TCRAP_Public/111116.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, November 16, 2011, Vol. 14, No. 227

                            Headlines



A U S T R A L I A

CHRISMARMU PTY: GRANVILLE Hotel in Receivership Sale
ELDERS LTD: Reports Third Annual Net Loss
RAPTIS GROUP: Receivers Put Founder's Personal Assets on Sale
STORM FINANCIAL: Founders Put Luxury Home on the Market
TIGER AIRWAYS: Australian Unit Posts SGD27MM Loss in Second Qtr


C H I N A

SHENGDATECH INC: Court Approves Greenberg Traurig as Counsel
YANLORD LAND: Moody's Revises Outlook on 'Ba2' Corp. Family Rating
YANLORD LAND: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg.


H O N G  K O N G

GRAND NATURE: Placed Under Voluntary Wind-Up Proceedings
G.H INVESTMENT: Commences Wind-Up Proceedings
GREAT CENTURY: Creditors' Proofs of Debt Due Dec. 12
LIBERTY INTERNATIONAL: Members' Final Meeting Set for Dec. 12
PHYSICAL PROPERTY: Incurs HK$110,000 3rd Quarter Net Loss

SCHNADIG LIMITED: Creditors' Proofs of Debt Due Dec. 12


I N D I A

ARVIND REMEDIES: CRISIL Puts 'CRISIL BB' Rating to INR722MM Loan
ASSAB SRIPAD: CRISIL Ups Rating on INR37.5MM Loan to 'CRISIL BB'
BRIGHT PACKAGING: CRISIL Places 'CRISIL BB' Rating on INR66MM Loan
CUBS INT'L: CRISIL Assigns 'CRISIL B+' Rating to INR125MM Loan
DHANERA DIAMONDS: CRISIL Reaffirms 'CRISIL BB' Credit Rating

GAYATRI SUITINGS: Fitch Gives Low-B Ratings to 3 Loan Classes
G.C. STRIPS: CRISIL Rates INR85MM Cash Credit at 'CRISIL BB'
GOWTHAMI RAW: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
ILD MILLENNIUM: Fitch Rates INR450-Mil. Long-Term Loan at 'B+'
J.D. INDUSTRIES: CRISIL Ups Rating on INR41.2MM Loan to 'BB-'

KINGFISHER AIRLINES: Second Qtr Net Loss Widens to Rs468.66cr
MANGESH ENTERPRISES: CRISIL Puts 'BB' Rating on INR75MM Loan
MEENAL ENTERPRISES: CRISIL Puts 'CRISIL BB' Rating on INR10MM Loan
MEENAL TRADING: CRISIL Assigns 'CRISIL BB-' Rating to INR30MM Loan
MGM TRADELINK: CRISIL Reaffirms 'CRISIL BB' Packing Credit Rating

MOCHA TRADING: CRISIL Assigns 'CRISIL BB-' Rating to INR10MM Loan
PELENA TRADING: CRISIL Assigns 'CRISIL BB' Rating to INR75MM Loan
SARTHAK CREATION: CRISIL Raises Rating on INR130.2MM Loan to 'BB-'
SHIV MAHAL: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
SNOWTEX UDYOG: CRISIL Assigns 'CRISIL BB+' Rating to INR70MM Loan

SVSVS PROJECTS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
UTTAM FOOD: CRISIL Assigns 'CRISIL BB+' Rating to INR69.5MM Loan
VAYUNANDANA POWER: Delay in Debt Repayment Cues CRISIL Junk Rating
VEER BUNDEL: CRISIL Assigns 'CRISIL B' Rating to INR9MM Term Loan
V & V PHARMA: CRISIL Assigns 'CRISIL B' Rating to INR51.4MM Loan


J A P A N

JCREF CMBS: S&P Lowers Ratings on 2 Classes of Notes to 'CCC'
OLYMPUS CORP: Lenders Awaits Probe Results
OLYMPUS CORP: Singapore Fund Sells Most Shares Amid Scandal
SOFTBANK CORP: Moody's Raises Issuer Rating to Baa3 From Ba2


K O R E A

SK TELECOM: Moody's Reviews Ratings for Possible Downgrade


N E W  Z E A L A N D

LOMBARD FINANCE: Ex-Boss Lose Pension Savings in Firm's Collapse
PROVENCOCADMUS LTD: ANZ Wins Fight Against Former Workers


S I N G A P O R E

LAFARGE ASIA: Creditors' Proofs of Debt Due Dec. 12
O.M.G. CHEMICALS: Creditors' Proofs of Debt Due Dec. 2
PENTANUM GLOBAL: Creditors' Meetings Set for Nov. 25
ROCKET-X MEDIA: Creditors' Proofs of Debt Due Dec. 10
VAST CONSTRUCTION: 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
=================


CHRISMARMU PTY: GRANVILLE Hotel in Receivership Sale
----------------------------------------------------
Franser Coast Chronicle reports that the Granville Hotel is up for
sale, after the previous owners went into receivership.

The hotel was owned by Christopher and Maria Mu, trading as
Chrismarmu Pty Ltd, who went into receivership on October 26 after
forfeiting on mortgages held by Nation Australia Bank, according
to Franser Coast Chronicle.

The report discloses that while the Granville Hotel and the bottle
shop have reopened under the management of Guy Edwards and Darryl
Kirk from receivers PricewaterhouseCoopers, the future of the
Shamrock Hotel is still unclear.

"We are currently exploring options for the Shamrock Hotel," the
report quoted Mr. Edwards as saying.

However, the receivers have already started an advertising
campaign to find new owners for the Granville pub, Franser Coast
Chronicle adds.


ELDERS LTD: Reports Third Annual Net Loss
-----------------------------------------
ABC News reports that Elders Ltd has reported its third
consecutive annual loss.

The company posted a statutory full-year loss of AUD395 million
for the 12 months to September 2011 after shedding unprofitable
businesses including its forestry division, which is currently
being sold off, ABC News reports.

The company made a loss of nearly AUD218 million in 2009-10, the
report says.

ABC News relates that underlying earnings, before interest and
tax, came in at AUD33.7 million this year, up from AUD2.6 million
in 2010.

According to the report, managing director Malcolm Jackman said
the underlying result -- excluding the costs of businesses being
sold off -- shows a return to profit for the company's rural
service division.

"After a difficult start to the year, seasonal conditions have
been positive and we are starting to see the benefits of the
investment made in business transformation over the past three
years as the business has clearly turned around," ABC News quotes
Mr. Jackman as saying.

Underlying borrowing costs rose to AUD26.6 million for the year,
chewing up most of the year's earnings, according to ABC News.

But the company's rural services and automotive divisions were
growing and profitable, Mr. Jackman, as cited by ABC News, said.

Investors will not receive a final dividend for the year.

                          About Elders

Elders Limited, formerly Futuris Corporation Limited, --
http://www.elders.com.au/-- is Australia's rural and regional
company.  The company's businesses consist of Elders Rural
Services, Elders Financial Services, Forestry and Automotive.  The
company provides farmers in Australia and New Zealand with an
integrated service offering for farming that extends from the
supply of financial services and farm inputs to the marketing and
sale of farm outputs.  Its product areas include sheep and cattle,
wool, grain, merchandise, financial services and real estate.


RAPTIS GROUP: Receivers Put Founder's Personal Assets on Sale
-------------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that receivers have moved
on the personal assets of Raptis Group founder Jim Raptis, placing
one of his residential holdings at Paradise Waters on the market.

According to the report, the waterfront property, at 151 Commodore
Drive, is understood to have a sizeable mortgage against it and
was seized by receivers after Mr. Raptis failed to find a buyer
earlier this year.

goldcoast.com.au relates that Mr. Raptis said the move was "part
of the wash-up" of the Raptis Group's woes triggered by the
receivership of Southport Central three years ago.

He declined to comment on the debt owed on the property, which is
one of two held by the Raptis Group boss at Paradise Waters,
including his family home, goldcoast.com.au relays.

The report says Mr. Raptis sold his former family home, at 123
Commodore Drive, for $5.2 million in October 2008 -- one of a raft
of properties the developer placed on the market in the aftermath
of the Southport Central receivership.

Goldcoast.com.au, citing company records, discloses that two
months after selling the home, Mr. Raptis secured a credit
facility of up to AUD10 million against 151 Commodore Drive which
is owned through private Raptis company Amaranthus.  The property,
which was bought by Amaranthus in 1999 for AUD1.11 million, has a
site value of AUD6.8 million, the report notes.

Goldcoast.com.au notes that the charge over the company is held by
Gibraltar-based Sevinhand Company Ltd, which is understood to have
appointed receivers Graham Killer and Michael McCann, of Grant
Thornton, to recover the debt.

                         About Raptis Group

Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations.  Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.

Raptis Group has more than 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AUD940 million, Mr. Silvia said.  Raptis Group,
according to The Australian, has more than AUD1 billion in total
liabilities.

As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan.  The
proposed deed of company arrangement (DOCA) was approved on
March 31, 2009, by two meetings of creditors on the Gold Coast.

The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since Sept. 12, 2008.


STORM FINANCIAL: Founders Put Luxury Home on the Market
-------------------------------------------------------
The Sydney Morning Herald reports that Storm Financial founders
Emmanuel and Julie Cassimatis are auctioning their luxury trophy
home this weekend and are expected to place their fate in the
hands of the auctioneer after three unsuccessful years on the
market.

SMH relates that the Cassimatises will probably be feeling a
little glum about the fact that the property is expected to fetch
about half their initial AUD3.8 million asking price.  But that
shouldn't be a surprise to them, the report says.

SMH notes that Townsville was the epicentre of Storm Financial's
collapse, which left a AUD3 billion bill for investors, many of
whom faced losing their homes in the aftermath.

According to the sales spiel, SMH discloses, the eight-bedroom,
five-bathroom mansion offers "a sophisticated security system and
entrance gates" for "peace of mind and privacy."

Featuring a Waterford crystal chandelier as its centrepiece, the
home is almost as opulent as the AUD5 million Storm Financial HQ
that was just down the road in Townsville's CBD, SMH relays.

SMH states that no doubt the funds from the house sale will come
in handy as the couple prepare for a legal battle over the firm's
disastrous collapse, with the Australian Securities and
Investments Commission and Storm Financial's bankers taking them
to court.

According to SMH, the couple are understood to be renting
somewhere quiet and anonymous after selling their seven-bedroom
Brisbane mansion this year for AUD2 million.

                       About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.

Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."

The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AUD27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010.  The group's
remaining creditors are owed AUD51 million, plus a provision for
dividends of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


TIGER AIRWAYS: Australian Unit Posts SGD27MM Loss in Second Qtr
---------------------------------------------------------------
The Sydney Morning Herald reports that Tiger Airways' troubled
operations in Australia suffered a SGD27 million loss in the
second quarter due to the forced grounding of its aircraft fleet
for six weeks.

The news agency says the latest result takes the budget airline's
operating losses in Australia in the first half to just over
SGD40 million, reflecting the impact of a volcanic ash cloud from
Chile and the forced suspension of services.

According to SMH, the six-week grounding in Australia weighed on
the performance of its Singaporean parent, Tiger Airways Holdings,
which recorded a loss of almost SGD50 million for the three months
to September 31, compared with a profit of SGD14 million in the
same quarter last year.

The parent's losses in the first half ballooned to almost
SGD71 million, the report relays.

SMH states that Tiger blamed a 23% fall in revenue to
SGD109 million in the second quarter on the suspension of its
Australian operations and a subsequent under-utilisation of its
aircraft fleet.  The Australian air-safety regulator imposed a
limit on Tiger's flights when it lifted the ban in August, the
report notes.

The Singaporean parent also warned that it expects to record a
"significant net loss" for the full year due to the losses from
its Australian operations, as well as its exposure to "high and
volatile" jet fuel prices, SMH adds.

Australian Associated Press had reported that Tiger Airways
reportedly suffered operating losses of SGD12 million during the
six-week ban, which was only lifted on August 12.  According to
AAP, Tiger Australia posted an operating loss of SGD23.2 million
(AUD18.05 million) in the three months to June 30, 2011, more than
twice as large as the SGD10.6 million (AUD8.24 million) loss in
the prior corresponding period.

Tiger has not made a profit in Australia since starting operations
in the country in November 2007, AAP noted.

Based in Melbourne, Victoria, Tiger Airways Australia is an ultra-
low cost airline.  It is a subsidiary of Tiger Airways Holdings, a
Singapore-based company.  As of April 2011, the Tiger Airways
Australia fleet consists of 11 Airbus A320.


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


SHENGDATECH INC: Court Approves Greenberg Traurig as Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Nevada authorized
ShengdaTech, Inc., to employ Greenberg Traurig, LLP, as its
primary bankruptcy counsel nunc pro tunc to the Petition Date.

As counsel to the Debtor, Greenberg Traurig will advise the Debtor
of its rights and obligations and performance of its duties during
administration of the Chapter 11 case.

The firm is expected to attend meetings and negotiations with
other parties-in-interest in the case; take all necessary action
to protect and preserve the Debtor's estate; negotiate and prepare
a plan of reorganization, disclosure statement and related papers;
represent the Debtor in all proceedings before the Bankruptcy
Court or other courts; and prepare on behalf of the Debtor all
necessary applications, motions, answers, orders and other
documents.

The firm will also be advising the Debtor with respect to (i) the
subpoena issued by the U.S. Securities and Exchange Commission,
(ii) certain Chinese law-related issues, and (iii) the Debtor's
efforts in the British Virgin Islands and China to safeguard
assets.

Greenberg Traurig's current hourly rates are:

       Shareholders                   $340 to $935
       Of Counsel/Special Counsel     $360 to $935
       Associates                     $175 to $610
       Legal Assistants/Paralegals     $60 to $310

The Greenberg Traurig professionals and their hourly rates are:

    Keith Shapiro             Shareholder        $935
    Nancy A. Peterman         Shareholder        $850
    Bob L. Olson              Shareholder        $670
    Rachel Ehrlick Albanese   Of counsel         $670
    Miriam G. Bahcall         Shareholder        $625
    George Qi                 Shareholder        $525
    Paul Ferak                Shareholder        $495
    Burke A. Dunphy           Associate          $445
    Aviram Fox                Associate          $395
    Michael Cedillos          Associate          $300
    Carla Greenberg           Paralegal          $150

The firm has agreed to discount the fees charged to the Debtor by
10% solely for purposes of the Chapter 11 case and consistent with
the parties' prepetition retention agreement.  The firm will also
charge the Debtors for reasonable and necessary expenses in
relation to the retention.

In connection with the firm's pre-bankruptcy representation of the
Debtor, the Firm received payments prior to the Petition Date
aggregating $735,854, of which $350,000 was in the form of an
advance payment retainer.  After application of the Advance
Payment Retainer, the Firm was owed $43,007.  Upon court approval,
the Firm will write off this amount and waive the related claim
against the Debtor.

The Debtor also seeks Court authority to pay the firm a $300,000
postpetition advance payment retainer for the anticipated legal
services.

Nancy A. Peterman, Esq., a Greenberg Traurig professional, assures
the Court that her firm does not hold or represent any interest
adverse to the Debtor and thus, is a "disinterested person" as
that term is defined under Section 101(14) of the Bankruptcy Code.

The firm disclosed that from time to time, it has represented
certain of the Debtor's creditors and other parties-in-interest on
unrelated matters.

                           About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from creditors
(Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in Reno,
Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in the TCR on Sept. 7, 2011, the United States
Trustee appointed AG Ofcon, LLC, The Bank of New York, Mellon (in
its role as indenture trustee for bondholders), and Zazove
Associates, LLC, to serve on the Official Committee of Unsecured
Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTec's official
committee of unsecured creditors.


YANLORD LAND: Moody's Revises Outlook on 'Ba2' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on Yanlord Land Group Limited's Ba2 corporate family
rating.

At the same time, Moody's has downgraded Yanlord's senior
unsecured bond rating to Ba3 from Ba2 due to increased
subordination risk.

The rating action follows Yanlord's recently announced investment
in a 50% equity stake in a residential property site in Shanghai
for a cash consideration of around RMB1.7 billion which will be
paid in five installments by July 2012. The site has a gross floor
area of 143,363 square meters.

"The negative outlook reflects Moody's concern that Yanlord's
balance sheet liquidity will be reduced by the RMB1.7 billion
payment for the Shanghai project and RMB1.8 billion for another
recent acquisition of a 60% interest in a joint venture project in
Tang Jia Wan District in Zhuhai, despite the attractive
acquisition prices of both projects relative to the previous
year's land prices," says Ken Chan, a Moody's Vice President and
Senior Analyst.

These two acquisitions comprise 73% of its reported cash of RMB4.7
billion as of September 2011.

The Shanghai project is located in a prime area of Shanghai and is
expected to have good marketability, and development will take
about two years. Thus Yanlord needs to replenish its liquidity
through the sale of existing projects.

But Moody's is uncertain whether Yanlord can attain its 2012 sales
budget given the strong regulatory measures and challenging
economic situation in the next 12 months.

"Moody's expects Yanlord to increase its onshore borrowings to
fund these acquisitions and pay for the SGD375 million convertible
bonds which could be put in 2012," says Chan.

As such, Yanlord's onshore borrowings will trend towards 15%-20%
of its total assets, that will raise the subordination risk for
unsecured bond holders.

Nonetheless, Yanlord's Ba2 corporate family rating continues to
reflect its competitive business model, which focuses on high-
quality properties that generate good profit margins. It also
reflects its proven track record of replicating its business model
in second-tier cities. Moreover, Yanlord's demonstrated access to
the debt and capital markets and its history of raising equity to
fund development operations also supports its rating.

However, Yanlord's rating is constrained by its revenue
concentration in a few major cities, particularly Shanghai, and
the volatility of its deluxe products.

In addition, Yanlord's selective approach on land acquisitions has
resulted in a small land bank, which compares less favorably to
its Ba-rated peers. Nonetheless, its current land bank is adequate
at least for the next five years of development.

Upgrade pressure is limited given the current negative outlook.
However, the outlook could be changed back to stable if the
company (1) achieves its presales target over the next 12 months
which improves its balance sheet liquidity; and (2) improves its
EBITDA/interest coverage ratio to over 4.0x - 4.5x on a sustained
basis, and maintains its adjusted debt/capitalization to below
45%.

The ratings could be downgraded if Yanlord (1) fails to execute
its business plan such that operating cash flow generation is
weaker than anticipated over the next 12 months; or (2) engages in
other material land acquisitions to add further strain on its
balance sheet; and/or (3) exhibits weakening credit metrics with
adjusted debt/capitalization trending above 45-50% and/or
EBITDA/interest under 3.5x - 4.0x.

The principal methodology used in this rating was Moody's Global
Homebuilding Industry published in March 2009.

Yanlord focuses on large-scale residential developments in China
targeting mid-to-high and high-end segments. It has a total land
bank of 5.65 million sqm in nine cities distributed across five
major regions in China. The Yangtze River Delta is its largest
market accounting for 40% of the company's land bank and 72% of
its revenue in 2010.


YANLORD LAND: S&P Affirms 'BB' Corp. Credit Rating; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on China-
based real estate property developer Yanlord Land Group Ltd. to
negative from stable. "In line with this revision, we also lowered
the Greater China credit scale rating on Yanlord to 'cnBB+' from
'cnBBB-' and that on the notes to 'cnBB+' from 'cnBBB-'. At the
same time, we affirmed the 'BB' long-term corporate credit rating
on Yanlord and our 'BB' issue rating on the company's outstanding
senior unsecured notes," S&P related.

"We revised the outlook to reflect Yanlord's weaker-than-expected
contracted sales and its aggressive expansion despite the
uncertain market conditions in China," said Standard & Poor's
credit analyst Frank Lu. "The company's weak sales performance so
far this year highlights its weaker-than-expected execution
capability and its concentration in the high-end residential
segment."

Cash receipts for contracted sales in the first nine months were
less than 50% of its original full-year budget. The profit margin
also decreased significantly compared with that in 2010, due to
recognition of less-profitable projects.

"We believe Yanlord's credit protection measures will weaken
significantly in 2011-2012, pushing the company closer to our
downgrade triggers. The deterioration is mainly because of weak
sales and aggressive new land acquisitions in the past two
months," said Mr. Lu.

"In our view, Yanlord's leverage ratios will remain high in 2012
due to new land acquisitions. The company had total debt of
Chinese renminbi (RMB) 16.1 billion at the end of September 2011,
which is 40% higher than the level a year earlier and more
aggressive than most 'BB' rated peers'. Yanlord's new land
acquisitions since October 2011 require RMB3.46 billion in land
premiums payable during 2011-2012. We estimate that the company's
debt-to-EBITDA ratio may be higher than most 'BB'-rated peers in
2011, possibly exceeding 5x," S&P said.

"We expect Yanlord's profit margin to decrease in the coming two
years. This is mainly due to the increased land costs and higher
revenue contribution from projects outside Shanghai. In our view,
the company's gross profit margin will be more or less 40% in 2011
and 2012, compared with over 50% during 2008 and 2009," S&P
related.

"In our view, the company has somewhat high geographic
concentration with nearly half of its property sales from
Shanghai. We expect this proportion to decline, however. Also, the
company is more exposed than its peers to the Chinese government's
policy measures to cool the property market, given its focus on
the high-end segment, especially in first- and second-tier cities
in China such as Shanghai, Tianjin, and Nanjing," S&P said.

These weaknesses are partly mitigated by the good reputation of
Yanlord's branding and the good location of its land bank, which
should be sufficient for development over the next five years. "In
our view, Yanlord could be vulnerable to land supply changes due
to its small land bank," S&P said.

"We may consider lowering the rating if: (1) cash receipts from
property sales are less than RMB8 billion in 2011; (2) Yanlord's
debt-funded expansion remains aggressive; or (3) its debt-to-
EBITDA ratio exceeds 5x in 2011 and we don't see signs of
improvement," S&P related.

"We may revise the outlook to stable if the company reduces its
leverage and improves its liquidity position," S&P said.


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


GRAND NATURE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Nov. 4, 2011,
creditors of Grand Nature Industrial Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Liu Wing Ting Stephen
         17/F., Shun Kwong Commercial Building
         No. 8 Des Voeux Road West
         Sheung Wan, Hong Kong


G.H INVESTMENT: Commences Wind-Up Proceedings
---------------------------------------------
Members of G.H Investment Co Limited, on Nov. 1, 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


GREAT CENTURY: Creditors' Proofs of Debt Due Dec. 12
----------------------------------------------------
Creditors of Great Century Finance Limited, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Dec. 12, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Yuen Sik Ming Patrick
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


LIBERTY INTERNATIONAL: Members' Final Meeting Set for Dec. 12
-------------------------------------------------------------
Members of Liberty International (HK) Limited will hold their
final meeting on Dec. 12, 2011, at 10:30 a.m., at Suite 1901, 19th
Floor, Cheung Kong Center, at 2 Queen's Road Central, in Hong
Kong.

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


PHYSICAL PROPERTY: Incurs HK$110,000 3rd Quarter Net Loss
---------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss and total comprehensive loss of HK$110,000 on HK$203,000
of total operating revenue for the three months ended Sept. 30,
2011, compared with a net loss and total comprehensive loss of
HK$118,000 on HK$202,000 of total operating revenue for the same
period during the prior year.

The Company reported a net loss and total comprehensive loss of
HK$640,000 on HK$765,000 of rental income for the year ended
Dec. 31, 2010, compared with a net loss and total comprehensive
loss of HK$899,000 on HK$602,000 of rental income during the prior
year.

The Company also reported a net loss and total comprehensive loss
of HK$381,000 on HK$604,000 of total operating revenue for the
nine months ended Sept. 30, 2011, compared with a net loss and
total comprehensive loss of HK$397,000 on HK$550,000 of total
operating revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed HK$10.46
million in total assets, HK$11.33 million in total liabilities,
all current, and a HK$874,000 total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/Iwsfyd

                      About Physical Property

Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on Sept. 21, 1988, under the laws
of the United States of America.

As reported by the TCR on April 7, 2011, Mazars CPA Limited, in
Hongkong, expressed substantial doubt about the Company's ability
to continue as a going concern, following the Company's 2010
financial results.  The independent auditors noted that the
Company had a negative working capital as of Dec. 31, 2010 and
incurred loss for the year then ended.


SCHNADIG LIMITED: Creditors' Proofs of Debt Due Dec. 12
-------------------------------------------------------
Creditors of Schnadig Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Dec. 12,
2011, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 26, 2011.

The company's liquidator is:

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


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


ARVIND REMEDIES: CRISIL Puts 'CRISIL BB' Rating to INR722MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Arvind Remedies Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR1.06 Billion Cash Credit       CRISIL BB/Stable (Assigned)
   INR722 Million Long-Term Loan     CRISIL BB/Stable (Assigned)
   INR450 Million Letter of Credit   CRISIL A4+ (Assigned)
    & Bank Guarantee

The ratings reflect ARL's established track record in the
pharmaceutical formulations segment. This rating strength is
partially offset by ARL's below-average financial risk profile,
marked by its highly leveraged capital structure and below average
debt protection metrics, and its working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that ARL will continue to benefit over the medium
term from its established track record in the formulations
segment. The outlook may be revised to 'Positive' if the company
stabilizes operations in its new unit earlier-than-expected,
resulting in considerable increase in revenues and profitability,
or in case of significant improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if ARL's
financial risk profile deteriorates on account of delay in
stabilization of operations post expansion or if the company
undertakes a large debt-funded capital expenditure programme.

                       About Arvind Remedies

ARL was incorporated in 1988 as a private limited company and got
converted to public limited company in 1995. The company
manufactures pharmaceutical formulations primarily therapeutic
drugs in the form of capsules, tablets, oilments and liquids and
currently has around 3000 formulations in its product portfolio.
The company has its manufacturing facility in Kakkalur, Chennai
and derives around 75% of its revenues from institutional sales to
various government agencies, 15% through ethical sales and the
remaining through contract manufacturing. They are currently
setting up an additional formulation manufacturing unit in
Irungattukottai (Sipcot Industrial park, Kanchipuram) at a project
cost of INR2,500 million to be funded in debt-equity ratio of
2.8:1.

ARL reported a profit after tax (PAT) of INR169 million on net
sales of INR3,624 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR106 million on net
sales of INR2,977million for 2009-10.


ASSAB SRIPAD: CRISIL Ups Rating on INR37.5MM Loan to 'CRISIL BB'
----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Assab
Sripad Steels Ltd to'CRISIL BB/Stable' from 'CRISIL BB-/Stable.'

   Facilities                      Ratings
   ----------                      -------
   INR37.50 Million Proposed LT    CRISIL BB/Stable (Upgraded from
   Bank Loan Facility                        'CRISIL BB-/Stable')

   INR117.50 Million Cash Credit   CRISIL BB/Stable (Upgraded from
                                              'CRISIL BB-/Stable')

The rating upgrade reflects CRISIL's belief that ASSL will
maintain its above-average financial risk profile over the medium
term, supported by stable operating margin and capital structure.
ASSL's operating margin was comfortable at 12 to 13% in the past
two years; this is expected to continue on the back of its niche
product profile and pricing support from its parent. ASSL's debt
protection metrics were healthy in 2010-11 (refers to financial
year, April 1 to March 31), with interest coverage and net cash
accruals to total debt ratios of 3.5 times and 32% respectively;
these are expected to remain at current levels over the medium
term. Despite a slowdown in the ASSL's end-user industry, the
passenger car segment, in 2011-12, ASSL will maintain its above-
average financial risk profile over the medium term. The upgrade
also reflects continued business and financial support ASSL gets
from its immediate parent, the Bohler-Uddeholm AG.

The rating reflects ASSL's above-average financial risk profile
marked by comfortable capital structure and the benefits the ASSL
derives from operational financial support from the Bohler-
Uddeholm AG. These rating strengths are partially offset by ASSL's
working-capital-intensive operations and susceptibility to
volatility in raw material prices and foreign exchange (forex)
rates.

Outlook: Stable

CRISIL believes that ASSL will continue to receive operational and
financial support from the Bohler-Uddeholm AG. The outlook may be
revised to 'Positive' if ASSL improves its capital structure and
increases its scale of operations on a sustained basis, while
maintaining its profitability. Conversely, if ASSL's financial
risk profile declines, most likely because of decline in revenues
or margins, more than-expected forex losses, or larger-than-
expected debt-funded capital expenditure, the outlook may be
revised to 'Negative'.

                        About Assab Sripad

ASSL was established in 1994 as a joint venture between Assab
International AB, Sweden (Assab-Sweden; a 100% subsidiary of
Bohler-Uddeholm AG, Austria) and Sripad Steels Pvt Ltd.
Subsequently, Assab International AB was merged with the Uddeholm
group on November 1, 2010, and is now directly a part of the
Bohler-Uddeholm AG. Hence, ASSL is now a subsidiary of Bohler-
Uddeholm AG which now owns 70% of ASSL while Sripad Steels Pvt Ltd
owns the remainder. With the acquisition of Bohler-Uddeholm AG by
Austria-based Voestalpine AG in 2007, ASSL became a penultimate
subsidiary of Voestalpine AG.

ASSL trades in tool steel and provides heat-treatment services,
with branch offices and service centres in Chennai, Mumbai, Delhi,
and Hyderabad, and one heat-treatment service unit each in Mumbai
and Chennai, and a warehouse in Delhi. The company's heat
treatment plants have a combined capacity of 40 tonnes per month.
ASSL procures its alloy steel requirement from Bohler-Uddeholm AG
and processes and cuts them into specifications received from its
customers in India.


BRIGHT PACKAGING: CRISIL Places 'CRISIL BB' Rating on INR66MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Bright Packaging Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR66 Million Term Loan          CRISIL BB/Stable (Assigned)
   INR80 Million Cash Credit        CRISIL BB/Stable (Assigned)
   INR1 Million Letter of Credit    CRISIL A4+ (Assigned)
   INR3 Million Bank Guarantee      CRISIL A4+ (Assigned)

The ratings reflect the benefits that BPPL derives from the
extensive experience of its promoters in the woven sacks industry
and its established relationships with marquee customers. These
rating strengths are partially offset by the expected
deterioration in BPPL's financial risk profile on account of the
major debt funded capital expenditure (capex) plans and presence
in the highly competitive woven sacks business.

Outlook: Stable

CRISIL believes that BPPL will benefit over the medium term from
the extensive experience of its promoters in the woven sacks
industry. The outlook may be revised to 'Positive' if the company
generates higher-than-expected revenues and net cash accruals,
while maintaining its working capital cycle and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenues or deterioration in debt
protection metrics, or if BPPL undertakes a large debt-funded
capex programme, thereby impacting its financial risk profile.

                        About Bright Packaging

Incorporated in 1985 as a private limited company by the Bansal
family based in Mangalore (Karnataka), BPPL manufactures
Polypropylene (PP)/ High Density Polyethylene (HDPE) woven fabric
and sacks. Mr. Anil Bansal, the company's managing director, and
his two sons, Mr. Ajinkya Bansal and Mr. Ankit Bansal, are
involved in BPPL's day-to-day operations. The company's plant is
located in Mangalore. BPPL has a capacity to process around 700
tonnes per month of PP/HDPE granules.

In 2010-11 (refers to financial year, April 1 to March 31), BPPL's
estimated operating income was around INR596 million. In 2009-10,
the company generated a net profit of INR0.6 million on an
operating income of INR396 million, as against a net profit of
INR5.9 million on sales of INR265 million for 2008-09.


CUBS INT'L: CRISIL Assigns 'CRISIL B+' Rating to INR125MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Cubs International Petrochem Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR125 Million Cash Credit          CRISIL B+/Stable (Assigned)
   INR20.8 Million Letter of Credit    CRISIL A4 (Assigned)

The ratings reflect CIPL's weak financial risk profile, marked by
a moderate capital structure, low profitability, and weak debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of CIPL's promoters in the bitumen
manufacturing business.

Outlook: Stable

CRISIL believes that CIPL will benefit over the medium term from
its promoters' extensive experience in bitumen manufacturing
business. The outlook may be revised to 'Positive' in case of
better-than-expected operating income, profitability, and working
capital management, leading to improvement in its overall
financial risk profile, especially liquidity. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's liquidity or overall financial risk profile on
account of stretched working capital or any significant debt-
funded capital expenditure.

                      About Cubs International

Incorporated in 1995, CIPL manufactures various grades of bitumen
and has installed capacity of 20,000 tonnes per annum (tpa) each
of bitumen emulsion, modified bitumen, and blown bitumen, and
10,000 tpa each of tar felt and caustic tar felt. Its
manufacturing facilities are located in Patna (Bihar) and
Kharagpur (West Bengal). The company's average capacity
utilization in 2010-11 (refers to financial year, April 1 to
March 31) was low, at around 10%. CIPL procures raw bitumen mainly
from Indian Oil Corporation Ltd, Hindustan Petroleum Corporation
Ltd, and domestic traders as well as imports it from Bahrain. The
company has an established clientele of around 22 customers
(primarily construction companies) spread across the North-East
states, Chhattisgarh, Bihar, West Bengal, Madhya Pradesh, and
Maharashtra. CIPL has three stock depots in Guwahati (Assam),
Dankuni (West Bengal), and Nagpur (Maharashtra). The company also
trade in coal tar, which accounted for over 20% of its net sales
in 2011-12.

CIPL reported a profit after tax (PAT) of INR1.96 million on net
sales of INR448.7 million for 2010-11, as against a PAT of
INR1.61 million on net sales of INR419.3 million for 2009-10.


DHANERA DIAMONDS: CRISIL Reaffirms 'CRISIL BB' Credit Rating
------------------------------------------------------------
CRISIL's rating on the bank facilities of Dhanera Diamonds
continues to reflect the benefits that Dhanera Diamonds derives
from its established market position and its partners' extensive
experience in the diamond industry.

   Facilities                       Ratings
   ----------                       -------
   INR134 Million Packing Credit    CRISIL BB/Stable (Reaffirmed)
   INR616 Million Post-Shipment/    CRISIL BB/Stable (Reaffirmed)
   Bill Discounting Facilities

These rating weaknesses are partially offset by Dhanera Diamonds'
large working capital requirements, weak financial risk profile
marked by a high total outside liabilities to tangible net worth
ratio, and susceptibility of the firm's net worth to capital
withdrawals by its partners.

Outlook: Stable

CRISIL believes that Dhanera Diamonds will continue to benefit
over the medium term from its established market position in the
diamond industry, supported by its partners' extensive industry
experience and its established relationships with its customers.
The outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in Dhanera Diamonds' revenues and
profitability margins from the current levels, or there is an
improvement in the firm's working capital management. Conversely,
the outlook may be revised to 'Negative' if there is a steep
decline in Dhanera Diamonds' profitability margins from the
current levels, or there is a deterioration in the firm's
financial risk profile because of larger-than-expected working
capital requirements.

                       About Dhanera Diamonds

Dhanera Diamonds is a partnership firm, which was set up by Mr.
Arvind Shah, Mr. Vinod Shah, and Mr. Shailesh Shah in 1991. The
firm cuts, polishes, and trades in diamonds. The partners have
been in the diamond business for more than two decades. The firm
procures rough diamonds from sightholders in Belgium; the rough
diamonds are polished at its unit in Surat (Gujarat). Dhanera
Diamonds' products are in the range of 0.3 to 30.0 cents; the
majority of the products sold are, however, less than 2 cents.

For 2010-11 (refers to financial year, April 1 to March 31),
Dhanera Diamonds reported a net profit of INR141.4 million on net
sales of INR6.0 billion, against a net profit of INR102.7 million
on net sales of INR4.6 billion for 2009-10.


GAYATRI SUITINGS: Fitch Gives Low-B Ratings to 3 Loan Classes
-------------------------------------------------------------
Fitch Ratings has assigned India's Gayatri Suitings Limited a
National Long-Term rating of 'Fitch BB-(ind)'.  The Outlook is
stable.

The ratings are constrained by the intense competition in the
textile industry and Gayatri's five-year-long track record of high
net financial leverage (total adjusted net debt/ operating EBITDA)
and low interest coverage.  Fitch expects net leverage to increase
to 6.02x in FY12 (end-March) from 5x in FY11 (FY10: 5.78x) and
interest cover to fall below 2x (FY10: 2.21x) on account of the
company's planned debt-led capex.

The ratings, however, draw strength from Gayatri's 25 years of
experience in the textile industry and the substantial growth of
70% yoy in its revenue to INR465 million in FY11.  Further, the
company's operating EBITDA margin, though declined, was
comfortable at 14.45% in FY11 (FY10: 17.88%).

Negative rating action may result from a sustained fall in
Gayatri's operating profitability and/ or a sudden increase in its
working capital requirements resulting in net leverage exceeding
7x. Conversely, positive rating action may result from consistent
revenue growth coupled with stable EBITDA margins leading to net
leverage falling below 5x.

Established in 1986, Gayatri manufactures textiles including
synthetic yarn. In FY11, the company had an EBITDA of
INR67 million (FY10: INR45.70 million).

Fitch has also assigned ratings to Gayatri's bank loans as
follows:

  -- INR130 million fund-based working capital limit: 'Fitch BB-
     (ind)'/'Fitch A4+(ind)'

  -- INR25.1 million non-fund based limit: 'Fitch BB-(ind)'/'Fitch
     A4+ (ind)'

  -- INR297.9 million term loan: 'Fitch BB-(ind)'


G.C. STRIPS: CRISIL Rates INR85MM Cash Credit at 'CRISIL BB'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of G.C. Strips Ltd.

   Facilities                     Ratings
   ----------                     -------
   INR85 Million Cash Credit      CRISIL BB/Stable (Assigned)

The rating reflects GCS's above-average financial risk profile,
marked by a low gearing and moderate debt protection metrics, and
the benefits that the company derives from its promoters'
extensive experience in the steel industry. These rating strengths
are partially offset by GCS's low operating margins due to modest
scale of operations in the intensely competitive electric
resistance welded (ERW) pipes industry.

Outlook: Stable

CRISIL believes that GCS will continue to benefit over the medium
term from its promoters' experience in the ERW pipes industry. The
company's financial risk profile is expected to remain above-
average during this period because of low debt level. The outlook
may be revised to 'Positive' if GCS significantly improves its
scale of operations along with improvement in its operating
profitability. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure programme, materially impacting its debt protection
metrics or if there is deterioration in the company's working
capital management leading to pressure on its financial risk
profile.

                        About G.C. Strips

Incorporated in 2006, GCS manufactures ERW and steel conduit pipes
which are used for making iron furniture in the construction
industry and in the transport industry (mainly in buses). The
company commenced operations by reconstituting the partnership
firm owned by the same promoters. GCS's manufacturing facilities
are in Samana (Punjab), and have capacity to manufacture 35,000
tonnes per annum of ERW pipes.

GCS reported a profit after tax (PAT) of INR7.45 million on net
sales of INR1208 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR7.46 million on net
sales of INR1055 million for 2009-10.


GOWTHAMI RAW: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Gowthami Raw & Par
Boiled Rice Mill continues to reflect GRPBRM's below-average
financial risk profile, marked by a high gearing and weak debt
protection metrics, and exposure to risks related to the intensely
competitive and regulated nature of the rice milling industry.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Term Loan          CRISIL B+/Stable (Reaffirmed)
   INR52.5 Million Cash Credit      CRISIL B+/Stable (Reaffirmed)
   INR7.5 Million Proposed Cash     CRISIL B+/Stable (Reaffirmed)
    Credit Limit

These rating weaknesses are partially offset by the experience of
GRPBRM's promoters in the rice industry, and the firm's stable
revenues because of steady offtake by Food Corporation of India
(FCI).

Outlook: Stable

CRISIL believes that GRPBRM will continue to benefit over the
medium term from its promoters' experience and the stable offtake
of its rice production by FCI. The outlook may be revised to
'Positive' if GRPBRM's revenues and profitability improve
substantially, or in case of a significant improvement in the
firm's capital structure. Conversely, the outlook may be revised
to 'Negative' if GRPBRM undertakes an aggressive, debt-funded
capacity expansion programme or its operating margin and debt
protection metrics decline resulting in deterioration in its
financial risk profile, or if the partners withdraw a substantial
quantum of capital from the firm's account.

Update

GRPBRM reported an operating income of INR270 million for 2010-11
(refers to financial year, April 1 to March 31). The firm's
turnover and operating margin of 5.6% for 2010-11 are in line with
CRISIL's expectations. GRPBRM's turnover is expected to grow
marginally to INR300 million to INR320 million in 2011-12. The
firm's margins are expected to remain low at around 5% over the
medium term, because of the low value-added nature of the firm's
business. GRPBRM's liquidity remains weak, marked by low cash
accruals of INR7 million to INR8 million per annum over the medium
term vis--vis maturing debt obligations of around INR6 million
per annum. However, the firm's bank limits have been moderately
utilized at an average of 78% between May 2010 and September 2011.
GRPBRM has no major capital expenditure plans for the medium term.
However, GRPBRM's gearing and debt protection metrics are likely
to remain below average over the medium term, because of the
firm's small scale of operations and low profitability.

GRPBRM posted a provisional profit after tax of INR0.3 million on
net sales of INR257 million for 2010-11.

                         About Gowthami Raw

Set up as a partnership firm in 2009 by Mr. G Eswara Raju and his
family, GRPBRM purchases paddy, and mills, processes, and markets
rice. The firm's rice mill at Pedagonnuru (Andhra Pradesh) has
milling capacity of 10 tonnes per hour. GRPBRM commenced
commercial operations in April 2010. Mr. G Eswara Raja and his
family (comprising his wife and three sons) are the partners in
the firm. GRPBRM's day-to-day operations are being managed by Mr.
Bhaskara Verma, one of Mr. G Eswara Raja's sons.


ILD MILLENNIUM: Fitch Rates INR450-Mil. Long-Term Loan at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India-based ILD Millennium Private
Limited a National Long-Term rating of 'Fitch B+(ind)'.  The
Outlook is Stable.

ILD is an SPV created for the construction of an upcoming
residential complex -- ILD Spire Greens Project -- in Gurgaon.
The SPV is a partnership between the India-based ALM Infotech City
Pvt Ltd and the Singapore-based S.I. Viridian.

The ratings reflect around two-decade-long experience of ILD's
promoters in the domestic real estate sector and equity infusion
by the promoters along with the tie-up of the entire debt from
banks.  The ratings also draw comfort from the proximity of the
project location to both the National Highway-8 and the proposed
Gurgaon-Dwarka Expressway.  Also, the upcoming multiple commercial
complexes and special economic zones (SEZs) in the vicinity
provide demand visibility for residential projects.  Further, 62%
of the flats have been booked and the buyers have been making
subsequent payments as per the construction linked plan.

The ratings are, however, constrained by the high supply of flats
at the project location from competing real estate companies.
Furthermore, though the construction of the proposed Dwarka-
Gurgaon Expressway has begun, land for about a third of this
expressway is currently under litigation.  Fitch expects cash flow
from operations (CFO) to remain negative in FY12 (end-March) and
become positive only from FY13.

Positive rating guidelines include a fast pace of construction
leading to a higher-than-expected CFO.  Negative rating guidelines
include significant delays in construction of the project and
inability of the company to achieve cash inflows in line with its
construction-linked plan.

Presently, the ALM group is developing a built-up area of
approximately 2.4 million sq. ft. in residential and commercial
projects. S.I. Viridian (earlier named Millennium Spire Ltd.) is a
global currency and alternative investments company with its real
estate division in Singapore.

Fitch has also assigned ratings to ILD's bank loans as follows:

  -- INR450 million long-term loans: 'Fitch B+(ind)'
  -- INR100 million non-fund-based working capital limits:
     'Fitch B+(ind)'/'Fitch A4(ind)'


J.D. INDUSTRIES: CRISIL Ups Rating on INR41.2MM Loan to 'BB-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
J.D. Industries India Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4.

   Facilities                       Ratings
   ----------                       -------
   INR130.0 Million Cash Credit     CRISIL BB-/Stable (Upgraded
                                       from 'CRISIL B+/Stable')

   INR41.2 Million Term Loan        CRISIL BB-/Stable (Upgraded
                                       from 'CRISIL B+/Stable')

   INR20.0 Million Stand by Line    CRISIL BB-/Stable (Upgraded
   of Credit                           from 'CRISIL B+/Stable')

   INR20.0 Mil. Letter of Credit/   CRISIL A4+ (Upgraded from
   Bank Guarantee                               'CRISIL A4')

The rating upgrade reflects JDIL's improving business risk
profile, backed by the company's increasing scale of operations
and diversification of its product portfolio. JDIL's revenues
registered a compound annual growth rate of 23%, to INR1.38
billion in 2010-11 (refers to financial year, April 1 to March 31)
from INR920 million in 2008-09, while the company maintained a
stable operating margin in the vicinity of 4%. Increasing scale of
operations along with a stable profitability has kept the
company's return on capital employed healthy at above 15%. The
improvement in JDIL's business risk profile is expected to
continue over the medium term, with the company venturing into the
manufacture of polyvinyl chloride (PVC) pipes. JDIL is further
expected to grow its scale of operations, supported by its trading
operations and its recent capacity expansion and also through
leveraging its strong relationships with its customers. The rating
revision also reflects an improvement in JDIL's financial risk
profile because of improvement in its net worth, which in turn has
resulted in an improvement in the company's overall gearing to
1.86 times in 2010-11 from 2.06 times in 2009-10.

The ratings reflect healthy growth prospects in JDIL's operating
income driven by the company's established relationship with its
customers and its principal supplier, Steel Authority of India.
This rating strength is partially offset by JDIL's weak financial
risk profile, marked by a high gearing and high bank limit
utilization, average scale of operations, and small net worth.

Outlook: Stable

CRISIL believes that JDIL will continue to benefit from its
established market position and its promoters' experience in the
electric resistance welding (ERW) pipes industry, over the medium
term. The outlook may be revised to 'Positive' if JDIL's operating
income and cash accruals grow significantly, driven by increased
capacity utilization and successful diversification into PVC
pipes, or if fresh equity infusion from promoters leads to
improved capital structure and liquidity. Conversely, the outlook
may be revised to 'Negative' if JDIL's revenues or profitability
decline or if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile, particularly its liquidity.

                       About J.D. Industries

Set up in 1994 by Mr. Janardhan Gupta, JDIL manufactures mild
steel ERW tubes and pipes ranging from 15 millimetres (mm) to 200
mm. Currently, the company is being managed by Mr. Janardhan
Gupta, Mr. Sanish Gupta, and Mr. Manish Gupta. It has its
manufacturing facilities at Ghaziabad (Uttar Pradesh), Bhiwadi
(Rajasthan), and Siliguri (West Bengal). JDIL had capacity to
manufacture 84,150 tonnes of pipes per annum as on March 31, 2010.
The company has also recently set up a new manufacturing line at
its Ghaziabad unit for manufacturing PVC pipes. JDIL has a
memorandum of understanding with SAIL for procuring raw material
such as hot-rolled coils.

JDIL reported, on a provisional basis, a profit after tax (PAT) of
INR16.4 million on net sales of INR1.38 billion for 2010-11; it
reported a PAT of INR 17.0 million on net sales of INR1.34 billion
for 2009-10, against a PAT of INR11.5 million on net sales of
INR918 million for 2008-09.


KINGFISHER AIRLINES: Second Qtr Net Loss Widens to Rs468.66cr
-------------------------------------------------------------
The Times of India reports that Kingfisher Airlines Ltd on Tuesday
reported that its net loss doubled to INR468.66 crore in the
quarter ended Sept. 30, 2011, as higher fuel prices depressed
operating margins.

Kingfisher Airlines said in a regulatory filing to the Bombay
Stock Exchange that the carrier had reported a net loss of
INR230.81 crore in the same period last year, the report
discloses.

The company's income from operations, however, rose by 10.5% to
INR1,528.16 crore in the July to September quarter from
INR1,382.72 crore in the year earlier period.

                 Plans to Cut 65 Billion-Rupee Debt

According to Bloomberg News, the Economic Times reported that
Kingfisher Airlines, the Indian carrier that cut flights and
sought government help, has a plan to cut its INR65 billion
(US$1.3 billion) of debt by more than half.

The company, controlled by billionaire liquor tycoon Vijay Mallya,
intends to raise INR9 billion selling property and 7 billion
rupees by changing plane leases, the Economic Times said, citing a
presentation prepared for investors.

Bloomberg relates that the Economic Times said the proposal also
includes parent UB Group converting INR6.8 billion of debt into
equity.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines has lost money six years in a row,
accumulating net debt of INR77.2 billion (US$1.74 billion) as of
March 2010, according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


MANGESH ENTERPRISES: CRISIL Puts 'BB' Rating on INR75MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Mangesh Enterprises Pvt Ltd, part of the Pelena
group.

   Facilities                    Ratings
   ----------                    -------
   INR15 Million Cash Credit     CRISIL BB/Stable (Assigned)
   INR75 Million Proposed LT     CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that the Pelena group derives
from its promoters' extensive experience and its established
relationships with its customers and suppliers in the cutting
tools trading business, and average financial risk profile. These
rating strengths are partially offset by the Pelena group's
working-capital-intensive operations, and moderate scale of
operations in the intensely competitive cutting tools trading
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pelena Trading Pvt Ltd, Mangesh, and
Meenal Enterprises Pvt Ltd.  This is because these entities,
collectively referred to as the Pelena group, are in the same line
of business, under a common management, and have common suppliers.

Outlook: Stable

CRISIL believes that the Pelena group will sustain its business
risk profile over the medium term backed by its promoters'
experience and its established customer and supplier relationships
in the cutting tools trading business. The outlook may be revised
to 'Positive' if the group significantly increases its scale of
operations, while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if the Pelena group reports a
sharp decline in its profitability or scale of operations or its
financial risk profile deteriorates driven by debt funding of
larger-than-expected working capital requirements.

                           About the Group

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern, based in Mumbai (Maharashtra), set up in 1994 by
Mr. Mohanlal Patel. Subsequently, two more firms, namely Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, Mangesh, and MEL, respectively, which were incorporated in
2008.  The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.

Mangesh reported a profit after tax (PAT) of INR2.3 million on net
sales of INR303.9 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.24 million on net
sales of INR168.5 million for 2009-10.


MEENAL ENTERPRISES: CRISIL Puts 'CRISIL BB' Rating on INR10MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Meenal Enterprises Pvt Ltd., part of the Pelena
group.

   Facilities                     Ratings
   ----------                     -------
   INR80 Million Cash Credit      CRISIL BB/Stable (Assigned)
   INR10 Million Proposed LT      CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that the Pelena group derives
from its promoters' extensive experience and its established
relationships with its customers and suppliers in the cutting
tools trading business, and average financial risk profile. These
rating strengths are partially offset by the Pelena group's
working-capital-intensive operations, and moderate scale of
operations in the intensely competitive cutting tools trading
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pelena Trading Pvt Ltd., Mangesh
Enterprises Ltd, and MEL. This is because these entities,
collectively referred to as the Pelena group, are in the same line
of business, under a common management, and have common suppliers.

Outlook: Stable

CRISIL believes that the Pelena group will sustain its business
risk profile over the medium term backed by its promoters'
experience and its established customer and supplier relationships
in the cutting tools trading business. The outlook may be revised
to 'Positive' if the group significantly increases its scale of
operations, while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if the Pelena group reports a
sharp decline in its profitability or scale of operations or its
financial risk profile deteriorates driven by debt funding of
larger-than-expected working capital requirements.

                         About the Group

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern, based in Mumbai (Maharashtra), set up in 1994 by Mr.
Mohanlal Patel. Subsequently, two more firms, namely Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, Mangesh, and MEL, respectively, which were incorporated in
2008. The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.

MEL reported a profit after tax (PAT) of INR3.2 million on net
sales of INR476.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR161.2 million for 2009-10.


MEENAL TRADING: CRISIL Assigns 'CRISIL BB-' Rating to INR30MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Meenal Trading Pvt Ltd, part of the Mocha
group.

   Facilities                      Ratings
   ----------                      -------
   INR30 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR70 Million Packing Credit    CRISIL A4+ (Assigned)

The ratings reflect the benefits that the Mocha group derives from
its promoters' extensive experience and its established
relationships with its customers and suppliers in cutting tool
trading business, and average financial risk profile. These rating
strengths are partially offset by the Mocha group's working-
capital-intensive operations, and moderate scale of operations in
the intensely competitive cutting tools trading and short track
record of operations in iron ore trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of Mocha Trading Pvt Ltd and MTPL. This is
because these entities, together referred to as the Mocha group,
are in the same line of business, under a common management, and
have common suppliers.

Outlook: Stable

CRISIL believes that the Mocha group sustain its business risk
profile over the medium term backed by its established customer
and supplier relationships in the cutting tools trading business.
The outlook may be revised to 'Positive' if the group
significantly increases its scale of operations most likely in the
iron ore trading segment, while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the Mocha group reports a sharp decline in its
profitability or scale of operations or its financial risk profile
deteriorates driven by debt funding of larger-than-expected
working capital requirements.

                          About the Group

The Mocha group commenced business operations through its flagship
firm Mocha Trading Corporation, a partnership concern based in
Mumbai (Maharashtra) and set up in 1996 by Mr. Mohanlal Patel and
his son, Mr. Romen Patel. However, the firm was reconstituted as a
private limited company in 2008. The group currently comprises two
companies, namely Mocha and MTPL. The Mocha group trades in
carbide metal cutting tools, measurement instruments, and
fasteners such as screws, nuts, bolts, and ball bearings. It also
trades in iron ore fines in the domestic market and has recently
started exporting iron ore fines through MTPL; its first
consignment with an order size of 12,000 tonnes is due in
November 2011 to Hong Kong, China. The iron ore trading business
contributed almost 50% to the group's revenues in 2010-11 (refers
to financial year, April 1 to March 31).

MTPL reported a profit after tax (PAT) of INR2.07 million on net
sales of INR123.8 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.08 million on net
sales of INR11.6 million for 2009-10.


MGM TRADELINK: CRISIL Reaffirms 'CRISIL BB' Packing Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of MGM Tradelink Pvt Ltd
continue to reflect MGM's established market position in the
agricultural commodity trading business, supported by the
company's healthy operational capabilities and established
relationships with its customers and suppliers.

   Facilities                        Ratings
   ----------                        -------
   INR242.5 Million Export Packing   CRISIL BB/Stable (Reaffirmed)
   Credit

   INR17.5 Million Proposed Short-   CRISIL A4+ (Reaffirmed)
   Term Bank Loan Facility

This rating strength is partially offset by MGM's average
financial risk profile, marked by a modest net worth and weak debt
protection metrics, susceptibility to volatility in agricultural
commodity and steel prices and in foreign exchange rates.

Outlook: Stable

CRISIL believes that MGM will continue to benefit over the medium
term from its established relationships with its customers and its
suppliers in the agricultural commodity trading business. The
outlook may be revised to 'Positive' if MGM's ship-breaking
operations stabilize, leading to healthy revenue contribution, and
in case of sustainable improvement in the company's financial risk
profile backed by increased cash accruals. Conversely, the outlook
may be revised to 'Negative' if MGM incurs substantial losses
because of adverse movements in commodity prices, or if the
company contracts more-than-expected debt because of deterioration
in its working capital cycle.

Update

MGM's revenues declined marginally by 3% year-on-year (y-o-y) to
INR606 million in 2010-11 (refers to financial year, April 1 to
March 31), driven by a decline in trading revenues by about 17% y-
o-y; the company derived about 87% of its total revenues from its
trading operations during the year. MGM started a ship-breaking
division in January 2011 which contributed INR79 million (13%) to
its 2010-11 revenues. MGM's profitability remained stable in 2010-
11 with an operating margin of 6.6%.

MGM's liquidity remains stretched marked by a moderate bank limit
utilization, averaging at 77%, over the 12 months through August
2011; the utilization typically increases in the later part of the
year. The company generated modest net cash accruals of INR13
million in 2010-11; it does not have any term debt obligations.
The promoters infused equity to the extent of INR37.5 million in
2010-11 to fund the operations of MGM's ship-breaking division,
leading to improvement in the company's capital structure; MGM had
a gearing of 1.63 times and a total outside liabilities to
tangible net worth ratio of 1.77 times as on March 31, 2011, vis-
-vis 3.31 times and 4.56 times as on March 31, 2010,
respectively. However, MGM's debt protection metrics remained
weak, with an interest coverage ratio of 1.91 times and net cash
accruals to total debt ratio of 0.07 times, for the year ended
March 31, 2011.

For 2010-11, MGM reported, on a provisional basis, a profit after
tax (PAT) of INR13.3 million on net sales of INR595.4 million,
against a PAT of INR13.9 million on net sales of INR624.6 million
for 2009-10.

                        About MGM Tradelink

MGM was incorporated in 2003 by Ms. Susan Perumal and her sons,
Mr. Solly Perumal and Mr. Saju Perumal. The company is based in
Gandhidham in Kutch (Gujarat). MGM is a trading company. It
exports agricultural commodities, mainly rapeseed de-oiled cake
(DOC), soya bean DOC, basmati rice, and barley. The company
sources soya bean and rapeseed DOC from suppliers in Madhya
Pradesh, Rajasthan, and exports these mainly to the Middle East.
In January 2011, it started a ship-breaking division in Jamnagar
(Gujarat), while discontinuing its import of iron scrap.


MOCHA TRADING: CRISIL Assigns 'CRISIL BB-' Rating to INR10MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Mocha Trading Pvt Ltd, part of the Mocha group.

   Facilities                      Ratings
   ----------                      -------
   INR40 Million Cash Credit       CRISIL BB-/Stable (Assigned)
   INR10 Million Proposed LT       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that the Mocha group derives from
its promoters' extensive experience and its established
relationships with its customers and suppliers in cutting tool
trading business, and average financial risk profile. These rating
strengths are partially offset by the Mocha group's working-
capital-intensive operations, and moderate scale of operations in
the intensely competitive cutting tools trading and short track
record of operations in iron ore trading business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profile of Mocha and Meenal Trading Pvt Ltd.  This
is because these entities, together referred to as the Mocha
group, are in the same line of business, under a common
management, and have common suppliers.

Outlook: Stable

CRISIL believes that the Mocha group sustain its business risk
profile over the medium term backed by its established customer
and supplier relationships in the cutting tools trading business.
The outlook may be revised to 'Positive' if the group
significantly increases its scale of operations most likely in the
iron ore trading segment, while maintaining its profitability and
capital structure. Conversely, the outlook may be revised to
'Negative' if the Mocha group reports a sharp decline in its
profitability or scale of operations or its financial risk profile
deteriorates driven by debt funding of larger-than-expected
working capital requirements.

                          About the Group

The Mocha group commenced business operations through its flagship
firm Mocha Trading Corporation, a partnership concern based in
Mumbai (Maharashtra) and set up in 1996 by Mr. Mohanlal Patel and
his son, Mr. Romen Patel. However, the firm was reconstituted as a
private limited company in 2008. The group currently comprises two
companies, namely Mocha and MTPL. The Mocha group trades in
carbide metal cutting tools, measurement instruments, and
fasteners such as screws, nuts, bolts, and ball bearings. It also
trades in iron ore fines in the domestic market and has recently
started exporting iron ore fines through MTPL; its first
consignment with an order size of 12,000 tonnes is due in
November 2011 to Hong Kong, China. The iron ore trading business
contributed almost 50% to the group's revenues in 2010-11 (refers
to financial year, April 1 to March 31).

Mocha reported a profit after tax (PAT) of INR2.7 million on net
sales of INR486.2 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.79 million on net
sales of INR240.5 million for 2009-10.


PELENA TRADING: CRISIL Assigns 'CRISIL BB' Rating to INR75MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of Pelena Trading Pvt Ltd, part of the Pelena group.

   Facilities                      Ratings
   ----------                      -------
   INR15 Million Cash Credit       CRISIL BB/Stable (Assigned)
   INR75 Million Proposed LT       CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the benefits that the Pelena group derives
from its promoters' extensive experience and its established
relationships with its customers and suppliers in the cutting
tools trading business, and average financial risk profile. These
rating strengths are partially offset by the Pelena group's
working-capital-intensive operations, and moderate scale of
operations in the intensely competitive cutting tools trading
industry.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pelena, Mangesh Enterprises Ltd, and
Meenal Enterprises Pvt Ltd.  This is because these entities,
collectively referred to as the Pelena group, are in the same line
of business, under a common management, and have common suppliers.

Outlook: Stable

CRISIL believes that the Pelena group will sustain its business
risk profile over the medium term backed by its promoters'
experience and its established customer and supplier relationships
in the cutting tools trading business. The outlook may be revised
to 'Positive' if the group significantly increases its scale of
operations, while maintaining its profitability. Conversely, the
outlook may be revised to 'Negative' if the Pelena group reports a
sharp decline in its profitability or scale of operations or its
financial risk profile deteriorates driven by debt funding of
larger-than-expected working capital requirements.

                         About the Group

The Pelena group commenced business operations through its
flagship firm Oriental Trading Corporation, a proprietorship
concern, based in Mumbai (Maharashtra), set up in 1994 by
Mr. Mohanlal Patel. Subsequently, two more firms, namely Vatsa
Enterprises and Bhagwati Enterprises, were set up in 1995.
However, the business of all three firms was acquired in 2010 by
Pelena, Mangesh, and MEL, respectively, which were incorporated in
2008. The group currently comprises these three companies. The
Pelena group trades in carbide metal cutting tools (of different
sizes), measurement instruments, and fasteners such as screws,
nuts, bolts, and ball bearings.

Pelena reported a profit after tax (PAT) of INR2.17 million on net
sales of INR292.5 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.87 million on net
sales of INR156.1 million for 2009-10.


SARTHAK CREATION: CRISIL Raises Rating on INR130.2MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sarthak
Creation Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

   Facilities                        Ratings
   ----------                        -------
   INR130.2-Mil. Rupee Term Loan     CRISIL BB-/Stable (Upgraded
   (Enhanced from 76.80 Million)        from 'CRISIL B+/Stable')

   INR110 Million Cash Credit        CRISIL BB-/Stable (Upgraded
   (Enhancement from 60.0 Million)      from 'CRISIL B+/Stable')

   INR27.5 Million Proposed LT       CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

   INR10 Million Letter of Credit    CRISIL A4+ (Assigned)

   INR10 Million Bank Guarantee      CRISIL A4+ (Upgraded from
                                               'CRISIL A4')

The upgrade reflects improvement in Sarthak's business risk
profile, driven by the ramp up in the company's scale of
operations. Sarthak reported better-than-expected operating income
of INR338 million during 2010-11 (refers to financial year,
April 1 to March 31), driven by increased offtake from textile
units and traders. Sarthak's revenue momentum has continued during
the current financial year; the company is expected to report
revenues of more than INR500 million during 2011-12.

Sarthak also reported better-than-expected cash accruals as a
result of its healthy revenue growth and moderate operating
margin. Its gearing is also lower than expected, driven by equity
infusion by its promoters to fund its capital expenditure (capex)
programmes. Currently, Sarthak is undertaking a capex programme of
INR82.8 million to manufacture a higher proportion of trousers in
its product mix. Though this capex, which is funded partly with
debt of INR 62.1 million, would result in marginal increase in the
company's gearing, the same will remain moderate. The capex
programmes of Sarthak, both present as well as past, are supported
partly by equity infusion by the promoters. The upgrade also
reflects CRISIL's belief that Sarthak will maintain its financial
risk profile at the improved level over the medium term despite
its debt-funded capex plans.

The ratings reflect the funding and operational support that
Sarthak receives from its promoters. This rating strength is
partially offset by the company's limited track record, and
average financial risk profile, marked by a small net worth, and
average gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that Sarthak will continue to benefit from its
promoters' funding support, over the medium term. The outlook may
be revised to 'Positive' in the event of further increase in
Sarthak's scale of operations and profitability, coupled with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the company's
financial risk profile, driven by less-than-expected cash
accruals, or larger-than-expected working capital requirements or
debt-funded capex.

                        About Sarthak Creation

Sarthak was set up by Mr. Subhash Tibrewal. The company,
incorporated in 2005, commenced commercial operations in August
2009. It manufactures shirts, tops, and trousers. Sarthak can
manufacture around 1.8 million pieces of garments per annum. It
derives about 75% of its revenues from the domestic market and the
rest from the export market. The company's primarily exports to
the US and the UK.

Sarthak reported a profit after tax (PAT) of INR18.0 million on
net sales of INR297.6 million for 2010-11, against a PAT of
INR1.5 million on net sales of INR116.5 million during 2009-10.


SHIV MAHAL: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Mahal Textiles Pvt. Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL B+/Stable (Assigned)
   INR7 Million Standby Letter      CRISIL A4 (Assigned)
    of Credit
   INR10 Million Letter of Credit   CRISIL A4 (Assigned)

The ratings reflect STPL's weak financial risk profile, marked by
small net worth and leveraged capital structure resulting in weak
debt protection metrics. The business risk profile of the company
is constrained by its small scale of operations in the highly
competitive and fragmented textile industry. These rating
weaknesses are partially offset by the considerable experience of
STPL's promoters in the textile business.

STPL has weak liquidity because of its working-capital-intensive
operations, as reflected in the high utilization of 92% of its
cash credit limit of INR70 million over the past 12 months. STPL's
capital structure is highly leveraged, with outstanding debt of
INR193.4 million and gearing of 2.93 times as on March 31 2011.
Debt protection metrics are weak, as reflected in a low net cash
accruals to total debt ratio of 0.08 times in 2010-11 (refers to
financial year, April 1 to March 31).

Outlook: Stable

CRISIL believes that STPL will continue to benefit from the
experience of its promoters in the textile business. The outlook
may be revised to 'Positive' if STPL generates more-than-expected
cash accruals, resulting in a substantial improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of significant deterioration in the company's
revenues or profitability.

                        About Shiv Mahal

STPL was incorporated in January 2002 and promoted by Mr. Mishri
Lal Ajmera. The company manufactures synthetic fabric. In 2004,
Mr. Ajmera's son, Mr. Arvind Ajmera, joined the business and since
then has been involved in the day-to-day operations of the
company. The company's manufacturing unit is located in Bhilwara
(Rajasthan) and has installed capacity of 100 looms.

For 2010-11, STPL reported a profit after tax (PAT) of INR1.77
million on net sales of INR364.95 million, against a PAT of
INR2.09 million on net sales of INR295.39 million for 2009-10.


SNOWTEX UDYOG: CRISIL Assigns 'CRISIL BB+' Rating to INR70MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Snowtex Udyog Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR70 Million Cash Credit        CRISIL BB+/Stable (Assigned)
   INR20 Million Letter of Credit   CRISIL A4+ (Assigned)
   INR20 Million Bank Guarantee     CRISIL A4+ (Assigned)

The ratings reflect the extensive experience of SUL's promoters in
the refractory industry and its moderate financial risk profile,
marked by comfortable gearing and debt protection metrics. These
rating strengths are partially offset by SUL's small-scale and
working-capital-intensive operations and vulnerability to
volatility in power and fuel costs.

Outlook: Stable

CRISIL believes that SUL will maintain its business risk profile
over medium term, backed by promoter's extensive experience in
refractory industry. The outlook may be revised to 'Positive' in
case of increase in scale of operations and improvement in
profitability. Conversely, the outlook may be revised to
'Negative' in case of any large debt-funded capital expenditure or
any significant pressure on cash accruals.

                          About Snowtex Udyog

SUL was incorporated in 1983 as a public limited company by the BM
Agarwalla group. The company manufactures refractory products,
such as alumina silicate bricks, insulation bricks, and
monolithics, which are used to make crucibles and linings of
furnaces and kilns. Its plant is located in Burdwan (West Bengal)
and has an installed capacity of 36,000 tonnes per annum.

SUL reported a profit after tax (PAT) of INR10.1 million on net
sales of INR268.7 million for 2010-11, as against a PAT of INR16.0
million on net sales of INR253.4 million for 2009-10.


SVSVS PROJECTS: CRISIL Reaffirms 'CRISIL B+' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of SVSVS Projects Pvt Ltd
continue to reflect SVSVS's modest scale of operations, exposure
to risks related to the tender-based nature of the company's
business, and working-capital-intensive operations.

   Facilities                        Ratings
   ----------                        -------
   INR17.50 Million Cash Credit      CRISIL B+/Stable (Reaffirmed)
   INR130.00 Million Bank Guarantee  CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by SVSVS's above-
average financial risk profile, marked by healthy gearing and debt
protection metrics, and the experience of the company's promoters
in the construction industry.

Outlook: Stable

CRISIL believes that SVSVS will continue to benefit term from its
promoters' experience in the construction industry, and will
maintain its above-average financial risk profile supported by
healthy gearing and debt protection metrics, over the medium. The
outlook may be revised to 'Positive' in case the company
significantly improves its working capital management, while it
diversifies and improves its scale of operations and maintains its
profitability. Conversely, the outlook may be revised to
'Negative' in case of a sharp decline in SVSVS's revenues and
profitability, or if the company undertakes a larger-than-
expected, debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Update

For 2010-11 (refers to financial year, April 1 to March 31), SVSVS
registered revenues of about INR462 million, a growth of over 33%
over the previous year. The growth in the revenues was primarily
because of an increase in the scope of works under execution.
However, the company had a low order book of INR440 million as on
September 30, 2011, against its earlier order book of INR630
million as on July 31, 2010; the low order book is because of not
bidding for new work orders during 2010-11. The company is likely
to bid for new road works in Karnataka in the last quarter of
2011-12. During 2010-11, the company reported an operating margin
of 7.5%, which is in line with that in 2009-10. SVSVS's liquidity
continues to be weak marked by high bank limit utilization because
of large working capital requirements. The company has no
significant debt-funded capex over the medium term. CRISIL
believes that SVSVS's business risk profile will be constrained
over the medium term by low revenue visibility.

                       About SVSVS Projects

Incorporated in 2007, SVSVS undertakes construction of roads,
bridges, dams, buildings, and irrigation works. The company is
promoted by Mr. V Rama Mohan Rao and his family. Before
establishing SVSVS, Mr. V Rama Mohan Rao undertook construction
projects in his personal capacity. SVSVS is a special class
contractor registered with the Public Works Department of Andhra
Pradesh and the Andhra Pradesh Roads and Buildings Department. The
company's operations span across Andhra Pradesh, Madhya Pradesh,
and Karnataka; currently, it is executing four road maintenance
works in Andhra Pradesh.

SVSVS reported a provisional profit after tax (PAT) of
INR15.4 million on net sales of INR460.4 million for 2010-11,
against a PAT of INR11.9 million on net sales of INR268.6 million
for 2009-10.


UTTAM FOOD: CRISIL Assigns 'CRISIL BB+' Rating to INR69.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the long-
term bank facilities of Uttam Food Infrastructure Park Pvt Ltd.

   Facilities                      Ratings
   ----------                      -------
   INR69.5 Million Term Loan       CRISIL BB+/Stable (Assigned)
   INR80 Mil. Overdraft Facility   CRISIL BB+/Stable (Assigned)

The rating reflects Uttam's steady revenue profile arising from
its established relationship with its customer, Britannia
Industries Limited, coupled with extensive industry experience of
the promoters. These rating strengths are partially offset by
company's modest scale of operations and moderate debt servicing
metrics over the medium term.

Outlook: Stable

CRISIL believes that Uttam will continue to benefit over the
medium term from its established relationship with Britannia
Industries Limited and the promoter's industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial growth in its scale of operations while improving its
debt servicing metrics. Conversely, the outlook may be revised to
'Negative' in case there is a slowdown in Uttam's revenue growth
or significant deterioration in its profitability, resulting in a
weakening of its debt servicing metrics.

                        About Uttam Food

Uttam was incorporated in 2005 by Mr. Praveen Miglani, who is
engaged in food processing since 1980 through other group
companies. It is engaged in manufacturing of biscuits for BIL
(Rated CRISIL AAA/Stable/ CRISIL A1+) on a jobwork basis. The
company entered into a nine-year agreement with BIL in 2007 for
manufacturing of Britannia's Marie, Goodday, Tiger and Nutro
biscuits, for which it receives fixed conversion charges. The
company's manufacturing unit is based at Khopoli (Maharashtra).

Uttam reported a profit after tax (PAT) of INR 10.9 million on net
sales of INR167.7 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.9 million on net
sales of INR156.9 million for 2009-10.


VAYUNANDANA POWER: Delay in Debt Repayment Cues CRISIL Junk Rating
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vayunandana Power Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

   Facilities                      Ratings
   ----------                      -------
   INR30.0 Million Cash Credit     CRISIL D (Downgraded from
                                          'CRISIL B/Stable')

   INR245.0 Mil. Long Term Loan   CRISIL D (Downgraded from
                                         'CRISIL B/Stable')

The downgrade reflects instances of delay by VPL in servicing its
term loan; the delays have been caused by the company's weak
liquidity owing to losses and delay in receipt of bills.

VPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, susceptibility of
margins to volatility in raw material prices, high customer
concentration in revenues, and vulnerability of cash flows to the
credit quality of Maharashtra State Electricity Distribution
Company Ltd.  These rating weaknesses are partially offset by
VPL's stable revenues because of the power purchase agreement
(PPA) with MSEDCL, and promoters' extensive experience in setting
up biomass-based power plants.

                      About Vayunandana Power

Incorporated in 2002 by Mr. Popuri Ankineedu, Mr. P Vijay Kumar,
Mr. Krishna, and Mr. V Krishna Mohan Rao, VPL operates a 10-
megawatt biomass-based power generation project in Gadchiroli
(Maharashtra). The project was commissioned in December 2010; VPL
has a PPA with MSEDCL for a period of 13 years from the date of
commencement of commercial operations.

VPL reported net loss after tax of INR23.2 million on net sales of
INR51.8 million for 2010-11 (refers to financial year, April 1 to
March 31); 2010-11 is the first year of its commercial operations.


VEER BUNDEL: CRISIL Assigns 'CRISIL B' Rating to INR9MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Veer Bundel khand Press.

   Facilities                        Ratings
   ----------                        -------
   INR9.0 Million Rupee Term Loan    CRISIL B/Stable (Assigned)
   INR47.5 Million Cash Credit       CRISIL B/Stable (Assigned)
   INR3.0 Million Bank Guarantee     CRISIL A4 (Assigned)

The ratings reflect Veer's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its limited
scale of operations in highly fragmented and tender driven
industry. These rating weaknesses are partially offset by the
extensive industry experience of Veer's proprietor in the printing
industry.

Outlook: Stable

CRISIL expects Veer will continue to benefit from the proprietor's
long experience in the printing industry. The outlook may be
revised to 'Positive' if the firm significantly improves its
capital structure either by equity infusion or cash accruals and
improves its working capital management. Conversely, the outlook
may be revised to 'Negative', if the firm's financial risk profile
deteriorates further due to further pressure on revenues and
profitability or deterioration in working capital management.

                         About Veer Bundel

Veer, started in 1957, is engaged in is engaged in printing of
text books, work books, question papers, brochures, pamphlets,
magazines, application forms and bank forms amongst others. Based
in Jhansi, Uttar Pradesh, it is a proprietorship concern owned and
managed by Mr. Shailendra Kumar Jain.

Veer reported book profit of INR1.1 million on net sales of
INR77.6 million for 2010-11 (refers to financial year, April 1 to
March 31), against the book profit of INR1.4 million on net sales
of INR92.1 million for 2009-10.


V & V PHARMA: CRISIL Assigns 'CRISIL B' Rating to INR51.4MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of V & V Pharma Industries.

   Facilities                        Ratings
   ----------                        -------
   INR51.4 Million Long-Term Loan    CRISIL B/Stable(Assigned)
   INR5 Million Cash Credit          CRISIL B/Stable(Assigned)
   INR20 Million Proposed LT Bank    CRISIL B/Stable(Assigned)
   Loan Facility
   INR12.5 Million Export Packing    CRISIL A4(Assigned)
   Credit

The ratings reflect V&V's sub-par financial risk profile and small
scale of operations. These rating weaknesses are partially offset
by the extensive industry experience of V&V's promoters.

Outlook: Stable

CRISIL believes that V&V will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm strengthens its capital base,
most likely through equity infusion, or in case it achieves strong
improvement in its cash accruals. Conversely, the outlook may be
revised to 'Negative' in case V&V reports more-than-expected
increase in its gearing or deterioration in its operating
performance.

                          About V & V Pharma

V&V was set up in 2001 by Mr. Vishwas Ghare and his family for the
supply of drug intermediates. Mr. Vishwas Ghare, a first-
generation entrepreneur, has a degree in engineering from the
Indian Institute of Technology, Mumbai (Maharashtra). V&V gets the
intermediates manufactured on contract basis from third parties.
It is currently setting up its own facility in Ambernath
(Maharashtra).

V&V reported, on a provisional basis, a profit after tax (PAT) of
INR31 million on net sales of INR93.9 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR29
million on net sales of INR85.6 million for 2009-10.


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


JCREF CMBS: S&P Lowers Ratings on 2 Classes of Notes to 'CCC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to E floating-rate notes and affirmed its rating on the
class A notes issued under the Japan Commercial Real Estate
Funding CMBS 2007-1 G.K. (JCREF CMBS 2007-1) transaction. "We
removed these ratings from CreditWatch with negative implications,
where they were placed on Oct. 21, 2011. At the same time, we
affirmed our rating on the interest-only (IO) class X TK
Investment issued under the same transaction," S&P related.

Of the five loans and four specified bonds (hereafter,
collectively referred to as 'loans') extended to/issued by nine
obligors that initially backed the notes issued under this
transaction, eight loans (the eight loans originally represented
about 87% of the total initial issuance amount of the notes)
remain at this point.

"We have reviewed our ratings on three underlying loans that
account for 29% of the total initial issuance amount. As some of
the remaining properties backing the loans are underperforming
relative to the assumptions we made when we last reviewed our
assessments of the properties' values in November 2010, it is our
view that the recovery prospects of the real estate properties are
under downward pressure. As such, we lowered the ratings on
classes B to E accordingly," S&P said.

"We revised downward our recovery prospects of the real estate
properties backing the three underlying loans to 55% of our
original initial underwriting value from 65% as of November 2010.
In doing so, we considered several factors, including the
performance of the properties backing the loans, a comparison with
real estate deals involving similar asset types and locations,
and the status of progress in the disposition of the properties.
Although some of the loans are backed by multiple properties, we
did not review all of these properties, as well as the properties
backing the other remaining loans, because their performance has
been stable relative to that of the properties we reviewed this
time. As such, we concluded that a further review was not
necessary," S&P said.

One of the nine underlying loans that initially backed the
transaction has already been fully recovered, and redemption of
the notes is progressing. "As such, we affirmed our rating on
class A and removed the rating from CreditWatch, taking the
current level of credit enhancement into account," S&P said.

JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The notes were originally secured
by five nonrecourse loans and four specified bonds extended
to/issued by nine obligors. The nonrecourse loans and specified
bonds were initially backed by 56 real estate properties. The
transaction was arranged by Barclays Capital Japan Ltd., and
Premier Asset Management Co. acts as the servicer for this
transaction.

"The ratings reflect our opinion on the likelihood of the full and
timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity in December
2015 for the class A notes, the full payment of interest and
repayment of principal by the transaction's legal final maturity
for the class B to E notes, and the timely payment of available
interest for the class X TK Investment," S&P related.

Ratings Lowered; Removed From Creditwatch Negative
JCREF CMBS 2007-1 G.K.
JPY58.2 billion commercial mortgage-backed
floating rate notes due December 2015
Class  To         From              Initial issue amount  Coupon
B      BBB- (sf)  BBB+ (sf)/Watch Neg  JPY6.2 bil.  Floating rate
C      B- (sf)    BB- (sf)/Watch Neg   JPY5.3 bil.  Floating rate
D      CCC (sf)   B- (sf)/Watch Neg    JPY4.7 bil.  Floating rate
E      CCC (sf)   B- (sf)/Watch Neg    JPY2.7 bil.  Floating rate

Rating Affirmed; Removed From Creditwatch Negative
JCREF CMBS 2007-1 G.K.
Class  To       From               Initial issue amount  Coupon
A      AA (sf)  AA (sf)/Watch Neg  JPY39.3 bil.
Floating rate

Rating Affirmed
JCREF CMBS 2007-1 G.K.
Class                 Rating
X (TK Investment)     AAA (sf)


OLYMPUS CORP: Lenders Awaits Probe Results
------------------------------------------
Atsuko Fukase at The Wall Street Journal reports that Olympus
Corp.'s banks said they will wait for more details to emerge from
an independent panel investigating the company before deciding
what action, if any, to take regarding the company's credit lines.

The Journal relates that Sumitomo Mitsui Financial Group Inc. said
it had been invited to a creditors meeting today, Nov. 16, by
Olympus.  Other major lenders, including Mitsubishi UFJ Financial
Group Inc. and Mizuho Financial Group Inc. are expected to join
the meeting, the Journal says.

The Journal notes that since disclosing last week that it had
concealed investment losses for decades, the company has had
difficulty raising capital.  The news agency relates that
Olympus's shares have dropped about 80% since mid-October, when
the company fired its chief executive after he raised questions
about several acquisitions.

According to the Journal, Olympus has postponed reporting results
for the quarter through September until Dec. 14. If it fails to
meet that deadline, the company's shares would face delisting.
Further information about the cover-up also could lead the Tokyo
Stock Exchange to delist Olympus.

Amid such circumstances, says the Journal, the banks are likely to
come under pressure to alter the terms of their loans to Olympus.

According to the report, Mizuho President Yasuhiro Sato said
Monday that the bank already has raised the risk profile for
Olympus, requiring the company to maintain higher reserves.
Mr. Sato said the bank will examine the findings of investigations
closely before deciding how to deal with Olympus's credit.  In
addition to the independent panel, which was appointed by the
company, authorities in Japan and the U.S. are investigating
Olympus, the Journal notes.

The Journal relates that the head of Olympus's main lender, SMFG,
said the bank still has high regard for the company's endoscope
business. Olympus dominates the global market for the devices,
which are used in internal medical examinations.

"Supporting the company is our basic stance," Koichi Miyata,
president of SMFG, said at a news conference on the bank's
earnings.  Mr. Miyata, as cited by the Journal, said it was
"extremely regrettable" that the bank failed to spot problems in
the company's financial dealings.

Sumitomo Mitsui Banking Corp, the banking unit of SMFG, held about
JPY90 billion, or roughly $1 billion, in loans to Olympus as of
March 31, according to an Olympus filing, the Journal reports.

MUFG President Katsunori Nagayasu said the bank will decide after
hearing from the independent panel what action to take. "It's a
big problem, and I feel disappointed that this kind of thing could
happen in this day and age," the Journal quotes Mr. Nagayasu as
saying.

The filing said loans from Bank of Tokyo Mitsubishi UFJ, MUFG's
banking unit, stood at around JPY78 billion as of March 31, the
Journal adds.

                       Delisting Fears Ease

Meanwhile, The Wall Street Journal reports that shares in Olympus
Corp. soared nearly 20% on Tuesday in the second straight day of
strong gains as investors grew more confident that the company may
yet escape delisting from the Tokyo Stock Exchange despite being
engulfed in Japan's biggest corporate controversy in years.

While details are still emerging on exactly how and why officials
at the camera and medical equipment maker covered up losses dating
back to the 1990s, the gloom that wiped out billions of dollars,
about four-fifths of its value, gave way to relief after local
media reports suggested a key regulator may limit disciplinary
measures to administrative penalties, the Journal reports.

                   Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


OLYMPUS CORP: Singapore Fund Sells Most Shares Amid Scandal
-----------------------------------------------------------
Bloomberg News reports that the Government of Singapore Investment
Corp., manager of more than $100 billion of the city's reserves,
sold almost all of its 2% stake in Olympus Corp., the camera maker
that said it hid losses with inflated fees.

According to Bloomberg, the fund said in an e-mailed statement on
Nov. 12 that GIC now only has an "insignificant holding" in
Olympus under a portfolio managed by an external fund manager
after the sale.  The fund did not elaborate on the financial
effect of the divestment or plans for its remaining shares,
Bloomberg reports.

"GIC disposed of almost all of its investments on first suspicion
of possible wrongdoing in Olympus," the fund said in the
statement, without elaborating on details of the share sale. "The
majority of the investment was made in the midst of the global
financial crisis."

Bloomberg says the comment came less than two months after its
Sept. 20 meeting with the management of UBS in Singapore, where it
"expressed disappointment and concern about the lapses" at the
biggest Swiss bank, according to a GIC statement that same day.

The Singapore fund owned 2.13% of Olympus shares as of March,
according to data compiled by Bloomberg.  The value of the shares
has plunged as much as 84% since June 21, when the camera maker's
stock reached this year's high of JPY2,798.

                   Securities Investment Scandal

The Troubled Company Reporter-Asia Pacific reported on Nov. 9,
2011, that Block & Leviton LLP, a Boston-based law firm
representing investors seeking to recover money lost due to
investment fraud, said it is investigating possible securities
fraud claims involving Olympus Corp.

On Oct. 14, 2011, Olympus's Board of Directors fired the
Company's then-President and Chief Executive Officer, Michael
Woodford, after Mr. Woodford attempted to force an inquiry into
Olympus's acquisition of British medical device maker Gyrus in
2008.  At issue were the $687.0 million in advisory fees paid to
a relatively obscure financial firm in relation to the
acquisition.  The fees were approximately one-third of the $2.0
billion acquisition price, which is almost 30 times higher than
normal.

On Nov. 8, 2011, the Company admitted to an accounting cover-up,
stating that the advisory fees paid in connection with the Gyrus
deal and other acquisitions were used to hide steep investment
losses that began in approximately 1990.  Speaking at a press
conference, the Company's President, Shuichi Takayama, confessed
that "[w]e have conducted extremely improper accounting" and that
"[o]ur previous statements were in error."

The Company's admission, released just prior to the opening of
trading on the Tokyo Stock Exchange, where Olympus's common stock
is traded, sent shares spiraling downward by 29% over the prior
day's close to JPY734 (or $9.40).  The Company's American
Depository Receipts also plummeted on the news, losing 31%
compared to the prior day's close of $13.72.  Since mid-October
when Mr. Woodward's allegations first surfaced, the Company's
stock has lost approximately 70% of its market value.

Amidst the growing accounting scandal that could be one of the
largest in corporate history, the TSE has indicated that the
Company's shares could be de-listed.  In addition, the Japanese
Securities and Exchange Surveillance Commission is said to be
investigating along with the U.S. Federal Bureau of
Investigation, and the U.S. Securities and Exchange Commission.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.


SOFTBANK CORP: Moody's Raises Issuer Rating to Baa3 From Ba2
------------------------------------------------------------
Moody's Japan K.K. has upgraded to Baa3 from Ba2 the issuer rating
of SOFTBANK Corp. The rating action concludes the review for
upgrade initiated on July 1, 2011.  The rating outlook is stable.

Ratings Rationale

The rating action is primarily in response to the refinance of the
whole business securitization, which was used for the acquisition
of the mobile phone business from Vodafone in 2006 and has
restricted SOFTBANK's access to the cash flow of the mobile phone
business.

The upgrade also reflects the company's improved financial profile
and its third but improved position in the Japanese
telecommunication market.

Its Baa3 ratings also consider the evolving and competitive
environment in the telecommunication industry in Japan and the
near to intermediate term high demand on cash flow to meet the
company's capital expenditure plans and scheduled debt repayments.
Moody's notes that additional positive movement in the rating
Moody's requires a sustained profit margin and cash flow
generation in a highly competitive market and clear access to
capital markets to fund its finance plan.

In 2006, SOFTBANK purchased Vodafone K.K., currently known as
Softbank Mobile which now operates as a 100% subsidiary. Under the
terms of SOFTBANK's Whole Business Securitization, the former
borrowing scheme, cashflow from SBM could be used solely to manage
its own debt or for the mobile business, but not for business of
the rest of the group. New debt will be entered into at the
holding company level eliminating the structural subordination
created by the borrowing at SBM. And, with the repayment of the
Whole Business Securitization, the restriction on the use of cash
solely at SBM no longer exists. SOFTBANK is free to use the
cashflow from its mobile business for the overall group.

Since SOFTBANK purchased SBM, its operating performance and
earnings have improved significantly with a rapid increase in
subscribers and data revenue. SBM has increased its subscriber
base by about 80% in the saturated Japanese market and Data
Average Revenue Per User (ARPU) by 86% to JPY2,520 in Q2 of
FYE3/2012 from JPY1,350 in Q1 of FYE3/2007. Over the last four
years, SOFTBANK has successfully increased its consolidated
revenue by 18% and operating profit by 132%.

As a result, adjusted debt/ EBITDA improved to 2.9x in the last
twelve months to 6/2011, from 5.3x in FYE3/2007. The adjusted debt
includes the adjustment of lease finance. The debt reduction was
due to the application of strong operating cashflow to debt
reduction. The reduction in debt also has come at the expense of
capital spending which has declined to about JPY200billion in the
past few years. This reduction in capital spending, is not
expected to continue.

The recent strong growth in SOFTBANK's subscriber base is
substantially due to better branding and the successful promotion
of the smart phone business as the sole provider of the iPhone in
Japan.

However, in October 2011, KDDI, number two carrier in terms of
subscriber base, also became a carrier for the iPhone. Considering
the competitive market environment in Japan and SOTBANK's reliance
on iPhone, KDDI's entrance in the iPhone market could weaken the
momentum of SBM's subscriber growth and it's attempts to catch up
with KDDI.

The ability to maintain strong cash flow from operations over the
next two to three years will be a key factor in maintaining the
current rating. Cash will be needed to fund both its aggressive
capital expenditure plan and rapid amortization of existing debt
will tax the company's cash flow generation.

SOFTBANK faces a challenge to secure the quality of its mobile
network in response to the increase in the number of subscribers
and the surging data traffic given the rapid growth in smart phone
users. It spent JPY420.5billion on acceptance basis (about
JPY200billion in cash basis) for capex in FYE3/2011, a figure
considered by Moody's to be insufficient to sustain its growth in
the highly competitive service market. Capital expenditures are
planned to be about JPY1 trillion over the next two years,
starting FYE3/2012, and Moody's does not expect that it will not
decrease rapidly in the following year. Without this capital
spending the risk is the company's network will not keep pace with
its competitors. Moody's notes that KDDI has decided initially not
to compete with SOFTBANK iPhone customers on the basis of price.
This is a positive for cash flow generation but will require that
SOFTBANK must keep pace with its network breadth and quality and
that will, in Moody's opinion, require the successful
implementation of the company's greatly expanded capital spending
plans.

SOFTBANK has rapid debt repayment schedule in the coming few
years, due to the payment to Vodafone for the purchase of
preferred stock last year and rapid amortization of WBS
replacement loan. Even with the more than JPY900 billion cash
position including JPY200billion preferred stock issuance this
year for the payment to Vodafone, Moody's estimates it will have
refunding need over the next 12 to 18 months to meet its business
plan including the aggressive capex plan.

The stable outlook reflects Moody's view that the company will
maintain its financial profile appropriate for the current rating
over the next few years despite competitive market conditions.
Moody's assumes SOFTBANK's adjusted EBITDA margin to be more than
30% in FYE3/2013.

SOFTBANK could face upward pressure if it continues to improve its
profitability and leverage on a sustained basis such that adjusted
EBITDA margin stays above 35% in the competitive market and
adjusted debt/EBITDA remains below 2.4x. A positive for the rating
will be a capital structure that with a longer average borrowing
term than is currently evident to reduce the pressure on
internally generated cash flow. In addition, the company will need
to will need to demonstrate a trend of continued excellent
liquidity, access to capital markets.

Negative rating pressure could emerge if SOFTBANK's adjusted
EBITDA margin falls below 30%, or if adjusted debt/EBITDA remains
above 2.75x in FYE3/2013. A decision to meaningfully reduce
capital spending would be reviewed to impact on the company's
competitive position. A significant change in its position in the
mobile communication market would also lead to negative pressure,
as would any significant M&As, or share buybacks.

The principal methodology used in this rating this issuer was
"Global Telecommunications Industry", published on February 15,
2011.

SOFTBANK Corp, headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution, networking and publishing.


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


SK TELECOM: Moody's Reviews Ratings for Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has placed SK Telecom Co., Ltd A2 issuer
rating and senior, unsecured bond rating under review for possible
downgrade.

Ratings Rationale

"The review has been prompted by today's announcement that SKT has
been selected as the preferred bidder to acquire a stake in Hynix
Semiconductor Co. Ltd ("Hynix" -- B1, stable). This follows
yesterday's announcement that SKT had submitted a binding offer to
acquire a 20% stake in Hynix -- the world's second largest
manufacturer of memory semiconductors. Such an investment is
likely to cost in the region of W2.5-3.5 trillion and is likely to
be, at least in part, debt funded, which will pressure SKT's
financial metrics at the A2 level," says Laura Acres, a Moody's
Vice President and Senior Credit Officer.

"Furthermore, the inherent volatility in the semiconductor
business will bring a degree of volatility to the SKT credit
profile which is inconsistent with the rating particularly at a
time when the Korean telecommunications space continues to face
competitive challenges arising from the launch of LTE," adds
Acres, also Moody's Lead Analyst for the company.

The review will focus on the financial impact of the acquisition
as well as SKT's future plans for the business. Moody's will also
make an assessment as to SKT's overall tolerance for business risk
particularly as it makes more acquisitions beyond the core
telecommunications space.

The principal methodology used in rating SK Telecom Co., Ltd was
the Global Telecommunications Industry Methodology published in
December 2010.

SKT is the largest mobile telecommunications provider in South
Korea with 26.4 million cellular subscribers and an estimated
50.7% market share as at 30th September 2011. Its core business is
mobile voice and wireless internet. SKT is also the controlling
shareholder in SK Broadband (Baa3, stable) -- South Korea's second
largest fixed line operator. SKT is listed on the Korea Composite
Stock Price Index; its major shareholder is SK Holdings with a
23.2% stake.


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


LOMBARD FINANCE: Ex-Boss Lose Pension Savings in Firm's Collapse
----------------------------------------------------------------
BusinessDesk reports that former Cabinet Minister Doug Graham told
the High Court he lost his own retirement savings when Lombard
Finance & Investments failed and his best efforts weren't enough
to safeguard the funds of other investors.

BusinessDesk relates that Mr. Graham, who was chairman of the
company, reinvested NZ$12,000 of NZ$17,000 of matured debentures
in October 2007 and also held a small stake in then NZX-listed
Lombard Group.

Mr. Graham, chief executive Michael Reeves, and directors Bill
Jeffries and Lawrence Bryant last month pleaded not guilty to five
counts relating to claims they made untrue statements in a 2007
prospectus, investment statement and advertising material,
according to BusinessDesk.

Mr. Graham said in a statement Tuesday the investment had been "my
retirement fund," the report relays.

"I am deeply saddened to have been involved in a company which
failed and lost investor capital," Mr. Graham told the court,
reading from a prepared statement.  "I accept that some investors
invested in Lombard because they trusted me to look after their
saving.  I did my best but it was not enough."

In his statement, says BusinessDesk, Mr. Graham defended the level
of disclosure in the prospectus documents and painted a picture of
his personal efforts, as chairman, to double check figures through
the whole period leading up to the failure.

                        About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


PROVENCOCADMUS LTD: ANZ Wins Fight Against Former Workers
---------------------------------------------------------
Gareth Vaughan at interest.co.nz reports that ANZ Bank has won an
Employment Relations Authority dispute over NZ$1.6 million with
114 former ProvencoCadmus staff.

The bank lost patience with the electronic payments company in
August 2009 and tipped it into receivership seeking to recover
NZ$23.8 million.

ANZ appointed KordaMentha's Brendon Gibson and Michael Stiassny
receivers on August 3, 2009, based on a general security agreement
the bank held over the sharemarket listed electronic payments
provider.

Citing the latest receiver's report, interest.co.nz discloses that
ANZ has recovered just NZ$8.85 million with NZ$14.95 million still
outstanding and Mr. Gibson saying there'll be a "significant"
shortfall.

However, the receivers appear likely to secure the $1.6 million in
undisputed preferential employee claims after a ruling in their
favour from Employment Relations Authority member Alastair
Dumbleton, the report notes.

According to interest.co.nz, KordaMentha's lawyer Tim Clarke
argued the staff were employed solely by ProvencoCadmus Limited,
which as a holding company, had no inventory or accounts
receivable from which preferential creditor claims can be paid.

ProvencoCadmus' only major asset was shareholdings in subsidiary
trading companies including Provenco Payments, Provenco Retail
Automation, Cadmus Payment Solutions, and Provenco Technology, the
report discloses.

interest.co.nz notes that the NZ$1.6 million is comprised of
wages, holiday pay and redundancy entitlements.  Under the
Receiverships Act and Companies Act employees are given
preferential creditor status up to a specific amount each, which
at the time of ProvencoCadmus' demise was NZ$16,420.  KordaMentha
has accepted that the amounts claimed are legitimate, according to
interest.co.nz.

However, KordaMentha argued that before the receivership, the
employees were employed solely by holding company ProvencoCadmus,
whereas the staff themselves maintain they were employed by
ProvencoCadmus and at least one of the subsidiary operating
companies, interest.co.nz adds.

                       About ProvencoCadmus

Based in New Zealand, ProvencoCadmus Limited formerly Provenco
Group Limited (NZX:PVO)-- http://www.provencocadmus.com/ --
designs, builds, distributes and services payment and transaction
solutions.  In Australasia, the company supplies payments and
transaction technology, countertop, mobile and wireless retail
hardware, and globally it supplies transaction, forecourt and site
management systems for the retail oil industry.  It has operations
in 25 countries across five continents.  On May 8, 2008, Provenco
Group Limited (PVO) and Cadmus Technology Limited (CTL) completed
their merger, with the merged company adopting the interim name of
ProvencoCadmus.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 4, 2009, ANZ National Bank appointed Michael Stiassny and
Brendon Gibson at KordaMentha joint and several receivers of
ProvencoCadmus Limited.

ProvencoCadmus asked ANZ National Bank to appoint receivers to the
Company, as the Company will not have sufficient funds to meet
itsworking capital requirements.


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


LAFARGE ASIA: Creditors' Proofs of Debt Due Dec. 12
---------------------------------------------------
Creditors of Lafarge Asia Pacific Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 12, 2011, to be included in the company's dividend
distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


O.M.G. CHEMICALS: Creditors' Proofs of Debt Due Dec. 2
------------------------------------------------------
Creditors of O.M.G. Chemicals (S) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 2, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Goh Thien Phong
         c/o 8 Cross Street
         #17-00 PWC Building
         Singapore 048424


PENTANUM GLOBAL: Creditors' Meetings Set for Nov. 25
----------------------------------------------------
Pentanum Global Corporation (Pte) Ltd, which is in liquidation,
will hold a meeting for its creditors on Nov. 25, 2011, at
3:00 p.m., at 21 Merchant Road, #07-02 Royal Merukh S.E.A.
Building, in Singapore 058267

Agenda of the meeting include:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267


ROCKET-X MEDIA: Creditors' Proofs of Debt Due Dec. 10
-----------------------------------------------------
Creditors of Rocket-X Media Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by Dec. 10, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         Chan Yee Hong
         Nexia TS Risk Advisory Pte. Ltd.
         c/o 100 Beach Road
         Shaw Tower #30-00
         Singapore 189702


VAST CONSTRUCTION: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Nov. 4, 2011, to
wind up the operations of Vast Construction & Trading Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         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
---------------------------------------------

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.





                 *** End of Transmission ***