TCRAP_Public/110221.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 21, 2011, Vol. 14, No. 36

                            Headlines



A U S T R A L I A

ANGUS & ROBERTSON: REDgroup Retail Places Firm Into Administration
ARAB BANK: Moody's Reviews 'D+' Bank Financial Strength Rating
BURRUP FERTILISER: Shareholder Seeks to Remove Receivers
CONNECTEAST GROUP: First Half 2010 Net Loss Narrows to AU$2.7-Mil.
INDIGO PROPERTIES: Calls in Administrators as Takeover Bid Fails

REDGROUP RETAIL: Names Ferrier Hodgson as Administrator


H O N G  K O N G

3CM MEDIA: Creditors' Proofs of Debt Due March 11
ALL UNITY: Ying and Chan Step Down as Liquidators
CHUN PO: Keung and Wai Appointed as Joint and Several Liquidators
CHOK YICK: Wan and Fung Appointed as Liquidators
COSNATA LIMITED: Lai Chi Kin Appointed as Liquidator

DOUBLE COMPONENTS: Members' Final Meeting Set for March 31
DRAGON KING: Members' Final Meeting Set for March 18
DZAN DESIGN: Members' Final Meeting Set for March 21
EUSTON ENTERPRISES: Seng and Lo Step Down as Liquidators
EXCESSWAY INVESTMENT: Creditors' Proofs of Debt Due March 22

FARGO PROPERTIES: Seng and Lo Appointed as Liquidators
FEDERAL INT'L: Members' Final General Meeting Set for March 18
G4S INTERNATIONAL: Wong and Wong Tak Step Down as Liquidators
GLORIOUS PROPERTY: Moody's Downgrades Corp. Family Rating to 'B2'
GOLDMINGTON DEVELOPMENT: Wong Sun Keung Appointed as Liquidator

GOSPEL PREACHING: Suen Siu Ying Appointed as Liquidator


I N D I A

ALAKNANDA SPONGE: CRISIL Reaffirms 'B+' Rating on Cash Credit
BALAJI COTTON: CRISIL Rates INR56MM Cash Credit Facility at 'B'
BALAJI EXPORT: CRISIL Assigns 'P4+' Rating to INR280MM LOC
BLUE PRECISION: CRISIL Assigns 'D' Rating to INR22.3MM Term Loan
DHARIYA CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit

MAXIM INFRASTRUCTURE: CRISIL Rates INR1.59 Billion Loan at 'B+'
PLANET RETAIL: CRISIL Assigns 'BB-' Rating to INR110MM Term Loan
PRATISHTHA COMMERCIAL: CRISIL Reaffirms 'BB' Rating on Cash Credit
PUNJAB NATIONAL: Fitch Affirms Individual Rating at 'C/D'
SHREE SANYEEJI: CRISIL Cuts Rating on INR140MM Cash Credit to 'D'

SHREE SANYEEJI STEEL: CRISIL Reaffirms 'D' Rating on Term Loan
SHREE SHIV SAI: CRISIL Cuts Rating on INR88 Million Term Loan
SYRMA TECHNOLOGY: Fitch Assigns 'BB+' National Long-Term Rating
TREADSTONE: CRISIL Reaffirms 'B' Rating on INR121MM Term Loan
VENKATESWARA WIRES: ICRA Reaffirms 'LBB+' Rating on Bank Limits


J A P A N

CAFES 2: S&P Raises Ratings on Various Classes of Notes
JLOC XXVIII: Moody's Downgrades Ratings on Two Classes of Certs.


N E W  Z E A L A N D

A2 CORP: Posts NZ895,517 Maiden Profit in First Half Ended Dec. 31
HANOVER FINANCE: Judge Reserves Decision in Hotchin Assets Freeze
MACPHERSON MARINE: Ex-Director Faces Three Year for NZ$1.6MM Fraud




                            - - - - -


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A U S T R A L I A
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ANGUS & ROBERTSON: REDgroup Retail Places Firm Into Administration
------------------------------------------------------------------
ABC News reports that Angus & Robertson and the Whitcoulls group
of news agencies in New Zealand have been placed into
administration by owners, REDgroup Retail.  The report relates
that the board had serious concerns about the solvency of the
company and was forced to call in administrators Ferrier Hodgson.

A combination of the high Australian dollar, cheap books online,
high wages and rents, as well as the retail downturn led to the
company's decline, according to ABC News reports.

ABC News notes that the administrators said it will be business as
usual while the business's financial status is assessed ahead of
the first creditors meeting, which is expected to be held in
March.  The report relates that REDgroup's board is believed to be
confident that the company can be restructured.

The first Angus & Robertson bookshop opened in Sydney in 1886.


ARAB BANK: Moody's Reviews 'D+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term and short-
term debt and deposit ratings of Arab Bank Australia Limited to
Baa1/P-2 from A3/P-1 and its subordinate rating to (P)Baa2 from
(P)Baa1.  Concurrently, Moody's has placed these ratings and the
bank financial strength rating of D+ on review for possible
downgrade.

                        Ratings Rationale

The rating changes are a direct result of the rating actions taken
on Arab Bank Australia's parent, Arab Bank plc on Feb. 14, 2011,
which were prompted by Moody's decision on Feb. 8, 2011, to lower
the sovereign local currency rating of Jordan.  Arab Bank plc's
BFSR and local currency deposit ratings were downgraded to
C/Baa1/P-2 from C+/A3/P-2 and were also placed on review for
possible downgrade.

"The downgrade of Arab Bank Australia to Baa1 reflects Moody's
view that whilst the potential for support from its parent Arab
Bank plc remains very high, the ability of the parent to provide
that support has weakened", said Daniel Yu, an Analyst with
Moody's Sydney office.

"The potential for parental support remains an important, positive
rating factor for Arab Bank Australia", explained Yu.  "It lifts
the bank's Baa1 deposit and debt ratings two-notches over its
baseline credit assessment of Baa3, which measures its credit
strength on a stand-alone basis".

Moody's incorporates the potential for support into its ratings
using its joint default analysis framework.  The potential for
parental support of a foreign subsidiary uses the parent's BCA as
the reference rating, as opposed to the parent's deposit and
senior debt ratings.  This is because the deposit and senior debt
ratings may incorporate the potential for systemic support for the
parent in its home market -- which its home market regulator is
unlikely to extend to a foreign subsidiary.

The review of Arab Bank plc's ratings will focus on its financial
position and the potential impact on the bank's finances from the
recent rise in political tensions in Jordan following the turmoil
in the region.

The review of Arab Bank Australia's BFSR will focus on whether
weakness at its parent has any potential to impact the financial
flexibility and business operations of the Australian subsidiary.
The bank continues to hold ample capital for its risk profile,
demonstrated by a Tier one ratio of 9.52% as at 30 September 2010.

There is no impact on the Aaa rating of debt securities the bank
issued under the Australian government's guarantee scheme.

The last rating action on Arab Bank Australia was on 4 May 2007,
when its BFSR and deposit ratings were upgraded to D+/A3/P-1 from
D/Baa1/P-2.

Arab Bank Australia is headquartered in Sydney, Australia.  It
reported assets of AUD1.21billion (approximately US$1.09billion)
at FY2009, period ending Dec. 31, 2009.


BURRUP FERTILISER: Shareholder Seeks to Remove Receivers
--------------------------------------------------------
Nick Evans at PerthNow reports that Radhika Oswal launched action
in the Victorian Supreme Court seeking to have the Burrup
Fertilisers Pty Ltd's receivers removed.  The report, citing a
statement, relates that Mrs. Oswal is taking action as a
shareholder because she believes the "events of default that ANZ
has alleged and relied upon to appoint the receivers did not
occur."

Mrs. Oswal, who owns around 35% of Burrup Fertilisers, said the
vast majority of her shareholding is unencumbered, according to
PerthNow.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.

ANZ appointed PPB Advisory as Burrup Fertiliser's receivers two
months ago, claiming irregularities in the company's books. The
bank is owed as much as $900 million by Burrup.

PerthNow notes that Mrs. Oswal said all amounts owed to ANZ were
paid on time.  The report relates Mrs. Oswal said she has been in
contact with PPB Advisory since their appointment and "has
concerns about the conduct of the receivership and the direction
it taking.

The newly launched legal action is seeking orders from the court
declaring that the appointment of PPB Advisory over Burrup
Fertilisers is invalid, the report notes.

PerthNow discloses that a spokesman for the ANZ Bank said the
company is disappointed at the legal action.  "We have strong
legal rights under the security we hold and we will be vigorously
defending the action. We continue to expect to make a full
recovery of our exposure to Burrup/Oswal.  The action is
disappointing and poorly conceived in view of all the
circumstances associated with the Burrup matter including
financial irregularities," he added.

PerthNow adds that the receivers have finished their initial
investigation in Burrup's financial affairs, and submitted a
report last week to the Australian Securities and Investments
Commission (ASIC) containing complaints about the way the business
was run.

Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer.  The company has a production capacity of 850-
tonnes of liquid ammonia a year.


CONNECTEAST GROUP: First Half 2010 Net Loss Narrows to AU$2.7-Mil.
------------------------------------------------------------------
The Sydney Morning Herald reports that ConnectEast Group has
reduced its first-half net loss and says traffic volumes at the
group's EastLink toll road in Melbourne are continuing to improve.

SMH discloses that the group reduced its net loss for the six
months to Dec. 31, 2010, to AU$2.7 million, from AU$43.3 million
for the same period a year earlier.  Revenue for the half year
rose 14.4% to AU$108.4 million.

According to SMH, ConnectEast said it cut operating costs by 9%,
while traffic volumes rose by 10.4% for the half year.

The group boosted operating cash flow to AU$26.9 million for the
half year, rising from AU$0.4 million in the prior corresponding
period, SMH discloses.

ConnectEast Group (ASX:CEU) -- http://www.connecteast.com.au/--
is the owner and operator of Melbourne's EastLink Tollway.  In
October 2004, the ConnectEast Group was awarded the concession to
finance, design, build, maintain and operate the EastLink Tollway,
which comprises approximately 39 kilometers of tolled freeway-
standard road connecting Melbourne's eastern and south-eastern
suburbs.  The tollway opened toll-free for public use on June 29,
2008, and tolling commenced on July 27, 2008.  The concession
expires on November 30, 2043.  Peninsula Link construction is
underway and preliminary works have begun at this untolled freeway
project at EastLink's southern end.  ConnectEast Group comprises
the ConnectEast Investment Trust (CEIT) and ConnectEast Holding
Trust (CEHT).  On March 31, 2009 ConnectEast Holding 2 Pty Limited
(CEH2), a company within the ConnectEast Group, acquired
ConnectEast Management Limited (CEML) from Macquarie Capital Group
Limited. CEML is the responsible entity of CEIT and CEHT.

                           *     *     *

ConnectEast Group posted three consecutive annual net loss of
AU$9.33 million, AU$531.58 million and AU$5.6 million for the
years ended June 30, 2008 through 2010.


INDIGO PROPERTIES: Calls in Administrators as Takeover Bid Fails
----------------------------------------------------------------
Indigo Properties Australia Limited said the takeover bid by DK
Northern Investments Pty Ltd was accepted by 87.3% of
shareholders, falling short of the 90% minimum acceptance
condition.  The takeover is therefore not proceeding.

The company has advised its shareholders that if the offer will
not proceed, IPA will face the real prospect of moving into
administration or liquidation.

The company has appointed Terrence John Rose and Terry Grant van
der Velde of SV Partners, Insolvency Accountants and Business
Solutions, joint and several administrators of the company.

Based in Australia, Indigo Properties Australia Limited
(ASX: IPA), formerly Indigo Pacific Capital Limited, is engaged in
investment activities, which include loans and property
development.  Loans include charges held by the Company over
borrowing entities and registered mortgages over certain
development properties.  Property development includes equity
investments in property development entities. As of June 30, 2010,
Indigo Properties' projects under negotiation included development
of 100 hectares of industrial land on the north side of Brisbane;
development of up to 100 residencies in Ashgrove, Brisbane;
development of approximately 1,500 residential lots in the Scenic
Rim area west of Brisbane, and acquisition and development of a
staged residential project west of Brisbane.  The Company's 50%
owned subsidiaries include Elevation Developer Pty. Ltd and Indigo
(Warrill View) Partnership.


REDGROUP RETAIL: Names Ferrier Hodgson as Administrator
-------------------------------------------------------
Robert Fenner at Bloomberg News reports that REDgroup Retail Pty.
Ltd., owner of the Borders bookstore chain in Australia, named
Ferrier Hodgson as voluntary administrators, indicating a move
toward bankruptcy.  An "urgent assessment" of the business will be
conducted before a meeting of creditors in March, Ferrier Hodgson
said in an e-mailed statement obtained by Bloomberg.

The appointment comes less than a day after Borders Group Inc.
filed for bankruptcy in the U.S. and began taking bids for 200
stores, according to Bloomberg.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd

Ferrier Hodgson partner Steve Sherman said as far as possible it
would be business as usual while the Administrators conduct an
urgent assessment of the business's financial status and prepare
for the first meeting of creditors.  During this period he called
for regular Angus & Robertson, Borders and Whitcoulls customers to
continue supporting their local outlets.

Mr. Sherman said the administrators will be working closely with
David Cowling of Clayton Utz.  The first meeting of creditors is
likely to take place in the first week of March.

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand and Singapore in 2008.



================
H O N G  K O N G
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3CM MEDIA: Creditors' Proofs of Debt Due March 11
-------------------------------------------------
3CM Media Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 11,
2011, to be included in the company's dividend distribution.

The company's liquidators are:

         Wong Teck Meng
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


ALL UNITY: Ying and Chan Step Down as Liquidators
-------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of All
Unity Limited on February 4, 2011.


CHUN PO: Keung and Wai Appointed as Joint and Several Liquidators
-----------------------------------------------------------------
Stephen Liu Yiu Keung and David Yen Ching Wai on January 28, 2011,
were appointed as liquidators of Chun Po Investment Company
Limited.

The liquidators may be reached at:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F., One Island East
         18 Westlands Road
         Island East, Hong Kong


CHOK YICK: Wan and Fung Appointed as Liquidators
------------------------------------------------
Dr. Wan Ho Yuen Terence and Mr. Fung Henry on February 2, 2011,
were appointed as liquidators of Chok Yick Interior Design &
Engineering Company Limited.

The liquidators may be reached at:

         Dr. Wan Ho Yuen Terence
         Mr. Fung Henry
         Rooms 1001-1003, 10/F
         Manulife Povident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


COSNATA LIMITED: Lai Chi Kin Appointed as Liquidator
----------------------------------------------------
Lai Chi Kin on February 2, 2011, was appointed as liquidator of
Cosnata Limited.

The liquidator may be reached at:

         Lai Chi Kin
         Suite 1306, 13/F
         ING Tower, 308 Des Voeux Road
         Central, Hong Kong


DOUBLE COMPONENTS: Members' Final Meeting Set for March 31
----------------------------------------------------------
Members of Double Components Company Limited will hold their final
meeting on March 31, 2011, at 2:30 p.m., at Room 1101, 11/F., Tai
Yau Building, 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Chin Tak Tei, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


DRAGON KING: Members' Final Meeting Set for March 18
----------------------------------------------------
Members of Dragon King Development Limited will hold their final
meeting on March 18, 2011, at 10:00 a.m., at Room 2702-03, C C Wu
Building, 302-8 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Sun Fung Allan Ho, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DZAN DESIGN: Members' Final Meeting Set for March 21
----------------------------------------------------
Members of Dzan Design Limited will hold their final meeting on
March 21, 2011, at 5:00 p.m., at Room 502, 5th Floor, Prosperous
Building, 48-52 Des Voeux Road Central, in Hong Kong.

At the meeting, Law Yui Lun, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


EUSTON ENTERPRISES: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Euston Enterprises Limited on February 12, 2011.


EXCESSWAY INVESTMENT: Creditors' Proofs of Debt Due March 22
------------------------------------------------------------
Excessway Investment Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 22, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


FARGO PROPERTIES: Seng and Lo Appointed as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo on Feb. 11, 2011, were appointed
as liquidators of Fargo Properties Limited.

The liquidators may be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


FEDERAL INT'L: Members' Final General Meeting Set for March 18
--------------------------------------------------------------
Members of Federal International Mining Group Co., Limited will
hold their final general meeting on March 18, 2011, at 10:00 a.m.,
at Room 1410, 14/F., Harbour Centre, 25 Harbour Road, Wanchai, in
Hong Kong.

At the meeting, Poon Wai Hung Richard and Yao Yi, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


G4S INTERNATIONAL: Wong and Wong Tak Step Down as Liquidators
-------------------------------------------------------------
Wong Poh Weng and Wong Tak Man stepped down as liquidators of G4S
International (Hong Kong) Limited on Feb. 18, 2011.


GLORIOUS PROPERTY: Moody's Downgrades Corp. Family Rating to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Glorious Property
Holdings Limited's corporate family rating to B2 from B1.

Moody's has also downgraded Glorious's senior unsecured bond
rating to B3 from B2.

The outlook for both ratings is stable.

                        Ratings Rationale

"These downgrades reflect Moody's view that Glorious liquidity
risk has increased, as its current business plan entails
substantial funding needs -- including the repayment of a large
amount of maturing trust loans and unpaid land premium -- in the
next 24 months," says Kaven Tsang, a Moody's AVP/Analyst.

"Although Glorious' 2010 contracted sales came to RMB12.7 billion,
Moody's estimates the company's current cash holdings at about
RMB5 billion to RMB6 billion and operating cash flow at about RMB
4-5 billion per annum, which will not be sufficient to cover its
funding needs in the next two years," Mr. Tsang continues.

"Moody's expects Glorious credit metrics will remain weak over the
next 12-24 months, with EBITDA interest coverage between 2-2.5x
and adjusted debt/total capitalization around 55%," says Tsang,
adding that "the company's low interest coverage will constrain
its ability to raise debt."

Moody's recognizes, however, that Glorious has a high-quality and
low-cost land bank, particularly those in first-tier cities, as
well as a high profit margin.  These could offer Glorious some
flexibility on pricing products in a down market.

Moody's notes that Glorious has banking facilities from banks in
China.  However, in Moody's view, they are not committed
facilities due to the nature of banking practices in China.

The stable outlook reflects Moody's expectation that Glorious will
be able to raise further debt to cover its funding gap and will
rationalize the pricing for its products.

The rating could be pressured for downgrade if Glorious's credit
profile deteriorates further, due to (1) weaker than expected
sales performance; (2) aggressive development or land
acquisitions; or (3) weakened access to funding.

The credit metrics that Moody's would consider for a rating
downgrade include adjusted debt/capitalization rising beyond 55-
60% or EBITDA/interest falling under 1.5-2x.

Glorious's ratings are unlikely to see any pressure for an upgrade
over the near term.  Over the medium term, however, the ratings
could be upgraded if the company can (1) establish a track record
of disciplined land acquisitions; (2) strengthen its liquidity by
terming out its short-term trust loans; and (3) maintain EBITDA
interest coverage above 3x.

The last rating action on Glorious was on 11 November 2010, when
Moody's assigned a definitive B2 rating to its bonds.

Glorious Property Holdings Limited is a medium-sized residential
property developer out of Shanghai, which has now expanded to
eastern and northern China.  It has a land bank of around 19.1
million sqm (gross floor area) in Shanghai, Beijing, Tianjin, and
several second-tier cities in China.  Glorious was listed on the
Stock Exchange of Hong Kong in 2009.  Its chairman, the major
shareholder, owns 65.86%, and has a ship building company listed
in Hong Kong.


GOLDMINGTON DEVELOPMENT: Wong Sun Keung Appointed as Liquidator
---------------------------------------------------------------
Wong Sun Keung on Feb. 14, 2011, was appointed as liquidator of
Goldmington Development Limited.

The liquidator may be reached at:

         Wong Sun Keung
         20/F., Far East Consortium Building
         121 Des Voeux Road
         Central, Hong Kong


GOSPEL PREACHING: Suen Siu Ying Appointed as Liquidator
-------------------------------------------------------
Suen Siu Ying on Feb. 18, 2011, was appointed as liquidator of
Gospel Preaching Group of Oversea Chinese Christians Limited.

The liquidator may be reached at:

         Suen Siu Ying
         Suite 1801, 18/F
         Wing On Central Building
         No. 26 Des Voeux Road
         Central, Hong Kong


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ALAKNANDA SPONGE: CRISIL Reaffirms 'B+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Alaknanda Sponge
Iron Pvt Ltd continues to reflect its exposure to risks related to
cyclicality in the steel industry, and its limited track record of
operations.  These weaknesses are partially offset by the benefits
Alakananda derives from being a franchisee of Kamdhenu Ispat Ltd.

   Facilities                       Ratings
   ----------                       --------
   INR125 Million Cash Credit       B+/Stable (Reaffirmed)
   INR64.3 Million Long Term Loan   B+/Stable (Reaffirmed)
   INR10.7 Million Proposed LT      B+/Stable (Reaffirmed)
             Bank Loan Facility

Outlook: Stable

CRISIL believes that Alaknanda will continue to maintain its
credit risk profile backed by its relationship with KIL. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's revenues and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
programme, or if its revenue and profitability decline steeply,
leading to deterioration in its financial risk profile.

Update

Alaknanda's topline has improved at INR923 million in 2010 (refers
to financial year, April 1 to March 31). The company commenced
full-scale operations in 2009-10, utilizing 40% of its capacity
during the year. The company continues to be a franchisee of KIL.
The turnover of the company, over the nine months ended December
2010, was INR850 million.

Alaknanda's liquidity is likely to remain stretched, marked by its
low cash accruals and high bank limit utilization, of around 88%,
over the ten months ended January 2011.  The company's accruals
are expected to be barely sufficient to service its debt
obligation of INR20 million in 2010-11.

Alaknanda reported a profit after tax (PAT) of INR5.7million on
net sales of INR927 million for 2009-10, against a net loss of
INR4.9 million on net sales of INR130 million for 2008-09.

                       About Alaknanda Sponge

Incorporated in 2006 by Mr. Anand Saraogi, Alaknanda manufactures
thermo-mechanically-treated bars for the construction sector.  The
company commenced operations in January 2009.  It markets bars
under the Kamdhenu brand, as a franchise of KIL, which is based in
Gurgaon (Haryana).


BALAJI COTTON: CRISIL Rates INR56MM Cash Credit Facility at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the cash credit
facility of Balaji Cotton Industries.

   Facilities                               Ratings
   ----------                               --------
   INR56.0 Million Cash Credit Facility     B/Stable (Assigned)

The rating reflects BCI's weak financial risk profile, marked by
high gearing, weak debt protection metrics and small net worth,
and the adverse impact government policy has on its business and
profitability.  These weaknesses are partially offset by the
experience of BCI's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that BCI will benefit over the medium term from
its established customer relationships and its promoters' industry
experience.  The outlook may be revised to 'Positive' in case of
equity infusion, leading to improvement in its capital structure,
or if the firm increases its scale of operations.  Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in its working capital management.

                        About Balaji Cotton

Established in 2004, BCI is a partnership concern between Mr.
Narbherambhai Jivanai, Ms. Jyotsnaben Jivani, Mr. Vijaykumar
Jivani, Mr. Mahendrakumar Jivani, and Mr. Nagjibhai Rajapar.  BCI
is into cotton ginning and pressing, and has a capacity of 210
bales per day at its facility in Tankara (Gujarat).

BCI reported a book profit of 0.6 million on net sales of INR174.1
million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR0.5 million on net sales of
INR101.4 million for 2008-09.


BALAJI EXPORT: CRISIL Assigns 'P4+' Rating to INR280MM LOC
----------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Balaji Export Co.

   Facilities                        Ratings
   ----------                        --------
   INR120 Million Bill Purchase-     P4+ (Assigned)
           Discounting Facility
   INR280 Million Letter of Credit   P4+ (Assigned)

The rating reflects BEC's average financial risk profile, marked
by moderate net worth and debt protection metrics, and its
exposure to risks related to customer and geographical
concentration in its revenue profile.  These weaknesses are
partially offset by the extensive experience of BEC's promoters in
the gold jewellery industry.

BEC was established in 1996 by Mr. Viren J Shah and Mr. Laxmi
Narayan Somani.  Mr. Viren Shah is the son of Mr. Jitendra Shah,
who has over thirty years' experience in the jewellery industry.
The firm manufactures hand-made exquisite and plain gold
jewellery, catering to the wholesale segment.  Its manufacturing
facility is in the special economic zone in Noida (Uttar Pradesh);
it generates all its revenues from exports.

BEC reported a profit after tax (PAT) of INR25.7 million on net
sales of INR2.95 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR27.5 million on net
sales of INR3.32 billion for 2008-09.


BLUE PRECISION: CRISIL Assigns 'D' Rating to INR22.3MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' rating to the long-term bank
facilities of Blue Precision Ltd (BPL, part of the Blue group).
The rating reflects instances of delay in servicing its debt; the
delays have been caused by weak liquidity.

   Facilities                           Ratings
   ----------                           --------
   INR52.5 Million Cash Credit Limit    D (Assigned)
   INR22.3 Million Term Loan            D (Assigned)
   INR20.0 Million Letter of Credit/    P5 (Assigned)
                      Buyer's Credit

The Blue group also has a weak financial risk profile, marked by
high gearing and weak debt protection metrics, large working
requirements, and is susceptible to volatility in prices of
aluminum, and revenue concentration risks.  These weaknesses are
partially offset by the extensive experience of the Blue group's
promoters in the metal industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BPL, Blue Engineering Pvt Ltd, and
BPL's subsidiary, Blue Prime Aluminium Ltd.  This is because the
companies, together referred to as the Blue group, are under the
same management and in the same line of business. Also, the
companies have considerable operational, financial, and business
linkages.

                          About the Group

Incorporated in 1995 by Mr. Pritam Mantri and his family, BPL
manufactures aluminium alloy ingots used in die-casting in the
automobile industry. BPL's manufacturing facility in Faridabad
(Haryana) has an installed capacity of 6000 tonnes per annum.

Incorporated in 1980 by the Mantri family, BEPL imports aluminium
scraps and sells its goods to BPL.

Incorporated in 2009 by Mr. Pritam Mantri and his family members,
BPAL is implementing a project for manufacturing aluminium
extrusions and ingots. The plant in Kosi (Uttar Pradesh) is
expected to have an annual capacity of 250 tonnes per month.

BPL reported a profit after tax (PAT) of INR9.8 million on net
sales of INR262.8 million for 2009-10 (refers to financial year,
April 1 to March 31), as against loss of INR41 million on net
sales of INR406 million for 2008-09.


DHARIYA CONSTRUCTION: CRISIL Assigns 'B' Rating to Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to Dhariya
Construction Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        --------
   INR70.0 Million Cash Credit       B/Negative (Assigned)
   INR29.9 Million Bank Guarantee    P4 (Assigned)

The ratings reflect DCPL's small scale of operations, its exposure
to risk related to single site and customer concentration in its
revenue profile, and the project's susceptibility to protests by
the local community.  The ratings also reflect DCPL's weak
financial risk profile, marked by small net worth and weak
liquidity, driven by significant delays in receivables.  These
rating weaknesses are partially offset by the experience of DCPL's
promoters in the civil construction business.

Outlook: Negative

CRISIL believes that DCPL will remain exposed to liquidity
pressures over the medium term because of delays in receivables.
Also, the company will remain critically dependent on the timely
resolution of protests encircling the Kumbhe Hydro Electric
project.  The ratings may be downgraded if the receivables remain
stretched or the protest continues, leading to further strain on
liquidity.  Conversely, the outlook may be revised to 'Stable' if
DCPL's liquidity improves, backed by better-than-expected
receivables collection, or in case of better-than-expected cash
accruals, on account of resolution of the protest or if the
company undertakes new projects.

                     About Dhariya Construction

Set up in 2003 by Mr. Mukund Dhariya, DCPL undertakes civil work
contracts involving construction of dams, roads, and tunnels.  Its
current order book primarily comprises construction of dams,
roads, and tunnels for Kumbhe Hydro Electric project, based in
Raigarh (Maharashtra).  In March 2005, the company won the bid for
the construction of Kumbhe dam and since then has been awarded
several other assignments related to the project.  However, there
has not been much progress on the project over the past 27 months
due to protest by local community against construction of dam.

DCPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR105 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR2.1 million on net sales
of INR112 million for 2008-09.


MAXIM INFRASTRUCTURE: CRISIL Rates INR1.59 Billion Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to the long-term loan
facilities of Maxim Infrastructure and Real Estate Pvt Ltd.

   Facilities                           Ratings
   ----------                           --------
   INR1592.40 Million Long-Term Loan    B+/Stable (Assigned)

The ratings reflect Maxim Infra's exposure to risks related to
cyclicality in the hospitality industry, an economic slowdown, and
project implementation.  These weaknesses are partially offset by
the healthy prospects for the tourism industry in North-East
India, and Maxim Infra's tie-up with Marriot International Inc
(Marriot).

Outlook: Stable

CRISIL believes that Maxim Infra will remain exposed to project
implementation risks over the medium term.  The outlook may be
revised to 'Positive' if the project is completed without any time
or cost overruns, and the company generates stable accruals from
operations.  Conversely, the outlook may be 'Negative' in case of
any delays in project implementation or if the company is unable
to generate stable accruals from operations, adversely impacting
its ability to service its debt.

                     About Maxim Infrastructure

Maxim Infra was incorporated in December 2007 by Mr. Narayan
Prasad Jhunjhunwala, his children, Mr. Pankaj Jhunjhunwala,
Mr. Prithu Jhunjhunwala, and Mrs. Jyoti Agarwal, and son-in-law,
Mr. Vikash Agarwal.  The company has been established to develop
two five-star hotels in North-East India at a total project cost
of INR2388.6 million, to be funded in debt-to-equity ratio of 2:1.
The operations of the hotel will be managed by Marriot.


PLANET RETAIL: CRISIL Assigns 'BB-' Rating to INR110MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Planet Retail Holdings Pvt Ltd.

   Facilities                          Ratings
   ----------                          --------
   INR150.00 Million Cash Credit       BB-/Stable (Assigned)
   INR110.0 Million Long Term Loan     BB-/Stable (Assigned)
   INR100.0 Million Letter of Credit   P4+ (Assigned)

The ratings reflect PRH's weak financial risk profile, marked by
thin profitability margins and weak debt protection metrics
coupled with its exposure to risks arising from long gestation
period involved in establishing a strong brand loyalty for its
products in the domestic market.  These weaknesses are partially
offset by the extensive experience and established standing of
PRH's promoters in the retail industry.

Outlook: Stable

CRISIL believes that PRH will benefit over the medium term from
its promoters' industry experience, and its presence in strategic
locations in National Capital Region (NCR) and Mumbai coupled with
extensive experience of its promoters in the retail industry.  The
outlook may be revised to 'Positive' if the company is able to
generate more-than-expected operating revenues and earnings,
leading to significant improvement in its accruals and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
due to significantly lower-than-expected revenues and earnings, or
a larger-than-expected debt-funded capital expenditure programme
resulting in deterioration of its financial risk profile.

                         About Planet Retail

PRH is part of the Mumbai-based Tainwala group of companies.
Mr. Rakesh Tainwala is the chairman of the group.  The company
retails high-end premium apparel brands such as Guess, Next,
Accessorize, Nautica and Debenhams.  Currently, the company has
around 40 stores operational mainly in the National Capital Region
(NCR) that includes Delhi, and Gurgaon, Mumbai, and other major
cities of the country.

PRH reported a net loss of INR283.8 million on net sales of
INR701.3 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR24.1 million on net sales of
INR1381 million for 2008-09.


PRATISHTHA COMMERCIAL: CRISIL Reaffirms 'BB' Rating on Cash Credit
------------------------------------------------------------------
CRISIL has reaffirmed its rating of 'BB/Positive' on the bank
facilities of Pratishtha Commercial Pvt Ltd.  The outlook was
revised to 'Positive' from 'Stable' on September 23, 2010.

   Facilities                        Ratings
   ----------                        --------
   INR220.0 Million Cash Credit      BB/Positive (Reaffirmed)
   (Enhanced from INR140.0 Million)

CRISIL's rating on the bank loan facility of PCPL continues to
reflect PCPL's weak financial risk profile, marked by low interest
coverage ratio, large working capital requirements, and high bank
limit utilization.  These rating weaknesses are partially offset
by PCPL's established relationships with its customers and healthy
revenue growth.

Outlook: Positive

CRISIL believes that PCPL will maintain its healthy growth in
revenues over the medium term, supported by its strong
relationships with its customers.  The rating may be upgraded if
the company significantly improves its operating margin, leading
to better debt protection metrics.   Conversely, the outlook may
be revised to 'Stable' if PCPL reports pressure on liquidity,
decline in profitability margins, or fall in business volumes
because of competitive pressures.

                      About Pratishtha Commercial

Incorporated in 1997, PCPL trades in commodities such as soya de-
oiled cake (DOC) and maize.  It is one of the largest soya DOC
traders in East India.  The company procures soya DOC from leading
solvent extractors such as Ruchi Soya Industries Ltd and Sanwaria
Agro Oils Ltd, and sells these products to leading cattle feed
manufacturers such as Godrej Agrovert Ltd, Shalimar Pellets Feeds
Ltd, and Japfa Comfeed India Ltd.  The company's promoters, Mr.
Manoj Poddar and Mr. Suresh Poddar, manage its daily operations.

PCPL reported a profit after tax (PAT) of INR3 million on net
sales of INR2.24 billion for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR1.35 billion for 2008-09.


PUNJAB NATIONAL: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has affirmed Punjab National Bank's Long-Term
Foreign-Currency Issuer Default Rating at 'BBB-' and National LT
rating at 'AAA(ind)'.  The Outlook is Stable.  The agency has also
affirmed PNB's Individual rating at 'C/D', Short-Term FC IDR at
'F3', Support rating at '2' and Support Rating Floor at 'BBB-'.
Additional rating actions are included at the end of the release.

The ratings reflect PNB's stable asset quality, strong funding
profile and superior earnings mix.  In addition, the bank's
extensive pan-India franchise (over 5,000 branches) -- which is
the second-largest (only after State Bank of India) -- provides
stability to its funding profile, while capital buffer is
adequately supported by steady internal capital generation and
high loan loss coverage.  In Fitch's opinion, PNB's high
government ownership (57.8%), coupled with its extensive
franchise, would also translate into a high probability of
regulatory support in the event of crisis, as reflected in its
Support rating.

The rating on its lower Tier 2 subordinated bonds is consistent
with the approach taken for other similar performing securities
based on Fitch's criteria.

In supportive economic conditions, PNB's loan growth (CAGR for
FY06-FY10: +25%) appears to have been well-managed, helping to
improve asset quality and underpin earnings.  Infrastructure loans
have been the key driver of growth in recent years, additionally
supported by the growing share of retail and micro-SME (MSME) in
line with its net interest margin-focused strategy.  Helped by
some restructuring, quality of the infrastructure portfolio has
been stable, while retail and MSME specific NPL ratios have fared
better than most large peer banks.  The bank's gross NPL ratio did
increase in the nine months ended 31 December 2010 (9MFYE11: 2%;
FYE10: 1.7%) in line with the banking system, although it was
favorably accompanied by high specific loan loss coverage of 77%
(including technical write-offs).  While Fitch expects near-term
pressures to continue with the phasing down of PNB's restructured
loans portfolio (6.3% of gross loans at 9MFYE11; highest among
peers), the agency draws comfort from the relative superior
performance of the RL portfolio (slippage ratio of around 9% vs.
11%-15% experienced by peer banks).

A high share of low-cost current-savings account deposit (FYE10:
40.8%) solidly underpins PNB's funding profile, providing
flexibility to balance funding costs in a rising interest rate
environment.

Fitch is of the view that while higher funding costs might put
some pressure on PNB's NIM (9MFYE11; 4%; FYE10: 3.6%), the
management expects to comfortably achieve at least 3.5% NIM,
backed by a higher yielding asset mix and greater flexibility to
reprice assets under the new base rate regime - under which
repricing of assets has typically preceded any rise in deposit
costs.  The agency expects the bank's return on asset (ROA for
FYE10: 1.44%; FYE09: 1.39%) to largely remain stable as near-term
cost challenges -- pension provisions and branch expansion plans -
- would be partly cushioned by full provision for gratuity
liability (by FYE11) and stable loan loss provisioning.

PNB's capitalization is viewed to be adequate.  Tier 1 capital
adequacy ratio has been consistent at around 9% for the last five
years, and is backed by strong internal capital generation and
timely issuances of Tier 1 and Tier 2 capitals.  Capital quality
is viewed to be strong as hybrids are a relatively small
percentage of Tier 1 capital.

PNB's LT FC IDR is at its Support Floor Rating, and could see an
upgrade in the event of an upgrade of the sovereign LT FC IDR.
The bank's Individual rating could, however, come under pressure
if its asset quality experiences sharp deterioration, impacting
both earnings and capital buffer.

PNB:

  - INR10bn lower Tier 2 subordinated bonds: affirmed at
    'AAA(ind)'; and

  - INR150bn certificate of deposits programme: affirmed at
    'F1+(ind)'.


SHREE SANYEEJI: CRISIL Cuts Rating on INR140MM Cash Credit to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Sanyeeji Ispat Ltd (Sanyeeji Ispat, part of Sanyeeji group) to
'D/P5' from 'BB/Stable/P4+'.

   Facilities                       Ratings
   ----------                       --------
   INR140 Million Cash Credit       D (Downgraded from
                                       'BB/Stable')
   INR20 Million Letter of Credit   P5 (Downgraded from 'P4+')
                & Bank Guarantee

The downgrade reflects instances of delay by the Sanyeeji group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

The Sanyeeji group has a weak financial risk profile, marked by
weak liquidity and debt protection metrics.  The group is also
exposed to the cyclicality in the steel business and
implementation risks related to its ongoing capacity expansion
plan. These weaknesses are mitigated by the increasing integration
in the group's operations, leading to a moderate position in the
north-eastern states.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sanyeeji Ispat, Shiv Sai Steel
Industries, and Shree Sanyeeji Steel & Power Ltd, together
referred to as the Sanyeeji group.  This is because the billets
produced by Shiv Sai are used by Sanyeeji Ispat for making thermo
mechanically-treated (TMT) bars, and Sanyeeji Ispat has guaranteed
the loans of Sanyeeji Steel.

                       About the Group

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Sanyeeji group, based in Guwahati (Assam), founded by Mr. Jai
Prakash Jaiswal. In 1991, Mr. Jaiswal established Sanyeeji Ispat,
a 3000-tonne per annum (tpa) scrap-based rolling mill, in
Guwahati.  A second ingot-based rolling mill with a capacity of
18,000 tpa was established in 1996, which was converted into a
thermo-mechanically-treated (TMT) bar-cum-coil rolling mill in
1998. In 2000, a third rolling mill, with a 72,000-tpa capacity,
was set up for TMT rods.  As a backward integration initiative, a
billet manufacturing unit with a capacity of 70,000 tpa was set up
in 2006, under the name Shiv Sai, a partnership firm.  A third
integrated steel project was started under the name of Sanyeeji
Steel in 2007 in Bankura (West Bengal).  This unit currently has
three induction furnaces with concast mills for producing billets
(present installed capacity of 148,500 tpa).

The group has a combined capacity to manufacture 72,000 tpa of TMT
rods, and 218,000 tpa of billets.  Sanyeeji Steel is in the
process of setting up a pipe and TMT bar manufacturing unit, which
will lead to forward integration for the billets produced by the
company.

For 2009-10 (refers to financial year, April 1 to March 31), the
Sanyeeji group posted profit after tax (PAT) of INR144 million on
net sales of INR2.85 billion against PAT of INR129 million on net
sales of INR2.19 billion for the previous year.


SHREE SANYEEJI STEEL: CRISIL Reaffirms 'D' Rating on Term Loan
--------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Shree Sanyeeji
Steel & Power Ltd (Sanyeeji Steel, part of the Sanyeeji group)
continue to reflect instances of delays in servicing its term debt
obligations; the delays have been caused by the company's weak
liquidity.

   Facilities                       Ratings
   ----------                       --------
   INR167 Million Cash Credit       D (Reaffirmed)
   INR382.5 Million Term Loan       D (Reaffirmed)
   INR33 Million Bank Guarantee     P5 (Reaffirmed)
   INR75 Million Letter of Credit   P5 (Reaffirmed)

The Sanyeeji group has a weak financial risk profile, marked by
weak liquidity and debt protection metrics.  The group is also
exposed to the cyclicality in the steel business and
implementation risks related to its ongoing capacity expansion
plan.  These weaknesses are mitigated by the increasing
integration in the group's operations, leading to a moderate
position in the north-eastern states.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shree Sanyeeji Ispat Ltd (Sanyeeji
Ispat), Shree Shiv Sai Steel Industries (Shiv Sai), and Sanyeeji
Steel, together referred to as the Sanyeeji group.  This is
because the billets produced by Shiv Sai are used by Sanyeeji
Ispat for making thermo mechanically-treated (TMT) bars, and
Sanyeeji Ispat has guaranteed the loans of Sanyeeji Steel.

                         About the Group

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Sanyeeji group, based in Guwahati (Assam), founded by Mr. Jai
Prakash Jaiswal.  In 1991, Mr. Jaiswal established Sanyeeji Ispat,
a 3000-tonne per annum (tpa) scrap-based rolling mill, in
Guwahati.  A second ingot-based rolling mill with a capacity of
18,000 tpa was established in 1996, which was converted into a
thermo-mechanically-treated (TMT) bar-cum-coil rolling mill in
1998. In 2000, a third rolling mill, with a 72,000-tpa capacity,
was set up for TMT rods.  As a backward integration initiative, a
billet manufacturing unit with a capacity of 70,000 tpa was set up
in 2006, under the name Shiv Sai, a partnership firm.  A third
integrated steel project was started under the name of Sanyeeji
Steel in 2007 in Bankura (West Bengal).  This unit currently has
three induction furnaces with concast mills for producing billets
(present installed capacity of 148,500 tpa).

The group has a combined capacity to manufacture 72,000 tpa of TMT
rods, and 218,000 tpa of billets.  Sanyeeji Steel is in the
process of setting up a pipe and TMT bar manufacturing unit, which
will lead to forward integration for the billets produced by the
company.

For 2009-10 (refers to financial year, April 1 to March 31), the
Sanyeeji group posted profit after tax (PAT) of INR144 million on
net sales of INR2.85 billion against PAT of INR129 million on net
sales of INR2.19 billion for the previous year.


SHREE SHIV SAI: CRISIL Cuts Rating on INR88 Million Term Loan
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Shiv Sai Steel Industries (Shiv Sai, part of Sanyeeji group) to
'D/P5' from 'BB/Stable/P4+'.

   Facilities                    Ratings
   ----------                    --------
   INR80 Million Cash Credit     D (Downgraded from 'BB/Stable')
   INR88 Million Term Loan       D (Downgraded from 'BB/Stable')
   Rs .20 Million Letter of      P5 (Downgraded from 'P4+')
                     Credit

The downgrade reflects instances of delay by the Sanyeeji group in
servicing its debt; the delays have been caused by the group's
weak liquidity.

The Sanyeeji group has a weak financial risk profile, marked by
weak liquidity and debt protection metrics.  The group is also
exposed to the cyclicality in the steel business and
implementation risks related to its ongoing capacity expansion
plan.  These weaknesses are mitigated by the increasing
integration in the group's operations, leading to a moderate
position in the north-eastern states.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shree Sanyeeji Ispat Ltd (Sanyeeji
Ispat), Shiv Sai, and Shree Sanyeeji Steel & Power Ltd (Sanyeeji
Steel), together referred to as the Sanyeeji group.  This is
because the billets produced by Shiv Sai are used by Sanyeeji
Ispat for making thermo mechanically-treated (TMT) bars, and
Sanyeeji Ispat has guaranteed the loans of Sanyeeji Steel.

                          About the Group

Sanyeeji Ispat, Shiv Sai, and Sanyeeji Steel are part of the
Sanyeeji group, based in Guwahati (Assam), founded by Mr. Jai
Prakash Jaiswal.  In 1991, Mr. Jaiswal established Sanyeeji Ispat,
a 3000-tonne per annum (tpa) scrap-based rolling mill, in
Guwahati.  A second ingot-based rolling mill with a capacity of
18,000 tpa was established in 1996, which was converted into a TMT
bar-cum-coil rolling mill in 1998.  In 2000, a third rolling mill,
with a 72,000-tpa capacity, was set up for TMT rods. As a backward
integration initiative, a billet manufacturing unit with a
capacity of 70,000 tpa was set up in 2006, under the name Shiv
Sai, a partnership firm.  A third integrated steel project was
started under the name of Sanyeeji Steel in 2007 in Bankura (West
Bengal). This unit currently has three induction furnaces with
concast mills for producing billets (present installed capacity of
148,500 tpa).

The group has a combined capacity to manufacture 72,000 tpa of TMT
rods, and 218,000 tpa of billets. Sanyeeji Steel is in the process
of setting up a pipe and TMT bar manufacturing unit, which will
lead to forward integration for the billets produced by the
company.

For 2009-10 (refers to financial year, April 1 to March 31), the
Sanyeeji group posted profit after tax (PAT) of INR144 million on
net sales of INR2.85 billion against PAT of INR129 million on net
sales of INR2.19 billion for the previous year.


SYRMA TECHNOLOGY: Fitch Assigns 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Syrma Technology Private
Limited a National Long-Term rating of 'BB+(ind)'.  The Outlook is
Stable.  The agency has also assigned 'BB+(ind)/F4(ind)' ratings
to Syrma's INR270 million fund-based working capital limits and
INR249.1 million non-fund based working capital limits, as well as
a rating of 'BB+(ind)' to its INR20 million term loans.

The ratings reflect the company's steady revenue growth in the
electronics manufacturing segment, with fairly diversified revenue
streams from verticals such as mobile tower antennas, electronic
manufacturing services, telecom modems, RFID tags, magnetics and
coils and memory devices.  The ratings draw strength from Syrma's
established relationships with its customers as well as from the
promoters' established track record in the domestic electronics
manufacturing industry.  The ratings are also supported by the
company's healthy unexecuted order book position of INR384 million
at end-January 2011.

Syrma's ratings are constrained by the small scale of its
operations as well as by the possible underutilization and
obsolescence of production capacities and technology.  Intense
competition from large industry peers and pressure from customers
would restrict the company's EBITDA margins, and therefore
constrain the ratings.  Syrma proposes to increase its capacity
during FY12-FY13 by installing two more surface mounting
technology lines.  Fitch expects borrowings for the capex to
weaken Syrma's credit metrics; its leverage was high in FY10 with
a net adjusted debt/EBITDA of 4.8x.

The agency could downgrade Syrma's ratings, if interest coverage
falls below 1.1x and/or if there is a sustained deterioration in
net adjusted debt/EBIDTAR to above 6x.  On the other hand, the
ratings could be upgraded, if there is a sustained improvement in
net adjusted debt/EBIDTAR to below 3.0x with interest coverage of
beyond 1.5x.

Established in 2005, Syrma is located at MEPZ Special Economic
Zone in Chennai, and provides electronics manufacturing services.
In FY10, the company reported revenues of INR1487.7 million (FY09:
INR1061.2m), EBIDTA of INR53.8 million (FY09: INR65.1 million),
and interest cover of 1.7x.  As per Syrma's H1FY11 figures
(provisional, unaudited), its revenues were INR845.6 million,
EBIDTA was INR32.7 million and interest coverage was 1.9x.


TREADSTONE: CRISIL Reaffirms 'B' Rating on INR121MM Term Loan
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Treadstone Ltd to 'B/Negative' from 'B+/Stable', while
reaffirming its rating on the short-term facilities at 'P4'.

   Facilities                            Ratings
   ----------                            --------
   INR121 Million Proposed Long Term     B/Negative (Downgraded
                  Bank Loan Facility            from B+/Stable)
   INR30 Million Foreign Bill Purchase   P4 (Reaffirmed)
   INR30 Million Packing Credit          P4 (Reaffirmed)
   INR5 Million Letter of Credit         P4 (Reaffirmed)
   INR4 Million Bank Guarantee           P4 (Reaffirmed)

The rating downgrade is driven by the expected shortfall in
Treadstone's cash flows as against its term debt obligations due
to the company's reliance on the cash flows from equestrian
business to repay the term debt obligations of real estate
business, which is facing offtake risk.

The rating downgrade also factors in the delay in repayment of
debt by Treadstone Hospitality Pvt Ltd, a group company of
Treadstone, for which Treadstone has extended a corporate
guarantee.  Though, the guarantee has not been invoked by the bank
yet, invocation of the bank guarantee will further deteriorate
Treadstone's liquidity.

The ratings reflect Treadstone's modest financial risk profile,
its exposure to risks of unrelated diversification into real
estate development, and increasing competition in the equestrian
products business.  These rating weaknesses are partially offset
by Treadstone's established customer relations in the equestrian
business.

Outlook: Negative

CRISIL believes that Treadstone's liquidity will come under
pressure over the medium term because of its large debt
obligations.  The rating may be downgraded if Treadstone is not
able to sell its real estate projects or experiences a steep
decline in revenues and profitability in the equestrian business,
thereby constraining its debt repayment ability.  The outlook may
be revised to 'Stable' if Treadstone is able to complete and sell
its real estate projects in a timely manner, thus generating
larger cash accruals.

                        About Treadstone Ltd

Set up by Mr. K K Wadhwa in 1987, Treadstone manufactures riding
shoes, breeches, and rugs (collectively referred to as equestrian
products; 85% revenue contribution in 2009-10 [refers to financial
year, April 1 to March 31]).  The company is an export-oriented
unit with manufacturing locations in Faridabad (Haryana), Kanpur
and Noida (Uttar Pradesh), and New Delhi.  The company markets its
products under the brand 'Chetak'. In 2007-08, Treadstone entered
the real estate development business and is developing properties,
mainly shops, in New Delhi.  THPL is constructing a restaurant in
Gurgaon with project cost of INR129 million funded through term
debt of INR55 million (Treadstone has extended a corporate
guarantee for the same), and the rest through promoter's
contribution.

Treadstone reported a profit after tax (PAT) of INR20.9 million on
net sales of INR312.8 million for 2009-10, as against a PAT of
INR16.8 million on net sales of INR287.5 million for 2008-09.


VENKATESWARA WIRES: ICRA Reaffirms 'LBB+' Rating on Bank Limits
---------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR10.00 crore fund based
limits, INR4.28 crore term loan and INR1.09 crore unallocated bank
line  of Venkateswara Wires Private Limited.  ICRA has also
reaffirmed 'A4+' ratings for the INR4.90 crore fund based and
13.50 crore non fund based bank facilities of  Venakteswara.  The
outlook on the long term rating is positive.

The ratings take into account strong competitive pressure in the
core conductors and cables business which Venkateswara faces in
the domestic market and the relatively small capacity of the
company which has prevented it from executing large value orders
having better profit margins.  These factors have resulted in thin
profitability in the past and this situation is unlikely to change
materially in the medium term.  The ratings are also constrained
by high gearing levels (1.60 times as on FY10), modest coverage
indicators (NCA/TD at 14% as on FY10) and high working capital
intensity of the business (NWC/OI at 22% as on FY10) on account of
delays in payments made by PSU clients.  The ratings however
derive comfort from the long experience of promoters in managing
the business and established relationship with the client which
has resulted in repeat orders in the past.  The ratings also
derive comfort from the fact that the sales orders have Price
variation(PV) clauses which give protection to Venkateswara
against the fluctuation of raw material prices.  Moreover the
recent approval form Power Grid Corporation of India Limited for
its approved vendor list expected to give major boast to the scale
of operation of the company and improve the overall brand
visibility of the company as well.

                         About Venkateswara

Venkateswara is engaged in manufacturing of aluminium conductors &
aerial bunched cables having its production facilities located in
Jaipur.  Aluminium conductors find application in transmission &
distribution of power in rural & semi urban areas & interstate
power transmission & distribution.  They are also used in the
reconductoring of existing lines, wherein lower voltage lines are
replaced by higher voltage lines.  The chief customers for the
aluminum conductors are utilities like SEBs/state owned
distribution companies/private sector discoms, which have in the
recent past taken to reconductoring of existing lines in a big way
as part of the distribution reform process. Venkateswara is mainly
into distribution sector as the capacity installed does not
support it to bid for the high value transmission sector.

Venkateswara Wires Private Limited (Venkateswara) commenced
operations in the year 1988 as a pure aluminium conductor
manufacturer in the small scale sector at industrial area in
Jaipur. Initially only Seven strand conductors were manufactured,
however over the years product portfolio was diversified into ACSR
conductors, AAAC conductors upto 61 strands as well as Aerial
Bunched Cables used in power transmission lines. Apart from that
the company also have two windmill of 600 KW one each in
Maharashtra and Rajasthan the electricity of which is sold to
MSEDCL and RSEB. The company is planning to set up one more wind
mill of 600 KW in Rajasthan only.  It is an ISO 9001-
2000 certified company having its customer profile comprising
mainly of SEBs like RSEB, GEB, MSEB, TNEB WBSEB etc. The company
also recently got approved from Power Grid Corporation of
India Limited.

Recent Results

Venakteswara has posted a net profit of INR2.65 on an operating
income of INR94.31 crore during 2009-10 as against profit after
tax of INR2.52 crore on operating income of INR 89.58 crore during
2008-09.


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


CAFES 2: S&P Raises Ratings on Various Classes of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
C to E floating-rate trust certificates issued under the Cafes 2
transaction.  At the same time, S&P withdrew its rating on class
X, in accordance with its revised criteria for rating interest-
only securities, which S&P published on April 15, 2010.  The class
A and B trust certificates, which had been issued under the same
transaction, were fully redeemed on the trust distribution date in
February 2011.

Of the nine loans that originally backed the trust certificates,
only three loans had remained.  As two of the three loans were
fully repaid on their respective maturity dates in January 2011,
the proceeds were used to make principal payments to the trust
certificates in sequential order (starting from the upper-level
tranches).  Accordingly, the class A and B trust certificates were
fully redeemed on the abovementioned trust distribution date.

The transaction's remaining loan, which is due to mature in July
2011, is backed by an office building in Chuo Ward, Tokyo.  S&P
reviewed its assessment of the likely collection amount from the
property after considering the performance, the type and location
of the property in question, as well as the situation regarding
real estate deals involving similar asset types.  Based on the
results of its review, S&P found that the loan-to-value ratios of
the class C to E trust certificates had improved, even though S&P
had lowered its assumption with respect to the likely collection
amount from the property.  Accordingly, S&P raised its ratings on
the class C to E trust certificates.  Although S&P lowered its
assumption concerning the property's likely collection amount,
because the performance of the property with respect to net cash
flow has, in fact, exceeded its initial assumption, S&P does not
regard the performance of the property itself as a major risk
factor.

S&P has withdrawn its rating on class X in accordance with its
updated criteria for rating IO securities.

Cafes 2 is a multiborrower commercial mortgage-backed securities
transaction originally backed by nine nonrecourse loans secured by
29 real estate properties.  The transaction was arranged by Credit
Agricole Securities Asia B.V., Tokyo Branch (formerly, Calyon
Capital Markets Asia B.V., Tokyo Branch), and ORIX Asset
Management & Loan Services Corp. acts as the servicer for this
transaction.

Standard & Poor's ratings reflect the full payment of interest and
ultimate payment of principal by the transaction's legal final
maturity date in August 2013 for the class C to E trust
certificates.

                          Ratings Raised

                              Cafes 2
JPY16.4 billion floating-rate trust certificates due August 2013

        Class   To          From      Initial issue amount
        -----   --          ----      --------------------
        C       AAA (sf)    A (sf)    JPY1.45 bil.
        D       BBB- (sf)   B+ (sf)   JPY0.96 bil.
        E       BB (sf)     B (sf)    JPY0.16 bil.

                         Rating Withdrawn

          Class   Rating     Initial notional principal
          -----   ------     --------------------------
          X       AAA (sf)   JPY16.4 bil.*
The issue date of this transaction was Oct. 20, 2006.


JLOC XXVIII: Moody's Downgrades Ratings on Two Classes of Certs.
----------------------------------------------------------------
Moody's Japan K.K has downgraded the ratings on the Class B and C
Senior Trust Certificates issued by JLOC XXVIII Trust.

Details are:

  -- Class B, Downgraded to Aa2 (sf); previously on Dec 3, 2010
     Aaa (sf) Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba3 (sf); previously on Dec 3, 2010
     Baa3 (sf) Placed Under Review for Possible Downgrade

* Deal Name: JLOC XXVIII Senior Trust

* Class: Class A through D Senior Trust Certificates

* Issue Amount (initial): JPY 88.9 billion

* Dividend: Floating

* Issue Date (initial): October 20, 2005

* Final Maturity Date: October, 2012

* Underlying Asset (initial): Two senior specified bonds backed by
  commercial real estates

* Entrustor: Morgan Stanley Japan Limited (as of issue date)

* Trustee: Mitsubishi UFJ Trust and Banking Corporation

* Arranger: Morgan Stanley Japan Limited (as of issue date)

The JLOC XXVIII Senior Trust, issued in October 2005, is a
liquidating CMBS transaction.

The Entrustor entrusted the two senior specified bonds to the
Asset Trustee (originally backed by 567 properties) and received
the Class A through D Senior Trust Certificates in return, which
were then sold to investors.

The Senior Trust Certificates are rated by Moody's.

In this transaction, principal payments resulting from the sale of
the underlying properties of each bond will be used to make
sequential payments on the most senior class.

In the event of a breach of the transaction's fast-pay trigger,
dividend payments will cease, and principal payments will be made
from the proceeds of property sales as well as cash flow from the
underlying properties.  The losses will be allocated in reverse
sequential order, starting with the most subordinate class of the
trust certificates.

The specified bond issued by Nakano Holding TMK was redeemed in
full in July 2006.

The specified bond issued by Harajuku Holding TMK was originally
backed by 329 properties or property trust certificates.  As of
end-January, 212 properties had been sold.

The Class A Senior Trust Certificates were redeemed in full by
sequential payment.

Ten properties (based on Moody's current value) comprise 53% of
the portfolio, while residential properties outside Tokyo comprise
43%.

                         Rating Rationale

Given that approximately 20 months are left before final maturity
for so many -- 117 -- of the properties, Moody's has decided to
re-assess -- and add further stress to -- its recovery assumptions
for the property disposal prices before the final maturity.  Thus,
the current rating action reflects these factors:

(1) The new estimate for disposal prices is approximately 36%
    lower than Moody's initial value.

(2) The credit support for the Class B Senior Trust Certificates
    has thus decreased.

(3) In addition, losses on the remaining bond are highly likely
    and could negatively affect the Class C Senior Trust
    Certificates.

Moody's will continue to monitor the properties' operating status
and the progress of the asset advisor's activities.

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


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


A2 CORP: Posts NZ895,517 Maiden Profit in First Half Ended Dec. 31
------------------------------------------------------------------
A2 Corporation Limited has reported a maiden unaudited Group
Profit after Tax of NZ$893,517 for the six months ended 31
December 2010 -- a NZ$1.6 million turnaround from the comparable
period a year ago.

Consolidated trading revenue, including subsidiaries, for the
period was NZ$19.309 million.

The latest financial result reflects the benefits from the
acquisition of the 50% of the Australian business a2C did not
already own and implementation of a new agenda for growth.

The Chairman, Cliff Cook, stated: "a2C has undergone a
transformation over the last two years from a developer of
intellectual property to a producer of premium priced fast moving
consumer goods and ingredients (FMCG) with a global focus.  The
financial results reflect this change."

In Australia, sales of a2 Milk(TM) fresh milk and dairy products
have continued to grow rapidly through supermarket chains and
independent grocery stores in the last six months.  At the end of
December 2010, a2 Milk(TM) fresh milk had achieved an estimated
3.7% share of fresh milk sales by value in the grocery channel.

A2 said that to meet the growing demand for a2 Milk(TM) fresh
milk, the Company is constructing a AU$7.5 million processing
facility in Sydney, to be commissioned in the fourth quarter of
2011.  Funding for the project has been achieved through an asset
finance facility and a share placement to cornerstone
shareholders, AMP Capital Investors (New Zealand) Limited and
Freedom Foods Group Limited, that raised NZ$3.9 million equity in
December 2010.

Looking forward, the Managing Director, Geoffrey Babidge said:
"Our immediate aims are to continue to expand in Australia and
New Zealand, to enter new dairy beverage markets with partners and
to supply powder and infant formula sourced locally, initially
into Asia. Positive earnings from Australian sales will assist us
to fund growth in new markets."

"The full acquisition of the joint venture in Australia together
with the interests of the joint venture in the USA during the
period is consistent with a2C's new hands-on approach to creating
a consistent business framework in a number of specific markets."

The unaudited Group Profit comprised:

   * An operational profit after tax of NZ$945,921 compared to
     a prior year operational loss for the period of NZ$566,476;

   * Foreign exchange profits (unrealized) of NZ$153,124;

   * Non cash expense relating to share based incentive schemes
     for the MD & Executive Directors of NZ$142,934;

   * Final costs associated with the full acquisition of A2 Dairy
     Products Australia Pty Limited of NZ$62,594.

                       About A2 Corporation

New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.

                          *     *     *

A2 Corporation Ltd. incurred three consecutive net losses of
NZ$6.3 million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007, and 2006, respectively.  The Company
reported an audited Group post-tax loss of NZ$2,193,973 for the 12
months ended June 30, 2010.  This compared to a loss of
NZ$3,528,057 for the 15 months ended June 30, 2009.


HANOVER FINANCE: Judge Reserves Decision in Hotchin Assets Freeze
-----------------------------------------------------------------
The National Business Review reports that a High Court judge has
reserved her decision on whether Hanover Finance co-founder Mark
Hotchin's assets, which are worth millions, should remain frozen.

NBR notes that more than 16,000 investors lost more than NZ$500
million through the failed finance company and the Securities
Commission was, in December 2010, granted a court order which
froze Mr. Hotchin's assets in case any of them took action to
reclaim their investments.

According to NBR, Mr. Hotchin also wanted to take a NZ$200,000
Mercedes Benz car and a NZ$90,000 Porsche Cayenne car to
Australia, but Justice Helen Winkelmann rejected that application
in December.

Mr. Hotchin also sought an order giving him and his legal team
access to an accountant's report but that too was rejected,
Justice Winkelmann finding nothing unfair in the Securities
Commission's application, NBR reports.

NBR reports that a two-day hearing in the High Court at Auckland,
the details of which the media were banned from reporting, ended
Feb. 16 and Justice Winkelmann reserved her decision.

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


MACPHERSON MARINE: Ex-Director Faces Three Year for NZ$1.6MM Fraud
------------------------------------------------------------------
Radio New Zealand reports that Peter Edward Hynes, the former
managing director of MacPherson Marine, has been sentenced to
three years' jail term for swindling NZ$1.6 million from the
marine retail firm he was in charge of.

According to Radio New Zealand, Mr. Hynes had earlier pleaded
guilty to 40 charges of credit fraud, laid by the Serious Fraud
Office.

Radio New Zealand recalls that the business was put in liquidation
in mid-2006, soon after Mr. Hynes' offending was discovered.  Last
year, the report notes, the Serious Fraud Office began
investigating his fake credit loan applications and the theft of
customers' money.  But it was only in July last year that he was
located in Queensland and extradited to face the charges.

Radio New Zealand relates that SFO chief executive Adam Feeley
said although the case involved relatively modest financial
losses, jobs were lost and some victims were forced to sell their
homes.

MacPherson Marine Ltd was a New Zealand-based boat dealer.


                             *********

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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