/raid1/www/Hosts/bankrupt/TCRAP_Public/110920.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, September 20, 2011, Vol. 14, No. 186
Headlines
A U S T R A L I A
A & M SHORT: Receivers Appointed to Property
BABCOCK & BROWN: Agrees to Settle IMF Suit for AUD7.5 Million
GREAT SOUTHERN: Borrowers File New Cross-Claims Against Banks
C H I N A
CHINA CGAME: Posts US$3.4 Million Net Loss in Second Quarter
PERFECTENERGY INT'L: Has US$701,300 Loss in 2 Months Ended June 30
SHENGDATECH INC: CRO and Members OK'd to Act on Debtor's Behalf
SHENGDATECH INC: Taps Skadden Arps & Three Other Firms
H O N G K O N G
ACCA LIMITED: Placed Under Voluntary Wind-Up Proceedings
CITI-GRACE LIMITED: Tsang Man Hing Steps Down as Liquidator
CN DRAGON: Posts US$20,000 Net Loss in June 30 Quarter
DE FORTUNE: Creditors' Proofs of Debt Due Oct. 15
EAST ASIA: Creditors' Proofs of Debt Due Oct. 17
GSW (FAR EAST): Creditors' Proofs of Debt Due Oct. 14
FANCY JOY: Members' Final Meeting Set for Oct. 28
HING KWOK: Ying and Chan Step Down as Liquidators
HONOR GROWTH: Ying and Chan Step Down as Liquidators
NEWEDGE DERIVATIVES: Lui and Yuen Step Down as Liquidators
REGENT BONUS: Creditors' Proofs of Debt Due Oct. 17
SUNLINK WAVECOM: Members' Annual General Meeting Set for Sept. 28
TIN SUNG: Placed Under Voluntary Wind-Up Proceedings
V-TRAC (HK): Briscoe and Wong Step Down as Liquidators
YILI COMPANY: Placed Under Voluntary Wind-Up Proceedings
I N D I A
ANIL STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
ARANI POWER: ICRA Assigns '[ICRA]B+' Rating to INR38.92cr Loans
ARTEFACT PROJECTS: ICRA Cuts Rating on INR35cr Loan to '[ICRA] D'
EASTMAN IMPEX: CRISIL Reaffirms 'CRISIL BB-' Term Loan Rating
HEERU PAINTS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr Cash Loan
INDOCHEM & POLYMERS: ICRA Rates INR17.5cr Limits at '[ICRA]BB'
KISANVEER SATARA: CRISIL Rates INR290.3MM Loan at 'CRISIL BB-'
LULU INT'L: CRISIL Cuts Rating on INR7.5BB Loan to 'CRISIL D'
MANIYAR REFINERY: CRISIL Puts 'CRISIL B+' Rating on INR17.5MM Loan
MASH AGRO: ICRA Assigns [ICRA]B+ Rating to INR18cr Term Loan
NAV SHUBH: CRISIL Assigns 'CRISIL BB-' Rating to INR69.6MM Loan
P&R ENGINEERING: ICRA Cuts Rating on INR33cr Loan to '[ICRA]D'
PRIME CIVIL: CRISIL Places 'CRISIL BB-' Rating on INR100MM Loan
RAM SAROOP: CRISIL Rates INR160 Million Cash Credit at 'CRISIL B+'
RTSTAR DIAMONDS: ICRA Cuts Rating on INR17.5cr Loan to '[ICRA]D'
SHREE HARI: ICRA Assigns '[ICRA]BB' Rating to INR80cr Loan
SRI MVR COTTON: ICRA Cuts Rating on INR27.2cr Loan to '[ICRA]D'
SUPER SPINNING: ICRA Reaffirms '[ICRA]BB+' Term Loans Rating
TIRUBALA EXPORTS: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loans
YASH PAPERS: ICRA Downgrades Rating on INR94.9cr Loan to '[ICRA]D'
J A P A N
TOKYO ELECTRIC: To Sell 280 Properties for JPY200 Billion
K O R E A
LEO MOTORS: Posts US$227,300 Net Loss in Second Quarter
* SOUTH KOREA: FSC Suspends 7 More Ailing Savings Banks
N E W Z E A L A N D
HURLSTONE EARTHMOVING: Liquidation Delays Highway Upgrade
LIVING NEW ZEALAND: Liquidation Ends Immigration Applicant's Dream
PORTAGE RESORT: Receivers to Sell Business as Going Concern
SAVAGE EDWARDS: In Liquidation; Closes Bay View Hotel
S I N G A P O R E
APPAREL REPUBLIC: Creditors Get 4.70787% Recovery on Claims
ASIAN SECURITY: Court to Hear Wind-Up Petition on Sept. 30
BELUGA CHARTERING: Court Enters Wind-Up Order
INDELBERG TRADING: Court to Hear Wind-Up Petition on Sept. 30
JAZCO INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 30
J-PILE SISTEM: Creditors' Proofs of Debt Due Oct. 15
T H A I L A N D
TRUE CORP: Moody's Sees No Immediate Impact on 'B2' CFR
V I E T N A M
DOT VN: Delays Filing of July 31 Form 10-Q
X X X X X X X X
* BOND PRICING: For the Week Sept. 12 to Sept. 16, 2011
- - - - -
=================
A U S T R A L I A
=================
A & M SHORT: Receivers Appointed to Property
--------------------------------------------
Morgan Kelly of Ferrier Hodgson was on Sept. 1, 2011, appointed
Receiver and Manager over a property at 96-98 Taren Point Road, in
Caringbah New South Wales 2229, pursuant to the provisions
contained in a registered real property mortgage created by A & M
Short Investments Pty Limited in favor of GE Commercial
Corporation (Australia) Pty Limited.
The Receiver and Manager has requested sales submissions from
various agents and anticipates placing the Property for sale in
the coming weeks.
The Receiver and Manager was not appointed over any other entities
within the Group.
BABCOCK & BROWN: Agrees to Settle IMF Suit for AUD7.5 Million
-------------------------------------------------------------
Joe Schneider and Tim Smith at Bloomberg News report that IMF
(Australia) Ltd. said Babcock & Brown Ltd., the biggest
Australian casualty of the credit crisis that followed the
collapse of Lehman Brothers Holdings Inc., agreed to settle a suit
by the bank's liquidator.
Bloomberg relates that IMF (Australia), which provides funding for
lawsuits, said terms of the settlement are confidential and
Babcock made no admissions of impropriety. According to
Bloomberg, IMF said it expects to receive AUD7.5 million (US$7.7
million) from the settlement.
According to Bloomberg, Deloitte Touche Tohmatsu, the bank's
liquidator, sued in August claiming Babcock & Brown breached the
Australian Corporations Act when directors paid out tens of
millions of dollars in dividends while the company didn't have the
earnings to back the payouts.
The lawsuit followed a public examination of the company's
former executives and auditors in federal court in Sydney, the
report notes.
About Babcock & Brown
Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add scale, infrastructure, air operating leasing
and selected real estate.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary administrators
after investors in the company's subordinated notes listed in
New Zealand voted against a special resolution to restructure the
terms of the notes. Under the special resolution, the company's
equity and subordinated note holders won't receive any return.
Babcock & Brown appointed David Lombe and Simon Cathro of Deloitte
Touche Tohmatsu as Voluntary Administrators.
The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets. Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.
GREAT SOUTHERN: Borrowers File New Cross-Claims Against Banks
-------------------------------------------------------------
The Sydney Morning Herald reports that investors who lost money
when Great Southern Ltd and its managed investment schemes
collapsed in 2009 have launched a fresh attempt in the New South
Wales Supreme Court to set aside loans from Bendigo and Adelaide
Bank.
According to the report, the bank is suing a large group of its
customers who stopped paying interest on loans they took out for
investments in agricultural schemes. The customers, says SMH,
want to cross-claim against the bank by bringing allegations that
its links with Great Southern make it liable for claimed
misleading and deceptive conduct by Great Southern.
In June, Justice Clifford Einstein summarily dismissed cross-
claims by two borrowers, Adam Cairncross and Elite Advertising
Group Pty Ltd, SMH notes.
On Friday, SMH relates, Mr. Cairncross and Elite, who lead a group
of 300 borrowers advised by solicitors ERA Legal, applied for
leave to file reformulated cross-claims. Their barrister, Robert
Newlinds, SC, told Associate Justice Richard Macready that the
matter had "an unfortunate history," according to SMH.
SMH relates that Mr. Newlinds said another group of ERA clients in
substantially the same position "made a similar application to the
County Court in Victoria and lost." The Victorian decision was
handed down on August 26, the report notes.
Mr. Newlinds, as cited by SMH, said there were "large differences"
between the pleadings in the dismissed cross-claims and the new
ones. Mr. Cairncross and Elite each borrowed about AUD500,000 in
2007 from Adelaide Bank, which later merged with Bendigo Bank, for
tax-effective investments in Great Southern wine-grape and olive
schemes.
The bank sued in September 2010 and the borrowers filed cross-
claims, which were dismissed.
According to SMH, Mr. Newlinds said Great Southern referred
prospective investors to the bank, a "p referred financier," and
the bank knew or ought to have known that the product disclosure
statements for the schemes were misleading or deceptive. A feature
of his clients' case was "a rather complicated and surprising
power of attorney system" under which Mr. Cairncross's loan
agreement with the bank was signed on his behalf by "very senior"
Great Southern executives.
Nicholas Kidd, for the bank, said that after "propounding claims
which the court has found to be untenable," the borrowers were
"now seeking in effect to commence the procedure again," SMH
relates.
Associate Justice Macready reserved his decision, the report
notes.
About Great Southern
Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects. Great Southern manages about 43,000
investors through 45 managed investment schemes. The group owns
and leases approximately 240,000 hectares of land. It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.
Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain of
its subsidiaries by a security trustee on behalf of a group of
secured creditors.
In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration. Great
Southern administrators have recommended the companies within the
group be wound up. Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.
As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million. The loans and borrowings included AU$375 million from
the group banks. The secured creditors include ANZ, Commonwealth
Bank and BankWest.
=========
C H I N A
=========
CHINA CGAME: Posts US$3.4 Million Net Loss in Second Quarter
------------------------------------------------------------
China CGame, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$3.4 million for the three months ended
June 30, 2011, compared with a net loss of US$3.3 million for the
same period last year.
Contract revenues earned for the three months ended June 30, 2011,
and 2010, was US$0 due to the classification of the projects
operations in Zhuhai as discontinued operations which was the only
source of contract revenues for the periods.
For the six months ended June 30, 2011, the Company had a net loss
of US$8.1 million on US$0 revenue, compared with a net loss of
US$6.9 million on contract revenues earned of US$5.6 million for
the corresponding period of 2010.
The Company's balance sheet at June 30, 2011, showed
US$146.0 million in total assets, US$114.2 million in total
liabilities, and stockholders' equity of US$31.8 million.
As reported in the TCR on April 26, 2011, Samuel H. Wong & Co.,
LLP, in San Mateo, Calif., expressed substantial doubt about China
CGame's ability to continue as a going concern, following the
Company's 2010 results. The independent auditors noted that the
Company incurred a net loss of US$23.2 million in the current
year.
"As of Dec. 31, 2010, the Company has an accumulated deficit of
US$11.2 million due to the fact that the Company continued to
incur
losses over the past few years. The Company also has difficulty
to maintain sufficient working capital for operation activities."
A complete text of the Form 10-Q is available for free at:
http://is.gd/5CxvCP
Changzhou, China-based China CGame, Inc. (Nasdaq: CCGM) is a self-
developer of online games and provider of high-end building
envelope architectural systems. Through its subsidiaries,
Changzhou ConnGame Network Ltd. and Shanghai ConnGame Network
Ltd., the Company leverages its game engines, development
platforms, and production teams to develop and operate Massively
Multiplayer Online Role Playing Games.
The Company has two games under development. The first game,
"Revolution," will allow game players to travel between Western
and Eastern cultures, including adventures at historic locations
and turf wars. The second game, "The Warring States," is a
historic military adventure game based on the well-known period in
ancient Chinese history of the same name.
The Company also provides design, engineering, fabrication and
installation services for high-end curtain wall systems, roofing
systems, steel construction systems, and eco-energy systems.
PERFECTENERGY INT'L: Has US$701,300 Loss in 2 Months Ended June 30
------------------------------------------------------------------
Perfectenergy International Limited filed its quarterly report on
Form 10-Q, reporting a net loss of US$701,308 on US$14.5 million
of revenues for the two months ended June 30, 2011, compared with
a net loss of US$981,217 on US$20.7 million of revenues for the
three months ended July 31, 2010.
For the eight months ended June 30, 2011, the Company had a net
loss of US$2.4 million on US$38.6 million of revenues, compared
with a net loss of US$1.9 million on US$57.2 million of revenues
for the nine months ended July 31, 2010.
The Company changed its fiscal year end from Oct. 31 to Sept. 30
effective May 4, 2011. The financial statements presented herein
include the statements of operations and cash flows for the eight
months ended June 30, 2011, and the nine months ended July 31,
2010, which represents the period of the prior year most
comparable to the current period.
The Company's balance sheet at June 30, 2011, showed US$35.5
million in total assets, US$27.6 million in total liabilities, and
stockholders' equity of US$7.9 million.
"We have incurred recurring operating losses and had an
accumulated deficit of US$3.48 million as of June 30, 2011," the
Company said in the filing.
"Our history of operating losses and lack of binding financing
commitments raise substantial doubt as to our ability to continue
as a going concern."
A copy of the Form 10-Q is available at http://is.gd/7nk9zD
Perfectenergy International Limited was originally incorporated on
Feb. 25, 2005, in the State of Nevada under its former name
"Crestview Development Corporation." The Company, through its
subsidiaries, is principally engaged in the research, development,
manufacturing, and sale of solar cells, solar modules, and
photovoltaic ("PV") systems. The Company's manufacturing and
research facility is located in Shanghai, China, and it has sales
and service offices in Shanghai, China and Germany.
SHENGDATECH INC: CRO and Members OK'd to Act on Debtor's Behalf
---------------------------------------------------------------
Hon. Bruce T. Beesley of the U.S. Bankruptcy Court for the
District of Nevada appointed Michael Kang, chief restructuring
officer, and Carl Mudd and Sheldon Saidmann, members of the
special committee of the board of directors of Shengdatech, Inc.,
as representatives authorized to act on behalf of the Debtor.
As reported in the Troubled Company Reporter on Sept. 14, 2011,
the chief restructuring officer for ShengdaTech Inc. was granted a
preliminary injunction preventing founder and controlling
shareholder Chen Ziangzhi from interfering with management.
The TCR also reported that the ruling by Judge Bruce T. Beesley
described how outside auditors discovered "serious discrepancies
in [the company's] financial statements" in March. Further
investigation by a special committee of the board concluded that
"certain" financial records "may have been falsified in whole or
in part," Judge Beesley said. The judge is preventing Mr. Chen or
anyone else from interfering with management, displacing the chief
restructuring officer, or appointing another member to the
deadlocked four-member board.
The Court ruled that the CRO and members may exercise the power to
act on behalf of the Debtor without further action by the Debtor's
directors or stockholders.
About ShengdaTech
Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology. NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products. In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.
ShengdaTech sought Chapter 11 bankruptcy protection from creditors
(Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno,
Nevada, in the United States.
The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.
The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.
The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP. On Aug. 23, 2011, the Court entered an interim order
confirm the Board of Directors Special Committee's appointment of
Michael Kang as the Debtor's chief restructuring officer.
SHENGDATECH INC: Taps Skadden Arps & Three Other Firms
------------------------------------------------------
BankruptcyData.com reports that ShengdaTech filed with the U.S.
Bankruptcy Court motions to retain:
* Lionel Sawyer & Collins (Contact: Jennifer A. Smith) as
Nevada special counsel to the Company (acting through
the special committee of the board) at the following
hourly rates attorney at $185 to $650, law clerk at $140
and paralegal at $160 to $200;
* Greenberg Traurig (Contact: Nancy A. Peterman) as counsel
at the following hourly rates: shareholder at $340 to $935,
of counsel/special counsel at 360 to $935, associate at $175
to $610 and legal assistant/paralegal at $60 to $310;
* Skadden, Arps, Slate, Meagher & Flom (Contact: John K. Lyons)
as special counsel at the following hourly rates: partner at
$795 to $1,095, counsel and special counsel at $770 to $860,
associate at $365 to $710 and paraprofessional at $195 to
$295;
and
* PricewaterhouseCoopers (PwC) and PricewaterhouseCoopers
Consultants (Shenzhen) (Contact: Daniel Williams) as forensic
accountant to the Company (acting through the special
committee of the board) at the following hourly rates for
PWC: partner/principal at $750, director/senior manager at
$550 to $590, manager at $420, senior associate at $350,
associate at $295 and secretarial at $100 and the following
hourly rates for PwC Consultants: partner at (RMB) $4,485,
director at $4,095, associate director at $3,705, senior
manager at $3,315, manager at $2,600, assistant manager at
$1,950, senior associate at $1,625 and associate at 878.
About ShengdaTech
Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology. NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products. In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.
ShengdaTech sought Chapter 11 bankruptcy protection from creditors
(Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno,
Nevada, in the United States.
The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.
The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.
The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP. On Aug. 23, 2011, the Court entered an interim order
confirm the Board of Directors Special Committee's appointment of
Michael Kang as the Debtor's chief restructuring officer.
Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.
================
H O N G K O N G
================
ACCA LIMITED: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Sept. 9, 2011,
creditors of Acca Limited resolved to voluntarily wind up the
company's operations.
The company's liquidator is:
Chan Wai Chun Heather
Suite 1501, 148 Electric Road
North Point, Hong Kong
CITI-GRACE LIMITED: Tsang Man Hing Steps Down as Liquidator
-----------------------------------------------------------
Tsang Man Hing stepped down as liquidator of Citi-Grace Limited on
Sept. 15, 2011.
CN DRAGON: Posts US$20,000 Net Loss in June 30 Quarter
------------------------------------------------------
CN Dragon Corporation filed its quarterly on Form 10-Q, reporting
a net loss of US$20,096 on US$26,820 of revenues for the three
months ended June 30, 2011, compared to net income of US$24,523 on
US$363,524 of revenues for the same period ended June 30, 2010.
The Company's balance sheet as of June 30, 2011, showed
US$1.7 million in total assets, US$331,268 in total liabilities,
all current, and stockholders' equity of US$1.4 million.
Albert Wong & Co., in Hong Kong, expressed substantial doubt about
CN Dragon Corporation's ability to continue as a going concern,
following the Company's results for the fiscal year ended
March 31, 2011. The independent auditors noted that the Company
has not generated significant revenues since inception and has
never paid any dividends and is unlikely to pay dividends or
generate significant earnings in the immediate or foreseeable
future. For the year ended March 31, 2011, the Company has
generated revenue of US$451,710 and has incurred an accumulated
deficit US$7,739,848.
A complete text of the Form 10-Q is available for free at:
http://is.gd/odTd33
About CN Dragon
Based in Hong Kong, China, CN Dragon Corporation was incorporated
under the laws of the State of Nevada on Aug. 30, 2001, under
the name Infotec Business Systems, Inc. On June 8, 2007, the
Company changed its name to Wavelit, Inc. On Sept. 14, 2009,
the Company changed its name to CN Dragon Corporation and began
new business operations in the PRC. On May 17, 2010, the Company
acquired CNDC Corporation, as its wholly-owned subsidiary.
On May 17, 2010, pursuant to the terms of the Agreement for Share
Exchange, the Company acquired CNDC Corporation ("CNDC BVI"), and
its wholly-owned subsidiaries, CN Dragon Holdings Limited ("CN
Dragon Holdings") and Zhengzhou Dragon Business Limited
("Zhengzhou Dragon").
CNDC BVI was established under the laws of the British Virgin
Islands on March 26, 2008. The Company currently operates through
itself and two subsidiaries, CN Dragon Holdings Limited and
Zhengzhou Dragon Business Limited which were incorporated in Hong
Kong and the People's Republic of China (the PRC) respectively.
The Company and its subsidiaries are engaged and specialized in
investment, development and fund management in hospitality
properties, as well as advisory and consulting services to the
hospitality, tourism and real estate industries in the PRC.
DE FORTUNE: Creditors' Proofs of Debt Due Oct. 15
-------------------------------------------------
Creditors of De Fortune Int'l Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 15, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 8, 2011.
The company's liquidator is:
Chak Chun Keung Thomas
Room 603, Alliance Building
130-136 Connaught Road
Central, Hong Kong
EAST ASIA: Creditors' Proofs of Debt Due Oct. 17
------------------------------------------------
Creditors of East Asia Property Development (Shanghai) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Oct. 17, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2011.
The company's liquidators are:
Seng Sze Ka Mee Natalia
Cheng Pik Yuk
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
GSW (FAR EAST): Creditors' Proofs of Debt Due Oct. 14
-----------------------------------------------------
Creditors of GSW (Far East) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 14, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 2, 2011.
The company's liquidator is:
Chung Kit Ling Elaine
1103-5 Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
FANCY JOY: Members' Final Meeting Set for Oct. 28
-------------------------------------------------
Members of Fancy Joy Limited will hold their final meeting on
Oct. 28, 2011, at 4:00 p.m., at 12th Floor, Lucky Building, at
39 Wellington Street, Central, in Hong Kong.
At the meeting, Yeung Chi Wai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HING KWOK: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Hing
Kwok Industrial Company Limited on Sept. 8, 2011.
HONOR GROWTH: Ying and Chan Step Down as Liquidators
----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Honor Growth Company Limited on Sept. 8, 2011.
NEWEDGE DERIVATIVES: Lui and Yuen Step Down as Liquidators
----------------------------------------------------------
Kennic Lai Hang Lui and Yuen Tsz Chun Frank stepped down as
liquidators of Newedge Derivatives Hong Kong Limited on Sept. 7,
2011.
REGENT BONUS: Creditors' Proofs of Debt Due Oct. 17
---------------------------------------------------
Creditors of Regent Bonus International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 17, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 10, 2011.
The company's liquidator is:
Anna Louise Patria
Unit 3517, 35/F
West Tower, Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong
SUNLINK WAVECOM: Members' Annual General Meeting Set for Sept. 28
-----------------------------------------------------------------
Members of Sunlink Wavecom Limited will hold their annual general
meeting on Sept. 28, 2011, at 10:30 a.m., at 62nd Floor, One
Island East, at 18 Westlands Road, Island East, in Hong Kong.
At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TIN SUNG: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Sept. 6, 2011,
creditors of Tin Sung Transportation Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Chan Wai Chun Heather
Shek Wai Lan
Suite 1501, 148 Electric Road
North Point, Hong Kong
V-TRAC (HK): Briscoe and Wong Step Down as Liquidators
------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
V-Trac (HK) Limited on Sept. 6, 2011.
YILI COMPANY: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Sept. 9, 2011,
creditors of Yili Company Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Heng Poi Cher
4304, 43/F, China Resources Building
26 Harbour Road
Wanchai, Hong Kong
=========
I N D I A
=========
ANIL STEELS: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Anil Steels Pvt Ltd.
Facilities Ratings
---------- -------
INR150 Million Cash Credit CRISIL B+/Stable (Assigned)
INR110 Million Letter of Credit CRISIL A4 (Assigned)
The ratings reflects ASPL's weak financial risk profile, driven by
large working capital requirements, customer concentration in its
revenue profile, and small scale of operations in the highly
fragmented steel industry. These rating weaknesses are partially
offset by ASPL's moderate order book, leading to healthy revenue
visibility over the near term
Outlook: Stable
CRISIL believes that ASPL will benefit over the medium term from
its moderate order book. The outlook may be revised to 'Positive'
in case of improvement in the company's financial risk profile,
driven by more-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
ASPL's profitability or significant pressure on its liquidity due
to larger-than-expected working capital requirements.
About Anil Steels
Mr. Nitin Agrawal took over ASPL's operations in 2004; the company
had been a sick unit since 1991. The company is mainly into
fabrication and galvanization of steel boilers used in the thermal
power and solar power industries. It also derives a small
proportion of revenues from fabrication of galvanized steel
support structures used in the telecommunications industry. At
present, the company's main customers are Bharat Heavy Electricals
Ltd (50 per cent of revenues) and Adani Power Ltd (20 per cent).
ASPL's factory is in Kundli (Haryana).
ASPL profit after tax (PAT) are estimated to INR3.51 million on
net sales of INR451.45 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR 0.05 million
on net sales of INR448.49 million for 2009-10.
ARANI POWER: ICRA Assigns '[ICRA]B+' Rating to INR38.92cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating at '[ICRA]B+' for the
INR38.92 crore fund based/non-fund based limits and short term
rating at [ICRA]A4 for the INR3.80 crore non-fund based limits of
Arani Power Systems Limited.
The assigned ratings factor in the lack of track record (which is
often a major requirement in evaluation of bidders for projects)
and strong competitive pressures both from domestic as well as
global players with local presence. Moreover, the product
introduction and gaining customer acceptance is a long time
process in this industry partly limiting the company's ability to
get more orders, which has resulted in below average revenues,
profitability & coverage indicators. This in turn led to delays in
debt servicing during FY2011. The ratings also factor in low
current order book of the company and vulnerability of
profitability to the fluctuations in raw material prices as the
company enters into fixed price contracts with the clients.
However, the ratings favorably take into account strong potential
for steam driven turbo-generators driven by increased thrust of
private players in the cogeneration and IPP space; experienced
promoters backed by a strong technical team and in-house design
capabilities to manufacture turbines according to customer
requirements and end to end solutions offered by the company.
Further, the company is undertaking component manufacturing for
BHEL and submitted proposals to GE and Shin Nippon to utilize idle
capacity.
Incorporated in 2006, APSL is a Hyderabad based original equipment
manufacturer of 4-45 MW steam turbines and supplies systems,
components and services in the field of steam based, medium
capacity power generation equipments. The range of steam turbines
is up to 45 Megawatts with inlet steam parameters ranging from
65ata/500 deg C up to 100ata/525 deg C. The systems cover widely
TG (Turbo Generators) Island that includes steam turbines,
alternators, gearboxes and heat exchangers with the state-of-the-
art controls. The company offers turbo-generators packages from
Co-generation, IPPs, CPPs, CCP's in sugar, steel, cement, paper,
biomass and other core sectors including the utility segment. The
company also provides value-added services that include erection,
commissioning, supply of replaceable components, troubleshooting,
engineering improvements and repairs. APSL was incorporated by a
group of technocrats, namely Mr. Ramesh Yerramsetti (MD, GSS
America Infotech Limited), Mr. Bhargav Marepally (CEO & MD, GSS
America Infotech Limited) and Mr K.C Peraiah.
Recent Results
For FY2011, the company reported a net profit after tax (PAT) of -
INR-1.1 crore on the back of OI of INR16.6 crore.
ARTEFACT PROJECTS: ICRA Cuts Rating on INR35cr Loan to '[ICRA] D'
-----------------------------------------------------------------
ICRA has revised the 'LC' rating assigned to the INR35 crore fund
and non-fund based limits of Artefact Projects Limited to
[ICRA] D.
The rating revision factors in the continued liquidity constraints
faced by APL largely due to delays in realization of outstanding
receivables from its largest client -- National Highways Authority
of India -- which have resulted in continued delays by APL in
servicing its term loan repayment obligations. The rating
continues to be constrained by APL's high sector and client
concentration risks with more than 70% revenues being derived from
the roads sector over the past three years and most of APLs
revenues being attributable to NHAI. APL suffered the impact of
high sector and client concentration risks with significant
depletion of its outstanding order book due to slow pace of award
of new orders by the NHAI over the past year. The rating is also
constrained by APL's high working capital intensity and the
competitive nature of the industry APL operates in. The rating
however favorably factors in APL's long standing track record and
domain expertise, particularly in the roads sector and the large
planned investments in infrastructure development in the country
which provides growth opportunities for consultancy service
providers like APL.
ICRA also notes APL's attempt to diversify its revenue base by
bidding for projects in sectors like urban planning and the joint
ventures forged with reputed international majors in achieving
this objective. Further, following the infusion of capital by way
of equity and convertible warrants in Q4 FY 10, APL's capital
structure has witnessed an improvement.
About Artefact Projects
Established in 1988 APL is an integrated infrastructure services
company providing consulting services across core infrastructure
sectors. Its range of services include project feasibility
studies, project structuring, design and engineering, project
funding, project management, supervision of operations &
management, PPP advisory, and township sector services like urban
planning, architectural designs etc. The company won its first
National Highway Assignment in 2002, as construction supervisors
and independent engineers for NH4 project (Nelamangala Tumkur
section) on Golden Quadrilateral on BoT basis. Since then the
company has been involved in several National Highway projects as
independent consultants, proof consultants, design engineers and
O&M consultants.
EASTMAN IMPEX: CRISIL Reaffirms 'CRISIL BB-' Term Loan Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastman Impex continue
to reflect Eastman's healthy presence in trading of steel products
(mainly exports), established brand name, and strong relationships
with its suppliers. Moreover, the firm has a moderate net worth
leading to a moderate ratio of total outside liabilities to total
networth.
Facilities Ratings
---------- -------
INR33.5 Million Term Loan CRISIL BB-/Stable (Reaffirmed)
INR150.0 Million Export CRISIL A4+ (Reaffirmed)
Packing Credit
INR50.0 Million Standby CRISIL A4+ (Reaffirmed)
Line of Credit
INR226.0 Million Letter of CRISIL A4+ (Reaffirmed)
Credit/Bank Guarantee
These ratings strengths are partially offset by Eastman's
constrained operating profitability, leading to weak interest
coverage ratio, and susceptibility to volatility in steel prices
and in the value of the Indian rupee.
Outlook: Stable
CRISIL believes that Eastman will continue to benefit over the
medium term from its established position in the steel products
industry, supported by its healthy relationships with its
suppliers. The outlook may be revised to 'Positive' if Eastman's
liquidity improves significantly, most likely because of capital
infusion by partners or if the profitability of the firm
increases. Conversely, the outlook may be revised to 'Negative' if
Eastman undertakes a larger-than-expected, debt-funded capex
programme or witnesses any stretch in its working capital
management resulting in a liquidity crunch.
About Eastman Impex
Set up as a partnership firm in 1996 by Mr. Dharam Pal Gupta,
Mr. Jagdeep Singhal, Mr. Vinay Singhal, and Mr. Rajeev Singhal,
Eastman trades in steel products such as construction items,
scaffolding, and hand tools. The firm is based in Ludhiana
(Punjab). Eastman derives most of its revenues from the export
market. The firm has also started trading in metals, such as zinc
and aluminium, and household items since 2011-12 (refers to
financial year, April 1 to March 31) in the domestic market.
Eastman reported a profit after tax (PAT) of INR17.5 million on
net sales of INR1.89 billion for 2010-11, against a PAT of INR17.5
million on net sales of INR1.23 billion for 2009-10.
HEERU PAINTS: ICRA Assigns '[ICRA]BB+' Rating to INR1cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR1.00 crore cash
credit facility, INR1.15 crore term loan facility and
INR0.29 crore working capital term loan of Heeru Paints Contracts
Private Limited. The outlook for the long term rating is stable.
ICRA has also assigned an '[ICRA]A4+' rating to INR4.40 crore non-
fund based bank facility of HPCPL.
The assigned ratings favorably considers the experience of the
promoters and established track record of the company in
successful execution of industrial coatings and corrosion related
projects; reputed client profile of the company and established
relations/past references which have helped the company in
generating repeat orders and the current order book position. The
ratings also positively factors in the moderately healthy
financial profile of the company. The assigned ratings are
however, constrained by the company's modest scale of operations
despite growth in revenues in the last three years. The ratings
also take into account the competitive pressures from the
organized as well as unorganized players in a fragmented industry;
and that the profitability of the company remains vulnerable to
any adverse fluctuations in the raw materials prices.
Heeru Paints Contracts Private Limited was incorporated in 1997 by
Mr. Girish. V. Katkoria. It is engaged in the business of
providing corrosion solutions and industrial coating catering to
varied industries such as oil & gas, power, infrastructure &
offshore. The company is an ISO 9001 & OHSAS 18001 certified
company by the Bureau Veritas Certificate (India) Private Limited.
Recent Results
During FY 2010, the firm reported a profit after tax of INR0.76 Cr
on an operating income of INR15.63 Cr. and profit after tax of
INR1.14 Cr on an operating income of INR24.18 Cr. in FY 2011
(Unaudited).
INDOCHEM & POLYMERS: ICRA Rates INR17.5cr Limits at '[ICRA]BB'
--------------------------------------------------------------
The ratings of [ICRA]BB on the long term scale and [ICRA]A4+ on
the short term scale have been assigned to the INR17.5 crore bank
limits of Indochem & Polymers. The long term rating has been
assigned a Stable outlook.
The ratings are constrained by the modest financial risk profile
of the Firm as reflected in its low cash accruals; high gearing
and average debt protection metrics; the high business risks
associated with the polymer trading business including high
competitive intensity and fragmentation and exposure of
profitability to commodity price and forex fluctuations apart from
the risks inherent in partnership form of business including
limited ability to infuse capital and continuation at will.
Nevertheless while assigning the ratings ICRA has favorably
considered the positive demand outlook for commodity polymers in
India; the promoters significant experience in this line of
business and the Firm's fairly well established network and
relationships with suppliers and customers.
Indochem & Polymers is engaged in trading of polymers and plastic
raw materials including polyethylene (different grades- HDPE;
LDPE; LLDPE); polypropylene (PP); polyvinyl chloride (PVC) and
also deals in some speciality grades of engineering polymers and
chemicals. Indochem is constituted as a partnership firm with its
operations being headed by Mr. M.L. Bothra who has been engaged in
polymer and chemical related business since 1989 and has a fairly
good knowledge and experience in this field. The Bothra Group also
has other small to midsized entities engaged in related business.
Recent Results
In 2010-11, the Firm has reported an Operating Income (OI) of
INR45 crore with a Profit after tax (PAT) of INR0.61 crore as
against OI of INR52 crore and a PAT of INR1.6 crore in 2009-10.
KISANVEER SATARA: CRISIL Rates INR290.3MM Loan at 'CRISIL BB-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Kisanveer Satara Sahakari Sakhar Karkhana Ltd.
Facilities Ratings
---------- -------
INR290.3 Million Term Loan CRISIL BB-/Stable (Assigned)
INR594.7 Million Working CRISIL BB-/Stable (Assigned)
Capital Demand Loan
INR445 Million Proposed LT CRISIL BB-/Stable (Assigned)
Bank Loan Facility
The rating reflect KSSSK's moderate operating efficiency,
established relationships with farmers/members, and good
availability of sugar cane in the command area. These rating
strengths are partially offset by KSSSK's weak financial risk
profile, marked by a high gearing, and weak debt protection
metrics, working-capital-intensive operations, large debt-funded
capital expenditure (capex) programme, and susceptibility to
cyclicality and regulatory risks in the sugar industry.
Outlook: Stable
CRISIL believes that KSSSK will continue to benefit over the
medium term from its established relationships with
farmers/members and adequate availability of sugar cane in its
command area. The outlook may be revised to 'Positive' in case of
significant improvement in the company's cash accruals, leading to
improvement in its liquidity and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its liquidity on account of delay in disbursement
of term loan from Sugar development fund for its ongoing co-gen
capex or decline in cash accruals on account of a decline in sugar
realizations.
About Kisanveer Satara
KSSSK set up in 1969, is a co-operative sugar factory situated at
'Bhuinj' in Satara District (Maharashtra). KSSSK manufactures and
sells sugar and its allied products like rectified spirit,
ethanol, ENA, fertilisers etc. Presently, KSSSK's operations are
spread over around 400 villages in Satara district. Further its
operations are semi-integrated with sugar cane crushing capacity
of 4,500 tonnes crushed per day (TCD) and a distillery of 60
Kiloliters per day (KLPD). During current year, KSSSK is setting
up of 22-megawatt (MW) co-generation power plant which is expected
to start commercial operations from upcoming sugar season.
For 2010-11 (refers to financial year, April 1 to March 31),
KSSSK's profit after tax (PAT) and net sales are estimated at
INR175 million and INR2731 million; the company reported a PAT of
INR179 million on net sales of INR1801 million for 2009-10.
LULU INT'L: CRISIL Cuts Rating on INR7.5BB Loan to 'CRISIL D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the rupee term loan facility
of Lulu International Shopping Mall Pvt Ltd to 'CRISIL D' from
'CRISIL B+/Stable'.
Facilities Ratings
---------- -------
INR7.5 Billion Rupee Term Loan CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating downgrade reflects instances of delay by LISMPL in
servicing its debt. In view of the delays in its ongoing project,
LISMPL had sought an extension in moratorium on interest and
principal repayment, which is currently applicable till June 2011.
The company is still awaiting formal approval for the above
request from all the lenders.
The debt repayment according to the existing schedule comprised
monthly installments payable on the first of every month starting
from July 2011. LISMPL has not made any debt repayment in
anticipation of its lenders' approval to the extension in
moratorium on debt repayment and is, therefore, currently in
default of its debt obligation.
CRISIL had reaffirmed the rating in May 2011 at 'CRISIL
B+/Stable', based on the expectation that in case the moratorium
does not get extended, the promoters would infuse fresh equity
into LISMPL to ensure that debt servicing takes place in a timely
manner. However, the promoters have not infused additional equity
for debt servicing.
About Lulu International
LISMPL was set up in September 2004 by Mr. Yusuf Ali and
Mr. Ashraf Ali. The company is part of the three-decade-old EMKE
group, which operates 69 hypermarkets and five shopping malls in
the Middle East ( Qatar, Oman, Bahrain, Kuwait, the United Arab
Emirates, and Saudi Arabia. The company is developing the Lulu
International Shopping Mall, a mega shopping mall-cum-hotel
complex, in Kochi (Kerala) for INR8.32 billion. The project has a
total carpet area of around 10,03,000 square feet (sq ft), which
includes a mall with a carpet area of 3,88,000 sq ft (to be
leased), while the company would manage a hypermarket of 2,40,000
sq ft and a premium-category hotel of 3,75,000 sq ft.
MANIYAR REFINERY: CRISIL Puts 'CRISIL B+' Rating on INR17.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Maniyar Refinery Pvt Ltd, part of the Maniyar group.
Facilities Ratings
---------- -------
INR17.5 Million Term Loan CRISIL B+/Stable (Assigned)
INR57.5 Million Cash Credit CRISIL B+/Stable (Assigned)
INR25 Million Proposed LT CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflect the Maniyar group's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics, modest scale of operations, and fragmentation in the
edible oil industry. These rating weaknesses are partially offset
by the Maniyar group's established market position, supported by
its promoters' extensive industry experience.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MRPL and Aishwarya Refinery Pvt Ltd
(ARPL), together referred to as the Maniyar group. This is because
both entities are under a common management, are engaged in a
similar line of business, and will have operational and financial
linkages.
Outlook: Stable
CRISIL believes that the Maniyar group will maintain its business
risk profile in the edible oil market, backed by its established
brand and promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of successful stabilization
of ARPL's operations on commercialisation, leading to significant
increase in the group's scale of operations and improvement in its
cash accruals. Conversely, the outlook may be revised to
'Negative' if the group undertakes a larger-than-expected, debt-
funded capital expenditure (capex) programme, thereby weakening
its capital structure, or if there is any sharp decline in its
revenues and profitability, leading to deterioration in its
financial risk profile, particularly its liquidity.
About the Group
MRPL, incorporated in March 2007, was promoted by Mr. Kailash
Chand Maniyar and his family. The company is in the business of
refining palm oil through the dry fractionation process, with a
refining capacity of 9000 tonnes per annum; the unit is in
Gaganpahad (Andhra Pradesh [AP]). The company is managed by Mr.
Maniyar's sons, Mr. Vijay Kumar Maniyar and Mr. Vinay Kumar
Maniyar.
ARPL was promoted in March 2011 by Mr. Kailash Chand Maniyar and
his youngest son, Mr. Vishal Kumar Maniyar. The company is setting
up an edible oil refining unit in Nalgonda district (AP) at a
capex of INR80 million, which is being funded by a term loan of
INR50 million, and promoter's equity of INR30 million. The unit is
under construction and the commercial operations are expected to
begin in October 2011.
MRPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR350.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.6 million on net
sales of INR495.6 million for 2008-09. For 2010-11, on provisional
basis the company has reported revenues of INR541.6 million.
MASH AGRO: ICRA Assigns [ICRA]B+ Rating to INR18cr Term Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR18.00 crores term
loans and INR2.00 crores proposed bank facilities of Mash Agro
Foods Limited.
ICRA's rating factors in project implementation risks associated
with the green-field meat processing plant being set up at Unnao
Industrial Area (Uttar Pradesh), limited experience of the
promoters in this business and vulnerability of project returns to
raw material prices, which the company may not be able to pass
onto the customers, given the high competition in the business.
The rating also factors in the funding risk as promoters are yet
to bring in a substantial portion of their proposed equity
contribution. Like other players. MAFL is also exposed to changes
in regulatory framework of importing countries, event risks like
disease out-break as well as social risks given the sensitive
nature of business. Nevertheless, the rating positively factors in
the favorable demand growth prospects of meat processing industry
in India, MAFL's fully-integrated manufacturing facility and
favorable location of the project which ensures easy accessibility
to raw material.
Mash Agro Foods Limited, incorporated in July 2010, is setting up
a unit for manufacturing of processed meat and allied products in
Kanpur (Uttar Pradesh). MAFL's manufacturing facility is fully
integrated with an in-house abattoir, a raw meat processing
facility as well as a rendering unit. The unit has an installed
capacity of processing 15000 TPA of buffalo meat. The total cost
of the project is INR30.05 crores which is to be funded through
term loans of INR18.00 crores and equity contribution of INR17.05
crores. The project is expected to be completed in March 2012.
NAV SHUBH: CRISIL Assigns 'CRISIL BB-' Rating to INR69.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Nav Shubh Prabhat Education Society.
Facilities Ratings
---------- -------
INR69.6 Million Term Loan CRISIL BB-/Stable (Assigned)
INR110.4 Million Proposed LT CRISIL BB-/Stable (Assigned)
Bank Loan Facility
The rating reflects extensive experience of NSPES' trustees in
managing schools, expected benefits from the healthy demand
prospects for the education sector in India and financial support
from trustees. These rating strengths are partially offset by
NSPES' weak financial risk profile, marked by weak debt protection
metrics and its school's short track record of operations and
competition from established schools in the vicinity.
Outlook: Stable
CRISIL believes that NSPES' business risk profile will improve,
marked by the trustees' extensive experience in managing schools.
However, its financial risk profile is expected to remain weak
over the medium term marked by weak debt protection metrics.
CRISIL believes that NSPES' trustees will support the society to
meet its debt obligation in a timely manner. The outlook may be
revised to 'Positive' if there is a substantial improvement in
NSPES' margins, leading to improvement in cash accruals and thus
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if there is a significant decline in students'
admissions, leading to deterioration in NSPES' business risk
profile or in case it undertakes a larger-than-expected debt-
funded capital expenditure (capex) programme, further exerting
pressure on its financial risk profile.
About Nav Shubh
Set up in 2003 by Mr. Yogesh Kumar Arora, Mr. Gurudutt Arora and
Mrs. Leelawanti, NSPES runs a senior secondary school called JBM
Global School at Noida (Uttar Pradesh). The society provides
education up to Class IX. It has been accorded CBSE affiliation in
2011-12. The trustees have been managing a chain of four schools
under the name of Bal-Mandir over the past 20 years in East Delhi.
NSPES reported a deficit of INR 13.5 million on fee receipts of
INR18.5 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a deficit of INR 19.5 million on fee receipt
of INR11.2 million for 2009-10.
P&R ENGINEERING: ICRA Cuts Rating on INR33cr Loan to '[ICRA]D'
--------------------------------------------------------------
ICRA has revised the long-term rating from LB- to [ICRA]D for
Rs. 33 crore term loans of P&R Engineering Services Private
Limited. The rating revision takes into account the continuous
delays in debt servicing by the company.
P&R Engineering Services Pvt Ltd is promoted by the P&R Group to
develop, own and operate a 7.5 MW small hydro project in Jammu &
Kashmir, District Budgam. This is a run of the river type scheme
on Doodhganga, a tributary of Jhelum, which will utilize flows of
the river to harness approximately 204m of net head. The project
cost for the entire 7.5 MW is expected to be around
INR48.84 crores.
PRIME CIVIL: CRISIL Places 'CRISIL BB-' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Prime Civil Infrastructures Pvt Ltd.
Facilities Ratings
---------- -------
INR100 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR90 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect Prime's long track record in the civil
construction industry and above-average financial risk profile,
marked by comfortable gearing and moderate debt protection
metrics. These rating strengths are partially offset by Prime's
limited project diversity and modest scale of operations in a
competitive business segment.
Outlook: Stable
CRISIL believes that Prime will sustain its credit risk profile on
the back of its long track record and promoters' experience in the
civil construction business. The outlook may be revised to
'Positive' if the company substantially increases its scale of
operations on a sustained basis while sustaining its profitability
or if its financial risk profile improves significantly, led by
equity infusion by the promoters. Conversely, the outlook may be
revised to 'Negative' if Prime's operating profitability declines
materially, or if the company contracts larger-than-expected debt
to fund its capital expenditure plan, thereby adversely affecting
its financial risk profile.
About Prime Civil
Established as a proprietorship firm, Prime Engineers, in 1989 and
reconstituted as a private limited company in 2009, Prime
undertakes civil construction and is registered as a Class AA
contractor with Municipal Corporation of Greater Mumbai. The
company also undertakes projects for Mumbai Metropolitan Region
Development Authority, Maharashtra Housing and Area Development
Authority, Maharashtra Industrial Development Corporation, and
Public Works Department, Maharashtra. Prime constructs roads,
bridges, buildings, and storm water drainage.
Prime reported a profit after tax (PAT) of INR21.1 million on net
sales of INR564.09 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR23.3 million on net
sales of INR771.3 million for 2009-10.
RAM SAROOP: CRISIL Rates INR160 Million Cash Credit at 'CRISIL B+'
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Ram Saroop Deepak Kumar.
Facilities Ratings
---------- -------
INR160 Million Cash Credit CRISIL B+/Stable (Assigned)
The rating reflects RDK's below-average financial risk profile,
and low operating margin because of the trading nature of the
firm's operations. These rating weaknesses are partially offset by
RDK's longstanding presence in the agricultural commodities
trading industry and moderate risk management policies.
CRISIL has treated RDK's outstanding unsecured loans, of INR28.6
million as on March 31, 2011, extended by the promoters and other
affiliates as quasi equity; any interest thereof on these loans
would be retained in the business. Moreover, RDK has provided an
undertaking for non-withdrawal, or replacement by equity, of these
loans.
Outlook: Stable
CRISIL believes that RDK will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the firm's capital structure and liquidity, most
likely driven by more-than-expected cash accruals or large, fresh
equity infusion Conversely, the outlook may be revised to
'Negative' in case RDK reports deterioration in its profitability
and pressure on its revenues, or larger-than-expected working
capital borrowings.
About Ram Saroop
RDK was set up in 1999 as a proprietorship firm by Mr. Deepak
Kumar in Narela Mandi (New Delhi). The firm trades in basmati rice
and paddy, and holds a license from Agricultural Product Market
Commission (APMC) for the same. Mr. Kumar, along with his father
and two brothers, has been trading in agricultural commodities
since 1970. All the members of the family individually hold
licenses of APMC and operate across different mandis in Uttar
Pradesh.
RDK reported, on provisional basis, a profit after tax (PAT) of
INR3.7 million on net sales of INR1020.2 million for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR2.5 million on net sales of INR767.2 million
for 2009-10.
RTSTAR DIAMONDS: ICRA Cuts Rating on INR17.5cr Loan to '[ICRA]D'
----------------------------------------------------------------
ICRA has revised the long term rating of RTStar Diamonds from
'LBB' stable to '[ICRA]D' for its INR17.5 crore proposed bank
limits and INR2 crore fund based facilities. ICRA has also revised
the short term rating from 'A4' to [ICRA]D for RTSD's above
mentioned bank facilities. The ratings revision reflects current
delays in debt servicing by RTSD. The company has been classified
as a non performing asset by one of its bankers.
RTStar Diamonds, a partnership firm, was established in 1978 for
manufacturing and trading (catering to export market) of cut and
polished diamonds (CPDs) ranging up to 1 carat. The firm is a
part of the RTStar group which was founded in 1978 by Mr. Nitin
Ratilal Shah, son of Late Shri Ratilal Tribhovandas Shah (founder
promoter of the RTStar Group). Mr. Nitin Shah has a wide
experience of over three decades in the diamond industry. The
other major companies in the RTStar group include -- RTStar
Solitaires (rated [ICRA] D / [ICRA] D), RTStar Jewelry Private
Limited (rated [ICRA] D / [ICRA] D), Hiraco Jewellery (India)
Private Limited (rated LBB (stable) / A4+ by ICRA), etc.
SHREE HARI: ICRA Assigns '[ICRA]BB' Rating to INR80cr Loan
----------------------------------------------------------
A long term rating of [ICRA]BB has been assigned to the
INR8.0 Crore Fund Based Working Capital Limits and INR1.695 Crore
of Term Loans of Shree Hari Industries. The Outlook on the rating
is Stable.
The rating is constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure
and changes in import duty differential between crude and refined
oil; exposure to commodity price and agro-climatic risks. These
factors apart, the ratings are also constrained by the adverse
capital structure of the Firm due to high reliance on promoters'
loans and working capital debt and risks inherent in partnership
form of business. Nevertheless, while assigning the rating, ICRA
has favorably factored in the promoters' significant experience
and long track record in mustard oil and related products; the
Firm's strong regional market presence in premium refined mustard
oil segment; moderate financial risk profile represented by
healthy return indicators and adequate coverage ratios; and
favorable demand prospects for edible oil in India.
Shree Hari Industries manufactures mustard oil and mustard cake
and has an oil processing capacity of 12,960 TPA and seed crushing
capacity of 36,000 TPA. The firm was established as a partnership
firm in 1959 and currently the fourth generation members are
managing its operations. The Firm operates in the branded retail
segment majorly in the states of Bihar, Jharkhand, Orissa and
North-East through its brand Engine.
Recent Results
Based on provisional accounts, Shree Hari Industries reported a
turnover of INR94.63 Crore and a net profit of INR1.23 Crore
during financial year 2010-11. The Firm had reported a turnover
of INR82.30 Crore and a net profit of INR1.22 Crore during
2009-10.
SRI MVR COTTON: ICRA Cuts Rating on INR27.2cr Loan to '[ICRA]D'
---------------------------------------------------------------
ICRA has revised the rating assigned to INR27.20 crore (enhanced
from INR14.20 crore) fund based and 0.05 crore non fund based
facilities of Sri MVR Cotton Oil Mills Private Limited to
'[ICRA]D' from LB.
The revision in rating takes into account the recent delays in
servicing debt obligations on account of stretched liquidity
condition. The rating continues to be constrained by relatively
small scale of operations and the fragmented nature of the ginning
industry characterized by the presence of a large number of small
and medium scale players which restrict MVR's pricing flexibility.
The rating, however, draws comfort from the experience of the
promoters in the cotton trading and ginning business, proximity of
MVR's ginning unit to cotton growing areas of the Guntur district
of Andhra Pradesh (AP) and the ability to produce better quality
output (lint) from the Technology Mission on Cotton unit. ICRA
notes that the current liquidity situation is tight as reflected
by very high working capital utilization due to high working
capital intensity with significant raw material and finished goods
inventory being piled up for lack of better realizations and
reduced demand.
MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speeds and low
manpower requirement. MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
The capacity of the ginning mill was increased during FY 11 by
addition of 24 gins, making the total installed capacity 48 gins
which can produce 71,153 bales of cotton lint during the cotton
season each year.
SUPER SPINNING: ICRA Reaffirms '[ICRA]BB+' Term Loans Rating
------------------------------------------------------------
ICRA has re-affirmed the rating assigned to the INR49.67 crore
term loans and the INR110.35 crore fund-based limits of Super
Spinning Mills Limited at '[ICRA]BB+'. The outlook on the rating
has been revised to "negative" from "stable."
The negative outlook reflects the stretched financial profile of
the company and expected deterioration on account of the weak
operating environment prevailing in the cotton yarn industry.
After witnessing steady demand over the last two fiscals, cotton
yarn demand has been impacted in the current fiscal, resulting in
drop in volumes and sharp fall in realizations. The same coupled
with high cost cotton inventory purchased during the end of the
last cotton season has resulted in considerable losses for the
company. While the situation is likely to improve slowly from the
third quarter of the 2011-12, financial profile of SSML is likely
to be impacted owing to the losses to be incurred in H1 2011-12.
The losses coupled with high debt repayment obligations and
funding requirement for raw material procurement at the onset of
the cotton season in Q3 2011-12 is expected to strain the
liquidity position of the company. While a portion of the same is
expected to be met through sale of assets and realization of
advances from related parties, the company is expected to be
reliant on short term debt for meeting its funding requirements in
the near term till the demand environment improves. The ability of
the company to sustain volumes and support its margins and
liquidity through sale of assets and realization of advances
extended to related parties would remain key rating sensitivities.
The rating also factors in the established presence of the Company
in the spinning industry which coupled with long-standing
relationship with its established clientele and diversified
revenue base lends stability to volumes to an extent. Also, its
locational advantage of being near cotton growing areas aiding
cotton sourcing and its increasing focus on value added product
portfolio is likely to benefit the company in improving its
profitability in the medium to long term. Company Profile Super
Spinning Mills Limited was established in 1962 by Late Mr. N.
Damodaran, Mr. V. N. Ramchandran and Mr. L. G. Balakrishnan,
members of the Elgi group of Coimbatore. As on March 2010, the
company had five units in Andhra Pradesh and Tamil Nadu with a
total capacity of 165,984 spindles and 1200 rotors. SSML's primary
business is cotton yarn spinning which contributes more than 90%
of revenues. The company is partially integrated into segments
like knitting and garmenting, which contribute the remaining 10%.
During 2009-10, SSML had acquired a group company, Sara Elgi
Arteriors Limited (SEAL), at an investment of INR1.45 crore. SEAL
is into manufacture of UPVC windows and doors for Building
industry with revenues of about INR10 crore and net profit of
-INR1 crore for 2010-11. The management has mentioned that there
would be no major investment required in the subsidiary in the
short to medium term, where the scale of operations of the entity
would remain small. Hence, there should be no impact on the credit
profile of SSML on account of the acquired entity.
Recent Results:
For the first quarter ended June 2011, the company has reported a
net loss of INR17.9 crore on an operating income of INR94.0 crore.
For the corresponding period of 2010-11, the company reported a
net profit INR4.6 crore on an operating income of INR110.2 crore.
TIRUBALA EXPORTS: ICRA Assigns '[ICRA]BB+' Rating to INR15cr Loans
------------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]BB+ to the INR15
crores fund based limits of Tirubala Exports. ICRA has also
assigned a short term rating of [ICRA]A4+ to the INR1 crore
non-fund fund based sub limits of Tirubala Exports. The long term
rating carries a stable outlook.
The rating action favorably factors in the established track
record of Tirubala Exports and the wide experience of its
proprietor in the footwear industry. The rating also factors in
the healthy profitability and coverage indicators with an interest
coverage ratio of -7 times and an adjusted gearing (debt adjusted
for proprietor's unsecured, non interest bearing loans) of -1.5
times as on March 31, 2011. Further, backward integration into a
leather tannery is expected to result in substantial raw material
cost saving for the firm. The rating is however constrained by the
inherent risk arising out of the sole proprietorship constitution
of the firm. Also, the firm's working capital intensity is high
at 32% due to the huge inventory holding cost. Going forward, the
company's ability to maintain operating margins in competitive
environment will be critical in sustaining its competitive
business profile.
About Tirubala Exports
Tirubala Exports is a sole proprietorship firm established in
early 70's by Mr. B.K. Agarwal. He is assisted by his three sons
Mr. Harsh Agarwal, Mr. Adarsh Agarwal and Mr. Anuj Agarwal.
Tirubala Exports primarily manufactures the shoe uppers and
manages work of a leather finishing unit and a tannery for
processing of animal skin. The operations of the leather tannery
commenced from June, 2011. The uppers so manufactured are sold
both in the market and to its group company Tirubala
International.
Recent Results:
As per the provisional results, Tirubala Exports reported a net
profit of INR0.53 crore on an operating income of INR53.19 crore
for the year ended March 31, 2011 , as compared to a net profit of
INR0.74 crore on an operating income of INR36.95 crore for the
year ended March 31, 2010 (audited results).
YASH PAPERS: ICRA Downgrades Rating on INR94.9cr Loan to '[ICRA]D'
------------------------------------------------------------------
ICRA has revised the long-term rating from 'LC' to '[ICRA]D' for
INR94.9 crore term loans, cash credit limits and other proposed
limits of Yash Papers Limited. Ratings for short term non-fund
based limits have also been reassigned to '[ICRA]D' from 'A5'.
The rating revision takes into account the continuous delays in
debt servicing by the company.
Yash Papers Limited has been in existence for over 25 years and
has been engaged in the paper manufacturing business since 1983.
The main products of the company include low-grammage kraft paper
and Machine Glazed (MG) Poster Paper. The paper manufactured is
used in numerous industries such as layer between Glass and
Plywood sheets, wrapping of tobacco products & clothes, Lamination
etc.
=========
J A P A N
=========
TOKYO ELECTRIC: To Sell 280 Properties for JPY200 Billion
---------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. is planning to
sell 280 properties to raise JPY200 billion in cash for use in
compensating people affected by the Fukushima No. 1 nuclear plant
crisis.
The news agency relates that sources close to the matter said
Friday the properties include the company's headquarters building,
dormitories and recreation facilities.
According to Kyodo, the sources said the doubling of its property
sales target from JPY100 billion in May reflects the utility's
urgent need to raise funds for redress payments due to start in
October, and for expanding fossil fuel-based operations to offset
losses in its nuclear power generation capacity.
The increase in the real estate selloff will substantially boost
Tepco's JPY600 billion target for asset sales, which includes
securities, subsidiaries and real estate, the report relays.
Kyodo's sources said that after compiling a list of about 350
properties worth about JPY300 billion, Tepco found that 280 of
them worth some JPY200 billion were eligible to be sold, excluding
substations and other facilities dedicated to electricity
operations.
The bidding for health facilities, idle land and other properties
will start in October, the report notes.
The company also plans to sell and then lease back its head office
building so it can continue using it, Kyodo adds.
About TEPCO
Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years. More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO). The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3. The ratings outlook is
negative.
=========
K O R E A
=========
LEO MOTORS: Posts US$227,300 Net Loss in Second Quarter
-------------------------------------------------------
Leo Motors, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$227,325 on US$4,377 of sales for the
three months ended June 30, 2011, compared with a net loss of
US$455,094 on US$554,159 of sales for the same period last year.
For the six months ended June 30, 2011, the Company had a net loss
of US$288,337 on US$252,555 of sales for the six months ended
June 30, 2011, compared with a net loss of US$3.1 million on
US$566,622 of sales for the same period of 2010.
The Company's balance sheet at June 30, 2011, showed
US$7.2 million in total assets, US$4.4 million in total
liabilities, and stockholders' equity of US$2.8 million.
"Although in the future we intend to fund our liquidity
requirements through a combination of cash on hand and revenues
from operations, during the quarter ended June 30, 2011, the
Company had realized a net loss of US$206,052 from operations,"
the Company said in the filing. "Accordingly, our ability to
initiate our plan of operations and continue as a going concern is
currently dependent on our ability to either generate significant
new revenues or raise external capital."
A complete text of the Form 10-Q is available for free at:
http://is.gd/g65QX0
Based in Hanam City, Gyeonggi-do, Republic of Korea, Leo Motors,
Inc., was originally incorporated as Classic Auto Accessories, a
California corporation on July 2, 1986. The Company then
underwent several name changes from FCR Automotive Group, Inc., to
Shinil Precision Machinery, Inc., to Simco America Inc. and then
to Leo Motors. The Company is currently in the process of
development and production of Electric Power Train Systems
("EPTS") encompassing electric scooters, electric
sedans/SUVs/sports cars, and electric buses/trucks as well as
several models of Electric Vehicle ("EV"). Its EPTS can replace
internal combustion engines ("ICEs").
* SOUTH KOREA: FSC Suspends 7 More Ailing Savings Banks
-------------------------------------------------------
The Korea Herald reports that South Korea's Financial Services
Commission on Sunday suspended the operation of seven more savings
banks that failed to meet the capital adequacy ratio set by the
International Bank of Settlements, including major players Tomato
and Jeil.
Sixteen savings banks have been suspended so far this year, the
report says.
"We decided to suspend the seven institutions as part of the
restructuring of the industry based on our inspection of asset
quality and management abilities," the news agency quotes
Financial Services Commission chairman Kim Seok-dong as saying in
a press briefing.
The seven banks -- Jeil Savings Bank, Jeil 2 Savings Bank, Prime
Savings & Finance Co., Daeyeong Savings Bank, Ace Mutual Savings
Bank, Parangsae Savings Bank and Tomato Savings Bank -- are now
suspended for six months starting effective immediately, the
Herald discloses.
According to the report, the order concludes a full-scale
investigation of 85 savings banks from July and August, where some
340 inspectors from FSC, Korea Deposit Insurance Corp., and major
accounting firms were dispatched to headquarters to sift through
the banks' financial statements. The process was designed to
filter out lenders likely to survive on their own from those with
little chance, the report notes.
"The FSC will forfeit assets of management executives who had
concealed wealth at the expense of the banks' declining financial
standing. Those will be given out to depositors who hold more
than KRW50 million in their bank accounts," the Korea Herald
quotes Mr. Seok-dong as saying.
The Korea Herald notes that the regulator said the seven suspended
savings banks have failed to raise their capital adequacy ratios
above 1%. Their capital adequacy ratio ranged between minus
51.1% to minus 0.63%.
The seven banks can resume operations if they manage to
significantly raise their deposit base and normalize their
businesses within 45 days. Should they fail to do so, the
state-run debt clearer KDIC will sell them or transfer their
assets to a state-run secondary lender to resume operations within
three months, the report adds.
====================
N E W Z E A L A N D
====================
HURLSTONE EARTHMOVING: Liquidation Delays Highway Upgrade
---------------------------------------------------------
Manawatu Standard reports that the collapse of Hurlstone
Earthmoving, the construction company carrying out the State
Highway 2 upgrade between Woodville and Dannevirke, has set the
project back six months.
Manawatu Standard relates that work on the NZ$10.9 million project
began in late October last year, with Hurlstone winning the
New Zealand Transport Agency tender for the work, which was
expected to finish in April 2012.
But in July, Hurlstone was put into receivership and on
September 9 the company was put into the hands of liquidators to
wind it up, according to the report.
Manawatu Standard notes that the realignment work on the highway
was about one-third complete.
Two months ago, the report recalls, Transport Agency state
highways regional manager David McGonigal said Hurlstone's
collapse was not expected to cause "any significant problems" with
the project's completion.
But work has stalled and Mr. McGonigal has told the Manawatu
Standard the project might not be finished until late 2012.
"This means the completion of the project is expected to now be
around six months later than initially envisaged, and work is
expected to resume in December 2011," the report quotes
Mr. McGonigal as saying.
Site testing and surveys were under way to provide data to
companies that might be interested in tendering to complete the
project, the report notes.
Mr. McGonigal, as cited by Manawatu Standard, said the agency had
advertised for expressions of interest and hoped to award a
contract "in the near future" and resume work before Christmas.
The agency did not say whether Hurlstone owed it any money, the
report notes.
As reported in the Troubled Company Reporter-Asia Pacific on
July 18, 2011, Peter Gothard and Ryan Eagle of Ferrier Hodgson
were appointed receivers and managers of Hurlstone Earthmoving
Limited, Hayes Earthmoving Services Limited, New Zealand Pollution
Engineering Limited and River Island Shingle Company Limited
pursuant to the provisions contained in a general security
agreement granted by the companies in favor of GE Finance and
Insurance. Following an assessment of the viability of the
companies' operations, the receivers and managers decided to cease
trading effective from July 13, 2011.
Hurlstone Earthmoving Limited -- http://www.hurlstone.co.nz/-- is
a New Zealand-based contracting company. The company provides
bulk earthworks and land development; construction of pipelines,
roads and pavements; underground cabling; mobile crushing; land
clearing; quarry stripping and heavy transport services.
LIVING NEW ZEALAND: Liquidation Ends Immigration Applicant's Dream
------------------------------------------------------------------
The Nelson Mail reports that British resident Nicola McGeorge said
she is "heartbroken" that her dream of living in New Zealand was
destroyed after Glen Standing, owner of immigration advisory
company Living New Zealand, lost his licence last month.
The Nelson Mail relates that the company went into liquidation
last month after Mr. Standing was fined more than NZ$20,000 and
had his licence cancelled by the Immigration Advisers Complaints
and Disciplinary Tribunal for giving wrong advice to a client.
According to the report, Ms. McGeorge claims that Mr. Standing
promised he could get her husband an IT job, and told them they
had to be prepared to move within three months.
Ms. McGeorge, as cited by The Nelson Mail, said they made an
initial payment of NZ$6,500 but then heard nothing from Mr.
Standing, who did not reply to their e-mails or requests for phone
calls.
Mr. McGeorge had already made a complaint to the Immigration
Advisers Authority (IAA) when she found out from Mr. Standing that
his company was in liquidation, the report relays.
According to The Nelson Mail, Mr. Standing said he had about 140
clients when the company went into liquidation.
Mr. Standing said he was "surprised" to hear of unhappy clients,
and no-one had contacted him with complaints, the report relates.
Clients had to be patient, as "the liquidation of a business is
not a two-minute job", but he said those owed money would
"absolutely get that money back," according to the report.
Mr. Standing, as cited by The Nelson Mail, said the liquidators
were working through that now, and were looking at selling the
business, and database. There had been some interest from
potential buyers, including immigration advisers, who could take
on existing clients.
Mr. Standing was unable to say how much in total he owed clients
or other businesses, The Nelson Mail adds.
Living New Zealand is an immigration and employment advice service
based in Golden Bay, New Zealand.
PORTAGE RESORT: Receivers to Sell Business as Going Concern
-----------------------------------------------------------
Michael Berry at The Marlborough Express reports that Portage
Resort Hotel in Kenepuru Sound is in receivership and owes about
NZ$5 million.
The hotel was put under the management of PricewaterhouseCoopers
partners John Fisk and Malcolm Hollis on Sept. 13, 2011, the
report says.
According to the Express, Mr. Fisk said the resort was continuing
to operate, and would be taking on five staff to bolster the nine
already employed to cater for the summer season.
The Express discloses that the company had been put into
receivership by Auckland-based Ecuador Mortgages after Portage
Resort became too indebted to continue, he said. The total debts
would be about NZ$5 million, Mr. Fisk added.
The Portage Resort, says the Express, has been listed for sale on
Trade Me since September 6. Mr. Fisk said he was yet to decide
with the real estate agent whether the property would be sold by
tender, auction or listing, the report notes. Mr. Fisk expected
the business and assets would be sold together as a going concern.
The resort is directed by Alison Evans and Dain Simpson, who each
own just over 41% of the company. The remaining 17% is owned by
the Hong Kong-based Snowdrops Company.
Associated Company's Liquidation
Meanwhile, The Marlborough Express reports that an associated
company, Kenepuru Tourism, which is owned and directed by
Mr Simpson and Ms Evans, was put into liquidation in July.
The Express, citing the liquidators' report for Kenepuru Tourism,
written by Jeremy Morley, of PricewaterhouseCoopers, discloses
that the company could not raise money to pay the GST on a
property sale. The company bought two Kenepuru Sound properties
as a package in 2008, the report notes.
According to the report, Kenepuru Tourism sold one of the
properties immediately and kept the other to provide staff
lodgings in the bay.
The Inland Revenue Department and ANZ National Bank are listed as
creditors in the liquidators' report for Kenepuru Tourism, the
Express notes.
About Portage Resort
The Portage Resort Hotel offers room and backpacker accommodation,
restaurant, cafe, pool, and spa. It has 50 rooms and there is
scope to develop at least another 25. The resort consists of four
parcels of land with a total area of about 1.4 hectares. It has a
fine dining restaurant, a separate cafe and bar, a conference room
which can seat 100 and a guest lounge and bar.
SAVAGE EDWARDS: In Liquidation; Closes Bay View Hotel
-----------------------------------------------------
The Southland Times reports that The Bay View Hotel has closed its
doors after its publican went into liquidation.
The report relates that the hotel's publican, Anthony Edwards, who
had leased the building for about six years, went to Australia
last month, about the same time he put his company, Savage Edwards
Ltd, into voluntary liquidation and shut the pub.
Insolvency Management Ltd principal Wayne Deuchrass, who is
assisting with the liquidation, said Mr. Edwards was known to owe
NZ$68,000 to three creditors and he expected more creditors to
come forward, according to the Southland Times.
The report notes that the Bay View Hotel has been a watering hole
for Bluff townsfolk for 119 years. Bluff residents said the
hotel's closure was a talking point in the port town because it
had been around for so long, the report relays.
The Southland Times relates that a notice in last week's Bluff
community newsletter said the Bay View Hotel is now available for
lease.
Mr. Deuchrass, as cited by The Southland Times, said the ideal
outcome would be for a buyer to buy the hotel's chattels from the
liquidator and reopen the business. Several parties had shown an
interest so far, he said.
The Bay View Hotel, which has a pub on the ground floor and
accommodation above, is one of the 17 attractions on the Bluff
Heritage Trail. It was built in 1892 for its original publican and
owner Joseph Metzger.
=================
S I N G A P O R E
=================
APPAREL REPUBLIC: Creditors Get 4.70787% Recovery on Claims
-----------------------------------------------------------
Apparel Republic Pte Ltd declared the first and final dividend on
Sept. 2, 2011.
The company paid 4.70787% to the received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road, #06-11
Singapore 069118
ASIAN SECURITY: Court to Hear Wind-Up Petition on Sept. 30
----------------------------------------------------------
A petition to wind up the operations of Asian Security Corporation
(S) Pte Ltd will be heard before the High Court of Singapore on
Sept. 30, 2011, at 10:00 a.m.
S.L. Prime Properties Pte Ltd filed the petition against the
company on Sept. 8, 2011.
The Petitioner's solicitors are:
Messrs Lee & Lee
5 Shenton Way
#07-00 UIC Building
Singapore 068808
BELUGA CHARTERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 2, 2011, to
wind up the operations of Beluga Chartering Asia Pte Ltd.
B.S.K. Stevedoring Pte Ltd filed the petition against the company.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road, #06-11
Singapore 069118
INDELBERG TRADING: Court to Hear Wind-Up Petition on Sept. 30
-------------------------------------------------------------
A petition to wind up the operations of Indelberg Trading &
Services Pte Ltd will be heard before the High Court of Singapore
on Sept. 30, 2011, at 10:00 a.m.
Pt Timah (Persero) TBK filed the petition against the company on
Sept. 8, 2011.
The Petitioner's solicitors are:
TSMP Law Corporation
6 Battery Road, Level 41
Singapore 049909
JAZCO INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 30
---------------------------------------------------------------
A petition to wind up the operations of Jazco International
Trading Pte Ltd will be heard before the High Court of Singapore
on Sept. 30, 2011, at 10:00 a.m.
United Overseas Bank Limited filed the petition against the
company on Sept. 5, 2011.
The Petitioner's solicitors are:
Messrs WongPartnership LLP
63 Market Street #02-01
Singapore 048942
J-PILE SISTEM: Creditors' Proofs of Debt Due Oct. 15
----------------------------------------------------
Creditors of J-Pile Sistem Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct. 15,
2011, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on Sept. 9, 2011.
The company's liquidator is:
Steven Tan Chee Chuan
25 International Business Park
#04-22/26 German Centre
Singapore 609916
===============
T H A I L A N D
===============
TRUE CORP: Moody's Sees No Immediate Impact on 'B2' CFR
-------------------------------------------------------
Moody's Investors Service sees no immediate impact on the B2
corporate family rating of True Corporation Public Company Limited
and the B2 corporate family and senior unsecured bond ratings of
True Move Company Limited following True Move's tender offer for
its outstanding US$690 million notes.
The outlook on the ratings remains negative.
However, Moody's notes that if a substantial majority of the note
holders tender under the current offer terms, it would have
positive implications, leading to a potential change in the
outlook to stable.
Ratings Rationale
On Sept. 6, 2011, True Move announced a tender offer and consent
solicitation for its US$465 million notes due in December 2013 and
US$225 million notes due in August 2014. The consent solicitation
seeks to eliminate substantially all restrictive covenants,
certain events of default and related provisions contained in the
indentures governing the notes, and shorten the notice period for
redemptions of the notes.
Should a majority of the bond holders tender their notes, True
Move would be permitted to take certain actions previously
prohibited by the restrictive covenants contained in the
indentures, including incurring debt, making dividends and other
restricted payments on True Move's equity interests, and granting
liens.
In addition, the refinancing risks on True Move's bonds would
materially decline, especially in light of its concession expiring
in 2013. The bond refinancing exercise would also lengthen the
debt maturity profile on True Move's and True Corp's debt, as well
as eliminate foreign exchange volatility by better aligning the
domestic currency denominated bank facility with the domestic
currency revenue stream.
However, the proposed changes will have no effect on the existing
guarantees on the notes, and company's obligations under the notes
and indentures will stay guaranteed by the parent guarantor and
the subsidiary guarantors. As such, Moody's does not anticipate
subordination risks for any remaining notes which may not be
tendered under the offer.
True Move plans to refinance the tendered notes through partial
proceeds of a 10-year THB48.9 billion secured bank facility signed
with Krung Thai Bank and Siam Commercial Bank. Moody's expects the
bank facility to have amortizing repayment terms, with some grace
period.
Moody's notes that True Move's liquidity profile has already
substantially improved since the company repaid the outstanding
amounts under its facilities from IFC and KfW in Q2 2011, thus
eliminating the need for continuous covenant waivers. An equity
injection of THB4 billion from True Move's parent company has
further enhanced its liquidity profile.
Furthermore, surplus amounts under the THB48.9 billion new bank
facility, after utilizing THB27 billion for the buyback of bonds
and THB6.3 billion for refinancing a bridge facility for the Hutch
acquisition, would leave True's wireless group with adequate
resources for investments in its 3G business, network expansion,
and potential bidding for new spectrum licenses when announced by
Thailand's telecoms regulator.
However, the negative outlook continues to reflect liquidity and
refinancing risks for the company, pending the final outcome of
the tender offer and attached refinancing. The tender offer is
expected to expire on Oct. 4, 2011.
The current B2 ratings encapsulate True Move and True Corp's
exposure to an uncertain and politicized regulatory environment
for telecom players in Thailand, which has had an overhang effect
on the rating. Moody's is also concerned about the execution risks
for the HSPA 3G upgrade and the migration of subscribers from the
CDMA network to the new HSPA platform. Owing to the
unpredictability of Thailand's regulatory environment, there is no
clear indication whether True Move can migrate its subscribers to
the new network before its concession expires in September 2013.
True Move's credit profile is highly correlated with True Corp's,
given their strong financial and operating links, and as such
their ratings are equalized.
Following the repayment of True Move's current secured facilities
in the last April-June quarter, there is no sponsor support
agreement obligating True Corp to provide financial support to
True Move. However, given True Move's relative importance to the
consolidated group, contributing 49% of the consolidated revenue,
it is Moody's expectation that support from True Corp will remain
forthcoming.
The principal methodology used in this rating was Global
Telecommunications Industry, published in December 2010.
Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group (CP Group) is the major shareholder (64.74%).
Its wireless business is conducted predominantly through its
97.1%-owned subsidiary, True Move, Thailand's third largest mobile
telecommunications operator. Its pay TV business is conducted
through 99.3%-owned True Visions Public Company Limited (and
99.0%-owned True Visions Cable Public Company Limited), which is
currently the only nationwide provider of pay television services
in the country.
=============
V I E T N A M
=============
DOT VN: Delays Filing of July 31 Form 10-Q
------------------------------------------
Dot VN, Inc., was unable to file its Form 10-Q for the period
ending July 31, 2011, within the prescribed period, because during
its final review of such period's results, it was determined that
a convertible debenture may contain an embedded derivative
instrument subject Financial Accounting Standards Board Accounting
Standards Codification Topic 815. This matter could not be
resolved by the required filing date without unreasonable effort
and expense.
About Dot VN
Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN. The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)." Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region. Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.
Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.
The Company reported a net loss of US$5 million on US$1.01 million
of revenue for the year ended April 30, 2011, compared with a net
loss of US$7.32 million on US$1.12 million of revenue during the
prior year.
The Company's balance sheet at April 30, 2011, showed
US$2.76 million in total assets, US$8.77 million in total
liabilities, and a US$6.01 million total shareholders' deficit.
PLS CPA, in San Diego, Calif., noted that the Company's losses
from operations raise substantial doubt about its ability to
continue as a going concern.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Sept. 12 to Sept. 16, 2011
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.07
AINSWORTH GAME 8.00 12/31/2011 AUD 1.30
AMITY OIL LTD 10.00 10/31/2013 AUD 2.03
AUSTRALIAN COMM 3.00 07/29/2049 AUD 5.00
BECTON PROP GR 9.50 06/30/2012 AUD 0.22
CHINA CENTURY 12.00 09/30/2012 AUD 0.75
DIVERSA LTD 11.00 09/30/2014 AUD 0.15
EXPORT FIN & INS 0.50 12/16/2019 NZD 68.71
EXPORT FIN & INS 0.50 06/15/2020 AUD 67.33
EXPORT FIN & INS 0.50 06/15/2020 NZD 66.57
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.44
IMF AUSTRALIA 10.25 12/31/2014 AUD 1.68
NEW S WALES TREA 1.00 09/02/2019 AUD 73.42
NEW S WALES TREA 0.50 09/14/2022 AUD 61.38
NEW S WALES TREA 0.50 10/07/2022 AUD 60.90
NEW S WALES TREA 0.50 10/28/2022 AUD 60.66
NEW S WALES TREA 0.50 11/18/2022 AUD 60.51
NEW S WALES TREA 0.50 12/16/2022 AUD 59.97
NEW S WALES TREA 0.50 02/02/2023 AUD 59.63
NEW S WALES TREA 0.50 03/30/2023 AUD 59.09
RESOLUTE MINING 12.00 12/31/2012 AUD 1.59
TREAS CORP VICT 0.50 08/25/2022 AUD 61.74
TREAS CORP VICT 0.50 11/12/2030 AUD 59.91
TREAS CORP VICT 0.50 11/12/2030 AUD 42.68
CHINA
-----
CHINA GOV'T BOND 1.64 12/15/2033 CNY 62.84
SOUTHERN POWER 5.60 09/17/2019 CNY 24.35
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 24.35
INDIA
-----
PUNJAB INFRA DB 0.40 10/15/2024 INR 26.62
PUNJAB INFRA DB 0.40 10/15/2025 INR 24.22
PUNJAB INFRA DB 0.40 10/15/2026 INR 22.07
PUNJAB INFRA DB 0.40 10/15/2027 INR 20.15
PUNJAB INFRA DB 0.40 10/15/2028 INR 18.42
PUNJAB INFRA DB 0.40 10/15/2029 INR 16.87
PUNJAB INFRA DB 0.40 10/15/2030 INR 15.48
PUNJAB INFRA DB 0.40 10/15/2031 INR 14.24
PUNJAB INFRA DB 0.40 10/15/2032 INR 13.12
PUNJAB INFRA DB 0.40 10/15/2033 INR 12.13
VIDEOCON INDUS 6.75 12/16/2015 USD 70.35
JAPAN
-----
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 62.11
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 62.61
SHINSEI CORP 9.20 12/29/2049 GBP 70.00
TAKEFUJI CORP 9.20 04/15/2011 USD 5.25
TOKYO ELEC POWER 1.22 03/24/2017 JPY 73.25
TOKYO ELEC POWER 1.22 07/29/2020 JPY 74.58
TOKYO ELEC POWER 1.15 09/08/2020 JPY 74.53
TOKYO ELEC POWER 2.34 09/29/2028 JPY 72.40
TOKYO ELEC POWER 2.40 11/28/2028 JPY 72.78
TOKYO ELEC POWER 2.20 02/27/2029 JPY 68.32
TOKYO ELEC POWER 1.95 07/29/2030 JPY 64.96
TOKYO ELEC POWER 2.36 05/28/2040 JPY 63.34
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.09
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.43
ASTRAL SUPREME 3.00 08/0/2021 MYR 0.09
CRESENDO CORP B 3.75 01/11/2016 MYR 1.28
DUTALAND BHD 6.00 04/11/2013 MYR 0.60
DUTALAND BHD 6.00 04/11/2013 MYR 0.44
EASTERN & ORIENT 8.00 07/25/2011 MYR 1.49
ENCORP BHD 6.00 02/17/2016 MYR 0.86
KUMPULAN JETSON 5.00 11/27/2012 MYR 0.85
LION DIVERSIFIED 4.00 12/17/2013 MYR 0.62
MALTON BHD 6.00 06/30/2018 MYR 0.80
MITHRIL BHD 3.00 04/05/2012 MYR 0.54
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.20
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.50
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.24
PANTECH GROUP 7.00 12/21/2017 MYR 0.09
PRESS METAL BHD 6.00 08/22/2019 MYR 1.82
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.54
REDTONE INTL 2.75 03/04/2020 MYR 0.06
RUBBEREX CORP 4.00 08/14/2012 MYR 0.71
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.68
SCOMI GROUP 4.00 12/14/2012 MYR 0.07
TRADEWINDS CORP 2.00 02/26/2016 MYR 0.81
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.60
TRC SYNERGY 5.00 01/20/2012 MYR 1.58
WAH SEONG CORP 3.00 05/21/2012 MYR 2.30
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.46
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.05
NEW ZEALAND
-----------
ALLIED FARMERS 9.60 11/15/2011 NZD 72.66
BLUE STAR GROUP 9.10 09/15/2015 NZD 10.00
DORCHESTER PACIF 5.00 06/30/2013 NZD 63.44
INFRATIL LTD 8.50 09/15/2013 NZD 8.00
INFRATIL LTD 8.50 11/15/2015 NZD 9.20
INFRATIL LTD 4.97 12/29/2049 NZD 58.00
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.07
NEW ZEALAND POST 7.50 11/15/2039 NZD 62.88
NZF GROUP 6.00 03/15/2016 NZD 32.30
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.50
TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.80
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.94
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/2015 USD 74.85
BAKRIE TELECOM 11.50 05/07/2015 USD 74.85
BLUE OCEAN 11.00 06/28/2012 USD 41.75
CAPITAMALLS ASIA 1.00 01/21/2012 SGD 0.99
CAPITAMALLS ASIA 2.15 01/21/2014 SGD 0.99
DAVOMAS INTL FIN 11.00 12/08/2014 USD 62.07
F&N TREASURY PTE 2.48 03/28/2016 SGD 0.98
F&N TREASURY PTE 3.15 03/28/2018 SGD 1.01
NEXUS 1 PTE LTD 10.50 03/07/2012 USD 0.95
SENGKANG MALL 4.00 11/20/2012 SGD 0.04
SENGKANG MALL 8.00 11/20/2012 SGD 0.05
UNITED ENG LTD 1.00 03/03/2014 SGD 1.04
WBL CORPORATION 2.50 06/10/2014 SGD 1.20
SOUTH KOREA
-----------
DAEYEONG SAVINGS 7.95 07/29/2015 KRW 10.10
JEIL II SAVINGS 8.50 07/19/2014 KRW 48.42
JEIL MUTUAL SAV 8.00 01/22/2015 KRW 50.17
KOREA MUTUAL SAV 8.00 12/17/2015 KRW 59.46
SINBO 4TH ABS 15.00 12/16/2013 KRW 31.36
SOLOMON MUTUAL B 8.10 04/19/2015 KRW 71.74
YOUNGNAM MUTUAL 8.50 12/18/2014 KRW 68.02
SRI LANKA
---------
SRI LANKA GOVT 5.35 03/01/2026 LKR 68.44
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 71.13
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.
Copyright 2011. 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 ***