Neil Geoffrey Singleton and
Christopher Clarke Hill of PPB as voluntary administrators of the
company and its subsidiaries pursuant to section 436A of the
Corporations Act 2001.
Allco HIT's subsidiaries in administration are International
Mezzanine Funds Management (Australia) Pty Limited, MIF Pty
Limited, HIT Finance Pty Limited, HIT Operations Pty Limited,
Allco Strategic Holdings No. 1 Pty Limited, Allco Strategic
Holdings No. 2 Pty Limited, AllCommercial Finance Australia Pty
Limited, and IMFML Finance Pty Limited.
The company said its ordinary shares have been in voluntary
suspension since November 5, 2008.
About Allco HIT
Allco HIT Limited (ASX:AHI)-- http://www.allcohit.com.au/ -- is
an Australia-based diversified financial services company. Allco
HIT owns and operates a diversified portfolio of lending
businesses that provide asset financing and property related
lending services to small to medium enterprises and high net worth
individuals in Australia and the Asia Pacific region (Target
Sector). It also operates an investment portfolio of mezzanine
loans specifically in the asset and equipment finance, property
finance and financial asset sectors. On August 20, 2008, the
company completed the disposal of Momentum Investment Finance Pty
Ltd (Momentum), a specialist financier providing loans to
investors with a focus on timber and agricultural based managed
investment schemes.
AHI is managed by Allco Funds Management Limited, a wholly owned
subsidiary of Allco Finance Group Limited (AFG).
Allco Finance Group Ltd. (ASX: AFG) -- http://www.allco.com.au/
-- is an integrated global financial services business,
specializing in asset origination, funds creation and funds
management. The company is a fund manager of alternative assets
in its core asset classes, which include aviation, rail,
shipping, infrastructure, property, private equity and financial
assets. Its primary focus is on commercial property,
predominately completed office buildings and select development
opportunities. It also purchases new and existing commercial
passenger and cargo aircraft for lease to commercial airlines.
In March 2007, Allco HIT Limited acquired Momentum Investment
Finance Pty Limited, Allco Financial Services and International
Mezzanine Funds Management (Australia) Limited. The company is
a vendor of Momentum Investment Finance Pty Limited and Allco
Financial Services. In July 2007, it acquired Allco Equity
Partners Ltd. In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.
Subsequent to the appointment of administrators to Allco, the
company's banking syndicate appointed Steve Sherman and
Peter Gothard of Ferrier Hodgson as receivers.
ALWAYS PASTEL: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 23, 2008, the members
of Always Pastel Pty Limited resolved to voluntarily liquidate the
company's business.
BAKHOS & SONS: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on September 23, 2008, the members
of Bakhos & Sons Pty Limited resolved to voluntarily liquidate the
company's business.
BARROHAZ PTY: Placed Under Voluntary Liquidation
------------------------------------------------
The members of Barrohaz Pty Limited met on September 18, 2008, and
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Greg Bruce
50 Tilba Road
Mulgoa, New South Wales 2745
Australia
CRL (NSW): Members and Creditors to Meet on November 14
-------------------------------------------------------
The members and creditors of CRL (NSW) Pty Limited will meet on
November 14, 2008, at 10:30 a.m.
The company's liquidators are:
B. H. Allen
P. G. Burton
c/o Burton Glenn Allen
Chartered Accountants
57 Grosvenor Street, Level 2
Neutral Bay, NSW 2089
Australia
ESPRESSO COFFEE: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
The members of Espresso Coffee Merchants Pty Ltd met on Sept. 19,
2008, and agreed to voluntarily liquidate the company's business
due to its inability to pay its debts when it fall due.
The company's liquidator is:
Blair Bleash
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
Australia
FOURTUNE DEVELOPMENTS: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
The members of Fourtune Developments Pty Limited met on Sept. 18,
2008, and agreed to voluntarily liquidate the company's business
due to its inability to pay its debts when it fall due.
The company's liquidator is:
Blair Bleash
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000
Australia
GEORGE GANAS: Commences Liquidation Proceedings
-----------------------------------------------
During a general meeting held on September 24, 2008, the members
of George Ganas International Pty Limited agreed to voluntarily
liquidate the company's business.
HUNTER VALLEY: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Hunter Valley Skydiving Centre Pty Limited met on
September 23, 2008, and agreed to voluntarily liquidate the
company's business.
The company's liquidator is:
D. A. Hurst
Armstrong Wily Chartered Accountants
75 Castlereagh Street, Level 5
Sydney NSW 2000
Australia
LAKESALLEN NOMINEES ET AL: General Meeting Set for November 14
--------------------------------------------------------------
A General Meeting of the Members and Creditors of these companies
will be held at the office of G S Andrews & Associates, 22
Drummond Street, Carlton 3053 on November 14, 2008, for the
purpose of having an account laid before them showing the manner
in which the winding up has been conducted and the property of the
companies disposed of and of hearing any explanation that may be
given by the liquidator:
Company Meeting Time
------- ------------
LAKESALLEN NOMINEES PTY LTD 9:30 a.m.
RUMBERG NOMINEES PTY LTD
formally trading as KINGSWAY NEWSAGENTS 9:45 a.m.
SMR NOMINEES PTY LTD 10:00 a.m.
SOFTNEY PTY LTD 10:15 a.m.
TD2 PTY LTD. 10:30 a.m.
LITTLES SERVICE PTY LTD 10:45 a.m.
TONY GATES COATINGS (QLD.) PTY LTD 11:00 a.m.
S AND N LANDSCAPE & DESIGN PTY LTD 11:15 a.m.
KAIRY PTY LTD 11:30 a.m.
AAC BRICKLAYING PTY LTD 11:45 a.m.
A.D.R TRANSPORT CO. PTY LTD 12:00 p.m.
LADIC ENTERPRISES PTY LTD 12:15 p.m.
formally trading as PATHWAY
COMPUTER & IT SOLUTIONS
The liquidator is:
G. S. Andrews
G S Andrews & Associates
22 Drummond Street
Carlton VIC 3053
Telephone: (03) 9662 2666
Facsimile: (03) 9662 9544
M.A. COLEMAN: To Declare Dividend on November 21
------------------------------------------------
M.A. Coleman Joinery (NSW) Pty Limited will declare first and
final dividend on November 21, 2008.
Only creditors who were able to file their proofs of debt by
October 29, 2008, will be included in the company's dividend
distribution.
The company's deed administrator is:
R. J. Dean-Willcocks
Dean-Willcocks Insolvency Solutions
32 Martin Place, Level 2
Sydney NSW 2000
Australia
MCCALL PERSONNEL ET AL: Members' Final Meeting Set for Today
------------------------------------------------------------
A final meeting of members for each of these companies will be
held today, November 10, 2008, in the Meeting Room, Members
Voluntarys Pty Ltd 1st Floor, 10 Park Road, Cheltenham at these
times:
Company Meeting Time
------- ------------
MCCALL PERSONNEL PTY. LTD. 9:30 a.m.
SIGTEC INCENTIVE PLAN LTD 9:15 a.m.
SHANOW PTY LTD 9:30 a.m.
TREIGHTER PARK PTY LTD 9:45 a.m.
DELECTONIS PTY. LTD. 10:00 a.m.
A.C.N. 079 160 866 PTY LTD 10:15 a.m.
A.C.N. 078 734 111 PTY LTD 10:30 a.m.
L.R. HERMAN PTY. LTD. 10:45 a.m.
MEL INVESTMENTS PTY. LTD. 11:00 a.m.
RIVERVIEW ASSET MANAGEMENT PTY LTD 11:15 a.m.
The purpose of each of the meetings is to lay accounts before it
showing the manner in which the winding up has been conducted and
the property of each of the companies has been disposed of and of
hearing any explanation that may be given by the Liquidator.
The liquidator is:
Richard Judson
Members Voluntarys Pty Ltd
10 Park Road, 1st Floor
Cheltenham VIC 3192
NAMIR PTY: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting held on September 24, 2008,
the members of Namir Pty Ltd agreed to voluntarily liquidate the
company's business.
The company's liquidator is:
B. P. Woodward
B P Woodward & Associates
Suite 501, 83 York Street
Sydney NSW 2000
Australia
NICOLIC PROPRIETORS: Members and Creditors to Meet on November 14
-----------------------------------------------------------------
The members and creditors of Nicolic Proprietors Pty Limited will
meet on November 14, 2008, at 10:00 a.m.
The company's liquidators are:
B. H. Allen
P. G. Burton
c/o Burton Glenn Allen
Chartered Accountants
57 Grosvenor Street, Level 2
Neutral Bay, NSW 2089
Australia
PRODUXI PTY: To Declare Dividend on November 17
-----------------------------------------------
Produxi Pty Limited will declare dividend on November 17, 2008.
Only creditors who were able to file their proofs of debt by
Oct. 29, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
Michael Slaven
Kazar Slaven
Engineering House, Level 3
11 National Circuit
Barton ACT 2600
* Members & Creditors of 45 Companies Hold Final Meeting
--------------------------------------------------------
Meetings of the members or creditors of about 45 companies were
held for the purpose of having an account laid before them showing
the manner in which the winding up has been conducted and the
property of the company disposed of and hearing any explanation
that may be given by the liquidators.
* October 7
Company Liquidator
------- ----------
A&P CONTRACTING PTY LTD SUSAN CARTER
* October 9
Company Liquidator
------- ----------
GTP (NSW) PTY LTD RICHARD JUDSON
Judson & Co
Chartered Accountants
10 Park Road, 1st Floor
Cheltenham VIC 3192
Telephone: (03) 9585 5227
TRIDENT AIR CONDITIONING
SERVICES PTY LTD RICHARD JUDSON
Judson & Co
Chartered Accountants
10 Park Road, 1st Floor
Cheltenham VIC 3192
Telephone: (03) 9585 5227
* October 17
Company Liquidator
------- ----------
L.J. SULLIVAN PTY LTD ROBERT WALTER CLARKE
* October 21
Company Liquidator
------- ----------
ROBERT CORNWALL PTY LTD DON KNIGHT
KPMG
Corporate Centre One,
Level 11
Cnr Bundall Road and
Slatyer Avenue
Bundall QLD 4217
Telephone: (07) 5577 7555
ASNIGO PTY LTD G. M. CARRELLO
Grant Thornton
10 Kings Park Road, Level 1
West Perth WA 6005
* October 24
Company Liquidator
------- ----------
JORDAN CONSTRUCTION CO. PTY. LTD. THOMAS J. COOGAN
* October 29, 2008
Company Liquidator
------- ----------
LAT 27 PTY LTD Currie Biazos
Insolvency Accountants
99 Creek Street, Level 5
Brisbane, Qld 4000
LINDEN BROS PROPRIETARY LIMITED WARREN WHITE
PPB
Chartered Accountants
90 Collins Street, Level 10
Melbourne VIC 3000
THE KITCHENER INVESTMENT CO PTY LTD PAUL V. JORGENSEN
c/o Kennedy & Co
Chartered Accountant
140 Greenhill Road
Unley SA 5061
* October 30
Company Liquidator
------- ----------
CONTACT PLUS GROUP PTY LTD A. R. YEO
J. & D.A. FRITH FAMILY
INVESTMENTS PTY. LTD. ANTHONY R. CANT
Romanis Cant
Chartered Accountants
106 Hardware Street
Melbourne VIC 3000
ACN 004 783 402 PTY LTD STEPHEN GRAHAM LONGLEY
PricewaterhouseCoopers
Freshwater Place
2 Southbank Boulevard
Southbank VIC 3006
BUNDY HOLDINGS (QLD) PTY LTD formerly JONATHAN MCLEOD
trading as BUNDY BROTHERS GLASS
CAMKO SERVICES PTY LTD JONATHAN MCLEOD
FULL QUIVER INTERNATIONAL PTY LTD JONATHAN MCLEOD
also formerly trading as ARIMATHEA
QUARRIES and CORMA EMPLOYMENT SERVICES
JOHN'S SIGNWRIGHTING PTY LTD formerly JONATHAN MCLEOD
known as BRAGGS SIGNS PTY LTD
MICHAEL JAMES HOLDINGS PTY LTD JONATHAN MCLEOD
NOWUREEZ PTY LTD JONATHAN MCLEOD
PACIFIC ARTISTS MANAGEMENT PTY. LTD. JONATHAN MCLEOD
SML HAULAGE PTY LTD JONATHAN MCLEOD
ZENITH FINANCE QLD PTY LTD JONATHAN MCLEOD
FLEXIBLE SECURITY (WA) PTY LTD C. M. WILLIAMSON
WA Insolvency
Solutions Pty Ltd
40 St George's Terrace,
Level 12
Perth WA 6000
WILD BISCUIT & BREAD COMPANY PTY LTD R. G. SHOOBRIDGE
Deloitte Touche Tohmatsu
ANZ Centre, Level 9
22 Elizabeth Street
Hobart TAS 7000
Telephone: (03) 6237 7000
Facsimile: (03) 6237 7001
FELCO INDUSTRIES PTY LTD Richard George Shoobridge
Steven Allan Hernyk
Deloitte Touche Tohmatsu
Chartered Accountants
ANZ Centre, Level 9
22 Elizabeth Street
Hobart TAS 7000
Telephone: (03) 6237 7000
Facsimile: (03) 6237 7001
SABIL INVESTMENTS PTY LTD BERNARD EDMONDSON
Edmondson Turner & Co.
Chartered Accountants
439 Bay Street
Brighton VIC 3186
Telephone: (03) 9596 7522
Facsimile: (03) 9596 7278
* October 31
Company Liquidator
------- ----------
TOUCHCORP STAFF FINANCE PTY LTD JOHN GEORGAKIS
KATHRYN WARWICK
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000
Telephone: (03) 9288 8000
REOFORCE SYSTEMS PTY LTD ADRIAN BROWN
Ferrier Hodgson
600 Bourke Street, Level 29
Melbourne VIC 3000
Telephone: (03) 9600 4922
Facsimile: (03) 9642 5887
ALL IN ONE GRINDING & FLOOR
PREPARATION PTY LTD PAUL BURNESS
Worrells
Solvency & Forensic
Accountants
15 Queen Street, Level 5
Melbourne VIC 3000
Telephone: (03) 9613 5511
Facsimile: (03) 9614 3233
http://www.worrells.net.au
BIG CREEK PASTORAL COMPANY PTY LTD CORNELIS A. ROGGEVEEN
COWLEY PASTORAL COMPANY PTY LTD CORNELIS A. ROGGEVEEN
GO CORPORATION PTY LTD JULIE WILLIAMS
Insolvency and Turnaround
Solutions
360 Queen Street, Level 4
Brisbane QLD 4000
Telephone: (07) 3221 7433
Facsimile: (07) 3221 7437
ONECARD AUSTRALIA PTY LTD JULIE WILLIAMS
Insolvency and Turnaround
Solutions
360 Queen Street, Level 4
Brisbane QLD 4000
Telephone: (07) 3221 7433
Facsimile: (07) 3221 7437
W. W. CONTRACTING PTY LTD P. A. LUCAS
CRYSTAL VALLEY NURSERY PTY LTD JUSTIN CADMAN
McLaren Knight
12-24 Toogood Road, Suite 17
Woree QLD 4868
HALGIVAN PTY LTD MARK PEARCE
Pearce & Heers
Insolvency Accountants
Telephone: (07) 3221 0055
DUDGEON INDUSTRIES PTY. LTD. K. S. WALLMAN
LEYMAC PTY LTD K. S. WALLMAN
TARELLA ESTATE PTY LTD GLENN TRINICK
Tarella Estate Pty Ltd
6 Harvest Road
North Fremantle WA 6159
Telephone: (08) 9433 3606
PHOENIX (WA) PTY LTD
previously trading as
TOM PRICE ENGINEERING CONSTRUCTION
& SCAFFOLDING SERVICES GARY ANDERSON
PO Box 1661
West Perth WA 6872
Telephone: (08) 9486 7822
Facsimile: (08) 9226 4250
Email garya@iinet.net.au
FIDEN ENTERPRISES PTY LTD K. S. WALLMAN
CARBIRD PTY LTD formerly
trading as HAWK RENT A CAR C. M. WILLIAMSON
WA Insolvency
Solutions Pty Ltd
40 St Georges Terrace,
Level 12
Perth WA 6000
JAYPAT PROPERTIES PTY LTD Rankin Tucker Lawyers
190 Flinders Street, Level 1
Adelaide SA 5000
Telephone: (08) 8223 5055
OCTAL PTY LTD GEORGE DIVITKOS
BDO Kendalls (SA)
248 Flinders Street
Adelaide SA 5000
* November 3
Company Liquidator
------- ----------
MARTINDALES PTY LIMITED R. J. WISHART
FOTO FLAIR PTY LTD A. C. MATTHEWS
Anthony Matthews &
Associates
Chartered Accountants
46 Fullarton Road
Norwood SA 5067
Telephone: (08) 8363 9505
Facsimile: (08) 8363 9505
* Fitch: Challenges Ahead for Government-Owned Seaport Sector
-------------------------------------------------------------
Fitch Ratings has said, in a special report on Australia's
Seaports sector, that while the sector has enjoyed a positive
operating environment since the early 2000s due to a robust
domestic economy and strong demand for the country's commodities,
signs of stress have been increasing on the back of capacity-
related pressures, especially at some of Australia's busiest coal-
exporting seaports.
"The sight of vessels queuing outside the harbor and bottlenecks
at the seaports clearly show capacity has not been managed as well
as it should have been," says Dan Ong, Director on the agency's
Corporate team. Capacity management requires a strategic and
coordinated approach, and continuous investment in facilities and
infrastructure of seaports and along the entire supply chain
(which requires commitments from both users and seaport owners).
Fitch notes that investment in capacity related projects since the
early 2000s has been lagging well behind the build-up in demand,
especially in the regional/commodity seaports, because users are
reluctant to commit to new capacity when demand for their
commodities was low.
The report observes that the major city seaports such as those in
Sydney, Melbourne and Brisbane, have managed capacity needs much
better than their regional seaport peers. This is largely
attributed to the nature of their trade throughput which is less
voluminous compared to the bulk commodities such as iron ore and
coal. Also, their trade throughput is diversified and includes
import trade throughput which is relatively stable even during
periods of economic downturn; this makes it easier to forecast
demand capacity compared to the regional seaports which are
influenced by the cyclical demand of the commodity sector.
Fitch notes both city seaports and regional seaports have
significant market positions as they operate in near monopolistic
environments and have strong shareholder support in the form of
the respective state governments. However, in general the regional
seaports tend to have higher business risks due to the lack of
diversification of their trade base and a heavy reliance on the
commodity sector, and therefore exposure to commodity cycles.
The full report, "Government-owed seaport sector - Tailwind or
Headwind Ahead?" is available on Fitch's Web site,
http://www.fitchratings.com/
=========
C H I N A
=========
AGRICULTURAL BANK: Gets CNY130 Bil. Bailout from Government
-----------------------------------------------------------
The Agricultural Bank of China has received a CNY130 billion
(US$19 billion) capital injection from Central Huijin Investment
Ltd, to start off its restructuring plan, various reports say.
According to the Shanghai Daily, the bank said Central Huijin, an
arm of China's sovereign wealth fund, and the Ministry of Finance
will each hold a 50 percent stake in ABC after the bailout.
"The Central Huijin capital injection is a key step in ABC's
reform. The bailout will effectively help boost the bank's
capital, improve the balance sheet and strengthen profitability,"
Shanghai Daily cited ABC.
Citing ABC's Vice President Pan Gongsheng, Bloomberg News says
that the bank plans to raise at least another CNY70 billion (US$10
billion) selling subordinated bonds before its planned initial
public offering.
Bloomberg News notes that the bailout completes a reorganization
of the nation's banking industry that has so far cost the
government about US$650 billion. According to Bloomberg, ABC
plans to complete preparations for an initial public share
offering in the second half of next year, following a template
used by Industrial & Commercial Bank of China Ltd., China
Construction Bank Corp. and Bank of China Ltd.
About Agricultural Bank of China
Agricultural Bank of China -- http://www.abchina.com/-- is the
mainland's fourth largest bank. It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.
* * *
In May 2008, a Xinhua News report said Agricultural Bank of
China's non-performing loan (NPL) ratio increased 0.07
percentage points to 23.5% last year as it assessed bad loans
more strictly to prepare for a share-holding reform. The bank,
the Xinhua News relates, reported its NPLs at CNY817.97 billion
(US$116.9 billion) as of the end of 2007.
The Bank carries an 'E' Individual rating from Fitch Ratings.
As reported in The Troubled Company Reporter-Asia Pacific on
October 28, 2008, Moody's Investors Service affirmed all ratings
of the Agricultural Bank of China and changed the outlook on its E
bank financial strength rating to positive from stable. The
action does not affect ABC's A1/Prime-1 foreign currency deposit
ratings, which maintain their stable outlook.
FERROCHINA LIMITED: Creditors Plan to Seize and Sell Assets
-----------------------------------------------------------
Citigroup Inc. and Citadel Investment Group LLC are among foreign
creditors forming a plan to seize and sell the assets of
FerroChina Ltd., a Chinese steelmaker that owes about US$1
billion, Bloomberg News reports citing three people involved in
the matter.
According to Bloomberg, these people said the creditors hired
London-based law firm Clifford Chance LLP to help them recoup
US$130 million of bonds due 2011 and US$160 million of loans.
CLSA Capital Partners and Credit Suisse Group AG are also seeking
recoveries, they said, Bloomberg notes.
Loan Default
Due to the current economic crisis, the company said it is unable
to repay part of its working capital loans aggregating
approximately RMB706 million which has become due and payable. As
a result, further loan facilities and notes of approximately
RMB2.03 billion may potentially become due and payable.
There are some other working capital loans of RMB2.49 billion
which may also become due and payable. The company is currently
in active negotiations with its financial lenders to explore
various options (including refinancing) to address its repayment
obligations. There is however no assurance that these
negotiations or discussions will be successful, in which event,
the Group will not have sufficient cash to satisfy its financial
obligations.
Manufacturing Operations Ceased
In view of the liquidity issues which the Group is currently
facing, the company said it has temporarily ceased its
manufacturing operations in its factories located in Changshu
City, Jiangsu, PRC and Changshu Riverside Industrial Park,
Jiangsu, PRC. The company is of the view that this temporary
cessation is in the interest of the Group as a whole and expects
to review and (if applicable) make further announcements, as and
when developments necessitate. As a prudent measure, the company
has further requested and Changshu City government has offered to
provide any assistance which the company may require to help
preserve or safeguard its assets in the PRC.
Court Proceedings by Creditors
In a press statement, the company said that various creditors of
the company's PRC subsidiaries, including lenders and suppliers,
have commenced PRC court proceedings to claim for amounts owing by
these subsidiaries. The subsidiaries involved comprise:
(a) Changshu Xinghai Advanced Building Material Co., Ltd;
(b) Changshu Xingyu Advanced Building Material Co., Ltd;
(c) Changshu Xingdao Advanced Building Material Co., Ltd;
(d) Changshu Everbright Material Technology Co., Ltd;
(e) Tianjin Everbright Material Technology Co., Ltd; and
(f) Changshu Changgang Steel Plate Co., Ltd
In addition, the company said it faces a total of 169 lawsuits
with an aggregate claim amount of approximately RMB4.47 billion.
The company is currently in talk with its major creditors on
possible debt restructuring scheme. To-date, a majority of these
creditors have also obtained court orders to preserve and freeze
the assets and properties of these Subsidiaries for the purpose of
execution in the event they are successful in their claims. The
assets that are affected by such court orders include the
Subsidiaries' plants and machineries, inventory, fixtures and bank
accounts.
Appointment of Receivers
The company said it has also received a notice from
PricewaterhouseCoopers Singapore that it has been appointed as
receiver over the shares of the company's wholly-owned
subsidiaries:
(a) Trigo Lucky, being the immediate holding company
of Xinghai and Xingyu; and
(b) Twin Well, being the immediate holding company
of Xingdao,
pursuant to a debenture granted by the company in favor of
Citibank, N.A., London Branch acting as notes trustee in respect
of US$130 million guaranteed notes due 2011 issued by the company.
PWCS has approached the company for information on the Group and
the company is working with PWCS on the same, FerroChina said.
Ongoing Discussions with Creditors
and Potential Investors
The company's appointed task forces are actively working with its
professional advisers on a restructuring proposal and are in touch
with the Group's creditors and a few potential investors on its
restructuring plan.
The company said it will continue to keep shareholders updated on
any material developments in its restructuring efforts.
About FerroChina
FerroChina Limited (SIN:F33) -- http://www.ferro-china.com/ –is
an independent flat steel value-added processors in China. Its
subsidiaries are engaged in the production and sale of galvanized
steel coils and other related products; production and sale slab
billet and other related products, and investment holding. The
Company's customers are steel trading companies, steel structure
engineering companies and steel processing companies in China
covering industries including construction, agricultural,
infrastructure, consumer electronics, automobiles spare parts,
computer parts, building materials and industrial applications. On
January 18, 2007, it acquired 35.45% of the equity interest in
China GalvaTech Holdings Limited. On October 30, 2007, it
acquired Superb Team Limited. On January 3, 2008, it incorporated
a wholly owned subsidiary, Ferro Resources Pte Ltd.
JIANGXI COPPER: May Face Futures Trading Losses This Year
---------------------------------------------------------
Jiangxi Copper Company Limited may lose between CNY452 million
(US$66 million) and CNY904 million from futures trading this year,
Shanghai Daily reports citing Morgan Stanley analyst Berry He.
In a research note cited by the report, Ms. He said most losses
were probably incurred in October as it liquidated short positions
in Shanghai while long positions in London were left open amid
falling metal prices. Long positions are bets prices will rise,
while short positions anticipate falling prices, Shanghai Daily
notes.
As reported in the Troubled Company Reporter-Asia Pacific on
October 27, 2008, Reuters related that Jiangxi Copper reported a
27% drop in third-quarter net profit to CNY919.5 million, which
included investment losses of CNY172 million, and made an
investment income of CNY62.8 million for the same period last
year. In the first nine months of this year, it booked CNY82.3
million in investment profit versus CNY127.5 million a year
earlier.
About Jiangxi Copper
Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an
integrated producer of copper in the People's Republic of China.
The company's operations consist of copper mining, milling,
smelting and refining to produce copper cathode and other
related products, including pyrite concentrates, sulphuric acid
and electrolytic gold and silver. It also provides smelting and
refining services pursuant to tolling arrangements for
customers.
* * *
The company continues to carry Xinhua Far East China Ratings'
"BB+" issuer credit rating.
===============
H O N G K O N G
===============
A-ONE INVESTMENTS: Wind-Up Petition Hearing Set for November 26
---------------------------------------------------------------
The High Court of Hong Kong will hear on November 26, 2008, at
9:30 a.m., a petition to have A-One Investments Limited's
operations wound up.
DB Trustees (Hong Kong) Limited filed the petition against the
company on September 23, 2008.
DB Trustees' solicitor is:
Mallesons Stephen Jaques
Two International Finance Centre, 37th Floor
8 Finance Street
Central, Hong Kong
ALL RIGHT: Wind-Up Petition Hearing Set for December 17
-------------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2008, at
9:30 a.m., a petition to have All Right Holdings Limited's
operations wound up.
Grand Field Group Investments (BVI) Limited filed the petition
against the company on October 15, 2008.
Grand Field's solicitors are:
Yuen & Partners
Chiyu Bank Building, 10th Floor
78 Des Voeux Road, Central
Hong Kong
Telephone: 2815 2688
Facsimile: 2514 2088
CARLSON INDUSTRIAL: Court to Hear Wind-Up Petition on December 24
-----------------------------------------------------------------
A petition to have Carlson Industrial (H.K.) Limited's operations
wound up will be heard before the High Court of Hong Kong on
December 24, 2008, at 9:30 a.m.
The petitioner's solicitors are:
Knight & Ho
Admiralty Centre, Tower I
Room 904B, 9th Floor
No. 18 Harcourt Road
Admiralty, Hong Kong
CRYSTAL JADE: Creditors' Proofs of Debt Due on November 14
----------------------------------------------------------
The creditors of Crystal Jade Restaurant Limited are required to
file their proofs of debt by November 14, 2008, to be included in
the company's dividend distribution.
The company's liquidators are:
Messrs. Bruno Arboit
Simon Blade
China Merchants Tower, 12th Floor
Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong
E T INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
On October 3, 2008, the High Court of Hong Kong entered an order
to have E T International Company Limited's operations wound up.
Mat Ng is the company's liquidator.
GLORY MUTUAL: Wind-Up Petition Hearing Set for December 17
----------------------------------------------------------
The High Court of Hong Kong will hear on December 17, 2008, at
9:30 a.m., a petition to have Glory Mutual International Limited's
operations wound up.
Hang Seng Bank Limited filed the petition against the company on
December 17, 2008.
Hang Seng Bank's solicitors are:
Li, Kwok & Law
Man Yee Building, Units 1204-6
68 Des Voeux Road Central
Hong Kong
HARMONIC HALL: To Pay Dividend on November 14
---------------------------------------------
Harmonic Hall Optical Disc Limited, which is in compulsory
liquidation, will pay final preferential dividend on November 14,
2008.
The company will pay 4.27% to all received claims.
HING SHING: Court Enters Wind-Up Order
--------------------------------------
On July 18, 2008, the High Court of Hong Kong entered an order to
have Hing Shing (HK) Trading Co., Limited's operations wound up.
Mat Ng is the company's liquidator.
HUA YANG: Appoints Middleton and Cowley as Liquidators
------------------------------------------------------
On October 9, 2008, Edward Middleton and Patrick Cowley were
appointed as liquidators of Hua Yang Printing Holdings Co. Ltd.
The Liquidators can be reached at:
Edward Middleton
Patrick Cowley
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
KUEN SHING: Court Enters Wind-Up Order
--------------------------------------
On September 4, 2008, the High Court of Hong Kong entered an order
to have Kuen Shing Transportation Limited's operations wound up.
Mat Ng is the company's liquidator.
LEADKEEN INDUSTRIAL: Creditors' Proofs of Debt Due on November 14
-----------------------------------------------------------------
The creditors of Leadkeen Industrial Limited are required to file
their proofs of debt by November 14, 2008, to be included in the
company's dividend distribution.
The company's liquidators are:
Roderick John Sutton
Desmond Chung Seng Chiong
c/o Ferrier Hodgson Limited
Hong Kong Club Building, 14th Floor
3A Chater Road
Central, Hong Kong
MARKING DEVICE: Placed Under Voluntary Liquidation
--------------------------------------------------
Marking Device Limited commenced liquidation proceedings on
January 11, 2008.
The company's liquidators are:
Anthony Nedderman
Yan Miu Ping
c/o Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
MOULIN GLOBAL: Creditors' Proofs of Debt Due on November 14
-----------------------------------------------------------
The creditors of Moulin Global Eyecare Trading Limited are
required to file their proofs of debt by November 14, 2008, to be
included in the company's dividend distribution.
The company's liquidators are:
Roderick John Sutton
Desmond Chung Seng Chiong
c/o Ferrier Hodgson Limited
Hong Kong Club Building, 14th Floor
3A Chater Road
Central, Hong Kong
SILVER ELEGANT: Court Enters Wind-Up Order
------------------------------------------
On September 4, 2008, the High Court of Hong Kong entered an order
to have Silver Elegant Limited's operations wound up.
Mat Ng is the company's liquidator.
SUN SOON: Placed Under Voluntary Liquidation
--------------------------------------------
Sun Soon King Restaurant Limited commenced liquidation proceedings
on July 19, 2006.
The company's liquidators are:
Anthony Nedderman
Yan Miu Ping
c/o Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
UNI-CAPITAL: Wind-Up Petition Hearing Set for December 10
---------------------------------------------------------
The High Court of Hong Kong will hear on December 10, 2008, at
9:30 a.m., a petition to have Uni-Capital Limited's operations
wound up.
Deutsche Bank A.G. filed the petition against the company on
October 6, 2008.
Deutsche Bank's solicitor is:
JSM
Prince's Building, 18th Floor
10 Chater Road, Central
Hong Kong
=========
I N D I A
=========
CCS INFOTECH: CRISIL Rates Rs.64 Mil. Cash Credit Limits at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of CCS Infotech Ltd.
Rs.5 Million Long Term Loan BB+/Stable (Assigned)
Rs.156.5 Million Proposed BB+/Stable (Assigned)
Long Term Loan
Rs.64 Million Cash Credit BB+/Stable (Assigned)
Limits
Rs.10 Million Letter of Credit P4 (Assigned)
Limits
Rs.14.5 Million Bank Guarantee P4 (Assigned)
Limits
The ratings reflect CCS Infotech's exposure to risks relating to
implementation of its retail expansion project, and the expected
deterioration in its financial risk profile. However, these
weaknesses are partially offset by CCS Infotech's established
position in system integration and computer hardware market with
good client profile.
As part of this rating exercise, CRISIL has combined the financial
profiles of CCS Infotech and its subsidiary, CCS Infotech
Singapore Pte Ltd (CCS Singapore). This is because CCS Singapore
is managed by the promoters of CCS Infotech, and both companies
have a common line of business and a two-way fungibility of funds
exists between them.
Outlook: Stable
CRISIL believes that CCS Infotech will maintain its above average
business risk profile over the medium term, backed by expected
growth in the IT hardware retailing business. The outlook may be
revised to 'Positive if CCS Infotech's entry into the retail
business results in substantial improvement in its cash flows and
margins, resulting in a healthy financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in CCS Infotech's operating margins and cash
flows on account of intense competition in the IT hardware market,
or if it achieves lower than expected success in its retail
expansion initiative.
About CCS Infotech
Set up as a partnership firm in 1989 by Mr. H Ratnakumar and
Mr. M A Hasan Abdul Kadar, and incorporated as a public limited
company in 1997, CCS Infotech assembles desktops, servers, and
notebooks, and provides system integration and networking
solutions. CCS Infotech started its retail IT operations in March
2008 by opening six outlets in Chennai. The company's retail
outlets sell multi-branded IT and lifestyle products. For 2007-
08, CCS Infotech reported a profit after tax (PAT) of Rs.7.07
million on a turnover of Rs.613.6 million, as against a PAT of
Rs.20.3 million on net sales of Rs.491.3 million for 2006-07.
GENERAL MOTORS: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
------------------------------------------------------------------
John Hughes and Angela Greiling Keane at Bloomberg News reports
that General Motors Corp., Ford Motor Co., and Chrysler LLC chief
executive officers, met with House Speaker Nancy Pelosi about
their request for another US$25 billion in government-backed
loans.
According to Bloomberg, House Speaker Pelosi said that the meeting
was "very positive."
Bloomberg relates that United Auto Workers chief Ronald
Gettelfinger and other House members, including John Dingell of
Michigan and George Miller of California, also attended the
meeting.
Automakers, says Bloomberg, have sought $50 billion in loans from
the government since August 2008, winning half with an Energy
Department program to help retool plants to construct fuel-
efficient models.
President-elect Barack Obama, according to Bloomberg, has called
for a US$175 billion stimulus package to follow the US$168 billion
package signed into law in February 2008.
Bloomberg states that a stimulus bill might be a chance to get the
second US$25 billion financial aid from the government. The bill,
states the report, may be taken up before President George W. Bush
steps down.
Automakers could soon start applying for money under an existing
US$25 billion package of low-interest loans to help them meet
fuel-efficiency requirements, John Crawley and Richard Cowan at
Reuters relates, citing the Bush administration. Reuters states
that the government said it would listen to other ideas as the
Democratic-led Congress considers the request for further
assistance.
Citing people familiar with the source, Jeff Green at Bloomberg
relates that GM is focused on winning government financial aid to
make it through next year, not to help a merger with Chrysler.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General Motors
India. GM India has 95 sales points and over 110 service centers.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.
At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion. For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.
JET AIRWAYS: Terminates 30 to 35 Expat Pilots
---------------------------------------------
The Times of India reported that Jet Airways India Ltd has
terminated the services of 30-35 expat pilots from its 737-400
fleet.
According to the report, the decision was taken at a meeting on
Wednesday, November 5, between top Jet management and its owner
Naresh Goyal.
"Yes, this is true. Four of these planes were grounded and we
don't need so many expats," the Times quoted a Jet source as
saying.
Jet Airways, the Times relates, has some 258 expat pilots, with
198 flying the B-777s and A-330s and 60 piloting the 737s. Most
of the expats in various airlines fly the modern wide-bodied,
long-range B-777s and the B-737-800s, the report notes.
The Times says that a Jet Airways spokesperson confirmed that
notices had been served on some expat pilots.
About Jet Airways (India) Ltd
Jet Airways (India) Ltd currently operates a fleet of 84 aircraft,
which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200
aircraft, 52 classic and next generation Boeing 737-
400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop
aircraft. With an average fleet age of 4.34 years, the airline
has one of the youngest aircraft fleet in the world. Jet Airways
operates over 395 flights daily.
Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai. The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2008, Jet Airways (India) Ltd posted a net loss from
ordinary Activity After Tax of Rs.3845.30 million for the quarter
ended Sept. 30, 2008 as compared to net profit of Rs.283.60
million for the quarter ended Sept. 30, 2007. Total Income
meanwhile has increased from Rs.22541.10 million for the quarter
ended Sept. 30, 2007 to Rs.32580.40 million for the quarter ended
Sept. 30, 2008.
The company blamed the loss on high fuel and other operating costs
and lower load factors resulting into lower revenues than
expected. For the current quarter, Jet Airways' fuel expenses
more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same
period last year.
SMRUTHI ORGANICS: CRISIL Rates Rs.75 Mil. Long Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its bank loan ratings of 'BB+/Stable/P4' to
the various bank facilities of Smruthi Organics Ltd.
Rs.75 Million Long Term Loan BB+/Stable (Assigned)
Rs.20 Million Proposed Long BB+/Stable (Assigned)
Term Loan
Rs.220 Million Cash Credit BB+/Stable (Assigned)
Limits
Rs.150 Million Letter of P4 (Assigned)
Credit Limits
Rs.20 Million Bank Guarantee P4 (Assigned)
Limits
These ratings reflect the company's leveraged capital structure
and limited financial flexibility. The ratings also factor in the
company's exposure to risks relating to product concentration in
revenue profile, strained working capital cycle, and intense
competition in the active pharmaceutical ingredients (APIs)
industry. These weaknesses are partially offset by the company's
good customer base and increasing exports as a result of approvals
from United States Food and Drug Administration (USFDA) and
European Union Good Manufacturing Practices (EU GMP) for its
manufacturing facilities.
Outlook: Stable
CRISIL believes that Smruthi Organics will continue to operate
with a leveraged capital structure over the medium term. The
company is expected to benefit from increasing exports to global
pharmaceutical companies for supply of APIs, by leveraging upon
the USFDA approval. The outlook may be revised to 'Positive' if
Smruthi Organics strengthens its capital base by infusing
additional equity, or reports higher-than-expected revenues.
Conversely, the outlook may be revised to 'Negative if the capital
structure deteriorates further.
About Smruthi Organics
Founded in 1989 by Mr. Eaga Purushotham, Smruthi Organics began
operations by manufacturing APIs. The company went public in
1995. Smruthi Organics manufactures bulk drugs and drug
intermediates, and derives more than 80 per cent of its revenues
from sale of APIs. The key APIs manufactured are norfloxacin,
metformin and amlodipine which together contribute to more than 50
percent of its revenues. Smruthi Organics is International
Standards Organisation (ISO) 9001:2000 certified. The company has
filed four drug master files (DMFs) in the regulated markets,
while few others are in the final stages of filing. For 2007-08,
(refers to financial year, April 1 to March 31) Smruthi Organics
reported a profit after tax (PAT) of Rs.18.87 million on net sales
of Rs.508.64 million, as against a PAT of Rs.23.88 million on net
sales of Rs.492.43 million for 2006-07.
=========
J A P A N
=========
ELPIDA MEMORY: To Delay Joint Venture in China
----------------------------------------------
Elpida Memory, Inc., said it will delay the start of operations of
a China-based DRAM manufacturing joint venture.
Elpida planned the manufacturing joint venture with SVG, a Chinese
venture capital group based in Suzhou City. The JV was scheduled
to begin operations in the first quarter of CY 2010. However,
given an unprecedented slump in the DRAM market and the uncertain
global economy, Elpida and SVG decided to delay the start of the
operations for about one year or until a market recovery is
forecast. Both companies will determine the best time to bring
the China facility into operation by carefully observing DRAM
market conditions.
Elpida Memory Inc. -- http://www.elpida.com.-- is a leading
manufacturer of Dynamic Random Access Memory (DRAM) integrated
circuits. The company's design, manufacturing and sales
operations are backed by world class technology expertise. Its
300mm manufacturing facilities, Hiroshima Plant and a
Taiwan-based joint venture Rexchip Electronics, utilize the most
advanced manufacturing technologies available. Elpida's advanced
portfolio features such characteristics as high-density,
high-speed, low power and small packaging profiles. The company
provides DRAM solutions across a wide range of applications,
including high-end servers, mobile phone and digital consumer
electronics.
* * *
On September 16, 2008, the Troubled Company Reporter-Asia Pacific,
reported that Standard & Poor's Ratings Services revised the
outlook on its long-term corporate credit rating on Elpida Memory
Inc. to negative from stable. The downward revision is based on
the increasing uncertainty over prospects for a future earnings
recovery, as well as the company's ability to maintain its
financial soundness over the next two to three years, amid further
stagnation in the Dynamic Random Access Memory (DRAM) market. At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and long-term senior unsecured debt ratings on the company.
FORD MOTOR: Seeks Another US$25BB Gov't Aid; Meets With Pelosi
--------------------------------------------------------------
John Hughes and Angela Greiling Keane at Bloomberg News reports
that General Motors Corp., Ford Motor Co., and Chrysler LLC chief
executive officers, met with House Speaker Nancy Pelosi about
their request for another US$25 billion in government-backed
loans.
According to Bloomberg, House Speaker Pelosi said that the meeting
was "very positive."
Bloomberg relates that United Auto Workers chief Ronald
Gettelfinger and other House members, including John Dingell of
Michigan and George Miller of California, also attended the
meeting.
Automakers, says Bloomberg, have sought $50 billion in loans from
the government since August 2008, winning half with an Energy
Department program to help retool plants to construct fuel-
efficient models.
President-elect Barack Obama, according to Bloomberg, has called
for a US$175 billion stimulus package to follow the US$168 billion
package signed into law in February 2008.
Bloomberg states that a stimulus bill might be a chance to get the
second US$25 billion financial aid from the government. The bill,
states the report, may be taken up before President George W. Bush
steps down.
Automakers could soon start applying for money under an existing
US$25 billion package of low-interest loans to help them meet
fuel-efficiency requirements, John Crawley and Richard Cowan at
Reuters relates, citing the Bush administration. Reuters states
that the government said it would listen to other ideas as the
Democratic-led Congress considers the request for further
assistance.
Citing people familiar with the source, Jeff Green at Bloomberg
relates that GM is focused on winning government financial aid to
make it through next year, not to help a merger with Chrysler.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents. With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda. The company provides
financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region,
through Ford Japan Limited.
The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom. The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.
JAPAN AIRLINES: 6 Months Operating Income Drops 47% to JPY30.2-BB
-----------------------------------------------------------------
Japan Airlines International Company Limited disclosed its
consolidated half-year results for financial year 2008, the period
from April 1, 2008, to September 30, 2008.
The company's consolidated operating income decreased by JPY26.4
billion to JPY30.2 billion, and ordinary income decreased by
JPY40.6 billion to JPY18.0 billion yen. But due to an increase in
special profits and decrease in special losses compared to last
year, net income increased by 402% or JPY29.3 billion to JPY36.6
billion.
The company said that as a result of aircraft downsizing, route
restructuring and premium strategies to reduce costs, increase
product competitiveness and improve profitability, operating
income in the international passenger operation increased by
JPY9.6 billion from the year-earlier-period. In the domestic
passenger operation, operating revenue was almost the same as the
year previous.
Consolidated operating revenue of the JAL Group decreased by
JPY69.3 billion to JPY1,073.5 billion, mainly because Pacific Fuel
Trading Corporation (PFTC) - once a wholly owned consolidated
subsidiary of JAL - was removed from the consolidated statement,
when all of its shares were transferred to Vitol Inc.
Regardless of, for example, a flexible hedging policy and
implementation of a variety of fuel consumption reduction
measures, the high price of fuel still resulted in the JAL Group's
fuel costs significantly rising when compared to last year. It
was possible for the JAL Group to decrease most other expenses
when compared to the same period the year before due to group-wide
cost reduction measures. The removal of PFTC from the
consolidated statement enabled the Group to reduce expenses
further. As a result, consolidated operating expenses decreased
4% by JPY42.9 billion to JPY1,043.3 billion when compared to the
year-earlier-period.
The company also said it has decided to revise the forecast for
consolidated results for FY2008, replacing the forecast announced
on May 9, 2008. The forecast net income remains unchanged.
Due to the stagnant growth of air transport demand caused by the
slowdown in the global economy, operating revenue is expected to
decrease, compared to the original forecast. As for operating
expenses, the effect of high price of fuel has been great, and
fuel costs are now expected to exceed original estimate for the
whole year. However, as a result of continuous cost reduction
efforts, costs on the whole are expected to decrease from the
original forecast.
Compared to the original forecast, the company said operating
revenue is now expected to decrease by JPY91.0 billion to JPY2,093
billion. Operating income is expected to decline by JPY22.0
billion to JPY28.0 billion and ordinary income to decrease by
JPY25.0 billion to JPY5.0 billion. On the other hand, special
profit and losses are now expected to improve, and as a result the
originally forecast consolidated net income of JPY13.0 billion
for FY2008 remains unchanged.
About Japan Airlines
Tokyo-based Japan Airlines International Company Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
In April 2008, Fitch Ratings revised the Outlook on Japan
Airlines Corporation and its wholly owned operating subsidiary,
JAL International Co., Ltd.'s Long-term Issuer Default ratings
to Stable from Negative. At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'. The Outlook revision follows JAL's operational
turnaround and better liquidity.
====================
N E W Z E A L A N D
====================
AMAZING GRAPES: Fixes Nov. 17 as Last Day to File Claims
--------------------------------------------------------
The creditors of Amazing Grapes Marlborough Ltd. are required to
file their proofs of debt by November 17, 2008, to be included in
the company's dividend distribution.
The company's liquidator is:
K. A. Horne
HFK Limited, 567 Wairakei Road
PO Box 39100, Christchurch
Telephone:(03) 352 9189
BGI INVESTMENTS: Subject to LDC Finance's Wind-Up Petition
----------------------------------------------------------
On September 25, 2008, LDC Finance Limited filed a petition to
have BGI Investments Ltd.'s operations wound up.
The petition will be heard before the High Court of Nelson on
November 12, 2008, at 10:00 a.m.
LDC Finance's solicitor is:
D. J. C. Russ
c/o Fletcher Vautier Moore, Lawyers
PO Box 90, Nelson 7040
CT & JL: Creditors' Proofs of Debt Due on November 17
-----------------------------------------------------
The creditors of CT & JL Ltd. are required to file their proofs of
debt by November 17, 2008, to be included in the company's
dividend distribution.
The company's liquidator is:
K. A. Horne
c/o Marie Inch at HFK Limited
567 Wairakei Road
PO Box 39100, Christchurch
Telephone:(03) 352 9189
FITZPATRICK ENTERPRISES: Fixes Nov. 15 as Last Day to File Claims
-----------------------------------------------------------------
The creditors of Fitzpatrick Enterprises Ltd. are required to file
their proofs of debt by November 15, 2008, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 15, 2008.
The company's liquidator is:
Robert Laurie Merlo
c/o Merlo Burgess & Co. Limited
PO Box 51486, Pakuranga, Auckland
New Zealand
Telephone:(09) 373 2453
Facsimile:(09) 337 0684
e-mail: robmerlo@merloburgess.co.nz
G.K. HORTICULTURE: Faces Accident Compensation's Wind-Up Petition
-----------------------------------------------------------------
A petition to have G.K. Horticulture and Viticulture Ltd.'s
operations wound up was filed by Accident Compensation Corporation
on June 4, 2008.
The petition will be heard before the High Court of Napier on
November 13, 2008, at 10:00 a.m.
The Plaintiff's solicitor is:
Facsimile:(04) 890 0009
Dianne S. Lester
c/o Maude & Miller
McDonald's Building, 2nd Floor
Cobham Court
PO Box 50555, Porirua City
G & D LOGAN: Court to Hear Wind-Up Petition on November 17
----------------------------------------------------------
The High Court of Hamilton will hear on November 17, 2008, at
10:45 a.m., a petition to have G & D Logan Ltd.'s operations wound
up.
Exide Technologies Limited filed the petition against the company
on September 22, 2008.
The Petitioner's solicitor is:
Dianne S. Lester
c/o Credit Consultants Debt Services NZ Limited
Level 3, 3-9 Church Street
PO Box 213, Wellington
New Zealand
Telephone:(04) 470 5972
HARRIS ROAD: Court to Hear Wind-Up Petition on November 14
----------------------------------------------------------
A petition to have Harris Road Haulage Ltd.'s operations wound up
will be heard before the High Court of Auckland on November 14,
2008, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 17, 2008.
The CIR's solicitor is:
Simon John Eisdell Moore
c/o Meredith Connell
Forsyth Barr Tower, Level 17
55-65 Shortland Street
PO Box 2213, Auckland
New Zealand
Telephone:(09) 336 7556)
LEGGE CONTRACTING: Subject to CIR's Wind-Up Petition
----------------------------------------------------
A petition to have Portsmouth Investments Ltd.'s operations wound
was filed by the Commissioner of Inland Revenue on July 10, 2008.
The petition will be heard before the High Court of Nelson on
November 12, 2008, at 10:00 a.m.
CIR's solicitor is:
Julie Newton
c/o Inland Revenue Department
Legal and Technical Services
1st Floor Reception, 224 Cashel Street
PO Box 1782, Christchurch 8140
New Zealand
Telephone:(03) 968 0807
Facsimile:(03) 977 9853
LOCK STOCK: Fixes November 14 as Last Day to File Claims
--------------------------------------------------------
The creditors of Lock Stock & Digital Ltd. are required to file
their proofs of debt by November 14, 2008, to be included in the
company's dividend distribution.
The company's liquidator is:
Mike Lamacraft
Meltzer Mason Heath, Chartered Accountants
PO Box 6302, Wellesley Street
Auckland 1141
Telephone:(09) 357 6150
Facsimile:(09) 357 6152
MAKARANUI ENTERPRISES: Subject to Taumarunui's Wind-Up Petition
---------------------------------------------------------------
A petition to have Makaranui Enterprises Ltd.'s operations wound
up was filed by Taumarunui Liquor Limited on October 2, 2008.
The petition will be heard before the High Court of Wanganui on
November 12, 2008, at 10:00 a.m.
Taumarunui' solicitor is:
Carol Denise Hall
c/o Carlile Dowling
Raffles Street, Napier 4110
New Zealand
Telephone:(06) 835 7394
Facsimile:(06) 835 1338
OCEANVIEW PROPERTY: Creditors' Proofs of Debt Due on November 12
----------------------------------------------------------------
The creditors of Oceanview Property Management (2006) Ltd. are
required to file their proofs of debt by November 12, 2008, to be
included in the company's dividend distribution.
The company's liquidator is:
Malcolm Grant Hollis
c/o PricewaterhouseCoopers
119 Armagh Street
PO Box 13244, Christchurch
New Zealand
Telephone:(03) 374 3021
Facsimile:(03) 374 3001
PORTSMOUTH INVESTMENTS: Subject to Comfortplus' Wind-Up Petition
----------------------------------------------------------------
A petition to have Portsmouth Investments Ltd.'s operations wound
was filed by Comfortplus Limited on September 29, 2008.
The petition will be heard before the High Court of Dunedin on
November 10, 2008, at 10:00 a.m.
Comfortplus' solicitor is:
Eugene Jeffery Collins
c/o Collins & May Law Office, 4th Floor
44 Queens Drive (PO Box 30614)
Lower Hutt
Telephone:(04) 566 5775
PURPLE MOSS: Court to Hear Wind-Up Petition on November 14
----------------------------------------------------------
The High Court of Auckland will hear on November 14, 2008, at
10:00 a.m., a petition to have Purple Moss Ltd.'s operations wound
up.
Seddon Agencies Limited filed the petition against the company on
June 19, 2008.
Seddon Agencies' solicitor is:
L. P. Mulinder
Clark Boyce, Lawyers
PO Box 25433, Christchurch 8144
Facsimile: (03) 379 9439
TANNADYCE INVESTMENTS: Subject to CIR's Wind-Up Petition
--------------------------------------------------------
On October 15, 2008, the Commissioner of Inland Revenue filed a
petition to have Tannadyce Investments Ltd.'s operations wound up.
The petition will be heard before the High Court of Christchurch
on November 17, 2008, at 10:00 a.m.
The CIR's solicitor is:
Pauline Courtney
c/o Crown Law Office
Unisys House, 56 The Terrace
Wellington 6011
PO Box 2858 Wellington 6140
Telephone:(04) 494 5529
Facsimile:(04) 494 5682
TECHNICAL WATER: Wind-Up Petition Hearing Set for November 17
-------------------------------------------------------------
A petition to have Technical Water Systems Ltd's operations wound
up will be heard before the High Court at Tauranga on November 17,
2008, at 10:45 a.m.
Clarrie Edward Beardsmore filed the petition against the company
on October 1, 2008.
Clarrie Edward's solicitor is:
Rob Latton
c/o LeeSalmonLong
Vero Centre, Level 31
48 Shortland Street
PO Box 2026, Auckland
TIHEMA CONTRACTORS: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On September 30, 2008, the Commissioner of Inland Revenue filed a
petition to have Tihema Contractors Ltd.'s operations wound up.
The petition will be heard before the High Court at Wanganui on
November 12, 2008, at 10:00 a.m.
The CIR's solicitor is:
Mary Kate Crimp
Inland Revenue Department Legal and Technical Services
7-27 Waterloo Quay
PO Box 1462, Wellington
New Zealand
Telephone:(04) 890 1067
Facsimile:(04) 890 0009
WEBNICHE LTD: Wind-Up Petition Hearing Set for November 17
----------------------------------------------------------
A petition to have Webniche Ltd.'s operations wound up will be
heard before the High Court of Christchurch on November 17, 2008,
at 10:00 a.m.
Fuji Xerox New Zealand Limited filed the petition against the
company on September 25, 2008.
The Petitioner's solicitor is:
Dianne S. Lester
c/o Credit Consultants Debt Services NZ Limited
Level 3, 3-9 Church Street
PO Box 213 or DX SX 10069
Wellington
Telephone:(04) 470 5972
===============
T H A I L A N D
===============
TRUE CORP: Moody's Continues to Monitor Ratings After Rights Issue
------------------------------------------------------------------
Moody's Investors Service will continue to monitor the potential
impact of a proposed THB19.5 billion rights issue by True
Corporation Public Company Limited on the B1 corporate family
rating of True Corp and the B1 corporate family and senior
unsecured bond ratings of True Move Company Limited. The outlook
on all ratings remains negative.
This follows the announcement that True Corp seeks to raise up to
THB19.5 billion by way of a rights issue to existing shareholders.
Funds will be used to repay outstanding debt, fund capex, and buy-
back BITCO shares from True Corp's major shareholder, the Charoen
Pokphand Group.
Moody's understands that the rights issue is not underwritten
however management have informed Moody's that the major
shareholder has indicated its intention to retain their
shareholding portion.
As such, given the current level of market uncertainty and
questions over the ability of True Corp to raise such funds,
Moody's will continue to monitor the situation and will keep the
market informed of any potential rating impact. In addition,
Moody's will evaluate the soon to be announced Q3 2008 results,
liquidity position and ability to comply with covenants at the
next testing date for both True Corp and True Move.
Headquartered in Bangkok, True Corp is an integrated provider of
fixed line, broadband, internet, mobile services and cable TV in
Thailand. True Corp is listed on the Thailand Stock Exchange and
the CP Group is the major shareholder with approximately 30%
shareholding. Its wireless business is predominantly conducted
through its 75.3% owned subsidiary True Move, Thailand's third
largest mobile telecommunications operator; and its pay TV
business is conducted through its 91.8% owned True Visions Public
Company Limited (True Visions), which is currently the only
nationwide provider of pay television services in the country.
===============
X X X X X X X X
===============
* Moody's Sees Negative Outlook for Asia Pacific's Gaming Sector
----------------------------------------------------------------
Moody's Investors Service has a negative rating outlook for
Asia Pacific's gaming sector over the next 12-18 months. The
sector currently includes casinos and resorts in Australia,
Malaysia, and Macau, the region's largest such center in revenue
and facilities.
In a new report, Moody's says the gaming industry in Asia Pacific
is facing increasing operating pressures, which vary by company
and country, but are primarily the result of one or more of the
following factors: slowing macro-economies causing cutbacks in
discretionary spending, regulatory changes affecting visitations,
and intense local competition.
The report's lead author, Kaven Tsang, a Moody's Analyst and
Assistant Vice President, says, "Besides these immediate concerns,
rated gaming firms face the challenge of managing large
acquisitions or capital expenditure in uncertain regulatory,
credit, and economic environments."
Mr. Tsang adds, "Operators in Macau face the dimmest prospects as
incremental regulatory tightening on visits from the Chinese
Mainland and intensifying local competition have already put
pressure on some issuers' profit margins and cash flows."
He notes that Malaysia's gaming monopoly faces other challenges.
"The country's export-oriented economy is vulnerable to the global
slowdown, and a sharper slowing in growth would put at risk the
local, discretionary spending at casinos there."
A second author, Clement Chong, a Moody's Vice President and
Senior Analyst, says, "Likewise, in Australia, a slowing local
economy has darkened the outlook for the country's gaming sector
because lower disposable incomes could lead to reduced spending at
casinos. As a result, Moody's recently revised Crown's rating
outlook to negative on concerns over the company's ability to
achieve its financial targets."
Mr. Chong notes that a gradual liberalization of gambling in
Taiwan, Thailand, Vietnam, and Japan and the coming online of
integrated gaming resorts in Singapore, the Philippines, and
Indonesia beginning in 2010 offer potential regional competition.
However, he says, "Moody's does not yet view these upcoming
establishments as a significant near-term threat to Macanese,
Australian, or Malaysian issuers. This is because of (1) the new
supply will come online only in 2010 at the earliest, (2) the
distinct demographic and geographic profiles of Macau's targeted
customers, and (3) the reliance of Australian and Malaysian
casinos on mainly local visitors."
Nevertheless, Mr. Chong concedes that such future competition adds
to the challenges facing the sector in uncertain times.
The report is entitled "Asia Pacific's Gaming Sector: Negative
Outlook on Economic Uncertainty". It is available at
http://www.moodys.com/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***