TCRAP_Public/111006.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, October 6, 2011, Vol. 14, No. 198


                            Headlines


A U S T R A L I A

BROWN SUGAR: Brand Directions Buys Firm Out of Administration
NAMOI COTTON: Faces Risk of Bankruptcy After AUD$50MM Loss
STRATHFIELD GROUP: On the Brink of Receivership
WILLETTON SPORTS CLUB: Goes Into Administration Amid Debts


C H I N A

SINOTECH ENERGY: Gets Notice of Additional Deficiency From NASDAQ


H O N G  K O N G

ECLAT HOLDINGS: Contributories and Creditors to Meet on Oct. 12
GOLDEN PHASE: Court to Hear Wind-Up Petition on Oct. 12
LEHMAN BROTHERS: HKMA Reports Progress on Minibond Cases
PROCTER & GAMBLE: Commences Wind-Up Proceedings
QUINTRINE COMPANY: Creditors' Proofs of Debt Due Oct. 31

SAPPHIRE FORTUNE: Members' and creditors' to Meet on Oct. 25
SENIOR LINK: Creditors' Proofs of Debt Due Oct. 31
SG ASSET: Members' Meeting Set for Oct. 31
SHATIN TREASURE: Kong Chi How Johnson Steps Down as Liquidator
SHING FU: Members' and creditors' to Meet on Oct. 25

SWIRE INDUSTRIAL: Tam and Lok Step Down as Liquidators
TAI PO: Kong Chi How Johnson Steps Down as Liquidator
TK SPORTS: Wong and Fung Step Down as Liquidators
TREASURE FLOATING: Kong Chi How Johnson Steps Down as Liquidator
TREASURE FOOD: Kong Chi How Johnson Steps Down as Liquidator

TREASURE MANAGEMENT: K. Chi How Johnson Steps Down as Liquidator
TREASURE RESTAURANT: K. Chi How Johnson Steps Down as Liquidator
TREASURE SEA: Kong Chi How Johnson Steps Down as Liquidator
UPTRONICS LIMITED: Final Meetings Set for Oct. 28
YEECARE INVESTMENT: Creditors' Proofs of Debt Due Oct. 30


I N D I A

AIR INDIA: GoM to Discuss Financial Restructuring Bid Next Week
C P SPONGE: CRISIL Places 'CRISIL B+' Rating on INR77MM Term Loan
ELDEE MOTORS: CRISIL Rates INR80MM Loan at 'CRISIL BB-' Rating
GANESH RICE: CRISIL Assigns 'CRISIL B' to INR180MM Cash Credit
GSTAAD HOTELS: CRISIL Reaffirms 'CRISIL BB' INR2.5BB Loan Rating

IRIS HEALTH: ICRA Assigns [ICRA]B+ Rating to INR27.7cr Term Loan
KINJAL CONSTRUCTION: CRISIL Rates INR78.5MM Loan at 'CRISIL B+'
L.P. HOSPITALITY: CRISIL Rates INR112MM Term Loan to 'CRISIL B'
MURANO TILES: CRISIL Assigns 'CRISIL B' Rating to INR35MM Loan
NIMITAYA HOTEL: CRISIL Places 'CRISIL B-' Rating on INR980MM Loan

NIRANJAN METALLIC: CRISIL Cuts INR55MM Loan Rating to 'CRISIL BB'
OSWAL AGRICOMM: ICRA Reaffirms '[ICRA]BB-' Rating on INR4cr Loan
PARIKH MARKETING: CRISIL Puts 'CRISIL B+' Rating on INR70MM Loan
QUANTAM IT: CRISIL Rates INR200MM Term Loan at 'CRISIL BB-'
QUANTAPLAST POLYMER: CRISIL Rates INR25MM Loan at 'CRISIL D'

RADHEKRISHNA EXTRACTIONS: CRISIL Rates INR115MM Loan at CRISIL BB
RAJESHWARA FORGINGS: Servicing Debt Delays Cue 'CRISIL D' Ratings
RAMKRISHNA AGENCIES: CRISIL Rates INR5MM Loan at 'CRISIL BB-'
R.F. EXPORTS: CRISIL Assigns 'CRISIL B+' Rating to INR4.7MM Loan
SHANTHI FORTUNE: ICRA Assigns '[ICRA]D' Rating to INR46.03cr Loan

SRI KRISHNADEVARAYA: ICRA Rates INR9cr Loan at '[ICRA]BB-'
VIJAY GRIHANIRMAN: ICRA Rates INR200cr Term Loan at '[ICRA]BB+'
YA ALI: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Bank Facilities


J A P A N

L-JAC III: Moody's Withdraws 'Caa2' Rating on Class D-1 Notes
MF2 SENIOR: S&P Affirms Rating on Class A4 ABL at 'BB-'
TOKYO ELECTRIC: To Sell JPY2.4-Tril. Bonds to Pay Debt Due 2021
TOKYO ELECTRIC: Has to Cut 7,400 Jobs, JPY2.5 Trillion Costs


N E W  Z E A L A N D

AORANGI SECURITIES: Investors to Get Another 5c Repayment
BRIDGECORP LTD: Directors Trial Delayed for Two Weeks
CHOW GROUP: Agrees to Pay NZ$875,000; Staves Off Liquidation Bid


T H A I L A N D

KRUNG THAI: Moody's Affirms 'B2' Rating of Foreign Currency Issue


                            - - - - -


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A U S T R A L I A
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BROWN SUGAR: Brand Directions Buys Firm Out of Administration
-------------------------------------------------------------
The administrators of fashion chain Brown Sugar said Tuesday that
they have secured a buyer for the Brown Sugar business, with
settlement expected to take effect from close of business on
October 4.

One of Brown Sugar's administrators, Deloitte Partner Sal Algeri,
said the purchaser was a company called Brand Directions and that
the retail chain would continue to operate under the Brown Sugar
name.

"Given the current retail environment, the Administrators are
extremely pleased to have been able to secure a purchaser who is
keen to continue operating the business."

Mr. Algeri said it will come as welcome news for many of the
business' existing staff who had faced the possibility of losing
their jobs after the chain was placed under voluntary
administration last month.

In addition, it provided a number of Brown Sugar landlords the
opportunity to retain a tenant.

"Brand Directions has indicated it will seek to keep the
remaining 16 Brown Sugar stores open and offers of employment
will be made to approximately 100 existing staff members," Mr.
Algeri said.

"Any outstanding entitlements of those staff members who elect to
accept these offers will be transferred to the new owners."

"Brand Directions has also indicated that it is considering re-
opening some stores that have already closed and re-hiring a
number of staff who lost their jobs as a result."

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2011, ABC News said that Brown Sugar has voluntarily
appointed administrators after falling victim to the torrid
retail market.  Sal Algeri and Tim Norman from Deloitte Corporate
Reorganisation Group have been appointed as joint voluntary
administrators to the clothing group.  According to ABC News,
Brown Sugar related in a statement that adverse trading
conditions and falling consumer sentiment have taken its toll on
the company's profit.  Successive management changes over the
past several years have also had a negative effect on the
company, ABC noted.

Brown Sugar Australia Pty Ltd is a women's fashion house with 40
stores in Victoria, New South Wales, South Australia, Western
Australia and Tasmania.


NAMOI COTTON: Faces Risk of Bankruptcy After AUD$50MM Loss
----------------------------------------------------------
The Sydney Morning Herald reports that Namoi Cotton Co-operative
Ltd faces the real risk of bankruptcy after revealing losses
exceeding AUD50 million in the six-month period through the end
of August, which the company blamed on unprecedented cotton price
volatility.

According to the report, Namoi shares crashed 65% on October 4,
falling 22› to 12› after the announcement, slashing its market
capitalization from AUD32.5 million to AUD$11.5 million.

SMH notes that since July, the company has been in breach of its
financial covenants and is in discussions with its bankers as it
tries to find a joint-venture partner for its marketing
operations.

The report relates that the uncertainty comes despite the harvest
of a bumper cotton crop for 2011.  According to the report, Namoi
said it had processed 955 of its forecast 1.3 million bales and
was expecting to market 1 million bales this year, of which
600,000 had already shipped.

But Namoi said price volatility -- cotton peaked at US$2.19 a
pound in the first half of 2011 and fell to US$1 a pound now --
had materially affected the company's financial performance, with
extensive trading losses in the cotton futures market and
significantly increased borrowing, reports SMH.

But one investor on Tuesday found Namoi's situation "amazing",
given most of the cotton price volatility was before Namoi's
annual general meeting in late July, when chairman Stuart Boydell
and chief executive Jeremy Callachor gave assurances about the
outlook for the company, despite the trading conditions,
according to the report.

Mr. Callachor told BusinessDay the company had not given
"guidance or reassurances" at the meeting and was "very mindful"
of its continuous disclosure obligations.

Namoi's audit process was continuing as were discussions with
financiers, SMH adds.

                         About Namoi Cotton

Based in Australia, Namoi Cotton Co-operative Ltd (ASX:NAM) --
http://www.namoicotton.com.au-- provides cotton ginning and
marketing services to Australian cotton growers. The Company
operates gin facilities in New South Wales and Queensland along
with warehousing and distribution facilities. The Company markets
and distributes its cotton domestically and internationally.


STRATHFIELD GROUP: On the Brink of Receivership
-----------------------------------------------
Herald Sun reports that Strathfield Group is expected to disclose
it will be placed into voluntary administration.

It is believed Company Chairman Vaz Hovanessian has been locked
in talks with potential receivers, with sources close to the
retailer last night confirming an announcement was imminent,
according to Herald Sun.

Herald Sun, citing documents distributed to investors, the
Strathfield Group board said it believed a restructure was
necessary, as "the Group's operations are not viable in their
current form and structure".

The report relates that preliminary final accounts showed a loss
of AU$12.4 million, with about AU$8.3 million in impairments and
provisions.

It comes just days after the ASX suspended a handful of companies
from trading, including Strathfield Group, for missing the
deadline to publish audited accounts, with the company claiming
that to do so would be "confusing and misleading," Herald Sun
says.

In January 2009, the report recalls, the retailer was placed in
administration, with management blaming falling consumer demand
and worsening economic conditions.

Sydney businessman Tony Hakim is said to be the largest
shareholder in Strathfield Group, through his family-owned
company, Clear Communications, after rescuing the company in
2009, Herald Sun discloses.

Strathfield Group is a mobile phone retailer.  The group operates
31 stores nationally, with fears now that stores may be closed
and jobs culled as part of the revamp.


WILLETTON SPORTS CLUB: Goes Into Administration Amid Debts
----------------------------------------------------------
Beatrice Thomas at The West Australian reports that Willetton
Sports Club has been put into administration amid spiraling debts
and a decision by the local council not to guarantee a business
loan.

Board members agreed unanimously to appoint an administrator,
which will spend the next month going through its books and
coming up with a plan for the organization, according to The West
Australian.

The report notes that sports club Manager Ian Marshall said it
was a difficult decision but the club had no option as it was
unable to pay crucial wages and tax bills.  The West Australian
relates that Mr. Marshall said the club would continue to trade
while in administration, though kitchen and bar services may be
reduced.

The West Australian notes that the club was stunned by a City of
Canning decision not to guarantee a business loan of AU$256,000.

The report notes that the council claimed that it was effectively
a loan and it could not borrow money until it received an
independently audited report.

The first creditors' meeting is scheduled for October 13.

Willetton Sports Club is a 30-year-old club with over 5000
members.


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C H I N A
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SINOTECH ENERGY: Gets Notice of Additional Deficiency From NASDAQ
-----------------------------------------------------------------
SinoTech Energy has received a letter dated September 26, 2011,
from The Nasdaq Stock Market LLC stating that an additional basis
for delisting the Company's securities from the Nasdaq Stock
Market is that Ernst & Young Hua Ming has withdrawn its audit
opinion, the Company is delinquent in its periodic reports, and
the Company therefore is not in compliance with Listing Rule
5250(c)(1).  The Company is planning to request a stay of the
delisting of the Company's stock resulting from the additional
alleged basis for the delisting.

The Company announced that Ms. Jing Liu has resigned from her
position as an independent director of the Company and as Chair
of the Special Committee of the Company's Board of Directors,
which was formed to conduct an independent investigation into
allegations made in a report posted on alfredlittle.com and other
matters.

Ms. Liu cited several bases for her resignation, including,
without limitation, her belief that the Special Committee was not
allowed to exercise independently the authority vested in it by
the Board to conduct an investigation.

The Company announced that Simpson Thacher & Bartlett LLP has
resigned from its position as the legal counsel of the Company.
The Company also announced that, following Ms. Liu's resignation,
Shearman & Sterling LLP has resigned from its position as legal
counsel to the Special Committee of the Board.

The Company is planning on appointing another independent
director in the near future who will replace Ms. Liu.

Based in Beijing, China, SinoTech Energy Limited (NASDAQ:CTE) --
http://ir.sinotechenergy.com/-- is a holding company.  The
Company conducts its operations through Superport Limited, which
became its wholly owned subsidiary on Oct. 12, 2010.  It is a
provider of enhanced oil recovery (EOR) services in the People's
Republic of China.


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


ECLAT HOLDINGS: Contributories and Creditors to Meet on Oct. 12
---------------------------------------------------------------
Creditors and contributories of Eclat Holdings (H.K.) Limited
will hold their general meetings on Oct. 12, 2011, at 3:00 p.m.,
and 3:15 p.m., respectively at the Official Receiver's Office, at
10th Floor, Queensway Government Offices, at 66 Queensway, in
Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GOLDEN PHASE: Court to Hear Wind-Up Petition on Oct. 12
-------------------------------------------------------
A petition to wind up the operations of Golden Phase
International Electronics Limited will be heard before the High
Court of Hong Kong on Oct. 12, 2011, at 9:30 a.m.

Carlson Industrial (H.K.) Limited filed the petition against the
company on Aug. 9, 2011.

The company's liquidator is:

          Kong Sze Man Simone
          Room 511, 5th Floor, Tower 1
          Silvercord, 30 Canton Road
          Tsimshatsui, Kowloon
          Hong Kong


LEHMAN BROTHERS: HKMA Reports Progress on Minibond Cases
--------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced on Sept. 30,
2011, that investigation of over 99% of a total of 21,826
Lehman-Brothers-related complaint cases received has been
completed.  These include:

    * 15,774 cases, which have been resolved by a settlement
      agreement reached under section 201 of the Securities and
      Futures Ordinance;

    * 2,739 cases, which have been resolved through the enhanced
      complaint handling procedures required by the settlement
      agreement;

    * 2,219 cases, which were closed because insufficient prima
      facie evidence of misconduct was found after assessment or
      no sufficient grounds and evidence were found after
      investigation;

    * 837 cases, (including minibond cases) which are under
      disciplinary consideration after detailed investigation by
      the HKMA, of which proposed disciplinary notices are being
      prepared in respect of 692 such cases and proposed
      disciplinary notices or decision notices have been issued
      in respect of the other 145 cases; and

    * 152 cases in respect of which investigation work has been
      completed and are going through the decision process to
      decide whether there are sufficient grounds for
      disciplinary actions or whether the cases should be closed
      because of insufficient evidence or lack of disciplinary
      grounds.

    Investigation work is underway for the remaining 103 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?7715

                        About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Additional units, Merit LLC, LB Somerset LLC, and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq.; Richard P. Krasnow, Esq.; Lori R. Fife,
Esq.; Shai Y. Waisman, Esq.; and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq.; Evan Fleck, Esq.; and Dennis O'Donnell,
Esq.; at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008.  The joint
administrators have been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16.  Lehman Brothers Japan Inc. reported about JPY3.4
trillion (US$33 billion) in liabilities in its petition.

Judge James Peck on Aug. 30, 2011, approved the disclosure
statement, which outlines the major provisions of Lehman's $65
billion liquidation plan.  The proposed plan would enable LBHI
and its affiliated debtors to pay an estimated $65 billion to
their creditors.  Voting on the Plan ends on Nov. 4, 2011.  A
hearing to consider confirmation of the Plan is set for Dec. 6,
2011.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


PROCTER & GAMBLE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Procter & Gamble Distributing (HK) Limited, on
Sept. 20, 2011, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


QUINTRINE COMPANY: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------------
Creditors of Quintrine Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 23, 2011.

The company's liquidator is:

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


SAPPHIRE FORTUNE: Members' and creditors' to Meet on Oct. 25
------------------------------------------------------------
Members and creditors of Sapphire Fortune Investment Limited will
hold a meetings on Oct. 25, 2011, at 3:00 p.m., and 3:15 p.m.,
respectively at Room 501, 5/F., Wanchai Commercial Centre, at
194-204 Johnston Road, in Hong Kong.

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


SENIOR LINK: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------
Creditors of Senior Link (Far East) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 23, 2011.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


SG ASSET: Members' Meeting Set for Oct. 31
------------------------------------------
Members of SG Asset Management (Hong Kong) Limited will hold a
meeting on Oct. 31, 2011, at 10:00 a.m., at 8/F Prince's
Building, at 10 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Paul Edward Mitchell, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SHATIN TREASURE: Kong Chi How Johnson Steps Down as Liquidator
--------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Shatin
Treasure Restaurant Company Limited on Sept. 21, 2011.


SHING FU: Members' and creditors' to Meet on Oct. 25
----------------------------------------------------
Members and creditors of Shing Fu International Limited will hold
a meetings on Oct. 25, 2011, at 2:30 p.m., and 2:45 p.m.,
respectively at Room 501, 5/F, Wanchai Commercial Centre, at 194-
204 Johnston Road, in Hong Kong.

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


SWIRE INDUSTRIAL: Tam and Lok Step Down as Liquidators
------------------------------------------------------
Tam Yau Shing Franky and Lok Wai stepped down as liquidators of
Swire Industrial Management Services Limited on Sept. 23, 2011.


TAI PO: Kong Chi How Johnson Steps Down as Liquidator
-----------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Tai Po
Treasure Restaurant Company Limited on Sept. 21, 2011.


TK SPORTS: Wong and Fung Step Down as Liquidators
-------------------------------------------------
Samson Wong Hay Yan and Patrick Fung Chi Man stepped down as
liquidators of TK Sports Limited on Sept. 23, 2011.


TREASURE FLOATING: Kong Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Treasure
Floating Restaurant Limited on Sept. 21, 2011.


TREASURE FOOD: Kong Chi How Johnson Steps Down as Liquidator
------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Treasure Food
Limited on Sept. 21, 2011.


TREASURE MANAGEMENT: K. Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Treasure
Management Company Limited on Sept. 21, 2011.


TREASURE RESTAURANT: K. Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Treasure
Restaurant Company Limited on Sept. 21, 2011.


TREASURE SEA: Kong Chi How Johnson Steps Down as Liquidator
-----------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Treasure Sea
Food Restaurant Limited on Sept. 21, 2011.


UPTRONICS LIMITED: Final Meetings Set for Oct. 28
-------------------------------------------------
Members and creditors of Uptronics Limited will hold their final
meetings on Oct. 28, 2011, at 10:00 a.m., at Block H, 8/F, Yip
Cheung Centre, at 10 Fung Yip Street, Chai Wan, in Hong Kong.

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


YEECARE INVESTMENT: Creditors' Proofs of Debt Due Oct. 30
---------------------------------------------------------
Creditors of Yeecare Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 30, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 30, 2011.

The company's liquidator is:

          Poon Wai Hung Richard
          Room 1410, 14/F
          Harbour Centre
          No. 25 Harbour Road
          Wanchai, Hong Kong


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AIR INDIA: GoM to Discuss Financial Restructuring Bid Next Week
---------------------------------------------------------------
The Hindu reports that a proposal for financial restructuring of
Air India would come up for discussion at a meeting of a Group of
Ministers (GoM) next week, with the national carrier also likely
to seek government nod for fleet expansion plan till 2020.

According to the report, official sources said the restructuring
plan would also include a proposal for converting its high
interest debt to low interest ones and the issuance of a letter
of comfort for its lenders -- banks and financial institutions.

The restructuring and turnaround plans, vetted by a Committee of
Secretaries, would be placed before the GoM, the report says.

The Hindu notes that the letter of comfort is likely to be issued
to ensure that banks and FIIs do not classify Air India's loans
as non-performing assets.

Sources said Air India Board, which met in August, has decided to
go ahead with the acquisition of Boeing 787 Dreamliner aircraft
as part of a fleet acquisition programme till 2020 and would be
seeking government nod for it, according to the report.

The Hindu says that a proposal for equity infusion of INR6,600
crore for the ailing carrier has already been mooted by the Civil
Aviation Ministry to enable the airline clear its massive dues.
The government has already infused equity worth INR2,000 crore in
the last two financial years.

The report, citing latest official figures, discloses that the
debt-ridden carrier has outstanding loans and dues of INR67,520
crore, of which INR21,200 is working capital loan, INR22,000
crore is long-term loan on fleet acquisition, INR4,600 is vendor
dues and an accumulated loss of INR20,320 crore.

                          About Air India

Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world.  Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation.  The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09.  Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.

The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15.  The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years.  Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.


C P SPONGE: CRISIL Places 'CRISIL B+' Rating on INR77MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of C P Sponge Iron Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR77 Million Term Loan        CRISIL B+/Stable (Assigned)
   INR100 Million Cash Credit     CRISIL B+/Stable (Assigned)

The rating reflects CP Sponge's marginal market share,
vulnerability to cyclicality in the steel industry, and
constrained financial risk profile. These rating weaknesses are
partially offset by CP Sponge's moderate business risk profile
backed by its promoter's extensive experience in the iron and
steel industry.

Outlook: Stable

CRISIL believes that CP Sponge will continue to maintain its
stable business risk profile over the medium term, backed by its
promoter's experience in the steel industry. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly because of healthy cash accruals or
through equity infusion. Conversely, the outlook may be revised
to 'Negative' if CP Sponge's capacity utilization is less-than-
expected, which may adversely affect its operating margin, or if
it undertakes a larger-than-expected debt-funded capital
expenditure programme, thereby adversely affecting its capital
structure.

                         About C P Sponge

CP Sponge is a part of the Chawla group of companies based in the
Durgapur (West Bengal). The group manufactures iron and steel and
trades coal, coke, and iron and steel. CP Sponge commenced
commercial production in July 2008 and has a manufacturing
facility in Durgapur for production of sponge iron. The company
has two sponge iron kilns of 100 tonnes per day capacity each,
and production capacity of 60,000 tonnes per annum of sponge
iron.


ELDEE MOTORS: CRISIL Rates INR80MM Loan at 'CRISIL BB-' Rating
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Eldee Motors.

   Facilities                       Ratings
   ----------                       -------
   INR80 Million Cash Credit        CRISIL BB-/Stable (Assigned)

The rating reflects the extensive experience of EM's partners in
the automobile (auto) dealership business and its established
relationship with Chevrolet Sales India Pvt Ltd.  These rating
strengths are partially offset by EM's modest scale of operations
with low profitability, weak financial risk profile, marked by a
small net worth and high gearing, and constrained by large
capital withdrawals by partners.

CRISIL has treated the unsecured loans of INR5.3 million extended
to EM by its partners and their family members; as neither debt
nor equity as these loans are interest free and subordinated to
bank debt.

Outlook: Stable

CRISIL believes that EM will benefit from the extensive
experience of its partners in the auto dealership business, over
the medium term. The outlook may be revised to 'Positive' in case
the firm improves its scale of operations and profitability
significantly, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
firm's financial risk profile, particularly its liquidity,
deteriorates because of larger-than-expected working capital
requirements or capital withdrawals by the partners.

                        About Eldee Motors

Set up as a partnership firm in 1997 by Mr. Vikas Agarwal and
Mr. Vinnet Agarwal, EM is an authorized dealer for Chevrolet's
passenger cars in Allahabad and Varanasi (both in Uttar Pradesh).
The firm also acquired dealership for India Yamaha Motor Pvt
Ltd's bikes for Allahabad during 2009-10 (refers to financial
year, April 1 to March 31). During 2010-11, EM derived around 80%
of its total revenues from the sale of cars, around 6% from sales
of motorcycles, around 5% from sale of spares and services, and
the remainder from incentives and commissions earned. Presently,
EM sells around 65 cars and around 75 motorcycles per month.

EM reported a provisional profit after tax (PAT) of INR4.6
million on net sales of INR440.0 million for 2010-11, as against
a PAT of INR5.2 million on net sales of INR398.1 million for
2009-10.


GANESH RICE: CRISIL Assigns 'CRISIL B' to INR180MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ganesh Rice Mills.

   Facilities                       Ratings
   ----------                       -------
   INR180 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR20 Million Rupee Term Loan    CRISIL B/Stable (Assigned)

The rating reflects GRM's working-capital-intensive operations,
weak financial risk profile, marked by high gearing, and weak
debt protection metrics, high dependence on monsoon, and exposure
to adverse changes in government policies. These rating
weaknesses are partially offset by GRM's long-standing presence
and healthy growth prospects in the basmati rice industry.

Outlook: Stable

CRISIL believes that GRM will continue to benefit over the medium
term from the extensive experience of its partners in the rice
industry. The outlook may be revised to 'Positive' in case the
firm significantly improves its financial risk profile by capital
infusion by the partners or improvement in its operating margin.
Conversely, the outlook may be revised to 'Negative' in case
GRM's financial risk profile deteriorates due to significant
increase in inventory, leading to large incremental bank
borrowings, or in case the firm undertakes a debt-funded capital
expenditure programme.

                        About Ganesh Rice

GRM was established in 1972 as a partnership firm by Mr.
Ganpatrai, Mr. Barumal and Mr. Manguram. In 1991, Mr. Pradeep
Garg and Mrs. Neeraj Bala joined as partners while the original
partners retired from the firm.

GRM is engaged in rice milling and rice shelling at its plant in
Kurukshetra (Haryana). The firm has an installed capacity of
producing 3 tonnes of rice per hour and the current utilisation
level is around 85%. GRM processes basmati rice and its by-
products, such as bran, phuk, and bardana, which are sold in the
domestic market. The firm sells basmati rice under its brand,
921.

GRM is expected to report a book profit of INR1.3 million on net
sales of INR544.1 million for 2010-11 (refers to financial year,
April 1 to March 31) against a book profit of INR1.4 million on
net sales of INR536.5 million for 2009-10.


GSTAAD HOTELS: CRISIL Reaffirms 'CRISIL BB' INR2.5BB Loan Rating
----------------------------------------------------------------
CRISIL's ratings on Gstaad Hotels Pvt Ltd's bank facilities
continue to reflect the operational and brand synergies that GHPL
derives from its tie-up with Marriott International, Inc, and
GHPL's promoters' extensive experience in the hotel and real
estate industries.

   Facilities                        Ratings
   ----------                        -------
   INR2.5 Billion Term Loan          CRISIL BB/Stable
(Reaffirmed)
   INR400 Million Bank Guarantee     CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by GHPL's exposure to
increasing competition in the hotel industry in Bangalore, and
its limited financial flexibility because of delays in project
implementation.

Outlook: Stable

CRISIL believes that as GHPL's ongoing project is near
completion, GHPL will not be facing any project-implementation-
and demand-related risks over the medium term. The outlook may be
revised to 'Positive' if GHPL starts commercial operations at its
upcoming hotel as per revised schedule, and generates more-than-
expected revenues on a sustained basis. Conversely, the outlook
may be revised to 'Negative' if there is any further delay in the
commencement of commercial operations the upcoming hotel.

                          About Gstaad Hotels

GHPL is promoted by Mr. Vijay Raheja and Mr. Deepak Raheja. GHPL
is setting up a 294-room premium five-star-deluxe hotel, JW
Marriott, in Bangalore. The hotel will be located in Bangalore's
Central Business District (CBD) area. The project is being funded
in a debt-to-equity ratio of 2.8:1, with equity of INR1.25
billion and term loans of INR3.5 billion. The hotel is expected
to have a soft launch in November 2011 and it will be
commercially operational by January 2012; the project got delayed
by more than two years because of regulatory issues. GHPL got its
debt refinanced from Yes Bank and the revised repayment starts
almost a year after the start of commercial operations.


IRIS HEALTH: ICRA Assigns [ICRA]B+ Rating to INR27.7cr Term Loan
----------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the Rs 27.70 crore term
loan of Iris Health Services Limited.  The rating is constrained
by the considerable delay in execution of the project due to
enhancement in the original project scope.

ICRA notes that the consequent increase in the project cost is
proposed to be partly funded by debt which is yet to be
sanctioned. The rating also takes into consideration the
existence of established hospitals within close proximity of the
project site that increases offtake risks to an extent.

The rating factors in the low execution risk of the hospital
project as most of the civil construction work of the project is
complete and all major statutory approvals are in place, the
reputation of the promoters of the project in developing large
commercial and residential real estate projects in Kolkata and
the wide experience of the key management of the company in the
health care industry. The rating takes into account the past
track record of the management in successfully developing
hospital projects of similar scale in Kolkata.

Iris Health Services Ltd has been promoted by the Fort group and
the Poddar group of Kolkata to set up a 180 bed secondary care
hospital on Raja S.C. Mullick Road near Garia in South Kolkata.
The total budgeted project cost is Rs 62.38 crore which is
proposed to be funded by Rs 22.27 crore equity from the promoters
and Rs 40.11 crore debt. The expected Commercial Operation Date
(COD) of the project is 1st December 2011.


KINJAL CONSTRUCTION: CRISIL Rates INR78.5MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kinjal Construction Co.

   Facilities                        Ratings
   ----------                        -------
   INR78.5 Million Term Loan         CRISIL B+/Stable (Assigned)
   INR20 Million Cash Credit         CRISIL B+/Stable (Assigned)
   INR1.5 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect the extensive experience of KCC's proprietor
in the civil construction business and the firm's financial
flexibility by way of support from its group entities. This
rating strength is partially offset by KCC's limited contract
diversity and susceptibility of its margins to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that KCC's credit risk profile will benefit from
the financial support from its group entities and experience of
the proprietor over the medium term. The outlook may be revised
to 'Negative' in case of substantial deterioration in the
financial risk profile due to delays in payments from its
customers, resulting in higher-than-expected bank funding, or
significant withdrawal of capital by the proprietors. Conversely,
the outlook may be revised to 'Positive' if there is additional
equity infusion by the proprietor or if the firm generates
higher-than-expected net cash accruals.

                    About Kinjal Construction

KCC was established as a proprietorship firm in 1994 by Mr.
Heeralal Doshi, and undertakes construction, repair, and
maintenance of buildings for various state government agencies
and from the public works departments (PWDs) in Maharashtra, road
construction and maintenance for the Muncipal Corporation of
Greater Mumbai (BMC), and the Thane Municipal Corporation (TMC).
The firm files tenders for all its projects. The firm is a Class
AA registered contractor with BMC.

KCC has reported on a provisional basis a profit after tax (PAT)
of INR 73 million on net sales of INR 701 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR 84 million on net sales of INR 1.1 billion for 2009-10.


L.P. HOSPITALITY: CRISIL Rates INR112MM Term Loan to 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
facility of L.P. Hospitality Pvt Ltd (LP).

   Facilities                     Ratings
   ----------                     -------
   INR112 Million Term Loan       CRISIL B/Stable (Assigned)

The rating reflect LP's exposure to risks associated with its
start-up phase of operations, susceptibility to cyclicality in
the hospitality segment, and average financial risk profile
marked by small net worth. These rating weaknesses are partially
offset by the extensive experience of LP's operations and
maintenance (O&M) partner in the hotel management business.

Outlook: Stable

CRISIL expects LP's business and financial risk profiles to
remain constrained over the medium term on account of its start-
up phase of operations. The company is likely to remain dependent
on its promoters to meet its debt obligations in the near term.
The outlook may be revised to 'Positive' in case of substantial
ramp-up in the occupancy level and average room revenues at LP's
hotel, leading to higher cash accruals for meeting debt
obligations. Conversely, the outlook may be revised to 'Negative'
in case of pressure on LP's liquidity because of delay in ramping
up of occupancy level leading to subdued cash accruals.

                     About L.P. Hospitality

LP was set up in 1998 by Mr. Vikramjit Singh. LP has partially
started a four-star hotel in Faridabad (Haryana) called Vibe by
the Lalit Traveller under the Lalit Hospitality group. The hotel
has 113 rooms; it has started operations with 70 rooms and is
expected to be fully operational by October 2011. The hotel is
situated on the Faridabad Highway close to the toll junction.
Facilities offered at the hotel include restaurants, bar, coffee
shops, and conference centres. In addition, the hotel premises
house a Pind Balauchi restaurant, banquet hall, and a bar.


MURANO TILES: CRISIL Assigns 'CRISIL B' Rating to INR35MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Murano Tiles Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR35 Million Term Loan         CRISIL B/Stable (Assigned)
   INR15 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR5 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect MTPL's below-average financial risk profile,
marked by a high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of MTPL's promoters in the ceramics industry, and the
advantageous location of the company's upcoming facility, marked
by easy access to raw material and skilled labour, expected to
result in healthy operating efficiencies.

Outlook: Stable

CRISIL believes that MTPL will benefit from the advantageous
location of its upcoming facility and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company achieves better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case MTPL delays in commissioning its facility or
if its revenues and profitability are less than expected, once
the project is commissioned.

                         About Murano Tiles

MTPL was incorporated in November 2010. It is currently setting
up its facility in Morbi (Gujarat) that will have capacity to
manufacture 5500 boxes per day (19,800 tonnes per annum) of
ceramic glazed wall tiles with dimensions of 12"x12", 12"x18",
12"x24". The company commenced operations in August 2011. MTPL's
project cost of INR67.0 million was funded by a term loan of
INR35 million, unsecured loans from promoters of INR9.5 million,
and equity funding of INR22.5 million. This translates into a
debt-to-equity ratio of 1.98 times.


NIMITAYA HOTEL: CRISIL Places 'CRISIL B-' Rating on INR980MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Nimitaya Hotel & Resorts Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR980.0 Mil. Overdraft Facility    CRISIL B-/Stable
(Assigned)
   INR30.0 Million Bank Guarantee      CRISIL A4 (Assigned)

The ratings reflect NHRL's weak financial risk profile marked by
high gearing and weak debt protection metrics, and exposure to
risks related to cyclicality and competition in the hospitality
segment. These rating weaknesses are partially offset by the
extensive experience of NHRL's operation and management (O&M)
partner in the hotel management industry.

Outlook: Stable

CRISIL believes that NHRL's occupancy rates and operating income
will improve over the medium term, as operations at its recently
set up hotel stabilise. The outlook may be revised to 'Positive'
if NHRL recovers the loans and advances it has extended to its
group entities in a timely manner and scales up its operations.
Conversely, the outlook may be revised to 'Negative' if its hotel
takes longer than expected time to stabilise operations, because
of competitive pressures, thereby adversely impacting its debt
servicing capability.

                     About Nimitaya Hotel

NHRL was incorporated in September 2006 and has recently set up a
4-star hotel in Gurgaon (Haryana). The hotel has been set up in
technical, marketing, operational, and management tie-up with ITC
Fortune Hotels, under the Fortune Select Excalibur brand. The
hotel has 136 rooms, comprising 104 standard rooms and 32 Fortune
club rooms. It also has 4 restaurants, 2 pubs and 2 banquet
halls. 2010-11 (refers to financial year, April 1 to March 31)
was NHRL's first year of operations.

For 2010-11, NHRL reported, on provisional basis, a net loss of
INR34.3 million on an operating income of INR57 million.


NIRANJAN METALLIC: CRISIL Cuts INR55MM Loan Rating to 'CRISIL BB'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Niranjan Metallic Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable'.

   Facilities                        Ratings
   ----------                        -------
   INR45 Million Cash Credit         CRISIL BB/Stable (Downgraded
                                        from 'CRISIL BB+/Stable')

   INR55 Million Rupee Term Loan     CRISIL BB/Stable (Downgraded
                                        from 'CRISIL BB+/Stable')

The downgrade reflects CRISIL's expectations that tight supply of
iron ore in 2011-12 (refers to financial year, April 1 to
March 31) and consequent rise in iron ore prices will continue to
put pressure on NML's profitability. The resultant lower-than-
previously-expected cash accruals combined with stretching of
debtor cycle given slowdown in end-user industries will further
constrain the company's already stretched liquidity profile. The
downgrade also reflects CRISIL's belief that NML's increasing
working capital requirements will lead to significant increase in
its short-term debt level over the medium term, although gearing
is likely to remain below 1 time over this period.

NML reported moderate growth with marginal decline in operating
profitability in 2010-11 and first half of 2011-12. NML's
operating margin declined to 14.17% in 2010-11 from 17.4% in
2009-10 because of its inability to fully pass on increase in raw
material prices to customers.

The rating continues to reflect NML's small net worth, modest
scale of operations, and limited track record in sponge iron
manufacturing. These rating weaknesses are partially offset by
NML's moderate financial risk profile, marked by moderate debt
protection metrics and low gearing.

Outlook: Stable

CRISIL believes that NML will maintain its financial risk profile
over the medium, supported by stable growth in revenues. The
outlook may be revised to 'Positive' if NML's financial risk
profile improves, most likely because of substantial equity
infusion or sustained improvement in profitability. Conversely,
the outlook may be revised to 'Negative' if NML's gearing and
debt protection metrics deteriorate more than expected, most
likely because of larger-than-expected debt-funded capital
expenditure or more-than-expected incremental working capital
requirements.

                      About Niranjan Metallic

NML is a closely held public limited company, incorporated in
2005; it started commercial production in 2008. The company
manufactures sponge iron. It procures coal from Jharkhand and
iron ore from Orissa, and primarily sells its products to Dadiji
Steels Ltd (Dadiji; rated 'CRISIL BB+/Stable/CRISIL A4+'), which
manufactures thermo-mechanically treated (TMT) bars. NML has a
sponge iron manufacturing capacity of 100 tonnes per day and has
a plant in Giridih (Jharkhand).

NML reported a profit after tax (PAT) of INR4.1 million on net
sales of INR241.7 million for 2010-11, against a PAT of INR7.3
million on net sales of INR231.0 million for 2009-10.


OSWAL AGRICOMM: ICRA Reaffirms '[ICRA]BB-' Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the Rs. 4.00 crore
fund based facilities (reduced from Rs. 4.06 crore) of Oswal
Agricomm Private Limited.  The outlook on the long term rating is
stable.  ICRA has also reaffirmed the '[ICRA]A4'  rating to the
Rs. 2.00 crore, short-term, non-fund based limits of OAPL The
fund based facilities includes sub limit of Rs. 3.00 crore for
EPC/FBP/FUBD which has also been reaffirmed at '[ICRA]A4'.

The ratings are constrained by the relatively small size of
operations; regulatory risk associated with the import of plastic
scraps and weak financial risk profile as characterised by low
margins and high gearing levels.  The ratings also reflect the
vulnerability of margins to raw material price fluctuations,
focus on low value added products and vulnerability of its
profitability to foreign currency fluctuations.

The ratings, however, favorably factor in the established track
record of the company in the plastic business and the locational
advantage arising from proximity to ports.

                       About Oswal Agricomm

Oswal Agricomm Private Limited promoted by the Champalal Group,
was incorporated in January 2005. Oswal Polymers, then a division
of Plastene India Limited, had received the license to import
plastic scrap from the Government of India. However, in February
2006, this division was taken over by OAPL. The above division
has an installed capacity of 5000 MTPA to manufacture plastic
agglomerates from the imported plastic scrap. The other unit of
the company, located at Chirai, Kutch is involved in the
manufacturing of various items like Plastic Granules, Bags,
Tarpaulin, Pipes, etc. from Plastic Agglomerates. Besides, OAPL
is also involved in trading activities mainly consisting of
agricultural commodities like sesame seeds, groundnut seeds,
castor oil, salt, etc.

Recent Results

For the year ended March 31, 2011, the company reported an
operating income of INR22.57 crore and profit before tax of
INR0.19 crore as against INR30.55 crore of operating income and
INR0.13 crore of profit after tax for the financial year 2009-10.


PARIKH MARKETING: CRISIL Puts 'CRISIL B+' Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRSIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Parikh Marketing Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR70 Million Cash Credit       CRISIL B+/Stable (Assigned)
   INR5 Million Standby Line       CRISIL A4 (Assigned)
                    of Credit

The ratings reflect PMPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and working-capital-intensive operations. These rating weaknesses
are partially offset by PMPL's established position in the
consumer electronic products distribution business in Jharkhand.

Outlook: Stable
CRISIL believes that PMPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with its principals. The outlook may be
revised to 'Positive' if the company reports substantial growth
in its scale of operations and profitability, leading to higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if there is a significant pressure on
PMPL's revenues and profitability, leading to further weakening
in its financial risk profile.

                     About Parikh Marketing

PMPL was established as a closely held company in March 2008 by
Mr. Amit Desai and Mr. Tribhuwan Singh. The promoters had
initially set up a partnership firm, Parikh Enterprises, in 1990,
which was engaged in the distribution of electronic items;
subsequently, the name was changed to Parikh Sales in 1992-93
(refers to financial year, April 1 to March 31). PMPL took over
the existing business of Parikh Sales. PMPL is the authorised
distributor of electronic appliances for Samsung India
Electronics Pvt Ltd and Hitachi Home & Life Solutions (India) Ltd
(rated 'CRISIL AA-/Stable/CRISILA1+'), and for sonata watches of
Titan and DTH packages of Bharti Airtel Ltd (rated 'CRISIL
AAA/Negative/CRISILA1+'). PMPL has two showrooms in Dhanbad
(Jharkhand).

PMPL reported a profit after tax (PAT) of INR3.94 million on net
sales of INR531.82 million for 2009-10, as against a PAT of
INR2.30 million on net sales of INR432.66 million for 2008-09.


QUANTAM IT: CRISIL Rates INR200MM Term Loan at 'CRISIL BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the term
loan facility of Quantam IT Park Pvt Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR200 Million Term Loan       CRISIL BB-/Stable (Assigned)

The rating reflects QITPPL's promoters' resourceful background
and experience in execution of real estate projects. This rating
strength is partially offset by QITPPL's exposure to offtake-
related risks associated with its ongoing information technology
(IT) park project and susceptibility to cyclicality in the
commercial real estate sector.

Outlook: Stable

CRISIL believes that QITPPL will maintain its prudent funding-mix
for its ongoing project in Thane (Maharashtra), and will continue
to benefit from healthy demand prospects for the IT park project
and promoters' experience in execution of real estate projects.
The outlook may be revised to 'Positive' if QITPPL reports more-
than-expected operating cash flows, most likely driven by
significantly more-than-expected offtake. Conversely, the outlook
may be revised to 'Negative' if QITPPL faces significant time or
cost overrun in implementation of its project, or faces
realisation pressures, leading to impairment of its debt
servicing ability.

                         About Quantam IT

QITPPL, jointly acquired by the Mumbai-based Baid family and Mr.
B C Jain in August 2010, was incorporated in 2004 to develop
commercial office space. The company owned a plot of land at
Wagle Industrial Estate of MIDC in Thane region near Mumbai.
After the acquisition, the new promoters named the commercial
project Sunrise Business Park (SBP). The upcoming project
involves construction of a nine-storey structure with a built-up
area of around 125 thousand square feet and a saleable area of
around 86 thousand square feet. Construction began in December
2010; as on June 30, 2011, two of the nine slabs had been
constructed. The total cost of construction (including land cost)
is expected to be around INR420 million, to be funded through
promoter funds of INR220 million and term loan of INR200 million
- expenditure till end of June 2011 was around INR160 million,
funded entirely by equity and unsecured loans from promoters.


QUANTAPLAST POLYMER: CRISIL Rates INR25MM Loan at 'CRISIL D'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Quantaplast Polymer Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR25 Million Cash Credit           CRISIL D (Assigned)
   INR51.5 Million Rupee Term Loan     CRISIL D (Assigned)
   INR2 Million Bank Guarantee         CRISIL D (Assigned)
   INR12.5 Million Letter of Credit    CRISIL D (Assigned)

The rating reflects the company's delay in repayment of term loan
bank instalments; the delays have been caused by QPPL's weak
liquidity due to the delay in stabilization of operations and un-
adequate offtake levels.

QPPL has a weak financial risk profile, limited track record of
operations, and its operating margin is vulnerable raw material
price volatility. These rating weaknesses are partially offset by
the diverse business experience of the promoters.

                   About Quantaplast Polymer

Incorporated in 2007, QPPL manufactures polymer granules from
nylon, polyester and polycarbonate, which are used in the
manufacture of plastics having applications in the automobile
industry, household appliances, and electrical goods. The company
is promoted by Jaipur (Rajasthan)-based Golcha group (owners of
Associated Soapstone Distributing Co Pvt Ltd [rated CRISIL A-
/Positive/CRISIL A2+]). The operations are currently managed by
Mr. Vikram Golcha.

The company has an installed capacity of around 5 tonnes per day
and is undertaking capital expenditure to double the capacity by
June 2012.

QPPL reported a net loss of INR20.2 million on net sales of
INR94.4 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net loss of INR19.5 million on net sales of
INR31.8 million for 2009-10.


RADHEKRISHNA EXTRACTIONS: CRISIL Rates INR115MM Loan at CRISIL BB
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Radhekrishna Extractions Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR115.0 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR10.0 Million Packing Credit    CRISIL A4+ (Assigned)
   INR3.0 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of REPL's promoters
in the edible oil business and its proximity to the raw materials
source, which helps its operational efficiency. These rating
strengths are partially offset by REPL's below-average financial
risk profile marked by small net worth and weak debt protection
metrics, small scale of operations in the highly fragmented
edible oil industry, and susceptibility of its operating margin
to volatility in raw material prices.

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the
medium term from its promoters' extensive experience in the
edible oil business. The outlook may be revised to 'Positive' if
REPL's liquidity improves on a sustained basis, along with
improvement in its operating profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's cash accruals are lower-than-expected or if the company
further undertakes a large debt-funded capital expenditure
programme.

                 About Radhekrishna Extractions

REPL was set up as a limited company, Radhekrishna Extraction
Ltd, in January 1992 by Mr. Pravin Kumar Patel and his cousin,
Mr. Praful Patel. In 2009-10 (refers to financial year, April 1
to March 31), it was reconstituted as a private limited company.
REPL processes soya bean oil and cattle feed or de-oiled cake
(DOC) from soya bean seeds at its unit in Sangli (Maharashtra),
which has an installed capacity of processing 350 tonnes per day
(tpd) and refining capacity of 60 tpd. The company procures raw
materials from mandis, traders, and farmers in Sangli and nearby
district; REPL sells the majority of solvent oil directly to
wholesalers and traders in the Maharashtra region, whereas the
DOC is sold across Tamil Nadu, Andhra Pradesh, and Maharashtra.
It also exports DOC to countries, such as Bangkok, China,
Thailand, and Jakarta, which currently accounts for about 10% of
its total sales.

REPL reported a profit after tax (PAT) of INR9.4 million on net
sales of INR916.8 million for 2010-11, as against a PAT of INR872
on net sales of INR649.4 million for 2009-10.


RAJESHWARA FORGINGS: Servicing Debt Delays Cue 'CRISIL D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Rajeshwara Forgings Pvt Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR10.1 Million Term Loan             CRISIL D (Assigned)
   INR5 Million Standby Line of Credit   CRISIL D (Assigned)
   INR54 Million Cash Credit             CRISIL D (Assigned)
   INR18.9 Million Proposed Long-Term    CRISIL D (Assigned)
                   Bank Loan Facility

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

RFPL is exposed to risks related to its working-capital-intensive
operations and weak financial risk profile, marked by low
profitability, small net worth, and weak debt protection
measures. These rating weaknesses are partially offset by the
considerable experience of RFAL's promoter in the automotive
bearings manufacturing business

                     About Rajeshwara Forgings

RFPL was set up in 1999 as a proprietorship firm, which was
reconstituted as a private limited company in 2001. RFPL
manufactures steel bearing rings primarily used in the automotive
industry. It undertakes the forging process and manufactures
rings; the rings are sent to group company Laxmi Durga
Engineering Pvt Ltd, which undertakes the turning process for
RFPL on job work basis. Around 80% of RFPL's revenue comes from
its top two customers: NRB Bearings Ltd (rated 'CRISIL AA-
/Stable/CRISIL A1+') and Fag Bearing India Ltd. RFPL procures
100% of its key raw material, bearing steel rods, from The Indian
Seamless Metal Tubes Ltd.

In 2009-10 (refers to financial year, April 1 to March 31), RFPL
acquired 100% stake in SSS Industries (SSS) for INR34.2 million.
SSS owns land, building, and equipment required for grinding
bearings. SSS currently does not have any operations. RFPL plans
to integrate its operations forward by entering the business of
grinding bearings with an estimated capital outlay of
INR45 million. The grinding facility is expected to commence
commercial operations in January 2013.


RAMKRISHNA AGENCIES: CRISIL Rates INR5MM Loan at 'CRISIL BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Ramkrishna Agencies.

   Facilities                      Ratings
   ----------                      -------
   INR120.0 Million Cash Credit    CRISIL BB-/Stable (Assigned)
   INR5.0 Million Proposed LT      CRISIL BB-/Stable (Assigned)
           Bank Loan Facility

The rating reflects extensive experience of Ramkrishna Agencies'
promoters in the distribution business, established relationships
with key suppliers, good dealership network in Orissa, and low
exposure to inventory- and receivables-related risks. These
rating strengths are partially offset by Ramkrishna Agencies'
weak financial risk profile, marked by small net worth, weak debt
protection metrics, and small cash accruals. The rating also
factors in Ramkrishna Agencies' significant supplier
concentration and exposure to intense competition in the mobile
handset industry.

Outlook: Stable

CRISIL believes that Ramkrishna Agencies will maintain its
business risk profile over the medium term, supported by
established relations with large principals and promoters'
experience in the distribution business. Nevertheless, Ramkrishna
Agencies' financial risk profile is expected to remain weak over
the medium term, because of significant dependence on bank
borrowings for funding increased scale of operations, leading to
weak debt protection metrics. The outlook may be revised to
'Positive' in case of significant and sustained increase in cash
accruals and net worth of the firm. Conversely, the outlook may
be revised to 'Negative' in case of significant deterioration in
cash flows from operations or capital structure of the firm.

                     About Ramkrishna Agencies

Ramkrishna Agencies, a sole proprietorship firm, was established
in 1993 by Ms. Renu Hans. The firm is a large distributor of
Samsung India Electronics Pvt Ltd's mobile handsets and
electrical appliances in Orissa. It is also engaged in the
distribution of Tata Tea and Airtel direct-to-home (DTH) sets in
Orissa. The firm derives over 80% of its revenues from
distribution of mobile handsets.

For 2010-11 (refers to the financial year, April 1 to March 31),
Ramkrishna Agencies' net sales and a profit after tax (PAT) are
estimated at INR1.04 billion and INR3.3 million respectively; the
firm reported net sales and a PAT of INR1.39 billion and INR4.2
million respectively for 2009-10.


R.F. EXPORTS: CRISIL Assigns 'CRISIL B+' Rating to INR4.7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R.F. Exports.

   Facilities                        Ratings
   ----------                        -------
   INR4.7 Million Long-Term Loan     CRISIL B+/Stable (Assigned)
   INR70 Million Packing Credit      CRISIL A4 (Assigned)
   INR90 Mil. Foreign Discounting    CRISIL A4 (Assigned)
                    Bill Purchase

The ratings reflect RFE's weak financial risk profile, marked by
a small net worth, moderate gearing, and weak debt protection
metrics, susceptibility to volatility in raw material prices,
foreign exchange rates, and to inherent risks in the seafood
industry. These rating weaknesses are partially offset by the
extensive experience of RFE's promoter in the seafood industry.

Outlook: Stable

CRISIL believes that RFE will continue to benefit from the
healthy demand for Indian marine foods in the global market and
its promoter's extensive industry experience, over the medium
term. The outlook may be revised to 'Positive' in case of
sustainable increase in the firm's scale of operations and
profitability, or improvement in capital structure on account of
infusion of funds. Conversely, the outlook may be revised to
'Negative' if RFE undertakes a large debt-funded capital
expenditure programme or in case of significant withdrawal of
capital by the promoter, leading to weakening in its capital
structure, or if its volumes or margins decline steeply.

                        About R.F. Exports

Established in 1995 by Mr. F M Farook, RFE processes and exports
various kinds of marine products, such as shrimps, squids,
cuttlefish, octopus, and fish to various countries, including
Japan, the USA, and European countries. The firm's manufacturing
unit is located in Eramalloor (Kerala). The firm's processing
facility has been approved by the Food and Drug Administration,
US.

RFE reported a provisional profit after tax (PAT) of INR3 million
on net sales of INR427 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR3 million on
net sales of INR280 million for 2009-10.


SHANTHI FORTUNE: ICRA Assigns '[ICRA]D' Rating to INR46.03cr Loan
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the
INR46.03 crore term loan facilities, the INR98.84 crore fund
based facilities and INR92.32 crore working capital demand loan
facilities of Shanthi Fortune (India) Private Limited.  ICRA has
also assigned short-term rating of '[ICRA]D' to the INR12.81
crore non-fund based facilities of SFIPL.

The ratings reflect the current delays witnessed in the servicing
of debt obligations by the Company on account of strained
financial position stemming from huge losses incurred during
2008-09 which wiped out the Company's entire net worth. The
primary breed of the Company failed during that period, which
forced SFIPL to sell at low prices resulting in losses at the
operating level. Although, the promoters' experience in the
industry aided in the subsequent improvement in SFIPL's
operational performance, the Company's financial profile
continues to be weak, marked by accumulated losses and stretched
capital structure, strained cash flows and coverage indicators.
The business profile of the Company is characterized by limited
entry barriers in the industry which leads to intense
competition, susceptibility of margins to volatility in feed and
broiler prices and the inherent risk of exposure to disease
outbreaks which affect demand patterns for prolonged periods.

                       About Shanthi Fortune

Incorporated in the year 2005, Shanthi Fortune India Private
Limited is a relatively small scale player in the domestic
poultry industry. Promoted by Mr. R. Krisshna Murthi, who has
over three decades of exposure to the industry, the Company
primarily rears and markets poultry, and manufactures poultry
feed largely for internal consumption. SFIPL largely operates
across South India and parts of West Bengal. In October 2005, the
management merged group entities Ashwin Poultry Farms (India) Pvt
Ltd (Ashwin Poultry), and Shanthi Enterprises, a proprietorship
firm, with SFIPL. Both Ashwin Poultry and Shanthi Enterprises
were into manufacture of poultry feed and poultry-related
operations.

Recent Results

According to unaudited results, the Company reported net profit
of INR8.7 crore on operating income of INR296.5 crore during 15
months ended June 30, 2011, against net profit of INR7.3 crore on
operating income of INR168.5 crore for the financial year 2009-
10.


SRI KRISHNADEVARAYA: ICRA Rates INR9cr Loan at '[ICRA]BB-'
----------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR9.00 crore fund based
facilities of Sri Krishnadevaraya Educational Society.  The
outlook on the long term rating is stable.

The assigned rating is constrained by high gearing on account of
debt funded expansion, possible delays in fee reimbursement by AP
government which could strain the liquidity position, moderate
coverage indicators in FY11 and limited growth potential due to
government regulations in the form of fee fixation by A.P.
Government coupled with approvals from AICTE for seat additions.
However, the rating draws comfort from established presence of
the society backed by experienced promoter Mr. A. V. Prathap
Reddy, founder of several engineering institutes in Andhra
Pradesh and Haryana.

Further the rating also factors in the wide spectrum of courses
including under graduate programmes in engineering and post
graduate programmes in engineering, computers & management,
proposed intake of 54 from next academic year i.e. 2012-13 with
introduction of 3 new courses; M.Tech (Heat Transfer), M.Tech
(Civil-Structural Engineering) & M.Tech (Embedded Systems) and
the high operating profitability of the society.

Sri Krishnadevaraya Educational Society has one institute running
under its ambit named Sri Krishnadevaraya Engineering College
(SKEC) located at Gooty in Anantapur district of Andhra Pradesh.
Mr. A. V. Prathap Reddy is the director of the society. Mr. Reddy
is also president of Intell Educational Society, Anantapur and
Vice President of Ya Ali Moula Educational Society, Anantapur. It
offers wide spectrum of courses with various UG and PG programmes
in various discipline of engineering, MCA and MBA. SKEC is
affiliated to Jawaharlal Nehru Technological University (JNTU) -
Anantapur.


VIJAY GRIHANIRMAN: ICRA Rates INR200cr Term Loan at '[ICRA]BB+'
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR200 crore term
loans of Vijay Grihanirman Private Limited.  The outlook assigned
to the long term rating is stable.

The rating takes into account the established track record of the
company with having completed development of over -2.4 msf of
residential projects in the Thane region, significant infusion of
funds by the promoters, achievement of debt tie-up for the
company's under construction projects and significant future
development potential on account of a substantial land bank
acquired over the past 5-6 years.

The rating, however, is constrained by the nascent stage of
development of the company's ongoing projects, significant market
risk on account of low level of sales tie-up achieved till date,
high geographic concentration of ongoing projects and significant
upcoming supply of residential developments on GB road. Going
forward, the company's ability to execute its ongoing projects as
per schedule, achieve sales tie-up in a timely manner and plans
to utilize the cash proceeds generated from ongoing projects
remain the key rating sensitivities.

VGPL is a Thane based real estate company incorporated in 1996.
The Vijay Group, founded by Mr. Vrajlal Gala, is jointly promoted
by the Gala family and Shah family and has been in the real
estate business since 1985. The Shah family was earlier the
promoter of Anchor Electricals Pvt Ltd, which was bought over by
Matsushita Electrical Works in April 2007. As on Dec. 31, 2010,
the Shah family held 76% of the total equity share capital of the
company with the balance being held by the Gala family. The
group's focus has been on residential development and till date
VGPL has completed the development of -2.4 msf of residential
real estate. All the developments have been concentrated in the
GB road region of Thane district. The company has 8 subsidiary
companies and 2 associate companies, none of which have any major
operations. Currently, VGPL is undertaking the development of 10
residential projects/phases aggregating to -0.85 msf and has a
land bank of 128 acres, located entirely on GB road.


YA ALI: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to INR6.00 crore fund based
facilities of Ya Ali Moula Educational Society. The outlook on
the long term rating is stable.

The assigned rating is constrained by moderate gearing on account
of debt funded expansion, possible delays in fee reimbursement by
AP government which could strain the liquidity position, non
accreditation of its courses, relatively low ranking among its
peers and limited growth potential due to government regulations
in the form of fee fixation by A.P. Government coupled with
approvals from AICTE for seat additions.

However, the rating draws comfort from established presence of
the society backed by experienced promoter Mr. A. V. Prathap
Reddy, founder of several engineering institutes in Andhra
Pradesh and Haryana. Further the rating also factors in the wide
spectrum of courses including under graduate programmes in
engineering and post graduate programmes in engineering,
computers & management, proposed intake of 120 from next academic
year i.e. 2012-13 with introduction of 2 new courses; M.Tech
(CSE) and B.Tech (Mechanical Engineering) and the high
profitability of the society.

Ya Ali Moula Educational Society was registered in 1999 as a
society with office of the registrar of societies, Hyderabad.
YAMES has one institute running under its ambit named Moula Ali
College of Engineering and Technology located in Anantapur,
Andhra Pradesh. Mr. M. Ramaiah is the president and Mr. A. V.
Prathap Reddy is the Vice President of the society. Mr. Reddy is
also president of Intell Educational Society, Anantapur and
Director of Sri Krishnadevaraya Educational Society, Gooty
(A.P.). It offers wide spectrum of courses with various UG and PG
programmes in various discipline of engineering, MCA and MBA.
MACET is affiliated to Jawaharlal Nehru Technological University
(JNTU) - Anantapur.


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


L-JAC III: Moody's Withdraws 'Caa2' Rating on Class D-1 Notes
-------------------------------------------------------------
Moody's Japan K.K has withdrawn the ratings for the Class D-1
through Class I trust certificates issued by L-JAC III Trusts for
business reasons.

   Class D-1, Caa2 (sf) rating withdrawn; previously on Sept. 9,
   2011 downgraded to Caa2 (sf) from B2 (sf)

   Class E-1, Caa3 (sf) rating withdrawn; previously on Sept. 9,
   2011 downgraded to Caa3 (sf) from B3 (sf)

   Class F-1, Caa3 (sf) rating withdrawn; previously on Sept. 9,
   2011 downgraded to Caa3 (sf) from Caa1 (sf)

   Class G-1, Caa3 (sf) rating withdrawn; previously on Sept. 9,
   2011 downgraded to Caa3 (sf) from Caa2 (sf)

   Class H-1, Caa3 (sf) rating withdrawn; previously on March 1,
   2011 downgraded to Caa3 (sf) from B3 (sf)

   Class I, Caa3 (sf) rating withdrawn; previously on March 1,
   2011 downgraded to Caa3 (sf) from B3 (sf)

Deal Name: L-JAC III Trust

Class: Class D-1 through I trust certificates

Issue Amount (initial): JPY9,883 million

Dividend: Floating

Issue Date (initial): October 12, 2006

Final Maturity Date: April, 2013

Underlying Asset (initial): Seven non-recourse loans backed by
real estate

Originator: New Century Finance Co., Ltd., (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC III Trust, effected in October 2006, represents the
securitization of seven loans backed by real estate. The
Originator entrusted the loans to the Asset Trustee, and received
the Class A through I, X-1 and X-2 trust certificates, which it
then sold through the Arranger to investors. The trust
certificates are rated by Moody's.

In this transaction, the interest and principal payments from the
underlying loans are made sequentially.

Six of the seven loans have been paid down in full. The
transaction is now secured by one loan backed by a retail
property in suburban Tokyo.

Rating Rationale

Moody's Japan K.K. has withdrawn the credit rating for its own
business reasons.


MF2 SENIOR: S&P Affirms Rating on Class A4 ABL at 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the
class A1 to A4 MF2 senior asset-backed loans (ABLs) issued under
the MF2 Senior Loan transaction on CreditWatch with negative
implications.

"The cash flows from some properties (remaining properties are
three office buildings in Tokyo) backing the transaction's
nonrecourse loan have underperformed the assumptions that we made
when we last reviewed our assessments of the values of the
properties in October 2010. We intend to review our ratings on
the class A1 to A4 MF2 senior ABLs, which we placed on
CreditWatch negative, after reconsidering our assumptions with
respect
to the likely collection amount from the properties in question,"
S&P said.

"In this transaction, we assigned our ratings to the
JPY25.4 billion class A1 to A4 senior ABLs extended to MF2 Godo
Kaisha (MF2). The ABLs are backed by a JPY32.4 billion
nonrecourse loan extended by MF2 to another company serving as
the borrower special-purpose company (SPC). Apart from the class
A1 to A4
ABLs, MF2 also has JPY7 billion worth of mezzanine loans," S&P
said.

This commercial mortgage-backed securities (CMBS) transaction was
arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX
Asset Management & Loan Services Corp. acts as the servicer for
this transaction.

"The rating reflects our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in March
2014 for the class A1 ABL and the full payment of interest and
ultimate repayment of principal by the legal final maturity date
for the class A2 to A4 ABLs," S&P said.

Ratings Placed On Creditwatch Negative
MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class    To                   From       Initial issue amount
A1 ABL   AA+ (sf)/Watch Neg   AA+ (sf)    JPY19.0 bil.
A2 ABL   BBB- (sf)/Watch Neg  BBB- (sf)   JPY4.0 bil.
A3 ABL   BB (sf)/Watch Neg    BB (sf)     JPY1.4 bil.
A4 ABL   BB- (sf)/Watch Neg   BB- (sf)    JPY1.0 bil.


TOKYO ELECTRIC: To Sell JPY2.4-Tril. Bonds to Pay Debt Due 2021
---------------------------------------------------------------
Tsuyoshi Inajima and Yuji Okada at Bloomberg News report that
Tokyo Electric Power Co. plans to raise as much as JPY2.4
trillion (US$31 billion) selling bonds to repay debt securities
due by March 2021, according to a government panel investigating
the utility's finances.

The panel said in a report released on Oct. 3 that TEPCO aims to
raise the funds to cover bonds maturing after April in either
2015 or 2016 through the year ending March 2021, according to
Bloomberg.

Bloomberg notes that the utility hasn't been able to sell bonds
since the March 11 earthquake and tsunami knocked out its
Fukushima Dai-Ichi plant, causing the worst nuclear crisis in 25
years and exposing the company to at least 5.7 trillion yen in
compensation payments and decommissioning costs.  Bloomberg
relates that the panel said the company may have a funding
shortfall of JPY8.6 trillion during the next ten years because of
higher costs to generate power from fossil fuel.

The panel's report said TEPCO had JPY4.7 trillion of domestic and
foreign currency bonds outstanding at the end of July, Bloomberg
relays.

"We will issue new bonds after improving our finances through
restructuring and resolving the nuclear accident," TEPCO
spokesman Naoyuki Matsumoto told Bloomberg.  He declined to
comment on the details of bond sales, Bloomberg notes.

According to Bloomberg, Mr. Matsumoto said the company may use a
JPY2 trillion emergency loan it received from banks in April to
cover payments on bonds due before the end of March 2015.  TEPCO
plans to repay the loan by March 2021, though the company may ask
banks to roll over payment depending on its finances, according
to the panel's report obtained by Bloomberg.

Bloomberg relates that the oversight panel said that for bonds
maturing after April 2015 the company plans to sell new
securities to cover repayments.  TEPCO has JPY2.4 trillion of
bonds due in the five years after April 2015, the report said.

The panel's report said TEPCO plans to ask banks to maintain the
loan balance of JPY2 trillion that it had at end of March for 10
years, Bloomberg relays.  The company has made a commitment to
creditors not to seek interest-rate relief or debt forgiveness,
according to Bloomberg.

According to Bloomberg, the panel headed by Kazuhiko Shimokobe, a
bankruptcy lawyer, provided the first official estimate of the
costs of the disaster after scouring TEPCO's books for almost
four months.

The panel's report said TEPCO may have to pay JPY4.5 trillion by
March 2013 in compensation to those affected by the disaster.
The company had paid JPY117.2 billion in provisional compensation
by Sept. 7, it said.

The panel's findings will form the basis of a plan to be drafted
by TEPCO and the Nuclear Damage Compensation Facilitation Corp.,
which was established to cover payments to those affected by the
disaster, Bloomberg notes.

"It will pave the way for financing help from the compensation
body once Tepco's special management plan gets approved and the
company follows up on restructuring measures and asset sales
included in the report," Bloomberg quotes Mr. Shimokobe as saying
when releasing the report.

                            About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO).  The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3.  The ratings outlook is
negative.


TOKYO ELECTRIC: Has to Cut 7,400 Jobs, JPY2.5 Trillion Costs
------------------------------------------------------------
Agence France-Presse reports that a government-commissioned panel
said Monday that Tokyo Electric Power Co. will have to cut 7,400
jobs and slash costs by $33 billion over the next 10 years to pay
damages for the Fukushima nuclear accident.

The news agency says the panel, made up of five experts and
assisted by a team of government officials, is investigating
TEPCO's finances and advising on restructuring of the utility
following the disaster at its nuclear power plant, which was
crippled by the March 11 earthquake and tsunami.

AFP notes that without restarting nuclear plants and an increase
in electricity rates -- measures likely to be deeply unpopular
with the Japanese public -- TEPCO will fall into a capital
deficit of JPY1.6 trillion ($20.8 billion).

According to AFP, the panel said in its final report that it will
also require JPY8.6 trillion in fresh funding over the next 10
years.  TEPCO has only about one trillion yen of its own capital,
AFP notes.

AFP reports that the panel estimated the utility could reduce its
workforce by 14% and cut costs by JPY2.5 trillion ($33 billion),
among other measures.

The news agency relates that the findings suggest Tokyo still
faces considerable challenges in trying to keep TEPCO afloat,
even after setting up a body to help it pay an estimated
JPY4.5 trillion in compensation claims by 2013.

The panel, according to AFP, believes that a severe restructuring
of the company is the only way to guarantee funds to compensate
the tens of thousands of people and businesses affected by the
Fukushima nuclear disaster, which forced the evacuation of a
20-kilometre zone around the plant.

Failure to obtain government assistance could prompt questions
over the viability of TEPCO as a going concern and make its
already difficult funding situation more challenging, AFP adds.

                           About TEPCO

Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years.  More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO).  The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3.  The ratings outlook is
negative.


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


AORANGI SECURITIES: Investors to Get Another 5c Repayment
---------------------------------------------------------
Fairfax NZ reports that the statutory managers are paying out the
several hundred investors in the late Allan Hubbard's investment
company Aorangi Securities another 5 cents in the dollar on
Friday, Oct. 7, 2011.

Fairfax NZ relates that the 5c will take the total repaid to
investors since the appointment of statutory managers 16 months
ago to 12c in the dollar.  The report, citing an unnamed
investor, says a 3c payment was made in October last year and 4c
about three months ago.

The report notes that the statutory managers are also making
progress on going to court to get orders on how to divide up the
funds in Hubbard Managed Funds, which also has several hundred
investors.

According to Fairfax NZ, statutory managers Grant Thornton said
their eighth report on Aorangi Securities was shorter because of
the circumstances following the death of Allan Hubbard in early
September.

"We are working through the effect of Mr Hubbard's death on the
statutory management process with the Government agencies, the
Hubbard family and their advisers," the report quotes the
managers as saying.

Fairfax NZ reports that the statutory managers indicated that
there is a dispute over the ownership of about NZ$60 million of
assets and whether they are owned by the Hubbards or by the
Aorangi investors and that is still not resolved.

"There is a significant group of assets which the Hubbards held
personally and stated that they intended to introduce into
Aorangi Securities Limited for the benefit of investors. The
availability of those assets to Aorangi remains a significant
factor in the ultimate return to investors and we continue our
work to determine the availability of those assets, as well as
managing and realizing them in the meantime as appropriate," they
said.

According to the report, the statutory managers said volatility
in world sharemarkets was resulting in the value of Hubbard
Managed Funds fluctuating. It had dropped to NZ$46 million from
NZ$49.3 million at the end of May.  HMF was worth NZ$47.8 million
at the time of their appointment on June 20 last year.

The statutory managers said they were making progress on the
issue of how to allocate the funds fairly between investors of
HMF. A court hearing would ultimately decide that, Fairfax NZ
relays.

                      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.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.


BRIDGECORP LTD: Directors Trial Delayed for Two Weeks
-----------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that the High Court
trial of Rod Petricevic and fellow Bridgecorp directors has been
delayed by two weeks and will now start on October 25.

An adjournment was granted by Justice Geoffrey Venning in the
High Court in Auckland yesterday, October 5.  There have been
three prior adjournments in the case -- all relating to issues of
legal representation and applications for legal aid.

The report notes that the Crown opposed any adjournment in the
case, saying it was ready to proceed with the trial next week.

Although Mr. Petricevic was due to be represent himself in the
trial, he will now be represented by lawyer Charles Cato, who he
has worked with in the past, according to nzherald.co.nz.

nzherald.co.nz relates that Mr. Petricevic had previously said he
could not fund his own case and made a number of attempts to
secure legal aid.  Mr. Cato said Wednesday he was not being
funded by legal aid in this case, the report relays.

According to the report, Justice Venning said Wednesday it was in
the "interests of justice" to adjourn the case and to give
Mr. Cato time to prepare for the trial.

The late October start date for the trial means it may carry on
into the new year, the report notes.

Another reason for the adjournment was a late application for
legal aid by fellow Bridgecorp director Gary Urwin.  If Mr. Urwin
is granted legal aid, he will be represented by another lawyer,
who Justice Venning said would also need time to prepare with
assistance from Mr. Urwin's present counsel.

Former director Rob Roest, Mr. Petricevic and three other
directors -- Gary Urwin, Peter Steigrad and Bruce Davidson -- are
accused of misleading investors in offer documents registered in
December 2006, as well as in later advertisements for Bridgecorp
secured debentures and capital notes issued by Bridgecorp
Investments.

Messrs. Petricevic and Roest also face separate criminal charges
from the Serious Fraud Office, which are expected to go to trial
next year, BusinessDay.co.nz disclosed.

                      About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company.

Bridgecorp was placed in receivership on July 2, 2007, after
failing to pay principal due to debenture holders.  John Waller
and Colin McCloy, partners at PricewaterhouseCoopers, were
appointed as receivers.  Bridgecorp owes around 14,500 investors,
which liquidators estimate to approximate NZ$500 million.

Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).


CHOW GROUP: Agrees to Pay NZ$875,000; Staves Off Liquidation Bid
----------------------------------------------------------------
BusinessDesk reports that Chow Group Limited have agreed to pay
NZ$875,000 for an unpaid bill to stave off liquidation in their
stoush with engineering firm Clearwater Construction.

In the High Court in Wellington, BusinessDesk relates, Judge
Stephen Kos granted an adjournment to enable owners Michael and
John Chow to pay the bill, and made an order freezing funds in
their lawyer's trust account with the sole exception of paying
Clearwater Construction.

According to BusinessDesk, Justin Toebes, counsel acting for the
Chows, said the delay gives the Chows until Thursday next week to
settle the bill, though they plan to appeal last month's ruling
upholding a building disputes determination.

Early in the proceeding, BusinessDesk notes, Judge Kos said he
was inclined to order liquidation if the bill wasn't settled,
saying Clearwater should not be burdened with the risk of
proceedings.

"It's simply a question of who bears the credit risk,"
BusinessDesk quotes Judge Kos as saying.

BusinessDesk says the judge took a dim view of Chow Group's
delays, which included not filing a claim early in the dispute,
transferring a property subject to an order to another company
and withdrawing a later application, saying "it's a pretty sorry
catalogue of events."

That led to negotiations between Mr. Toebes and Clearwater
counsel Lewis Turner to reach an agreement and avoid an order for
liquidation, with the Chows topping up the trust account holding
NZ$850,000 by a further NZ$25,000, reports BusinessDesk.

BusinessDesk notes that the decision means Clearwater
Construction will hold the funds in dispute, and if Chow Group is
successful in its appeal, it will have recourse to try and
recover the cash.

Last month, the report recounts, Chow Group unsuccessfully sought
to throw out the building dispute adjudication that led to the
liquidation proceeding.  They had refused to pay the fifth
instalment to Clearwater for work on Auckland's Palace Hotel,
BusinessDesk relays.

Chow Group Limited -- http://www.chowgroup.co.nz/-- is an
investment property group based in both Wellington and Auckland,
New Zealand.


===============
T H A I L A N D
===============


KRUNG THAI: Moody's Affirms 'B2' Rating of Foreign Currency Issue
-----------------------------------------------------------------
Moody's Investors Service has downgraded the local currency
deposit ratings of Krung Thai Bank Public Company Limited (KTB)
to Baa1/Prime-2, negative outlook, from A3/Prime-1, stable
outlook.

In addition, Moody's has changed the outlook on the foreign
currency deposit ratings of Baa1/Prime-2 to negative from stable.

Krung Thai Bank Public Co. Ltd., Singapore Branch foreign
currency hybrid issue of B2 (hyb) has been affirmed with a stable
outlook.

Separately, Moody's has changed the outlook on the bank's
standalone bank financial strength rating (BFSR) of D-, which
maps to Ba3 on the long-term scale, to positive from stable.

Ratings Rationale

Downgrade of Local Currency Deposit Ratings

The downgrade reflects a recalibration of the systemic support
assumptions that underpin Moody's ratings of KTB.

Even though KTB is still 55%-owned by the state (The Bank of
Thailand's rescue arm, and the Financial Institution Development
Fund), the bank increasingly functions as a commercial bank, with
no specific policy mandates from the government, unlike other
specialized financial institutions like the Government Housing
Bank (Baa1, stable; E+/B1 stable), Export-Import Bank of Thailand
(Baa1 stable), Bank for Agriculture and Agricultural Cooperatives
(unrated), Small and Medium Enterprise Development Bank
(unrated), and the Government Savings Bank (unrated). As a
result, Moody's decided that the six notches of ratings uplift
from its stand-alone Ba3 rating previously incorporated into
KTB's local currency deposit ratings was excessive.

Nonetheless, KTB plays a key role in the country's payment system
as it is the second-largest Thai bank with a nation-wide
footprint, and had an 18% share of assets, loans, and deposits at
end-2010. As a result, Moody's believes that the Thai government
will still have a strong incentive to assist KTB, if needed,
given KTB's systemic importance. It is therefore appropriate that
the bank's ratings continue to benefit from several notches of
systemic uplift.

Positive Outlook on BFSR

At the same time, Moody's notes that KTB's stand-alone financial
profile is on an improving trend. As a result, the outlook on its
stand-alone rating has been changed to positive. The main driver
of an improved financial profile is a strengthening of asset
quality. Its non-performing loans (NPLs, defined as loans 90+
days overdue) declined to THB67.5 billion (5.1% of gross loans)
at end-June 2011 from THB85.9 billion (8.2%) at end-2008 due to
active debt management and minimal formation of new NPLs.

Other aspects of the bank's financial profile show fewer clear-
cut signs of improvement and generally lag KTB's major peers such
as Bangkok Bank (Baa1 stable, C-/Baa2 stable), Siam Commercial
Bank (Baa1 stable, C-/Baa2 stable) and Kasikornbank (Baa1 stable,
D+/Baa3 stable). KTB's Tier 1 ratio declined to 8.5% at the end
of June 2011 from 9.9% at the end of 2010. This was due in part
to the booking of one-time expenses related to IAS19 (employee
benefits). Although KTB's Tier 1 is still more than double the
central bank's requirement of 4.25%, its ability to absorb
expected medium-term credit losses under Moody's stress-test
scenarios is weaker than its rated peers.

On a pre-provision basis, earnings generation compares
unfavorably to other similar-sized Thai banks and its "D" rated
peers. KTB's pre-provision profits were 2.3% of average risk
weighted assets for 2010.

As with most other Thai banks, KTB's liquidity position is
tightening, as evidenced by a 101% loan-to-deposit ratio at the
end of 1H2011 (89% at end-2009). However, its sizable and stable
core deposit base accounted for nearly 80% of its funding at end-
2010, with a profile mainly in local currency.

Nonetheless, while such metrics justify a stand-alone rating
below that of its main peers, overall KTB's financial profile is
comfortable relative to its Ba3 unsupported rating, especially
given the strength of the bank's franchise as the second largest
bank in Thailand. An upgrade could be considered if KTB manages
to further reduce its NPLs while maintaining its capital,
earnings and liquidity profile at their current level.

Specifically, An upgrade of the BFSR could follow if KTB sustains
its track record of (i) reducing its NPL levels whereby the NPL
ratio declines below 4%, while at the same time increasing its
loan loss reserves coverage to that comparable to its peers; (ii)
increasing its capital such that the Tier 1 ratio is above 9%;
and (iii) further broadening and diversifying both its funding
base and revenue sources -- primarily its consumer and fee
income.

Negative Outlook on Deposit Ratings

Even after the one-notch downgrade of the local currency deposit
rating to Baa1, KTB continues to benefit from 5-notches of
ratings uplift on account of systemic support. Moody's will
continue to review the appropriateness of such high ratings
uplift in the context of the bank's role as a commercial bank.
However, given the positive outlook on the stand-alone rating, it
is possible that improvements in the bank's financial profile
will help narrow the gap between the stand-alone and supported
rating. The extent to which these improvements will sufficiently
offset further reduction in the support assumption will be the
main driver of the deposit rating. Within 12-18 months (the
normal time horizon for Moody's outlooks), Moody's anticipates
that the deposit ratings will benefit from no more than 3-4
notches of uplift for systemic support.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Bangkok, Thailand, KTB reported total assets of
THB1,849 billion (USD61 billion) as of end of June 2011.


                             *********

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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