TCRAP_Public/120529.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

             Tuesday, May 29, 2012, Vol. 15, No. 106

                            Headlines


A U S T R A L I A

BASACAR PRODUCE: Creditors Approve Payout Proposal
CENTRAL WEST: Goes Into Liquidation
GOLD COAST TITANS: Creditors to Get 17% Payout Under DOCA
HASTIE GROUP: Appoints Voluntary Administrators


H O N G  K O N G

ACCENTO DEVELOPMENT: Court to Hear Wind-Up Petition on July 11
BDS COMPANY: Stephen Briscoe Steps Down as Liquidator
BLUE SKY: Court to Hear Wind-Up Petition on June 27
CELLCAST (ASIA): Court to Hear Wind-Up Petition on July 11
DUNCAN LIMITED: Court to Hear Wind-Up Petition on June 20

EAGLE BOOM: Court to Hear Wind-Up Petition on June 6
EASY WAY: Creditors' Proofs of Debt Due June 4
FT SECURITIES: Court to Hear Wind-Up Petition on June 27
H.KEE PRINTING: Creditors' Proofs of Debt Due June 19
KLUB MANAGEMENT: First Meetings Slated for June 19

KLUB MANAGEMENT: Creditors' Proofs of Debt Due June 8
MATRIX DISTRIBUTION: Court to Hear Wind-Up Petition on June 6
ROME RIDE: First Meetings Slated for June 1
SILVER TECH: Court to Hear Wind-Up Petition on July 11
UNITED PACIFIC: Stephen Liu Yiu Keung Steps Down as Liquidator

WAI KEI: Court to Hear Wind-Up Petition on June 27
WAI TAT: Creditors Get 13.8349% Recovery on Claims


I N D I A

ANDHRA TOBACCO: CRISIL Rates INR70MM Demand Loan at 'CRISIL B+'
BABA MUNGIPA: CRISIL Puts 'CRISIL B-' Rating on INR139.6MM Loan
BAID HOSIERY: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL D'
BHARAT HATCHERIES: CRISIL Puts 'B' Rating on INR100MM Loans
BEST MILK: Inadequate Info Cues Fitch to Migrate Ratings

BMC FERROCAST: CRISIL Assigns 'B+' Rating to INR73MM Loans
DIPESH ENGINEERING: CRISIL Puts 'B-' Rating on INR35MM Loans
EVERSHINE MOULDERS: CRISIL Puts 'B+' Rating on INR55MM Loans
IRIS VISION: CRISIL Assigns 'B' Rating to INR60.9MM Loans
KAABA TRADING: CRISIL Rates INR10MM Cash Credit at 'CRISIL B'

MILLENNIUM WIRES: CRISIL Assigns 'C' Rating to INR164MM Loans
R.A. ASSOCIATES: CRISIL Cuts Rating on INR1MM Term Loan to 'B'
STYLE N SUPPLY: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'
TELANGANA PUBLICATIONS: CRISIL Puts 'B+' Rating on INR210MM Loans
VOORA PROPERTY: CRISIL Rates INR300MM Term Loan at 'CRISIL B'

WEB TECH: CRISIL Rates INR150MM Cash Credit at 'CRISIL C'


J A P A N

OLYMPUS CORP: Ex-CEO Said to Seek US$60-Mil. Suit Over Dismissal


K O R E A

SK HYNIX: Fitch Affirms Issuer Default Ratings at 'BB'


N E W  Z E A L A N D

PIANOSHOP LTD: Up to 200 Customers Lose Money as Shop Winds Up


P H I L I P P I N E S

BPI: Fitch Affirms Issuer Default Rating at 'BB+'


S I N G A P O R E

DESIGN36 PRIVATE: Court Enters Wind-Up Order
FERNZ SINGAPORE: Creditors' Proofs of Debt Due June 25
GOODMIX INVESTMENT: Creditors Get 11.42% Recovery on Claims
GUAN BEE: Court to Hear Wind-Up Petition June 1
ICON BUILDER: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week May 21 to May 25, 2012


                            - - - - -


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


BASACAR PRODUCE: Creditors Approve Payout Proposal
--------------------------------------------------
News-Mail reports that unsecured creditors of Basacar Produce
will get a payout of 3.53 cents in the dollar after a deal that
was approved on May 24, 2012.

News-Mail says the company's creditors voted at a meeting at the
Waves to approve the drawing up of a Deed of Company Arrangement.

Under the terms of the deed, creditors accepted a proposal by
Basacar Produce directors, who will contribute AUD400,000 towards
the company's debts within 24 months of the deed being signed,
News-Mail relates.

News-Mail adds administrator Peter Dinoris said according to the
deal, all employee entitlements would be paid in full.

According to News-Mail, Mr. Dinoris said in a report to creditors
that Basacar Produce had entered into a share-farming agreement
with Sunrise Produce to harvest, process and package its tomato
crop on its property on Moore Park Rd.  According to the
agreement the crop was to be sold through Basacar Produce, which
would be entitled to a commission of 10%.  The agreement would
end when the crop was harvested.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2012, Bundaberg News Mail said more than 40 workers
have lost their jobs after tomato-farming operation Basacar
Produce went into voluntary administration on April 18.  The
farm's directors -- husband and wife Ayhan and Zubeyde Basacar --
owe creditors more than AUD3.5 million from the debts incurred by
the operation, which is run from properties in Goodwood Rd and
Moore Park Rd.  Administrator Peter Dinoris of Vincents Chartered
Accountants said the couple cited effects of the global financial
crisis and late payments by clients as reasons for
administration.

Basacar Produce Pty Ltd is one of Australia's tomato growers.


CENTRAL WEST: Goes Into Liquidation
-----------------------------------
ABC News reports that Central West Surveying and Civil, the
company building Orange's multi-million dollar regional rubbish
tip, has gone into liquidation.

According to ABC News, the builder won the contract to build the
Euchareena Road Resource Recovery Centre, which is worth more
than AUD3 million.

Liquidators were appointed to the company, which has 12 staff,
and receivers have also been brought in, ABC News discloses.

ABC News relates that spokesman Sam Peacocke said the firm has a
'bleak' outlook.

"Non payments of debtors by some critical contracts and also a
failure of an important contract in the central west not
beginning when it should have," the report quotes Mr. Peacocke as
saying.

According to the report, Mr. Peacocke said the City Council is
entitled to claim compensation.

"Obviously Central West Surveying and Civil will not be able to
complete that contract . . . the Orange City Council is entitled
to claim compensation within the administration but they will be
only an unsecured creditor."

"There are some discussions being conducted at the moment as to
some cost recovery on a lot of work that was done," Mr. Peacocke
said.

Narromine-based Central West Surveying and Civil Pty Ltd
specialized in engineering survey and civil works.


GOLD COAST TITANS: Creditors to Get 17% Payout Under DOCA
---------------------------------------------------------
Paul Weston at The Gold Coast Bulletin reports that creditors
have approved the Deed of Company Arrangement (DOCA) which Gold
Coast Titans boss Michael Searle had been seeking, throwing the
struggling club's property arm a lifeline, Gold Coast Titans
(Property) Pty Ltd.

All but two of the creditors who attended a meeting on May 25
voted to approve Mr. Searle's proposal, which will see creditors
receive a return of 17 cents in the dollar, says the Bulletin.
Two subcontractors voted against the proposal.

The report notes that the deal brings Mr. Searle one step closer
to finalising negotiations for the sale of the Centre of
Excellence building.

Angry creditors had told the Bulletin that they were convinced
they would receive nothing following early investigations into
the collapse of Mr. Searle's Gold Coast Titans property arm.

The Bulletin discloses that Gold Coast Titans (Property) Pty Ltd,
which could owe as much as AUD24 million, had "cash in the bank"
totalling AUD2,193 on May 16 and total assets of AUD485,000.

The most optimistic outcome of the administration under a DOCA,
where the company is not forced into liquidation, is AUD394,000,
according to the report.

The Bulletin earlier reported that if the administration
proceeded to a liquidation -- the path which many creditors
believed would happen -- the administrators forecast they would
have shared as little as AUD67,000.

The Gold Coast Titans Property was placed into voluntary
administration on April 19, 2012.

The Commonwealth Bank is the major secured creditor, while
unsecured creditors are owed AUD127,000. The Australian Taxation
Office is owed about AUD290,000, goldcoast.com.au discloses.


HASTIE GROUP: Appoints Voluntary Administrators
-----------------------------------------------
The Hastie Group of companies appointed David McEvoy --
dmcevoy@ppbadvisory.com --, Craig Crosbie --
ccrosbe@ppbadvisory.com -- and Ian Carson --
icarson@ppbadvisory.com -- of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson -- panderson@mcgrathnicol.com, Joseph Hayes --
jhayes@mcgrathnicol.com --, Jason Preston --
jpreston@mcgrathnicol.com, and Matthew Caddy --
mcaddy@mcgrathnicol.com -- of McGrathNicol were appointed
Receivers and Managers over a limited number of trading
businesses within the Hastie Group by a syndicate of secured
creditors on May 28, 2012. Those businesses are Spectrum Fire and
Safety, Hastie Services, Gordon Brothers Industries and Austral
Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis whilst moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.

"Importantly, control of the rest of the Hastie Group, including
the listed entity, its construction, electrical and plumbing
businesses known as MEP, and its Middle East operations rests
with the Voluntary Administrators, not the Receivers. Rotary UK
and Ireland are standalone, profitable businesses with liquidity
headroom and continue to trade as normal under the control of the
directors. Over the coming weeks an orderly process will be
carried out to sell the Rotary UK and Ireland businesses as going
concerns.

"I would like to assure customers and employees that our
appointment allows the Spectrum, Services, Gordon Brothers and
Austral businesses to continue to operate with minimal disruption
while we run an orderly sale campaign for each business. We do
not expect to make any significant structural changes to the
businesses or their workforces," Mr. Peter Anderson, Partner at
McGrathNicol, said.

                     Efforts to Save 2,700 Jobs

Herald Sun reports that administrators for the Hastie Group said
one of their first priorities will be to keep the troubled
company's 2,700 workers employed.

Administrator PPB Advisory announced Monday it would suspend
Hastie's Australian mechanical, electrical and plumbing
operations, after determining there were insufficient funds to
continue to operate the businesses, Herald Sun reports.

Herald Sun relates that PPB said staff across the businesses had
been informed formally of the job cuts.

According to Herald Sun, Mr. Carson said it was hoped many of the
workers would continue to be employed on ongoing contracts.

"Our first priority is to get them back into work," the report
quotes Mr. Carson as saying.  "In the meantime, we remain acutely
aware of Hastie Group's role on major construction projects and
are assessing those urgently.  We will provide an update to
employees and other affected parties as soon as possible."

                   AUD20-Million Employee Fraud

Meanwhile, Herald Sun reports that Hastie Group had been in talks
with banks and new investors to extend its loans last week, but
they broke down when Hastie discovered an employee had been
falsifying accounts.

The discrepancies are believed to have totalled a AUD20 million
charge to profits this financial year, the report relays.

Two directors, Lindsay Phillips and Harry Boon, left the company
on Friday, Herald Sun discloses.

                   Collapse to Hit Big Four Banks

Herald Sun, citing a report from Fairfax, discloses that the
crunch is set to hit the big four banks with an estimated
AUD250 million in writedowns, with Hastie's biggest lender ANZ
understood to be owed AUD150 million.

Other lending banks -- including Commonwealth Bank, National
Australia Bank, Westpac, Bank of Scotland, Ulster Bank, HSBC
Australia and HSBC Middle East -- are owed an estimated
AUD500 million, Herald Sun notes.

                        About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.



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


ACCENTO DEVELOPMENT: Court to Hear Wind-Up Petition on July 11
--------------------------------------------------------------
A petition to wind up the operations of Accento Development
Limited will be heard before the High Court of Hong Kong on
July 11, 2012, at 9:30 a.m.

Sino Access International Limited filed the petition against the
company on May 3, 2012.

The Petitioner's solicitors are:

          Paynes
          Units 1-3, 13/F, 135 Bonham Strand
          Trade Centre, 135 Bonham Strand
          Hong Kong


BDS COMPANY: Stephen Briscoe Steps Down as Liquidator
-----------------------------------------------------
Stephen Briscoe stepped down as liquidator of BDS Company Limited
on April 2, 2012.


BLUE SKY: Court to Hear Wind-Up Petition on June 27
---------------------------------------------------
A petition to wind up the operations of Blue Sky (Far East)
Limited will be heard before the High Court of Hong Kong on
June 27, 2012, at 9:30 a.m.

Jewelry Illuminati Limited filed the petition against the company
on April 20, 2012.

The Petitioner's solicitors are:

          Jennifer Lee & Co.
          6th Floor, Toi Shan Association Building
          167-169 Hennessy Road
          Wanchai, Hong Kong


CELLCAST (ASIA): Court to Hear Wind-Up Petition on July 11
----------------------------------------------------------
A petition to wind up the operations of Cellcast (Asia) Limited
will be heard before the High Court of Hong Kong on July 11,
2012, at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on May 4, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


DUNCAN LIMITED: Court to Hear Wind-Up Petition on June 20
---------------------------------------------------------
A petition to wind up the operations of Duncan Limited will be
heard before the High Court of Hong Kong on June 20, 2012, at
9:30 a.m.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


EAGLE BOOM: Court to Hear Wind-Up Petition on June 6
----------------------------------------------------
A petition to wind up the operations of Eagle Boom Company
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          K. H. Lam & Co.
          Room 1701, 17th Floor
          Hang Seng Mongkok Building
          677 Nathan Road, Mongkok
          Kowloon, Hong Kong


EASY WAY: Creditors' Proofs of Debt Due June 4
----------------------------------------------
Creditors of Easy Way Interior Limited, which is in liquidation,
are required to file their proofs of debt by June 4, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Li Man Wai
         Tsang Lai Fun
         Room 902, 9/F
         Fu Fai Commercial Centre
         27 Hillier Street
         Sheung Wan, Hong Kong


FT SECURITIES: Court to Hear Wind-Up Petition on June 27
--------------------------------------------------------
A petition to wind up the operations of FT Securities Limited
will be heard before the High Court of Hong Kong on June 27,
2012, at 9:30 a.m.

Timothy Loh Solicitors filed the petition against the company on
April 20, 2012.


H.KEE PRINTING: Creditors' Proofs of Debt Due June 19
-----------------------------------------------------
Creditors of H.Kee Printing Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by June 19, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Unit 511, Tower 1
         Silvercord, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


KLUB MANAGEMENT: First Meetings Slated for June 19
--------------------------------------------------
Creditors and contributories of Klub Management Services Limited
will hold their first meetings on June 19, 2012, at 2:30 p.m.,
and 3:00 p.m., respectively at Unit 511-512, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon in Hong Kong.

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


KLUB MANAGEMENT: Creditors' Proofs of Debt Due June 8
-----------------------------------------------------
Creditors of Klub Management Services Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 8, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Units 511-512, Tower 1
         Silvercord, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


MATRIX DISTRIBUTION: Court to Hear Wind-Up Petition on June 6
-------------------------------------------------------------
A petition to wind up the operations of Matrix Distribution
Limited will be heard before the High Court of Hong Kong on
June 6, 2012, at 9:30 a.m.

Global Brands (Football) Pte Limited filed the petition against
the company on April 3, 2012.

The Petitioner's solicitors are:

          Karas Lawyers
          1702, 17/F, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


ROME RIDE: First Meetings Slated for June 1
-------------------------------------------
Creditors and contributories of Rome Ride Company Limited will
hold their first meetings on June 1, 2012, at 2:00 p.m., and
2:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government, in Hong Kong.

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


SILVER TECH: Court to Hear Wind-Up Petition on July 11
------------------------------------------------------
A petition to wind up the operations of Silver Tech Electronics
Limited will be heard before the High Court of Hong Kong on
July 11, 2012, at 9:30 a.m.

IBM China/Hong Kong Limited filed the petition against the
company on May 8, 2012.

The Petitioner's solicitors are:

          Wilkinson & Grist
          6th Floor, Prince's Building
          10 Chater Road
          Central, Hong Kong


UNITED PACIFIC: Stephen Liu Yiu Keung Steps Down as Liquidator
--------------------------------------------------------------
Stephen Liu Yiu Keung stepped down as liquidator of United
Pacific Enterprises Limited on April 25, 2012.


WAI KEI: Court to Hear Wind-Up Petition on June 27
--------------------------------------------------
A petition to wind up the operations of Wai Kei Photos & Audio
Company Limited will be heard before the High Court of Hong Kong
on June 27, 2012, at 9:30 a.m.

Lau Man Fai filed the petition against the company on April 25,
2012.


WAI TAT: Creditors Get 13.8349% Recovery on Claims
--------------------------------------------------
Wai Tat Engineering Company Limited, which is in compulsory
liquidation, declared the first and final ordinary dividend to
its creditors on May 18, 2012.

The company paid 13.8349% for ordinary claims.

The company's liquidators are:

         Wong Tak Man Stephen
         Osman Mohammed Arab
         29th Floor, Caroline Centre
         Lee Gardens Two
         28 Yun Ping Road
         Hong Kong



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


ANDHRA TOBACCO: CRISIL Rates INR70MM Demand Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Andhra Tobacco's.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Working Capital Demand     70      CRISIL B+/Stable (Assigned)
   Loan

The rating reflects ATO's below-average financial profile marked
by a small net worth, and the firm's limited track record in the
intensely competitive tobacco industry, and customer
concentration. These rating weaknesses are partially offset by
the entrepreneurial experience of ATO's promoters.

Outlook: Stable

CRISIL believes that ATO will continue to benefit over the medium
term from its established relationship with its key customer. The
outlook may be revised to 'Positive' in case the firm diversifies
its customer profile, leading to a significant improvement its
revenues and accruals, thereby improving its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case ATO's relationship with its key customer deteriorate or in
case any adverse government regulation adversely affect its
operations, leading to a significant decline in its revenues and
profitability, or if the firm undertakes a larger-than-expected,
debt funded capital expenditure programme, leading to
deterioration in its financial profile.

                        About Andhra Tobacco

ATO was set up in November 2011 as a proprietorship firm by Mr.
Srinivasa Rao. It trades in, and processes tobacco, in Guntur
(Andhra Pradesh), exclusively for VST Industries Ltd (rated
'CRISIL AA+/FAAA/Stable/CRISIL A1+'). ATO commenced commercial
operations in December 2011.

ATO's profit after tax is estimated at INR1.6 million on net
sales of INR750 million, for 2011-12 (refers to financial year,
April 1 to March 31).


BABA MUNGIPA: CRISIL Puts 'CRISIL B-' Rating on INR139.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Baba Mungipa Steel Industry Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Long-Term         79.6     CRISIL B-/Stable
   Bank Loan Facility

   Letter Of Guarantee         5.4     CRISIL A4

   Cash Credit                60       CRISIL B-/Stable

   Cheque Discounting          5       CRISIL A4

The ratings reflect BMSIPL's small scale of operations in the
intensely competitive industry, and weak financial risk profile
marked by a small net worth, highly leveraged capital structure,
and subdued debt protection metrics. These rating weaknesses are
partially offset by the benefits that the company derives from
its promoters' extensive experience and long-standing presence in
the steel industry.

Outlook: Stable

CRISIL believes that BMISPL will continue to benefit over the
medium term from its established market position and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case the company significantly increases
its revenues, and improves its net cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case BMISPL reports deterioration in its operating
margin or debt protection metrics, or significant elongation in
its working capital cycle.

                         About Baba Mungipa

BMSIPL was set up by Mr. Rajpal Panghal and Mr. Ishwar Samotra in
2004; it manufactures mild steel (MS) ingots, which are used as
raw material for manufacturing structural steel products. The
company's manufacturing facility, at Wada in Thane district
(Maharashtra), has capacity of 60 tonnes per day.The two
promoters manage the overall operations of the company.

BMSIPL reported a profit after tax (PAT) of INR9.0 million
(provisional figures) on net sales of INR724.3 million for 2011-
12 (refers to financial year, April 1 to March 31), against a PAT
of INR3.7 million on net sales of INR532.1 million for 2010-11.


BAID HOSIERY: CRISIL Cuts Rating on INR200MM Loan to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Baid Hosiery Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'. The
downgrade reflects the instances of delay by BHPL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                200      CRISIL D (Downgraded from
                                       CRISIL B/Stable)

BHPL has a weak financial risk profile, marked by a small net
worth, a high gearing, and weak debt protection metrics. The
company, however, benefits from its established relationship with
its supplier and its diversified customer profile.

BHPL, incorporated in 2007, commenced commercial operations in
2008. The company trades in cotton yarn and polyester yarn, which
are required to manufacture hosiery products.


BHARAT HATCHERIES: CRISIL Puts 'B' Rating on INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Bharat Hatcheries.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                38       CRISIL B/Stable (Assigned)
   Term Loan                  62       CRISIL B/Stable

The rating reflects Bharat's modest scale of operations in a
highly competitive industry and moderate financial risk profile
marked by low capital base and highly levered capital structure.
These weaknesses are partially offset by extensive experience of
promoters in the poultry industry.

For arriving at its rating, CRISIL has consolidated the business
and financial risk profiles of Bharat Hatcheries and Vijay
Breeding Farm and Hatcheries (VBFH), together referred to as the
Bharat group. This is because both entities have a common
management, operate in a similar line of activity and have
significant operational and financial fungibility. Besides, the
credit facilities of both these entities are secured by common
collateral security.

Outlook: Stable

CRISIL believes that Bharat group will benefit from its
promoter's extensive experience in the poultry industry and its
well established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if Bharat group
increases its scale of operations substantially, while improving
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm's revenues or
profitability declines or the group contracts larger than
expected debt-funded capital expenditure (capex) results in a
weakening of its financial risk profile.

About the Group

Bharat Group, established by the Haryana based Jaglan family,
comprises of Bharat Hatcheries (Bharat) and Vijay Breeding Farm
and Hatcheries (VBFH). Both the firms are engaged in the business
of poultry breeding and hatching.

                       About Bharat Hatcheries

Bharat Hatcheries part of the Bharat Group is a partnership firm
set up in 2002 by the Haryana based Mr Rajvir Singh Jaglan and
his family. Bharat is engaged in the business of poultry breeding
and hatching. The firm has day old chick breeder farms with a
capacity of 120,000 parent birds (90 per cent females; 10 per
cent males) at Panipat in Haryana.

Around 90 per cent of the production is sold to broiler farms
across Haryana, Uttar Pradesh, Bihar, Punjab and Rajasthan. The
remaining 10 per cent is sold as commercial eggs.

Bharat has a chick farm with a capacity of 120000 parent birds
(90000 in 2010-11) at Panipat in Haryana. Bharat Hatcheries has a
facility for breeding and growing of parent birds, at Village
Kandhla, Uttar Pradesh with a capacity of 40000 parent birds.

Mr. Rajvir Singh Jaglan, Mr. Jasvir Singh Jaglan (brother of
Mr. Rajvir Singh Jaglan), Ms. Sophia Jaglan (daughter of Mr.
Rajvir Singh Jaglan), and Mr. Siddharth Jaglan (son of Mr. Rajvir
Singh Jaglan) are the partners of the firm.

Bharat (standalone) reported a profit after tax (PAT) of
INR0.9 million on net sales of INR154.4 million for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR0.9 million on net sales of INR120.3 million for 2009-10.


BEST MILK: Inadequate Info Cues Fitch to Migrate Ratings
--------------------------------------------------------
Fitch Ratings has migrated India-based Best Milk Products Private
Limited's 'Fitch B(ind)' National Long-Term rating with Stable
Outlook to the non-monitored category.  This rating will now
appear as 'Fitch B(ind)nm' on the agency's website.

The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no Longer provide
ratings or analytical coverage of BMP.  The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing Information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.

Fitch has also classified BMP's following bank loan ratings to
non-monitored category:

  -- INR76.8m long-term loans: migrated to 'Fitch B(ind)nm' from
     'Fitch B(ind)'

  -- INR80m fund-based working capital limits: migrated to 'Fitch
     B(ind)nm'/'Fitch A4(ind)nm' from 'Fitch B(ind)'/'Fitch
     A4(ind)'


BMC FERROCAST: CRISIL Assigns 'B+' Rating to INR73MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of BMC Ferrocast Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               15.5      CRISIL B+/Stable
(Assigned)
   Term Loan                 57.5      CRISIL B+/Stable

The rating reflects BMC's exposure to risks related to
commercialisation and stabilisation of its upcoming project, and
expected customer and geographical concentration risk. These
rating weaknesses are partially offset by the extensive
experience of BMC's promoter.

Outlook: Stable

CRISIL believes that BMC's upcoming project will be supported by
the efficient project management of the company's promoters and
their past experience in a similar line of business. The outlook
may be revised to 'Positive' if BMC reports more-than-expected
increase in realisations and profitability, or diversifies its
revenue profile to generate healthy cash accruals. Conversely,
the outlook may be revised to 'Negative' if the company faces any
time or cost overrun in its upcoming project, or if the
utilisation of its capacities is lower than expected.

                        About BMC Ferrocast

BMC was incorporated in 2011 as part of the BMC group. The
company is setting up a castings products unit in Adityapur
Industrial Area (Jharkhand). It proposes to manufacture rear hubs
and other castings, with capacity of 1200 tonnes per annum. The
company's products are used in the heavy motor vehicles of Tata
Motors Ltd. The total cost of the project is INR95 million, which
is being funded in a debt-to-equity ratio of 2.7 times; BMC has
spent INR65 million on the project so far. The project is
expected to be completed by August 2012. The BMC group is
promoted by Mr. Mahabir Ram and Mr. Deepak Dokania.


DIPESH ENGINEERING: CRISIL Puts 'B-' Rating on INR35MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Dipesh Engineering Works.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Rupee Term Loan            5       CRISIL B-/Stable (Assigned)
   Bank Guarantee            90       CRISIL A4
   Cash Credit               30       CRISIL B-/Stable

The ratings reflect the Dipesh group's average financial risk
profile, marked by a small net worth and weak debt protection
metrics, highly working-capital-intensive operations, and
susceptibility to volatility in raw material prices and economic
cycles. These rating weaknesses are partially offset by the
extensive industry experience of the Dipesh group's promoters and
its established clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DEW and Unique Chemoplant Equipments
(UCE), together referred to as the Dipesh group. The consolidated
approach is because both these entities are engaged in the same
line of business, have significant operational and financial
linkages, and also share the same management. Furthermore, the
management has indicated that the entities will be merged in the
long term.

Outlook: Stable

CRISIL believes that the DEW will benefit over the medium term
from the extensive industry experience of its promoters and
established customer relationships. The outlook may be revised to
'Positive' if there is significant improvement in its working
capital management and if its profitability and revenues increase
significantly on a sustained basis. Conversely, the outlook may
be revised to 'Negative' if DEW faces a slowdown in inflow of
orders or decline in margins, or if it undertakes a larger-than-
expected debt-funded capital expenditure programme, or in case of
large capital withdrawals by the promoters, thereby further
weakening its capital structure.

                          About the Group

DEW was set up in 1979 by Mr. Jayantibhai Patel and Ketan Patel
as a partnership firm; it was later reconstituted as a
proprietorship firm after the death of Mr.Jayantibhai Patel. DEW
manufactures machinery and equipment used in chemical,
petrochemical, pharmaceutical, pesticide, refineries, dye, and
dye intermediates industries. The firm began operations with
manufacturing of reactors, mainly used in dyes and pigment
companies, and expanded its portfolio to include pressure
vessels, mixers, heat exchangers, reactors, autoclaves, columns,
hydro generators, pipe structures, and fittings and skids. DEW
has three manufacturing units near Mumbai (Maharashtra), two of
which are owned by DEW, while the third is a rented facility
(owned by group company).

UCE was set in 1995 as a proprietorship firm by Mr. Ketan Patel
(son of Mr. Jayantibhai Patel). UCE also manufactures machinery
and equipment used in chemical, petrochemical, pharmaceutical,
pesticide, refineries, dye, and dye intermediates industries. The
firm's product profile is similar to that of DEW and both the
companies are managed by the same promoters. UCE's manufacturing
unit is located in Ambarnath (Maharashtra).

The DEW is estimated to have reported a profit before tax (PBT)
of INR7.2 million on net sales of INR245.5 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PBT
of INR7.7 million on net sales of INR163.2 million for 2010-11.


EVERSHINE MOULDERS: CRISIL Puts 'B+' Rating on INR55MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Evershine Moulders Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 3        CRISIL B+/Stable (Assigned)
   Letter of Credit          15       CRISIL A4 (Assigned)
   Bank Guarantee             5       CRISIL A4 (Assigned)
   Cash Credit               50       CRISIL B+/Stable

The ratings reflect EML's small scale of operations with low
value addition, leading to low margins, and expected
deterioration in business risk profile because of decline in
revenue. These rating weaknesses are partially offset by SML's
above-average financial risk profile, marked by low gearing, and
long track record and promoters' extensive experience in the
consumer durables segment.

Outlook: Stable

CRISIL believes that EML will benefit over the medium term from
its long track record and promoters' experience in the consumer
durables segment; the company's gearing is expected to remain low
over the medium term. The outlook may be revised to 'Positive' in
case EML enhances its scale of operations and profitability, most
likely by adding new customers or new products, leading to
improvement in its business risk profile. Conversely, the outlook
may be revised to 'Negative' in case of pressure on the company's
revenues or profitability, or if it undertakes larger-than-
expected, debt-funded, capital expenditure programme, leading to
pressure on its capital structure.

                      About Evershine Moulders

Incorporated in 2002, EML manufactures moulded plastic components
for white goods, including washing machines, fridge, and air
conditioners and automobiles. The company's customers include
Panasonic India Pvt Ltd, Videocon Industries Limited, Krishna
Maruti Limited and Lumax Auto Technologies Limited (rated CRISIL
A/Stable/CRISIL A1 by CRISIL).

EML is promoted by Mr. Kishore Khanna, who has more than a
decade's experience in the plastic moulding industry through his
other group concerns. Mr. Kishore Khanna is a second-generation
entrepreneur; the plastic components business was stated by his
father, Mr. B L Khanna in the 1960s.

EML is estimated to have incurred a net loss of INR1 million on
net sales of INR200 million for 2011-12 (refers to financial
year, April 1 to March 31); the company reported a net profit of
INR1 million on net sales of INR399 million for 2010-11.


IRIS VISION: CRISIL Assigns 'B' Rating to INR60.9MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Iris Vision Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit                57.7     CRISIL B/Stable (Assigned)
   Term Loan                   3.2     CRISIL B/Stable (Assigned)

The rating reflects IVPL's small-scale and working-capital-
intensive operations and below-average financial risk profile.
These rating weaknesses are partially offset by IVPL's promoters'
experience in retailing consumer durables.

Outlook: Stable

CRISIL believes that IVPL will continue to benefit over the
medium term from its promoters' industry experience and
established market position in the business of retail
distribution of white goods and other consumer durables.IVPL's
financial risk profile, however, may come under pressure, as its
gearing and working capital requirements are expected to increase
over the medium term. The outlook may be revised to 'Positive' if
IVPL scales up its operations substantially, while improving its
profitability and capital structure, most likely through fresh
infusion of equity capital. Conversely, the outlook may be
revised to 'Negative' if IVPL undertakes a large, debt-funded
capital expenditure programme, or if its revenues and margins
decline sharply, adversely affecting its liquidity.

                        About Iris Vision

IVPL was established in 2005 as a private limited company by Mr.
Zakir Hussain and his family. The company is a retailer in
electronic goods (television sets, air conditioners, mobiles,
camera, computers, laptops and other IT products) manufactured by
various leading brands. Currently, the company has six exclusive
outlets and one multi-brand outlet in Patna (Bihar). The company
plans to set up about four more stores in the region, which are
expected to become operational in the second quarter of 2012-13
(refers to financial year, April 1 to March 31).


KAABA TRADING: CRISIL Rates INR10MM Cash Credit at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kaaba Trading Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Short-Term         3       CRISIL A4
   Bank Loan Facility

   Cash Credit                10       CRISIL B/Stable

   Letter of Credit           50       CRISIL A4

The ratings reflect KTPL's small scale of operations in the
intensely competitive agricultural products market, and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of KTPL's promoters.

Outlook: Stable

CRISIL believes that KTPL will continue to benefit over the
medium term from its promoters' industry experience. CRISIL,
however, also believes that KTPL's financial risk profile will
remain weak during this period, because of the company's small
net worth and low profitability. The outlook may be revised to
'Positive' if KTPL scales up its operations, while it prudently
manages its working capital cycle or improvement in capital
structure through equity infusion and high cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company reports significant weakening of its liquidity, its
working capital cycle lengthens, or its revenues and
profitability come under pressure.

                        About Kaaba Trading

KTPL was set up by Mr. Sheikh Yezdani and his family in 2005. The
Vishakhapatnam (Andhra Pradesh)-based company trades in imported
raw cashews nuts,. It imports raw cashew from Indonesia, Ghana,
Ivory Coast, and Nigeria and sells the same domestically, in
Andhra Pradesh and Orissa.


MILLENNIUM WIRES: CRISIL Assigns 'C' Rating to INR164MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Millennium Wires Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                  15.5     CRISIL C (Assigned)
   Cash Credit               148.5     CRISIL C (Assigned)
   Letter of Credit          111       CRISIL A4 (Assigned)

The ratings reflect MWPL's weak liquidity resulting from its
large working capital requirements, which had led to instances of
devolvement of its letter of credit facilities in the recent
past. The ratings also factor in MWPL's weak financial risk
profile marked by high gearing and weak debt protection metrics,
small scale of operations, and susceptibility to intense industry
competition and to volatility in copper prices. These rating
weaknesses are partially offset by the extensive experience of
MWPL's promoters in the copper wire industry, and the financial
support the company gets from the promoters.

                       About Millennium Wires

MWPL was established by Mr. Rakesh Khanna and his family in 2001.
The company manufactures copper wires and super enamelled copper
wires that are used in electrical appliances. Its unit in
Jalandhar (Punjab) has capacity of manufacturing 300 tonnes of
copper wire per month.

MWPL reported a profit after tax (PAT) of INR3.1 million on net
sales of INR1043.1 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.7 million on net
sales of INR660.6 million for 2009-10. For 2011-12, the company's
net sales are estimated at INR1323.1 million.


R.A. ASSOCIATES: CRISIL Cuts Rating on INR1MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of R.A. Associates to 'CRISIL B/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                  1.0     CRISIL B/Stable (Downgraded
                                      from CRISIL BB-/Stable)

The rating downgrade reflects the weakening of RAA's liquidity
because of delay in implementation of the firm's project by about
a year. As a result of delayed receipt of regulatory approvals,
the commencement of construction of the project was delayed and
the project opened for bookings only in April 2012. As RAA's term
loan repayments commence in December 2012, the delay in
construction has weakened the firm's liquidity leading to higher-
than-expected dependence on infusion of funds by promoters to
meet its debt obligations.

The rating reflects RAA's exposure to implementation risks
associated with its residential-cum-commercial project in Dadar
(Mumbai), and the geographical concentration of the projects of
the KB Kothari group (KBK group), of which the firm is a part.
These rating weaknesses are partially offset by the experience of
RAA's promoters in the real estate business.

Outlook: Stable

CRISIL believes that RAA will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
business. The outlook may be revised to 'Positive' in case the
firm benefits from better-than-expected bookings and timely
completion of its project. Conversely, the outlook may be revised
to 'Negative' in case the bookings for RAA's project is lower
than expected, or if there is delay in infusion of funds by the
promoters to support the firm's liquidity, or in case of further
delays in project implementation.

                       About R.A. Associates

RAA, set up in 2006, is a partnership firm formed as a special
purpose vehicle for a residential-cum-commercial real estate
project in Dadar. The concern is part of the KBK group. Mr. Vinay
Kothari, Mr. Rajendra Kothari, Mr. Ashok Kothari, Mr.Vivek
Kothari, and Mr. Varun Kothari are partners in the firm. One of
their close associates, Mr. Chandraprakash D Siroya, along with
his firm Siroya Infrastructure Pvt Ltd, holds 35 per cent share
in RAA.


STYLE N SUPPLY: CRISIL Rates INR60MM Cash Credit at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Style N Supply Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bank Guarantee             30       CRISIL A4
   Cash Credit                60       CRISIL B/Stable

The ratings reflect SNSPL's below-average financial risk profile,
marked by a high total outside liabilities to total net worth,
modest interest coverage, and small net worth, and large working
capital requirements. These rating weaknesses are partially
offset by the extensive industry experience of SNSPL's promoters.

Outlook: Stable

CRISIL believes that SNSPL will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the company scales up
its operations and profitability on a sustainable basis, and
improves its working capital management while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case SNSPL reports a deterioration in its financial
risk profile because of decline in sales and profitability, or if
it undertakes a large, debt-funded capital expenditure programme,
or in case there is a stretch in its working capital cycle.

                       About Style N Supply

SNSPL, set up in 2010 in Hyderabad (Andhra Pradesh), is in the
business of distribution of footwear and sportswear in Andhra
Pradesh (AP). It is an authorised distributor of footwear for
brands such as Reebok, Warner Bros, and GAS in AP. It is also a
distributor of JOCKEY (women's wear and sportswear) for Page
Industries Ltd (exclusive licensees of JOCKEY International Inc
[USA]) for Secunderabad (AP). SNSPL is promoted by Mr. K
Madhusudan Rao, his wife Mrs. Leela Kumari, and Mr. S Murli
Kishore.

SNSPL reported, on a provisional basis, a profit after tax (PAT)
of INR2.8 million on net sales of INR457.5 million for 2011-12
(refers to financial year, April 1 to March 31), against a PAT of
INR0.8 million on net sales of INR104.7 million for 2010-11.


TELANGANA PUBLICATIONS: CRISIL Puts 'B+' Rating on INR210MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Telangana Publications Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               32.5      CRISIL B+/Stable
   Term Loan                177.5      CRISIL B+/Stable

The rating reflects TPPL's exposure to risks related to the
nascent stage of its operations. TPPL's operations are
geographically concentrated and it is susceptible to volatility
in newsprint prices and to delays in payments by its customers.
These rating weaknesses are partially offset by TPPL's low
gearing as a result of sizeable equity capital infusion by its
promoters, and completion of implementation of printing
infrastructure and newspaper distribution network by the company,
which will help it increase its penetration into the Telugu
newspaper market in the Telangana region of Andhra Pradesh.

Outlook: Stable

CRISIL believes that TPPL will benefit from its promoters'
funding support and also from completion of implementation of its
printing infrastructure and distribution network. The outlook may
be revised to 'Positive' in case of more-than-expected
improvement in TPPL's business risk profile, resulting from
higher-than-expected circulation numbers and advertising
revenues, along with efficient financial management. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
the company's liquidity, most likely caused by less-than-expected
cash accruals, or larger-than-expected working capital
requirements or debt-funded capital expenditure.

                    About Telangana Publications

TPPL, incorporated in 2010-11 (refers to financial year, April 1
to March 31), is in the newspaper publishing business. The
company commenced publication of its Telugu daily, Namaste
Telangana, in June 2011. Circulation is concentrated in ten
districts of the Telangana region. The Monday to Saturday
editions of the daily are priced at INR3.50 and the Sunday
edition is priced at INR3.00 -- the Sunday edition comes with a
supplementary magazine, Bathukamma, which is printed by
Kalajyoti, a third-party printer, on jobwork basis. TPPL has
capacity to publish about 756,000 copies per day and has a
network of seven printing centres across the Telangana region.


VOORA PROPERTY: CRISIL Rates INR300MM Term Loan at 'CRISIL B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Voora Property Developers Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Term Loan         300      CRISIL B/Stable (Assigned)

The rating reflects VPDPL's susceptibility to risks related to
the completion and saleability of its proposed real estate
projects in Chennai (Tamil Nadu [TN]), and cyclicality in the
Indian real estate industry. These rating weaknesses are
partially offset by the benefits that VPDPL derives from the
extensive experience of its promoters in the real estate business
in TN.

Outlook: Stable

CRISIL believes that VPDPL will benefit over the medium term from
its promoters' industry experience in the real estate
construction segment. The outlook may be revised to 'Positive' if
the company completes construction of the proposed projects
earlier-than-expected, leading to higher-than-expected booking
rates, sales realizations, and high cash flows thereby aiding the
company's liquidity. Conversely, the outlook may be revised to
'Negative' if there are any delays in the implementation of its
proposed projects, leading to time and cost overruns and
significant fall in realisations, or if VPDPL contracts more-
than-expected debt or if there is any support extended to group
companies, leading to weakening in its financial risk profile.

                        About Voora Property

VPDPL, incorporated in 1995, undertakes residential and
commercial real estate development in Chennai. The company is a
part of the Voora group, which is owned by Mr. Lakshminarayan Rao
Voora. Since inception, VPDPL has undertaken eight projects in
and around Chennai, which include Voora Vijayasree, Voora Sreela,
and Voora Pritvi. The company plans to undertake three new
projects in Chennai - Villa 96 involving construction of 96
villas in East Coast Road; Voora Geetanjali involving
construction of 16 apartments in T Nagar, and Mandaram Enclaves
involving construction of eight apartments in Triplicane (TN).
All the three projects are pending approval from the Corporation
of Chennai.

                          About the Group

The Voora group comprises three entities in the real estate
segment - VPDPL, Voora Shreeram Constructions Pvt Ltd (VSC) and
ISP Infrastructure Pvt Ltd (ISP; rated 'CRISIL B/Stable'). VSC
was incorporated in 2000 to undertake construction contracts for
real estate developers. ISP, incorporated in 2009, is engaged in
residential real estate development in Chennai. ISP has
undertaken a residential project, Vidyasagar Oswal Gardens, on a
plot of land owned by Oswal Woollen Mills Ltd in the Korukkupet
area of Chennai. The group also includes Bhanu International
Resorts and Hotels Private Limited (rated CRISIL B/Stable)
incorporated in 2008 to develop 68 room mid market hotel in
Chennai which is expected to be operational by January 2013. The
Voora group is currently managed by Mr. Lakshminarayan Rao Voora,
his two sons, Mr. Pavan Voora and Mr. Suman Voora, and an
independent director, Mr. A Shankar.

VPDPL reported a net loss of INR0.2 million on net sales of INR22
million for 2010-11 (refers to financial year, April 1 to March
31), as against a Profit After Tax (PAT) of INR1 million on net
sales of INR30 million for 2009-10.


WEB TECH: CRISIL Rates INR150MM Cash Credit at 'CRISIL C'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the cash credit
facilitiy of Web Tech Engineering Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Cash Credit               150       CRISIL C (Assigned)

The rating reflects instances of delay by WEPL in servicing its
debt (not rated by CRISIL); the delays have been caused by the
company's weak liquidity.

WEPL also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and small scale of
operations in a highly competitive and fragmented industry. These
rating weaknesses are partially offset by WEPL's diversified
business segments and established clientele.

                         About Web Tech

Incorporated in 1998 by Mr. Sabajeet Singh, WEPL manufactures
security printing and food packaging machines and undertakes
fabrication and machining work for manufacturing auto component
and components for earthmoving equipments. The company has five
units situated in Haryana, of which four are in Faridabad and one
in Prithla, Palwal.

WEPL reported a profit after tax (PAT) of INR7.0 million on net
sales of INR390.0 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.2 million on net
sales of INR202.3 million for 2010-11. WEPL is estimated to
report net sales of INR 460 million in 2011-12.



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


OLYMPUS CORP: Ex-CEO Said to Seek US$60-Mil. Suit Over Dismissal
----------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Olympus Corp. former
Chief Executive Officer Michael C. Woodford will seek
US$60 million in a lawsuit in the U.K. against the Japanese
camera maker over his dismissal, according to a person familiar
with the claim.

Mr. Woodford, fired after he questioned US$1.7 billion of
payments that were later determined to be fraudulent, will sue
for damages amounting to 10 years of lost earnings, the person,
who spoke on the condition of anonymity, as the information isn't
public, told Bloomberg.  Olympus spokesman Tsuyoshi Oshima
confirmed that the hearing was due to start Monday in the U.K.

Bloomberg notes that Olympus, also the world's largest endoscope
maker, is installing new management after the company and six
individuals were indicted by prosecutors for falsifying
securities reports in March and the Tokyo-based company had to
restate earnings. Overseas shareholders including Southeastern
Asset Management Inc. called for more independent board nominees,
saying some have conflicts of interest because of their ties to
Olympus creditors.

According to Bloomberg, the Telegraph reported that Mr. Woodford
is suing Olympus for US$60 million. The hearing will last one
week, according to Bloomberg's source.

                        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.



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


SK HYNIX: Fitch Affirms Issuer Default Ratings at 'BB'
------------------------------------------------------
Fitch Ratings has affirmed SK Hynix Inc.'s Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB' with Stable
Outlook.  The agency has also affirmed Hynix's senior unsecured
rating at 'BB'.

The ratings reflect the cyclical nature of the memory
semiconductor industry and, consequently, volatility in Hynix's
operating results.  The ratings also reflect Hynix's position as
the world's second largest manufacturer of dynamic random access
memory (DRAM) and a credit profile that remains commensurate with
its current ratings despite operating losses since Q311.  In
addition, the company's ratings are rated a notch above its
standalone level, reflecting actual and implied support from the
parent, SK Telecom Co., Ltd (SKT, 'A-'/Stable).

Fitch expects the operating environment for DRAM manufacturing to
improve as over-supply eases over the next 12-18 months.  This is
due to the likely reduction in Elpida Inc.'s output capacity
following its filing for bankruptcy protection, as well as DRAM
makers' conservative capex plans for 2012.  Therefore, Fitch
forecasts that Hynix's EBIT margin is likely to turn around in
Q212, backed by a recovery in DRAM prices.

The Stable Outlook reflects Fitch's view that Hynix's financial
profile is likely to remain intact over the next 12-18 months.
Its large cash balance of KRW3.4trn at end-Q112, partly supported
by an equity injection from SKT amounting to KRW2.3trn in
February 2012, should enable the company to comfortably cover its
capex requirement, mainly in NAND, of about KRW4.2trn in 2012.

Fitch may consider a negative rating action if funds from
operations (FFO)-adjusted leverage increases above 3x (2011:
1.7x) or if EBIT margin (2011: 3.1%) weakens on a sustained
basis.  Any indication of weakening ties between SKT and Hynix
may also result in a negative rating action.  Conversely, Fitch
may consider a positive rating action if Hynix's FFO-adjusted
leverage remains below 2x, or if EBIT margin rises above 6% with
positive free cash flow generation on a sustained basis.



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


PIANOSHOP LTD: Up to 200 Customers Lose Money as Shop Winds Up
--------------------------------------------------------------
Hamish Rutherford And Kay Blundell at The Dominion Post report
that about 200 people who bought or sold pianos through a
Plimmerton shop face being left out of pocket after Pianoshop Ltd
was placed in liquidation last week.

Documents on the Company Office website show that the store,
whose customers included Dave Dobbyn, ran up debts of more than
NZ$2 million by the start of March, hit by slowing sales and poor
trading decisions, according to the report.

Among those to have lost money is Otaki piano tuner Ray Cade, who
is about NZ$5,000 out of pocket, says the Post.

The Post relates that a report by Armillary Private Capital,
which attempted to strike a deal with creditors to restructure
its debt and continue trading, shows Pianoshop owed NZ$846,000 to
Internal Revenue Department and Lock Finance.  However, only
NZ$110,000 could be raised by selling assets.

The report estimates unsecured creditors would get nothing if the
company were liquidated, because they stand in a queue of
creditors, adds the Post.

Pianoshop Ltd is a New Zealand-based piano sales and service
center.



=====================
P H I L I P P I N E S
=====================


BPI: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------
Fitch Ratings has affirmed Bank of the Philippine Islands' (BPI)
ratings, including its 'BB+' Long-Term Foreign-Currency Issuer
Default Rating (LTFC IDR) and 'bbb-' Viability Rating.  The
Outlook is Stable.

The National and Viability Ratings reflect BPI's strong domestic
franchise, broad earnings base, sound balance sheet and prudent
management record.  The LTFC IDR is constrained by the
sovereign's 'BB+' LTFC IDR given the close credit links arising
mainly from the bank's sizeable government securities holdings.

There is limited upside to BPI's Viability Rating, which is
already the highest among rated Philippine banks, and is high
compared with banks in sub-investment-grade countries.  An
upgrade in sovereign's LTFC IDR -- which is presently on Stable
Outlook -- would bring the bank's 'BB+' LTFC IDR in line with its
Viability Rating.

BPI's focus on costs and asset quality, together with a fairly
broad revenue base, underpins the bank's higher profitability and
better earnings resilience than its major domestic peers.  An
event risk (such as a major acquisition) or unexpectedly heavy
losses, together with weakened core capital, would be negative
for BPI's ratings, although Fitch views this as a remote prospect
in light of its conservative record and solid balance sheet.

The bank's capital position has been its rating strength.  It had
a core Tier 1 capital adequacy ratio of 14.6% at end-March 2012
and is likely to remain well-capitalised. Moreover, reserves
cover 98% of BPI's non-performing loans and 31% of investment
properties (versus 83% and 26% in at end-2010), due to pre-
emptive provisioning efforts since 2008.  BPI's loan quality has
been reasonably healthy, even during the 2008-2009 global
downturn and despite the risk of some concentration in large
corporate accounts.

The Support Rating and Support Rating Floor of BPI are driven by
its systemic importance to the Philippine economy and are at the
same level as other systemically-important banks in the country.
The bank is the third-largest Philippine bank, with a 12% share
of system-wide assets, reflecting its leading domestic franchise.
This in turn underpins its stable funding base and liquid balance
sheet.

The subordinated notes are rated one notch below the bank's
'AAA(phl)' National Rating to reflect the subordination status
and the absence of any going-concern loss-absorption mechanism.

Full list of ratings:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
     Stable

  -- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
     Stable

  -- National Long-Term Rating affirmed at 'AAA(phl)'; Outlook
     Stable

  -- Viability Rating affirmed at 'bbb-'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'

  -- Subordinated notes rating affirmed at 'AA+(phl)'



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


DESIGN36 PRIVATE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on May 11, 2012, to
wind up Design36 Private Limited's operations.

Lim Kai Boon, James 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


FERNZ SINGAPORE: Creditors' Proofs of Debt Due June 25
------------------------------------------------------
Creditors of Fernz Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 25, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Loh Hwa Tin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


GOODMIX INVESTMENT: Creditors Get 11.42% Recovery on Claims
-----------------------------------------------------------
Goodmix Investment Pte Ltd declared the first and final dividend
on May 25, 2012.

The company paid 11.42% to the received claims.

The special manager is:

         Chee Yoh Chuang
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


GUAN BEE: Court to Hear Wind-Up Petition June 1
-----------------------------------------------
A petition to wind up the operations of Guan Bee Construction Pte
Ltd will be heard before the High Court of Singapore on June 1,
2012, at 10:00 a.m.

Lioncity Construction Company Pte Ltd filed the petition against
the company on May 8, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road
         #25-01 Straits Trading Building
         Singapore 049910


ICON BUILDER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on May 18, 2012, to
wind up Icon Builder Pte Ltd's operations.

Malayan Banking Berhad filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118



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


* BOND PRICING: For the Week May 21 to May 25, 2012
---------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
COM BK AUSTRALIA         1.50    04/19/2022   AUD      68.78
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.32
EXPORT FIN & INS         0.50    06/15/2020   AUD      74.53
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.73
KIMBERLY METALS         10.00    08/05/2016   AUD       0.31
MIDWEST VANADIUM        11.50    02/15/2018   USD      60.50
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.00
MIRABELA NICKEL          8.75    04/15/2018   USD      72.50
MIRABELA NICKEL          8.75    04/15/2018   USD      72.50
NEW S WALES TREA         0.50    09/14/2022   AUD      68.20
NEW S WALES TREA         0.50    10/07/2022   AUD      68.02
NEW S WALES TREA         0.50    10/28/2022   AUD      67.85
NEW S WALES TREA         0.50    11/18/2022   AUD      67.45
NEW S WALES TREA         0.50    12/16/2022   AUD      67.24
NEW S WALES TREA         0.50    02/02/2023   AUD      66.88
NEW S WALES TREA         0.50    03/30/2023   AUD      66.46
SUNCORP METWAY           6.75    09/23/2024   AUD      93.50
TREAS CORP VICT          0.50    08/25/2022   AUD      68.51
TREAS CORP VICT          0.50    03/03/2023   AUD      66.94
TREAS CORP VICT          0.50    11/12/2030   AUD      49.56


  CHINA
  -----

BA YI IRON & STE         6.78    09/16/2014   CNY      58.00
CHINA GOVT BOND          4.86    08/10/2014   CNY      70.11
CHINA GOVT BOND          1.64    12/15/2033   CNY  75.00
PUDONG CONSTR            6.90    10/24/2016   CNY      74.00

  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.00
RESPARCS FUNDING         8.00    12/29/2049   USD      29.75


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      72.24
EX-IM BK OF INDIA        9.45    06/15/2014   INR      10.07
JSL STAINLESS LT         0.50    12/24/2019   USD  66.63
MASCON GLOBAL LT         2.00    12/28/2012   USD  10.50
PRAKASH IND LTD          5.62    10/17/2014   USD  70.07
PRAKASH IND LTD          5.25    04/30/2015   USD  70.15
PYRAMID SAIMIRA          1.75    07/04/2012   USD   0.87
REI AGRO                 5.50    11/13/2014   USD  68.06
REI AGRO                 5.50    11/13/2014   USD  68.06
SHIV-VANI OIL            5.00    08/17/2015   USD  59.63
SUZLON ENERGY LT         5.00    04/13/2016   USD      59.77


  INDONESIA
  ---------

BAKRIE TELECOM          11.90    09/04/201    IDR      75.00


  JAPAN
  -----


ELPIDA MEMORY            2.03    03/22/2012   JPY      27.37
ELPIDA MEMORY            2.10    11/29/2012   JPY  28.12
ELPIDA MEMORY            2.29    12/07/2012   JPY  28.00
ELPIDA MEMORY            0.70    08/01/2016   JPY      26.62
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.43
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.49
NIPPON SHEET GLA         1.22    07/28/2016   JPY      72.98
TOKYO ELEC POWER         1.38    10/29/2019   JPY      73.50
TOKYO ELEC POWER         1.48    04/28/2020   JPY      72.69
TOKYO ELEC POWER         1.39    05/28/2020   JPY      71.86
TOKYO ELEC POWER         1.31    06/24/2020   JPY      71.13
TOKYO ELEC POWER         1.95    07/24/2020   JPY      74.88
TOKYO ELEC POWER         1.22    07/29/2020   JPY      70.25
TOKYO ELEC POWER         1.16    09/08/2020   JPY      69.46
TOKYO ELEC POWER         1.63    07/16/2021   JPY      70.33
TOKYO ELEC POWER         2.35    09/29/2028   JPY      66.50
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.75
TOKYO ELEC POWER         2.21    02/27/2029   JPY      65.13
TOKYO ELEC POWER         2.11    12/10/2029   JPY      64.88
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.88
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.13
CRESENDO CORP B          3.75    01/11/2016   MYR       1.65
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.20
INFRATIL LTD             8.50    09/15/2013   NZD       7.25
INFRATIL LTD             8.50    11/15/2015   NZD       6.70
INFRATIL LTD             4.97    12/29/2049   NZD      55.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.10
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.56
NZF GROUP                6.00    03/15/2016   NZD       2.11
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.50
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.99


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      72.21
BAKRIE TELECOM          11.50    05/07/2015   USD      70.26
BLUE OCEAN              11.00    06/28/2012   USD      35.62
BLUE OCEAN              11.00    06/28/2012   USD      35.62
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      21.52
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.50
WBL CORPORATION          2.50    06/10/2014   SGD       1.44


SOUTH KOREA
-----------

BUSAN SOLOMON            8.10    04/19/2015   KRW      49.90
CN 1ST ABS               8.00    02/27/2015   KRW      32.49
CN 1ST ABS               8.30    11/27/2015   KRW      33.81
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      69.65
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      69.34
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      68.86
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      67.93
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      67.53
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      67.97
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      64.84
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      62.34
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      61.96
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      64.09
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.51
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      83.51
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.14
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      85.64


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.17
SRI LANKA GOVT           6.20    08/01/2020   LKR      72.90
SRI LANKA GOVT           7.00    10/01/2023   LKR      74.83
SRI LANKA GOVT           5.35    03/01/2026   LKR      61.47
SRI LANKA GOVT           8.00    01/01/2032   LKR      59.20


THAILAND
--------

THAILAND GOVT            0.75    01/4/2022    THB      74.67


                             *********

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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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
Peter Chapman at 240/629-3300.





                 *** End of Transmission ***