TCRAP_Public/110207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, February 7, 2011, Vol. 14, No. 26

                            Headlines



A U S T R A L I A

* Queensland Floods to Push Retailers 'Over the Edge': Report


C H I N A

CHINA PROPERTIES: Moody's Withdraws 'Caa1' Corporate Family Rating


H O N G  K O N G

ACTIVE TOWN: Members' and Creditors' Meetings Set for March 1
CHUN KONG: Court to Hear Wind-Up Petition on March 16
NICHOLAS CONSTRUCTION: Court Enters Wind-Up Order
PATTERN ENTERPRISES: Annual Meetings Set for March 1
POLYWIN ENGINEERING: Annual Meetings Set for March 1

SIM HA: Court Enters Wind-Up Order
TONI & GUY: Court Enters Wind-Up Order
TOP UNION: Court to Hear Wind-Up Petition on March 16
UNI-TECHNIC COMPANY: Annual Meetings Set for March 1
YESTAR GARMENT: Court Enters Wind-Up Order

YING KO: Court Enters Wind-Up Order


I N D I A

AKLAVYA INDUSTRIES: CRISIL Raises Rating on Term Loan to 'B-'
AQUEDUCT PLASTICS: CRISIL Assigns 'B' Rating to INR2.8MM Term Loan
DEV PRIYA: CRISIL Reaffirms 'BB+' Rating on INR260MM Term Loan
DIAMOND PRODUCTS: CRISIL Assigns 'D' Rating to INR120MM Loan
FUTURE AUTOMOBILE: CRISIL Puts 'B+' Rating on INR5MM Cash Credit

GHATGE PATIL: CRISIL Assigns 'BB+' Rating to INR240MM Term Loan
GRAPHITE TRADELINK: CRISIL Rates INR60 Mil. Cash Credit at 'BB-'
GUJARAT PICKERS: CRISIL Rates INR115 Million Cash Credit at 'B+'
HANUMAN ISPAT: CRISIL Assigns 'BB-' Rating to INR21.2MM Loan
INFINITY DECORATIVES: CRISIL Puts 'B+' Rating on Cash Credit

MURLI REALTORS: CRISIL Assigns 'BB+' Rating to INR153.70MM Loan
P.C. JAIN: CRISIL Assigns 'BB-' Rating to INR0.5MM Term Loan
RAGHUVEER METAL: CRISIL Assigns 'BB-' Rating to INR6MM Term Loan
RITE STEEL: CRISIL Assigns 'BB-' Rating to INR60MM LT Loan
SAURER EMBROIDERY: CRISIL Cuts Rating on INR75MM Loan to 'D'

SEC INFRATECH: CRISIL Assigns 'B' Rating to INR40MM Overdraft
SKYLINE COMMODEAL: CRISIL Rates INR150 Million Cash Credit at 'B+'
SLN COFFEE: CRISIL Reaffirms 'B' Rating on INR260MM Term Loan
SOVA ISPAT: CRISIL Cuts Rating on INR190 Million Loan to 'BB-'
SRI GNANA: CRISIL Rates INR197.9 Million Long-Term Loan at 'B+'

SRI KRISHNA: CRISIL Reaffirms 'B+' Rating on INR3.3MM LT Loan
SRI RAMA: CRISIL Assigns 'B+' Rating to INR16.8MM Term Loan
SRINATH BUILDERS: CRISIL Puts 'BB' Rating on INR90MM Cash Credit


I N D O N E S I A

ENERGI MEGA: Moody's Withdraws 'B3' Corporate Family Rating


J A P A N

JAPAN FINANCE: Moody's Upgrades Ratings on Three SME CLOs
JLOC VII: S&P Downgrades Rating on Class D Notes to 'CC'
JLOC XXVIII: Fitch Downgrades Ratings on Class B Interests
WMT GLOBAL: S&P Downgrades Ratings on Class D and E Notes to 'D'


N E W  Z E A L A N D

QC GROUP: Placed in Liquidation Over NZ$8.5MM Loan to SCF
STRATEGIC FINANCE: Receiver Questions Deals; Probe Continues
TOTAL EXPERIENCE: New Owner Offer No Refunds for Voucher Holders


P H I L I P P I N E S

* PHILIPPINES: Number of Banks Drops to 764 as of September 2010


S I N G A P O R E

BSK TECHNOLOGIES: Creditors' Proofs of Debt Due February 17
CARLISLE PROPERTY: Creditors' Proofs of Debt Due March 2
EURASIA RECOVERY: Creditors' Proofs of Debt Due March 3
FONG EE: Court to Hear Wind-Up Petition on February 18
FONG TAT: Court to Hear Wind-Up Petition on February 11

HENG DA: Court to Hear Wind-Up Petition on February 18
KHC COMPANY: Creditors' Proofs of Debt Due March 2
KHC PROPERTIES: Creditors' Proofs of Debt Due March 2
LION HEART: Meetings Set for February 17
TING SHEAN: Court to Hear Wind-Up Petition on February 18




                            - - - - -


=================
A U S T R A L I A
=================


* Queensland Floods to Push Retailers 'Over the Edge': Report
-------------------------------------------------------------
Michael Madigan at The Courier-Mail reports that retailers still
reeling from a depressed Christmas predict Queensland floods will
carve 5% off revenues and push many businesses over the edge.

The Courier-Mail says that retailers have taken the unusual step
of writing directly to the Reserve Bank Governor to head off a
potentially damaging 0.25% rise on February 1.

According to the report, analysts said there is little chance of a
rate hike, but are wary of inflation figures showing price
pressures picked up in January because of rising food costs.

The price of fruit and vegetables is already escalating, helping
to push up inflation by about 0.4% in January compared with
0.2% in December, The Courier-Mail reports.

The Courier-Mail relates that the National Retail Association said
retail figures for December won't come out until February 7,
meaning the Reserve may not understand the full extent of the
December down turn.

The NRA, as cited by the Courier-Mail, said there is no doubting
the effect of the Queensland floods.

"Loss of trade attributable to store closure, power failure, staff
shortages and supply disruptions was widespread," Gary Black, NRA
executive director said in a letter to Reserve Bank boss Glenn
Stevens, according to The Courier-Mail.  "It is our expectation
that retail trade in Queensland may fail by more than 5% in
January because of the floods."

The Courier-Mail notes that Mr. Black also points out the pressure
overseas-based online retailers who escape the GST and other costs
are having on local business.  "In many cases it is small, family-
run retail outlets which are being hardest hit by this loophole,"
Mr. Black said, The Courier-Mail reports.


=========
C H I N A
=========


CHINA PROPERTIES: Moody's Withdraws 'Caa1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn China Properties Group's
Limited's Caa1 corporate family rating and debt rating on its
9.125% senior unsecured notes due May 2014.

                        Ratings Rationale

The credit ratings have been withdrawn because Moody's Investors
Service believes it has insufficient or otherwise inadequate
information to support the maintenance of the credit ratings.

The last rating action with respect to China Properties was taken
on 5 March 2009 when Moody's downgraded the corporate family
rating and senior unsecured debt rating to Caa1 with a negative
outlook.  The action was triggered by uncertainty over the
refinancing of its RMB 520 million bilateral bank loan and weaker-
than-expected sales.

Incorporated in Grand Cayman, China Properties Group Limited was
listed on the Hong Kong Stock Exchange in February 2007, and is
engaged in property investment and development in China.


================
H O N G  K O N G
================


ACTIVE TOWN: Members' and Creditors' Meetings Set for March 1
-------------------------------------------------------------
Members and creditors of Active Town Limited will hold their
annual meetings on March 1, 2011, at 9:00 a.m., and 9:30 a.m.,
respectively at the 62/F, One Island East, 18 Westlands Road,
Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHUN KONG: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------
A petition to wind up the operations of Chun Kong Chemical &
Plastics Co. Limited will be heard before the High Court of
Hong Kong on March 16, 2011, at 9:30 a.m.

Acewin Industrial Limited filed the petition against the company.

The Petitioner's Solicitors are:

          Joseph C. T. Lee & Co
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


NICHOLAS CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on May 27, 2009, to
wind up the operations of Nicholas Construction Limited.

The company's liquidator is:

         Ng Kwok Wai
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkong, Kowloon
         Hong Kong


PATTERN ENTERPRISES: Annual Meetings Set for March 1
----------------------------------------------------
Members and creditors of Pattern Enterprises (International)
Limited will hold their annual meetings on March 1, 2011, at 2:00
p.m., and 2:30 p.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


POLYWIN ENGINEERING: Annual Meetings Set for March 1
----------------------------------------------------
Members and creditors of Polywin Engineering Limited will hold
their annual meetings on March 1, 2011, at 11:00 a.m., and 11:30
a.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SIM HA: Court Enters Wind-Up Order
----------------------------------
The High Court of Hong Kong entered an order on January 19, 2011,
to wind up the operations of Sim Ha International Limited.

The official receiver is E T O'Connell.


TONI & GUY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on November 5, 2010,
to wind up the operations of Toni & Guy (Intercontinental)
Limited.

The company's liquidator is Yuen Tsz Chun Frank.


TOP UNION: Court to Hear Wind-Up Petition on March 16
-----------------------------------------------------
A petition to wind up the operations of Top Union Engineering
Limited will be heard before the High Court of Hong Kong on
March 16, 2011, at 9:30 a.m.

Lai Zhao filed the petition against the company.


UNI-TECHNIC COMPANY: Annual Meetings Set for March 1
----------------------------------------------------
Members and creditors of Uni-Technic Company Limited will hold
their annual meetings on March 1, 2011, at 3:00 p.m., and 3:30
p.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.

At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


YESTAR GARMENT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on November 29, 2010,
to wind up the operations of Yestar Garment Limited.

The company's liquidator is Yuen Tsz Chun Frank.


YING KO: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on April 28, 2009, to
wind up the operations of Ying Ko Engineering Company Limited.

The company's liquidator is:

         Ng Kwok Wai
         Unit A, 14/F
         JCG Building
         16 Mongkok Road
         Mongkong, Kowloon
         Hong Kong


=========
I N D I A
=========


AKLAVYA INDUSTRIES: CRISIL Raises Rating on Term Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Aklavya
Industries Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.

   Facilities                      Ratings
   ----------                      -------
   INR30.0 Million Cash Credit     B-/Stable (Upgraded from 'D')
   INR78.4 Million Term Loan       B-/Stable (Upgraded from 'D')
   INR2.2 Million Bank Guarantee   P4 (Upgraded from 'P5')

The upgrade reflects timely servicing of debt by AIPL over the
past eight months, driven by improvement in its liquidity.  The
upgrade also factors in CRISIL's expectation that AIPL will
generate sufficient cash accruals to service its debt over the
medium term, on the back of stabilization of operations at its
Surat (Gujarat) plant.

The ratings reflect AIPL's weak financial risk profile, marked by
high gearing, weak debt protection metrics, and small net worth,
small scale of operations, and its exposure to risks related to
geographical concentration in its revenue profile and to intense
competition in the textile industry.  These weaknesses are
partially offset by the established track record of AIPL's
promoters.

Outlook: Stable

CRISIL believes that AIPL will benefit over the medium term from
its promoters' extensive industry experience.  Its financial risk
profile, marked by high gearing and weak debt protection metrics,
is, however, expected to remain weak, on account of term debt
taken to set up the initial project.  The outlook may be revised
to 'Positive' in case the company registers better-than-expected
revenues and cash accruals leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if AIPL reports a sharp decline in revenues and margins, leading
to insufficient cash accruals to service its debt obligations on
time.

                      About Aklavya Industries

Incorporated in 2007, AIPL is engaged in dyeing and printing of
grey polyester fabrics.  The company has dyeing capacity of
1,00,000 meters per day (mpd) of cloth and a printing capacity of
30,000 mpd at its plant in Surat.  The company commenced
commercial operations in April 2008.

AIPL reported a profit after tax (PAT) of INR1.06 million on net
sales of INR209.10 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net loss of INR1.58 million on
net sales of INR167.66 million for 2008-09.


AQUEDUCT PLASTICS: CRISIL Assigns 'B' Rating to INR2.8MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Aqueduct Plastics Pvt Ltd (APPL; part of the Anjan
group).  The ratings reflect the Anjan group's small scale of
operations, working capital intensive nature of business, and
exposure to risks related to customer and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the experience of the Anjan group's promoters
in the execution of construction projects, its comfortable order
book position, and average financial risk profile though
constrained by low net worth.

   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Cash Credit        B/ Stable (Assigned)
   INR10.00 Million Proposed LT        B/Stable (Assigned)
             Bank Loan Facility
   INR2.80 Million Term Loan           B/Stable (Assigned)
   INR120.00 Million Bank Guarantee    P4 (Assigned)
   INR60.00 Mil. Proposed Short-Term   P4 (Assigned)
                      Bank Guarantee
   INR20.00 Mil. Proposed Short-Term   P4 (Assigned)
                    Letter of Credit

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of APPL and Anjana & Company (AAC; to
be taken over by Anjan Infrastructure Private Ltd), together
referred to as the Anjan group.  This is because the two entities
are in similar line of business, under common management, and have
significant inter-company transactions, and fungible cash flows.

Outlook: Stable

CRISIL believes that the Anjan group will benefit over the medium
term from its comfortable order book position and its promoters'
industry experience.  Its financial risk profile is expected to
remain average over the medium term, albeit constrained by large
working capital requirements.  The outlook may be revised to
'Positive' if the group's working capital cycle improves, or in
case the promoters infuse significant fresh equity to fund
incremental working capital requirements.  Conversely, the outlook
may be revised to 'Negative' in case of decline in profitability
or if the group undertakes a large, debt-funded capital
expenditure programme, leading to significant deterioration in the
group's financial risk profile.

                          About the Group

APPL and Anjan Infrastructure Pvt. Ltd are promoted by Mr. Anjan
Kumar Mazumdar.  He has been involved in civil construction works
since the early 1980s.  Apart from these companies, Mr. Mazumdar
also runs a partnership, AAC.  The promoters are also setting up a
High Density Polyethylene (HDPE) pipe manufacturing facility under
another group company, Anjan Tradecom Pvt Ltd.  The companies are
based in Kolkata.

Incorporated in July 2009, AIPL currently does not have any
operations. The operations of AAC are to be taken over by AIPL
before the end of 2010-11 (refers to financial year, April 1 to
March 31). The takeover is aimed at converting the partnership
firm into a private limited company on the insistence of the
lender, State Bank of India.

APPL was incorporated in 2004 and is a civil contractor; it also
manufactures polyvinyl chloride (PVC) pipes.  The company was
promoted primarily to meet the PVC requirements of AAC. The
company currently has a PVC production capacity of 4000 tonnes per
annum; its capacity is utilized at 70 to 80%.

APPL reported a profit after tax (PAT) of INR16.2 million on an
operating income of INR390 million for 2009-10, as against a PAT
of INR4 million on an operating income of INR119.6 million for
2008-09.


DEV PRIYA: CRISIL Reaffirms 'BB+' Rating on INR260MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dev Priya Industries
Ltd continue to reflect DPIL's average financial risk profile,
marked by a high gearing and average debt protection metrics, and
financial flexibility constrained by high bank limit utilization.
These rating weaknesses are partially offset by the extensive
industry experience of DPIL's promoters and the company's
established brand.

   Facilities                           Ratings
   ----------                           -------
   INR165 Million Cash Credit Limit     BB+/Stable (Reaffirmed)
   INR260 Million Term Loan             BB+/Stable (Reaffirmed)
   INR10 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that DPIL will continue to benefit over the medium
term from the extensive experience of its promoters in the paper
industry and its established brand.  The outlook may be revised to
'Positive' if DPIL's capital structure improves because of more-
than-expected growth in operating income or profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection metrics deteriorate because of decline
in profitability or larger-than-expected, debt-funded capital
expenditure.

                           About Dev Priya

DPIL, a part of the Dev Priya group of industries, was
incorporated in 1990 by Mr. Dev Karam Gupta.  Currently, the
company is managed by the founder's sons, Mr. Mahendra Gupta and
Mr. Ashok Gupta, and grandson, Mr. Amit Gupta (Mr. Mahendra
Gupta's son).  DPIL manufactures kraft paper with burst factor
(bf) of 16 to 35 at its two units in Meerut (Uttar Pradesh). The
company mainly uses imported waste paper for manufacturing kraft
paper.  Imports comprised 88% of total waste paper procured by the
company in 2008-09 (refers to financial year, April 1 to March
31).  The plant commenced operations in 1992 and its capacity was
gradually enhanced to the current 100,000 metric tonnes per annum
(tpa).  The company set up another unit, with capacity of 75,000
tpa for producing kraft paper of high quality (28 to 35 bf), which
commenced operations in July 2009. DPIL markets the kraft paper
under the Dev Priya brand.

DPIL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR 1347 million for 2009-10, against a PAT of INR10
million on net sales of INR 628.3 million for 2008-09.


DIAMOND PRODUCTS: CRISIL Assigns 'D' Rating to INR120MM Loan
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Diamond Products Ltd.  The ratings reflect delay by DPL in
servicing its term loan.  The delay has been caused by DPL's weak
liquidity.

   Facilities                         Ratings
   ----------                         -------
   INR100.0 Million Cash Credit       D (Assigned)
   INR120.0 Million Term Loan         D (Assigned)
   INR20.0 Million Letter of Credit   P5 (Assigned)
   INR5.0 Million Bank Guarantee      P5 (Assigned)

However, the company has healthy operating profitability and
CRISIL believes that DPL will benefit from diversification into
higher-value-added products over the medium term.

Promoted by Mr. Om Prakash Gupta, DPL began commercial production
of footwear in 2002-03 (refers to financial year, April 1 to
March 31).   The company has manufacturing locations in New Delhi
and Himachal Pradesh.  It manufactures ethylene vinyl acetate
(EVA)-based slippers, and sports shoes, which are marketed under
the brand Diamond.

DPL reported a profit after tax (PAT) of INR2.8 million on net
sales of INR340.0 million for 2009-10, against a PAT of INR3.7
million on net sales of INR272.0 million for 2008-09.


FUTURE AUTOMOBILE: CRISIL Puts 'B+' Rating on INR5MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facilities of Future Automobile Agency Pvt. Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR75 Million Channel Financing   B+/Stable (Assigned)
   INR5 Million Cash Credit          B+/Stable (Assigned)

The rating reflects Future Auto's weak financial risk profile,
marked by weak debt protection metrics and small net worth, and
susceptibility to intense competition in the automotive dealership
sector.  These rating weaknesses are partially offset by the
extensive experience of Future Auto's promoters and its strong
customer relationships.

Outlook: Stable

CRISIL believes that Future Auto will continue to benefit over the
medium term from its established customer base and healthy
relationship with its suppliers.  However, its financial risk
profile is expected to be constrained by small net worth and weak
debt protection metrics because of incremental working capital
requirements and significant capital expenditure (capex) plans.
The outlook may be revised to 'Positive' in case of significant
improvement in profitability or capital structure.  Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected profitability, or if the company undertakes any larger-
than-expected debt-funded capex programme.

                      About Future Automobile

Incorporated in 2009, Future Auto is an authorised dealer of VE
Commercial Vehicles Ltd for its entire range of commercial
vehicles in the Kolkata, Howrah, Hooghly, South 24 Parganas, North
24 Parganas, Nadia, and Midnapore districts of West Bengal.  The
company commenced commercial operations in July 2009.  Future Auto
has a rented workshop of 18,000 square feet (sq ft) in Alampur and
another of 10,000 sq ft in Chamrail (both in Howrah district).
The company plans to set up a 50,000 sq ft-owned showroom cum
20-bays workshop in Howrah with an estimated capital outlay of
INR50 million, to be funded through term debt, unsecured loan, and
equity.  The project is expected to be completed within six to
eight months.

Future Auto reported a profit after tax (PAT) of INR0.9 million on
net sales of INR312.9 million for 2009-10 (refers to financial
year, April 1 to March 31).


GHATGE PATIL: CRISIL Assigns 'BB+' Rating to INR240MM Term Loan
---------------------------------------------------------------
CRISIL has upgraded its rating on Ghatge Patil Industries Ltd's
cash credit facility to 'BB+/Positive' from 'BB/Stable', assigned
its 'BB+/Positive' rating to GPIL's rupee term loan, and
reaffirmed its rating on the short-term facilities at 'P4+'.

   Facilities                            Ratings
   ----------                            -------
   INR240 Million Rupee Term Loan        BB+/Positive (Assigned)
   INR205 Million Cash Credit Facility   BB+/ Positive (Upgraded
   (Enhanced from INR175 Million)              from 'BB/Stable')
   INR30 Million Bill Discounting        P4+ (Reaffirmed)
   INR150 Million Pre-shipment Credit    P4+ (Reaffirmed)
   INR225 Million Post-shipment Credit   P4+ (Reaffirmed)
   INR70 Million Bank Guarantee          P4+ (Reaffirmed)
   INR70 Million Letter of Credit        P4+ (Reaffirmed)

The upgrade reflects GPIL's improved financial risk profile, and
CRISIL's belief that improvement in demand outlook for the foundry
industry will lead to an increase GPIL's topline.  Also, GPIL's
improving product-mix will help it sustain an improvement in its
profitability.  The upgrade also factors in significant
improvement in GPIL's capital structure, driven by equity infusion
by its promoters.

The ratings reflect GPIL's extensive experience in the foundry
business, and its improving financial risk profile marked by
moderate net worth and strong cash accruals. These rating
strengths are partially offset by GPIL's working-capital-intensive
operations, susceptibility to downturns in end-user industries,
and customer concentration.

Outlook: Positive

CRISIL believes that GPIL's topline will increase over the medium
term, supported by improved demand from, and GPIL's strong market
position in, the foundry segment.  The ratings may be upgraded if
GPIL stabilizes operations after installation of new machines at
its unit in the near term, and reports more-than-expected growth
in its revenues and improvement in its profitability and capital
structure.  Conversely, the outlook may be revised to 'Stable' if
GPIL undertakes a larger-than-expected debt-funded capital
expenditure programme, thereby weakening its capital structure, or
if its revenues and profitability decline.

                         About Ghatge Patil

GPIL was established in 1960 by Mr. J B Patil and Mr. V M Ghatge
as a partnership firm; in the same year it was reconstituted as a
company. GPIL manufactures castings, industrial valves, and power
transmission products, and caters to the automobile (primarily
tractor manufacturers), oil and gas, marine, and earth moving
equipment industries.  The company has two divisions: foundry and
products; about 75% of its revenues come from the foundry
division.

For 2009-10 (refers to financial year, April 1 to March 31), GPIL
reported a profit after tax (PAT) of INR103.53 million on revenues
of INR2.33 billion, against a PAT of INR110.54 million on revenues
of INR2.98 billion for the preceding year. For the six months
ended September 30, 2010, the company reported a net profit of
INR84.70 million on net sales of INR1.40 billion, against a net
profit of INR40.30 million on net sales of INR0.93 billion for the
corresponding period of the previous year.


GRAPHITE TRADELINK: CRISIL Rates INR60 Mil. Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL's rating on the cash credit facility of Graphite Tradelink
Pvt Ltd (Graphite Tradelink; part of the Skyline group) continues
to reflect Graphite Tradelink's small scale of operations,
geographical and customer concentration in revenues, and weak
financial risk profile owing to low net worth and weak debt
protection indicators. These rating weaknesses are partially
offset by the industry experience of the Skyline group's
promoters.

   Facilities                   Ratings
   ----------                   -------
   INR60 Million Cash Credit    BB-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Graphite Tradelink and Skyline
Commodeal Ltd (Skyline), together referred to as the Skyline
group. This is because the two entities have the same promoters,
brand name, and retail outlets.  Graphite Tradelink is also
expected to extend a corporate guarantee for Skyline's proposed
borrowings.

Outlook: Stable

CRISIL believes that Graphite Tradelink will continue to benefit
over the medium term from its moderate presence in the men's
apparel segment in West Bengal. However, the company's financial
risk profile is expected to remain under pressure over the medium
term because of its small net worth and limited financial
flexibility.  The outlook may be revised to 'Positive' in case of
considerable improvement in Graphite Tradelink's financial risk
profile, driven by a more-than-expected increase in the company's
net margin and revenues.  Conversely, the outlook may be revised
to 'Negative' in case of significant debt-funded capital
expenditure or acquisitions, or in case of any diversification
into unrelated businesses.

                          About the Group

Set up as a proprietorship concern named Skyline Garments in 2006,
Graphite Tradelink was reconstituted as a closely held company
with its current name in June 2010 by Mr. Arnab Ghosh and Mr.
Debdulal Sarkar. Graphite Tradelink manufactures garments for men
under the Skyline brand name. The company has capacity of around
80,000 pieces per month, with manufacturing facilities in Sodepur
and Behala (both in West Bengal). Skyline was incorporated in
2009-10 (refers to financial year, April 1 to March 31) by the
same set of promoters in Kolkata (West Bengal). The company
commenced commercial operations in December 2010. Its operations
include trading, embroidering, block printing, embellishment and
stitching of sarees, and manufacturing of vests and briefs. Its
products are also sold under the Skyline brand name.

For 2009-10, Graphite Tradelink reported a net profit of INR3.1
million on net revenues of INR271.5 million, against a net profit
of INR2.3 million on net revenues of INR207.8 million in the
preceding year.


GUJARAT PICKERS: CRISIL Rates INR115 Million Cash Credit at 'B+'
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gujarat Pickers
Industries Ltd continue to reflect GPIL's weak financial risk
profile, marked by a small net worth, weak interest coverage
measures, and moderate total outside liabilities to tangible net
worth (TOL/TNW) ratio.  The ratings also factor in the company's
large working capital requirements because of high receivable
levels. These rating weaknesses are partially offset by the
extensive experience of GPIL's promoters in the petrochemicals
industry, and healthy revenue visibility.

   Facilities                      Ratings
   ----------                      -------
   INR115.0 Million Cash Credit    B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GPIL will continue to benefit over the medium
term from its promoters' extensive experience in the polymer
trading business.  However, the company's financial risk profile
is expected to be constrained by large working capital
requirements.  The outlook may be revised to 'Positive' if GPIL
improves its receivables management and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of
incremental working capital requirements, or if adverse movements
in interest rates affect the margin spread available to the
company.

Update

GPIL registered sales of INR740 million for 2009-10 (refers to
financial year, April 1 to March 31), with an operating margin of
about 2.9%, which was largely in line with CRISIL's expectation
for the year.  Furthermore, GPIL was expected to begin operating
as a del credere and stockist agent for Indian Oil Corporation
Limited from April 2010.  However, because of delays in
commencement of production in IOCL's new plant at Panipat
(Haryana), resulting in supply constraints, the transactions with
IOCL began only from June, and recorded sales of only about 3500
tonnes till December 2010.  The company, in order to compensate
for this, has continued to focus on trading sales and recorded
sales of INR500 million to INR550 million till December 2010.
Hence, CRISIL believes that the company will record trading sales
of around INR750 million, with total sales for IOCL at 7,000 to
8000 tonnes, for 2010-11.

GPIL's working capital cycle was marginally better, with
receivable and inventory days of 68 and 8 respectively; thereby
the TOL/TNW ratio was marginally better at 2.42 times as on
March 31, 2010.  Though the company has no long-term debt and
capex plans over the medium term, CRISIL believes that the TOL/TNW
ratio will deteriorate to around 3 times because of incremental
working capital requirements over the medium term.

GPIL reported a profit after tax (PAT) of INR3.7 million on net
sales of INR741 million for 2009-10, against a PAT of INR2.0
million on net sales of INR622 million for 2008-09.

                        About Gujarat Pickers

Incorporated in 1962 by Mr. Makwana, GPIL trades in polymers and
chemicals in Gujarat.  The company was set up to manufacture
pickers, which are used to produce textile machinery. However,
GPIL terminated this business and operated as a distributor of
plastic granules for Indian Petrochemical Corporation Ltd (IPCL)
from 1979 to 2002.  Following the acquisition of IPCL by Reliance
Industries Ltd, the agreement with IPCL was discontinued and
subsequently GPIL began importing polymers such as high-density
polyethylene and low-density polyethylene for sale in the domestic
market.  In 2004-05, the company began trading in chemicals,
largely procured from IOCL. GPIL has been awarded the IOCL
distributorship and has been operating as a del credere agent and
stockist for IOCL's polymer products since June 2010.


HANUMAN ISPAT: CRISIL Assigns 'BB-' Rating to INR21.2MM Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term bank
facilities of Hanuman Ispat Pvt. Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR21.2 Million Long-Term Loan   BB-/Stable (Assigned)
   INR50 Million Cash Credit        BB-/Stable (Assigned)

The rating reflects Hanuman Ispat's below-average financial risk
profile, marked by small net worth, weak debt protection metrics,
low profitability margins, and low gearing, marginal market
presence, and vulnerability to cyclicality in the steel industry.
These rating weaknesses are partially offset by the extensive
industry experience of Hanuman Ispat's promoters.

Outlook: Stable

CRISIL believes that Hanuman Ispat will benefit from its moderate
business risk profile and promoter's extensive experience in the
steel industry.  The outlook may be revised to 'Positive' in case
of a higher-than-expected increase in revenues and profitability
or greater integration of its operations.  Conversely, the outlook
may be revised to 'Negative' in case the company undertakes a
large debt-funded capital expenditure (capex) programme or lower-
than-expected capacity utilization weakens Hanuman Ispat's
operating income and margins.

                        About Hanuman Ispat

Hanuman Ispat manufactures steel ingots at its 6-tonne induction
furnace in Raipur (Chhattisgarh).  The company sells its entire
production through dealers in the Raipur market. Mr. Kulwant Rai
Goyal is its promoter director.

In 2010-11 (refers to financial year, April 1 to March 31),
Hanuman Ispat set up its second induction furnace with capacity of
6 tonnes; it is expected to commence operations in the last week
of January 2011.  Total capex on the project is INR39 million, of
which INR32 million has been spent till date.  The remaining
capex, primarily security deposit of INR6 million for electricity
connection, will be spent in January 2011. Hanuman Ispat
contracted term debt of INR22 million to fund the project, of
which INR13.5 million has been disbursed till date. The promoters
also infused equity of INR15 million and unsecured loans of INR2.8
million during the year, to fund the project.

Hanuman Ispat reported a profit after tax (PAT) of INR1 million on
net sales of INR306.1 million for 2009-10, as against a PAT of
INR1.3 million on net sales of INR395.4 million for 2008-09.


INFINITY DECORATIVES: CRISIL Puts 'B+' Rating on Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Infinity Decoratives Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR45.00 Million Cash Credit        B+/Stable (Assigned)
   INR30.00 Million Proposed LT        B+/Stable (Assigned)
             Bank Loan Facility
   INR20.00 Million Letter of Credit   P4 (Assigned)

The rating reflects IDPL's weak financial risk profile, marked by
high gearing and small net worth, and its large working capital
requirements.  These weaknesses are partially offset by the
extensive experience of IDPL's promoters, and the company's
established market position in the imitation jewellery and crystal
decoratives business.

Outlook: Stable

CRISIL believes that IDPL will continue to benefit from its
promoters' industry experience and established market position and
brand name.  The outlook may be revised to 'Positive' if IDPL's
financial risk profile improves considerably, because of
significant increase in revenues and improvement in profitability,
resulting in healthy cash accruals and an improved capital
structure.  Conversely, the outlook may be revised to 'Negative'
if IDPL generates less-than-expected cash accruals, or if it
undertakes more-than-expected, debt-funded capital expenditure
programme, weakening its financial risk profile.

                      About Infinity Decoratives

IDPL was incorporated in 2001.  It is into retailing of crystal
decorative items and imitation jewellery.  Around 60% of sales are
made under its own brand, Infinity.  The company imports its
products from Egypt, Thailand, Austria, Korea, and China.  The
company operates through 115 stores, located in 11 Indian cities.
The company's head office is in Kolkata, and it has seven branches
across India.  Since 2009-10, the company has been in the kids'
accessories business, through its brand Hopscotch. Over the next
four years, the company plans to set up about 70 stores and 90
stores under the Infinity brand and the Hopscotch brand
respectively.

IDPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR140.2 million for 2009-10, as against a PAT of INR1.2
million on net sales of INR94.4 million for 2008-09.


MURLI REALTORS: CRISIL Assigns 'BB+' Rating to INR153.70MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Murli Realtors Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR153.70 Million Term Loan      BB+/Stable (Assigned)
   INR6.30 Million Proposed Long    BB+/Stable (Assigned)
         Term Bank Loan Facility

The rating reflects customer and geographic concentration in
MRPL's revenue profile, its small scale of operations, and its
exposure to risks related to crystallization of a large quantum of
contingent liabilities of the holding and group entities.  These
rating weaknesses are partially offset by MRPL's moderate
financial risk profile marked by a moderate net worth, low
gearing, comfortable debt protection metrics, and adequate
liquidity; prime location of its Manikchand Ikon property; and
healthy revenue visibility, supported by its long-term lease
contracts with existing tenants.

Outlook: Stable

CRISIL believes that MRPL will maintain its business and financial
risk profiles over the medium term, backed by steady cash flows
from lease rentals.  The outlook may be revised to 'Positive' if
MRPL leases out vacant space in its property, leading to
substantial increase in its cash flows.  Conversely, the outlook
may be revised to 'Negative' if there is unexpected termination of
MRPL's contracts with existing tenants, leading to lesser-than-
expected cash flows from lease rentals vis--vis its maturing debt
obligations.

                        About Murli Realtors

MRPL was set up in 1995.  The company owns a commercial space,
Manikchand Ikon, in one of Pune's prime locations, Dhole Patil
Road. This building project was executed by the Mantri group, but
MRPL was taken over by the Manikchand group after construction of
the building was complete.  The property has one building with two
wings -- north and south.  The south wing comprises eight floors,
while the north wing has two interconnected phases comprising
eight and nine floors. MRPL has leased out the commercial property
to various companies; lease rental discounting loans have been
availed by assignment of future rentals.  The property's total
area is 38.4 million square feet (sq ft), including common area
and parking space of 12.5 million sq ft. Of the total leasable
area of 25.9 million sq ft, 18.1 million sq ft has been leased
out, while the remaining area is still vacant.  The property has
five tenants: Capgemini India Pvt Ltd, Satyam Computer Services
Ltd, Neilsoft Ltd, Optra Systems Pvt Ltd, and Global Talent Track
Pvt Ltd.

MRPL is owned by the Manikchand group, which manufactures gutkha,
pan masala (RMD brand), flexible packaging, electrical switches,
bottled mineral water (Oxyrich and Taral brands), and also
develops real estate properties, and runs flourmills. RM Dhariwal
(HUF) (rated 'BB/Stable' by CRISIL) and Dhariwal Industries Ltd
('BB/Stable') are the group's flagship companies. RM Dhariwal
(HUF) owns around 80% of MRPL's equity shares.

MRPL reported a profit after tax (PAT) of INR72.9 million on net
sales of INR123.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR76.7 million on net
sales of INR142.1 million for 2008-09.


P.C. JAIN: CRISIL Assigns 'BB-' Rating to INR0.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of P.C. Jain and Company.

   Facilities                            Ratings
   ----------                            -------
   INR39.5 Million Overdraft Facility    BB-/Stable (Assigned)
   INR0.5 Million Term Loan              BB-/Stable (Assigned)
   INR120.0 Million Bank Guarantee       P4+ (Assigned)

The ratings reflect PCJC's small scale of operations in an
intensely competitive construction industry, declining operating
income in the recent past because of customer and geographic
concentration, and vulnerability of profitability to volatility in
raw material prices.  These rating weaknesses are partially offset
by PCJC's moderate financial risk profile, marked by low gearing,
and the benefits that the firm derives from its proprietor's
extensive experience in the civil construction sector.

Outlook: Stable

CRISIL believes that PCJC will benefit from the expected increase
in its scale of business, with stability in its financial risk
profile supported by low gearing.  The outlook may be revised to
'Positive' if PCJC significantly scales up its operations, while
maintaining its profitability.  Conversely, the outlook may be
revised to 'Negative' if the firm undertakes a larger-than-
expected debt-funded capital expenditure, or reports a decline in
its profitability, leading to deterioration in its financial risk
profile, particularly its liquidity position.

                          About P.C. Jain

Set up as a proprietorship firm in 1975 by Mr. P C Jain, PCJC
provides turnkey construction services mainly for civil works of
roads and bridges for authorities such as public works departments
(PWDs), such as PWD of Rajasthan, and nagar palika.  PCJC
undertakes projects around Banswara near Udaipur (Rajasthan).  The
firm also owns a processing plant, with capacity of five tonnes
per day in Banswara.

PCJC reported a profit after tax (PAT) of INR5.9 million on net
sales of INR84.2 million for 2009-10, against a PAT of INR17.4
million on net sales of INR245.9 million for 2008-09.


RAGHUVEER METAL: CRISIL Assigns 'BB-' Rating to INR6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Raghuveer Metal Industries Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit        BB-/Stable (Assigned)
   INR6.0 Million Term Loan           BB-/Stable (Assigned)
   INR9.0 Million Proposed LT Bank    BB-/Stable (Assigned)
                     Loan facility
   INR20.0 Million Letter of credit   P4+ (Assigned)

The ratings reflect RMIL's weak financial risk profile marked by
volatile operational performance over the past two years and small
net worth despite its long track record.  The ratings also factor
in RMIL's small scale of operations in the steel long products
industry and susceptibility to fluctuations in the prices of raw
materials.  These weaknesses are partially offset by RMIL's
established market position as a franchisee of the Kamdhenu brand
in Rajasthan

Outlook: Stable

CRISIL believes that RMIL's financial risk profile will remain
weak and its scale of operations small over the medium term. The
outlook may be revised to 'Positive' if RMIL's financial risk
profile improves significantly, most likely through fresh equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the company undertakes a large debt-funded capital expenditure
programme, thereby weakening its capital structure, or there is
decline in its profitability.

                       About Raghuveer Metal

Incorporated in 1997, RMIL manufactures ingots, TMT bars (Thermo
Mechanically Treated) and CTD (Cold Twisted Bars).  The company's
unit is located in Mangaliawas Village, 25 kilometres from Ajmer
(Rajasthan).  The unit has two induction furnaces with an annual
installed capacity of 39,600 tonnes for manufacturing ingots; its
capacity utilization level is 49%.  The company has a rolling mill
for manufacturing TMT bars, with an annual installed capacity of
60,000 tonnes and a utilization level of 57%. RMIL has been a
franchisee in Rajasthan for Kamdhenu Ispat Ltd since 2004-05
(refers to financial year, April 1 to March 31) when RMIL was
taken over by the Aggarwal and Pokharna families from
Mr. P S Malik (erstwhile owner of the company).  The rolling mill
came into existence after the acquisition; since then the company
has been a franchisee for KIL.

For 2009-10, RMIL reported a profit after tax of INR12.39 million
on net sales of INR895.85 million, against a net loss of INR27.03
million on net sales of INR1149.36 million for 2008-09.


RITE STEEL: CRISIL Assigns 'BB-' Rating to INR60MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Rite Steel Industries Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR60 Million Long-Term Loan     BB-/Stable (Assigned)
   INR65 Million Cash Credit        BB-/Stable (Assigned)

The rating reflects RSIPL's below-average financial risk profile
marked by high gearing and weak debt protection measures,
resulting from the start-up nature of its operations.  The rating
also factors in RSIPL's small scale of operations in the highly
fragmented steel industry.  These weaknesses are partially offset
by the benefits that RSIPL derives from its promoters' experience
in the steel industry.

Outlook: Stable

CRISIL believes that RSIPL will continue to benefit over the
medium term from the experience of its promoters in the steel
industry.  The outlook may be revised to 'Positive' if the company
stabilizes its operations and successfully launches new products,
leading to better-than-expected growth in its sales and margins,
and consequently, improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if a
significant delay in the launch of new products affects the
company's cash accruals, or if the company undertakes a large,
debt-funded capex programme, thereby weakening its financial risk
profile.

                         About Rite Steel

Based in Thiruvallur (Tamil Nadu), RSIPL was incorporated in 1980
as Met-pro Industries Pvt Ltd.  The company had accumulated losses
when it was acquired by Mr. Rajendran Sabanayagam in 2006.  It is
currently managed by Mr. Rajendran Sabanayagam, and his son, Mr.
Ashwin Sabanayagam. RSIPL manufactures thermo-mechanically treated
(TMT) bars, and has an installed capacity of 36,000 tonnes per
annum (tpa).  Mr. Rajendran Sabanayagam also owns and manages
Sumangala Steel Pvt Ltd, which manufactures billets and has an
installed capacity of 108,000 tpa.  RSIPL was acquired to forward
integrate into manufacturing TMT bars.  RSIPL sells its TMT bars
under the Sumangala brand, and has plans to enter the pre-
fabricated steel market.  For this purpose, the company is
expected to launch high-quality TMT bars under two brands, Rite
Arc, and Rite Arc 500D, in 2011.

RSIPL reported on a provisional basis, a profit after tax (PAT) of
INR1.7 million on net sales of INR69.9 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR8.5
million on net sales of INR151.0 million for 2008-09.


SAURER EMBROIDERY: CRISIL Cuts Rating on INR75MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Saurer
Embroidery Systems (India) Pvt Ltd to 'D/P5' from 'BB/Stable/P4+'.
The downgrade reflects instances of delay by SES in servicing its
debt; the delays have been caused by the company's weak liquidity
on account of foreign currency losses.

   Facilities                      Ratings
   ----------                      -------
   INR75 Million Long-Term Loan    D (Downgraded from 'BB/Stable')
   INR31.5 Million Cash Credit     D (Downgraded from 'BB/Stable')
   INR5 Million Bill Purchase-     P5 (Downgraded from 'P4+')
         Discounting Facility
   INR2.5 Million Packing Credit   P5 (Downgraded from 'P4+')
   INR11 Million Bank Guarantee    P5 (Downgraded from 'P4+')

SES has an average financial risk profile, marked by large working
capital requirements, small net worth, average gearing and debt
protection metrics.  The company is also exposed to risks related
to small scale of operations and to a slowdown in the textile
industry.  These rating weaknesses are partially offset by SES's
association with the Switzerland-based shuttle embroidery machine
manufacturer Saurer as its exclusive marketing agency in India,
its healthy operating profitability, and diversified revenue
stream.

                       About Saurer Embroidery

Incorporated in 1997, SES is a 50:50 joint venture between the
Khanna family and Saurer, a leading Swiss manufacturer of shuttle
embroidery machines.  The Indian promoters, Mr. Anil Khanna and
his sons, hold 75% of the company's shares.

SES is the sole marketing and servicing agent for Saurer's
products in India.  In 2001, the company diversified into
embroidery manufacturing, which currently accounts for 73% of the
company's revenue; the remainder is generated from the agency
division.

The company's plant in Gurgaon (Haryana) has 14 installed shuttle
embroidery machines, and is fully utilized during the peak season.
It also has a marketing office in Bangalore for its agency
division.

SES reported a profit after tax (PAT) of INR1.2 million on net
sales of INR202 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.3 million on net
sales of INR183 million for 2008-09.


SEC INFRATECH: CRISIL Assigns 'B' Rating to INR40MM Overdraft
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of SEC Infratech Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40.00 Million Overdraft         B/Stable (Assigned)
   INR120.00 Million Bank Guarantee   P4 (Assigned)

The ratings reflect SEC Infratech's below-average financial risk
profile, marked by a small net worth, and working-capital-
intensive operations.  The ratings also factor in SEC Infratech's
limited revenue visibility, and geographical and customer
concentration in revenue profile.  These rating weaknesses are
partially offset by the experience of SEC Infratech's promoters in
handling various businesses such as civil construction, automotive
dealerships, transport, and logistics.

Outlook: Stable

CRISIL believes that SEC Infratech will continue to benefit over
the medium term from its promoters' entrepreneurial experience and
its moderate capital structure.  The outlook may be revised to
'Positive' if the company scales up its operations and its
profitability, diversifies its revenue profile, and improves its
capital structure.  Conversely, the outlook may be revised to
'Negative' if SEC Infratech undertakes a larger-than-expected,
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, or if the company's
liquidity deteriorates further because of delays in realising its
receivables.

                         About SEC Infratech

SEC Infratech was originally set up in 2004 as a proprietorship
concern named Satya Engineering and Construction by Mr. K. Raghu
Nandan Reddy and his family; the firm was reconstituted as a
private limited company, and got its current name, in 2008.  SEC
Infratech is engaged in engineering, procurement, and construction
works, mainly related to irrigation projects in Andhra Pradesh.
The company also trades in bitumen. It is headquartered in
Hyderabad (Andhra Pradesh).  As at December 2010, the company had
an unexecuted order book of INR300 million which is to be executed
over the next two years.

SEC Infratech reported a profit after tax (PAT) of INR5 million on
net sales of INR192 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR9 million on net sales
of INR264 million for 2008-09.


SKYLINE COMMODEAL: CRISIL Rates INR150 Million Cash Credit at 'B+'
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the proposed cash
credit facility of Skyline Commodeal Ltd (Skyline; part of the
Skyline group).

   Facilities                             Ratings
   ----------                             -------
   INR150 Million Proposed Cash Credit    B+/Stable (Assigned)

The rating reflects Skyline's exposure to risks related to
stablisation of its recently commenced operations, and the
expected deterioration in its financial risk profile, as it is
expected to contract debt to fund its working capital
requirements.  These rating weaknesses are partially offset by the
benefits that Skyline derives from its promoters' industry
experience and financial support and its synergies with its
associate concern, Graphite Tradelink Pvt Ltd (Graphite Tradelink,
rated 'BB-/Stable' by CRISIL).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Graphite Tradelink and Skyline,
together referred to as the Skyline group. This is because the two
entities have the same promoters, brand name, and retail outlets.
Graphite Tradelink is also expected to extend a corporate
guarantee for Skyline's proposed borrowings.

Outlook: Stable

CRISIL believes that Skyline's business and financial risk
profiles will remain constrained over the near to medium term
since the company is a new entrant in the industry and may take
time to stabilise its operations. The outlook may be revised to
'Positive' if Skyline ramps up its operations and improves its
profitability in a sustained manner. Conversely, the outlook may
be revised to 'Negative' if there is significant deterioration in
Skyline's working capital cycle, with scaling up of operations, or
if the company undertakes any large, debt-funded capital
expenditure programme.

                          About the Group

Set up as a proprietorship concern named Skyline Garments in 2006,
Graphite Tradelink was reconstituted as a closely held company
with its current name in June 2010 by Mr. Arnab Ghosh and
Mr. Debdulal Sarkar.  Graphite Tradelink manufactures garments for
men under the Skyline brand name.  The company has capacity of
around 80,000 pieces per month, with manufacturing facilities in
Sodepur and Behala (both in West Bengal).  Skyline was
incorporated in 2009-10 (refers to financial year, April 1 to
March 31) by the same set of promoters in Kolkata (West Bengal).
The company commenced commercial operations in December 2010.  Its
operations include trading, embroidering, block printing,
embellishment and stitching of sarees, and manufacturing of vests
and briefs. Its products are also sold under the Skyline brand
name.

For 2009-10, Graphite Tradelink reported a net profit of INR3.1
million on net revenues of INR271.5 million, against a net profit
of INR2.3 million on net revenues of INR207.8 million in the
preceding year.


SLN COFFEE: CRISIL Reaffirms 'B' Rating on INR260MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of SLN Coffee (P) Ltd
continue to reflect SLN's weak financial risk profile, marked by a
high gearing and weak debt protection metrics, low operating
profits, and exposure to risks related to volatility in coffee
prices and foreign exchange rates.  These rating weaknesses are
partially offset by SLN's established position in the coffee
trading market in India.

   Facilities                               Ratings
   ----------                               -------
   INR260 Million Term Loan                  B/Stable (Reaffirmed)
   INR400 Million Cash Credit Limit          B/Stable (Reaffirmed)
   INR80 Mil. Bills Receivable Discounting   P4 (Reaffirmed)
   INR230 Million Packing Credit             P4 (Reaffirmed)
   INR80 Million Letter of Credit            P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SLN will continue to benefit over the medium
term from its efficient coffee beans procurement system, strong
relationships with buyers, and additional revenues from the
instant coffee business.  The outlook may be revised to 'Positive'
if SLN scales up its operations and realizes higher margins,
thereby improving its debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' if the company's margins in
the instant coffee business are lower than expected, thereby
leading to lower cash accruals and constrained debt repayment
ability.

                         About SLN Coffee

Incorporated in 2004, SLN is a closely held company which trades
in coffee and manufactures instant coffee. The company sells its
merchandise in both the domestic and the export markets. It has an
in-house curing and processing facility, with capacity of 25,000
tonnes per annum (tpa). In October 2008, SLN commissioned an
instant coffee plant, with capacity of 3000 tpa, in the industrial
area of Kushalanagar (Karnataka).

For 2009-10 (refers to financial year, April 1 to March 31), SLN
reported a Profit after tax (PAT) of INR19.5 million on net sales
of INR3.47 billion, against a net loss of INR9.3 million on net
sales of INR3.3 billion in the previous year.


SOVA ISPAT: CRISIL Cuts Rating on INR190 Million Loan to 'BB-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sova Ispat Alloys (Mega Projects) Ltd (SIAML; part of the Sova
Ispat group) to 'BB-/Stable' from 'BB/Stable', while reaffirming
the rating on the short-term facilities at 'P4+'.

   Facilities                         Ratings
   ----------                         -------
   INR120.00 Million Cash Credit      BB-/Stable (Downgraded from
                                                  'BB/Stable')

   INR190.00 Million Term Loan        BB-/Stable (Downgraded from
                                                  'BB/Stable')

   INR20.00 Million Packing Credit    BB-/Stable (Downgraded from
                                                  'BB/Stable')

   INR100.00 Mil. Letter of Credit    P4+ (Reaffirmed)

   INR10.00 Million Bank Guarantee    P4+ (Reaffirmed)

The rating downgrade reflects CRISIL's belief that the Sova Ispat
group's liquidity will be under pressure over the medium term,
given its low cash accruals in 2010-11 (refers to financial year,
April 1 to March 31), so far.  The cash accruals have been
constrained by decline in capacity utilisation and increase in
power costs.  The downgrade also reflects CRISIL's belief that the
group's working capital requirements will increase, resulting in
high bank limit utilisation, following commencement of operations
at SIAML's new furnace in March 2011.

The ratings continue to reflect the Sova Ispat group's weak
financial profile, marked by weak debt protection metrics, large
working capital requirements, and susceptibility of its operating
margin to volatility in raw material prices.  These rating
weaknesses are partially offset by the group's established market
position in the ferro-alloys industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SIAML and Sova Ispat Alloys Ltd.  This
is because the two entities, together referred to as the Sova
Ispat group, are under a common management, and have fungible cash
flows and centralised raw material procurement.

Outlook: Stable

CRISIL believes that the Sova Ispat group will maintain its
established market position in the ferro-alloys industry over the
medium term. The outlook may be revised to 'Positive' if the
group's debt protection metrics improve, driven by higher-than-
expected increase in revenues and profitability. Conversely, the
outlook may be revised to 'Negative' if the group's financial risk
profile deteriorates because of large, debt-funded capital
expenditure or a significant decline in profitability.

                          About the Group

SIAML, set up in 2004, commenced operations in 2007-08, with a 9-
megavolt-ampere (MVA) furnace for producing ferroalloys.  A second
unit with a similar capacity is expected to commence operations in
March 2011, after a delay of more than 12 months.  The Kolkata-
based Sova Ispat group has a large market share in the ferroalloys
industry, including the billets and ingots segments.

SIAL is the flagship company of the Sova Ispat group and was set
up in 1998. The company is a ferroalloys manufacturer and
currently has capacity of 102,000 tonnes per annum.

The Sova Ispat group reported a profit after tax (PAT) of INR9.3
million on net sales of INR1631.8 million for 2009-10, against a
PAT of INR3.6 million on net sales of INR1766.8 million for
2008-09.


SRI GNANA: CRISIL Rates INR197.9 Million Long-Term Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term loan
facility of Sri Gnana Ganapathy Foundation.

   Facilities                        Ratings
   ----------                        -------
   INR197.9 Million Long-Term Loan   B+/Stable (Assigned)

The ratings reflect SGG's limited track record, and exposure to
risks related to stabilization of operations at the trust's
engineering college, and to adverse regulations in the education
sector.  These rating weaknesses are partially offset by the
extensive experience of SGG's management and promoters in the
education industry.

Outlook: Stable

CRISIL believes that SGG will complete its ongoing project without
any cost or time overrun supported by SGG's experienced
management.  The outlook may be revised to 'Positive' if SGG
reports sustained growth in revenues and cash accruals, following
stabilisation of operations at its college, and improves its
capital structure and debt protection metrics.  Conversely, the
outlook may be revised to 'Negative' in case of time overrun in
completion of the ongoing project, or if lower-than-expected
intake negatively impacts the revenues of the trust.

SGG was set up as a charitable trust on February 6, 2008, by
Mr. R Krishnaswamy, Mr. C K Sundaram, and Dr. K Kumarasamy.  The
trust, which has 10 trustees, manages an engineering college
called Kalaivani College of Technology.  The first batch of the
college commenced in August 2009. The college is still under
construction, and is expected to be completed by 2011-12 (refers
to financial year, April 1 to March 31).

SGG reported a profit after tax of INR1.02 million on an operating
income of INR9.35 million for 2009-10.


SRI KRISHNA: CRISIL Reaffirms 'B+' Rating on INR3.3MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Krishna Modern Rice
Mill continue to reflect SKMRM's below-average financial risk
profile, marked by a high gearing, geographical concentration in
revenue profile, and small scale of operations.  These rating
weaknesses are partially offset by the benefits that SKMRM derives
from its management's industry experience, and the healthy growth
prospects for the rice processing industry.

   Facilities                       Ratings
   ----------                       -------
   INR3.30 Million Long-Term Loan   B+/Stable (Reaffirmed)
   INR90.00 Million Cash Credit     B+/Stable (Reaffirmed)
   INR2.50 Million SME Credit       P4 (Reaffirmed)
      (Standby Line of Credit)

Outlook: Stable

CRISIL believes that SKMRM will continue to benefit over the
medium term from its promoter's industry experience, and the
healthy growth prospects for the rice processing industry. The
outlook may be revised to 'Positive' if SKMRM scales up its
operations and geographically diversifies its revenue profile,
while improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm contracts larger-
than-expected debt to fund its capital expenditure, reports
decline in revenues and cash accruals, or faces risks related to
any adverse change in government regulations.

Update

SKMRM generated revenues of INR417 million, in line with CRISIL's
expectation, in 2009-10 (refers to financial year, April 1 to
March 31), against those of INR360 million in 2008-09.  T he firm
generated financial year-to-month (December 2010) revenues of
about INR231 million and expects to generate about INR300 million
by March 31, 2011; this is lower than CRISIL's expectations
primarily because of the Government of India's ban on export of
non-basmati rice and lower offtake by SKMRM's major customers.
For 2009-10, SKMRM's profitability margins were in line with
CRISIL's expectations. The firm's financial risk profile continues
to be marked by a high gearing (about 3.7 times as on March 31,
2010) and a small net worth. Over the past 13 months through
November 2010, SKMRM had an average bank limit utilisation of 93%.
This was mainly because of large working capital requirements, as
reflected in the inventory holding period of about 70 days, and
receivable collection period of about 45 days, as on December 31,
2010. The firm's liquidity has been adequate, as reflected in its
net cash accruals of about INR5 million per annum vis--vis debt
obligations of about INR1 million over the medium term. SKMRM
plans to increase its storage capacity by 3000 tonnes in 2012-13
at a total cost of INR15 million, which is expected to be funded
in a debt-to-equity ratio of 80:20. However, the plan is still in
the nascent stage.

SKSRM reported a profit after tax (PAT) of INR4.1 million on net
sales of INR417.2 million for 2009-10, against a PAT of INR2.0
million on net sales of INR360.0 million for 2008-09.

                         About Sri Krishna

SKMRM was set up in 1990 as a proprietorship concern in Puducherry
by Mr. R Yuvaraj.  It was reconstituted as a partnership firm in
1995, with Mr. Yuvaraj and his three brothers as partners; the
four brothers have equal shares in the firm. SKMRM procures paddy,
and processes and sells rice; it derives 95% of its revenues from
Tamil Nadu. It has the capacity to process 23,000 tonnes of rice
per annum.


SRI RAMA: CRISIL Assigns 'B+' Rating to INR16.8MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Sri Rama Modern & Para Boiled Rice Mill.

   Facilities                      Ratings
   ----------                      -------
   INR115.0 Million Cash Credit    B+/Stable (Assigned)
   INR16.8 Million Term Loan       B+/Stable (Assigned)
   INR13.2 Million Proposed LT     B+/Stable (Assigned)
            Bank Loan Facility

The rating reflects Sri Rama's weak financial risk profile, marked
by weak debt protection metrics and a highly leveraged capital
structure, and its susceptibility to the vagaries of the monsoon
and adverse regulatory changes.  These weaknesses are partially
offset by Sri Rama's long track record in the rice milling
industry.

Outlook: Stable

CRISIL believes that Sri Rama will continue to benefit over the
medium term from long track record in the rice milling industry.
Its financial risk profile is, however, expected to remain
constrained by its weak capital structure and debt protection
metrics.  The outlook may be revised to 'Positive' in case of
significant improvement in Sri Rama's financial risk profile, most
likely through increased profitability or fresh equity infusion by
promoters.  Conversely, the outlook may be revised to 'Negative'
in case of significant increase in inventory levels or a large,
debt-funded capacity expansion plan, leading to deterioration in
the firm's financial risk profile.

                       About Sri Rama Modern

Sri Rama, a partnership firm based in Nizamabad (Andhra Pradesh),
is into processing of paddy into rice.  The firm started
operations in 1978-79 (refers to financial year, April 1 to
March 31), when it was established by Mr. Kailash Goenka.  The
firm has four partners, Mr. Kailash Goenka, his mother
Mrs. Geetabai Goenka and sisters Ms. Rajkumari Goenka and Ms.
Anitha Goenka, who have been with the firm since its inception.
The firm processes only non-basmati rice and has a production
capacity of 220 tonnes per day.

Sri Rama reported a book profit of INR2.4 million on net sales of
INR576.6 million for 2009-10, against a book profit of INR2.3
million on net sales of INR415.3 million for 2008-09.


SRINATH BUILDERS: CRISIL Puts 'BB' Rating on INR90MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Srinath Builders and Housing Co Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR90 Million Cash Credit       BB/Stable (Assigned)
   INR296 Million Bank Guarantee   P4+ (Assigned)

The ratings reflect Srinath's large working capital requirements,
and small scale of operations and net worth.  These weaknesses are
partially offset by the extensive experience of Srinath's
promoters in the construction industry, and its diversified
customer base.

For arriving at its ratings of Srinath, CRISIL has treated the
unsecured loan provided to the company by the promoters as neither
debt nor equity. This is because these loans are interest free and
the promoters have shared an undertaking with CRISIL stating that
these loans will not be withdrawn from the company for the next
two to three years. Furthermore, over 2010-11 (refers to financial
year, April 1 to March 31), unsecured loans of INR5 million were
converted to equity.

Outlook: Stable

CRISIL believes that Srinath will benefit over the medium term
from its promoters' extensive industry experience and diversified
customer base.  The outlook may be revised to 'Positive' if
Srinath strengthens its business risk profile through greater
segmental and geographical diversity.  Conversely, the outlook may
be revised to 'Negative' in case the company undertakes an
additional large, debt-funded capital expenditure (capex) or
acquisition programme, or in case of less-than-expected revenues
or operating profitability, leading to deterioration in the
financial risk profile.

                       About Srinath Builders

Srinath, based in Assam, is into civil construction activities,
primarily earthwork, and construction of roads, bridges,
buildings, and border fences, in the states of Assam and
Meghalaya.  The company has a diversified customer base, including
National Projects Construction Corporation Ltd, National Buildings
Construction Corporation Ltd (rated 'AA-/Stable' by CRISIL), Assam
Public Works Department, Brahmaputra Board, Assam, and Northeast
Frontier Railways.  The company is registered as Class 1
contractor with the above clients. Srinath has an order book worth
INR470 million.  Recently, the company entered into a joint
venture with Patel Engineering Ltd and Madhava Hitech Engineers
Pvt Ltd to bid for large contracts worth INR1.5 billion (two
contracts) and INR1 billion, respectively.  The day-to-day
operations of the company are looked after by promoter-directors,
Mr. Nitish Agarwal and Mr. Manish Agarwal.

Srinath reported a profit after tax (PAT) of INR9.9 million on net
sales of INR208.1 million for 2009-10, as against a PAT of INR8.0
million on net sales of INR152.3 million for 2008-09.


=================
I N D O N E S I A
=================


ENERGI MEGA: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn PT Energi Mega Persada
Tbk's provisional (P)B3 corporate family rating, and the
provisional (P)B3 rating on its proposed bonds.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit ratings for its
own business reasons.

The last rating action with respect to EMP was on November 2,
2010, when the first-time (P)B3 ratings were assigned.

PT Energi Mega Persada Tbk is an independent oil & gas exploration
and production company, with total proved reserves of around 113
million barrels of oil equivalent and daily production of 13.3
mboe in 1H10.  Listed in Indonesia and headquartered in Jakarta,
EMP is 25.84%-owned by PT Bakrie and Brother Tbk, with a public
float of 72.18%.


=========
J A P A N
=========


JAPAN FINANCE: Moody's Upgrades Ratings on Three SME CLOs
---------------------------------------------------------
Moody's Japan K.K. has upgraded its ratings on three Japan SME
CLOs by the Japan Finance Corporation (formerly, Japan Finance
Corporation for Small and Medium Enterprise).

Details are:

- CLO in June 2007 of Regional Financial Institutions

  -- JPY11,900,000,000 Senior Trust Certificates, upgraded to Aa1
     (sf);

  -- Previously on May 14, 2010, upgraded to A1 (sf) from A3 (sf)

  -- JPY180,000,000 Mezzanine Trust Certificates, upgraded to A3
     (sf);

  -- Previously on May 14, 2010, upgraded to Ba1 (sf) from B1 (sf)

- CLO in December 2007 of Regional Financial Institutions

  -- JPY340,000,000 Mezzanine Trust Certificates, upgraded to Aaa
     (sf);

  -- Previously on November 5, 2010, upgraded to Aa1 (sf) from Aa3
     (sf)

- March 2008 Regional Financial Institutions CLO

  -- JPY8,400,000,000 Senior Trust Certificates, upgraded to Aaa
     (sf);

  -- Previously on November 5, 2010, upgraded to Aa1 (sf) from Aa3
     (sf)

  -- JPY460,000,000 Mezzanine Trust Certificates, upgraded to A3
     (sf);

  -- Previously on November 5, 2010, upgraded to Baa2 (sf) from
     Ba3 (sf)

Deal Name: CLO in June 2007 of Regional Financial Institutions

Issue Amount: JPY11,900,000,000 Senior Trust Certificates

  * Dividend: Fixed
  * Closing Date: June 28, 2007
  * Final Maturity Date: July 16, 2013
  * Underlying Asset: SME loans

Issue Amount: JPY180,000,000 Mezzanine Trust Certificates

  * Dividend: Fixed

  * Closing Date: June 28, 2007

  * Final Maturity Date: July 16, 2013

  * Underlying Asset: SME loans

  * Trustor: Japan Finance Corporation (Aa2)

  * Originator/Initial Servicer: The Ehime Bank, Ltd., Japan
    Finance Corporation

  * Arranger: Daiwa Securities Capital Markets Co. Ltd.

Deal Name: CLO in December 2007 of Regional Financial Institutions

Issue Amount: JPY340,000,000 Mezzanine Trust Certificates

  * Dividend: Fixed

  * Closing Date: December 26, 2007

  * Final Maturity Date: January 15, 2014

  * Underlying Asset: SME loans

  * Trustor: Japan Finance Corporation (Aa2)

  * Originator/Initial Servicer: The Ehime Bank, Ltd., Japan
    Finance Corporation

  * Arranger: Citigroup Global Markets Japan Inc.

Deal Name: March 2008 Regional Financial Institutions CLO

Issue Amount: JPY8,400,000,000 Senior Trust Certificates

  * Dividend: Fixed
  * Closing Date: March 25, 2008
  * Final Maturity Date: April 15, 2014
  * Underlying Asset: SME loans

Issue Amount: JPY460,000,000 Mezzanine Trust Certificates

  * Dividend: Fixed

  * Closing Date: March 25, 2008

  * Final Maturity Date: April 15, 2014

  * Underlying Asset: SME loans

  * Trustor: Japan Finance Corporation (Aa2)

  * Originator/Initial Servicer: RUMOI SHINKIN BANK, Japan Finance
    Corporation

  * Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

These are cash CLO transactions backed by (1) SME loans originated
by regional financial institutions and purchased by JFC under its
"purchase scheme" securitization program, and (2) SME loans
originated by JFC under its "self-origination scheme"
securitization program.  In both cases, the loans were originated
for securitization.

                         Rating Rationale

The actions reflect the improvement in credit enhancement due
mainly to deal amortization.

The main factor for the uncertainty in Moody's analysis is the
macroeconomic environment for SMEs as well as the financing
environment.

The recovery of the Japanese economy has been slowing because of
the gradual decline in production and exports, although in some
ways seems to be steadying again.  In spite of the tougher
business environment, the number of SME bankruptcies has
stabilized and is still at a lower level than in 2009, due to the
government's ongoing support for SME financing.

With the Emergency Guarantee Program scheduled to end next March,
the financing environment may become a bit more difficult.
However, the plan to extend the Loan Repayment Moratorium Law is
proof of the government's ongoing support for the SME sector, and
Moody's believes that the financing environment for SMEs will not
suffer any sudden severe deterioration.  As a result, the rise in
bankruptcies will continue to be somewhat muted.

          Cash CLO series by Japan Finance Corporation

The portfolio default rate for JFC SME CLOs has been holding since
last April, at about the same rate as in FY2009.  However, new
delinquencies are still occurring in most transactions, and most
of the existing delinquencies have become long-term.

Moody's estimates that more than half the current long-term
delinquencies will default by, or at least remain delinquent,
until maturity.  The remainder will probably catch up with
payments, or be bought back by their originators.  Moody's expects
this situation to persist, as the business environment for SMEs
will remain severe condition for the time being.

However, Moody's has already incorporated current delinquency
trends into its default rate assumption.  As a result, Moody's is
maintaining its current default rate assumption for each
transaction, as described in its Special Report, "Japan SME CDO
Rating Monitoring: June 2010 Update."

In its rating analysis, Moody's takes into account expected
default rates, outstanding delinquency rates, and changes in
credit enhancement, which comprise current subordination and
excess spread, using the CDOROM model.

This summarizes the key performance trends and expected default
rates for the affected transactions:

  - CLO in June 2007 of Regional Financial Institutions

Since last April, one default (JPY12 million), has occurred, which
is lower than Moody's assumption.  However, six short-term
delinquencies (JPY68 million) occurred in the previous quarter.

There were 26 delinquencies (JPY348 million), including 20 long-
term delinquencies (JPY280 million), as of end-December 2010.  The
amount is almost same as at end-September 2010 due to the
normalization of delinquencies and three prepayments on delinquent
loans (JPY49 million, or 1.3% of the outstanding loans).

Moody's expects the default rate for the underlying pool to be
around 3% (annualized) as some delinquencies may yet default.

As a result of amortization, the subordination ratio for the
mezzanine tranche rose to 11.9% as of end-December 2010, from 8.4%
at end-March 2010.

  - CLO in December 2007 of Regional Financial Institutions

Since April 2010, two defaults (JPY53 million) have occurred,
which is lower than Moody's assumptions.  However, delinquencies
continue to occur; three short-term delinquencies (JPY54 million)
occurred in the fourth quarter 2010.

There were 11 delinquencies (JPY262 million), including eight
long-term delinquencies (JPY208 million), as of end-December 2010.
The amount has declined since the end-September 2010 due to the
normalization of delinquencies and a prepayment on one delinquent
loan (JPY36 million equal to 1% of the outstanding loans).

Moody's expects the default rate for the underlying pool to be
around 2-3% (annualized), as some delinquencies may yet default.

Because of amortization, the subordination ratio for the mezzanine
tranche rose to 19.8% as of end-December 2010, from 18.0% at end-
September 2010.

  - March 2008 Regional Financial Institutions CLO

Since April 2010, three defaults (JPY95 million) have occurred,
which is lower than Moody's assumption.  However, delinquencies
continue to occur; four short-term delinquencies (JPY105 million)
occurred in the fourth quarter of 2010.

There were eight delinquencies (JPY280 million), including four
long-term delinquencies (JPY175 million), as of end-December 2010.
The amount has risen only slightly since the end-September 2010
thanks to the normalization of delinquencies and a prepayment on
one delinquent loan (JPY40 million equal to 1% of the outstanding
loans).

Moody's expects that the default rate for the underlying pool to
be around 3% (annualized), as some delinquencies may yet default.

Because of amortization, the subordination ratio for the mezzanine
tranche rose to 12.6% as of end-December 2010, from 11.5% at end-
September 2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.


JLOC VII: S&P Downgrades Rating on Class D Notes to 'CC'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on JLOC VII
Ltd.'s class D floating-rate structured notes to 'CC (sf)' from
'CCC (sf)'.  Classes A to C have already been fully redeemed.  The
rating on the interest-only class X was withdrawn as of April 23,
2010, following the updates to S&P's criteria for rating IO
securities.

The downgrade of class D reflects the fact that class D has
incurred an effective principal loss because the principal of one
remaining underlying loan, which defaulted in April 2009, has been
impaired as a result of the sale of the loan.

JLOC VII Ltd. is a multiborrower commercial mortgage-backed
securities transaction.  The notes were initially secured by nine
nonrecourse loans extended to seven borrowers.  The nonrecourse
loans were ultimately backed by 27 real estate properties.  The
transaction was arranged by Morgan Stanley Japan Securities Co.
Ltd., and the servicer for the transaction is Premier Asset
Management Co.

                          Rating Lowered

                           JLOC VII Ltd.

    JPY20.1 billion floating-rate structured notes due May 2011

        Class   To        From       Initial issue amount
        -----   --        ----       --------------------
        D       CC (sf)   CCC (sf)   JPY1.2 bil.


JLOC XXVIII: Fitch Downgrades Ratings on Class B Interests
----------------------------------------------------------
Fitch Ratings has downgraded the class B trust beneficiary
interests from JLOC XXVIII Senior Trust due October 2012, and
placed classes B and C on Rating Watch Negative.  Also, the agency
has affirmed class D TBIs and JLOC XXVIII's mezzanine specified
bonds due October 2012.  The transaction is a Japanese multi-
borrower type CMBS securitization.  The details of the rating
actions are:

JLOC XXVIII Senior TBIs:

  -- JPY7.2bn* Class B TBIs downgraded to 'Asf' from 'AAAsf';
     placed on RWN;

  -- JPY8.8bn* Class C TBIs 'BB-sf'; placed on RWN; and

  -- JPY7.2bn* Class D TBIs affirmed at 'CCCsf'; Recovery Rating
     of 'RR5'.

JLOC XXVIII mezzanine SBs:

  -- JPY 3.6bn* TMK1 mezzanine SBs: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'.

  * as of February 1, 2011.

The class B TBIs have been downgraded and placed on RWN due to
Fitch's concerns relating to the timing of full repayment of
principal, as there are now just 20 months to the legal final
maturity date.  The property sales activities initiated by the
asset manager (AM) have progressed to date generally in line with
the disposition plan, which was submitted by the AM in April 2010.
However, the class B TBIs principal is not likely to be repaid in
full until less than six months before the legal final maturity
date, even if the AM continues to follow its plan to sell the
properties.  Fitch will seek feedback from the AM on the prospect
of sales activities, especially for the disposition timing.

The class C TBIs have been placed on RWN to reflect Fitch's
concerns regarding the principal repayment of this class.  The
property sales values have exceeded Fitch's expectations since the
previous rating action in July 2010.  However, there are many
properties, including relatively large ones, in the remaining
portfolio where property cash flow performance has been lower than
the agency's expectations.  Fitch may revise downward the values
of these properties after receiving detailed property cash flow
performance data, and depending on the feedback from the AM with
regards to future prospects of the property cash flow performance.

Fitch expects to review the RWN status within a month.

The affirmations of the class D TBIs and the mezzanine SBs reflect
Fitch's view of the possibility of principal loss.

This transaction was originally backed by specified bonds issued
by two Tokutei Mokuteki Kaisha entities, which were in turn backed
by 567 commercial real estate properties.  To date, the specified
bonds issued by one TMK have been fully redeemed and a portion of
the collateral portfolio backing the other TMK has also been
disposed of.  The transaction is currently secured by 127
properties and sales proceeds from disposed properties.


WMT GLOBAL: S&P Downgrades Ratings on Class D and E Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its ratings
on the class D and E fixed-rate notes issued under the WMT Global
Funding II Inc. transaction.

The servicer has been conducting collection procedures by selling
the loan backing the transaction since the loan defaulted in
October 2009.  The sale of the loan in question, which was
finalized in late January 2011, about 15 months after the loan
default, led to principal losses on classes D (initial rating 'BBB
(sf)') and E (initial rating 'BB (sf)').  Meanwhile, classes A-1
to C (initial ratings 'AAA (sf)', 'AAA (sf)', 'AA (sf)', and 'A
(sf)', respectively) were fully redeemed.  The actual collection
amount was about 53% of S&P's initial underwriting value, which
was in line with its current assumption because S&P already
lowered its assumption significantly with regard to the likely
collection amount from the backing assets.

WMT Global Funding II Inc. is a single-borrower multi-asset CMBS
transaction.  The notes issued under this transaction are backed
by a loan extended to a single borrower.  The loan was originally
secured by 10 extended-stay limited-service apartment properties.
The transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

S&P had initially lowered the ratings on classes C to E on Aug. 4,
2009, and followed up with several other rating actions.

                          Rating Lowered

                    WMT Global Funding II Inc.

JPY9.3 billion commercial mortgage-backed notes due November 2011

       Class    To       From         Initial Issue Amount
       -----    --       ----         --------------------
       D        D (sf)   CCC (sf)     JPY0.9 bil.
       E        D (sf)   CCC- (sf)    JPY1.1 bil.


====================
N E W  Z E A L A N D
====================


QC GROUP: Placed in Liquidation Over NZ$8.5MM Loan to SCF
---------------------------------------------------------
Kelly Gregor at The New Zealand Herald reports that the receivers
of South Canterbury Finance have liquidated QC Group and Victoria
Three Trustee, two companies that are owned by Auckland developer
John Williams, in a bid to get its NZ$8.5 million back.

The NZ Herald says SCF through Auckland Finance, which amalgamated
in 2008, loaned Williams funds for several property developments
around Auckland.  Under the Companies Act, SCF is entitled to
enforce the rights of Auckland Finance as financier.

According to the report, Mr. Williams' company Huka was the
borrower and his other companies Arundel Park, in receivership,
and the two companies liquidated yesterday, QC Group and Victoria
Three Trustee, and himself were guarantors of the loan.

The NZ Herald relates that Huka -- a trustee of Huka Trust -- had
been undertaking a property development at 10 Huka Rd on the North
Shore.  It signed a revolving credit contract with Auckland
Finance for advances of up to NZ$7.3 million, the report notes.

SCF, the NZ Herald says, also funded Arundel Park's development on
Paritai Drive -- the company holds the rights to the development.
The NZ Herald notes that Arundel Park was owned by Victoria Three
Trustee, now in liquidation.

According to the NZ Herald, SCF sued the defendants for
NZ$9.1 million plus interest at 24% a year, compounded monthly,
and costs.  This was later reduced to NZ$8.5 million.

In November, the NZ Herald notes, High Court Associate Judge Roger
Bell awarded SCF a judgment against all the defendants for
NZ$8.5 million plus interest at 24% compounded monthly from
January 31, 2010.  SCF was also awarded costs.

Defence lawyer William McCartney said while the liquidation was
not opposed, the amount SCF claimed it was owed was disputed,
according to the NZ Herald.

In February last year, the NZ Herald says, SCF alleged the
defendants defaulted on the contract under the term loan agreement
including abandoning the property, refusing to allow a quantity
surveyor access to records and causing subcontractors to cease
work on the construction of the property.

But the defendants claimed they had been misrepresented when they
entered into the contract with SCF, the NZ Herald adds.


STRATEGIC FINANCE: Receiver Questions Deals; Probe Continues
------------------------------------------------------------
BusinessDesk reports that the receiver of Strategic Finance found
a handful of questionable transactions when the failed lender
suspended payments to investors, and has passed on its findings
for lawyers to mull.

According to BusinessDesk, PricewaterhouseCoopers' John Fisk said
the receiver identified "several transactions undertaken during
the December 2007 to August 2008 period which we consider warrant
further investigation."

BusinessDesk says Mr. Fisk told debenture holders in a January 28
letter that the receivers have been assisting the Securities
Commission in its probe into the lender, including access to
Strategic's records and providing analysis on request.  Liquidator
Corporate Finance is also looking at one of the transactions
flagged by Mr. Fisk, BusinessDesk notes.

"We have now referred our findings to date to our legal counsel to
determine what actions (and against whom) may be available to us
in respect of these matters," BusinessDesk quotes Mr. Fisk as
saying.

BusinessDesk states that Strategic's transactions came under
scrutiny in December 2009 when Act Party MP, and now Associate
Commerce Minister, John Boscawen told Parliament the finance
company misrepresented about NZ$68 million worth of debt which it
classified as second mortgages when they were effectively a third-
ranking security.  BusinessDesk says Commerce Minister Simon Power
referred the matter to the Securities Commission in March last
year.

Mr. Fisk, as cited by BusinessDesk, said the receiver is using
individual loan strategies to try to maximize its recovery after
it failed to attract a credible offer for the entire loan book.
Between March 12, 2010, and January 15, this year, the receiver
clawed back NZ$9 million from gross sales of $55 million as prior
ranking security holders claimed their share, according to
BusinessDesk.

BusinessDesk relates that the receiver kept its estimated range of
return between 12% and 35% of the principal amount, and Mr. Fisk
said he wasn't in a position to announce when a further
distribution to investors might be made.  Last September, says
BusinessDesk, some 10,000 investors owed NZ$368 million got their
first payment of 2 cents in the dollar, a total amount of NZ$7.4
million.

"There are still considerable uncertainties relating to the
recoverability of the property loans which will have an impact on
the final recoveries that we will be able to achieve for secured
debenture holders," BusinessDesk quoted Mr. Fisk as saying.  "The
property market continues to be challenging and borrowers continue
to face difficulties in achieving property sales or to re-
finance."

                         About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ends the moratorium arrangement that has
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


TOTAL EXPERIENCE: New Owner Offer No Refunds for Voucher Holders
----------------------------------------------------------------
BusinessDay.co.nz reports that the remaining assets of liquidated
voucher company Total Experience have been bought, but hopes that
angry voucher holders will get their money back from the company
have been extinguished.

BusinessDay.co.nz relates that the purchaser, another voucher
provider Freeman X, is offering a 30% discount on customers' next
purchase if they have been left with unredeemable vouchers.

Citing Freeman X's e-mail to an out-of-pocket Total Experience
customer, BusinessDay.co.nz says the company was making a
"goodwill offer."

"We have been made aware that Total Experience left a number of
their customers out of pocket with unredeemed vouchers and we
share your undoubtable frustration and anger with the
circumstances," the e-mail stated, according to BusinessDay.co.nz.

"We'd like to, as a small gesture of goodwill, offer you some
added value should you wish to become a valued customer of ours in
the future," Freeman X said.

According to BusinessDay.co.nz, a report prepared by Total
Experience's liquidator identifies NZ$1,179,278 owing to unsecured
creditors but liquidator Paul Sargison said the 1,165 unredeemed
vouchers represent only NZ$244,679 of that sum.

BusinessDay.co.nz relates that Mr. Sargison suggested voucher
holders approach their credit card companies to reverse any
payments made to Total Experience.

Total Experience's Australian operation also went into liquidation
on January 20 and was also sold last week to Freeman X which has
operated on both sides of the Tasman since 2002, BusinessDay.co.nz
notes.

BusinessDay.co.nz adds that liquidator Stefan Dopking of Taylor
Woodings said there were more than 3,000 unredeemed vouchers
across Australia with an average value of NZ$250 meaning as much
as NZ$750,000 could be at stake, although he said his
investigations were at an early stage.

Mr. Dopking said the failure of the business may have been due to
a higher voucher redemption rate over the last year which left
cash flow short, according to BusinessDay.co.nz.

Total Experience's operations in the United States and Canada
continue to trade.

Total Experience, owned by UK-based couple Adrian and Janice
Dewey, went into liquidation on January 17, 2011, with debts of
NZ$1.2 million and NZ$300,000 worth of vouchers outstanding.

Total Experience provides vouchers for adventure tourism
experiences.  It also provides vouchers for cooking schools, day
spas, motorsport test drives, fishing, sailing and sky-diving
among other activities.


=====================
P H I L I P P I N E S
=====================


* PHILIPPINES: Number of Banks Drops to 764 as of September 2010
----------------------------------------------------------------
Lawrence Agcaoili at The Philippine Star reports that the Bangko
Sentral ng Pilipinas said on Feb. 2 that the number of banks
operating in the Philippines went down by 33 in the first nine
months of last year on the back of the continued consolidation of
major players in the industry as well as the closure of
problematic banks.

The Philippine Star, citing data released by the central bank,
discloses that the number of banks stood at 764 as of end-
September last year from 797 a year earlier and nine banks fewer
that the end-June tally of 773.

According to the Philippine Star, the BSP said the number of banks
continued to decline due to mergers and consolidations as well as
the exit of weaker players in the banking system.

The Philippine Star says the data showed that the number of
universal and commercial banks was steady at 38 while the number
of thrift banks was also unchanged at 73.

However, the number of rural banks fell to 653 from January to
September last year compared to 661 in the first nine months of
2009 due primarily to the closure of weaker banks.

The BSP reported that the number of branches of universal and
commercial banks, thrift banks, and rural banks increased by 176
to 8,740 in the first 9 months of last year from 8,564 in the same
period in 2009, according to the Philippine Star.

The Philippine Star discloses that a total of 19 banks were placed
under receivership by the state-run Philippine Deposit Insurance
Corp.  These include:

    * Cooperative Bank of Lanao del Norte
    * Rural Bank of Sta. Cruz (Marinduque)
    * Rural Bank of Pitogo (Quezon)
    * Rural Bank of San Antonio de Padua (Laguna)
    * Rural Bank of Milaor (Camarines Sur)
    * Rural Bank of Isulan (Sultan Kudarat)
    * Rural Bank of St. Joseph (Baras)
    * Rural Bank of San Antonio (Zambales)
    * Penafrancia Savings and Loan Association
    * Rural Bank of Bangued (Abra)
    * Rural Bank of Ozamis City (Misamis Occidental)
    * Cooperative Bank of Nueva Ecija
    * Cooperative Bank of Camarines Sur
    * BMS Rural Bank
    * Baini Rural Bank (Pangasinan)
    * Rural Bank of Ivisan (Capiz)
    * Eurocredit Community Bank
    * Rural Bank of Laoac (Pangasinan)
    * Apex Rural Bank (Bulacan)


=================
S I N G A P O R E
=================


BSK TECHNOLOGIES: Creditors' Proofs of Debt Due February 17
-----------------------------------------------------------
Creditors of BSK Technologies Ptd Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by February 17, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tan Suah Pin
          c/o Infinity Consulting Pte Ltd
          133 New Bridge Road
          #25-08 Chinatown Point
          Singapore 059413


CARLISLE PROPERTY: Creditors' Proofs of Debt Due March 2
--------------------------------------------------------
Creditors of Carlisle Property Investment Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


EURASIA RECOVERY: Creditors' Proofs of Debt Due March 3
-------------------------------------------------------
Creditors of Eurasia Recovery Management Ptd Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 3, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


FONG EE: Court to Hear Wind-Up Petition on February 18
------------------------------------------------------
A petition to wind up the operations of Fong EE Industrial (Pte)
Ltd will be heard before the High Court of Singapore on Feb. 18,
2011, at 10:00 a.m.

Citibank, N.A. filed the petition against the company on Jan. 21,
2011.

The Petitioner's solicitors are:

         Messrs Rajah & Tann LLP
         9 Battery Road
         #15-01 Straits Trading Building
         Singapore 049910


FONG TAT: Court to Hear Wind-Up Petition on February 11
-------------------------------------------------------
A petition to wind up the operations of Fong Tat Holding Co (Pte)
Ltd will be heard before the High Court of Singapore on Feb. 11,
2011, at 10:00 a.m.

Citibank, N.A. filed the petition against the company on Jan. 20,
2011.

The Petitioner's solicitors are:

         Messrs Rajah & Tann LLP
         9 Battery Road
         #15-01 Straits Trading Building
         Singapore 049910


HENG DA: Court to Hear Wind-Up Petition on February 18
------------------------------------------------------
A petition to wind up the operations of Heng Da Investments Pte
Ltd will be heard before the High Court of Singapore on Feb. 18,
2011, at 10:00 a.m.

SBA Stone Forest Corporate Advisory (Shanghai) Co., Ltd (China)
filed the petition against the company on January 26, 2011.

The Petitioner's solicitors are:

         Messrs Lim & Lim
         8 Wilkie Road #04-09
         Wilkie Edge
         Singapore 228095


KHC COMPANY: Creditors' Proofs of Debt Due March 2
--------------------------------------------------
Creditors of KHC Company Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by March 2,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


KHC PROPERTIES: Creditors' Proofs of Debt Due March 2
-----------------------------------------------------
Creditors of KHC Properties Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Aaron Loh Cheng Lee
          Ernst & Young Solutions LLP
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


LION HEART: Meetings Set for February 17
----------------------------------------
Lion Heart Properties Pte Ltd, which is in creditors' voluntary
liquidation, will hold their meetings for its members and
creditors on February 17, 2011, at 4:00 p.m., at One Raffles Quay,
North Tower Level 18, in Singapore 048583.

Agenda of the meeting includes:

   a. to receive an update on the progress of the liquidation
      pursuant to Section 307(1) of the act;

   b. to receive an update on the adjudication of the Proof s of
      Debt;

   c. to consider the fees and expenses of the Liquidators and
      their solicitors; and

   d. discuss other business.

The company's liquidator is Seshadri Rajagopalan.


TING SHEAN: Court to Hear Wind-Up Petition on February 18
---------------------------------------------------------
A petition to wind up the operations of Ting Shean Engineering Pte
Ltd will be heard before the High Court of Singapore on Feb. 18,
2011, at 10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on January 25, 2011.

The Petitioner's solicitors are:

         Khattarwong
         No.80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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