/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/130523.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, May 23, 2013, Vol. 16, No. 101 Headlines A U S T R A L I A BRISCONNECTIONS: IMF Bankrolling AUD450-Million Class Action DTD ENGINEERING: Enters Administration; 50 Jobs at Risk HOYTS GROUP: S&P Puts 'B+' ICR on CreditWatch Negative TINKLER GROUP: Liquidators Seek to Freeze Tinkler's Assets TINKLER GROUP: Nathan Tinkler Puts Mansion Up For Sale * Australian ABS Program Delinquencies Rise in First Quarter C H I N A GREAT CHINA INTERNATIONAL: Incurs $948K Net Loss in 1st Quarter H O N G K O N G CHINA PRECISION: Incurs $13.5 MM Net Loss for Qtr. Ended March 31 * Houlihan Lokey Appoints D. Timblick as Head of Asia I N D I A C.P. RE-ROLLERS: CRISIL Rates INR200MM Cash Credit at 'B+' KANDLA RUGS: CRISIL Upgrades Rating on INR45.6MM Loans to 'B+' LAKSHMI TECHNOLOGY: CRISIL Reaffirms BB Rating on INR81.3MM Loans NANCY KRAFTS: CRISIL Reaffirms 'BB-' Rating on INR18.4MM Loans NARMADA DAL: CRISIL Assigns 'B+' Ratings to INR100MM Loans PALCO RECYCLE: CRISIL Reaffirms 'BB-' Rating on INR370MM Loans SUCHITA (INDIA): CRISIL Places 'B+' Ratings on INR75MM Loans SWASH NONIONICS: CRISIL Assigns 'B' Ratings to INR145MM Loans SWASTIK SPINNERS: CRISIL Assigns 'B+' Ratings to INR58.9MM Loans VISHAVKARMA AGRO: CRISIL Assigns 'B+' Ratings to INR80MM Loans WESTERN HILL: CRISIL Assigns 'B' Ratings to INR200MM Loans I N D O N E S I A * Moody's Sees Bullish Properties Market in Greater Jakarta N E W Z E A L A N D SINGH SERVICES: Set to be Struck Off From Companies Register WAINUIOMATA MEMORIAL: Goes Into Voluntary Liquidation - - - - - ================= A U S T R A L I A ================= BRISCONNECTIONS: IMF Bankrolling AUD450-Million Class Action ------------------------------------------------------------ Business Spectator reports that litigation funder IMF Australia is bankrolling a AUD450 million class action on behalf of investors in the defunct Brisconnections against private engineering consultancy Arup Pty Ltd over its "optimistic" traffic forecasts for the Brisbane airport link toll road. According to the report, IMF investment manager Andrew Charles said the action was only open to investors who bought into the Brisconnections initial public offering in July 2008, when units were AUD1 apiece. Business Spectator says the suit will accuse Arup Pty Ltd, a subsidary of London-based consulting giant Arup Group, of breaching the Corporations Act and negligence over traffic forecasts in the product disclosure statement accompanying the IPO. BrisConnections was put in voluntary administration in February, less than seven months after the airport link opened, after revenue generated from its tolls failed to offset the level of its debt. BrisConnections management company could also be liable under the action "for making a defective product disclosure statement available to investors," the report relays. According to Business Spectator, Mr. Charles said the sponsors of the IPO were unlikely to join the action, valuing it at up to AUD450 million. The report notes that IMF will allege that Arup breached the Corporations Act by not including all materially relevant information in the product disclosure statement on its traffic forecasts, and was negligent for providing figures without a reasonable basis. Maurice Blackburn, who is investigating the action with IMF, said Arup's traffic forecasts for the airport link in the PDS had proved wildly optimistic, the report adds. About BrisConnections Group BrisConnections Group is the company behind the $4.8 billion Airport Link tunnel. AirportlinkM7 is the toll road linking Brisbane's CBD to the northern suburbs and the Brisbane Domestic and International Airport. David McEvoy, Christopher Hill and Michael Owen of PPB Advisory were appointed as Receivers and Managers to the BrisConnections Group, the owner and operator of the AirportlinkM7 toll road on Feb. 19, 2013. This follows the appointment of partners of McGrathNicol as Voluntary Administrators by the Board of BrisConnections Group. Yahoo!7, citing a release to the ASX, reported that BrisConnections went into administration citing low traffic levels and debts worth more than the tunnel. BrisConnections entered negotiations to restructure its debt, but the board was told lenders were not prepared to support the proposals, according to Yahoo!7. DTD ENGINEERING: Enters Administration; 50 Jobs at Risk ------------------------------------------------------- Cara Waters at SmartCompany reports that DTD Engineering has entered administration this week putting at risk the jobs of its 50 full-time employees. Chris Chamberlain and Steven Priest of Chamberlains SBR have been appointed as administrators, and Mr. Chamberlain told SmartCompany DTD Engineering had a turnover last year of over AUD6 million. "As best we can tell the business is continuing to trade and we are having discussions with a number of parties in relation to options going forward," SmartCompany quotes Mr. Chamberlain as saying. "We are going through the normal protocols of a voluntary administration and creditors will be kept involved." According to the report, Mr. Chamberlain said creditors are owed around AUD800,000 and the major creditors are steel suppliers along with "a considerable number" of local creditors from the Albury region. "We are looking to try and keep the business afloat and the employees are receiving their wages this week," he says. Mr. Chamberlain said it is "far too early" to identify the problems at DTD Engineering which led to the collapse of the business. A meeting of creditors will be held on May 30, 2013, in Albury. DTD Engineering is a major supplier of stainless and carbon steel fabrications and provides onsite mechanical project work to clients in the pulp and paper products industry, wood mill plants, water treatment, food processing and associated industries. HOYTS GROUP: S&P Puts 'B+' ICR on CreditWatch Negative ------------------------------------------------------ Standard & Poor's Ratings Services said that it has placed its 'B+' long-term issuer credit rating on Hoyts Group Holdings LLC on CreditWatch with negative implications. At the same time, S&P also placed on CreditWatch negative its 'BB-' issue credit rating and '2' recovery rating on the group's proposed first-lien, senior secured bank loan and revolving credit facility; and on S&P's 'B-' issue rating and '6' recovery rating on the group's proposed second-lien, senior secured bank loan. The CreditWatch placements reflect Hoyts' proposal to increase the amount of capital that it will distribute to its private equity owners. This proposal follows strong debt investor appetite for the group's proposed debt refinancing. The additional shareholder distribution would be funded via an increase in the group's proposed first-lien senior secured debt facility to U.S. dollar equivalent of AUD316 million, from U.S. dollar equivalent of AUD296 million. S&P notes that the debt amounts denominated in U.S. dollars remain unchanged. "The additional debt to fund the increased capital return will push the group's financial profile outside tolerances for the 'B+' rating, and reflect a financial risk appetite that is more consistent with a 'B' rating. Under this proposal, we expect fully adjusted debt to EBITDA to be about 7x immediately following the recapitalization," said Standard & Poor's credit analyst Paul Draffin. If the proposed dividend increase and higher debt proposal proceeds, S&P expects to affirm our recovery rating of '2' but lower the issue rating on the group's first-lien senior secured debt facilities to 'B+' from 'BB-'. At the same time, S&P would expect to lower the issue rating on the group's second-lien senior secured debt facilities to 'CCC+' from 'B-', and affirm the recovery rating of '6'. The joint borrowers of the debt facilities will be Aufinco Pty Ltd. and US Finco LLC, and will be guaranteed by all key Hoyts group entities. All secured bank facilities will benefit from a comprehensive security package, including liens over all material operating and asset holding entities of the Hoyts group. The foreign exchange and interest rate swaps will rank equally with the first-lien debt providers in the event of a default. S&P expects to resolve the CreditWatch on Hoyts once it is confirmed that Hoyts will proceed with the increased dividend payment and resulting higher leverage. This is expected in the next few days once the debt syndication process is complete. TINKLER GROUP: Liquidators Seek to Freeze Tinkler's Assets ---------------------------------------------------------- Bloomberg News reports that liquidators acting for Blackwood Corp. (BWD) applied to freeze the assets of former Australian mining billionaire Nathan Tinkler, including his stake in coal producer Whitehaven Coal Ltd. Bloomberg relates that Blackwood said the application to the Supreme Court of New South Wales state also seeks orders to freeze the assets of the AUD1.4 billion ($1.4 billion) Tinkler Family Trust and his wife Rebecca, its trustee. The report discloses that Mr. Tinkler's wife owns the units and manages the trust that holds about 19.5 percent of the outstanding shares of Sydney-based Whitehaven, Mr. Tinkler testified in the court in March. The stake is now valued at about AUD452 million. According to Bloomberg, Blackwood and other Tinkler creditors are suing the directors of Mulsanne Resources Pty, a company associated with the Tinkler Group, for insolvent trading and breach of their duties as directors after failing to complete a share purchase in Blackwood. Mr. Tinkler, who testified in court in March that he's living on an allowance that he gets from his wife, agreed in May 2011 to buy AUD28.4 million of shares in Blackwood, a Brisbane-based coal company. Mulsanne failed to come up with the money, and Blackwood forced the company into liquidation in November in a bid to recoup the debt. Mr. Tinkler was listed as one of three directors of Mulsanne in an Australian Securities and Investments Commission document. Blackwood said Mr. Tinkler knew Mulsanne had no assets when he offered to buy the Blackwood shares, notes Bloomberg. That amounts to insolvent trading, which is illegal in Australia. According to Bloomberg, the electrician-turned-entrepreneur was ranked as Australia's youngest billionaire at the age of 35 by BRW magazine in 2011 after he sold his house in 2006 to help buy a AUD30 million Middlemount coal lease in Queensland. He sold the lease a year later to Macarthur Coal Ltd. for about AUD465 million in cash and shares. He's now struggling to meet creditors' demands, with several of his companies having been threatened with liquidation for not paying debts and taxes, Bloomberg relays. TINKLER GROUP: Nathan Tinkler Puts Mansion Up For Sale ------------------------------------------------------ Nichola Saminather at Bloomberg News reports that Nathan Tinkler, the former Australian billionaire who is being sued by creditors over unpaid bills, has put his seven-bedroom Queensland mansion up for sale. Bloomberg says the 1,600-square-meter (17,222-square-foot) homestead sits on 10 acres (4 hectares) of land with horse paddocks and stables and will go to auction on June 15, according to the Web site of broker Brisbane Real Estate, which is marketing the property. The home is held in the name of Mr. Tinkler's wife Rebecca, government title records show, the report relays. Bloomberg recalls that Mr. Tinkler last month put up for sale his Patinack Farm thoroughbred breeding and racing business, including 1,000 racehorses, stallions and broodmares, saying he didn't have time to manage the operation. Bloomberg relates that Mr. Tinkler, who last year abandoned a AUD5.3 billion ($5.2 billion) bid for Whitehaven Coal Ltd., is struggling to meet creditors' demands, with several of his companies threatened with liquidation. Among those suing Mr. Tinkler and his wife is BKK Partners Pty, which advised him on his Whitehaven bid. BKK claimed Tinkler Group Pty failed to pay AUD220,000 for advisory work, Bloomberg notes. * Australian ABS Program Delinquencies Rise in First Quarter ------------------------------------------------------------ Moody's Investors Service says that the delinquencies across all Australian asset-backed security (ABS) programs have increased in Q1 2013 from Q4 2012. Nonetheless, losses have remained stable. "At end-March 2013, for instance, the 30-plus delinquencies were at 0.46% for SMART ABS deals, and 3.14% for Bella ABS deals, compared with 0.42% and 2.39% respectively at end-December 2012," says Alena Chen, a Moody's Analyst. "Nonetheless, net losses are stable as can be seen by motor vehicle recovery rates. ABS portfolios predominantly comprise motor vehicles and they have stable recovery rates. As a result, we expect net losses in Australian ABS transactions to remain low," says Chen, who was speaking on the release of Moody's report titled: "Australian ABS Performance Review: Q1 2013." The most seasoned outstanding pools were of the 2009 vintage. Cumulative defaults stayed the same, at 1.5% in both Q1 2013 and Q4 2012. Net losses were also unchanged, at 0.7%. Other outstanding vintages are less seasoned and have incurred less losses. "Overall, our stable outlook for Australian ABS in 2013 reflects our expectation of stable delinquencies and limited losses given our expectations of: 1) a GDP growth of 2.0% to 3.0%, 2) a continuation of the low interest rate environment, and 3) an expected unemployment rate of 5.0% to 6.0%," adds Chen. ========= C H I N A ========= GREAT CHINA INTERNATIONAL: Incurs $948K Net Loss in 1st Quarter --------------------------------------------------------------- Great China International Holdings, Inc., filed its quarterly report on Form 10-Q, reporting a net loss of $948,011 on $1.7 million of revenues for the three months ended March 31, 2013, compared with a net loss of $626,287 on $1.8 million of revenues for the same period last year. The Company's balance sheet at March 31, 2013, showed $58.6 million in total assets, $34.4 million in total liabilities, and stockholders' equity of $24.2 million. Great China International said: "The Company has a working capital deficit of $22,066,651 and $28,109,045 as of March 31, 2013, and Dec. 31, 2012, respectively. As the Company has limited cash flow from operations, its ability to maintain normal operations is dependent upon obtaining adequate cash to finance its overhead, sales and marketing activities. Additionally, in order for the Company to meet its financial obligations, including salaries, debt service and operations, it has maintained substantial short term bank loans that have historically been renewed each year. The Company's ability to meet its cash requirements for the next twelve months largely depends on the bank loans that involve interest expense requirements that reduce the amount of cash we have for our operations. These factors raise substantial doubt about the Company's ability to continue as a going concern." A copy of the Form 10-Q is available at http://is.gd/anhP64 About Great China International Great China International Holdings, Inc., through its various indirect subsidiaries, has been engaged for more than 20 years in commercial and residential real estate investment, development, sales and/or management in the city of Shenyang, Liaoning Province, in the People's Republic of China. * * * Kabani & Company, Inc., in Los Angeles, California, expressed substantial doubt about Great China International's ability to continue as a going concern, following their audit of the Company's financial statements for the year ended Dec. 31, 2012. The independent auditors noted that The Company has a working capital deficit of $28.1 million and $27.6 million as of Dec. 31, 2012, and 2011 respectively, and in addition, the Company has negative cash flow for each of the two years in the period ended Dec. 31, 2012, of $366,882 and $3.3 million respectively. ================ H O N G K O N G ================ CHINA PRECISION: Incurs $13.5 MM Net Loss for Qtr. Ended March 31 ----------------------------------------------------------------- China Precision Steel, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $13.48 million on $8.56 million of sales revenues for the three months ended March 31, 2013, as compared with a net loss of $3.31 million on $29.49 million of sales revenues for the same period during the prior year. For the nine months ended March 31, 2013, the Company incurred a net loss of $28.59 million on $22.68 million of sales revenues, as compared with a net loss of $7.93 million on $105.32 million of sales revenues for the same period a year ago. The Company's balance sheet at March 31, 2013, showed $163.25 million in total assets, $70.61 million in total liabilities, all current, and $92.63 million in total stockholders' equity. A copy of the Form 10-Q is available for free at: http://is.gd/dkrVc4 Director Resigns On May 9, 2013, David P. Wong resigned as a member of the Board of Directors and as Chair of the Audit Committee of China Precision. Mr. Wong informed the Company that his decision to resign was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. On May 9, 2013, the Board approved by unanimous written consent the appointment of Li Jian Lin as a member of the Board and as Chair of the Audit Committee of the Company, effective July 1, 2013. Li Jian Lin is currently a Partner and Director at Jonten Certified Public Accountants and has been with Jonten since September 2006. From October 2002 to August 2006, Mr. Li was the Department Manager at China Enterprise Appraisals Company. From January 2001 to October 2002, Mr. Li was the Project Manager at Shenzhen Huaxin CPA Firm. Mr. Li graduated with a Bachelor's degree in Accountancy from Hunan University of Commerce and is also a member of the Expert Advisory Committee for the Ministry of Information Industry, and a member of the Expert Advisory Committee for State-owned Assets Supervision and Administration Commission of Shenzhen. Mr. Li has extensive experience in accounting and asset valuation covering a diverse range of industries. He has an in-depth knowledge on the business regulations in China and is familiar with different accounting standards including the US GAAP and International Accounting Standards. Mr. Li does not have any family relationship with a current officer or director of the Company. About China Precision China Precision Steel Inc. is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment and cutting medium and high carbon hot-rolled steel strips. China Precision Steel's high precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold- rolled steel products are mainly used in the production of automotive components, food packaging materials, saw blades and textile needles. The Company primarily sells to manufacturers in the People's Republic of China as well as overseas markets such as Nigeria, Thailand, Indonesia and the Philippines. China Precision Steel was incorporated in 2002 and is headquartered in Sheung Wan, Hong Kong. China Precision reported a net loss of $16.94 million for the year ended June 30, 2012, compared with net income of $256,950 during the prior fiscal year. Moore Stephens, in Hong Kong, issued a "going concern" qualification on the consolidated financial statement for the year ended June 30, 2012. The independent auditors noted that the Company has suffered a very significant loss in the year ended June 30, 2012, and defaulted on interest and principal repayments of bank borrowings that raise substantial doubt about its ability to continue as a going concern. * Houlihan Lokey Appoints D. Timblick as Head of Asia ----------------------------------------------------- Houlihan Lokey appointed David Timblick Managing Director and Head of Asia, including Houlihan Lokey's Tokyo office. Mr. Timblick is based in Hong Kong and joins from Lazard Asia, where he has held a number of roles over the past 14 years. He recently served as head of Lazard's Asia advisory practice, overseeing strategy, planning, and client coverage across the region. Prior to Lazard, Mr. Timblick held senior positions at the Korea Merchant Banking Corporation and Arthur Andersen Consulting. Mr. Timblick began his banking career in 1990 at Arthur Andersen & Co. Mr. Timblick holds a B.A. with Honors in Politics, Philosophy and Economics from Oxford University and an M.B.A. in Finance from INSEAD Fontainebleau France. ========= I N D I A ========= C.P. RE-ROLLERS: CRISIL Rates INR200MM Cash Credit at 'B+' ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facility of C.P. Re-Rollers Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 200 CRISIL B+/Stable The ratings reflect susceptibility of operating margins to volatility in raw material prices, and CPRL's subdued financial risk profile marked by moderate gearing and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of CPRL's promoters in the steel industry and established relationships with customers and suppliers. Outlook: Stable CRISIL believes that CPRL will maintain its stable business risk profile over the medium term, backed by the extensive experience of its promoters in the steel industry and established relationships with customers and suppliers. The outlook may be revised to 'Positive' if there is a significant improvement in its revenues and margins, while improving its debt protection metrics. Conversely, the outlook may be revised to 'Negative' in case there is significant deterioration in its profitability or a stretch in its working capital cycle, leading to deterioration in its capital structure. C.P. Re-Rollers Ltd., incorporated in 2000, is a closely-held public limited company promoted by Kolkata-based Chawla family. It is engaged in manufacturing of ingots, TMT bars and structural steel products like MS rounds, angles and channels. The company's TMT bars are marketed under its own brand name 'CP Turbo'. The day-to-day operations of the company are managed by Mr. Mohan Chawla and Mr. Dilip Chawla. CPRL reported a profit after tax (PAT) of INR13.1 million on net sales of INR1.08 billion for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR17.3 million on net sales of INR1.05 billion for 2009-10. KANDLA RUGS: CRISIL Upgrades Rating on INR45.6MM Loans to 'B+' -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Kandla Rugs Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. The ratings on the short-term bank facilities have been reaffirmed at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 15 CRISIL A4 (Reaffirmed) Packing Credit 30 CRISIL A4 (Reaffirmed) Proposed Long-Term 30 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') Term Loan 15.6 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects CRISIL's belief that KRPL's credit risk profile will continue to improve over the medium term, backed by an increase in its scale of operations and improvement in its financial risk profile. The company's topline is estimated to have increased to INR145 million in 2012-13 from INR90 million in 2011- 12 backed by better order flow from its export customers. The company's financial risk profile has also improved, marked by improvement in its debt protection metrics. Its net cash accruals to total debt ratio is also estimated to have improved to about 0.14 times in 2012-13 (refers to financial year, April 1 to March 31) from about 0.08 times in 2011-12. Interest coverage is also expected to remain moderate at about 2 times as on March 31, 2013. CRISIL believes that KRPL will maintain the improvement in its business and financial risk profiles over the medium term supported by increase in scale of operations. However, the rating continues to reflect KRPL's below-average financial risk profile, marked by a small net worth and high gearing. The rating also factors in the company's working-capital- intensive operations. These rating weaknesses are partially offset by KRPL's long track record in the hand-tufted carpets business, and its promoters' extensive industry experience. Outlook: Stable CRISIL believes that KRPL will continue to benefit over the medium term from its established market position and extensive experience of its promoters in the hand-tufted carpets and woollen yarn industry. The outlook may be revised to 'Positive' in case of significant improvement in KRPL's capital structure, driven most likely by more-than-expected accretion to reserves or equity infusion by the promoters, along with improvement in working capital management. Conversely, the outlook may be revised to 'Negative' in case of stress on the company's liquidity, on account of lower-than-expected cash accruals and debt-funded capital expenditure. KRPL was incorporated in 2007, promoted by Mr. Harish Baranwal and Mr. Vivek Baranwal in Varanasi (Uttar Pradesh). The company commenced its commercial operations from November 2009. It manufactures hand-tufted carpets, and mainly sells customised carpets. KRPL reported a profit after tax (PAT) of INR0.9 million on net sales of INR110.9 million for 2011-12, as against a PAT of INR0.4 million on net sales of INR40.5 million for 2010-11. LAKSHMI TECHNOLOGY: CRISIL Reaffirms BB Rating on INR81.3MM Loans ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Lakshmi Technology and Engineering Industries Ltd continue to reflect LTEIL's niche product offering and established clientele, supported by healthy order book and state of the art facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 200.00 CRISIL A4+ (Reaffirmed) Cash Credit 40.00 CRISIL BB/Stable (Reaffirmed) Letter of Credit 35.00 CRISIL A4+ (Reaffirmed) Term Loan 41.30 CRISIL BB/Stable (Reaffirmed) These rating strengths are partially offset by LTEIL's working- capital-intensive and small scale of operations in the aerospace components industry. The rating also factors in the company's below-average financial risk profile, marked by weak debt protection metrics and exposure to inherent risks in the aerospace business. CRISIL had downgraded its ratings on the bank facilities of LTEIL to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL BBB+/Stable/CRISIL A2'on January 24, 2013. Outlook: Stable CRISIL believes that LTEIL will maintain its market position, supported by its healthy order book, over the medium term. The outlook may be revised to 'Positive' in case of a sustained increase in LTEIL's revenues and cash accruals, leading to improvement in its debt protection metrics. Conversely, the outlook may be revised to 'Negative' if the company undertakes a larger-than-expected, debt-funded capital expenditure programme or if its working capital requirement increases further or in case of lower-than-expected volumes, leading to lower cash accruals. LTEIL was incorporated in 1968 as the export division of Lakshmi Machine Works Ltd. LTEIL is in the business of manufacturing components such as valves and sensors for the aerospace industry. LTEIL reported a profit after tax (PAT) of INR6.7 million on net sales of INR105 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR12.2 million on net sales of INR255 million for 2010-11. NANCY KRAFTS: CRISIL Reaffirms 'BB-' Rating on INR18.4MM Loans -------------------------------------------------------------- CRISIL ratings on the bank facilities of Nancy Krafts Pvt Ltd (NKPL; part of the Nancy group) continue to reflect the benefits that the Nancy group derives from its promoters' experience in the ready-made garments business and its established relationships with its key customers. These rating strengths are partially offset by the group's large working capital requirements, and below-average financial risk profile, marked by weak debt protection metrics, though partially supported by its low gearing and healthy net worth. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Line of 10.0 CRISIL BB-/Stable (Reaffirmed) Credit Export Packing 166.6 CRISIL A4+ (Reaffirmed) Credit Letter of credit & 45.0 CRISIL A4+ (Reaffirmed) Bank Guarantee Proposed Long Term 8.4 CRISIL BB-/Stable (Reaffirmed) Bank Loan Facility For arriving at its ratings, CRISIL has combined the business and financial risk profiles of NKPL, Nancy Krafts and Kitty Overseas. This is because the three entities, together referred to as the Nancy group, are in the same line of business with a common customer base and common promoters and management. Outlook: Stable CRISIL believes that the Nancy group will continue to benefit over the medium term from its established relationships with its customers and the efforts initiated in the recent past to minimise customer concentration in its revenue profile. The outlook may be revised to 'Positive' if the Nancy group's working capital cycle improves substantially, most likely by fastening its collection period and/or if the group's operating profitability improves beyond CRISIL's expectation, leading to improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if there is a decline in demand from its key customers, leading to decline in its scale of operations and/or if the group undertakes any significant debt-funded capital expenditure, thereby further weakening its capital structure. Update For 2012-13 (refers to financial year, April 1 to March 31), the Nancy group provisionally reported operating revenues of INR1033 million, a marginal year-on-year decline of around 5 percent; however the same was in line with CRISIL's expectation for 2012-13. This was primarily on account of the management's strategy of gradually shifting its customer base to reduce the high debtor situation. CRISIL believes that the Nancy group will continue to report nil or low growth in its operating revenues over the medium term, in the wake of subdued demand from its key customers, coupled with management's initiatives to strengthen its relationship with its existing customer and go slow on adding newer customers to control the high debtor situation. The group's profitability is expected to remain low in the range of 5.5 to 6.0 per cent over the medium term, owing to its weak bargaining power in highly fragmented industry. The Nancy group's financial risk profile remains below-average, marked by weak debt protection metrics, though partially supported by low gearing. The group's gearing has remained low in the range of 0.65 to 0.80 times for the past five years. The gearing is estimated at 0.71 times as on 31st March 2013. CRISIL believes that the Nancy group's gearing will remain low over the medium term owing to absence of any debt-funded capex plans. The group's debt protection metrics are expected to remain weak owing to its low profitability, with interest coverage ratio and net cash accruals to total debt ratio expected to be 1.6 to 1.8 times and 0.03 to 0.04 times, respectively, over the medium term. The group's liquidity is weak, marked by fully utilised bank limits, owing to its large working capital requirements with high gross current assets of more than 400 days for the past three years, primarily on account of high debtor days, and instances of withdrawals by the management. However, the same is partially supported by interest free unsecured loans and advances from the promoters, which are estimated at INR43.7 million as on March 31, 2013. The Nancy group provisionally reported a profit after tax (PAT) of INR7.3 million on net sales of INR969.8 million for 2012-13 (refers to financial year, April 1 to March 31), against a PAT of INR5.8 million on net sales of INR1006.1 million for 2010-11. NKPL, incorporated in 1988, manufactures ready-made garments for women and children. Nancy Krafts, set up in 1980 as partnership firm, manufactures ready-made garments, specialising in women's and children's wear. Kitty Overseas, a partnership firm incorporated in 1993, manufactures ready-made garments, specialising for women's and children's wear. The group is currently managed by Mr. Narender Pal Singh and has a capacity to manufacture about 20000 pieces per day. NARMADA DAL: CRISIL Assigns 'B+' Ratings to INR100MM Loans ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank facilities of Narmada Dal Mill. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Cash 50 CRISIL B+/Stable Credit Limit Proposed Term Loan 50 CRISIL B+/Stable The ratings reflect NDM's small scale of operations in the highly competitive industry and average implementation and funding risk for the ongoing project. These rating weaknesses are partially offset by the extensive experience of NDM's promoters in the agro- commodity industry. Outlook: Stable CRISIL believes that NDM will benefit from the promoters' experience in the agro-commodity industry. The outlook may be revised to 'Positive' if the firm completes the project within expected time and cost estimates and stabilises the operations according to the schedule. Conversely, the outlook may be revised to 'Negative' if it faces any significant delay in project completion or in breaking even, or suffers any cost overrun. Formed in 2013, NDM is a partnership firm promoted by Mr. Sagar Modi and his family members. The company is setting up a plant for processing of agricultural products such as moong dal and polished moong. The firm is expected to commence operations in July 2013. PALCO RECYCLE: CRISIL Reaffirms 'BB-' Rating on INR370MM Loans -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Palco Recycle Industries Ltd (Palco; part of the Palco group) continue to reflect the established track record of the Palco group's promoters in the aluminium industry and its comfortable capital structure. These rating strengths are partially offset by the group's weak debt protection metrics and vulnerability of its operating margin to volatility in raw material prices. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4+ (Reaffirmed) Cash Credit 200 CRISIL BB-/Stable (Reaffirmed) Letter of Credit 50 CRISIL A4+ (Reaffirmed) Proposed Long-Term 150 CRISIL BB-/Stable (Reaffirmed) Bank Loan Facility Term Loan 20 CRISIL BB-/Stable (Reaffirmed) For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Palco, Palco Metal Ltd, and Palco Recycle Exchange Ltd. This is because these companies, together referred to as the Palco group, have intercompany transactions, are in the same line of business, and are owned by the same promoter group. Besides, the assets of PML have been transferred to Palco. Outlook: Stable CRISIL believes that the Palco group will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if the group reports higher-than-expected revenues and operating margin, leading to improvement in its liquidity and debt protection metrics. Conversely, the outlook may be revised to 'Negative' if there is significant deterioration in the Palco group's financial risk profile, most likely because of a decline in its operating margin or large, debt-funded capital expenditure, and pressure on its liquidity due to increase in working capital requirements. Update The performance of the Palco group in 2012-13 (refers to financial year, April 1 to March 31) remained moderate, with revenue growth of around 8 per cent year-on-year; the group is expected to maintain similar growth over the medium term. The group's operating margin too was moderate at around 4 per cent for 2012- 13. The margin has been fluctuating between 3 and 6 per cent over past five years because of volatility in raw material prices, which the group has not been able to completely pass on to its customers. The Palco group's operations are working-capital-intensive, reflected in an inventory of around 46 days and debtors of around 50 days as on March 31, 2013. The group's financial risk profile is constrained by weak debt protection metrics, with interest coverage and net cash accruals to total debt ratios estimated at below 2 times and below 0.05 times, respectively, for 2012-13. The Palco group's gearing, however, has improved to around 1.8 times as on March 31, 2013, against over 2 times maintained till March 31, 2012. The group's liquidity remains stretched, with high bank limit utilisation and low accruals. Its average bank limit utilisation for the 12 months through March 2013 was 97 per cent. The Palco group has repayment obligations of around INR5 million in 2013-14, against which it is expected to generate accruals of over INR10 million. Palco reported, on a provisional basis, a profit before tax (PBT) of INR8.8 million on net sales of INR990.1 million for 2012-13, as against a PBT of INR8.1 million on net sales of INR918.8 million for 2011-12. Incorporated in 1965, the Palco group was taken over by the present promoters in 1996. The group manufactures aluminium de- oxidants such as wire rods, ingots, shots, cubes, and castings in addition to aluminium alloys. Based in Ahmedabad (Gujarat), the group is owned and managed by Mr. Kiran Kumar Agarwal and Mr. Kanhaiyalal Agarwal. SUCHITA (INDIA): CRISIL Places 'B+' Ratings on INR75MM Loans ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Suchita (India) Alloys & Steels Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B+/Stable Term Loan 45 CRISIL B+/Stable The rating reflects Suchita's small scale of operations in fragmented and highly competitive mild steel (MS) ingots industry, its weak financial profile marked by high gearing and weak debt protection metrics and susceptibility of its margins to volatility in steel prices. These rating weaknesses are partially offset by the promoter's extensive experience and funding support. Outlook: Stable CRISIL believes that Suchita will continue to benefit from its promoter group's extensive experience in steel industry. The outlook may be revised to 'Positive' in case of better than expected financial risk profile backed by improvement in cash accruals and equity infusion. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile deteriorates due to stretched working capital or pressure on margins or due to large, debt-funded capital expenditure. Suchita was incorporated in September 2009 and started operations in January 2011. During December 2012, Mr. Kamlesh Gupta acquired majority stake in the company and his son Mr. Rahul Gupta looks after the day-to-day operations. Suchita is engaged in manufacturing of mild steel (MS) ingots and has its manufacturing unit situated in Raisen, Madhya Pradesh. Suchita reported a profit after tax (PAT) of INR0.05 million on net sales of INR204 million for 2012-13 on provisional basis (refers to financial year, April 1 to March 31), as against a PAT of INR1.74 million on net sales of INR294.6 million for 2011-12. SWASH NONIONICS: CRISIL Assigns 'B' Ratings to INR145MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the bank facilities of Swash Nonionics Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 110 CRISIL B/Stable Bank Loan Facility Cash Credit 35 CRISIL B/Stable Proposed Letter of 5 CRISIL A4 Credit The rating reflects SNPL's modest scale of operations in the highly competitive chemical products industry, susceptibility of its margins to volatility in raw material prices and working capital intensive nature of operations. The rating also factors in SNPL's weak financial risk profile marked by modest net worth, high gearing and subdued debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of SNPL's promoters. Outlook: Stable CRISIL believes that SNPL will continue to benefit over the medium term from the extensive experience of its promoters in the chemical products industry. The outlook may be revised to 'Positive' if the company substantially increases its scale of operations while improving its profitability and capital structure. Conversely, the outlook may be revised to 'Negative' in case SNPL registers significant decline in its revenues or margins, elongation of its working capital cycle or undertakes a larger-than-expected debt-funded capital expenditure programme, resulting in weakening of its financial risk profile. SNPL established in 1990 by Mr. Nimish Munim manufactures surfactants and other specialty chemicals. The company has its manufacturing facility at Chiplun (Maharashtra) and its office in Mumbai. The company caters to industries including Textiles, Metal, Pesticides and Paints. Mr. Yash Munim (son of Mr. Nimish Munim) oversees the day-to-day operations of the company. The Munim family has been in the business of manufacturing surfactants since 1971 through other group entities. For 2012-13 (refers to financial year, April 1 to March 31), DC reported, on a provisional basis, a profit after tax (PAT) of INR0.7 million on net sales of INR159.2 million, against a PAT of INR0.2 million on net sales of INR144.0 million for 2011-12. SWASTIK SPINNERS: CRISIL Assigns 'B+' Ratings to INR58.9MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Swastik Spinners (India) Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 7.5 CRISIL B+/Stable Long-Term Loan 51.4 CRISIL B+/Stable The rating reflects SSIPL's exposure to project implementation risks, and constrained financial risk profile marked by a highly leveraged capital structure; the rating also factors in the susceptibility of the company's operating margin to volatility in cotton and cotton yarn prices. These rating weaknesses are partially offset by the benefits that SSIPL derives from the extensive experience of its promoters in the cotton industry. Outlook: Stable CRISIL believes that SSIPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if the company stabilises its operations earlier than expected, leading to more- than-expected cash accruals and, consequent improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if SSIPL witnesses significant cost or time overrun in its on-going project or delays in ramping up its operations, resulting in weaker-than-expected cash accruals, or if its financial risk profile deteriorates on account of larger-than- expected debt-funded capital expenditure. SSIPL, incorporated in 2012, is setting up a unit for manufacturing polyester blended cotton yarn. The company is promoted by Mr. S V Ramaswamy and his family. VISHAVKARMA AGRO: CRISIL Assigns 'B+' Ratings to INR80MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Vishavkarma Agro Industries. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 70 CRISIL B+/Stable Term Loan 10 CRISIL B+/Stable The rating reflects VAI's large working capital requirements and small scale of operations in the intensely competitive agricultural equipment industry. These rating weaknesses are partially offset by the benefits that VAI derives from its promoters' extensive experience in the agricultural equipment industry. Outlook: Stable CRISIL believes that VAI will maintain its business risk profile over the medium term, backed by its promoters' long-standing presence in the industry. The outlook may be revised to 'Positive' in case of substantial improvement in the company's working capital management, leading to improvement in its liquidity profile or substantial improvement in revenues and profitability leading to higher than expected accruals. Conversely, the outlook may be revised to 'Negative' in case of further stretch in working capital requirements or if the company undertakes a large, debt- funded capital expenditure, or lower than expected accruals leading to deterioration in its financial risk profile. Established in 1991, VAI is engaged in the production of agricultural equipment such as wheat thresher and combine harvester. The company is promoted by Sangrur (Punjab)-based Mr. Amarjeet Singh and Mr.Surjit Singh. VAI reported a net profit of INR8.74 million on net sales of INR222.1 million for 2011-12 (refers to financial year, April 1 to March 31), against a net profit of INR7.27 million on net sales of INR162.1 million for 2010-11. WESTERN HILL: CRISIL Assigns 'B' Ratings to INR200MM Loans ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Western Hill Foods Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 8.8 CRISIL B/Stable Bank Loan Facility Term Loan 191.2 CRISIL B/Stable The rating reflects WHFL's exposure to risks associated with the timely completion and stabilisation of its ongoing cold chain project in Pune (Maharashtra) and the challenges that WHFL is expected to face in attaining optimum capacity utilisation levels in its initial years of operations. These rating weaknesses are partially offset by the benefits that the company derives from its promoters' extensive industry experience. Outlook: Stable CRISIL believes that WHFL would continue to benefit from its promoters' extensive industry experience over the medium term. The outlook may be revised to 'Positive' if WHFL implements its cold chain project in a timely manner without any significant cost overruns, and is able to demonstrate higher than expected capacity utilisation levels and cash accruals. Conversely, the outlook may be revised to 'Negative' in case of any significant time or cost overruns in commissioning of WHFL's project leading to pressure on its liquidity. WHFL was set up in 2008 in Mumbai (Maharashtra) for starting a cold chain facility for various vegetables and fruits. The company is currently setting up the facility at Pune (Maharashtra) which is expected to be operational by October 2013. Mr. Bhagwan Malharrao Bende, Mr. Vivek Prataprao Walse Patil and Mr. Girish Kumarpal Samdadia are the promoters of the company. The promoter Mr. Bende has been a wholesaler of fruits and vegetables over the past 3 decades in the APMC Market, Mumbai through the entity Malharrao Baurao & Co. ================= I N D O N E S I A ================= * Moody's Sees Bullish Properties Market in Greater Jakarta ----------------------------------------------------------- Moody's Investors Service says that Indonesian developers will benefit from the solid demand for properties on sale in the residential, office and retail space in Greater Jakarta over the next 12-18 months. The developers will also see stable to high rental occupancy rates in their office and retail portfolios, as well as higher rental returns from these two commercial segments. Moody's defines Greater Jakarta as the area including Jakarta, Depok, Bogor, Tangerang and Bekasi. "We expect strong sales in the residential sector of Greater Jakarta because demand is driven by a growing population, urbanization and falling unemployment rate," says Jacintha Poh, a Moody's Analyst. "The take-up rate on completed residential properties should be above 90% in 2013, judging by the healthy presale levels achieved by our rated developers at end-2012," adds Ms. Poh. Ms. Poh was speaking on a just-released Moody's report titled, "Sustained Demand for Greater Jakarta Property Supports Indonesian Developers." Moody's rates three Indonesian property developers: Lippo Karawaci (Ba3 stable), Alam Sutera Realty (B1 stable) and Pakuwon Jati (B2 stable). According to the report, both demand and supply in the residential market in Greater Jakarta have been growing steadily, even through the global financial crisis in 2008-09. The report also says that the growth in residential prices has been backed by real demand and a proportionate growth in household incomes. Average residential prices (per square meter) have increased at a compound annual growth rate (CAGR) of 15.6% over the last three years and remained broadly in line with the CAGR of per capita income of 16.4% during the same period. "Indonesia's low interest rate environment has also increased affordability for homebuyers in terms of lower mortgage payments," says Ms. Poh. "However, we would reassess our position on the residential property market in Greater Jakarta, if growth in property prices significantly outpaces growth in household incomes," adds Ms. Poh. "The office segment will see high occupancies and rising rental rates because new supply is limited. Demand in the sector is being fuelled by new corporate set-ups and expansions," says Ms. Poh. Moody's report quotes the property consulting firm, Colliers International Indonesia (Colliers) as saying that office occupancy rates will reach 95%-98% in 2013, providing a favorable backdrop for rental rates to grow by 7%-16% this year. "Given the rising rental rates, we expect sales of strata-titled office space to be strong, as the cost of renting office space is almost equivalent to the monthly mortgage payments for purchasing strata-titled office space," says Ms. Poh. On the retail segment in Greater Jakarta, Moody's further quotes Colliers as saying that occupancies will be broadly stable, at between 87%-98%, and rental rates will improve by up to 10%, with supply growing in accordance with the expected increase in demand. The report adds that demand for retail space will remain supported by buoyant domestic consumption and an influx of foreign retailers seeking to cash in on the higher spending. "While the retail segment is expected to be competitive, we expect strong demand for retail space in middle- to upper-class malls located within large-scale developments or townships, as these malls cater to residents in captive areas," says Ms. Poh. Moody's report noted that although there is some market commentary regarding the risk of an asset bubble in Indonesia's property market, the mitigating factors include: 1) the market is supported by real buyers rather than speculators and healthy household finances; and 2) Indonesian regulations over property purchases and land rights have so far curbed foreign and domestic speculation. These regulations include a 70% loan to value limit on housing loans for properties of more than 70 square meters and disallowing foreigners from owning freehold land. ==================== N E W Z E A L A N D ==================== SINGH SERVICES: Set to be Struck Off From Companies Register ------------------------------------------------------------ The Marlborough Express reports that one of the two companies owned by deported Marlborough vineyard contractor Prubhjit Singh is to be struck off the companies register, and liquidators are looking for the companies' other director to trace assets. The Express relates that liquidators HFK advertised to remove Singh Services Ltd from the companies register, and liquidator Lynda Smart said the company had ceased trading in 2008 and effectively transferred all its business to a related company, Singh Services NZ Ltd. In the final liquidators report on Singh Services, Ms. Smart said liquidators had been unable to identify any assets owned by the company, the Express reports. According to the Express, the liquidators investigated taking action against the company's two directors for reckless and insolvent trading, and the directors' personal liability for unpaid preferential tax debts. Most of the company's debt was to the Inland Revenue Department, and the liquidators' report said they had been told by IRD that one of the directors, Mr. Singh, had been deported, the report relays. "Accordingly, any actions against him would have been uneconomic to pursue," the report quotes Ms. Smart as saying. But Ms. Smart said there was another director, Mrinal Sardana, and liquidators were trying to contact him. Mr. Sardana was a director of both Singh Services and Singh Services NZ, the report adds. Singh Services (NZ) Ltd is a New Zealand-based vineyard contracting company. It employs 80 people during the peak season. The Company was put into liquidation by Inland Revenue under an order issued by the High Court in Blenheim on Dec. 10, 2012. Lynda Smart and Keiran Horne from HFK Ltd have been appointed liquidators. WAINUIOMATA MEMORIAL: Goes Into Voluntary Liquidation ----------------------------------------------------- Hutt News reports that the Wainuiomata Memorial RSA has gone into voluntary liquidation, with committee members warned if the move wasn't taken, they might be responsible for ongoing debts. "It's pretty disappointing, but in the end that's the way it was," Hutt News quotes president Bart Bartlett as saying. "It's another facility that has disappeared from Wainuiomata." The premises had also been regularly used by the Stroke Club, Wainuiomata Grey Power and Development Wainuiomata, the report relates. One fulltime staff member and nine part-timers have lost their jobs, according to Hutt News. Late last year the RSA put out an urgent rallying call: The organisation had about 700 members but only 50 to 60 were regularly turning up. For a while, it seemed to do the trick. A public meeting in October drew 200 people and about NZ$10,000 in donations. But Mr. Bartlett said last week it wasn't long before it was just the same core of people coming along for drinks or a meal in the Spitfire Grill Restaurant, the report adds. ********* 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 ***