TCRAP_Public/111019.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

          Wednesday, October 19, 2011, Vol. 14, No. 207

                            Headlines



A U S T R A L I A

BEMAX RESOURCES: Moody's Upgrades Corporate Family Rating to 'B3'
BLOSSOM ROAD: Workers' Protests End As Entitlements Were Paid
GR FINANCE: Enters Into Administration
REFUND HOME: In Administration; Buyers Keen on Acquiring Firm
SMART SERIES 2011-3: Moody's Gives Ba2 Rating to AUD22.5MM Notes

TYRECORP HOLDINGS: In Receivership; Assets Put Up for Sale


H O N G  K O N G

ABN AMRO: Members' Final Meeting Set for Nov. 16
ADEPT INVESTMENT: Members' Final Meeting Set for Nov. 14
CHEUNG LUK: Leung Shiu Tong Steps Down as Liquidator
COSMOS CAPITAL: Members' Final Meeting Set for Nov. 18
CRC HARVEST: Tsui Kei Pang Appointed as Liquidator

ELCOTEQ ASIA: Placed Under Voluntary Wind-Up Proceedings
FAR EAST: Liu Chi Tat Stephen Appointed as Liquidator
HAGER METAL: Members' Final Meeting Set for Nov. 15
HUB LIMITED: Creditors' Proofs of Debt Due Oct. 28
NEW KWONG: Members' Final Meeting Set for Nov. 14

OPTIVER HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 25
TRIO EQUITY: Members' Final Meeting Set for Nov. 15
UPGOOD ENTERPRISES: Annual Meetings Set for Oct. 26


I N D I A

CAMEX LIMITED: CARE Reaffirms CARE BB+ Long-Term Bank Loan Rating
DUFLON INDUSTRIES: CARE Gives CARE B Rating to INR15.5cr LT Loan
GODHANI GEMS: CARE Reaffirms CARE BB+ Rating on INR136.82cr Loan
HANSA TUBES: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
HCG CONSTRUCTION: CARE Rates INR22.96cr Long-Term Loan at CARE C

INDUCTO STEEL: CARE Puts 'CARE BB-' Rating on INR40cr LT Loan
KEERTHI INDUSTRIES: CARE Reaffirms 'B' Rating on INR62.07CR Loan
MOHATA ENTERPRISES: CRISIL Puts 'CRISIL B+' Rating on INR9MM Loan
MUDRA REAL: CARE Rates INR20cr Long-Term Loan at 'CARE BB-'
PALLAVI MOTORS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating

RIDHAM TEXPORT: CARE Assigns 'CARE BB' Rating to INR5.83cr Loan
SATGURU FOUNDATIONS: CRISIL Ups Rating on INR56.4MM Loan to 'B'
SPBM FOUNDATION: CRISIL Rates INR85MM Term Loan at 'CRISIL BB-'
TANEJA DEVELOPERS: CARE Cuts Rating on INR15.83cr Loan to CARE D
TDI INFRASTRUCTURE: Debt Servicing Delays Cue CARE Junk Ratings

VNR LOGISTICS: CARE Places 'CARE BB+' Rating on INR15cr LT Loan


I N D O N E S I A

PT TOWER: Moody's Assigns 'Ba2' Corporate Family Rating


J A P A N

TOKYO ELECTRIC: To Ask for JPY700-Bil. Aid to Avoid Insolvency
* JAPAN: More Property Companies May File for Bankruptcy in 2012


N E W  Z E A L A N D

CRAFAR FARMS: Former Chinese Buyer Charged With Bribery
PIKE RIVER: NZOG Commits NZ$5MM More to Fund Stabilization Cost


S I N G A P O R E

HOYA MAGNETICS: Creditors' Proofs of Debt Due Nov. 13
LANDMARK CHEMICALS: Creditors Get 6.73632% Recovery on Claims
VEPRO (SEA): Court Enters Wind-Up Order
ZUNOUCAN PTE: Court Enters Wind-Up Order


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


BEMAX RESOURCES: Moody's Upgrades Corporate Family Rating to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
senior unsecured bond rating for Bemax Resources Ltd to B3 from
Caa1. The outlook is stable.

Ratings Rationale

"The rating upgrade to B3 recognizes the improved operating
performance as a result of the continued ramp-up of the Company's
Snapper mineral sands mine, combined with the solid pricing
environment for minerals sands, and which has led to improvements
in the company's financial profile from the very weak levels
experienced over the last several years" says Matthew Moore, a
Moody's Assistant Vice President -- Analyst.

"The upgrade reflects the expectation that Bemax will continue to
benefit from improved production at the Snapper project, which at
current pricing levels should lead to improvements in the
company's stand alone liquidity and credit metrics." added
Mr. Moore.

Notwithstanding the improved financial profile, the B3 rating
continues to reflect limited visibility around the company's
ongoing business growth and capital management strategies", Mr.
Moore says, adding "Establishing a design capacity production
track record from Snapper mine, and an evidence of sustainable
improvement in the financial profile over the next 1-2 years,
that is supported by a sustainable business strategy, could lead
to further upward momentum in the rating".

Bemax has good quality reserves with relatively high mineral
grades, particularly in the Murray Basin, which position the
company well in facing the volatility in the mineral sands
market.

Further upward pressure on the rating could emerge if the company
demonstrates improvements in production and earnings combined
with a sustained strong pricing environment for mineral sands.
Financial metrics that could evidence such improvement include
Cash Flow from Operations (CFO) to Debt staying at or above 20%.

On the other hand, the rating would experience downward pressure
if Bemax experiences material difficulties with the ramp up of
Snapper and/or negative developments in the mineral sands market
emerge. An inability of Bemax to fund itself or a weakening in
key credit metrics, such that CFO to debt falls below the 10-15%
range and FFO to interest reduces to less than 1.4x times could
also lead to a downgrade", adds Mr. Moore.

There could be further downward pressure if the company carries
out further expansion of its mines leading to negative free
cashflow generation or there is a lack of liquidity support from
the company's parent.

The principal methodology used in this rating was the Global
Mining Industry methodology published in May 2009.

Bemax an Australian based mineral sands explorer, miner and
processor, producing Zircon and other Titanium Dioxide (TI02)
based `separated' feedstock products including Rutile, Illmenite
and Leucoxene. The company's mining operations are centered
around the Murray Basin of NSW (Ginko and Snapper mines) and
Western Australian operations near Bunbury.

Bemax is a private company 100% owned by the National Titanium
Dioxide Co. Limited (Cristal), which is based in Saudi Arabia.
Bemax provides full and half-year audited financial statements,
plus quarterly production reports on the Singapore Stock
Exchange.


BLOSSOM ROAD: Workers' Protests End As Entitlements Were Paid
-------------------------------------------------------------
Chris Hingston at Melbourne Times Weekly reports that former
workers at Blossom Road Australia have called an end to regular
protests outside Scanlan & Theodore's Little Collins Street
store.

The workers have been granted their entitlements, which were lost
when Blossom Road went into liquidation, according to the report.

Melbourne Times Weekly, citing a campaign material distributed by
the Textile Clothing and Footwear Union of Australia, relates
that about 27 Blossom Road workers lost their jobs and were owed
more than AUD500,000 in entitlements.

The protests, held every Friday for four months, ended last
month, the report relays.

According to Melbourne Times Weekly, the union alleges Blossom
Road reopened as a "phoenix" company under a new name, in the
same building, and continued to supply goods to fashion retailer
Scanlan & Theodore.

Melbourne Times Weekly relates that TCFUA national and state
secretary Michele O'Neil said all of the union members at Blossom
Road had received all of their entitlements in full, including
long-service leave, annual leave, redundancy pay, notice pay and
superannuation contributions.

The TCFUA would not confirm how many of the 27 former employees
were union members, the report notes.

Blossom Road Australia Pty Ltd was a supplier to high-end brand
Scanlan and Theodore.


GR FINANCE: Enters Into Administration
--------------------------------------
SmartCompany reports that GR Finance, which provides short-term
finance particularly for the building industry in return for
returns of up to 10.05%, has been placed in administration.

Stephen Dixon and Laurence Fitzgerald of BDO Business Recovery &
Insolvency have been appointed to the 11-year-old Melbourne-based
business, according to SmartCompany.

A creditors' meeting will be held on October 20, one week after
the appointment of BDO.

Citing GR Finance's financial report for the half year ended
Dec. 31, 2010, SmartCompany discloses that GR Finance reported
profit after tax was AUD101,692, up from AUD60,809 the previous
corresponding period.

Under likely future developments, the financial report said: "The
company expects to maintain the present status of its operations
while continuing its strategy for growth in the volume of funds
under management. Directors are actively pursuing a number of
strategies that have been developed to enhance the business and
opportunistically enlarge the scope of the operations in the
current economic environment."

Revenue for December 2010 was AUD1.59 million, up from
AUD1.27 million the previous corresponding period.

The company has previously pushed regulators to change the way it
requires smaller finance companies to keep large amounts of cash
at hand, SmartCompany says.

                        About GR Finance

GR Finance is a wholly Australian owned company incorporated
since 2000, offering fixed term, fixed rate, high yield
investments for Australia-based investors.


REFUND HOME: In Administration; Buyers Keen on Acquiring Firm
-------------------------------------------------------------
Patrick Stafford at SmartCompany reports that mortgage broking
group Refund Home Loans has been placed in administration, but
several buyers are considering acquiring the business.

The group has more than 350 franchisees and a substantial stake
in the growing alternative home loan market.

SmartCompany relates that the announcement comes just 18 months
after the Australian Competition and Consumer Commission slammed
the company and its founder Wayne Ormond, after he admitted
making false and misleading statements to franchisees about an
agreement with the ACCC itself.

It also comes just two weeks after BRW again named Mr. Ormond as
one of the wealthiest people under 40 in Australia, with his
fortune rising AUD5 million to AUD33 million, the report relays.

A company spokesperson told SmartCompany that the company had
endured "a difficult 12 to 18 months".

"Banks have been tightening up their lending to small business,
and that's just the reality of the situation. They've made it
particularly hard," the report quotes the spokesperson as saying.

"The company is effectively under-funded, and we have director
responsibilities. So there, the banks had no choice but to put in
a voluntary administration."

SmartCompany notes that Refund Home Loans has suffered since the
beginning of the year, especially in Queensland, where the
property sector has suffered due to the January floods.

However, the spokesperson confirmed that four buyers are current
involved and franchisees -- who are still operating -- are also
looking at purchasing the business, the report says.

According to the report, the company hopes to use its strong
brand as leverage, along with its scope.  The company has a loan
book worth $2 billion.

While the company does have AUD2.5 million in debt, the
spokesperson said this is "a small amount of debt considering the
company's valuation," SmartCompany relays.

The report notes that the administration does not affect either
the real estate or financial planning divisions of the business.
A sale process is currently underway, led by administrators SV
Partners.

Two other businesses operated by Mr. Ormond, Refund Real Estate
or Refund Financial Planning, are not in administration and are
unaffected, the report adds.

                        About Refund Home

Refund Home Loans -- http://www.refundhomeloans.com.au/-- is an
Australian mortgage broking service.  Founder and Executive
Chairman Wayne Ormond launched Refund Home Loans in April 2004.
The company has over 350 franchisees in Australia.


SMART SERIES 2011-3: Moody's Gives Ba2 Rating to AUD22.5MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART Series 2011-3 Trust.

Issuer: SMART Series 2011-3 Trust

  AUD144.000 million Class A-1 Notes, Assigned P-1 (sf);

  AUD 473.400 million Class A-2A Notes, Assigned Aaa (sf);

  GBP 110.000 million Class A-2G Notes, Assigned Aaa (sf);

  AUD 20.523 million Class B Notes, Assigned Aa3 (sf);

  AUD 24.750 million Class C Notes, Assigned A3 (sf);

  AUD 22.500 million Class D Notes, Assigned Baa3 (sf);

  AUD 22.500 million Class E Notes, Assigned Ba2 (sf).

The AUD 18.000 million Seller Notes are not rated by Moody's.

* The Class A-2A and Class A-2G Notes equal AUD 647.73 Million
  equivalent aggregate.

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

"This is the third ABS transaction for Macquarie Leasing so far
this year. After three previous successful visits to the US
market in 2010 and 2011, they are again targeting offshore
markets but this time by issuing GBP denominated Class A-2G
Notes", says Treasa Boyle, Moody's lead analyst for the
transaction.

Ratings Rationale

SMART Series 2011-3 Trust is broadly similar to structures seen
in previous domestic SMART transactions sponsored by Macquarie,
and closely follows the structure seen in SMART Series 2010-2
Trust. However, it differs in that this transaction is not solely
AUD denominated as it will issue GBP denominated Class A2-G
Notes. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction and the pro-rata principal repayment profile.

The pool includes a relatively high percentage of novated leases
(52.5%). Moody's considers novated leases to have a lower level
of risk than other contract types and this is a positive feature
of the transaction. Similar to past domestic SMART and other
Australian ABS transactions, the deal includes a small percentage
of non-motor-vehicle equipment types (9.5%). In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART 2011-3 Trust pool as conservatively structured.

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

The deal will include two senior tranches. The Class A-1 Notes
are fast-pay money-market notes, rated P-1. The Class A-2 notes
are split between AUD denominated Class A-2A Notes and GBP
denominated Class A-2G Notes. The Class A Notes will be repaid
sequentially within the Class A Note allocation, however within
the Class A-2 Notes, Class A-2A Notes and Class A-2G Notes will
be paid on a pari passu basis. The ratings are based on the
credit enhancement provided by the subordinated notes equal to
12% for the Class A Notes.

An unusual feature of the transaction is that the maturity dates
of the Class A-1 Notes were set not with reference to the
maturity of the longest dated receivable but rather with
reference to the scheduled principal amortisation profile (with a
certain buffer to allow for defaults and delinquencies). Moody's
has accounted for the possibility of losses and delinquencies
during the term of the Class A-1 Notes in its assessment of the
likelihood of their repayment and believes scheduled principal
amortisation to be sufficient to repay the Class A-1 Notes by the
maturity dates in full.

Moody's base case assumptions are a default rate of 2.00% and a
recovery rate of 38.00%. These imply an expected (net) loss of
1.24%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.48% and 50-
55% respectively.

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

Volatility Assumption Scores and Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, we note the availability of a substantial amount
of historical performance data in the Australian ABS market as
well as on an issuer-by-issuer basis. Here, for instance, we have
been provided with detailed vintage and individual default data
for the 1998-2011 period. In addition, we observe that Australian
auto ABS, and specifically past SMART transactions, have to date
been performing stably. This allows Moody's to have a material
degree of comfort with regard to assumptions made in rating the
SMART Series 2011-3 Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

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

In the case of SMART Series 2011-3 Trust, the Class A Notes
remain strongly investment grade i.e. A3 under the most severe
stress assumptions under which the default rate rises to 3.50%
(from Moody's assumption of 2.00%) and the recovery rate
decreases to 20% (from Moody's assumption of 38.0%). Similarly,
high investment grade ratings are maintained when the base
recovery rate is stressed from the assumed 38% to 20% (holding
other factors, including the assumed default rate of 2.00%
constant).


TYRECORP HOLDINGS: In Receivership; Assets Put Up for Sale
----------------------------------------------------------
Madeleine Heffernan at SmartCompany reports that Tyrecorp has
been placed in receivership and will be put up for sale as
industry observers say margins are continuing to shrink in the
automotive retail sector.

The appointment of PPB Advisory took place last week, and
expressions of interest for the potential sales of the business
are due on October 28, according to SmartCompany.

James McCall of the Motor Traders' Association of New South Wales
says there's no information to support a sharp downturn in people
putting off tyre repairs and purchases, and he's not heard
complaints from members this is the case.

Instead, McCall says the difficulty in the tyre industry is the
power imbalance between retailers and manufacturers, particularly
for retailers who have spent years linking themselves to certain
brands.

Tyrecorp Holdings Pty Ltd -- http://www.tyrecorp.com.au/-- is a
tyre distributor and retailer.  It has 40 retail stores across
Victoria, New South Wales, South Australia and Western Australia,
comprising 33 franchised stores, four company-managed stores and
three licensed stores.


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


ABN AMRO: Members' Final Meeting Set for Nov. 16
------------------------------------------------
Members of ABN Amro Clearing (Futures) Hong Kong Limited will
hold their final meeting on Nov. 16, 2011, at 5:00 p.m., at Room
502, 5th Floor, Prosperous Building, at 48-52 Des Voeux Road,
Central, in Hong Kong.

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


ADEPT INVESTMENT: Members' Final Meeting Set for Nov. 14
--------------------------------------------------------
Members of Adept Investment Limited will hold their final meeting
on Nov. 14, 2011, at 10:00 a.m., at the office of FTI Consulting,
Level 22, The Center, at 99 Queen's Road Central, Central, in
Hong Kong.

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


CHEUNG LUK: Leung Shiu Tong Steps Down as Liquidator
----------------------------------------------------
Leung Shiu Tong stepped down as liquidator of Cheung Luk Lai
Developments Company Limited on Oct. 7, 2011.


COSMOS CAPITAL: Members' Final Meeting Set for Nov. 18
------------------------------------------------------
Members of Cosmos Capital Service Limited will hold their final
meeting on Nov. 18, 2011, at 9:00 a.m., at Unit 201, 2/F,
Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

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


CRC HARVEST: Tsui Kei Pang Appointed as Liquidator
--------------------------------------------------
Tsui Kei Pang Oct. 4, 2011, was appointed as liquidator of CRC
Harvest Urban Development (HK) Co., Limited.

The liquidator may be reached at:

         Tsui Kei Pang
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


ELCOTEQ ASIA: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2011,
creditors of Elcoteq Asia Limited resolved to voluntarily wind up
the company's operations.

The company's liquidators are:

         Darach E. Haughey
         Lai Kar Yan (Derek)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


FAR EAST: Liu Chi Tat Stephen Appointed as Liquidator
-----------------------------------------------------
Liu Chi Tat Stephen Sept. 28, 2011, was appointed as liquidator
of Far East Beauty Products (HK) Limited.

The liquidator may be reached at:

         Liu Chi Tat Stephen
         20th Floor, Tak Woo House
         17-19 D'Aguilar Street
         Central, Hong Kong


HAGER METAL: Members' Final Meeting Set for Nov. 15
---------------------------------------------------
Members of Hager Metal and Plastic Works Limited will hold their
final meeting on Nov. 15, 2011, at 10:00 a.m., at 25/F, Wing On
Centre, at 111 Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


HUB LIMITED: Creditors' Proofs of Debt Due Oct. 28
--------------------------------------------------
Creditors of Hub Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Oct. 28, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Patrick Cowley
         Paul Edward Mitchell
         27th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


NEW KWONG: Members' Final Meeting Set for Nov. 14
-------------------------------------------------
Members of New Kwong On Limited will hold their final meeting on
Nov. 14, 2011, at 10:30 a.m., at the office of FTI Consulting,
Level 22, The Center, at 99 Queen's Road Central, Central, in
Hong Kong.

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


OPTIVER HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Sept. 30, 2011, sole
shareholder of Optiver Holdings Hong Kong Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Messrs. Fergal Power
         Patrick Cowley
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


SOFT-TREK MEDIA: Members' and Creditors Meetings Set for Oct. 25
----------------------------------------------------------------
Members and creditors of Soft-Trek Media (HK) Limited will hold
their annual meetings on Oct. 25, 2011, at 9:30 a.m., and
10:00 a.m., respectively at 29/F, Caroline Centre, at Lee Gardens
Two, 28 Yun Ping Road, in Hong Kong.

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


TRIO EQUITY: Members' Final Meeting Set for Nov. 15
---------------------------------------------------
Members of Trio Equity Derivatives (Hong Kong) Limited will hold
their final general meeting on Nov. 15, 2011, at 10:00 a.m., at
Cannon Bridge House, at 25 Dowgate Hill, London EC4R 2BB, in
United Kingdom.

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


UPGOOD ENTERPRISES: Annual Meetings Set for Oct. 26
---------------------------------------------------
Creditors and members of Upgood Enterprises Limited will hold
their annual meetings on Oct. 26, 2011, at 10:00 a.m., and 10:30
a.m., respectively at 5th Floor, Ho Lee Commercial Building, at
38-44 D'Aguilar Street, Central, in Hong Kong.

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


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I N D I A
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CAMEX LIMITED: CARE Reaffirms CARE BB+ Long-Term Bank Loan Rating
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Camex Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      11.50     CARE BB+ Reaffirmed
   Short-term Bank Facilities     17.50     CARE A4+ Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the thin
profitability margin of Camex Ltd, its moderately stressed
liquidity position marked by high working-capital limit
utilization and high debtor collection period and high level of
inter-group transactions. The low capacity utilization of its
manufacturing unit apart from its high leverage further
constrains  the ratings. However, the ratings continue to take
comfort from the wide experience of the promoters in the dyes and
intermediates business and mitigation of the commodity price
fluctuation through good inventory management.

Better utilization of its manufacturing facilities, meeting
increasing competition in the fragmented domestic dyes market and
improvement in the overall financial risk profile are the key
rating sensitivities.

                        About Camex Limited

Camex, incorporated in 1989 as Devria Intermediates Pvt. Ltd.
assumed its current name in 2006.  During 1993, the company came
out with its public issue and the management was taken over by
the current promoters Mr C. P. Chopra, Mr. Mahaveer Chopra and Mr
Devendra Chopra. The company is mainly engaged in the trading of
dyes and intermediates and also has its own dye manufacturing
facility at Ankleshwar in Gujarat with an installed capacity of
1,020 metric tonne per annum as on March 31, 2011.


DUFLON INDUSTRIES: CARE Gives CARE B Rating to INR15.5cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Duflon Industries Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     15.50      CARE B Assigned
   Short-term Bank Facilities    23.35      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the liquidity issues faced by DIPL
on account of its significantly stretched operating cycle,
substantial concentration of its procurement with a single
supplier (notwithstanding DIPL's long association with the
entity) and raw material scarcity suffered by the industry as a
whole.  The ratings, however, derive strength from the company's
experienced promoters, its reputed clientele backed by a strong
order book position and a diversified product portfolio, which
employs iso-static moulding technology for Poly Tetra Fluoro
Ethylene (PTFE) processing facilitating differentiation in its
products from those of the smaller unorganized players.
Efficient inventory management and reduction in the collection
period enabling shortening of the operating cycle and steadier
supply of the raw materials are the key rating sensitivities.

                       About DuFlon Industries

DuFlon Industries Private Limited, erstwhile DuFlon Polymers
Private Limited, was promoted by Mr Shailesh Mehta in 1988. DIPL
started its operations in 1991 by setting up a unit in
Raigad for manufacturing the nozzles for gas circuit breakers
used in the electrical industry. It later forayed into the
manufacturing of pump and valve components as well as the lined
piping systems from fluoro polymers such as Poly Tetra Fluoro
Ethylene (PTFE), Perfluoro Alkoxy (PFA), Fluorinated Ethylene
Propylene (FEP) and Ethylene tetra fluoro ethylene (ETFE). In
2001, the company converted its status from a domestic
manufacturer to a 100% Export-Oriented Unit (EOU).

As on June 30, 2011, the installed capacity at the Raigad unit is
200 metric tonne per annum.


GODHANI GEMS: CARE Reaffirms CARE BB+ Rating on INR136.82cr Loan
----------------------------------------------------------------
CARE reaffirms 'CARE BB+' rating to the bank facilities of
Godhani Gems Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     136.82     CARE BB+ Reaffirmed

Rating Rationale

The rating of Godhani Gems Pvt. Ltd. continues to be constrained
by the company's stressed working-capital cycle, its strained
liquidity arising out of delayed realizations of the export
bills, delay in its payment of the statutory dues, its low profit
margins and the strong competition from the large number of
players in the organized and unorganized diamond processing and
trading sector.  The rating, however, derives strength from the
experience of the promoters in the diamond processing industry
and the company's reasonably diversified presence across the
globe.  The timely recovery of the receivables and GGPL's ability
to sustain growth and to improve its profitability margins in an
uncertain global environment are the key rating sensitivities.

GGPL established in 1995 as a partnership firm was converted into
a private limited company w.e.f. June 02, 2011. The company has
its diamond processing facilities in Surat and is engaged in the
import of rough diamonds, processing and export of cut and
polished diamonds. GGPL is managed by three directors who look
after various aspects of the business. In FY11 on the net sales
of INR510.53 crore, the company earned a PAT of INR6.34 crore.


HANSA TUBES: CRISIL Assigns 'CRISIL BB-' Rating to INR50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Hansa Tubes Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR300 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR50 Mil. Proposed Long-Term    CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that HTP derives from its
promoters' extensive industry experience and its established
relationship with its customers. These rating strengths are
partially offset by the company's weak financial risk profile,
marked by a high gearing and weak debt protection metrics, small
scale of operations in the intensely competitive steel industry,
and vulnerability of operating margin to volatility in input
prices.

Outlook: Stable

CRISIL believes that HTP will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its customers. The outlook may be
revised to 'Positive' if the company ramps up its revenues and
profitability improving its financial risk profile, particularly
its liquidity, through more-than-expected cash accruals or
through fresh equity infusion. Conversely, the outlook may be
revised to 'Negative' if HTP's liquidity weakens significantly,
most likely because of lower-than-expected cash accruals, or if
the company undertakes a larger-than-expected, debt-funded capex
programme, further weakening its capital structure.

                        About Hansa Tubes

Incorporated in 1994, HTP is managed by Mr. Arun Gupta and his
family. It manufactures cold rolled (CR) coils, strips, and
sheets. In 2010-11 (refers to financial year, April 1 to
March 31), the company also set up the manufacturing unit of
electric resistance welded (ERW) pipes. Its manufacturing
facility is based in Derabassi (Punjab) and has capacity of
45,000 tonnes per annum (tpa) of CR coil/strips and 12,000 tpa of
ERW pipes. HTP sells its products to bicycle manufacturers and
automotive ancillaries such as Hero Cycles Ltd (rated 'CRISIL
AA+/Stable/CRISIL A1+'), Kay Jay Forging Pvt Ltd (rated 'CRISIL
BBB+/Stable/CRISIL A2'), and Atlas Cycles (Haryana) Ltd.

HTP is also currently developing an industrial park at Derabassi
with an investment of more than INR200 million with a developed
area of 110,000 square yards.

For 2009-10, HTP reported a profit after tax (PAT) of INR3.0
million on net revenues of INR578 million, against a PAT of
INR0.9 million on net revenues of INR1082 million for the
previous year.


HCG CONSTRUCTION: CARE Rates INR22.96cr Long-Term Loan at CARE C
----------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of HCG
Construction Private Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     22.96      CARE C Assigned

Rating Rationale

The rating is constrained by delays in the debt servicing in the
recent past due to weak liquidity. The rating also factors in the
dependence on lease rental as a single source of revenue from a
recently commissioned school and high overall gearing. The rating
also takes into account the long track record of the GD Mangalam
group in the education sector and increasing student base.
Going forward, the timely receipt of lease rentals, steady intake
of students as envisaged and any debt-funded expansion impacting
the financial risk profile shall be the key rating sensitivities.

HCG Constructions (P) Limited was incorporated in December 2003,
with the objective to construct and lease out a senior secondary
school at E-Block, South City-I, Gurgaon, Haryana. HCPL
is part of the G.D. Mangalam group, which has presence in the
readymade garment export business since 2001. The group is also
running six schools in Delhi NCR, under separate societies. The
school became operational from April 2010 under the brand of "KR
Mangalam World School", Gurgaon and is affiliated to CBSE, New
Delhi. The school is under the control of HC Gupta Education
Society, managed by the family members of the group. The total
project cost for construction of the school was INR43.89 cr,
which was met through a term loan of INR23 cr from PNB and
balance from the unsecured loans and equity share capital from
the promoters.  For FY11, HCPL reported INR0.42 cr of the net
profit on the total operating income of INR2.53 cr.


INDUCTO STEEL: CARE Puts 'CARE BB-' Rating on INR40cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Inducto Steel Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      40.00     CARE BB- Assigned
   Short-term Bank Facilities    100.00     CARE A4 Assigned
   (Non-fund Based)

Rating Rationale

The ratings are constrained by the small scale of operations, low
and highly volatile profitability margins inherent in the ship-
breaking business, long and volatile operating cycle and short-
term unsecured lending to the group companies exposing ISL to
liquidity and credit risks. Furthermore, regulatory/environmental
risk, stiff competition with the large number of unorganized
players and cyclical nature of the industry also act as
constraining factors.  The ratings also factor in the three
decades of experience of the promoters in the shipbreaking/
steel trading activities and continuing over-supply scenario in
the shipping industry translating into a near-term favorable
outlook for the sector.  The ability of the company to manage the
gross margins between the purchase price and sales
realization in the scenario of volatility in the scrap prices and
exchange rate is the key rating sensitivity.

                        About Inducto Steel

Incorporated in 1989, Inducto Steel Ltd is a part of the Hariyana
group, promoted by Mr Shanti Sarup Reniwal. The group is
primarily engaged in the ship-breaking and steel trading
activities. Besides, the group is also engaged in the real
estate, money lending and sponge iron manufacturing activities.
As of June 30, 2011 ISL had demolished more than 25 vessels while
the Hariyana Group has demolished more than 150 vessels since its
inception. The ship-breaking activity for all the group companies
is carried out at Alang-Sosiya Coastline in Gujarat.


KEERTHI INDUSTRIES: CARE Reaffirms 'B' Rating on INR62.07CR Loan
----------------------------------------------------------------
CARE Reaffirms the rating assigned to the bank facilities of
Keerthi Industries Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     62.07      'CARE B' Re-affirmed
   (reduced from INR65.61cr)

Rating Rationale

The rating continue to be constrained by relatively small size of
the company, low capacity utilization, merger of financially weak
company, lower profitability & interest coverage, deteriorating
gearing levels and moderate industry outlook with overcapacity in
the region and competition from relatively larger players.
However, it also factors in the long track record of the
company, experienced management, firm raw material sourcing
arrangement and improved liquidity position. Ability of the
company to improve its capacity utilization and enhance
realizations so as to improve capital structure and reap benefit
out of the expansion project are the key rating sensitivities.

                       About Keerthi Industries

Incorporated in 1982, KIL presently, belongs to Mrs J Triveni and
Mr J.S. Rao of Hyderabad. It is engaged in manufacturing of
Ordinary Portland Cement (OPC) and Pozzolona Portland cement
(PPC) with the product mix of OPC: PPC in the ratio of about
95:5. The company has, currently, an installed capacity of
5,94,000 TPA (expanded from 2,97,000 TPA in June, 2010 and
commenced operation from November 2010) at Nalgonda district of
Andhra Pradesh (A.P.). It sells its cement under the brand name
'Suvarna Cements'. Besides, KIL has a wind energy division (1.5
MW) at Karnataka and electronics division (engaged in
manufacturing of Printed Circuit Boards) in Hyderabad.

During FY11 (year ended Mar.31, 2011), KIL posted PBILDT of
INR13.4 crore (FY10 - INR12.2 crore) and PAT (after deferred tax)
of INR1.8 crore (FY10 - 4.2 crore) on total income of INR72.1
crore (FY10 - INR63.2 crore).


MOHATA ENTERPRISES: CRISIL Puts 'CRISIL B+' Rating on INR9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mohata Enterprises Pvt. Ltd.

  Facilities                         Ratings
  ----------                         -------
  INR9 Million Cash Credit           CRISIL B+/Stable (Assigned)
  INR45 Million Letter of Credit     CRISIL B+/Stable (Assigned)
  INR8-Mil. Standby Letter of Credit CRISIL A4 (Assigned)
  INR1 Million Bank Guarantee        CRISIL A4 (Assigned)

The ratings reflect MEPL's weak financial risk profile marked by
low profitability and weak debt protection metrics, and its small
scale of operations. These rating weaknesses are partially offset
by the extensive experience of MEPL's promoters in the timber
trading and resin manufacturing businesses.

Outlook: Stable

CRISIL believes that MEPL will continue to benefit over the
medium term from the experience of its promoters in the timber
trading and resin manufacturing businesses. The outlook may be
revised to 'Positive' if the company generates more-than-expected
cash accruals through substantial increase in revenues. On the
other hand, the outlook may be revised to 'Negative' in case of
significant deterioration in the company's profitability or
revenues leading to weakening in its financial risk profile.

                      About Mohata Enterprises

MEPL was incorporated in 1998 by its promoter directors, Mr. Moti
Lal Mohata and Mr. Om Prakash Mohata. The company manufactures
resin and trades in timber. MEPL deals in Gurjan Round timber
which it imports from Singapore. The resin manufacturing unit of
the company has an annual capacity of 2190 metric tonnes and is
located in Cooch Behar, West Bengal. For 2010-11 (refers to
financial year, April 1 to March 31), MEPL reported a profit
after tax (PAT) of INR1.7 million on net sales of INR127.9
million, on a provisional basis; the company reported a PAT of
INR1.3 million on net sales of INR94.1 million for 2009-10.


MUDRA REAL: CARE Rates INR20cr Long-Term Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Mudra
Real Estates Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      20.00     'CARE BB-' Assigned

Rating Rationale

The rating is primarily constrained by the salability risk
associated with the ongoing sole commercial real estate project
of Mudra Real Estates Private Limited (MREPL) due to low booking
status and delay in the project implementation. The rating is
also constrained by the inherent risk associated with the real
estate industry in light of the rising interest rate scenario.
The above factors far outweigh the experience of the Joint
Venture (JV) partner.  The timely completion and sale of space in
the ongoing project at envisaged prices would be the key rating
sensitivity.

Ahmedabad based MREPL, incorporated in October 2007 and is
promoted by Mr Sanjay Hundia, Mr Rajesh Hundia, Mr Danaramji
Chaudhary and Mr Popatlal Shah. At present, MREPL is executing
its first commercial real estate project named '4D Square' with a
Mumbai based JV partner, M/s. Akshar Builders & Developers. The
project comprises 160 commercial shops, 148 offices, 106 room
hotel, 700 seats banquet hall and a multiplex. The total build up
area of the project would be 3,05,775 sq ft (sft).


PALLAVI MOTORS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on Pallavi Motors Pvt Ltd's bank loan facilities
continue to reflect PMPL's average business risk profile,
supported by its established relationship with its principal,
Maruti Suzuki India Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL
A1+').

   Facilities                       Ratings
   ----------                       -------
   INR47.50 Million Cash Credit     CRISIL BB/Stable (Reaffirmed)
   INR30.00 Million Bank Guarantee  CRISIL A4+ (Reaffirmed)

This rating strength is partially offset by PMPL's average
financial risk profile, marked by small net worth and average
debt protection metrics, susceptibility to intense competition in
the automotive dealership market, and low bargaining power with
MSIL.

Outlook: Stable

CRISIL believes that PMPL will maintain its business risk profile
over the medium term, backed by stable relationship with MSIL.
The outlook may be revised to 'Positive' if demand for passenger
cars improves significantly, which will lead to an increase in
PMPL's revenues and cash accruals. Conversely, the rating may be
revised to 'Negative' if there is significant deterioration in
PMPL's debt protection metrics, either due to large, debt-funded
capital expenditure or stretch in its working capital cycle.

                         About Pallavi Motors

PMPL was incorporated in 1999 as a closely held company by Mr. Om
Prakash Lahoty. The company is an authorised dealer of MSIL's
passenger cars in Guwahati (Assam). PMPL also operates a MSIL-
spare-parts-showroom-cum-service-centre and a True Value outlet -
the entire set up is spread across 30,000 square feet.

PMPL reported, on provisional basis, a profit after tax (PAT) of
INR4.8 million on net sales of INR677 million for 2010-11 (refers
to financial year, April 1 to March 31); the company reported a
PAT of INR3.6 million on net sales of INR496 million for 2009-10.


RIDHAM TEXPORT: CARE Assigns 'CARE BB' Rating to INR5.83cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB/CARE A4' ratings to the bank facilities of
Ridham Texport Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     5.83       CARE BB(Assigned)
   Short-term Bank Facilities    0.04       CARE A4(Assigned)

Rating Rationale

The ratings of Ridham Texport Pvt. Ltd are constrained by its
small scale of operations, its weak financial profile marked by
high gearing levels, low current ratio and long-working capital
cycle. The ratings are also constrained by RTPL's high customer
concentration risk and operations in a fragmented industry with
intense competition from the organized and unorganized sectors in
the fabric manufacturing.  The ratings, however, derive strength
from the experience of its promoters in the textile industry
and growth in the operations.

RTPL's ability to scale up its operations and earn healthy
profitability margins in the scenario of intense competition
coupled with volatility in the cotton prices remain the key
rating sensitivities.

Incorporated in the year 1997, Ridham Texport Pvt Ltd is involved
in the manufacturing of cotton fabrics with 46 weaving machines,
having a capacity of 12.28 lakh metre per annum (as on March 31,
2011) located at MIDC Tarapur, Maharashtra. The company sells its
entire fabric production in the domestic market to garment
manufacturers.  In FY11 (refers to April 1 to March 31) on the
net sales of INR15.66 crore, the company earned a PAT of INR0.69
crore.


SATGURU FOUNDATIONS: CRISIL Ups Rating on INR56.4MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Satguru
Foundations (Regd.) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

   Facilities                      Ratings
   ----------                      -------
   INR56.4 Million Term Loan       CRISIL B/Stable (Upgraded from
                                                      'CRISIL D')

   INR20 Million Cash Credit       CRISIL B/Stable (Upgraded from
                                                    'CRISIL D')

   INR22.3 Million Bank Guarantee  CRISIL A4 (Upgraded from
                                              'CRISIL D')

The upgrade follows timely servicing of debt by SFR over the past
nine months through September 2011, supported by improved
liquidity. The fee receipts were higher on the back of revised
fee structure during the year, resulting in additional accruals
over the previous year. The receipts are expected to increase
over the medium term on the back of improved occupancy levels,
and new courses offered. SFR has expended a capital expenditure
(capex) of close to INR35 million till date in the current
financial year and will expend an additional INR20 million
towards construction of a new building structure for new courses
and an auditorium, and for furniture and fixtures. The capex is
being funded by a fresh term loan of INR40 million. Well spaced-
out repayments and incremental cash accruals from the new
envisaged courses will enable the society to cover such
incremental repayment obligations; however, this will remain key
rating sensitivity factor over the medium term. The management's
commitment to ensure adequate liquidity and avoid any cash flow
mismatches has also been factored in this rating upgrade.

The ratings continue to reflect SFR's weak financial risk
profile, marked by modest corpus and a high gearing, and
susceptibility to government regulations in the education sector.
These rating weaknesses are partially offset by the benefits that
SFR derives from the healthy demand prospects for hospitals and
medical colleges, and its trustees' vast experience.

Outlook: Stable

CRISIL believes that SFR will benefit from the steady demand for
hospitals and medical colleges in India. The outlook may be
revised to 'Positive' if there is sizeable infusion of funds to
support the society's liquidity. Conversely, the outlook may be
revised to 'Negative' if SFR faces hurdles in optimising the
occupancy levels in its new courses, leading to lesser-than-
envisaged receipts, or if the society undertakes a further
sizeable debt-funded capex programme.

Set up in 1995, SFR is a society formed by Dr. Zora Singh. It
started a dental-college-cum-hospital under the name Desh Bhagat
Dental College and Hospital at Muktsar (Punjab) in 2000. The
dental college has 100 seats in the bachelor of dental surgery
course, and is affiliated to the Baba Farid University of Health
Sciences, Faridkot (Punjab), and is recognised by the Dental
Council of India (DCI) and Ministry of Health and Family Welfare,
Government of India. The multi-speciality hospital has 100 beds
in the general ward. The dental hospital has about 20 beds. SFR
is planning to start a masters in dental surgery (MDS) course
from 2012-13 (refers to financial year, April 1 to March 31) and
it will have 15 seats. Post receipt of approval from the DCI, the
society plans to start its MDS course for the next session
starting in July 2012.

SFR reported a net surplus of INR13.8 million on receipts of
INR70.7 million for 2010-11, against a net surplus of INR3.7
million on receipts of INR61.7 million for 2009-10.


SPBM FOUNDATION: CRISIL Rates INR85MM Term Loan at 'CRISIL BB-'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the term
loan facility of SPBM Foundation.

   Facilities                      Ratings
   ----------                      -------
   INR85 Million Term Loan         CRISIL BB-/Stable (Assigned)

The rating reflects SPBM's average market position marked by the
presence of numerous engineering colleges in Bhubaneswar and
small track record of operations, geographical concentration, and
limited flexibility to increase fees and student intake. These
rating weaknesses are partially offset by the extensive
experience of SPBM's trustees in the educational sector.

Outlook: Stable

CRISIL believes that SPBM will benefit over the medium term from
the extensive experience of its trustees. The outlook may be
revised to 'Positive' if SPBM further scales up its operations,
diversifies its course offerings and revenue sources while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of a substantial
decline in revenues and profitability, or significantly higher-
than-expected debt-funded capital expenditure impacting the
financial risk profile.

                       About the Foundation

SPBM was established in Bhubaneswar (Orissa) in 2008 by Dr. Satya
Prakash Panda. It runs Gandhi Institute of Education and
Technology. The institute offers four-year degree courses in
engineering in five streams - computer science, mechanical
engineering, electronics and electrical engineering, electronics
and telecommunication, and civil engineering. In 2010-11 (refers
to financial year, April 1 to March 31), the institute had a
total of 538 students.

SPBM reported a provisional profit after tax (PAT) of INR9.5
million on net sales of INR55.4 million for 2010-11, as against a
loss of INR0.7 million on net sales of INR19.5 million for 2009-
10.


TANEJA DEVELOPERS: CARE Cuts Rating on INR15.83cr Loan to CARE D
----------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Taneja
Developers And Infrastructure Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     15.83      'CARE D' Revised from
                                                      CARE C
Rating Rationale

The rating revision takes into account delays in debt servicing
by the company, continuing stretched liquidity profile of the
company on account of additions into the land bank inventory at
its existing projects site at Mohali, as well as substantial
development cost incurred there and inherent risk associated with
the real estate sector.  Going forward, ability of TDIL to
maintain financial discipline coupled with the timely execution
and saleability of the project would be the key rating
sensitivities.

Taneja Developers And Infrastructure Limited, a wholly owned
subsidiary of TDI Infrastructure Limited, was incorporated in
1999 and is currently executing two townships projects in Mohali,
Punjab (spread over 296 acres). The company draws significant
strength from around two decades of experience of promoters in
the real estate sector. As of March 31, 2011, the Group has
developed close to 14.8 mn sqft (msf) of commercial/retail space
(majority of which is plotted development) through different
companies.  The company plans to undertake housing, commercial/IT
park and retail development in the two townships. Till June 30,
2010, the company has completed one township project in
Moradabad, Uttar Pradesh with an area of 75 acres.

The company has further acquired additional land bank inventory
at its existing projects site in Mohali, which has adversely
affected the liquidity position, leading to irregularities in the
debt servicing. TDIL is exposed to geographical concentration
risk, with both its townships located in Mohali, Punjab. There is
also significant unexecuted work remaining in these townships
exposing the company to execution risks.


TDI INFRASTRUCTURE: Debt Servicing Delays Cue CARE Junk Ratings
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of TDI
Infrastructure Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities      366.65    'CARE D' Revised from
                                             CARE C
Rating Rationale

The rating revision takes into account the delays in debt
servicing by the company, continuing stretched liquidity profile
on account of additions into the land bank inventory, significant
construction expenditure towards the ongoing projects and
inherent risk associated with the real estate sector.  Going
forward, the ability of TDIIL to maintain financial discipline
coupled with the timely execution and saleability of the project
would be the key rating sensitivities.

TDIIL, the flagship company of Taneja Group of developers was
incorporated in 1997. As of March 31, 2011, the Group has
developed close to 14.8 mn sqft (msf) of commercial/retail space
(majority of which is plotted development) through different
companies. The Group primarily undertakes real estate development
through TDIIL and its subsidiaries.  TDIIL is developing an
integrated township in Kundli, Sonepat in Haryana over 1613 acres
of land. The Kundli project (launched in 2005) is the flagship
project of the group which comprises residential and commercial
plots, group housing, commercial and retail, IT parks and
institutional developments. The township involves saleable area
of 10.3 msf, of which 7.6 msf has been booked as of March 31,
2011.

Currently, TDIIL is in the process of acquiring further land in
the NCR (other than Kundli) with a view to diversify
geographically. The company has also accelerated the construction
activity in its group housing project at Kundli, where-in as per
revised schedule, it plans to complete the construction and
delivery of around 2,500 apartments (covering 2.6 msf of saleable
area) by March 2012. Thus the current land acquisition plans
coupled with the development expenditure in Kundli township has
strained the interim liquidity position of the company, and
leading to irregularities in the debt servicing.


VNR LOGISTICS: CARE Places 'CARE BB+' Rating on INR15cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank
facilities of VNR Logistics P. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-Term Bank Facilities       15.0     'CARE BB+' Assigned
   Short-Term Bank Facilities      12.0     'CARE A4+' Assigned

Rating Rationale

The ratings are constrained by short track record of operation,
relatively small size of the company with low scale of operation,
high volume low margin trading activity, absence of firm trading
material sourcing arrangement, lack of facilities for providing
logistics service, client concentration risk and intense
competition due to highly fragmented nature of industry with
presence of innumerable unorganized players. The ratings also
factor in satisfactory track record of promoters in other line of
business, existence of long term contract for providing logistic
service, moderate financial position and satisfactory outlook of
user industries. Ability of the company to diversify its client
base, increase the scale of operations without impacting
profitability and establish adequate infrastructure facilities
for logistic business without deterioration in capital structure
are the key rating sensitivities.

VNR Logistics Pvt. Ltd., incorporated in September, 2009 was
promoted by VNR group of Hyderabad, Andhra Pradesh (A.P). The
company commenced full-fledged business from FY11 onwards and,
currently, is engaged in trading of minerals, mainly coal & coal
products. Besides, it also provides logistic services for
transportation of the minerals. Trading activity was the major
revenue earner in FY11 (year ended Mar.31, 2011) with
contribution of about 77% to total revenue during the year.

VLPL earned PBILDT of INR2.02 crore (FY10 - INR0.02 crore) and
PAT (after defd. tax) of INR0.78 crore (FY10 - INR0.01 crore) on
total income of INR72.91 crore (FY10 - INR0.44 crore) in FY11.


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


PT TOWER: Moody's Assigns 'Ba2' Corporate Family Rating
-------------------------------------------------------
Moody's has assigned a Ba2 Corporate Family Rating to PT Tower
Bersama Infrastructure Tbk ("TBI"). The outlook on the rating is
stable. This is the first time that Moody's has assigned ratings
to TBI.

Ratings Rationale

"The Ba2 rating reflects TBI's underlying business model which is
supported by the long-term, contractual nature of its revenue
base founded on non-cancellable contracts with typical 10-year
duration and the crucial service it provides to its tenant base,"
says Laura Acres, a Moody's Vice President and Senior Credit
Officer. Adding, "These strengths enable TBI to partially offset
its small revenue base relative to other rated tower companies
outside Indonesia."

"In addition, although TBI has high customer concentration which
is a weakness of the tower sector generally, it's tenant base
substantially comprises Indonesia's largest telecommunications
operators, including PT Telekomunikasi Indonesia (Baa1/stable),
PT Telekomunikasi Selullar (Baa1/stable), PT XL Axiata Tbk
(Ba1/stable) and PT Indosat Tbk (Ba1/stable) -- with PT
Telekomunikasi Indonesia accounting for a substantial proportion
of total tenancies. Together these four operators account for
approximately 63% of TBI's revenues and under its loan agreements
are to account for no less than 50% of total revenues at any
time," adds Ms. Acres, also Moody's lead Analyst for TBI.

"While Moody's expectation of TBI's adjusted gross leverage at
approximately 4.0-4.2x for 2011 (based on full year historical
adjusted EBITDA rather than run rate adjusted EBITDA) may seem
relatively high for the rating level, this risk can be mitigated
by the quality and reliability of cash flows received and TBI's
long-term trend of growing EBITDA. As such the overall TBI credit
profile is in line with the rating," says Ms. Acres. Adding,
"Such leverage also compares well with similarly rated
international peers."

The rating also reflects the relatively short track record of
operating a tower business in Indonesia, given that there is a
limited history of tenancy renewals across the industry, the
limited scale of the business and the need for acquisition if the
business is to grow quickly. TBI started its business in 2004 but
has been indirectly involved in the market since 2002 through PT
Solusindo Kreasi Pratama (SKP), which merged with TBI in early
2010 and whose key management team has been retained by TBI.

At the same time, concerns exist regarding emerging market risk
and particularly any changes to the regulatory and political
environment in Indonesia as well as the potential for the
dynamics of the tower industry to change as large
telecommunications operators strategically review options for
their sizeable tower portfolios.

The outlook on the ratings is stable in the expectation that TBI
grows and delevers in accordance with its business model and that
the regulatory environment continues to remain relatively benign.

Upward rating pressure in the near term is limited given TBI's
small scale. However, the rating may experience upward pressure
should TBI grow the business in accordance with projections and
improve the fundamental credit profile; in particular Moody's
would like to see adjusted debt/EBITDA to fall and remain below,
3.0-3.5x on a consistent basis and for interest cover, as
measured by (FFO + interest)/interest to rise above 4.0x.

Downward pressure could arise should competition intensify such
that TBI could not meet its business plan. Such pressures would
be evidenced in adjusted debt/EBITDA rising above 4.5x and (FFO +
interest)/interest falling below 2.0x.

In addition, Moody's would be concerned should the proportion of
revenues contributed by the key customer group comprising PT
Telekomunikasi Indonesia, PT Telekomunikasi Selullar, PT Indosat
Tbk and PT XL Axiata Tbk fall below 50-55%.

The principal methodology used in rating PT Tower Bersama
Infrastructure Tbk was the Global Communications Infrastructure
Rating Methodology published in June 2011.

TBI is the holding company of the Tower Bersama Group ("TBG"),
one of the 2 leading independent tower operators in Indonesia,
with 3,610 telecommunication sites serving 5,381 tenants as of
30th June 2011 (4,205 and 6,053 respectively pro forma for MSI
acquisition).. It leases space on its communications towers to
cellular telecommunications operators on long-term contracts.


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


TOKYO ELECTRIC: To Ask for JPY700-Bil. Aid to Avoid Insolvency
--------------------------------------------------------------
According to Bloomberg News, the Nikkei newspaper reported that
Tokyo Electric Power Co. will ask the government for
JPY700 billion (US$9.1 billion) to avoid insolvency as it
compensates those affected by the Fukushima disaster.

Bloomberg relates that the Nikkei said the aid will be the first
disbursement from the Nuclear Damage Liability Facilitation Fund
that was set up last month.  The utility known as TEPCO is
expected to avert falling into negative net worth with the
support, the Nikkei said.

Bloomberg says TEPCO and the fund are drafting a plan for release
next month that will include an estimate of damage payments and
restructuring steps to be taken by the utility.  The measures
will pave the way for the government to beef up TEPCO's finances
as the utility may have to pay JPY4.5 trillion in compensation by
March 2013, according to an estimate by a government panel.

TEPCO hasn't decided how much aid the utility will seek from the
compensation body, spokesman Masato Yamaguchi told Bloomberg by
phone Tuesday. The company hasn't set a date to announce the
details of the plan, he said.

Soichi Yamamoto, an official at the Nuclear Damage Liability
Facilitation Fund, also told Bloomberg that the utility hasn't
submitted a request for support.  He declined to comment on the
Nikkei report, Bloomberg adds.

                      About Tokyo Electric

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.


* JAPAN: More Property Companies May File for Bankruptcy in 2012
----------------------------------------------------------------
Kathleen Chu and Katsuyo Kuwako at Bloomberg News reports that
Tokyo Shoko Research Ltd. said more Japanese property companies
may file for bankruptcy in 2012 as banks become more selective to
improve their balance sheets as the outlook in the U.S. and
Europe deteriorates.

Bloomberg, citing estimates by Nobuo Tomoda, executive director
at Tokyo Shoko, discloses that about 500 real estate companies
may go under next year, up from about 450 this year.  A total of
441 went bankrupt in 2010, the data showed.

According to Bloomberg, Mr. Tomoda said Japanese banks may seek
to improve their balance sheets by cutting back on riskier loans
amid concern that the outlook for the U.S. economy will worsen
and the European debt crisis may drag on, prompting them to limit
the number of property companies they lend to.

"We have entered a period with the highest probability of
bankruptcies," Mr. Tomoda told Bloomberg in an interview in
Tokyo. "We are likely to see some real estate companies go bust
all together."

"Financing is much more crucial for real estate companies in
comparison with other sectors," Bloomberg quotes Mr. Tomoda as
saying.  "Without funding, real estate can't be brought. And
without properties, there's nothing to sell."

Mr. Tomoda told Bloomberg that the smaller real estate companies
may be hurt by banks' decisions to cut back on loans, prompting a
higher number of bankruptcies even as the total debt of companies
that go under may drop this year and next.

Bloomberg relates that Mr. Tomoda said that almost one in three
of the 159 publicly traded property companies in Japan have debt
that's more than twice their equity, a level that needs to be
monitored closely for bankruptcies next year.


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


CRAFAR FARMS: Former Chinese Buyer Charged With Bribery
-------------------------------------------------------
Businessdesk reports that Auckland bankrupt May Wang, who was
associated with a bid to buy the Crafar group of farms, has been
charged with bribery and money laundering in Hong Kong.

A warrant has also been issued for a former executive director of
Natural Dairy (NZ) Holdings, Chen Keen, over allegations of
corruption and under-hand dealing, according to the report.

BusinessDesk relates that Hong Kong's Independent Commission
Against Corruption alleges Wang and Chen conspired between
May 2009 and December 2010 to offer two Auckland properties and
more than HK$73 million to Mr. Chen as payment for procuring
Hong Kong exchange-listed Natural Dairy to acquire UBNZ Asset
Holdings, which was owned by Ms. Wang.

According to the report, the ICAC said in a statement that
Ms. Wang, who is now known as Hao May, faces one count of
conspiracy to offer advantages to an agent and two of dealing
with property known or reasonably believed to represent proceeds
of a crime.

The additional charges relate to the alleged laundering of
NZ$150 million in crime proceeds between December 2009 and
December 2010, the report discloses.

Businessdesk recalls that Ms. Wang's UBNZ unsuccessfully tried to
buy the Crafar family farms last year, which it then would have
on-sold to Natural Dairy, having its application to the Overseas
Investment Office turned down after failing to meet 'good
character' tests.

UBNZ is still supplying milk to Natural Dairy after buying a
facility in Tauranga, though Wang, who was bankrupted for her
role in a previously failed business venture, is no longer
affiliated with the companies, according to Companies Office
documents obtained by the news agency.

The ICAC thanked New Zealand's Serious Fraud Office for its
assistance in the investigation, the report notes.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employed 200 staff.

Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance.  The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers
after Crafar Farms breached covenants on its loans.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, The New Zealand Herald said 16 farms in the
Crafar Farms group have been placed onto the open market for sale
by Crafar's receivers through Bayleys Real Estate.  Bayley's said
the receivership sale is the single largest receivership sale of
farms in New Zealand history.  The 16 farms employ nearly 200
staff and managers and cover 8,000 hectares.  They are located in
the Waikato, near Benneydale in the King Country, Reporoa,
Atiamuri, Waverley, Hawera and Bulls.


PIKE RIVER: NZOG Commits NZ$5MM More to Fund Stabilization Cost
---------------------------------------------------------------
BusinessDesk reports that the largest shareholder in the Pike
River coal mine, New Zealand Oil & Gas, has committed a further
NZ$5 million to help meet mine stabilization costs after the
receivers warned they had exhausted their working capital.

That's on top of the $12 million NZOG agreed to advance to the
Pike mine immediately after the November 19 explosion that killed
29 miners and led to the mine's closure and receivership, the
report says.

BusinessDesk relates that the $12 million unsecured advance,
which has since ballooned out to $15.3 million with interest and
other expenses, was the second tranche of a $25 million facility
that was to have helped the mine reach full production.

Instead, NZOG let the advance go ahead out of moral obligation to
assist in the aftermath of the disaster, the report notes.

As a loan to the receivers, BusinessDesk notes, accounting firm
PwC, the latest $5 million credit line ranks ahead of other
secured and unsecured debt, and at this stage, only $4.3 million
has been drawn down.

According to the report, the additional funds have gone to
stabilization and mine re-entry costs, as the receivers seek both
to sell the Pike River assets and to find a way to retrieve the
miners' remains.

BusinessDesk says this brings the total amount still owed to NZOG
to NZ$37.9 million in secured and unsecured debt.

NZOG also said the Pike River receivers have begun repaying
creditors after receiving over $80 million in a final settlement
from the mine's insurers, details of which were announced last
month, the report relays.

NZOG, as cited by BusinessDesk, said the receiver's other first
ranking secured creditor, Bank of New Zealand, has also been paid
the NZ$23.7 million it was owed.

According to BusinessDesk, the agreement in September also
included a subsequent part-payment scheme for unsecured
creditors, who voted unanimously in favour of the proposal which
would see them paid up to a cap of $10,000 plus 20% of any
outstanding amount above that, up to a capped aggregate of
$10.5 million.

NZOG said it understands that 243 unsecured creditors will be
paid in full and another 222 partially repaid under these
arrangements, BusinessDesk adds.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010.  New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in
the disaster.


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


HOYA MAGNETICS: Creditors' Proofs of Debt Due Nov. 13
-----------------------------------------------------
Creditors of Hoya Magnetics Singapore Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 13, 2011, to be included in the company's
dividend distribution.

The company's liquidator is:

          Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


LANDMARK CHEMICALS: Creditors Get 6.73632% Recovery on Claims
-------------------------------------------------------------
Landmark Chemicals (Far East) Pte Ltd declared the first and
final dividend on Sept. 22, 2011.

The company paid 6.73632% to the received claims.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


VEPRO (SEA): Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Oct. 7, 2011, to
wind up the operations of Vepro (Sea) Pte Ltd.

Goldlite Pte Ltd filed the petition against the company.

The company's liquidator is:

         Mr Yit Chee Wah
         c/o FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way #17-02A
         Singapore 068811


ZUNOUCAN PTE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 7, 2011, to
wind up the operations of Zunoucan Pte Ltd.

China Faith Trading Ltd filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road
         #06-11 The URA Centre (East Wing)
         Singapore 069118


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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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