/raid1/www/Hosts/bankrupt/TCRAP_Public/130328.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
Thursday, March 28, 2013, Vol. 16, No. 62
Headlines
A U S T R A L I A
AROGEN PTY: Goes Into Voluntary Administration
LM INVESTMENT: Administrators to Probe Property Loans
LM INVESTMENT: Administrators Mull Handing Firm Back to Directors
C H I N A
GREENTOWN CHINA: Improving Finances Cue Moody's to Up CFR to B2
SOUTHGOBI RESOURCES: May Default on Debenture Amid IAAC Probe
SUNAC CHINA: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes
H O N G K O N G
RIVERSLEIGH (NOMINEE): Members' Final Meeting Set for April 15
SEEYET INVESTMENTS: Lam and Boswell Step Down as Liquidators
SERAPHIM COMPANY: Creditors' Proofs of Debt Due April 18
SHELL BITUMEN: Ying and Chan Step Down as Liquidators
SINO RAINBOW: Members' Final Meeting Set for April 16
STRAIGHT WHARF: John Duffield Meyercord Steps Down as Liquidator
SUN RISE: Court to Hear Wind-Up Petition on April 24
TAG LOGISTICS: Court Enters Wind-Up Order
TOP GAIN: Placed Under Voluntary Wind-Up Proceedings
TSING-YI REALLY: Seng and Wong Step Down as Liquidators
TUNG WAH: Members' Final Meeting Set for April 19
ULTRAFOOT HK: Members' Final Meeting Set for April 20
WONDERFUL IDEA: Yeung and Ho Step Down as Liquidators
WONGO ENTERPRISE: Court to Hear Wind-Up Petition on May 8
WORLDWIDE TIME: Creditors' Proofs of Debt Due April 30
YEE TAT: Creditors' Proofs of Debt Due April 14
I N D I A
ADISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR6.5cr Loan
BANKEY BIHARI: CARE Assigns 'BB-' Rating to INR10cr LT Loan
CHANDI STEEL: ICRA Reaffirms 'B+' Ratings on INR23.80cr Loans
GLOABTEL CONVERGENCE: CARE Rates INR11cr LT Loan at 'CARE BB-'
INDIAN FOODTECH: CARE Rates INR9.46cr LT Loan at 'CARE B+'
M.K INDUSTRIES: CARE Rates INR5.17cr LT Loan at 'CARE B+'
MAKESWORTH INDUSTRIES: CARE Puts 'C' Rating to INR7.18cr LT Loan
PANYAM CEMENTS: CARE Assigns 'B-' Rating to INR91.47cr LT Loan
PAVIZHAM SPINNERS: ICRA Assigns 'D' Ratings to INR18cr Loans
SHIV BUILDINDIA: CARE Assigns 'BB' Rating to INR20cr LT Loan
SHRI SIDHDATA: ICRA Upgrades Ratings on INR92.97cr Loans to 'B+'
SHRIDHAR CASTINGS: ICRA Rates INR7.5cr LT Loan at '[ICRA]C+'
SIMANCHAL CONSTRUCTION: CARE Rates INR8cr Loan at 'CARE B+'
SNQS INTERNATIONAL: ICRA Reaffirms 'D' Ratings on INR23.4cr Loans
N E W Z E A L A N D
FELTEX CARPET: Court Date for Investors Action Set for March 2014
GEON GROUP: Kiwi Unit Owed NZ$9MM to Suppliers and Staff
HANOVER FINANCE: Trial Too Complex For Jury, QC Says
NATIONAL FINANCE: Founder Loses Appeal Against Conviction
PITANGO INNOVATIVE: Beak & Johnston Buys Firm Out of Receivership
P H I L I P P I N E S
* PHILIPPINES: Fitch Upgrades Issuer Default Rating From 'BB+'
S I N G A P O R E
TRANSLATION EXPRESS: Creditors' Proofs of Debt Due April 9
UNIGLO CUISINE: Creditors' Proofs of Debt Due April 5
WEE TAT: Creditors' Meeting Set April 2
- - - - -
=================
A U S T R A L I A
=================
AROGEN PTY: Goes Into Voluntary Administration
----------------------------------------------
Ian Kirkwood at Newcastle Herald reports that Arogen Pty Ltd, a
drilling company that lost a court case against construction
company Leighton Contractors, has gone into voluntary
administration owing at least AUD2 million.
Paul Gidley -- pgidley@shawgidley.com.au -- of insolvency
specialists Shaw Gidley was appointed as administrator, the report
says.
In October last year, Fairfax Media reported on "a tense standoff"
between Arogen and Leighton at a construction site in suburban
Sydney, the Herald recalls.
Arogen had been hired by Leighton to drill horizontal holes for
electricity cables in an "Energy2U" upgrade program by the state
government's Ausgrid. The dispute between Arogen and Leighton had
resulted in an adjudicator ordering Leighton to pay the Kurri
Kurri company AUD5.7 million.
The Herald relates that Leighton brought the matter to the NSW
Supreme Court where the adjudication in Arogen's favor was set
aside.
According to the report, the administrator said the company's
decision to go into voluntary administration was linked to
Leighton's job.
A first creditors' meeting would be held at Shaw Gidley's Hunter
Street office on April 2, the report adds.
Arogen Pty Ltd is a family-owned business specialising in
horizontal drilling.
LM INVESTMENT: Administrators to Probe Property Loans
-----------------------------------------------------
dissolve.com.au reports that FTI Consulting, the administrators of
LM Investment Management, are expected to look into the investment
group's property loans before the creditor meeting set on April
2nd. These are projects backed by the $401 million LM Managed
Performance Fund (MPF) and the remaining assets in the $304
million LM First Mortgage Income Fund (MIF), dissolve.com.au says.
According to the report, the MPF has not written down the value of
its assets which includes a $234 million exposure to the Maddison
Estate on the Gold Coast. Meanwhile, dissolve.com.au recalls,
last year the MIF continued to write down its assets so that the
units are worth 59 cents in the dollar. LM investors are
concerned about the value of their holdings.
Creditors were told by FTI that it would conduct a review of all
the vehicles and update unit holders, dissolve.com.au adds.
LM Investment Management was founded in 1993 by expat
New Zealander Peter Drake and claims to have assets worth more
than AUD3 billion under management.
New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more NZ$100 million tied up in. LM directors
have appointed John Park and Ginette Muller of FTI Consulting as
voluntary administrators, blaming the move on liquidity problems
caused by a smear campaign, the NZ Herald related.
LM INVESTMENT: Administrators Mull Handing Firm Back to Directors
-----------------------------------------------------------------
Ben Butler at The Age reports that administrators of failed Gold
Coast fund manager LM Investment Management are considering
handing the company back to its directors.
The Age notes that giving the company back to its directors under
a deed of company arrangement would avoid liquidation and a full
investigation of the collapse of LM, which had funds under
management of at least AUD750 million.
Investors in the LM group's funds are not creditors of LM
Investment Management, administrators Ginette Muller and John
Park, of FTI Consulting, said in a circular posted to the
company's website, The Age relates. However, the funds, which
have been frozen, are under the effective control of the
administrators.
According to the report, Ms. Muller revealed a deed of company
arrangement was possible during a phone hook-up with financial
advisers and directors of LM Investment Management on March 26.
She said it was "usual" for directors or another party to put
forward a deed of company arrangement at a second meeting of
creditors. A first meeting is to be held on April 2 on the Gold
Coast, and a second meeting would normally be due within an
additional 30 days, The Age notes.
However, Ms. Muller said she and Mr. Park planned to ask a court
to extend the date by which the second meeting must be held by
three months, the report relays.
The Age relates that Ms. Muller told the financial advisers they
may be creditors of LM Investment Management because they are owed
commissions for putting clients into the company's funds.
Ms. Muller also said administrators plan to ask Deutsche Bank for
an additional loan on top of the AUD40 million it has advanced to
the group's LM First Mortgage Fund. However, Suncorp, which is
owed AUD22 million by LM's troubled Managed Performance Fund,
wants to exit its position and the debt will need to be
refinanced, Ms. Muller, as cited by The Age, said.
LM Investment Management was founded in 1993 by expat
New Zealander Peter Drake and claims to have assets worth more
than AUD3 billion under management.
New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more NZ$100 million tied up in. LM directors
have appointed John Park and Ginette Muller of FTI Consulting as
voluntary administrators, blaming the move on liquidity problems
caused by a smear campaign, the NZ Herald related.
=========
C H I N A
=========
GREENTOWN CHINA: Improving Finances Cue Moody's to Up CFR to B2
---------------------------------------------------------------
Moody's Investors Service upgraded Greentown China Holdings
Limited's corporate family rating to B2 from B3 and its senior
unsecured rating to B3 from Caa1.
This ratings action concludes the rating review which was
initiated on January 23, 2013.
The ratings outlook is positive.
Ratings Rationale:
"The ratings upgrade reflects the significant improvement in
Greentown's financial profile, as shown in its 2012 results, as a
result in turn of its enhanced sales execution, active asset
disposals and strategic investments through Wharf (unrated)," said
Jiming Zou, a Moody's analyst.
Greentown raised its contract sales to RMB54.6 billion in 2012, up
54.6% from a year ago. The company's strong sales growth was
attributable to its change to an agent-based sales model and its
establishment of an enhanced performance-based incentive system.
Coupled with a gradually stabilizing market environment towards
the end of 2012, Greentown's contract sales were well above its
target of RMB40 billion.
By benefiting from its strong pre-sales proceeds, Greentown was
able to complete and deliver gross floor area of up to 1.9 million
square meters and book RMB35.4 billion in revenues, up 61.1% from
a year ago. Such sales facilitated earnings growth and inventory
reduction, which are beneficial to its credit metrics. Its
inventory to sales ratio improved to 1.59x in 2012 from 3.85x in
2011.
The positive sales momentum recently seen in Greentown is expected
to continue and stimulate the company's 2013 sales performance.
Part of this momentum is due to the company's focus on sales
execution and the prevalence of a more stable environment for the
property sector.
During 2012, Greentown significantly deleveraged its balance sheet
through disposing of projects, selling project interests to third-
parties including Sunac (unrated), and inviting Wharf as a
strategic investor.
At the end of 2012, debt/book capitalization dropped to 55% from
73% a year ago, while EBITDA/Interest expense rose to 2.6x from
1.7x, based on Moody's calculations from Greentown's consolidated
financials. Such credit metrics position Greentown with its
sizable business and good market position into the high to mid-
single-B rating category.
"Moody's believes that Greentown will be more discipline in its
development strategy and financial management after gaining
experience from the last two down-cycles and since Wharf became a
major shareholder in 2012. The strategic alliance with Wharf has
also laid down new investment requirements and a net gearing
ceiling, which will prevent the company from aggressive expansion
in future," continues Zou.
Another factor supporting the upgrade is the gradual improvement
in Greentown's liquidity and debt maturity profile. Its cash
balance increased to RMB7.9 billion at end-2012 and is expected to
rise with the issuance of an 8.5% USD400 million senior note in
January 2013. But the current level of short-term debt is
material, and requires further reduction, otherwise the rating
will be constrained at the B2 level.
Greentown's B2 rating reflects its large and diversified land bank
which was 41.87 million square meters (of which 22.58 million
square meter attributable) as of December 2012. It also reflects
its long operating history and strong brand name.
With its policy of controlling debt, Greentown has increasingly
expanded through joint ventures. Moody's estimates that the
attributable debt from joint ventures and associates to be
material. If such prorated debt is included, Moody's estimates
that debt/capitalization will increase to 65% from 55% in December
2012 and EBITDA/Interest will decline to 2.1x from 2.6x.
The ratings outlook is positive, reflecting improvements in sales
execution, credit metrics and financial management. Moody's sees
some likelihood of Greentown achieving a financial and liquidity
profile comparable to its B1 peers in the next 6 - 12 months.
The ratings could be upgraded, if Greentown (i) improves its
liquidity position through reducing its short-term debt; (ii)
continues to show good sales execution, such as meeting its
presales targets; and (iii) maintains prudence in its financial
management and land acquisitions.
The ratings would return to stable if Greentown (i) maintains a
relatively high level of short term debt; (ii) shows weaker-than-
expected contract sales, or is unable to improve book sales; or
(iii) exhibits a deterioration in its financial profile with
Debt/Capitalization climbing above 60% (not including prorated
debt) and EBITDA/interest rises below 2.0x.
The principal methodology used in rating Greentown China Holdings
Limited was the Global Homebuilding Industry Methodology published
in March 2009.
Wharf (Holdings) Limited is listed on the Hong Kong Stock
Exchange. The principal business activities of the Wharf Group are
ownership of properties for development and letting, and
investment. It also owns container terminals as well as businesses
in communications, media and entertainment.
Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As at December 2012, the company had 96 projects,
including those under construction and available for construction,
with a total GFA 41.87 million sqm. Of this total, 22.58 million
sqm were attributable to the company.
SOUTHGOBI RESOURCES: May Default on Debenture Amid IAAC Probe
-------------------------------------------------------------
Subsequent to December 31, 2012, the Mongolian Independent
Authority Against Corruption informed SouthGobi Resources Ltd.
that orders, placing restrictions on certain of its Mongolian
assets, had been imposed in connection with its continuing
investigation.
The orders placing restrictions on certain of the Company's
Mongolia assets could ultimately result in an event of default of
the Company's convertible debenture. This matter remains under
review by the Company and its advisers but to date, it is the
Company's view that this would not result in an event of default
as defined under the convertible debenture terms. However, in the
event that the orders result in an event of default of the
Company's convertible debenture that remains uncured for ten
business days, the principal amount owing and all accrued and
unpaid interest will become immediately due and payable upon
notice to the Company by CIC.
The orders relate to certain items of operating equipment and
infrastructure and the Company's Mongolian bank accounts. The
orders related to the operating equipment and infrastructure
restricts the sale of these items; however, the orders do not
restrict the use of these items in the Company's mining
activities. The orders related to the Company's Mongolian bank
accounts restrict the use of in-country funds. While the orders
restrict the use of in-country funds pending outcome of the
investigation, they are not expected to have any material impact
on the Company's activities.
Governmental, Regulatory and Internal Investigations
The Company is subject to continuing investigations by the IAAC
and other governmental and regulatory authorities in the Republic
of Mongolia regarding allegations against SouthGobi and some of
its employees involving possible breaches of Mongolian laws,
including anti-corruption and taxation laws. Certain of those
allegations (including allegations of bribery, money laundering
and tax evasion) have been the subject of public statements and
Mongolian media reports, both prior to and in connection with the
recent trial and conviction of the former Chairman and the former
director of the Geology, Mining and Cadastral Department of the
MRAM, and others. SouthGobi was not a party to that case. The
Company understands that the court's decision is the subject of an
appeal.
A number of the media reports referred to above suggest that, in
its decision, the court in the case referred to two matters
specifically involving SouthGobi Sands LLC.
In respect of the first matter, being an alleged failure to meet
minimum expenditure requirements under the Mongolian Minerals Law
in relation to four exploration licenses, the Company is
investigating these allegations, but advises that three of the
four licenses were considered to be non-material and allowed to
lapse between November 2009 and December 2011. Activities
historically carried out on the fourth (and the only currently-
held) license include drilling, trenching and geological
reconnaissance. The Company has no immovable assets located on
this license and it does not contain any of SouthGobi's NI 43-101
reserves or resources. This license does not relate to the
Company's Ovoot Tolgoi Mine and SouthGobi does not consider this
license to be material to its business.
The second matter referred to by the court was an alleged
impropriety in the transfer of License 5261X by SouthGobi Sands
LLC to a third party in March 2010 in violation of Mongolian anti-
corruption laws. The Company understands, based on media reports,
that the court has invalidated the transfer of this license, and
so the license's current status is unclear.
In addition, the IAAC has advised the Company that it is
investigating other alleged improprieties by SouthGobi Sands LLC.
Financial Results
The Company announced its financial and operating results for the
quarter and year ended December 31, 2012.
The Company recorded a net loss of $103.0 million for the year
ended December 31, 2012 compared to a net income of $57.7 million
for the year ended December 31, 2011.
The Company's gross profit/(loss) is composed of revenue (net of
royalties and selling fees) and cost of sales and relates solely
to the Mongolian Coal Division. In 2012, the Company's gross
profit/(loss) was negatively impacted by $53.0 million of idled
mine costs, resulting in a gross loss of $44.0 million. The
Company recorded a gross profit excluding idled mine costs of $9.0
million in 2012 compared to a gross profit excluding idled mine
costs of $51.7 million in 2011. Gross profit will vary by year
depending on sales volumes, sales prices and unit costs.
In 2012, SouthGobi recorded revenue of $53.1 million compared to
$179.0 million in 2011.
Cash Position and Liquidity
As at December 31, 2012, the Company had cash of $19.7 million and
short term money market investments of $15.0 million for a total
of $34.7 million in cash and money market investments compared to
cash of $123.6 million and long term money market investments of
$45.0 million for a total of $168.6 million in cash and money
market investments as at December 31, 2011. Working capital
(excess current assets over current liabilities) was $127.2
million as at December 31, 2012 compared to $236.1 million as at
December 31, 2011.
The Company's total assets as at December 31, 2012 were $729.4
million compared with $920.3 million as at December 31, 2011. The
Company's non-current liabilities as at December 31, 2012 were
$103.8 million compared with $145.6 million as at
December 31, 2011.
Consistent with the Company's capital risk management strategy,
the Company expects to have sufficient liquidity and capital
resources to meet its ongoing obligations and future contractual
commitments for at least twelve months from the end of the
December 31, 2012 reporting period. The Company expects its
liquidity to remain sufficient based on existing capital resources
and income from mining operations. Liquidity beyond the twelve
month period is dependent on the success of the recommencement of
operations and ongoing demand and prices in the coal market. On
March 22, 2013, the Company recommenced mining activities at the
Ovoot Tolgoi Mine. The Company continues to minimize uncommitted
capital expenditures and exploration expenditures in order to
preserve the Company's financial resources.
A copy of SouthGobi Resources Ltd.'s earnings release is available
for free at http://is.gd/SBTIr4
About SouthGobi Resources
SouthGobi Resources is listed on the Toronto and Hong Kong stock
exchanges, in which Turquoise Hill Resources Ltd., also publicly
listed in Toronto and New York, has a 58% shareholding. Turquoise
Hill took management control of SouthGobi in September 2012 and
made changes to the board and senior management. Rio Tinto has a
majority shareholding in Turquoise Hill.
SouthGobi Resources is focused on exploration and development of
its metallurgical and thermal coal deposits in Mongolia's South
Gobi Region. It has a 100% shareholding in SouthGobi Sands LLC,
the Mongolian registered company that holds the mining and
exploration licenses in Mongolia and operates the flagship Ovoot
Tolgoi coal mine. Ovoot Tolgoi produces and sells coal to
customers in China.
SUNAC CHINA: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Chinese homebuilder, Sunac China
Holdings Limited's (Sunac, BB-/Stable) proposed USD senior
unsecured notes an expected rating of 'BB-(EXP)'. The proceeds
will be used to refinance existing trust loans.
The bonds are rated at the same level as Sunac's senior unsecured
of 'BB-' as they will constitute direct, unconditional, and
unsecured obligations of the company. The final rating is
contingent on the receipt of information conforming to documents
already reviewed.
Key Rating Drivers
Strong growth: Sunac achieved a 86% year-on-year growth in
contracted sales to CNY35.6bn in 2012 despite a difficult year for
its many peers in the industry. The company is likely to extend
its outperformance in 2013, reflecting strong branding and
execution in its core markets, ie. mid- to high-end segments,
primarily in Tier-1 cities.
No significant deleveraging: Sunac's leverage, as measured by net
debt/adjusted inventory, remained over 40% at end-2012 (2011:
43%), after deconsolidating Shanghai Sunac Greentown Real Estate
Development Ltd, a joint venture with Greentown. This is primarily
due to continued landbank replenishment and project expansion.
Regulatory risks remain high: Sunac's focus on mid- to high-end
segments increases its exposure to regulatory risks compared with
mass-market peers, given the government's aim to make housing more
affordable. Sunac's average selling price in 2012 was CNY17,800
per square meter (psm) compared with China Vanke Co., Ltd's
CNY10,900 psm. Vanke is the largest homebuilder in China by sales
and focuses on mass- to mid-market housing.
Shanghai acquisition no impact: In March 2013, Sunac and Greentown
entered into an agreement to acquire a plot of land in Huangpu
District, Shanghai. This acquisition cost Sunac CNY4.5bn for its
50% stake. The project, which is in an upscale location, currently
has over 271,000 sqm of completed gross floor area ready for sale,
mitigating Sunac's liquidity risk.
Rating Sensitivities:
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- adverse changes to Sunac's markets and product mix leading to
an EBITDA margin below 25% (2012: over 25% excluding impact of
revaluation of acquisitions)
- funds from operations (FFO) interest coverage below 3x
(2012:2.5x but Fitch expects this to exceed 3x after
refinancing trust loans)
- net debt/adjusted inventory above 50% (2012: over 40% after
deconsolidating the joint venture)
- lack of growth in contracted sales in 2013
Positive: Positive rating action is not expected in the next 12-18
months due to Sunac's limited product and geographical
diversification.
================
H O N G K O N G
================
RIVERSLEIGH (NOMINEE): Members' Final Meeting Set for April 15
--------------------------------------------------------------
Members of Riversleigh (Nominee) Limited will hold their final
meeting on April 15, 2013, at 10:00 a.m., at 7th Floor, Alexandra
House, 18 Chater road, Central, in Hong Kong.
At the meeting, Philip Brendan Gilligan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SEEYET INVESTMENTS: Lam and Boswell Step Down as Liquidators
------------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Seeyet Investments Limited on March 11,
2013.
SERAPHIM COMPANY: Creditors' Proofs of Debt Due April 18
--------------------------------------------------------
Creditors of Seraphim Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 18, 2013, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 11, 2013.
The company's liquidator is:
Chan Cho Chak
Unit 1501, 15/F
AT Tower, 180 Electric Road
Hong Kong
SHELL BITUMEN: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
Shell Bitumen (Tianjin) Holding Limited on March 23, 2013.
SINO RAINBOW: Members' Final Meeting Set for April 16
-----------------------------------------------------
Members of Sino Rainbow Investment Limited will hold their final
general meeting on April 16, 2013, at 11:00 a.m., at 15/F, Luk Hop
Industrial Building, 8 Luk Hop Street Sanpokong Kowloon, in Hong
Kong.
At the meeting, Lam Tak Keung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
STRAIGHT WHARF: John Duffield Meyercord Steps Down as Liquidator
----------------------------------------------------------------
John Duffield Meyercord stepped down as liquidator of Straight
Wharf Capital (HK) Limited on March 1, 2013.
SUN RISE: Court to Hear Wind-Up Petition on April 24
----------------------------------------------------
A petition to wind up the operations of Sun Rise Consultant
Engineering Limited will be heard before the High Court of
Hong Kong on April 24, 2013, at 9:30 a.m.
Leung Ngai Kuen filed the petition against the company on
Feb. 19, 2013.
The Petitioner's solicitors are:
Y.C. Lee, Pang, Kwok & Ip
1006, Shui On Centre
Hong Kong
TAG LOGISTICS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Oct. 15, 2012, to
wind up the operations of Tag Logistics Limited.
The company's liquidator is Yuen Tsz Chun Frank.
TOP GAIN: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on March 6, 2013,
creditors of Top Gain Fashion International Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Ling Wai Ming
Room 2802, 28/F
China Resources Building
No. 26 Harbour Road
Wanchai, Hong Kong
TSING-YI REALLY: Seng and Wong Step Down as Liquidators
-------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Tsing-Yi Really Limited on March 2, 2013.
TUNG WAH: Members' Final Meeting Set for April 19
-------------------------------------------------
Members of Tung Wah International Company Limited will hold their
final meeting on April 19, 2013, at 3:00 p.m., at Room 10, 16/F,
Parklane Centre, 25 Kin Wing Street, Tuen Mun, N.T., in
Hong Kong.
At the meeting, Pui Chiu Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
ULTRAFOOT HK: Members' Final Meeting Set for April 20
-----------------------------------------------------
Members of Ultrafoot Hong Kong Limited will hold their final
general meeting on April 20, 2013, at 10:00 a.m., at Unit A, 5/F,
CKK Commercial Centre, 289 Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Chiu Fan Wa, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
WONDERFUL IDEA: Yeung and Ho Step Down as Liquidators
-----------------------------------------------------
Yeung Betty Yuen and Ho Siu Pik stepped down as liquidators of
Wonderful Idea Investments Limited on March 8, 2013.
WONGO ENTERPRISE: Court to Hear Wind-Up Petition on May 8
---------------------------------------------------------
A petition to wind up the operations of Wongo Enterprise Limited
will be heard before the High Court of Hong Kong on May 8, 2013,
at 9:30 a.m.
Cheng Po Lin filed the petition against the company on Feb. 27,
2013.
WORLDWIDE TIME: Creditors' Proofs of Debt Due April 30
------------------------------------------------------
Creditors of Worldwide Time Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 30, 2013, to be included in the company's dividend
distribution.
The company's liquidator is:
Siu Yee Cheong Stephen
Rm 1003 Easey Commercial Building
253-261 Hennessy Road
Hong Kong
YEE TAT: Creditors' Proofs of Debt Due April 14
-----------------------------------------------
Creditors of Yee Tat Plumbing Drainage Engineering Company
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by April 14, 2013, to be included in
the company's dividend distribution.
The company's liquidator is:
Chan Yui Hang
Room 1703, 17/F
Landmark North
39 Lung Sum Avenue
Sheung Shui, N.T.
=========
I N D I A
=========
ADISHAKTI ALLOYS: ICRA Assigns 'B+' Rating to INR6.5cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR6.50
crore cash credit facility of Adishakti Alloys Private Limited.
ICRA has also assigned a short term rating of [ICRA]A4 to the
INR12.10 crore non fund based bank facility of AAPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Limit- 6.50 [ICRA]B+ assigned
Cash Credit
Non Fund Based 12.10 [ICRA]A4 assigned
Limit
The ratings take into account AAPL's low scale of current
operations with stagnating revenue, the company's weak debt
protection metrics characterized by its adverse coverage
indicators which is attributable to the company's low
profitability in business. The ratings have positively factored in
the established track record of AAPL's promoters in the domestic
aluminium recycling industry, the moderate gearing of the company
and the list of reputed customers of the company. ICRA notes that
the repeat orders that the company generates from such customers,
shows the acceptance of the company's product portfolio to an
extent.
AAPL, incorporated in 1995, is engaged in manufacturing aluminium
alloys mostly from recycled aluminium scrap. The company has its
manufacturing facility located in West Bengal. The company's
product portfolio is used in power transmission, auto components
and other engineering units.
Recent Results
AAPL registered a profit after tax of INR0.18 crore on the back of
net sales of INR 33.10 crore in 2011-12. In 2010-11, the company
registered a profit after tax of INR0.36 crore on the back of net
sales of INR35.32 crore.
BANKEY BIHARI: CARE Assigns 'BB-' Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Bankey
Bihari Ispat Industries Private Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 10 CARE BB- Assigned
Rating Rationale
The rating assigned to the bank facilities of Bankey Bihari Ispat
Industries Private Limited is constrained by its modest scale of
operations, low profitability margins and weak coverage indicators
coupled with working capital intensive nature. The rating is
further constrained by high competition from other local players
and susceptibility to cyclicality of steel industry and raw
material price variability.
The rating, however, draws comfort from the experienced promoters
with demonstrated funding support, and moderate capital structure
of BIIL. Going forward, the ability of BIIL to increase in scale
of operations while improving profitability and effective working
capital management would be the key rating sensitivities.
Bankey Bihari Ispat Industries Private Limited was initially
incorporated as Sunita Trading Private Limited in December 1993,
and the name was changed to present one in January 2005. The
manufacturing facility is situated at Ghaziabad, Uttar Pradesh,
and the commercial production was started in February 2005. BIIL
is engaged in the manufacturing of Mild Steel (MS) ingots, alloy
steel casting, alloy steel ingot and adamite rolls with installed
capacity of 19,200 TPA as on March 31, 2012.
For FY12 (refers to the period April 1 to March 31), BIIL achieved
a total operating income of INR42.89 crore with PBILDT and PAT of
INR2.32 crore and INR0.23 crore, respectively. In 10MFY13 (refers
to the period April 1 to January 31), the company has achieved a
total operating income of INR32 crore.
CHANDI STEEL: ICRA Reaffirms 'B+' Ratings on INR23.80cr Loans
-------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B+' rating assigned to the
INR10.00 crore cash credit and INR13.80 crore bank guarantee of
Chandi Steel Industries Limited. ICRA has also re-affirmed the
'[ICRA]A4' rating assigned to the INR9.00 crore non-fund based
bank facilities of CSIL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Fund Based Limits 10.00 [ICRA]B+ reaffirmed
(Cash Credit)
Non Fund Based Limits 13.80 [ICRA]B+ reaffirmed
(Bank Guarantee)
Non-Fund Based Limits 9.00 [ICRA]A4 reaffirmed
(Letter of Credit &
Bank Guarantee)
The reaffirmation of the ratings take into account the weak credit
profile of Jai Balaji Industries Limited, the flagship company of
the group, which could impact the group's overall liquidity
position and financial flexibility and also the weak financial
profile of CSIL as reflected by the deterioration of the interest
coverage ratio and high total outside liabilities to tangible net
worth (TOL/TNW). The ratings continue to be impacted by the
cyclical nature and ongoing weakness in the steel business,
relatively small scale of current operations, which are non-
integrated in nature, and exposure to high client concentration
risks as more than three-fourth of the company's sales during the
first nine months of 2012-13 were derived from the top five
clients. The ratings, however, favorably consider the experience
of the promoters in the steel industry and the strategic location
of the manufacturing unit that is in close proximity to raw
material sources leading to low landed cost of input materials.
CSIL was incorporated in 1978 as Chandi Steel Industries Pvt. Ltd.
by the promoters of a partnership concern, Haryana Steel
Corporation. The company re-rolls semi-finished steel (mild steel
alloy and non alloy billets/ ingots/ blooms/ slabs) into long
products (mild steel alloy and non alloy bars, rounds, squares and
flats). The promoters of the Jai Balaji Group purchased the
company in 1993, and subsequently converted the entity to its
current form in November 2003 by listing CSIL on the Calcutta
Stock Exchange Association Limited. CSIL's re-rolling plant is
located on Belur Road in Howrah, West Bengal, and has an effective
capacity of 16,500 MTPA.
Recent Results
During the first nine months of 2012-13, the company has reported
a net profit of INR1.82 crore (unaudited) on an operating income
of INR52.22 crore (unaudited). The company reported a net profit
of INR0.71 crore on an operating income of INR88.49 crore in 2011-
12.
GLOABTEL CONVERGENCE: CARE Rates INR11cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Gloabtel Convergence Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 11.00 CARE BB- Assigned
Short-term Bank Facilities 0.02 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Gloabtel
Convergence Limited are constrained by its weak financial risk
profile characterized by relatively small scale of operations,
weak debt coverage indicators, leveraged capital structure and
working capital intensive nature of business. The ratings are
further constrained by the operations in high competitive industry
along with corporate guarantee extended to a group company with
weak financial risk profile. The ratings derive benefit from the
track record of operations in the energy conservation systems, and
experienced management. Furthermore, diversified user industry and
reputed client base benefit the ratings. The ability of Gloabtel
to scale up the operations with efficient management of the
working capital cycle in the competitive environment and
performance of the group company are the key rating sensitivities.
Incorporated in 2000, Gloabtel Convergence Limited [Gloabtel,
(formerly known as Morakhia Cyber Solutions Limited)] is primarily
engaged in energy conservation & efficiency sector. The service
provided by Gloabtel includes remote monitoring, metering
solutions, energy conservation solutions and battery monitoring
system. Furthermore, the company has also forayed into thermal
& energy audit services. The company provides customized windows-
based reporting systems with high end analytical capabilities
(i.e. utility consumption patterns).
During FY12 (refers to the period April 01 to March 31), Gloabtel
posted a total income of INR28.81 crore (up by 57.07% in FY11) and
PAT of INR0.29 (up by 7.41% in FY11). During 8MFY13, the company
has posted a total income of INR22 crore and has an order book
position of INR20 crore to be executed in FY13.
INDIAN FOODTECH: CARE Rates INR9.46cr LT Loan at 'CARE B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Indian
Foodtech Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 9.46 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Indian Foodtech
Limited is primarily constrained by the limited experience of the
promoters in the food processing industry, risk associated with
stabilization of the operations of its debt-funded green-field
project and low revenue visibility. The rating is further
constrained due to the fragmented nature of the frozen food
industry and susceptibility of margins to fluctuation in agro-
based raw material prices. The rating, however, does draw comfort
from the favorable location of the processing facility,
favorable industry scenario and government policies. Going
forward, the ability of the company to achieve the envisaged
income and profitability while improving its capital structure
would be the key rating sensitivities.
IFTL incorporated in October 2010, is a closely held company
promoted by Mr. Ashok Ruhil and Mr. Amit Shokeen and other family
members. Mr. Ruhil (48 years) is having experience of more than a
decade in the dealership of electrical equipments (transformers).
He is primarily looking after the administrative & financial
functions of IFTL. The promoters are supported by an experienced
team of management personals having significant experience in the
relevant area of business operations (frozen food processing).
The company has recently set up its manufacturing facility at
Udham Singh Nagar, Uttarakhand, to process ready to eat food
products (frozen vegetables and fruits). The facility has an
annual installed capacity to produce 1.50 tonnes per hour of ready
to eat food products. IFTL started commercial production from
March 2012.
M.K INDUSTRIES: CARE Rates INR5.17cr LT Loan at 'CARE B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of M.K
Industries.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 5.17 CARE B+ Assigned
The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.
Rating Rationale
The rating assigned to the bank facilities of M.K Industries is
constrained by its weak financial profile characterized by low
profitability margins, stressed liquidity position, high overall
gearing ratio coupled with weak debt coverage indicators. The
rating also factors in the proprietorship nature of its
constitution, susceptibility of margins to fluctuations in the raw
material prices, presence in highly fragmented rice processing
industry, which is characterized by high level of government
regulation. The rating, however, draws comfort from the
experience of the proprietor. Going forward, the improvement in
scale of operations and profitability margins along with
improvement in capital structure and better working capital
management shall be the key rating sensitivities.
M/s M.K Industries is a proprietorship firm established in 2002 by
the late Mr.'Mahesh Kumar Aggarwal. In the year 2010, subsequent
to death of Mr. M K Aggarwal, the firm was reconstituted with
Mr.'Arpit Aggrawal (S/o Mr.'Mahesh Kumar Aggarwal) as the
proprietor of the firm. MKI is engaged in milling and processing
of rice and trading of wheat. Processing facility is located in
Kashipur, US Nagar, Uttrakhand with processing capacity of 18,834
tons per annum (TPA). The firm sells rice to the Regional Food
Controller (RFC), Haldwani, Government of Uttrakhand and other big
rice exporters in Delhi and Uttrakhand. Paddy is the main raw
material which is procured from the local mandis in the district
as well as from other districts of Uttrakhand and UP. For FY12
(refers to the period April 1 to March 31), MKI achieved total
operating income of INR17.50 crore with PAT of INR0.08 crore.
MAKESWORTH INDUSTRIES: CARE Puts 'C' Rating to INR7.18cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Makesworth Industries Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 7.18 CARE C Assigned
Short-term Bank Facilities 0.49 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Makesworth
Industries Limited (MIL) are primarily constrained by its weak
financial risk profile marked by its small scale of operations,
lower profitability parameters, leveraged capital structure and
strained liquidity position. The ratings are further constrained
by its susceptibility to volatile raw material prices and exchange
rate fluctuations, customer concentration risk as the company
derived 80% of its revenue during FY12 (refers to the period April
1 to March 31) from top five customers and its presence in the
highly competitive industry.
The above-mentioned constraints are partially offset by the
benefits derived from the experience of the promoters.
The ability of the company to improve its liquidity position and
profitability parameters would be the key rating sensitivities.
Makesworth Industries Limited, incorporated in 1995 as Makesworth
Hydraulics Limited by Mr. 'Rajesh Tulsian and Mr. 'Mohan Lal
Tulsian belonging to Kolkata. Subsequently, in 1997, it was
rechristened to its present name. The company is engaged in the
manufacturing of petroleum specialty products like cable filling &
flooding compound, Atactic Polypropylene Polymer (APP) compound,
industrial lubricants etc. 'Macogel' is the registered brand for a
range of cable filling and flooding compounds manufactured by MIL.
Besides this, the company is also engaged in the trading of
paraffin wax, residue wax, stack wax etc. The company's
manufacturing facility is located at Falta, West Bengal, with an
installed capacity of 8,000 MTPA.
During FY12, MIL had reported a total operating income of INR981.6
lakh (as against INR960.6 lakh in FY11) and PAT of INR1.1 lakh (as
against PAT of INR3.2 lakh in FY11). Furthermore, in M9FY13
(provisional), the company has achieved net sales of INR885.0
lakh.
PANYAM CEMENTS: CARE Assigns 'B-' Rating to INR91.47cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Panyam Cements & Mineral Industries Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 91.47 CARE B- Assigned
Short-term Bank Facilities 3.00 CARE A4 Assigned
Rating Rationale
The ratings assigned are constrained by the weak liquidity
profile, volatile trend in sales and profitability, leveraged
capital structure, seasonality associated with the industry,
significant exposure to the group companies and project
implementation risk. The ratings, however, take into account the
experience and satisfactory track record of the promoters in
diverse business, location advantage of the plant and backward
linkages with availability of captive limestone mines.
Implementation of the project without any time or cost overrun and
the ability of the company to improve liquidity risk profile will
be the key rating sensitivities.
Panyam Cements & Mineral Industries Limited, incorporated in June
23, 1955, is part of the Nandi Group of Industries based out of
Nandyal in Andhra Pradesh. The group since 1978 has built a
diversified presence of businesses such as cement, dairy, PVC
pipes, construction, TMT bars etc. PCMIL is currently engaged in
manufacturing of Ordinary Portland Cement (OPC) 53 grade &
43 grade and Pozzolona Portland cement (PPC) with installed
capacity of 3,000 tons per day.
During FY12 (refers to the period April 1 to March 31), PCMIL has
achieved PAT of INR9.13 crore (Net Loss of INR3.81 crore in FY11)
on the total income of INR180.28 crore (Rs.130.22 crore in
FY11).Furthermore, during 9MFY13, the company has reported PAT of
INR 31.53 crore (including INR42.76 crore of capital gains arising
from sale of non-core real estate assets) on the total income of
INR93.80 crore.
PAVIZHAM SPINNERS: ICRA Assigns 'D' Ratings to INR18cr Loans
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR5.41
Crore term loans, INR6.00 Crore fund based facilities, and INR0.89
Crore proposed fund based facilities of Pavizham Spinners Private
Limited. ICRA has also assigned short-term rating of '[ICRA]D' to
the INR5.70 Crore non-fund based facilities of PSPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Term loan facilities 5.41 [ICRA]D Assigned
Long-term fund based 6.00 [ICRA]D Assigned
facilities
Long-term proposed 0.89 [ICRA]D Assigned
fund based facilities
Short-term non-fund 5.70 [ICRA]D Assigned
based facilities
The rating reflects the delay in debt servicing, owing to tight
liquidity position and weak financial profile characterized by
highly geared capital structure and stretched coverage indicators
/ cash accruals. While the unprecedented rally and sudden fall in
cotton prices and cotton yarn prices led to inventory losses on
the high cost cotton inventory held in 2011-12, the company's
operating performance in 2012-13 is impacted by acute power
shortage and increasing labour costs. The company is predominantly
into viscose yarn, where the working capital requirements and
operating cycle is stable compared to cotton. However, the
company's liquidity was stressed by delay in payment for a large
cotton yarn order supplied to handloom weaver's co-operative
society. PSPL's performance has also been impacted by the intense
competition in a highly fragmented industry, which restricts
pricing flexibility.
PSPL, promoted by the families of Mr. K.M.Paneerselvam and
Mr.K.K.Rajendran, incorporated in 2006 started commercial
operations in January 2008 with a spindle capacity of 14,112. The
Company primarily manufacturers Viscose and Cotton yarn and the
count ranges from 10s to 60s. The facility is located near
Pallipalayam, Erode - a textile cluster with viscose yarn spinning
mills and numerous weaving units. The promoters' family have three
decades of experience in trading of Dhotis, weaving units and as a
supplier for Tamil Nadu Government's free dhoti scheme. PSPL
concentrates on coarse counts of yarn with 40s constituting major
portion of the production and caters mainly to the weaving units
in the vicinity. PSPL procures cotton from Andhra Pradesh, while
viscose is produced from Harihar and Nagda plants of Grasim
Industries limited. PSPL plans to add another 6000 spindles by
January-2014. PSPL employs around 100 workers (including temporary
workers). The plant run for three shifts a day and during
scheduled power cuts the mill is operated through diesel
generators.
Recent results
For the six months ending September 30, 2012, PSPL had a profit
before tax of INR0.3 Crore on an operating income of INR17.5
Crore.
SHIV BUILDINDIA: CARE Assigns 'BB' Rating to INR20cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Shiv
Buildindia Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 20 CARE BB Assigned
Rating Rationale
The ratings assigned to the bank facilities of Shiv Buildindia
Private Limited are constrained by the moderate financial risk
profile marked by moderate profitability margins, moderate capital
structure coupled with moderate debt coverage indicators. The
ratings are further constrained by the modest scale of operations
in a highly fragmented & competitive construction industry and
geographical concentration risk.
The ratings, however, derive strength from experienced management,
long track record of operations and established relationship with
reputed clientele. The ratings further derive strength from the
moderate order book position and large fleet of own equipments.
Going forward, the ability of SBI to successfully execute work
orders within the envisaged time and diversify into other
geographies along with timely realizations of receivables from
client would be the key rating sensitivities.
Incorporated in December 2009, Shiv Buildindia Private Limited is
a civil contractor primarily engaged in road construction
services. Mr.'Nirmalsinh Gohil (key promoter) has been carrying
out the civil construction services since 1992 through a
partnership firm Shiv Builders, which was converted into SBI in
2009. SBI is registered as AA (on a scale of AA-E2) civil
contractor with Road
& Building Department (R&B), Government of Gujarat.
During FY12 (refers to the period from April 1 to March 31), SBI
reported a total operating income of INR67.83 crore (vis-a-vis
INR41.47 crore in FY11) and PAT of INR1.86 crore (vis-a-vis
INR0.39 crore in FY11). In 11M FY13, SBI has posted a total
operating income of INR71 crore with a PAT of INR2.81 crore. As on
February 28, 2013, the company has yet to be executed the order
book of INR107.75 crore (1.59x of a total income for FY12.
SHRI SIDHDATA: ICRA Upgrades Ratings on INR92.97cr Loans to 'B+'
----------------------------------------------------------------
ICRA has upgraded the long-term rating of Shri Sidhdata Ispat
Private Limited from '[ICRA]D' to '[ICRA]B+') for an enhanced
amount of INR92.97 crore fund based facilities. ICRA has also
upgraded the short-term rating from '[ICRA]D' to '[ICRA]A4' for an
enhanced amount of INR12.22 crore bank lines of SSIPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Working Capital Limits 90.00 [ICRA]B+ upgraded
Term Loans 2.97 [ICRA]B+ upgraded
Unallocated 2.22 [ICRA]A4 upgraded
LC/BG Limits 10.00 [ICRA]A4 upgraded
The rating action factors in the timely servicing of debt
obligations by SSIPL and steady revenue growth registered by the
company during FY2012 and the current financial year, driven by
increase in both manufacturing volumes and average realisations.
The ratings continue to factor in the long experience of the
promoters in the steel industry, SSIPL's wide distribution network
and its established customer base. The ratings are however
constrained by high working capital intensity of the business,
funding of which largely through bank borrowings has resulted in
relatively high gearing levels and modest debt protection metrics.
The ratings continue to factor in the competitive and cyclical
nature of the steel industry which limits the pricing flexibility
of the industry participants including SSIPL. This coupled with
limited value additive nature of operations and vulnerability to
raw material price volatility has led to moderate profitability.
Shri Sidhdata Ispat Private Limited is engaged in the
manufacturing of cold rolled steel sheets and coils. The company
was promoted by Mr. Suresh Kumar Gupta and his brother Mr. Rajesh
Kumar Gupta in October 2002. The company has its manufacturing
facility in Ghaziabad (Uttar Pradesh), where commercial operations
began in August 2005. The facility has an installed annual
capacity of 96000 M.T. The shareholding of SSIPL is entirely held
by the promoters and their family members.
Recent Results
For FY2012, the company has achieved an operating income of
INR282.6 crore and a Profit After Tax of INR6.4 crore. SSIPL has
achieved gross sales of INR247 crore in 9M-FY2013 (as per
provisional financial results).
SHRIDHAR CASTINGS: ICRA Rates INR7.5cr LT Loan at '[ICRA]C+'
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C+' to the INR7.50
crore fund-based bank limits of Shridhar Castings Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' rating to
the INR2.50 crore short-term non-fund based bank limits of SCPL.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Long term fund 7.50 [ICRA]C+ assigned
based limits
Short term non- 2.50 [ICRA]A4 assigned
fund based limits
The assigned ratings are constrained by the small scale of
operations at present; and nominal profits and cash accruals from
business. ICRA also takes note of the high gearing and weak
coverage indicators indicating an adverse financial risk profile;
high working capital intensity of operations leading to a tight
liquidity profile; and exposure to the cyclicality associated with
the steel industry which is likely to keep cash flows volatile.
The ratings, nevertheless favorably factor in the long experience
of the promoters in the iron and steel industry; value addition
and product diversification through production of spring leaf
flats; and proximity to sources of raw materials and customers.
SCPL is primarily in the business of manufacture of MS ingots
using sponge iron and steel scrap as the key raw materials. The
company has a manufacturing facility at Saoner, Nagpur with an
installed capacity of about 18,000 Metric Tonnes Per Annum. SCPL
also has a rolling mill that manufactures spring leaf flats which
finds applications in the automobile industry. A small portion of
the MS ingots manufactured is consumed by the rolling mill whereas
the rest is sold through traders to rolling mills in Maharashtra.
Recent Results
As per the audited results of 2011-12, SCPL reported a profit
after tax (PAT) of INR0.07 crore on an operating income of
INR23.38 crore as compared to a PAT of INR0.00 crore on an
operating income of INR24.41 crore in 2010-11.
SIMANCHAL CONSTRUCTION: CARE Rates INR8cr Loan at 'CARE B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Simanchal Construction.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 8 CARE B+ Assigned
Short-term Bank Facilities 12 CARE A4 Assigned
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in the case of withdrawal of
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale
The ratings assigned to the bank facilities of Simanchal
Construction are primarily constrained due to the partnership form
of constitution and small size of operations, client and
geographical concentration risk, risk associated with the delay in
the project, volatility in the input prices and sluggish growth
witnessed in the construction industry.
The above-mentioned constraints are partially offset by the
established track record of the partners and moderate order book
position. The ability of SICO to maintain steady flow of orders
and timely execution of the same and regular receipt of contract
proceeds are the key rating sensitivities.
SICO was established as a partnership firm in 1999, by Mr. Ajay
Kumar Jha and his friend Mr. Samar Nath Singh of Bihar for
carrying out civil contract work such as road and building
construction, for government entities. The firm has a limited
geographical coverage as it operates only in the state of Bihar.
The day-to-day affairs of the firm are looked after by Mr. Ajay
Kumar Jha and Mr.Samar Nath Singh, the main partners, along with
the other two partners, namely, Mrs Sanju Jha (wife of Mr. Ajay
Kumar Jha) and Mrs Neelam Singh (wife of Mr. Samar Nath Singh).
The profit is equally shared between the four partners.
As per the audited results of FY12 (refers to the period April 1
to March 31), SICO reported PBILDT of INR3.5 crore (INR4.4 crore
in FY11) and PAT of INR2.1 crore (INR2.9 crore in FY11),
respectively, on a total income of INR47.7 crore (INR68.2 crore in
FY11). Furthermore, until 11MFY13, the firm achieved a total
operating income of INR36 crore.
SNQS INTERNATIONAL: ICRA Reaffirms 'D' Ratings on INR23.4cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' to the
INR0.90 crore term loan facilities and INR1.00 crore fund based
sublimit facilities of SNQS International Socks Private Limited.
ICRA has also reaffirmed the short-term rating of '[ICRA]D' to the
INR12.00 crore fund based facilities, INR6.00 crore fund based
sublimit facilities and INR3.50 crore non-fund based facilities of
the Company.
Amount
Facilities (INR Cr) Ratings
---------- -------- -------
Term loan facilities 0.90 [ICRA]D reaffirmed
Long term fund based
(sublimit) facilities (1.00) [ICRA]D reaffirmed
Short term fund based
Facilities 12.00 [ICRA]D reaffirmed
Short term fund based
(sublimit) facilities (6.00) [ICRA]D reaffirmed
Short term non-fund 3.50 [ICRA]D reaffirmed
based facilities
The reaffirmation of ratings takes into account the delays
witnessed in debt servicing by the Company with continued losses
leading to liquidity constraints. The ratings also consider high
customer concentration risk and vulnerability of margins to raw
material prices. The ratings factor in the experience of promoters
in the textile industry with strong ties with established retail
chains in Europe. Company Profile SNQS International Socks Private
Limited was formed by the take-over of a company- M/s Jeyalakshmi
Associates, (which was started in 1993 as part of Lakshmi Machine
Works (LMW) group).
Post take-over in 2001, Mr. Elangovan, the Managing Director
decided to convert the company into a 100% export oriented unit to
manufacture and export socks. The Company has its registered
office in Tirupur with its production unit in Coimbatore with an
installed capacity of ~ 2 million pairs of socks per annum.
The Company produces a range of knitted socks for Men, Ladies and
Children, with exports mainly to major brands/retailers in US and
Europe and also to some domestic branded manufacturers.
Recent Results
The Company had reported net loss of INR3.8 crore on an operating
income of INR27.6 crore during 2011-12, as against net loss of
INR0.9 crore on an operating income of INR28.2 crore during 2010-
11.
====================
N E W Z E A L A N D
====================
FELTEX CARPET: Court Date for Investors Action Set for March 2014
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a court
date for out-of pocket investors taking legal action against
former directors of the Feltex Carpet has been set for March 2014
-- six years after the proceedings started.
The NZ Herald says investors are taking representative action
against former Feltex directors and allege the company's
prospectus in 2004 -- the year it floated -- contained information
that was misleading or wrong, or omitted to make information
available that would have affected investment decisions.
The first part of the trial, estimated to take eight weeks, has
been scheduled to start on March 10 next year, the report
discloses.
Feltex collapsed in 2006, causing 8,000 investors to lose millions
of dollars, the report recalls. Investors, represented in court
by Feltex shareholder Eric Houghton, are seeking a refund of the
purchase price of their shares, plus associated interest and
costs, according to the NZ Herald.
The proceedings were filed in March 2008 and issues associated
with them have been fought out in numerous court battles since,
the report relays.
About Feltex Carpets
Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet. The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.
ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.
The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States. Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.
On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation. John Vague
was appointed as liquidator.
GEON GROUP: Kiwi Unit Owed NZ$9MM to Suppliers and Staff
--------------------------------------------------------
Nick Bendel at ProPrint reports that Geon New Zealand owed almost
NZ$9 million to suppliers and staff shortly before it collapsed.
According to accounts from January 31, Geon NZ owed trade
creditors NZ$7.4 million and employees were owed NZ$1.2 million,
ProPrint discloses.
ProPrint relates that administrators PPB Advisory's creditors
report showed that Geon NZ's accounts contained NZ$50.9 million of
liabilities. That included NZ$45.4 million of external loans,
although it also was owed NZ$13.4 million in intercompany loans.
Geon NZ had NZ$30.1 million of assets, including NZ$19.3 of fixed
assets, an NZ$8.3 million debtor book and NZ$2 million of stock,
the report relays.
According to information received by PPB during the
administration, ProPrint says, Geon's debt to suppliers
subsequently fell to NZ$5.9 million, while the staff debt rose to
NZ$2.1 million.
PPB told ProPrint on March 5 that Sydney-based Geon Group, which
controlled Geon Group New Zealand, was likely to have more than
AUD110 million (NZ$138 million) of debt. That would suggest that
Geon NZ was responsible for about one third of the group's
liabilities.
Meanwhile, ProPrint reports, the second Australian creditors
meeting that was due to be held on March 27 has been postponed. It
will now be held some time before July 5.
About GEON
GEON Group is an Australian and New Zealand print and logistics
provider. The company prints catalogues and marketing material
and does mailout campaigns.
Jason Preston, Murray Smith, James Thackray and Shaun Fraser of
McGrathNicol were appointed joint and several receivers and
managers of GEON Australia Pty Limited and its subsidiaries on
Feb. 21, 2013. The receivers have assumed control of Geon's
affairs and currently involved in an urgent appraisal of Geon's
business and activities.
PPB Advisory have been also appointed as administrators.
BusinessDesk said Blue Star Group has bought a New Zealand labels
unit from the receivers of ailing rival Geon Group. According to
BusinessDesk, receivers Andrew Grenfell and William Black of
McGrathNicol said the sale was completed on March 5 and will see
the transfer of 38 Geon employees and their entitlements to Blue
Star.
HANOVER FINANCE: Trial Too Complex For Jury, QC Says
----------------------------------------------------
stuff.co.nz reports that a Queen's Counsel representing former
Shareholders' Association chairman Bruce Sheppard in a defamation
suit has suggested inconsistency in Hanover Finance's owners claim
that their own investment documents issued to the public are too
complex for a jury to understand.
stuff.co.nz says businessmen Eric Watson and Mark Hotchin are
pursuing Mr. Sheppard for several million dollars of damages over
comments he made in 2009, alleging they were "crooks" and had
acted improperly in relation to the debt restructuring of Hanover
Finance.
In the High Court at Auckland on March 25, Messrs. Watson and
Hotchin's own legal heavyweight, Julian Miles, QC, argued that the
case was too complicated for a jury and should be heard before a
judge alone, according to the report.
But Mr. Sheppard's lawyer, Bruce Gray, QC, said the documents
involved were designed to be digested by the public, including the
prospectuses for the original debt securities, the report relays.
"Documents were prepared for presentation to the public, issued to
the public and relied on by the public for making decisions," the
report quotes Mr. Sheppard as saying. "But now it is said by the
issuer those documents are too complicated for the public to
understand, and the public can't be trusted with the task of
evaluating them . . . we submit there's an inconsistency."
However, Justice Mark Cooper questioned whether such documents
assumed at least some degree of sophistication among those reading
them, stuff.co.nz relates.
Mr. Miles said the case would involve putting several segments of
the failed finance company's history under the microscope.
Mr. Gray reiterated that Mr. Sheppard was not in court to seek a
jury trial, the report adds.
About Hanover Finance
Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007. The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.
Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.
In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.
The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.
The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd. Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.
NATIONAL FINANCE: Founder Loses Appeal Against Conviction
---------------------------------------------------------
stuff.co.nz reports that jailed National Finance founder and
director Trevor Allan Ludlow has lost an appeal against his
conviction on Serious Fraud Office charges.
Mr. Ludlow was convicted on two separate sets of charges under the
Crimes Act and the Financial Reporting -- seven filed by the SFO
on which he was found guilty of six and pleaded guilty to one, and
later eight counts filed by the Financial Markets Authority to
which he pleaded guilty, according to stuff.co.nz.
According to the report, Mr. Ludlow is serving a total sentence of
six years and four months in prison and appeared via video link
from Spring Hill Correctional Facility near Huntly at his Court of
Appeal hearing in February.
The judgment delivered by Justice Raynor Asher on March 27 said
the evidence against Mr. Ludlow was strong and the original
convictions would stand, stuf.co.nz relates.
stuff.co.nz says the Court of Appeal judges dismissed Mr. Ludlow's
"unfocussed" submissions, including that he did not know breaches
of his finance company's trust deed were occurring and that the
breaches were the fault of his accountant John Gray.
The charges include that Mr. Ludlow signed off on payments to
related parties which he had an interest in, including deposits on
four villas at the Fiji Beach Resort and Spa at Denarau, the
report says.
The payments were concealed from the trustee and auditor and
breached the company's trust deed which allowed only 2 per cent of
National Finance's lending to be given to such related companies,
stuff.co.nz notes.
About National Finance
National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million. Trevor Allan Ludlow was the sole shareholder and
a director of the company. John Gray was employed by the company
as an accountant.
After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud. An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006. This was elevated to a Part Two investigation on
May 8, 2007.
Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.
PITANGO INNOVATIVE: Beak & Johnston Buys Firm Out of Receivership
-----------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that Pitango
Innovative Cuisine has been bought out of receivership by a
family-run Australian food manufacturer.
According to the report, Pitango general manager Wade Gillooly
wouldn't reveal the price Sydney-based Beak and Johnston had paid
for the New Zealand company, but said becoming part of a family-
owned business was a welcome change after a few years of private
equity ownership.
Gourmet Food Holdings, which also operated Australian tomato sauce
brand Rosella and biscuit maker Waterwheel, was financially backed
by Sydney's Crescent Capital, the report notes.
NZ Herald reports that Mr. Gillooly said this month's acquisition
offered continuity for Pitango's factory on the North Shore.
Beak & Johnston's plants in Australia -- the New Zealand firm's
biggest market -- would also enhance Pitango's manufacturing
capabilities, Mr. Gillooly added.
NZ Herald relates that Mr. Gillooly said the company employed 35
staff and no jobs had been lost as a result of the receivership.
Pitango Innovative Cuisine makes organic soups, risottos, curries
and pasta meals which are sold in supermarkets nationwide,
according to Radio New Zealand News.
The Auckland-based company fell into the hands of receivers in
December following the failure of its Aussie parent firm, Gourmet
Food Holdings, which was reported to be owing millions to
creditors, including around AUD50 million (NZ$62 million) to
National Australia Bank, the NZ Herald said.
=====================
P H I L I P P I N E S
=====================
* PHILIPPINES: Fitch Upgrades Issuer Default Rating From 'BB+'
--------------------------------------------------------------
Fitch Ratings upgraded the Philippines' Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. The Long-Term
Local-Currency IDR has been upgraded to 'BBB' from 'BBB-'. The
Outlooks on both ratings are Stable. The agency has also upgraded
the Country Ceiling to 'BBB' from 'BBB-' and the Short-Term
Foreign-Currency IDR to 'F3' from 'B'.
Key Rating Drivers
The upgrade of Philippines' sovereign ratings reflects the
following factors:
- The Philippines' sovereign external balance sheet is considered
strong relative to 'A' range peers, let alone 'BB' and 'BBB'
category medians. A persistent current account surplus (CAS),
underpinned by remittance inflows, has led to the emergence of
a net external creditor position worth 12% of GDP by end-2012,
up from 6% at end-2010. Remittance inflows were worth 8% of GDP
in 2012 and proved resilient even through the shock of the
global financial crisis. Fitch expects a rising import bill
stemming from strong domestic demand to lead to a narrower CAS
and to stabilise the net external creditor position at a strong
level through to 2014.
- The Philippine economy has been resilient, expanding 6.6% in
2012 amid a weak global economic backdrop. Strong domestic
demand drove this outturn. Fitch expects GDP growth of 5.5% in
2013. The Philippines has experienced stronger and less
volatile growth than its 'BBB' peers over the past five years.
- Improvements in fiscal management begun under President Arroyo
have made general government debt dynamics more resilient to
shocks. Strong economic growth and moderate budget deficits
have brought the general government (GG) debt/GDP ratio in line
with the 'BBB' median. The sovereign has taken advantage of
generally favorable funding conditions to lengthen the average
maturity of GG debt to 10.7 years by end-2012 from 6.6 years at
end-2008. The foreign currency share of GG debt has fallen to
47% from 53% over the same period.
- Favorable macroeconomic outturns have been supported in Fitch's
view by a strong policy-making framework. Bangko Sentral ng
Pilipinas' inflation management track record and proactive
use of macro-prudential measures to limit the potential
emergence of macroeconomic and financial imbalances is
supportive of the credit profile. Inflation has been in line
with 'BBB' peers on average over the past five years.
- Governance standards, as measured in international indices such
as the World Bank's framework, remain weaker than 'BBB' range
norms but are not inconsistent with a 'BBB-' rating as a number
of sovereigns in this rating category fare worse than the
Philippines. Governance reform has been a centrepiece of the
Aquino administration's policy efforts. Entrenching these
reforms by 2016 is a policy priority of the government.
- The Philippines' average income is low (USD2,600 versus 'BBB'
range median of USD10,300 in 2012), although this measure does
not account directly for the significant support to living
standards from remittance inflows. The country's level of human
development (as measured in the United Nations Development
Programme's index) is less of an outlier against 'BBB' range
peers.
- The Philippines had a low fiscal revenue take of 18.3% of GDP
in 2012, compared with a 'BBB' range median of 32.3%. This
limits the fiscal scope to achieve the government's ambition of
raising public investment. The recent introduction of a "sin
tax", against stiff political opposition, will likely lead to
some increment in revenues and underlines the administration's
commitment to strengthening the revenue base.
Rating Sensitivities
The main factors that could lead to a positive rating action,
individually or collectively, are:
- Sustained strong GDP growth that narrows income and development
differentials with 'BBB' range peers. An uplift in the
investment rate that enhances growth prospects without the
emergence of macroeconomic imbalances.
- Broadening of the fiscal revenue base, as well as further
improvements in the structure of the Philippine sovereign debt
stock.
The main factors that could lead to a negative rating action,
individually or collectively, are:
- A reversal of reform measures and deterioration in governance
standards.
- Sustained fiscal slippage, leading to a higher fiscal debt
burden.
- Deterioration in monetary policy management that allows the
economy to overheat.
- Instability in the banking sector, leading to a crystallisation
of contingent liabilities on the sovereign balance sheet.
Key Assumptions
The ratings and Outlooks are sensitive to a number of assumptions.
The agency assumes the Aquino administration will persist with its
fiscal, governance and social reform agenda.
Fitch estimates trend GDP growth for the Philippines in a range of
5%-5.5%.
The ratings incorporate an assumption that the Philippines is not
hit by a severe economic or financial shock sufficient to cause a
significant contraction in GDP and trigger stress in the financial
system. Fitch assumes that there is no materialisation of severe
risks to global financial stability that could impact emerging
market economies, such as a breakup of the euro zone or a severe
economic crisis in China.
=================
S I N G A P O R E
=================
TRANSLATION EXPRESS: Creditors' Proofs of Debt Due April 9
----------------------------------------------------------
Creditors of Translation Express (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2013, to be included in the company's dividend
distribution.
The company's liquidator is:
Wong Joo Wan
c/o Alternative Advisors Pte Ltd
78 South Bridge Road
#04-01 TKH Building
Singapore 058708
UNIGLO CUISINE: Creditors' Proofs of Debt Due April 5
-----------------------------------------------------
Creditors of Uniglo Cuisine Pte Ltd are required to file their
proofs of debt by April 5, 2013, to be included in the company's
dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre East Wing
45 Maxwell Road #06-11
Singapore 069118
WEE TAT: Creditors' Meeting Set April 2
---------------------------------------
Wee Tat Marine Hardware Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on April 2,
2013, at 10:30 a.m., at Beach Road #30-00 Shaw Tower, in Singapore
189702.
Agenda of the meeting include:
a. to receive an update on the status of liquidation;
b. to appoint a Committee of Inspection, if thought fit; and
c. discuss other business.
The company's liquidator is:
Chan Yee Hong
100 Beach Road #30-00
Shaw Tower
Singapore 189702
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2013. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***