TCRAP_Public/110526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 26, 2011, Vol. 14, No. 103

                            Headlines



A U S T R A L I A

BELLA TRUST: Moody's Assigns Provisional Ratings to Various Notes
BP FRUITS: Goes Into Voluntary Liquidation
REDGROUP RETAIL: Gloria Jeans Has Until May 31 to Relocate


C H I N A

CHINA ORIENTAL: Moody's Changes Rating Outlook to Negative
RENHE COMMERCIAL: S&P Lowers CCR to 'BB-'; Outlook is Stable


H O N G  K O N G

ECO-HARU (FAR EAST): Creditors Get 0.50% Recovery on Claims
EGANA-HARU MFR: Creditors Get 1.50% Recovery on Claims
EGANA OF SWITZERLAND: Creditors Get 0.50% Recovery on Claims
NORDIC KNITS: Contributories' & Creditors' Meeting Set for June 8
NPG DISPLAY: Creditors' Proofs of Debt Due June 20

ORO DESIGN: Creditors Get 0.90% Recovery on Claims
QANTEX LIMITED: Final Meetings Set for June 21
SCRAP POWER: Chui Sze Hung Samuel Steps Down as Liquidator
SERFORD LIMITED: Members' Final Meeting Set for June 21
TMT FINANCIAL: Annual Meetings Set for June 7

UNIQUE BUSINESS: Annual Meeting Set for May 30
VERISIGN HK: Members' Final Meeting Set for June 15
YICKO FUTURES: Creditors Get HK$0.4% Recovery on Claims


I N D I A

ANAND NISHIKAWA: ICRA Reaffirms 'LBB+' Rating on INR9.06cr Loan
BRILLIANT INTERNATIONAL: CRISIL Rates INR17 Million Loan at 'B+'
CAUVERY POWER: ICRA Assigns 'LBB' Rating to INR184cr Term Loan
CHENNAI ELEVATED: ICRA Reaffirms 'LBB+' Rating on INR1,610cr Loan
CMS EDUCATIONAL: ICRA Assigns 'LC+' Rating to INR21cr Term Loan

HIM TEKNOFORGEL: CRISIL Reaffirms 'BB' Rating on INR80MM Term Loan
I.S. MOTORS: ICRA Assigns 'LB+' Rating to INR6.8cr Bank Facilities
JAYARAMA AUTOMOTIVES: ICRA Reaffirms 'LBB' Rating on INR8cr Loans
KONDAPUR TOWERS: CRISIL Reaffirms 'D' Rating on INR550MM Term Loan
RAWALWASIA ISPAT: ICRA Assigns 'LBB' Rating to INR9.3cr Bank Loan

REDDY VEERANNA: ICRA Upgrades Rating on INR35cr Limit to 'LBB'
RKM POWERGEN: ICRA Assigns 'LBB-' Rating to INR1,024cr LT Loan
SARA SUOLE: CRISIL Reaffirms 'BB-' Rating on INR75MM Cash Credit
SREE VARIETY: ICRA Assigns 'LC+' Rating to INR1.5cr Corp. Loan
VARIETY AUTOMOTIVE: ICRA Places 'LB-' Rating on INR0.9cr Term Loan


K O R E A

KOREA EXCHANGE: Extension on Hana, Lone Star Purchase Deal Likely


N E W  Z E A L A N D

AORANGI SECURITIES: SFO to Resume Inquiry on Hubbard, Entities
CHRISTIE GARDEN: Liquidator in Talks With Prospective Buyer
WELLINGTON PHOENIX: No Plans to Rescue Phoenix Yet, NZF Says
WENSLEY DEV.: Liquidators Won't Cancel Pre-Liquidation Sale


S I N G A P O R E

ALPHOMEGA RESEARCH: Court to Hear Wind-Up Petition on June 3
BT MARINE: Creditors' Proofs of Debt Due June 24
EGO'S KTV: Creditors Get 45.1732% Recovery on Claims
FUTURESTEEL ENGINEERING: Creditors' Meetings Set for May 30




                            - - - - -


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A U S T R A L I A
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BELLA TRUST: Moody's Assigns Provisional Ratings to Various Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional short-term and
long-term ratings to notes issued by BNY Trust Company of
Australia Limited as Trustee of Bella Trust No. 2 Series 2011-1.

Issuer: Bella Trust No. 2 Series 2011-1

   -- AUD90.0 million Class A1 Notes, Assigned (P) P-1 (sf)

   -- Class A2a Notes, Assigned (P)Aaa (sf)

   -- Class A2b Notes, Assigned (P)Aaa (sf), (together with the
      Class A2a Notes, the Class A2 Notes, an aggregate of AUD 360
      million)

   -- AUD56.0 million Class B Notes, Assigned (P)Aa2 (sf)

   -- AUD17.8 million Class C Notes, Assigned (P)Aa3 (sf)

   -- AUD4.2 million Class D Notes, Assigned (P)A2 (sf)

   -- AUD10.4 million Class E Notes, Assigned (P)Ba1 (sf)

The split between the Class A2a and Class A2b Notes is yet to be
determined. The AUD12.8 million Seller Notes are not rated by
Moody's

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to all
rated notes by the legal final maturity.

The transaction is a securitization of a portfolio of Australian
auto loans extended to individual and small business obligors. All
loans are secured by motor vehicles and originated by Capital
Finance Australia Limited ("CFAL"), a wholly owned subsidiary of
Lloyds International Pty Limited.

Bella Trust No. 2 Series 2011-1 is CFAL's fourth ABS transaction
to date and is the second Australian ABS transaction rated this
year following Macquarie Leasing's USD deal in March 2011. Bella
Trust No. 2 Series 2011-1 is also targeting offshore markets by
issuing GBP denominated Class A2a Notes.

Ratings Rationale

From a collateral pool composition perspective, Bella Trust No. 2
Series 2011-1 is similar to CFAL's previous securitisations issued
in December 2009, July 2010 and December 2010. However, in terms
of transaction structure this transaction differs in that it has
GBP denominated Class A2a Notes.

The deal is exclusively backed by motor vehicles, predominantly
cars. In Moody's opinion, receivables backed by cars exhibit less
cyclical default patterns and, on average, higher recovery rates.
At the same time, the pool includes a relatively low proportion of
receivables backed by used vehicles (36.7%). This is a positive
feature of the transaction, given that contracts secured by used
cars have historically experienced higher default rates as well as
lower recoveries compared to contracts taken out to finance new
cars.

In order to fund the purchase price of the portfolio, the Trust
will issue seven classes of notes. The notes will be repaid on a
sequential basis in the initial stages and during the tail end of
the transaction.

Following the first anniversary of the note issue date, the Class
A, Class B and Class C Notes will receive principal payments on a
pro rata basis, subject to additional conditions being satisfied,
such as doubling of the subordination percentage, or other
performance related triggers not being breached.

An unusual feature of the transaction is that the maturity dates
of the Class A1 Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies). Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A1 Notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A1 Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 3.25% and a
recovery rate of 30%. These imply an expected (net) loss of 2.28%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 2.8% and 35.4%
respectively.

The principal methodology used in this rating was Moody's Approach
to Rating Australian Asset-Backed Securities published in July
2009.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.

     Volatility Assumption Scores And Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among other
factors, Moody's notes the availability of a substantial amount of
historical performance data in the Australian ABS market as well
as on an issuer-by-issuer basis. Here, Moody's has been provided
with detailed vintage data segregated for different receivable
categories for the 2001-2010 period. This allows Moody's to have a
material degree of comfort with regard to assumptions made in
rating Bella Trust No. 2 Series 2011-1. Moreover, CFAL retaining a
significant proportion of the transaction helps to better align
incentives compared to other transactions where no or a minor
proportion of notes is retained by the sponsor.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and recovery rate assumption - differed. The analysis assumes
that the deal has not aged. Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint.

In the case of Bella Trust No. 2 Series 2011-1, the Class A Notes
remain strongly investment grade under all scenarios, i.e. A2
under the most severe stress assumptions under which the default
rate rises to 6.55% (more than double of Moody's assumption of
3.25%) and the recovery rate decreases to 10% (a third of Moody's
assumption of 30%). Due to the over-subordination provided to the
Class A Notes (18.4%) the Aaa rating is maintained when the base
recovery rate is stressed from the assumed 30% to 10% (holding
other factors, including the assumed default rate of 3.25%,
constant).

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


BP FRUITS: Goes Into Voluntary Liquidation
------------------------------------------
ABC Rural reports that BP Fruits have gone into voluntary
liquidation and will be put on the market at the end of this
month.

ABC Rural relates that the company's liquidators said employees
will be paid out and will be assisted to claim their entitlements.

The liquidators also said the cause of the company's insolvency
was the loss of a major packing account, ABC Rural adds.

According to ABC Rural, Kathy Beaton, economic development manager
at Regional Development Australia, said the closure is a sign of a
major restructure in the Riverland region.

"We're coming from a time of such doom and gloom and hardship, but
I think that we are starting to see the tide turning," ABC Rural
quotes Ms. Beaton as saying.  "But that's not to be insensitive to
those that are going through this recent closure with BP."

BP Fruits operated a fruit and vegetable packing plant in South
Australia's Riverland.


REDGROUP RETAIL: Gloria Jeans Has Until May 31 to Relocate
----------------------------------------------------------
SmartCompany reports that Gloria Jeans franchisees operating
inside Borders book stores that are being closed by the
administrators of RedGroup Retail have been told their stores will
be shut down on May 31.

SmartCompany relates that a total of 14 Borders stores will
finally close their doors on that date, as administrators from
Ferrier Hodgson work to try and salvage a return for creditors
from the wreckage of the collapsed RedGroup Retail.

A total of 17 Borders stores have been closed since the
appointment of administrators, along with 55 Angus & Robertson
stores, SmartCompany notes.

While no A&R franchisees have so far been affected by the
collapse, 14 Gloria Jeans franchisees, who had coffee houses
inside Borders stores, are being forced to shut, according to
SmartCompany.

According to the report, Gloria Jeans said it is working with 12
individual franchisees to determine "bespoke" relocation
strategies.

"In this situation, our primary concern is our people and our
overriding objective is to ensure business continuity for our
franchise partners," SmartCompany quotes Troy McDonagh, general
manager of Gloria Jean's Coffees, as saying.

SmartCompany says Gloria Jeans has hired Damon Smith, founder of
Rockabee Consulting, to oversee the relocation efforts over the
next four months.

Mr. Smith will concentrate on finding new sites for the
franchisees to try and get them up and running as quickly as
possible, SmartCompany reports.

                        About REDgroup Retail

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.

                           *     *     *

REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrator.  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 News.

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


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CHINA ORIENTAL: Moody's Changes Rating Outlook to Negative
----------------------------------------------------------
Moody's Investors Service has changed China Oriental's rating
outlook to negative.  Moody's has also affirmed the company's Ba1
corporate family rating.

"The negative outlook reflects China Oriental's higher-than-
expected debt leverage, due to lower profitability and increased
levels of working capital financing, driven in turn by rising
input prices," says Zou Jiming, a Moody's analyst.

China Oriental is exposed to the price volatilities in iron ore
and coking coal as it is not self-sufficient with respect to raw
materials.

The recent hike in iron ore prices resulted in a substantial
working capital consumption of around RMB1.5 billion in 2010.

China Oriental's gross margin declined to 6.8% as of 2010 due to
the impact of a curb in electricity supplies in the last quarter
of 2010, and because raw material prices increased more quickly
than steel prices.

As a result, China Oriental's debt/EBITDA ratio increased from
1.5x in FY 2009 to 2.7x in FY 2010, which is high for the Ba1
category in the steel industry.

"Moody's expects that the high iron ore prices may be sustained in
the near term against the backdrop of rising demand worldwide;
hence, China Oriental's profitability may remain under pressure in
the next 12--18 months," says Zou.

The latest operating environment of high input costs and
oversupply has challenged China Oriental's competitive cost
structure.

The company therefore needs to improve further its cost structure,
product mix and working capital position to return to a financial
profile that is consistent with its peers at the Ba1 level.

The Ba1 rating reflects China Oriental's market position as the
largest H-section steel manufacturer and one of the large-scale
steel companies in China. In addition, China Oriental has had a
track record of executing its expansion plans.

The rating also captures China Oriental's fundamental need for
railway and redevelopment projects. Urbanization is generating
medium-term demand for the company's products despite near-term
concerns over a slowdown in the government's stimulus package.

Moreover, the presence of ArcelorMittal (Baa3/stable) as a 29.6%
shareholder provides a certain level of comfort with regard to
strengthening China Oriental's operations.

A downgrade would be triggered, if (1) the company's EBITDA margin
remained below 10% in 2011; (2) its total debt/EBITDA continued to
stay above 2.0-2.5x, and EBITDA/interest fell below 6.0x; or (3)
it engaged in further debt-funded expansions or acquisitions.

Also negative for the rating would be evidence that ArcelorMittal
was withdrawing its involvement in the operations of China
Oriental, or reducing its ownership.

On the other hand, the ratings outlook would return to stable if
(1) China Oriental demonstrated a track record of stabilizing its
profitability such that its EBITDA margin stayed above 10% and
EBITDA/tonne stayed above RMB400; (2) China Oriental's debt
leverage was maintained below 2x.

The principal methodology used in rating China Oriental Group
Company Ltd was the Global Steel Industry Methodology, published
January 2009.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11mtpa, mainly manufactures H-section steel products
and HR strips/strip products from iron ore at its steel mills in
Hebei Province, China. The company was listed on the Hong Kong
Stock Exchange in 2004. It is 45% controlled by the founder, Mr.
Han Jingyuan, and is 29.6% owned by ArcelorMittal. As of 2010, it
recorded RMB30 billion sales.


RENHE COMMERCIAL: S&P Lowers CCR to 'BB-'; Outlook is Stable
------------------------------------------------------------
Standard & Poor's Ratings Services lowered the long-term corporate
credit rating on Chinese underground shopping mall developer and
operator Renhe Commercial Holdings Co. Ltd. to 'BB-' from 'BB'.
The outlook is stable. "At the same time, we lowered the issue
rating on the company's outstanding senior unsecured notes to 'BB-
' from 'BB'. We also affirmed the 'cnBB+' Greater China credit
scale ratings on Renhe and its outstanding notes," S&P said.

"We lowered the ratings on Renhe to reflect our view that the
company's business strategy and financial management have become
more aggressive than we expected, heightening its credit risks,"
said Standard & Poor's credit analyst Frank Lu.

"We view Renhe's shareholders' returns policy as inconsistent with
its plans for aggressive expansion and high capital requirements.
The company's cash flows could weaken if it continues with its
policy of large dividend payouts and recent share buybacks," said
Mr. Lu.

In the past two months, Renhe has declared 41% of its net income
as dividends and paid more than Hong Kong dollar (HK$) 900 million
to buy back shares. At the same time, Renhe has budgeted
construction costs of Chinese renminbi (RMB) 6 billion for 2011.
The company intends to develop about 1.5 million square meters of
gross floor area this year, more than double that of 2010.

Renhe's sale of project companies to individual investors on
deferred payment terms has increased working capital and
counterparty risks, in S&P's view. "The credit quality of the
buyers is not clear to us as Renhe has not disclosed their names.
A high amount of receivables are concentrated at a few buyers.
Any delay in payment could have a material impact on the company's
cash flows. Renhe had RMB5.5 billion in receivables related to
project company sales by the end of 2010. It had received less
than RMB1 billion by the middle of this month," S&P stated.

Renhe's recent acquisition of an above-ground property in Wuxi
could signal a shift in its low-cost development strategy.
Development costs for above-ground properties are significantly
higher than for underground properties, which have zero land
costs. "It is not clear to us whether the Wuxi acquisition is a
one-off transaction or a strategy change that could negatively
affect Renhe's business model," S&P noted.

These weaknesses are tempered by Renhe's high profitability and
low leverage, and the good growth potential stemming from its
exposure to consumer spending in China. Refinancing pressure in
the short term is limited because the company's borrowings mostly
comprise senior unsecured notes of US$900 million due 2015 and
2016. Renhe's adequate liquidity comprises mainly surplus cash,
which S&P expects to continue to provide some buffer for its
credit profile.

Renhe has very limited access to onshore banking facilities
because it does not hold titles to the properties it has
developed. It has made little progress in securing bank loans from
onshore financial institutions.

"The stable outlook reflects our expectation that Renhe will have
adequate liquidity to meet its obligations in the next year. We
expect the company to achieve a reasonable level of contract sales
and collect the majority of its outstanding receivables," said Mr.
Lu.

"We may lower the rating if the company deviates from its strategy
or core business, or if changes in regulations significantly
undermine its business model. We could also lower the rating if
Renhe's liquidity deteriorates due to continued aggressive
shareholders' return initiatives, delayed receipt of its
outstanding receivables, or weaker-than-expected property sales.
The rating could also come under pressure if the company fails to
maintain an unrestricted cash balance of less than RMB4 billion,"
S&P stated.

"We may raise the rating if the company demonstrates disciplined
and consistent business strategy and financial risk management,
and maintains its financial strength while undergoing aggressive
expansion," S&P added.


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H O N G  K O N G
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ECO-HARU (FAR EAST): Creditors Get 0.50% Recovery on Claims
-----------------------------------------------------------
Eco-Haru (Far East) Limited, which is in liquidation, will declare
the first and interim ordinary dividend to its creditors on
June 1, 2011.

The company will pay 0.50% for ordinary claims.

The company's liquidators are:

         Edward Simon Middleton
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


EGANA-HARU MFR: Creditors Get 1.50% Recovery on Claims
------------------------------------------------------
Egana-Haru Mfr. Corp. Limited, which is in liquidation, will
declare the first and interim ordinary dividend to its creditors
on June 1, 2011.

The company will pay 1.50% for ordinary claims.

The company's liquidators are:

         Edward Simon Middleton
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


EGANA OF SWITZERLAND: Creditors Get 0.50% Recovery on Claims
------------------------------------------------------------
Egana of Switzerland (Far East) Limited, which is in liquidation,
will declare the first and interim ordinary dividend to its
creditors on June 1, 2011.

The company will pay 0.50% for ordinary claims.

The company's liquidators are:

         Edward Simon Middleton
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


NORDIC KNITS: Contributories' & Creditors' Meeting Set for June 8
-----------------------------------------------------------------
Contributories and creditors of Nordic Knits Int'l Limited will
hold separate meeting on June 8, 2011, at 10:15 a.m., and
10:45 a.m., respectively at Room 103, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Lo Wing Hung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


NPG DISPLAY: Creditors' Proofs of Debt Due June 20
--------------------------------------------------
Creditors of NPG Display Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 20,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 11, 2011.

The company's liquidators are:

         Tatsuo Nishimata
         Sadao Kohno
         686-1, Nishioi, Oi-machi
         Ashigarakami-gun, Kanagawa
         258-8533 Japan


ORO DESIGN: Creditors Get 0.90% Recovery on Claims
--------------------------------------------------
Oro Design Limited, which is in liquidation, will declare the
first and interim ordinary dividend to its creditors on
June 1, 2011.

The company will pay 0.90% for ordinary claims.

The company's liquidators are:

         Edward Simon Middleton
         Fergal Thomas Power
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


QANTEX LIMITED: Final Meetings Set for June 21
----------------------------------------------
Members and creditors of Qantex Limited will hold their final
meetings on June 21, 2011, at 10:00 a.m., and 10:30 a.m., at
Room 1903, 19/F, World-Wide House, 19 Des Voeux Road Central, in
Hong Kong.

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


SCRAP POWER: Chui Sze Hung Samuel Steps Down as Liquidator
----------------------------------------------------------
Chui Sze Hung Samuel stepped down as liquidator of Scrap Power
Trading Company Limited on May 5, 2011.


SERFORD LIMITED: Members' Final Meeting Set for June 21
-------------------------------------------------------
Members of Serford Limited will hold their final general meeting
on June 21, 2011, at 10:00 a.m., at Unit 1402, 14th Floor Yue Xiu
Building, 160-174 Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Au Yeung Po Ying, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TMT FINANCIAL: Annual Meetings Set for June 7
---------------------------------------------
Members and creditors of TMT Financial Services Limited will hold
their annual meetings on June 7, 2011, at 3:00 p.m., and 3:30
p.m., respectively at 14/F, The Hong Kong Club Building, 3A Chater
Road, Central, in Hong Kong.

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


UNIQUE BUSINESS: Annual Meeting Set for May 30
----------------------------------------------
Creditors and contributories of Unique Business Service (China)
Limited will hold their annual meeting on May 30, 2011, at
12:00 p.m., and 12:30 p.m., respectively at 6th Floor, Sunning
Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong.

At the meeting, Alison Wong Lee Fung Ying and Alan Chung Wah Tang,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


VERISIGN HK: Members' Final Meeting Set for June 15
---------------------------------------------------
Members of Verisign Hong Kong Limited will hold their final
meeting on June 15, 2011, at 11:00 a.m., at Rooms 1801-5, Hua Qin
International Building, 340 Queen's Road Central, in Hong Kong.

At the meeting, Yeung Ping Hung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YICKO FUTURES: Creditors Get HK$0.4% Recovery on Claims
-------------------------------------------------------
Yicko Futures Limited, which is in liquidation, will declare the
fourth and final dividend to its contributories on May 27, 2011.

The company will pay HK$0.4 per share.

The company's liquidator is:

         Lau Siu Hung
         Room 1909-10
         19/F., Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


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ANAND NISHIKAWA: ICRA Reaffirms 'LBB+' Rating on INR9.06cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating on the INR9.06 crore term
loans and the INR13.00 crore fund based facilities of Anand
Nishikawa Company Limited.  ICRA has also reaffirmed the short
term rating of 'A4+' on the INR6.00 crore non fund based bank
limits of ANCO.  The outlook on the long term rating is stable.

The ratings reflect the high competitive intensity in the
industry; project execution risk; limited bargaining power with
customers and large proportion of sales to a few customers.
Additionally the company is exposed to supplier concentration risk
owing to dependence on two vendors for sourcing bulk of the raw
material requirements though this risk is mitigated by the
availability of raw materials from several suppliers. ICRA also
notes that the company has been facing liquidity pressures due to
high business growth, incurrence of significant capex and large
receivables from group companies.  Nevertheless ICRA has
positively factored in the strong position of the company in the
domestic automotives rubber profile segment; access to technology
from its collaborator, Nishikawa Rubber Company Limited, Japan and
moderate financial risk profile characterized by moderate gearing.

Anand Nishikawa Company Limited was incorporated in 1983 as Anand
Lescuyer Polymers Private Limited. The company was promoted by
Iqbal Singh Anand, who was in the business of export and import of
auto spare parts.  In 1984, the company ventured into manufacture
of rubber sealing products in technical collaboration with
Lescuyer SA of France.  In the year 1996 the company entered into
joint venture with Nishikawa Rubber Company Limited, Japan and
accordingly its name was changed to Anand Nishikawa Company
Limited.  ANCO is engaged in the manufacture of rubber profiles
such as glass run channels, windshield rubbers and bonnet seals.
ANCO has operations based at Lalru in the state of Punjab and at
Gurgaon in the state of Haryana.  Iqbal Singh Anand and his
associates hold 80% of the shareholding of ANCO and the balance is
held by the Nishikawa Rubber Company Limited, Japan.


BRILLIANT INTERNATIONAL: CRISIL Rates INR17 Million Loan at 'B+'
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank loan
facilities of Brilliant International.

   Facilities                          Ratings
   ----------                          -------
   INR25.0 Million Cash Credit         B+/Stable (Assigned)
   INR17.0 Million Long-Term Loan      B+/Stable (Assigned)
   INR9.0 Million Overdraft Facility   B+/Stable (Assigned)
   INR4.0 Million Proposed Long-Term   B+/Stable (Assigned)
                  Bank Loan Facility
   INR25.0 Million Packing Credit      P4 (Assigned)
   INR10.0 Million Bill Purchase-      P4 (Assigned)
            Discounting Facility
   INR20.0 Million Letter of Credit    P4 (Assigned)

The ratings BI's weak financial risk profile marked by high
gearing and weak debt protection metrics and high working capital
intensity of the operations.  These rating weaknesses are
partially offset by the extensive experience of BI's promoters in
the plastic based electronic and household products industry.

Outlook: Stable

CRISIL believes that BI will maintain its business profile on the
back of its promoters experience in the plastic based electronic
and household products industry.  The outlook may be revised to
'Positive', if BI reports significant improvement in the operating
revenues and profitability while improving its gearing and debt
protection metrics.  Conversely, the outlook may be revised to
'Negative', if the firm reports significant decline in the net
cash accruals or in case of deterioration in the capital structure
or debt protection metrics most likely because of debt funded
capital expenditure or in case of deterioration in the cash cycle.

                      About Brilliant International

Brilliant International is a partnership firm established in 1992
by Ram Chainani, and his son Bipin Chainani.  The firm is engaged
in manufacturing and trading of electronic and household products
such as door bells, switches, distribution boxes, Miniature
Circuit Breaker (MCB) boxes, home appliances, plugs, and other
plastic electronic accessories and household products.  BI
manufacturing facility is located in Mumbai.  The firm is
currently marketing its products under Brilliant, Milano, Mint and
Mira brands.  The partners oversee the operations of the firm and
are supported by a team of professionals.

BI reported a profit after tax (PAT) of INR1.48 million on net
sales of INR143.8 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of 0.91 million on net sales of
INR161.9 million for 2008-09.


CAUVERY POWER: ICRA Assigns 'LBB' Rating to INR184cr Term Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR184 crore term loan of
Cauvery Power Generation Chennai Private Limited.  The assigned
long term rating carries stable outlook.

The rating assigned by ICRA reflects limited past experience of
promoters in setting up coal based plant of this size (63 MW),
funding risks given that equity of INR27 crore is still to be
brought in and project execution risks, including risks of cost
and time overrun, which are typical of Greenfield power projects
although this risk is partly mitigated by the fact that
substantial physical progress has already taken place (-60% cost
has been incurred).  The rating is also constrained by plant's
reliance on imported coal at spot price/negotiated price although
risk is partially mitigated by company's plan to sell 40% of power
through merchant route.  Also company is yet to tie up captive
consumers or sign MoU for its 60% output to be sold through group
captive route and tariff being negotiated is at 8-10% discount to
prevailing HT tariff which gives limited pricing flexibility to
company.

The rating, however, favorably factors in plant location near to
Chennai which has high HT consumer demand and promoters experience
in selling power to captive units through existing 12 MW plant
(KGPL) which will help management find captive buyer units. ICRA
also notes that substantial progress has been made on execution
front and further, repayments are starting in September 2012 and
there is adequate time gap between targeted CoD and repayment
start date to account for possible delay in execution.  Going
forward, company's ability to declare commissioning of the plant
in timely manner and tying up buyers for off-take will remain key
rating sensitivities.

                         About Cauvery Power

Cauvery Power Generation Chennai Private Limited is promoted by
Chennai based Kaveri Gas Power Ltd. and Associates for
implementing a 63 MW Coal fired Thermal Power Plant at
Gummidipoondi, Tamilnadu.  The Project is proposed to be set up as
a Group Captive Power Plant and cater (about 60%) to the
requirement of established companies in Tamil Nadu.  The balance
(about 40%) is proposed to be sold through merchant route.  The
total cost of the Project is estimated at INR263.00 crore and is
proposed to be financed at a Debt: Equity ratio of 2.32:1. The
Equity for the Project (INR79 crore) is proposed to be subscribed
by KGPL and Associates, EPC Contractor and Group Captive Users.
The expected CoD is in Sep 2011.  Project has made substantial
progress in terms of execution and 60% of cost has already been
incurred.


CHENNAI ELEVATED: ICRA Reaffirms 'LBB+' Rating on INR1,610cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long term rating of 'LBB+' outstanding on
the INR1,610 crore long term loan of Chennai Elevated Tollway
Limited.  The rating carries a stable outlook.

The rating reflects the experience of the promoter, who is also
the Engineering, Procurement and Construction contractor for the
project; and importance of the route as it is being constructed to
provide smooth movement of the commercial traffic to and from
Chennai Port, which is the third largest Port in India.  The
rating also factors in the low funding risks as entire debt has
been tied-up and significant portion of equity has also been
contributed.  The rating is however constrained by the execution
risks inherent in a typical infrastructure project, and
possibility of time and cost overruns on account of delay in
pending land acquisition.  The rating also takes into
consideration CETL's exposure to traffic risks and its
susceptibility to adverse interest rate movements given that the
interest rates on term loan would be reset every year.  Going
forward, the company's ability to complete the project within the
scheduled time and cost would be the key rating sensitivity
factor.

Chennai Elevated Tollway Limited is a Special Purpose Vehicle
(SPV) incorporated in September 2009 and is a 100 % subsidiary of
Soma Enterprises Limited.  The SPV is involved in the construction
of an elevated highway from Gate no. 10 of Chennai Port to
Maduravoyal Junction on NH 4 and its operation and maintenance on
BOT (Toll) basis.  The project was awarded by National Highway
Authority of India on Design Build Finance Operate and Transfer
(DBFOT) basis with a concession period of 15 years.  The earlier
appointed date of Nov. 14, 2009, was shifted to Sept. 14, 2010,
due to delay in the acquisition of land.  Accordingly, the
commercial operations date (COD) for the project is now scheduled
on March 1, 2014.

The total project cost has been estimated at INR2,148.34 crore
which is to be funded by equity of INR269.34 crore, NHAI equity
grant of INR269 crore and debt of INR1,610 crore, giving a debt-
equity mix of 2.99:1.  Till date, the promoters have infused
equity of INR106.12 crore (39% of total equity).  The financial
closure for the project has been achieved and the loan has been
sanctioned by a consortium of ten banks led by Union Bank of
India.  The total debt drawn so far is INR316 crore (19% of total
debt).


CMS EDUCATIONAL: ICRA Assigns 'LC+' Rating to INR21cr Term Loan
---------------------------------------------------------------
ICRA has assigned 'LC+' rating to the INR 21.0 crore term loan
facilities of CMS Educational Trust.  The rating considers the
current delays in debt servicing by CMS Trust due to constrained
liquidity on the back of seasonality in fees income and capital
expenditures.

The ratings take note of CMS Trust's capital structure
characterized by high gearing and stretched coverage indicators
and aggressive debt funded capital expenditure plans which are
likely to further constrain capital structure in the medium term.
The rating also considers the strong enrolment in institutes
indicating good reputation in Namakkal (Tamil Nadu) and favorable
financial profile characterized by healthy margins.  ICRA also
takes note of oversupply in Tamil Nadu engineering institutes
which is likely to impact enrolment in institutions and hence
maintaining good placements and reputation will be crucial.

CMS Educational Trust was founded in 2004 by C. Muthusamy, a real
estate promoter based out of Namakkal (Tamil Nadu).  The trust was
set up to establish educational institutes in and around the town
of Namakkal.  In 2007-08, the flagship institute of the trust -
CMS College of Engineering, commenced operations on the outskirts
of Namakkal town. At present there are five operational institutes
run by the trust and they are planning to setup three new
institutes which will include a polytechnic, engineering institute
and business school.

CMS Trust reported net profit of INR1.4 crore on operating income
of INR11.2 crore during 2009-10, against net profit of INR1.2
crore on operating income of INR8.2 crore for the corresponding
previous fiscal.


HIM TEKNOFORGEL: CRISIL Reaffirms 'BB' Rating on INR80MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Him Teknoforge Ltd
continue to reflect HTL's below-average financial risk profile,
marked by moderate gearing and inadequate debt protection
indicators, large working capital requirements, and customer
concentration in its revenue profile.  These weaknesses are
partially offset by HTL's established market position in the
forging industry, ably supported by experienced management and
strong customer relationships.

   Facilities                            Ratings
   ----------                            -------
   INR300.0 Million Cash Credit Limit    BB/Stable (Reaffirmed)
   INR80.0 Million Term Loan             BB/Stable (Reaffirmed)
   INR120.0 Million Letter of Credit     P4+ (Reaffirmed)
   INR10.0 Million Bank Guarantee        P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that HTL will continue to benefit over the medium
term from its established customer relationships, strong market
position, and the buoyant demand scenario in its end-user
industry. The outlook may be revised to 'Positive' if HTL is able
to improve its working capital management, or if there is
significant equity infusion to augment incremental working capital
requirements, which, in turn, positively impacts its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
offtake from the enhanced capacities is less than expected, if HTL
contracts more-than-expected debt, or if there is any steep
decline in profitability.

                          About Him Teknoforge

Mr. Vijay Aggarwal formed HTL as an automotive ancillary company
to Eicher Motors Ltd. in 1989. HIM Forgings Pvt Ltd, a group
company in the same line of business, was merged with HTL in 1996.
The company manufactures rough forgings, finished gears and axles,
primarily for tractors and heavy commercial vehicles.  The company
has four manufacturing units, three at Baddi (Himachal Pradesh)
and one at Pithampur (Madhya Pradesh).  These units have a
combined annual capacity of 28,200 tonnes forgings and 15 million
finished components per annum.  This includes the recently
concluded capital expenditure programme towards setting up a new
unit in Baddi to supply forgings to Ashok Leyland Ltd's new plant
in Uttarakhand.

For 2009-10, HTL reported a profit after tax (PAT) of INR40
million on net sales of INR1045 million, against a PAT of INR43.6
million on net sales of INR1023 million for 2008-09.


I.S. MOTORS: ICRA Assigns 'LB+' Rating to INR6.8cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR6.8 crore, fund based bank
facilities of I.S. Motors Private Limited.

The assigned ratings consider ISML's modest scale and limited
track record of operations being a recent start-up, weak financial
risk profile with high gearing and modest coverage indicators, and
industry related risks like susceptibility to slowdown in domestic
automotive market.  Further as in most automotive dealerships, the
liquidity position of ISML is stretched in view of thin cash
flows.  The ratings nevertheless recognize the company's position
as an authorized dealer of TML and FIAT, and the exclusivity it
enjoys as the sole dealer of passenger cars of these OEMs in its
territory.

As per provisional April 2011 to February 2011 results shared by
the company, ISML reported an operating income of INR29.5 crore
and an operating profit INR2.5 crore. Further the company's profit
after tax stood at INR1.1 crore in the above mentioned period.

ISML is into the dealership business of TML and FIAT vehicles and
started operations in November 2008.  The company currently has
two full fledged showrooms in Roorkee and Haridwar.  The owner of
ISML is the Mittal family with both brothers- Manoj Mittal and
Rajiv Mittal having equal stake in the company. Apart from ISML,
the promoters have interests in dealership of Jaypee cement


JAYARAMA AUTOMOTIVES: ICRA Reaffirms 'LBB' Rating on INR8cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating outstanding on the INR8.00
crore fund based facilities of Sri Jayarama Automotives Private
Limited.  ICRA has also reaffirmed the 'A4' rating outstanding on
the INR4.00 crore non fund based facility of the Company.  The
outlook on the long term rating is stable.

The ratings reflect SJAPL's thin but stable profit margins arising
out of trading nature of business and capital structure
characterized by high gearing and weak coverage indicators, driven
by high utilization of working capital facilities. The ratings
draw comfort from the promoter's experience of nearly three
decades in auto dealership business and SJAPL being the sole
dealer of Mahindra Tractors in Mahabubnagar district, with the
latter being the market leader in tractor sales in the district,
commanding a market share of around 47% in 2010-11. ICRA also
takes note of the growth opportunities for tractor sales arising
out of the irrigation projects being undertaken by the government
in the Mahabubnagar district.

Sri Jayarama Automotives Private Limited is the authorized dealer
for Mahindra & Mahindra (M&M) tractors and spares for the district
of Mahabubnagar in Andhra Pradesh.  The company is also an
authorised dealer for Exide Batteries, Ceat Tyres and Castrol
Lubricants for the district of Mahabubnagar and distributor of Elf
lubricants and Mico spare parts in the district.  The Company also
trades in trailers and agriculture implements which are
manufactured by group concern Sri Rama Engineering Company.  The
company was established as a proprietorship in the year 1984 and
was converted into a private limited company during the year 2005.
The promoter and his family hold the entire 100% equity capital of
SJAPL.

According to unaudited results for fiscal 2010-11, SJAPL reported
profit before tax of INR0.7 crore on an operating income of
INR73.8 crore, against profit before tax of INR0.6 crore on
operating income of INR67.2 crore for the corresponding previous
fiscal.


KONDAPUR TOWERS: CRISIL Reaffirms 'D' Rating on INR550MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kondapur Towers Pvt Ltd
continue to reflect delays by KTPL in paying the interest
component on its term loan. The delays have been caused by KTPL's
weak liquidity.

   Facilities                     Ratings
   ----------                     -------
   INR400 Million Cash Credit     D (Reaffirmed)
   INR550 Million Term Loan       D (Reaffirmed)
   INR55 Million Bank Guarantee   P5 (Reaffirmed)

KTPL remains exposed to implementation-related risks in its
ongoing project.  However, the company has benefited from
substantial equity capital infusion for the project by its
promoters.

Update

KTPL has been delaying the payment of its interest obligations on
the term loans contracted for its residential project, Iconia, for
the past twelve months. The company resumed work on the project in
January 2011, after stalling it for more than a year.  KTPL has
set a target of completing three out of five towers under the
first phase of the project by end of December 2012. However,
booking level for the project remains low.

For 2009-10 (refers to financial year, April 1 to March 31), KTPL
reported a net loss of INR2159 million, against a net loss of
INR63 million for 2008-09.  The company has so far not reported
any income.

KTPL was incorporated in November 2006 for the construction of a
residential complex in Hyderabad (Andhra Pradesh).  KTPL was
promoted as a special-purpose vehicle by Bharat One Project Pvt
Ltd, based in Port Louis, Mauritius (having share of 97.21%), and
Indian promoters -- Eco Care Projects Pvt Ltd, Shri Alluri
Sitarama Raju and Shri Tatineni Venkata Krishna (having 2.79%
combined ownership). KTPL's residential project, Iconia, is coming
up at Kondapur, Hyderabad; the project will be completed in three
phases.


RAWALWASIA ISPAT: ICRA Assigns 'LBB' Rating to INR9.3cr Bank Loan
-----------------------------------------------------------------
ICRA has assigned a rating of 'LBB' to the INR 9.30 crore fund
based limits of Rawalwasia Ispat Udyog Private Limited. ICRA has
also assigned a short term rating of 'A4' to the INR 0.70 crore
non fund based limits of RIUPL.  The long term rating carries a
stable outlook.

The ratings take into consideration RIUPL's experienced
management, its long track record of operations and its presence
in the export markets.  However, the ratings are constrained by
the intensely competitive nature of the industry which exerts
pressure on margins, RIUPL's moderate scale of operations and its
thin profitability.  The ratings also factor in the relatively
high gearing levels of the company and its moderate debt
protection indicators.

Rawalwasia Ispat Udyog Private Limited was incorporated 1985 and
is engaged in the manufacturing of Electric Resistance Welded
(ERW) Black and Galvanized Steel Pipes.  The manufacturing
facility is situated in Hisar, Haryana.  The manufacturing unit
has an installed capacity to produce 25000 MT pipes per annum.
The pipes are primarily used for the purpose of agriculture,
industries, water and sanitary fittings, gas, steam and air
industries.

During the financial year ending March 30, 2010, the company
reported a net profit after tax of INR0.43 crore on an operating
income of INR54.40 crore.


REDDY VEERANNA: ICRA Upgrades Rating on INR35cr Limit to 'LBB'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR 35 crore fund
based limit of Reddy Veeranna Constructions Pvt. Ltd. to 'LBB'
from 'LB'.  ICRA has also reaffirmed the short term rating of 'A4'
assigned to the INR60 crore non-fund based limit.  The outlook on
long term rating is Stable.

The rating action takes into account the improved capital
structure as reflected by gearing (total debt/tangible net worth)
of 1.9 times (March 31, 2011) as against 4.2 times
(March 31, 2010); healthy growth in operating income witnessed
during FY 2010-11; and improved profitability as reflected by net
profit margin of 4.3% (FY 2010-11), as against 3.3% (FY 2009-10).
Moreover, the ratings favorably takes into account the synergies
and financial flexibility derived by RVCPL from being a part of
larger Reddy Veeranna group with diverse interests in real estate,
construction, mining, and power generation. ICRA continues to
derive comfort from RVCPL's long track record in the construction
industry, improving order book and positive outlook for
construction companies given the large number of infrastructure
projects planned to be taken up in the medium term.

                 About Reddy Veeranna Constructions

Founded in 1980 as a proprietorship form M/s Reddy Veeranna & Co,
and subsequently in 2003 rechristened as M/s Reddy Veeranna
Constructions Pvt Ltd, the company is flagship company of
Bangalore based Reddy Veeranna group.  Since inception, the
Company has undertaken and completed many projects of diverse
nature and today its service portfolio extends across construction
of roads, urban infrastructure works, irrigation works,
construction of reservoirs, BOT projects, real estate activities -
housing/commercial (IT campuses) etc.  RVCPL has executed several
projects in these disciplines largely for government organizations
in various South India states -- Karnataka, AP, MP, Chhattisgarh,
and Jharkhand. Reddy Veeranna group is headed by Mr. Reddy
Veeranna -- a professional with three decades of experience in
construction domain.  The group has diversified interests across
various verticals including -- real estate, construction, mining,
and power generation.

In FY 2010-11, RVCPL reported a net profit of INR4.7 crore on an
operating income of INR109.0 crore as compared to net profit of
INR2.8 crore on an operating income of INR83.9 crore in
FY2009-10.


RKM POWERGEN: ICRA Assigns 'LBB-' Rating to INR1,024cr LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR1,024.11 crore
(enhanced from INR150 crore earlier) long term loan programme and
INR255 crore of long term non fund based limits of RKM Powergen
Private Limited.  The outlook on the long term rating is stable.

The LBB- rating reflects the ongoing delays in the implementation
of both phases of the 1430 MW domestic coal based thermal power
plant being implemented by RKM Powergen at Chhattisgarh largely
because of land compensation-related issues, which could
potentially result in incremental delays in the project. ICRA
notes that the implementation risk inherent in the project on
account of the package mode of implementation and the inadequate
past track record of the project sponsors and major project
participants is amplified by the land-related issues and resultant
delays.  Further, the project is also exposed to technology risks
given the proposed use of imported boiler, turbine, generator
(BTG) and balance of plant (BOP) equipment from vendors which have
a limited track record in Indian conditions till date. The rating
continues to reflect the funding risks associated with the
infusion of the balance equity commitment of INR890 crore and the
sponsors' ability to support the project for the likely cost
overrun on account of delayed implementation.  Delayed
implementation may also besides, necessitate a reschedulement of
the debt repayments for both Phases 1 and 2.

The rating favorably factors in the availability of coal linkages
for a large portion of the capacity and the presence of a captive
mine for the project.  ICRA however notes that the conversion of
the Letters of Assurance (LoAs) into firm fuel supply agreements
(FSA) and the ability to develop the captive coal block allotted
would be critical. Further, given any shortfall in contracted
quantity (on account of short supply by South Eastern Coalfields
Limited or delays in coal block development) of coal relative to
the required level, the company's ability to tie up the balance at
competitive rates would directly impact the unit cost of
generation particularly since the captive coal block is still at a
nascent stage of development. RKM Powergen has tied up approx
37.5% of the net capacity through a cost-plus PPA with the
Chhattisgarh State Electricity Board (CSEB) and arrangements are
in place for the sale of approx 700 MW through a long term PPA
with PTC India Limited (PTC). ICRA however notes that PTC has not
yet entered into firm back-to-back long term sale arrangements for
the contracted 700 MW. Further while the agreement with PTC
guarantees a minimum price of INR 3 per unit to RKM Powergen, the
continuation of such an arrangement depends on the movements in
long term merchant power prices.

                         About RKM Powergen

RKM Powergen is an SPV promoted by the Chennai based R.K. Powergen
Group (74% holding) and the Malaysia based Mudajaya Group (26%
holding) for the development of a 1430 domestic coal based thermal
power project at Chhattisgarh in 2 phases (Phase 1 of 350 MW (1 x
350) and Phase 2 of 1080 MW (3 x 360)).  The equity to be infused
by Mudajaya Group would be at a substantial premium such that the
proportion of actual equity to be contributed towards the project
cost would be in the ratio of 26:74 with the latter denoting
Mudajaya Group's contribution. The R.K. Powergen Group
operates a 20 MW biomass based power plant in Karnataka while the
Mudajaya Group is largely engaged in EPC works for various sectors
including roads, water, power (civil works) etc. The total project
cost of INR6653 crore is being funded through debt of INR 5065
crore and equity of INR 1589 crore. As on date, approx INR 1156
crore has been spent on the project which has been funded by
equity of INR700 crore and the balance by debt. Phase 1 of the
power plant is scheduled to be commissioned by May 2012 (debt
repayments commence in June 2012), while Phase 2 is scheduled to
be commissioned by August 2013 (debt repayments commence in
January 2014).  The project is currently running a delay of 8-9
months for Phase 1 and approx 5-6 months for Phase 2. Of the total
land required of 900 acres, 739 acres have been acquired till
date; most major approvals are in place.


SARA SUOLE: CRISIL Reaffirms 'BB-' Rating on INR75MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sara Suole Pvt Ltd
continue to reflect the Sara group's large working requirements
and average financial risk profile, marked by high gearing, small
net worth, and average debt protection metrics. These rating
weaknesses are partially offset by the group's established
position in the footwear and footwear sole manufacturing business.

   Facilities                      Ratings
   ----------                       -------
   INR75 Million Cash Credit        BB-/Stable (Reaffirmed)
   INR5 Million Bank Guarantee      P4+ (Reaffirmed)
   INR200 Million Packing Credit    P4+ (Reaffirmed)
   INR10 Million Letter of Credit   P4+ (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Sara Suole and Welterman International
Ltd, together referred to as the Sara group. This is because the
two companies are in the same line of business and have common
promoters. Moreover, Sara Suole and Welterman are to be
amalgamated over the medium term.

Outlook: Stable

CRISIL believes that the Sara group will maintain its market
position in the footwear and footwear sole manufacturing business
over the medium term, given the stable demand for its products.
The outlook may be revised to 'Positive' in case of sustained
improvement in the group's profitability, leading to increased
cash accruals, and consequently, to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the group's capital structure or debt
protection metrics due to a reduction in its profitability or if
the group's undertakes a large, debt-funded capital expenditure
(capex) programme.

Update

For 2010-11 (refers to financial year, April 1 to March 31), the
Sara group reported provisional sales of INR1400 million,
registering year-on-year growth of around 50%. The growth was
driven by improvement in demand over the year. In 2009-10, the
group's operations were adversely affected by the global
recession, which caused revenues to be stagnant. The Sara group
achieved revenues of INR920 million in 2009-10, in line with
CRISIL's expectation. However, the group's operating margin, at
6.8%, was lower than CRISIL's expectation. Realizations declined
in 2009-10 due to increase in contribution of the low-margin
moccasin category of shoes to the group's revenues. The group is
expected to report a slight increase in its margins in 2010-11,
driven by improvement in demand during the year.

To meet increased demand in 2010-11, the Sara group gradually
increased its production capacity for both shoes and soles by
around 50%.

The installed capacities for shoes and shoe soles were increased
to 1.2 million and 3 million pairs, respectively.  The capacity
expansion programme, which cost INR60 million, was funded through
a term loan of INR45 million and internal accruals.  Over the
year, the Sara group also set up a corporate office in Bangalore,
at a cost of around INR14 million, funded entirely through debt.
The large, debt funded capex programme caused the group's gearing
to remain high, estimated at over 2.5 times as on March 31, 2011.
In 2011-12, the group plans to further enhance its shoe
manufacturing capacity; this is expected to cost INR50 million.

This capex programme is expected to be funded in a debt-to-equity
ratio of 3:1.  With the group's moderate cash accruals and its
capex plans, the gearing is expected to remain higher than 2.5
times over the medium term.  The group's average bank limit
utilization was high, at around 74% for the 12 months ended
October 2010. With the expected increase in revenues, the bank
limit utilization is expected to remain high over the medium term.
The group is expected to generate sufficient cash accruals to
fulfill its debt repayment obligations of around INR20 million per
annum.

The Sara group reported a profit after tax (PAT) of INR 12.55
million on net revenues of INR837.4 million for 2009-10, against a
PAT of INR4.6 million on net revenues of INR767.1 million for
2008-09.

                            About Sara Suole

Sara Suole, based in Bangalore, was set up in 2000. The company
manufactures shoes and shoe soles, with manufacturing capacity of
1.2 million and 3 million pairs, respectively, as on March 31,
2011. The exports contribute to around 85% of the company's sales,
primarily to countries in Europe.  Welterman, set up in 1993,
manufactures shoe soles, with an installed capacity of 1.2 million
pairs per annum.  However, the production facility at Welterman
was shut down in May 2009. Sara Suole and Welterman are to be
amalgamated over the medium term.


SREE VARIETY: ICRA Assigns 'LC+' Rating to INR1.5cr Corp. Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of 'LC+' to the INR1.50 crore
Corporate Loan and INR10.00 crore Fund Based (Cash Credit) Bank
Limits of Sree Variety Marketing Solutions Private Limited. ICRA
has also assigned a short term rating of 'A5' to the INR1.50 crore
Fund Based (Standby Line of Credit) and INR2.00 crore Non-Fund
Based (Bank Guarantee/Letter of Credit) Bank Limits of SVM.

The ratings are constrained by the company's stretched liquidity
position with consistently high fund based limit utilization and
delays in debt servicing as well as weak financial profile as
indicated adverse capital structure (gearing of 3.29 times as on
March 31, 2010) and poor coverage indicators (OPBDIT/Interest of
1.67 times in FY 2010).  The ratings are further constrained by
the modest scale of operations, thin profitability levels
(operating margins of 1.9% in FY 2010) inherent in the trading
business and the high competitive intensity in the industry given
the low entry barriers.  The ratings, however, draw comfort from
the established position and long experience of the promoter group
in the trading industry, the company's diversified product
portfolio, strong distribution network with long standing
relationships with dealers.  The rating also factors in the stable
stream of revenue from the franchisee business as well as the
exclusive arrangements for the distribution of BIPL and Tata GY
products, having an established market position, which alleviates
the demand risk to an extent.  Going forward, with the increase in
scale of operations, the company's ability to manage its liquidity
position and ensure timely debt servicing remains critical from a
credit perspective.

                      About Sree Variety

Sree Variety Marketing Solution Private Limited is a closely held
private company based out of Hyderabad, Andhra Pradesh (AP),
engaged in trading of a variety of products.  The company started
out as a partnership concern in April 1994 under the name of
Variety Marketing, however was converted into a private limited
company in the year 2010.  SVM was promoted by Mr. K Sathya Reddy
along with Ms. K. Neeraja and Mr. Prabhakar Reddy. SVM is head
quartered in Hyderabad, AP; and has warehouses in Hyderabad,
Vijaywada, Kakinada and Yanam in AP.  The company is a part of the
Hyderabad based Variety Group, which comprises of entities held by
the Reddy Family.

For the financial year ending March 2010, VAPL reported an
operating income of INR 33.47 crore and a net profit of
INR0.24 crore as compared to revenues of INR18.92 crore and profit
of INR0.16 crore in the previous year.


VARIETY AUTOMOTIVE: ICRA Places 'LB-' Rating on INR0.9cr Term Loan
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LB-' to the INR0.90 crore
Term Loans and INR10.00 crore Fund Based (Cash Credit) Bank Limits
of Variety Automotive Private Limited.  ICRA has also assigned a
short term rating of 'A4' to the INR1.35 crore Fund Based (Standby
Line of Credit) and INR2.00 crore Non Fund Based (Bank Guarantee)
Bank Limits of VAPL.

The ratings are constrained by the company's stretched liquidity
position with consistently high fund based limit utilization and
delays in debt servicing as well as weak financial profile as
indicated adverse capital structure (gearing of 3.18 times as on
March 31, 2010) and poor coverage indicators (OPBDIT/Interest of
1.42 times in FY 2010).  The ratings are further constrained by
the modest scale of operations, low profitability levels by virtue
of the dealership business, the high competitive intensity in the
industry and vulnerability to demand slowdown in automobile
sector.  ICRA notes that although VAPL experienced a decline in
sales volume in FY 2009, the gradual revival of the economy
coupled with introduction of more models by M&M helped the company
post a healthy volumetric sales growth in FY 2011. The ratings,
however, draw comfort from the established position and track-
record of the promoter group in the dealership industry, long-
standing relations with M&M and the diversified product portfolio
comprising of various categories of commercial vehicles. The
company remains vulnerability to demand slowdown in automobile
sector which led to sharp dip in sales volume in FY 2009. Going
forward, with the gradual ramping up of operations, the company's
ability to manage its liquidity position and ensure timely debt
servicing remains critical from a credit perspective.

                     About Variety Automotive

Variety Automotive Private Limited is an authorized dealer of
Mahindra & Mahindra Limited engaged in sales and service of
vehicles along with sale of spare parts.  The company was promoted
as a partnership concern, under the name of Variety Automotive, by
K Sathya Reddy in 2003 and was converted into a private limited
company in the year 2007.  VAPL is head quartered in Hyderabad,
Andhra Pradesh and has fourteen showrooms spread across six
districts in AP.  The company is a part of the Hyderabad based
Variety Group, which is comprises of entities held by the Reddy
Family.

For the financial year ending March 2010, VAPL reported an
operating income of INR47.88 crore and a net profit of INR0.29
crore as compared to revenues of INR35.90 crore and profit of
INR0.17 crore in the previous year.


=========
K O R E A
=========


KOREA EXCHANGE: Extension on Hana, Lone Star Purchase Deal Likely
-----------------------------------------------------------------
Yonhap News reports that Hana Financial Group Inc. is likely to
complete negotiations with Lone Star Funds this week to extend a
deal to buy a controlling stake in Korea Exchange Bank from the
U.S. private buyout fund, the group's head said Wednesday.

Hana Financial reached the agreement last November to buy a 51.02%
stake in KEB for KRW4.69 trillion (US$4.3 billion).  The two firms
have been negotiating to extend the agreement that has a six-month
validity period, Yonhap says.

According to Yonhap, Hana Financial's efforts to renew the share
purchase deal came as the Financial Services Commission (FSC)
indefinitely delayed regulatory permission for Hana Financial's
KEB purchase.

Due to legal controversies over Lone Star's 2003 purchase of a
credit card unit affiliated with KEB, the FSC deferred its
decision over whether Lone Star is legally eligible to become the
biggest shareholder of KEB.  Granting eligibility is deemed a
prerequisite for the FSC to permit Hana Financial's transaction
with Lone Star, according to Yonhap.  The FSC said earlier this
month it will not deliberate on Lone Star's eligibility issue
until a final court ruling over the 2003 credit card purchase is
delivered.

Lone Star has had a number of setbacks in trying to exit from its
$1.3 billion investment in KEB, which it bought in 2003.

                      About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks, including
Canada, the United States, Panama and Germany, constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of KOFEX
and is a subsidiary of Korea Exchange Bank, the official F/X
settlement bank for Korean Futures Exchange.

                         *     *     *

Korea Exchange Bank continues to carry Moody's Investors Service
"C-" Bank Financial Strength Rating.


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


AORANGI SECURITIES: SFO to Resume Inquiry on Hubbard, Entities
--------------------------------------------------------------
The New Zealand Herald reports that the Serious Fraud Office is
ready to resume discussions with South Island businessman Allan
Hubbard after his lawyers received NZ$1 million in fees.

According to the Herald, the SFO put the brakes on an
investigation into Mr. Hubbard's affairs while his lawyers Russell
McVeagh fought for money to represent him.

The Herald says the High Court at Wellington ruled in March that
Mr. Hubbard's statutory managers should pay the legal bill from
the Hubbard assets they controlled.

The sum of NZ$1 million was paid on Monday to Russell McVeagh, the
Herald reports.

SFO chief executive Adam Feeley told the Herald on Tuesday that he
understood the legal representation issue was largely resolved,
clearing the way for discussions to resume.

"Discussions are imminent," Mr. Feeley told the Herald.  "It is my
hope at the end of that we will be in position to make a decision
on the matter."

The Herald recalls that the SFO began its investigation last
June after Mr. Hubbard and a number of his companies were put into
statutory management.  South Canterbury Finance, which Mr. Hubbard
founded, was not part of the investigation.

In the High Court at Wellington, the Herald says, Justice Lester
Chisholm said it was imperative that Mr. Hubbard and his wife Jean
had legal representation during the SFO investigation.

                       About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities.  The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti.  Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.

The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.


CHRISTIE GARDEN: Liquidator in Talks With Prospective Buyer
-----------------------------------------------------------
Simon Hartley at Otago Daily Times reports that Christie Garden
Products was placed in voluntary liquidation on May 13, 2011, by
owner David Christie.  The company owes almost NZ$600,000.

Otago Daily relates that Insolvency Management Ltd. liquidator Gus
Jenkins said he was in discussions with a "prospective purchaser"
and was hopeful that by next month a decision might be made on its
future.  The liquidator is yet to be determined how much assets
the company has against the $594,026 debt, the report says.

At present, Otago Daily discloses, there are 36 known unsecured
creditors, owed more than NZ$109,000, four preferential creditors,
including Inland Revenue, owed more than NZ$56,000 and six secured
creditors, with security interests registered with the Personal
Property Securities Register, who are owed more than NZ$427,000.
The latter creditors include the ANZ bank, Steel & Tube and Marac
Finance, the report notes.

Mr. Jenkins said until the value of all assets could be
determined, it was not possible to determine whether a dividend
would be paid to creditors, Otago Daily adds.

Christie Garden Products manufactured garden products; mainly
sheds and glasshouses and traded out of South Dunedin.


WELLINGTON PHOENIX: No Plans to Rescue Phoenix Yet, NZF Says
------------------------------------------------------------
Radio Sport reports that New Zealand Football aren't running to
the rescue of the Wellington Phoenix, just yet.

Radio Sport says property developer and Wellington Phoenix
football team owner, Terry Serepisos, is again before the courts,
facing new bankruptcy proceedings.

According to Radio Sport, New Zealand Football chief executive
Grant McKavanagh said for the time being they have to wait to see
what happens with Mr. Serepisos.

Radio Sport relates that Mr. McKavanagh said New Zealand Football
aren't responsible to take on a privately owned football team in a
franchise league.

                          Bankruptcy Proceedings

The National Business Review reports that property developer Terry
Serepisos' application to have two bankruptcy notices ruled
invalid has failed, and his lawyer Justin Toebes has withdrawn as
his counsel.

NBR relates that Mr. Serepisos had applied to have the notices,
related to loans from FM Custodians to Mr. Serepisos' New
Millennium Design and Century City Developments, set aside.
Mr. Serepisos owed the money because he had personally guaranteed
both loans.

NBR notes that the initial loans were for more than NZ$6 million,
about NZ$5 million of which was still owed.

In the Wellington High Court Monday, NBR relates, Mr. Serepisos'
lawyer Justin Toebes sought leave from Associate Judge David
Gendall to withdraw as defence counsel.  He said he understood
that Mr. Serepisos was not going to hire another lawyer to take
the case.

According to NBR, Mr. Toebes told the court that his client knew
that he was going to withdraw as his counsel and, that should no
alternative counsel appear in court, his applications would more
than likely be dismissed.  Neither Mr. Serepisos nor another
lawyer appeared in court.

Canterbury Mortgage Trust, operating under the FM Custodians
umbrella, can now give Mr. Serepisos notice that it intends to ask
the court to make him bankrupt, NBR reports.

In dismissing the notices, says NBR, Associate Judge Gendall said
that on the basis of the material before the court, they had
little chance of succeeding anyway.

He said despite Mr. Serepisos contending that FM Custodians had
security for the loans in the form of secured properties, it had
been estimated that a sale of those properties would fall NZ$2.3
million short of what was owed, NBR adds.

As reported in the Troubled Company Reporter-Asia Pacific on
April 4, 2011, The Dominion Post said Mr. Serepisos faced another
court claim for unpaid debts, this time for NZ$1.15 million.  The
latest claim comes from financier Foundation Custodians, which is
suing Mr. Serepisos over guarantees he gave for a loan made to one
of his companies, New Millennium Design, in December 2007.
Foundation Custodians has filed papers in the High Court at
Wellington seeking summary judgment against Mr. Serepisos for
NZ$1,158,387.65 plus interest that, as from Jan. 18, 2011, is
being claimed at 14%.  This comes on top of another creditor, FM
Custodians, taking steps to begin bankruptcy proceedings for
NZ$6.1 million, also owing under personal guarantees made for
loans to his companies.

Wellington Phoenix FC is a professional football team based in
New Zealand.


WENSLEY DEV.: Liquidators Won't Cancel Pre-Liquidation Sale
-----------------------------------------------------------
John Edens at The Southland Times reports that investigators have
decided not to cancel a sale of assets agreement following the
liquidation Wensley Developments The Marina Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 1, 2010, The Southland Times said Associate Judge Osborne at
the High Court at Invercargill placed Wensley Developments The
Marina Ltd into liquidation.  Associate Judge Osborne appointed
David Crichton and Keiran Horne, of HFK Chartered Accountants, as
liquidators.  The application for liquidation was lodged by the
Inland Revenue Department in an attempt to recoup NZ$564,212.15
owed in GST, late payment penalties and interest.

The Southland Times, citing the latest liquidators' report, says
the firm's assets were sold before liquidation.

According to The Southland Times, the liquidators' report revealed
that investigations concluded there was no benefit to voiding or
unwinding the transaction.

The value of assets was more than the amount recoverable through
liquidation and it was in the best interests of creditors to take
no further action, The Southland Times notes.

Liquidators said in its report that they also incurred additional
costs because of continuing litigation.

The Southland Times relates that the liquidators investigated
assets, liaised with the IRD and used correspondence with the
director and shareholders to probe an overdrawn current account
and the ability to repay.

The liquidators, The Southland Times says, also investigated
actions against the director, including alleged reckless and
insolvent trading, and the director's personal liability -- if any
-- for unpaid preferential tax debts,

"(Unfortunately there is) little or no return to creditors at this
stage," the liquidators' report said, according to The Southland
Times.

The liquidators' report said it was unlikely unsecured creditors
would receive any dividends and it was not possible to say when
liquidation would be complete, The Southland Times adds.

Wensley Developments The Marina Ltd is the company behind the
NZ$37 million, 28-unit Marina Baches at the Frankton Marina in
Queenstown.


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


ALPHOMEGA RESEARCH: Court to Hear Wind-Up Petition on June 3
-------------------------------------------------------------
A petition to wind up the operations of Alphomega Research Group
Ltd (formerly known as Alphomega Research Group Pte Ltd) will be
heard before the High Court of Singapore on June 3, 2011, at
10:00 a.m.

Ali Habib filed the petition against the company on April 27,
2011.

The Petitioner's solicitors are:

          Messrs Harpal Mahtani Partnership
          20 Malacca Street #06-00
          Malacca Centre
          Singapore 048979


BT MARINE: Creditors' Proofs of Debt Due June 24
------------------------------------------------
Creditors of BT Marine Private Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by June 24, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Andrew Grimmett
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


EGO'S KTV: Creditors Get 45.1732% Recovery on Claims
----------------------------------------------------
Ego's Ktv Entertainment Pte Ltd will declare the first interim
dividend to its creditors on June 2, 2011.

The company will pay 45.1732% to the received claims.

The company's liquidator is:

          Aw Eng Hai
          47 Hill Street #05-01
          Singapore Chinese Chamber of Commerce & Industry
          Building
          Singapore 179365


FUTURESTEEL ENGINEERING: Creditors' Meetings Set for May 30
------------------------------------------------------------
Futuresteel Engineering Pte Ltd, which is in liquidation, will
hold a meeting for its creditors on May 30, 2011, at 3:00 p.m., at
1 Claymore Drive, #08-11 Orchard Towers (Rear Block), in Singapore
229594.

Agenda of the meeting includes:

   a. to receive a report from the Liquidator;

   b. to approve liquidator's fee and disbursements; and

   c. discuss other business.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Towers (Rear Block)
         Singapore 229594


                             *********

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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