TCRAP_Public/110718.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, July 18, 2011, Vol. 14, No. 140

                            Headlines

A U S T R A L I A

SMART SERIES: Fitch Assigns 'BB(EXP)sf' to AUD13.38M Class E Notes
SMART SERIES: Moody's Rates AUD13.38MM Class E Notes at 'Ba2'


C H I N A

CHINA CONSTRUCTION: Fitch Withdraws Ratings
* CHINA: Starts Forming Bankruptcy Rules for Lenders


H O N G  K O N G

139 MOBILE: Ho and Kong Step Down as Liquidators
BAYLIS & HARDING: Members' Final Meeting Set for August 15
CENTALIC TRADING: Placed Under Voluntary Wind-Up Proceedings
CHINA EAST: Ngan Lin Chun Esther Steps Down as Liquidator
CROCKETT INTERNATIONAL: Creditors' Proofs of Debt Due August 15

CRYSTAL CHANT: Members' Final Meeting Set for August 16
EDWIN CHENG: Creditors' Proofs of Debt Due August 15
EXCESSWAY INVESTMENT: Members' Final Meeting Set for August 16
GRAND SILVER: Creditors' Proofs of Debt Due August 15
HK DIGESTIVE: Placed Under Voluntary Wind-Up Proceedings

KASON DEVELOPMENT: Creditors' Meeting Set for July 26
MF ASSET: Briscoe and Wong Step Down as Liquidators
NORTHERN STAR: Members' Final Meeting Set for August 15
ORIENT KING: Members' Final Meeting Set for August 22
SAN SHAN: Kenny King Ching Tam Steps Down as Liquidator


I N D I A

AB&CO GLOBAL: CRISIL Puts 'BB-' Rating on INR50MM Letter of Credit
ADMACH AUTO: CRISIL Assigns 'BB+' Rating to INR40.4MM Term Loan
EMERGENCY MEDICAL: CRISIL Puts 'D' Rating on INR25MM Cash Credit
FASTLANE DISTRIPARKS: CRISIL Cuts Rating on INR1.1BB LT Loan
GREEN VALLIEY: CRISIL Assigns 'D' Rating to INR1.3BB Term Loan

HUMA ENTERPRISES: CRISIL Places 'BB-' Rating on INR50M Cash Credit
INDIAN BANK: Fitch Assigns 'C/D' Individual Rating
INDIAN BANK: S&P Rates Upper Tier II & Hybrid Tier I Notes 'BB'
JINDAL INDIA: Fitch Rates INR1.55B LT Bank Loans at 'BB(ind)'
KALYANPUR CEMENT: Fitch Downgrades INR1.17B NCDs to 'D(ind)(exp)'

KHARVEL SALES: CRISIL Rates INR70MM Cash Credit at 'B'
NORTECH POWER: CRISIL Assigns 'C' Rating to INR70MM Cash Credit
PADMAVATI PULP: CRISIL Assigns ' B+' Rating to INR58.4MM Term Loan
RASAA FOODS: CRISIL Assigns 'D' Rating to INR60 Million LT Loan
SOVEREIGN DIAMONDS: CRISIL Assigns 'BB-' Rating to INR135MM Credit

SUCHI FASTENERS: CRISIL Rates INR28.8MM Term Loan at 'BB-'
* INDIA: Fitch Affirms, Withdraws Ratings of Select Banks


I N D O N E S I A

* INDONESIA: Fitch Withdraws Individual Ratings of 7 Banks


N E W  Z E A L A N D

HURLSTONE GROUP: Appoints Ferrier Hodgson as Receivers
STEVE ROUT: Owes More Than NZ$11 Million to Creditors


S I N G A P O R E

CELESTIAL NUTRIFOODS: Provisional Liquidator Starts Probe


T A I W A N

AMERICAN INTERNATIONAL: FSC Gives Final Approval to Nan Shan Sale


V I E T N A M

BANK FOR INVESTMENT: Fitch Affirms, Withdraws Ratings


                            - - - - -


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


SMART SERIES: Fitch Assigns 'BB(EXP)sf' to AUD13.38M Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned SMART Series 2011-2US Trust notes
expected ratings.  The transaction is an asset-backed
securitization backed by automotive lease receivables originated
by Macquarie Leasing Pty Limited (Macquarie Leasing).

   -- USD90.00 million Class A-1 notes: 'F1+(EXP)sf';

   -- USD140.00 million Class A-2 (a & b) notes: 'AAA(EXP)sf';
      Outlook Stable; Loss Severity rating at 'LS1';

   -- USD142.00 million Class A-3 (a & b) notes: 'AAA(EXP)sf';
      Outlook Stable; Loss Severity rating at 'LS1';

   -- USD128.00 million Class A-4 (a & b) notes: 'AAA(EXP)sf';
      Outlook Stable; Loss Severity rating at 'LS1';

   -- AUD12.04 million Class B notes: 'AA(EXP)sf'; Outlook Stable;
      Loss Severity rating at 'LS3';

   -- AUD14.71 million Class C notes: 'A(EXP)sf'; Outlook Stable;
      Loss Severity rating at 'LS3';

   -- AUD13.38 million Class D notes: 'BBB(EXP)sf'; Outlook
      Stable; Loss Severity rating at 'LS3';

   -- AUD13.38 million Class E notes: 'BB(EXP)sf'; Outlook Stable;
      Loss Severity rating at 'LS3'; and

   -- AUD5.35 million seller notes: not rated.

The final ratings are contingent on receipt of final documents
conforming to information already received.

"This transaction marks Macquarie Leasing's second foray into the
US market for 2011," said James Leung, Associate Director in
Fitch's Structured Finance team. "While predominantly very similar
to previous SMART deals, this transaction is notable for its lower
levels of seasoning."

The notes have been issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2011-1US Trust. SMART Series 2011-2US
Trust is a legally distinct trust established pursuant to a master
trust and security trust deed.

At the cut-off date, the Macquarie Leasing's representative
collateral portfolio consisted of 32,258 automotive lease
receivables totaling approximately AUD1,150.6 million, with an
average size of AUD35,670. The pool comprises passenger and light
commercial vehicle lease receivables from Australian residents
across the country, consisting of amortizing principal and
interest leases with varying balloon amounts payable at maturity.
The weighted average balloon payment for the portfolio is 26.1%
(percentage of leases' original balance). The majority of leases
consist of novated contracts (54.1%), where the lease is novated
to the employer in salary packaging arrangements. Historical gross
loss rates by quarterly vintage on passenger vehicle leases
originated by Macquarie Leasing ranged between 0.6% and 1.5%, and
from 0.5% to 4.0% for light commercial.

The expected Short-Term 'F1+(EXP)sf' Rating assigned to the Class
A-1 notes and the expected Long-Term 'AAA(EXP)sf' Rating with
Stable Outlook assigned to the Class A-2a, A-2b, A-3a, A-3b, A-4a
and A-4b notes, are based on: the quality of the collateral; the
11.0% credit enhancement provided by the subordinate Class B, C, D
and E notes and the unrated seller notes and excess spread; the
liquidity reserve account sized at 1.0% of the aggregate invested
amount of the notes at closing; the interest rate swap
arrangements the trustee has entered into with Macquarie Bank Ltd
('A+'/Outlook Stable/'F1'); and Macquarie Leasing Pty Ltd's lease
underwriting and servicing capabilities.

The expected ratings assigned to the other classes of notes are
based on all the strengths supporting the Class A notes, excluding
their credit enhancement levels, but including the credit
enhancement provided by each class of notes' respective
subordinate notes.


SMART SERIES: Moody's Rates AUD13.38MM Class E Notes at 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2011-2US Trust.

Issuer: SMART Series 2011-2US Trust

   -- USD90.0 million Class A-1 Notes, Assigned (P)P-1 (sf);

   -- USD140.0 million Class A-2 Notes, Assigned (P)Aaa (sf);

   -- USD142.0 million Class A-3 Notes, Assigned (P)Aaa (sf);

   -- USD128.0 million Class A-4 Notes, Assigned (P)Aaa (sf);

   -- AUD12.04 million Class B Notes, Assigned (P)Aa2 (sf);

   -- AUD14.71 million Class C Notes, Assigned (P)A2 (sf);

   -- AUD13.38 million Class D Notes, Assigned (P)Baa2 (sf);

   -- AUD13.38 million Class E Notes, Assigned (P)Ba2 (sf).

The AUD 5.35 million Seller Notes are not rated by Moody's.

The Class A-1 Notes will be fixed rate notes. The Class A-2, Class
A-3 and Class A-4 Notes may be offered as either fixed or floating
rate notes. Where the Class A-2, Class A-3 fixed and floating rate
notes are offered, the notes will be issued as Class A-2a, Class
A-2b, Class A-3a, Class A-3b, Class A-4a and Class A-4b
respectively.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited ("Macquarie").

"This is the third Australian ABS transaction targeted at the US
market, following Macquarie's previous USD deals in July 2010 and
March 2011", says Treasa Boyle, Moody's lead analyst for the
transaction. "Whilst to date Macquarie has been the only
Australian ABS issuer to go to the US, CFAL issued a GBP deal in
June 2011, indicating that offshore markets are becoming more
important in the long-run", she adds.

Ratings Rationale

In broad terms SMART Series 2011-2US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie, and
closely follows the structure seen in SMART Series 2011-1US Trust.
Notable features of the transaction include the conservative
composition of the receivables pool backing the transaction, the
USD-denominated senior notes and the pro-rata principal repayment
profile.

The pool includes a relatively high percentage of novated leases
(54%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion, motor
vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2011-2US Trust pool as more conservatively structured than
peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be repaid
on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal will include a minimum of four (and up to seven in the
event both fixed and floating rate notes are issued) senior, USD-
denominated tranches. The Class A-1 Notes are fast-pay money-
market notes, rated P-1. The Class A Notes will be repaid
sequentially within the Class A Note allocation. The ratings are
based on the credit enhancement provided by the subordinated notes
and the liquidity reserve, in total equal to 12% for the Class A
Notes.

An unusual feature of the transaction is that the maturity dates
of the Class A Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortisation 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 A notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A Notes by the maturity dates in
full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40%. These imply a expected (net) loss of 1.08%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.26% and 50-55%
respectively.

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 by the legal final
maturity.

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, we note 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, for instance, we have been
provided with detailed vintage and individual default data for the
1998-2010 period. In addition, we observe that Australian auto
ABS, and specifically past SMART transactions, have to date been
performing stably. This allows Moody's to have a material degree
of comfort with regard to assumptions made in rating the SMART
Series 2011-2US Trust.

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 Asia/Pacific RMBS
Sector", published in March 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 expected
loss and the Aaa credit enhancement - 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 SMART Series 2011-2US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the default
rate rises to 3.60% (double of Moody's assumption of 1.80%).
Similarly, high investment grade ratings are maintained when the
base recovery rate is stressed from the assumed 40% to 20%
(holding other factors, including the assumed default rate of
1.80% constant). Where the default rate assumption doubles and the
recovery rate assumption halves, the rating drops to A2.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities", published
in July 2009. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.


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


CHINA CONSTRUCTION: Fitch Withdraws Ratings
-------------------------------------------
Fitch Ratings has withdrawn China Construction Bank (Asia) Finance
Limited's ratings.  The withdrawal follows a reorganization of the
rated entity involving the transfer of a majority of CCBAF's
assets and liabilities to its parent, China Construction Bank
(Asia) Corporation Limited, and, consequently, its effective
cessation of business.

The ratings of CCBAF at the time of withdrawal were:

   -- Long-Term Local Currency Issuer Default Rating of 'BBB',
      Outlook Positive

   -- Short-Term Local Currency Issuer Default Rating of 'F2'

   -- Individual Rating of 'D'

   -- Support Rating of '2'


* CHINA: Starts Forming Bankruptcy Rules for Lenders
----------------------------------------------------
According to Bloomberg News, Caixin online, citing an unidentified
official at the China Banking Regulatory Commission, reported that
the commission has began working on bankruptcy rules for domestic
banks.

Bloomberg relates that Caixin said early work on the rules
includes a study of framework principles and articles for the
rules by using bankruptcy scenarios from other countries as
reference.  Caixin, as cited by Bloomberg, said it's still too
early to seek opinions on the rules from other government
departments.

Bloomberg notes that Caixin, citing the official as saying,
reported that there isn't a time frame for the introduction of the
rules and it hasn't been decided if the rules will be introduced
at the same time as deposit insurance regulations.


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


139 MOBILE: Ho and Kong Step Down as Liquidators
------------------------------------------------
Ho Man Kit and Kong Sau Wai stepped down as liquidators of 139
Mobile Internet (Hong Kong) Limited on July 6, 2011.


BAYLIS & HARDING: Members' Final Meeting Set for August 15
----------------------------------------------------------
Members of Baylis & Harding (Asia) Limited will hold their final
general meeting on Aug. 15, 2011, at 2:30 p.m., at Unit 1618, 16th
Floor, Miramar Tower, 132 Nathan Road Tsim Sha Tsui, in Kowloon.

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


CENTALIC TRADING: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on July 11, 2011,
creditors of Centalic Trading Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Au Wing Ip
         6B, Cameron Plaza
         23 Cameron Road
         Tsimshatsui, Kowloon
         Hong Kong


CHINA EAST: Ngan Lin Chun Esther Steps Down as Liquidator
---------------------------------------------------------
Ngan Lin Chun Esther stepped down as liquidator of China East
Shipping Limited on July 11, 2011.


CROCKETT INTERNATIONAL: Creditors' Proofs of Debt Due August 15
---------------------------------------------------------------
Creditors of Crockett International Asia Pacific Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 15, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 8, 2011.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord
         Tower 2, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


CRYSTAL CHANT: Members' Final Meeting Set for August 16
-------------------------------------------------------
Members of Crystal Chant Limited will hold their final meeting on
Aug. 16, 2011, at 2:30 p.m., at Unit 511, 5/F, Tower 1,
Silvercord, at 30 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.

At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


EDWIN CHENG: Creditors' Proofs of Debt Due August 15
----------------------------------------------------
Creditors of Edwin Cheng Foundation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 15, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 27, 2011.

The company's liquidator is:

         Ng Kin Yung Tony
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


EXCESSWAY INVESTMENT: Members' Final Meeting Set for August 16
--------------------------------------------------------------
Members of Excessway Investment Limited will hold their final
general meeting on Aug. 16, 2011, at 11:00 a.m., at 62/F, One
Island East, 18 Westlands Road, Island East, in Hong Kong.

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


GRAND SILVER: Creditors' Proofs of Debt Due August 15
-----------------------------------------------------
Creditors of Grand Silver International Management Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Aug. 15, 2011, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 5, 2011.

The company's liquidator is:

         Sung Mi Yin
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


HK DIGESTIVE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on June 24, 2011,
creditors of The Hong Kong Digestive Foundation resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Chu King Hei Victor
         Rooms 905-909, Yu To Sang Building
         37 Queen's Road
         Central, Hong Kong


KASON DEVELOPMENT: Creditors' Meeting Set for July 26
-----------------------------------------------------
Creditors of Kason Development Limited will hold their meeting on
July 26, 2011, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.

The meeting will be held at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.


MF ASSET: Briscoe and Wong Step Down as Liquidators
---------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
MF Asset Management Hong Kong Limited on July 5, 2011.


NORTHERN STAR: Members' Final Meeting Set for August 15
-------------------------------------------------------
Members of Northern Star International Group Hong Kong Limited
will hold their final meeting on Aug. 15, 2011, at 11:00 a.m., at
Rooms 1801-05, Hua Qin International Building, 340 Queen's Road,
Central, in Hong Kong.

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


ORIENT KING: Members' Final Meeting Set for August 22
-----------------------------------------------------
Members of Orient King Limited will hold their final meeting on
Aug. 22, 2011, at 11:30 a.m., at 17th Floor, Shun Kwong Commercial
Building, No. 8 Des Voeux Road West, Sheung Wan, in Hong Kong.

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


SAN SHAN: Kenny King Ching Tam Steps Down as Liquidator
-------------------------------------------------------
Kenny King Ching Tam stepped down as liquidator of San Shan Rhone
Group Limited on June 28, 2011.


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


AB&CO GLOBAL: CRISIL Puts 'BB-' Rating on INR50MM Letter of Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of AB&Co Global Pvt Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR50-Mil. Letter of Credit      CRISIL BB-/Stable (Assigned)

   INR300-Mil. Letter of Credit     CRISIL A4+ (Assigned)

   INR150-Mil. Proposed Short-Term  CRISIL A4+ (Assigned)
               Bank Loan Facility

The ratings reflect ABC's moderate financial risk profile, marked
by small net worth and high dependence on external funding. This
weakness is partially offset by ABC's established supplier and
customer relationship.

Outlook: Stable

CRISIL expects ABC to maintain stable business and financial risk
profiles in the medium term, on the back of experience of
promoters along with established relations with suppliers &
customers. The outlook may be revised to 'Positive' if the company
reports higher than expected growth in revenues and profitability
while maintaining its debt protection metrics. The outlook may be
revised to 'Negative' in case of slowdown in ABC revenue growth or
significant deterioration in its debt protection metrics.

                         About AB&Co Global

ABC incorporated in 2007,is a private limited company that trades
in various products such as mild steel ingots, angles, plates,
rounds, cotton fabrics, yarn, vitrified tiles, and copper,
depending on demand and customer requirement. The company imports
the products from suppliers in China, Turkey, and the UAE and
sells in the domestic market. Its customers mainly comprise
domestic engineering, chemical and textile companies. The company
is managed by Mr. Natwar Agarwal and his brother Mr. Sunil
Agarwal. The company's registered office is in Mumbai.

ABC reported profit after tax (PAT) of INR5.43 million on sales of
INR854.7 million for 2010-11 on provisional basis (refers to
financial year, April 1 to March 31), against a PAT of INR3.44
million on sales of INR587.5 million for 2009-10.


ADMACH AUTO: CRISIL Assigns 'BB+' Rating to INR40.4MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the bank
facilities of Admach Auto Industries (I) Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR40.4 Million Medium Term Loan   CRISIL BB+/Stable (Assigned)
   INR50.0 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR7.5-Mil. Standby Line of Credit CRISIL BB+/Stable (Assigned)
   INR22.1 Million Proposed LT Bank   CRISIL BB+/Stable (Assigned)
                   Loan Facility

The ratings reflect Admach's established presence in the brakes
system components business supported by extensive experience of
promoters and moderate financial risk profile. These strengths are
partially offset by susceptibility of its margins to pricing
pressures and volatility in raw material prices and moderate scale
of operations in the highly fragmented automotive components
industry.

Outlook: Stable

CRISIL believes that Admach will benefit over the medium term from
its promoters' extensive experience and established relationships
with suppliers and customers. The outlook may be revised to
'Positive' if the company is able to increase its scale of
operations while maintaining its operating margin, or in case of
significant improvement in net worth, on the back of equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if larger-than-expected working capital requirements or
lower-than-expected off-take from the proposed capex, adversely
affects the company's financial risk and liquidity profile.

                         About Admach Auto

Incorporated in 1993, Admach was promoted by Mr. Manoj Tantia and
Mr. S S Jain. It manufactures backing plates, brake shoes, and
drum back plates for two wheelers, passenger cars, and commercial
vehicles. The company's two manufacturing plants in Faridabad
(Haryana) and Chennai have the capacity to manufacture 25 million
pieces per annum. The company plans to increase its manufacturing
capacity by 4.5 million pieces per day in Chennai by installing
six new machines for an estimated cost of INR40 million; 75 per
cent of the cost would be funded by debt while the remainder will
be funded by the promoters . The incremental capacity is expected
to be operational by December 2011.

Admach, on a provisional basis, reported a profit after tax (PAT)
of INR14.6 million on sales of INR344.2 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR8.9 million on sales of INR231.9 million for 2009-10.


EMERGENCY MEDICAL: CRISIL Puts 'D' Rating on INR25MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Emergency Medical Care Hospital.

   Facilities                         Ratings
   ----------                         -------
   INR25.0 Million Cash Credit        CRISIL D (Assigned)
   INR58.8 Million Rupee Term Loan    CRISIL D (Assigned)

The rating reflects instances of delay by EMCH in servicing its
debt; the delays have been caused the hospital's weak liquidity.

EMCH also has a weak financial risk profile, marked by small net
worth and high gearing, small scale of operations, and geographic
concentration. These rating weaknesses are partially offset by
EMCH's comfortable operating margin and moderate debt protection
metrics.

EMCH was set up in 2003 by Mr. Pawan Arora. The firm has set up a
235-bed (210 operational) multi-speciality hospital in Amritsar
(Punjab). It has three units; all are multi-speciality hospitals
and in Amritsar. EMCH provides tertiary healthcare services in
multi-speciality areas with a focus on gastroenterology,
neurology, orthopaedics, and general surgery in the first two
units. In May 2008, the management acquired the third unit on
lease with a focus on cardiology. EMCH has also bagged an approval
for providing a Diploma in National Board (DNB). The eight-seat
medical college proposes to commence the diploma in 2011-12.

EMCH reported a profit after tax (PAT) of INR3.3 million on net
sales of INR100 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.7 million on net
sales of INR61 million for 2008-09.


FASTLANE DISTRIPARKS: CRISIL Cuts Rating on INR1.1BB LT Loan
------------------------------------------------------------
CRISIL has downgraded its rating on Fastlane Distriparks &
Logistics Ltd's long-term bank facilities to 'CRISIL D' from
'CRISIL BB/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR1100 Million Long-Term Loans    CRISIL D (Downgraded from
                                               'CRISIL BB/Stable')

The downgrade follows the delays by Fastlane in servicing its
interest payment obligations. The company's ongoing Container
Freight Station (CFS) project near Jawaharlal Nehru Port in Navi
Mumbai (Maharashtra) has not been completed as scheduled,
affecting cash flow generation and hence the company's liquidity.
However, the company has started generating small revenues through
warehousing activity since January 2011. Fastlane is currently
rescheduling its term loan repayments; these are pending approval
from lenders.

Fastlane remains exposed to volatility in export-import trade, to
intense competition among CFS operators at JN Port, and to
competition from other ports to JNPT. Fastlane, however, benefits
from its parent, SKIL infrastructure Ltd's experience in setting
up infrastructure projects.

                      About Fastlane Distriparks

Fastlane is developing the CFS at a distance of 12.5 kilometres
from JNPT. Spread over 73 acres, the CFS includes a covered
warehousing area, and will have a capacity of handling 400,000
twenty-foot-equivalent units per annum. The CFS activities, which
were expected to commence by June 2010 is delayed and expected to
start by June 2012. The company has however started generating
small revenues through warehousing activity since January 2011.
Horizon Country Wide Logistics Ltd (Horizon) holds a 52 per cent
stake in Fastlane. Horizon, in turn, is a subsidiary of SKIL,
promoted by Mr. Nikhil Gandhi. SKIL's principal business is
infrastructure development. SKIL developed India's first private
sector port at Pipavav in 1990, Pipavav Railway Corporation Ltd as
a joint venture with the Ministry of Railways in 1999, and Pipavav
Shipyard Ltd in 1997.

The project cost for developing the CFS is estimated at INR1.86
billion, to be funded in a debt-to-equity ratio of 1.5:1.  The
promoters and other financial investors have brought in INR741.8
million of equity and raised INR 660.0 million of term loans for
the project as on March 31, 2011.


GREEN VALLIEY: CRISIL Assigns 'D' Rating to INR1.3BB Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Green Valliey Industries Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR1.3 Billion Term Loan         CRISIL D (Assigned)
   INR250 Million Cash Credit       CRISIL D (Assigned)

The rating reflects instances of delay by GVIL in servicing its
debt obligations; the delays have been caused by the company's
weak liquidity.

GVIL is also exposed to vulnerability to cyclicality in cement
industry. This rating weakness is partially offset by benefits
that GVIL derives from the high demand and fiscal incentives
offered to players operating in North East India.

                        About Green Valliey

GVIL is a part of the GNG group based in Kolkata (West Bengal)
that trades minerals such as iron ore fines, chrome, manganese,
and limestone. GVIL manufactures ordinary portland cement (OPC)
and portland pozzolana cement (PPC) grade cement in Nongsning
Village, Meghalaya. The plant started commercial operations from
February 2011 and has total installed capacity of 0.5 million
tonnes per annum, including a 12-megawatt DG power set. The total
project cost was around INR2520 million, funded through term loan
of INR1300 million, promoter's equity of INR580 million, and
unsecured loans of INR640 million.


HUMA ENTERPRISES: CRISIL Places 'BB-' Rating on INR50M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Huma Enterprises & Consultants Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50.0 Million Cash Credit        CRISIL BB-/Stable (Assigned)

   INR50.0 Million Proposed Cash      CRISIL BB-/Stable (Assigned)
                   Credit Limit

   INR150.0 Million Bank Guarantee    CRISIL A4+ (Assigned)

   INR50.0 Million Proposed Bank      CRISIL A4+ (Assigned)
                    Guarantee

   INR100.0 Million Proposed Letter   CRISIL A4+ (Assigned)
                    of Credit

The ratings reflect the benefits that Huma derives from its
promoter's industry experience, moderate order book position, and
above-average financial risk profile, marked by low gearing and
strong debt protection metrics. These strengths are partially
offset by Huma's large working capital requirements and the
vulnerability of its margins to volatility in raw material prices.

Outlook: Stable

CRISIL believes that Huma will maintain its business risk profile
over the medium term, supported by its promoters' industry
experience and moderate order book. Its large working capital
requirements will, however, constrain its liquidity. The outlook
may be revised to 'Positive' in case the company substantially
improves its scale of operations and profitability while
maintaining its comfortable capital structure, or if there is
improvement in its liquidity, due to improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' in case Huma's order flow is impacted by a decline in
its topline and cash accruals, or in case of a further stretch in
its receivables, resulting in deterioration in its financial risk
profile, particularly its liquidity.

                     About Huma Enterprises

Huma was incorporated in 2002, promoted by Mr. Niyaz Ahmed Khan.
The company undertakes turnkey erection and commission of
structures for power transmission and distribution lines and sub-
stations. The company, located in Guwahati (Assam), was initially
a sub-contractor executing similar small size projects in North
East India. It began participating in large contracts in 2007. The
company is also into power trading, but on a small scale.

Huma is expected to report a profit after tax (PAT) of INR44
million on net sales of INR1002 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR35
million on net sales of INR793 million for 2009-10.


INDIAN BANK: Fitch Assigns 'C/D' Individual Rating
--------------------------------------------------
Fitch Ratings has assigned Indian Bank's foreign currency senior
unsecured notes, to be issued under its proposed USD1 billion
medium term notes (MTN) programme, an expected rating of 'BBB-
(exp)'.  The final rating is contingent on the receipt of final
documents conforming to information already received.

IB is a government bank with over 1,860 branches across India, one
branch in Singapore and two in Sri Lanka. It has a particularly
strong presence in Tamil Nadu.

IB's other ratings are:

   -- Long-Term Foreign Currency Issuer Default Rating: 'BBB-';
      Outlook Stable

   -- Short-term Foreign Currency Issuer Default Rating: 'F3'

   -- Support Rating Floor: 'BB+'

   -- National Long-term rating: 'AA+(ind)'; Outlook Stable

   -- National Short-term rating: 'F1+(ind)'.

   -- Individual rating: 'C/D'

   -- Support rating: '3'

   -- INR80bn certificate of deposit programme: 'F1+(ind)'

   -- INR3bn lower tier 2 subordinated debt programme: 'AA+(ind)'


INDIAN BANK: S&P Rates Upper Tier II & Hybrid Tier I Notes 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its issue ratings to
the proposed notes under the $1 billion medium-term notes (MTN)
program by Indian Bank (BBB-/Stable/A-3):

    'BBB-' to the senior unsecured notes.
    'BB+' to the lower Tier II subordinated notes.
    'BB' to the upper Tier II subordinated notes.
    'BB' to the perpetual hybrid Tier I notes.

The lower Tier II subordinated notes will have a minimum maturity
of five years unless issued between Jan. 1 and March 31 of any
year, in which case the maturity will be 63 months. The upper Tier
II subordinated notes will have a minimum maturity of 15 years.

The senior unsecured notes will constitute direct, unconditional,
unsecured, and unsubordinated obligations of Indian Bank. They
will rank pari passu with all of the bank's unsecured and
unsubordinated obligations. The subordinated notes will rank below
the senior notes. The upper Tier II notes will be further
subordinated to the lower Tier II notes. The hybrid Tier I notes
will rank below the senior and subordinated notes but above the
claims of preference and equity shareholders.

"We equalized the rating on the program's senior unsecured debt to
the counterparty credit rating on Indian Bank. The rating
differential between the senior unsecured notes and the lower Tier
II subordinated notes reflects the subordinated nature of the
notes. The 'BB' rating on the upper Tier II subordinated notes and
the hybrid Tier I notes reflects the subordinated nature of these
notes and the embedded interest deferral option on these notes,"
S&P related.

The interest deferral feature is linked to Indian Bank complying
with the capital to risk (weighted) assets ratio (CRAR)
requirement and passing a profit test. The profit test is, in
turn, linked to the balance in the profit and loss account in the
reserves and surplus section of a bank's balance sheet. A net loss
is defined as a negative balance in this account.

Indian Bank will require the Reserve Bank of India's permission to
pay interest on the upper Tier II and hybrid Tier I notes if it
meets the CRAR requirement but reports a net loss. On the other
hand, skipping interest payments is mandatory for the upper Tier
II notes and optional for hybrid Tier I notes if the bank doesn't
meet the CRAR requirement and reports a net loss.

"We consider the hybrid Tier I notes to have intermediate-strong
equity content. We will, therefore, give the notes equity credit
up to 33% of the bank's adjusted common equity," S&P said.

Index-linked notes may be issued from the program. Under Standard
& Poor's rating criteria, it does not rate the bonds if principal
payments are linked to fluctuations in equity or commodity prices,
or equity or commodity indices.


JINDAL INDIA: Fitch Rates INR1.55B LT Bank Loans at 'BB(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India-based Jindal India Thermal Power
Ltd's additional sub debt these ratings:

   -- Phase II INR1,550m long-term subordinated bank loans:
      'BB(ind)'; Outlook Stable; and

   -- Phase III INR1,580m long term subordinated bank loans:
      'BB(ind)'; Outlook Stable.

The rating reflects the subordinated status of the junior loans,
however the differential to the senior loans is limited to one
notch as the size of the junior tranche is small.


KALYANPUR CEMENT: Fitch Downgrades INR1.17B NCDs to 'D(ind)(exp)'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Kalyanpur Cement
Limited's INR1,173 million zero coupon NCDs to 'D(ind)(exp)' from
'C(ind)(exp)' to reflect the agency's assessment that the company
has undergone a coercive debt exchange. Simultaneously, the agency
has re-assigned KCL a final rating of 'C(ind)' to reflect its
post-restructuring credit profile.

The downgrade reflects Fitch's treatment of KCL's financial
restructuring with its lender -- Vivid Colors Limited (VCL, a
strategic investor and shareholder of the company) as "coercive"
in line with its criteria on treatment of such restructurings. The
agency notes that the restructuring has not resulted in a
significant impairment of contractual terms for the creditors,
with the revised terms envisaging an extension in maturity.
However, in Fitch's view the restructuring was essential for KCL
to avoid a liquidity crunch and would have otherwise resulted in a
default on its debt obligations. The agency has therefore treated
the restructuring as an effective default.

Fitch has simultaneously re-assigned KCL a 'C(ind)' rating to
reflect that post the successful restructuring KCL's credit
profile benefits from an extended repayment schedule.

The restructuring reflects the deterioration in KCL's operating
performance during the financial year ended March 31, 2011 (FY11).
The company incurred operating losses in FY11 due to pressure on
its realizations and increased input cost. Its realization per
tonne declined to INR3,100 in FY11 from INR3,438 in FY10. Further,
Fitch expects KCL's operating performance to be under pressure due
to capacity additions and rising input costs.

Positive rating guidelines include an improvement in KCL's
liquidity position and/ or in its operating performance.

KCL is into manufacturing of cement with annual capacity of 1MT.
In FY11, KCL has earned revenue of INR2,376 million (FY10:
INR2,324 million), with EBITDA of INR19.6 million (FY10: INR197.5
million). The total liabilities on its books were INR2,291 million
at end-FY11.


KHARVEL SALES: CRISIL Rates INR70MM Cash Credit at 'B'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to
the bank facilities of Kharvel Sales Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         CRISIL B/Stable (Assigned)
   INR18 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect KSPL's weak financial risk profile, marked by
a small net worth, high gearing, low profitability, and weak debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of KSPL's promoters in trading spare parts of water
pump sets, diesel engines, and generators.

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's liquidity
improves - along with sustained improvement in financial risk
profile - through better inventory management or infusion of
equity by its promoters. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in KSPL's liquidity,
driven by increasing working capital requirements or significant
debt-funded capital expenditure plans.

                       About Kharvel Sales

Incorporated in 2008, KSPL trades spare parts of pump sets, diesel
engines, and generator sets. The company's promoters have been in
a similar line of business since 2000. KSPL purchases spares parts
from around 20 traders, importers, and manufacturers and sells the
same to around 40 dealers in West Bengal. On an average, the
company maintains inventory of around three months. KSPL also gets
spare parts manufactured on jobwork basis. The company's day-to-
day operations are managed by its promoter-directors Mr. Bhupendra
Kamdar and Mr. Bhaven Kamdar.

KSPL reported a profit after tax (PAT) of INR0.53 million on net
sales of INR435 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.46 million on net
sales of INR309 million for 2009-10.


NORTECH POWER: CRISIL Assigns 'C' Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Nortech Power Projects Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR70 Million Cash Credit         CRISIL C (Assigned)
   INR750 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect Nortech's poor liquidity, which have led to
delays in servicing of its debt (facility not rated by CRISIL),
geographic concentration in its revenue profile, small scale of
operations, and limited project diversity. These weaknesses are
partially offset by the extensive experience of Nortech's
promoters in the hydroelectric power industry.

                         About Nortech Power

Nortech is part of the Kolkata-based GNG group, which trades in
minerals such as iron ore fines, chrome, manganese, and limestone.
It undertakes engineering, procurement, and commissioning
contracts in the power and infrastructure sectors of north eastern
India. The company focuses on hydropower generation projects of
different ranges. These projects range from 5 to 10,000 kilowatts.

Nortech reported a profit after tax (PAT) of INR13.7 million on
sales of INR595.6 for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR5.2 million on sales of INR145.7
for 2008-09.


PADMAVATI PULP: CRISIL Assigns ' B+' Rating to INR58.4MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Padmavati Pulp and Paper Mills.

   Facilities                       Ratings
   ----------                       -------
   INR58.4 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR40 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR91.6 Million Proposed LT      CRISIL B+/Stable (Assigned)
           Bank Loan Facility

The rating reflect Padmavati Pulp and Paper Mills' modest
financial risk profile which is partially offset by the extensive
experience of Padmavati Pulp and Paper Mills' promoters in the
kraft paper manufacturing business.

Outlook: Stable

CRISIL expects Padmavati Pulp and Paper Mills to maintain its
business and financial risk profiles in the medium term, on the
back of extensive experience of promoters in the kraft paper
manufacturing industry. The outlook may be revised to 'Positive'
if the company reports substantial growth in scale of operations
while maintaining its profitability, capital structure and debt
protection indicators. Conversely, the outlook may be revised to
'Negative' in case of slowdown in Padmavati Pulp and Paper Mills'
revenue or significant deterioration in its profitability, capital
structure and debt protection indicators.

                       About Padmavati Pulp

Padmavati Pulp and Paper Mills is a partnership firm engaged in
manufacturing of kraft paper which is used for making corrugated
boxes. The firm was established in 2007 by Mr. Jayantilal Dedhia
and his family. Mr. Jayantilal Dedhia currently looks after the
overall operations of the company. The firm's manufacturing
facility is located at Ambernath, Maharashtra. The manufacturing
capacity is 100 MT per day.

Padmavati Pulp and Paper Mills reported a profit after tax (PAT)
of INR 3.47 million on net sales of INR 415 million (provisional
figures) for 2010-11 (refers to financial year, April 1 to
March 31), against a PAT of INR 2.64 million on net sales of INR
240 million for 2009-10.


RASAA FOODS: CRISIL Assigns 'D' Rating to INR60 Million LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Rasaa Foods Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR20.00 Million Cash Credit        CRISIL D (Assigned)
   INR60.00 Million Long-Term Loan     CRISIL D (Assigned)

The rating reflects instances of delay by RFPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

RFPL also has limited revenue diversity, small scale of
operations, and is susceptible to variation in fruit yields.
However, RFPL has a stable business risk profile, supported by
tie-ups with Parle Agro Pvt Ltd (Parle) and other key customers
for offtake of its products.

RFPL was incorporated in 2005 and promoted by Mr. Venkataramana
Reddy. The company is based in Tamil Nadu. RFPL makes mango pulp
on job-work basis, primarily for Parle and Capricorn Food Products
Pvt Ltd. RFPL has installed capacity of 18,000 tonnes per annum.
The company plans to set up a bottling unit (for manufacturing
ready-to-drink items) for a total cost of about INR50 million by
April 2012. The company's promoter also owns two concerns, SVR
Fruit Company and Indian Shipping Services, which trade in
mangoes, and provide clearing and forwarding services to bulk
exporters of mangoes.

RFPL's profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR19
million and INR50 million respectively. RFPL reported a PAT of
INR20 million on net sales of INR69 million for 2009-10, as
against a PAT of INR2 million on net sales of INR16 million for
2008-09.


SOVEREIGN DIAMONDS: CRISIL Assigns 'BB-' Rating to INR135MM Credit
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sovereign Diamonds Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR135 Million Cash Credit         CRISIL BB-/Stable (Assigned)
   INR5 Million Bill Discounting      CRISIL A4+ (Assigned)

The ratings reflect SDL's modest financial risk profile, marked by
moderate net worth and average debt protection metrics and modest
scale of operations. This rating weakness is partially offset by
the established position of the company's promoters in the diamond
trading and jewellery business.

Outlook: Stable

CRISIL believes that Sovereign Diamonds Ltd. (SDL), will continue
to benefit over the medium term from its promoters' extensive
experience in the studded diamond jewellery business. The outlook
may be revised to 'Positive' if SDL reports significantly higher
than-expected growth in revenues and margins, while maintaining
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the company's debt protection metrics
deteriorate or the company faces significant deterioration in its
working capital cycle or a sharp decline in margins.

                      About Sovereign Diamonds

SDL, listed on Bombay Stock Exchange (BSE), was set up in 1974 by
the Mumbai-based Gehani family. SDL manufactures 18-carat diamond
studded jewellery. Its customer base includes jewellery houses
such as Tribhovandas Bhimji Zaveri, Notandas Jewellers Pvt Ltd and
Prince Jewellers. SDL's manufacturing facilities are located at
Andheri (Mumbai, Maharashtra). Mr. Ajay Gehani is Managing
Director of SDL.

SDL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR195.4 million for 2010-11 on provisional basis (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.2 million on net sales of INR127.8 million for 2009-10.


SUCHI FASTENERS: CRISIL Rates INR28.8MM Term Loan at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Suchi Fasteners Pvt Ltd, part of Suchi
group.

   Facilities                         Ratings
   ----------                         -------
   INR28.8 Million Term Loan          CRISIL BB-/Stable (Assigned)
   INR74.0 Million Cash Credit        CRISIL BB-/Stable (Assigned)
   INR85.0 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR1.50 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect Suchi group's established track record in the
fasteners industry and its satisfactory management of receivables.
These strengths are partially offset by the group's below-average
financial risk profile, marked by moderate debt protection metrics
and small net worth, its large working capital requirements, and
small scale of operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SFPL and Suchi Specialty Fasteners
(SSF), together referred to as the Suchi group. This is because
the companies have common promoters and management, are in the
same line of business, and the management intends to merge them
over the near term.

Outlook: Stable

CRISIL believes that Suchi group will maintain its credit risk
profile over the medium term, backed by its established track
record in the fasteners' industry. The outlook may be revised to
'Positive' in case of any significant equity infusion, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a larger-than-expected, debt-
funded capex or/and significant decline in its operating margin,
leading to further deterioration in its debt protection metrics.

                         About the Group

SFPL was founded in 1971 as Nandkarni Metasint Pvt Ltd. It was
promoted by Mr. Sadashiv M Nadkarni. In 1980, the company was
taken over by Mr. Surendra C Shah. It got its current name in
1985. SFPL is currently managed by Mr. Surendra C Shah and his
family. SFPL manufactures and exports stainless steel washers,
fasteners, nuts, and bolts. Stainless steel washers account for
around 90 per cent of its revenues, while nuts, bolts, and other
fasteners account for the remainder. These products find
application in a wide range of industries, including automobile,
aerospace, power, infrastructure, and furniture. The company has
two manufacturing units, one in Dabhoi (Gujarat) and another in a
Special Economic Zone in Surat (Gujarat). Both the units have an
installed capacity of 150 tonnes per month. SSF, a 100-per-cent
export-oriented unit in SEZ in Surat is in similar line of
business.

SFPL is expected to report a profit after tax (PAT) of INR5.1
million on operating income of INR361 million for 2010-11 (refers
to financial year, April 1 to March 31), as against loss of INR7.2
million on operating income of INR259 million for 2009-10.


* INDIA: Fitch Affirms, Withdraws Ratings of Select Banks
---------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
Individual and Support Ratings of select Indian banks.

These ratings are no longer considered by Fitch to be relevant to
its coverage. The agency will however continue to maintain
National ratings of these banks.

Union Bank of India's 'BBB-' Long-Term Issuer Default Rating (IDR)
and Support Rating Floor have also been affirmed and withdrawn.

Fitch will no longer provide ratings or analytical coverage of
Corporation Bank.

A full list of all ratings actions is provided below.

Allahabad Bank (ALLB)

   -- National Long-term Rating: 'AA(ind)'; Outlook Positive

   -- Subordinated lower tier 2 debt rating: 'AA(ind)'

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Andhra Bank (ANBA)

   -- National Long-Term rating: 'AA+(ind)'; Outlook Stable

   -- National Short-Term rating: 'F1+(ind)'

   -- Subordinated lower Tier 2 debt rating: 'AA+(ind)'

   -- Short-term certificates of deposit rating: 'F1+(ind)'

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Catholic Syrian Bank Ltd. (CSB)

   -- National Long-Term rating: 'BBB(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'BBB(ind)'

   -- Individual Rating affirmed at 'D/E'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

City Union Bank Ltd. (CUB)

   -- National Long-Term rating: 'A(ind)'; Outlook Positive

   -- Subordinated lower tier 2 debt rating: 'A(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Corporation Bank (CORP)

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Dena Bank (DENA)

   -- National Long-Term rating: 'AA-(ind)'; Outlook Stable

   -- National Short-Term rating: 'F1+(ind)'

   -- Subordinated lower tier 2 debt rating: 'AA-(ind)'

   -- Subordinated upper tier 2 debt rating: 'A-(ind)'

   -- Perpetual tier 1 debt rating: 'A-(ind)'

   -- Short-term certificates of deposit rating: 'F1+(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Development Credit Bank Limited (DCB)

   -- National Long-Term rating: 'BBB(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'BBB(ind)'

   -- Individual Rating affirmed at 'D/E'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Dhanlaxmi Bank (DHAN)

   -- National Long-Term rating: 'BBB(ind)'; Outlook Positive

   -- Subordinated lower tier 2 debt rating: 'BBB(ind)'

   -- Individual Rating affirmed at 'D/E'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Federal Bank Limited (The) (FEDB)

   -- National Long-Term rating: 'AA-(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'AA-(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

HDFC Bank Ltd. (HDFCB)

   -- National Long-Term rating: 'AAA(ind)'; Outlook Stable

   -- National Short-Term rating: 'F1+(ind)'

   -- Subordinated lower tier 2 debt rating: 'AAA(ind)'

   -- Short-term certificates of deposit rating: 'F1+(ind)'

   -- Individual Rating affirmed at 'C'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Indusind Bank Limited (INDB)

   -- National Long-Term rating: 'AA-(ind)'; Outlook Stable

   -- National Short-Term rating: 'F1+(ind)'

   -- Subordinated lower tier 2 debt rating: 'AA-(ind)'

   -- Subordinated upper tier 2 debt rating: 'A(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

ING Vysya Bank (INGV)

   -- National Long-Term rating: 'AA-(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'AA-(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Jammu and Kashmir Bank Ltd. (JKB)

   -- National Long-Term rating: 'AA(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'AA(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Karur Vysya Bank Limited (The) (KVB)

   -- National Long-Term rating: 'A+(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'A+(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Kotak Mahindra Bank Ltd. (KOTAK)

   -- National Long-Term rating: 'AA+(ind)'; Outlook Stable

   -- National Short-Term rating: 'F1+(ind)'

   -- Subordinated lower tier 2 debt rating: 'AA+(ind)'

   -- Subordinated upper tier 2 debt rating: 'AA(ind)'

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Lakshmi Vilas Bank (LVB)

   -- National Long-Term rating: 'BBB+(ind)'; Outlook Stable

   -- National Short-Term rating: 'F2+(ind)'

   -- Subordinated lower tier 2 debt rating: 'BBB+(ind)'

   -- Individual Rating affirmed at 'D/E'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

South Indian Bank (The) (SIB)

   -- National Long-Term rating: 'A+ (ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'A+(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '5'; rating withdrawn

Union Bank of India (UNION)

   -- National Long-Term rating: 'AA+(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'AA+(ind)'

   -- Subordinated upper tier 2 debt rating: 'AA(ind)'

   -- Perpetual tier 1 debt rating: 'AA(ind)'

   -- Long-term Issuer Default Rating affirmed at 'BBB-'; Outlook
      Stable; rating withdrawn

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '2'; rating withdrawn

   -- Support Rating Floor affirmed at 'BBB-'; rating withdrawn

UCO Bank (UCO)

   -- National Long-Term rating: 'AA(ind)'; Outlook Stable

   -- Subordinated lower tier 2 debt rating: 'AA(ind)'

   -- Subordinated upper tier 2 debt rating: 'A(ind)'

   -- Perpetual tier 1 debt rating: 'A(ind)'

   -- Individual Rating affirmed at 'D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn

Vijaya Bank (VIJ)

   -- National Long-Term rating: 'AA(ind)'; Outlook Negative

   -- Subordinated lower tier 2 debt rating: 'AA(ind)'

   -- Subordinated upper tier 2 debt rating: 'AA-(ind)'

   -- Individual Rating affirmed at 'C/D'; rating withdrawn

   -- Support Rating affirmed at '3'; rating withdrawn


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


* INDONESIA: Fitch Withdraws Individual Ratings of 7 Banks
----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn eight
Indonesian banks' Support ratings and seven Individual ratings.
This is because these ratings are no longer considered by Fitch to
be relevant to the agency's coverage. Fitch continues to maintain
National Long-Term ratings of these banks.

PT Bank Commonwealth:

   -- Individual rating affirmed at 'D'; rating withdrawn

   -- Support rating affirmed at '3'; rating withdrawn

PT ANZ Panin Bank:

   -- Individual rating affirmed at 'D'; rating withdrawn

   -- Support rating affirmed at '3'; rating withdrawn

PT Bank Mayapada Internasional Tbk:

   -- Individual rating affirmed at 'D/E'; rating withdrawn

   -- Support rating affirmed at '5'; rating withdrawn

PT Bank Victoria International Tbk:

   -- Individual rating affirmed at 'D/E'; rating withdrawn

   -- Support rating affirmed at '5'; rating withdrawn

PT Bank Pembangunan Daerah Riau Kepri:

   -- Support rating affirmed at '4'; rating withdrawn

PT Bank Mega Tbk:

   -- Individual rating affirmed at 'D'; rating withdrawn

   -- Support rating affirmed at '4'; rating withdrawn

PT Bank Tabungan Negara Tbk:

   -- Individual rating affirmed at 'D'; rating withdrawn

   -- Support rating affirmed at '3'; rating withdrawn

PT Bank Tabungan Pensiunan Nasional Tbk:

   -- Individual rating affirmed at 'D'; rating withdrawn

   -- Support rating affirmed at '4'; rating withdrawn


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


HURLSTONE GROUP: Appoints Ferrier Hodgson as Receivers
------------------------------------------------------
On July 13, 2011, Peter Gothard and Ryan Eagle of Ferrier Hodgson
were appointed receivers and managers of Hurlstone Earthmoving
Limited, Hayes Earthmoving Services Limited, New Zealand Pollution
Engineering Limited and River Island Shingle Company Limited
pursuant to the provisions contained in a general security
agreement granted by the Companies in favor of GE Finance and
Insurance.

Following an assessment of the viability of the Companies'
operations, the receivers and managers decided to cease trading
effective from July 13, 2011.

Hurlstone Earthmoving Limited -- http://www.hurlstone.co.nz/-- is
a New Zealand-based contracting company.  The company provides
bulk earthworks and land development; construction of pipelines,
roads and pavements; underground cabling; mobile crushing; land
clearing; quarry stripping and heavy transport services.


STEVE ROUT: Owes More Than NZ$11 Million to Creditors
-----------------------------------------------------
Tracey Roxburgh at Otago Daily Times reports that Steve Rout
Contracting Ltd owes more than NZ$11 million to known creditors,
with it being "unlikely" any funds would be available for
unsecured creditors, according to the first receivers' report from
BDO Christchurch.

Otago Daily relates that receivers Stephen Tubbs and Colin Gower,
in a report dated May 3 to July 2, 2011, said the Frankton-based
company was placed in receivership "following default in terms of
a demand" and at the request of the director, Steve Rout.

Unsecured trade creditors were owed NZ$2,120,138, the report
notes.

According to Otago Daily, the receivers' report said the company's
principal assets were earthmoving plant and machinery, a
commercial truck and motor vehicle fleet and all ancillary parts
required to operate a civil engineering and earthmoving business
in the Lakes district.

The value of the assets had been withheld as it was "commercially
sensitive given the current public tender for their sale," Otago
Daily notes.

Otago Daily adds that the residual assets were offered for sale by
public tender, which closed on July 8.

"The business and assets of the company were offered for sale as a
going concern prior to the receivers' appointment," Otago Daily
relates citing the receivers report.  "The receivers were able to
conclude a sale for the business and a part of the company's fleet
to Blue 9 Ltd at market value. This allowed the receivers to
maximise the value of all work in progress, to facilitate
completion of contracts."

Based in Frankton, New Zealand, Steve Rout Contracting Ltd is an
earthmoving contractor, materials supplier and digger hirer.


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


CELESTIAL NUTRIFOODS: Provisional Liquidator Starts Probe
---------------------------------------------------------
Yit Chee Wah, the Provisional Liquidator of Celestial Nutrifoods
Limited, has taken steps to assert control over the Company's
subsidiaries in the British Virgin Islands and the People's
Republic of China and commence investigations into the affairs of
the subsidiaries.

The Company has three immediate wholly owned subsidiaries in the
BVI, namely Clear Faith Holdings Limited, Giant Fortune Group
Limited and Max Dragon Investments Limited.

"Initially, the registered agent of the BVI Subsidiaries refused
to recognize the appointment of the Provisional Liquidator
pursuant to the Order of the High Court of the Republic of
Singapore dated Dec. 24, 2010, and refused to accede to the
instructions of the Provisional Liquidator to register a change in
the board of directors of the BVI Subsidiaries," the Provisional
Liquidator said in a statement to the Singapore Stock Exchange.

"In turn, this prevented the Provisional Liquidator from
immediately taking action, through the BVI Subsidiaries, to gain
control of the subsidiaries located in China.

"In order to resolve the situation, the Provisional Liquidator had
no alternative but to seek recognition of the Appointment Order
from the Supreme Court of Bermuda. The Supreme Court of Bermuda
duly recognised the appointment of the Provisional Liquidator on
Jan. 31, 2011.

"Having changed the composition of the boards of directors of the
BVI Subsidiaries, the Provisional Liquidator sought to exercise
the powers of the BVI Subsidiaries to change the board of
directors and the legal representatives of their Chinese
subsidiaries, Daqing Sun Moon Star Co., Ltd, Daqing Celestial Sun
Moon Star Protein Co., Ltd and Daqing Weitian Energy Co., Ltd.
The Daqing branch of the Administration for Industry & Commerce
refused to register the proposed changes on the basis that the PRC
Subsidiaries are no longer owned by the BVI Subsidiaries," the
Provisional Liquidator explained.

In this regard, investigations since undertaken suggest that these
share transfers have been registered by the Daqing AIC:

   * Shares representing 2% of the issued shares of each of
     the PRC Subsidiaries were transferred to Weihai Zhuozhan
     Import & Export Co. Ltd. on or around Aug. 11, 2010;

   * Shares representing 73% of the issued shares of each of
     the PRC Subsidiaries were transferred to Weihai Guosheng
     Real Property Development Co. Ltd. on or around Dec. 4,
     2010; and

   * Shares representing 25% of the issued shares of each of
     the PRC Subsidiaries were transferred to Rui Feng Group
     Limited on or around Dec. 4, 2010.

None of these share transfers have previously been disclosed to
the Singapore Exchange by the Company's directors. The Company's
Chairman has, upon enquiry by the Provisional Liquidator, since
advised that the transfers occurring on or around Dec. 4, 2010,
arose as a result of China Construction Bank (the PRC
Subsidiaries' primary banker) exercising their collateral rights
with respect to the shares in the PRC Subsidiaries upon becoming
aware that the Company was to be delisted from the SGX.  In this
regard, the Provisional Liquidator notes that the existence of
share pledges over the shares in the PRC Subsidiaries was also not
previously disclosed to the SGX, nor was any default under the
loan facilities of China Construction Bank or the enforcement
action taken by China Construction Bank.

The Provisional Liquidator is currently investigating these share
transfers. The Chairman of the Company has commenced communicating
information to the Provisional Liquidator in relation to these
transfers.  The Provisional Liquidator will continue to
investigate in this regard and take such action as he deems
expedient.

The Provisional Liquidator's investigations have also revealed
significant transfers to external parties of the Company's cash
holdings in the year, and in particular in the six months
preceding the appointment of the Provisional Liquidator, at a time
when the Company, in the Provisional Liquidator's view, appeared
to be insolvent (given the indebtedness to bondholders which was
immediately due and payable).  In this regard, approximately
SGD16.7 million was paid to a company incorporated in the BVI who
has not responded to the Provisional Liquidator's correspondence
but who, based on the advice of the Company's Chairman, is a
supplier to one of the Company's PRC Subsidiaries. The Provisional
Liquidator is currently inquiring into these transfers.
At this point in time the Provisional Liquidator considers it
extremely unlikely that any dividend will be paid to the Company's
shareholders.

                     About Celestial Nutrifoods

Celestial Nutrifoods Limited, an investment holding company,
primarily engages in the manufacture and sale of soybean based
food products in the People's Republic of China.

On Dec. 24, 2010, the Honourable Justice Lai Siu Chiu appointed
Yit Chee Wah of FTI Consulting as provisional liquidator of
Celestial Nutrifoods Limited.


===========
T A I W A N
===========


AMERICAN INTERNATIONAL: FSC Gives Final Approval to Nan Shan Sale
------------------------------------------------------------------
The Taipei Times reports that the Financial Supervisory Commission
has approved the purchase of Nan Shan Life Insurance Co by Ruen
Chen Investment Holding Co, one month after the regulator gave its
conditional approval to the deal.

The FSC said in a statement that Ruen Chen, which won the bid in
January to acquire American International Group Inc.'s 97.57%
stake in Nan Shan for US$2.16 billion, has met the commission's
requirements to demonstrate its financial adequacy and long-term
commitment, according to the Taipei Times.

Last month, The Taipei Times recalls, the commission gave its
conditional green light and asked the buyer group to put an extra
NT$6 billion (US$208.14 million) in a custodial account, given Nan
Shan's weight in the domestic life insurance industry.  The
commission, according to The Taipei Times, demanded the buyer meet
the requirements within 60 days and said the deal would take
effect only after the commission had certified that all the
requirements had been met.

The Taipei Times relates that the FSC said Ruen Chen should put
70% of its Nan Shan shares into trust for 10 years.  The buyer
group must not terminate or alter the terms of the trust without
FSC consent, the commission said.

The FSC said Ruen Chen's major stakeholders -- Samuel Yin,
chairman of Ruentex Group, Tsai Chi-jui of Pou Chen, and others --
must not borrow from Nan Shan or make the insurer buy equities or
real estate from their firms, The Taipei Times notes.

In addition, The Taipei Times says, Ruen Chen has to cap its debt
ratio at 48% of the acquisition price and lower the debt figure
year-by-year, the commission said.  It must not enter joint land
development ventures with Nan Shan either, the report adds.

The Taipei Times says the financial regulator's final approval of
the deal brings to an end the US insurer's second bid to sell off
its local subsidiary, after AIG failed to sell Nan Shan to a Hong
Kong consortium last year due to FSC concerns about the possible
involvement of Chinese investors.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2011, American International Group, Inc. unveiled an
agreement to sell its 97.57% interest in Nan Shan Life Insurance
Company, Ltd., for $2.16 billion in cash to Ruen Chen Investment
Holding Co., Ltd.  The purchase agreement includes a number of
commitments that offer important protections for employees and
agents, including an agreement to maintain the existing
compensation and benefits package for employees and the existing
agency organizational and commission structure following the
closing of the transaction.  Ruen Chen has also expressed its
intention to retain the current Nan Shan management team, as well
as its long-term commitment to maintain both its majority
ownership in Nan Shan and the Nan Shan brand.  Debevoise &
Plimpton LLP and Lee & Li, Attorneys-At-Law served as legal
advisors to AIG on this transaction.  The transaction is subject
to the receipt of regulatory approval.

                             About AIG

American International Group, Inc. -- http://www.aig.com/-- is an
international insurance organization with operations in more than
130 countries and jurisdictions.  AIG companies serve commercial,
institutional and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In
addition, AIG companies are leading providers of life insurance
and retirement services around the world.  AIG common stock is
listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.

In September 2008, AIG experienced a liquidity crunch when its
credit ratings were downgraded below "AA" levels by Standard &
Poor's, Moody's Investors Service and Fitch Ratings.  AIG almost
collapsed under the weight of bad bets it made insuring mortgage-
backed securities.  The Company, however, was bailed out by the
Federal Reserve, but even after an initial infusion of
$85 billion, losses continued to grow.  The later rescue packages
brought the total to $182 billion, making it the biggest federal
bailout in U.S. history.

AIG has been working to protect and enhance the value of its key
businesses, execute an orderly asset disposition plan, and
position itself for the future.  AIG has sold a number of its
subsidiaries and other assets to pay down loans received from the
U.S. government, and continues to seek buyers of its assets.


=============
V I E T N A M
=============


BANK FOR INVESTMENT: Fitch Affirms, Withdraws Ratings
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Bank for Investment and
Development of Vietnam's (BIDV) Individual 'D/E' Rating and
Support '4' Rating.

The ratings have been withdrawn because Fitch no longer considers
their ratings to be relevant to its coverage. The agency will no
longer provide analytical coverage or ratings on the issuer.


                             *********

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, 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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