TCRAP_Public/120601.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

             Friday, June 1, 2012, Vol. 15, No. 109

                            Headlines


A U S T R A L I A

HSU: Branch Trial Will Not Go Ahead in Industrial Court
MOBIUS NCM: Fitch Affirms 'CCC' Rating on AUD6.6 Million Notes
MOWBRAY COLLEGE: International Buyer Eyes Buying College
RIVERCITY MOTORWAY: Unitholders Sue Aecom Australia Over Losses
VIDEO 8: Appoints Ferrier Hodgson as Voluntary Administrator


C H I N A

CHINA TEL GROUP: Incurs $1.8 Million Net Loss in First Quarter
MASTER SILICON: Incurs $981,000 Net Loss in First Quarter
SUNRISE REAL ESTATE: Incurs $1.05MM Net Loss in First Quarter


H O N G  K O N G

ASIAWIN TRADING: Creditors' Proofs of Debt Due July 6
CELBURY LIMITED: Creditors' Meeting Set for June 1
CHARTER FRIEND: Creditors' Proofs of Debt Due June 29
EDUCATOR CHEN: Creditors' Proofs of Debt Due June 22
HK TUNNELS: Lees and Mat Step Down as Liquidators

HONGKONG OVERSEAS: Commences Wind-Up Proceedings
JADE SIGNET: Ngan Lin Chun Esther Steps Down as Liquidator
SHIN-NIKKEI (H.K.): Leung Shiu Tong Steps Down as Liquidator
S.M.S. PLASTIC: Placed Under Voluntary Wind-Up Proceedings
SPARKLE SKY: Commences Wind-Up Proceedings

SOUTH CHINA: Heggli Urs Peter Steps Down as Liquidator
TOP GAIN: Commences Wind-Up Proceedings
URBAN FASHION: Wong and Arab Step Down as Liquidators
WEALTH SUCCESS: Placed Under Voluntary Wind-Up Proceedings


I N D I A

AIR INDIA: Seeks INR2,000cr Emergency Funds to Pay Tax Due
CELESTIAL BIOLABS: Fitch Downgrades Nat'l Long-Term Rating to 'D'
CHAMUNDA COTTON: ICRA Assigns 'B+' Rating to INR9cr Cash Credit
DESSEE TECHNOLOGIES: ICRA Rates INR9cr Loan at '[ICRA]BB+
IMPHAL MUNICIPAL: Fitch Affirms Nat'l Long-Term Rating at 'B-'

KARUTURI GLOBAL: ICRA Cuts Rating on INR72.5cr Loan to 'BB+'
MAGNUM ESTATES: ICRA Reaffirms 'BB' Rating on INR24.5cr Loans
MAGNUM SEA: ICRA Reaffirms 'BB' Rating on INR11.38cr Loan
M. P. INT'L: ICRA Assigns '[ICRA]B+' Rating to INR1.5cr Loans
NIRAV GEMS: ICRA Reaffirms 'BB+' Rating on INR20cr Loan

PRAKASH PLY: ICRA Assigns 'BB-' Rating to INR12cr Cash Credit
PRAKASH PLY CENTRE: ICRA Rates INR16cr Loan at '[ICRA]BB-'
R.M. MOHITE: ICRA Puts '[ICRA]BB+' Rating to INR98.38cr Loans
SANGHVI BOTHRA: ICRA Puts '[ICRA]BB' Rating on INR5cr Loan
SANGHVI STAINLESS: ICRA Assigns 'BB-' Rating to INR1.5cr Loan

SHRIHARI FORGING: ICRA Assigns 'B+' Rating to INR2.05cr Loan
SREENIDHI UNIVERSITY: Default Cues Fitch to Put 'D' Rating


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: S&P Assigns 'BB' Corp. Credit Rating


J A P A N

OLYMPUS CORP: May Cut More Than 2,500 Jobs
ORSO FUNDING: Fitch Affirms Rating on Five Note Classes


N E W  Z E A L A N D

HERBERT INSURANCE: SFO Lays 28 Charges Against Former Owner
SAPPHIRE III: Fitch Affirms Ratings on 12 Note Classes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HSU: Branch Trial Will Not Go Ahead in Industrial Court
-------------------------------------------------------
The Sydney Morning Herald reports that a five-day hearing to
place into administration the troubled east branch of the Health
Services Union will not go ahead in the New South Wales
Industrial Court.

Supreme Court Justice Stephen Campbell approved an application by
the executive president of HSUeast, Kathy Jackson, to transfer
the state proceedings to the Federal Court, according to The
Sydney Morning Herald.  NSW Minister for Finance Greg Pearce,
according to the report, had opposed the application, arguing the
Federal Court may not have jurisdiction over a state union.

Justice Campbell however said moves to place the state union into
administration mirrored that already underway in the Federal
Court, where a three-week hearing is set down from June 5, The
Sydney Morning Herald notes.  Justice Campbell said cross-vesting
the proceedings would avoid further expense and inconvenience and
also removed the risk of conflicting or inconsistent judgments
arising from the two courts, according the report.

Sydney Morning Herald notes that the state union, HSUeast, and
the federal branch, HSU East, have identical officials holding
identical offices and identical memberships, but operate under
state and federal legislation respectively.

Ms. Jackson told the Supreme Court that her office as executive
president of the state union is full-time paid position and she
would lose her livelihood if she was removed from office as a
result of the state proceedings, The Sydney Morning Herald says.

However, Sydney Morning Herald discloses, Mr. Pearce still has
the power to appoint an administrator to the state union if a
court does not within 28 days of the application being filed.


MOBIUS NCM: Fitch Affirms 'CCC' Rating on AUD6.6 Million Notes
--------------------------------------------------------------
Fitch Ratings has affirmed two Mobius NCM RMBS transactions and
revised one Recovery Estimate (RE).  The notes were issued by BNY
Trust Company of Australia Limited in its capacity as trustee of
the Mobius Trusts.  The Mobius NCM-03 and NCM-04 transactions are
securitisations of Australian non-conforming residential
mortgages.  The rating actions are as follows:

Mobius NCM 03 Trust (NCM 03):

  -- AUD5.29m Class C (AU300MOB2044) affirmed at 'Asf'; Outlook
     Stable

  -- AUD12.1m Class D (AU300MOB2051) affirmed at 'BBsf'; Outlook
     Stable

  -- AUD6.6m Class E (AU300MOB2069) affirmed at 'CCCsf'; RE
     revised to 90% from 100%

Mobius NCM-04 Trust (NCM 04):

  -- AUD17.72m Class D (AU3FN0000907) affirmed at 'BBBsf';
     Outlook Stable

  -- AUD8.6m Class E (AU3FN0000915) affirmed at 'BBsf'; Outlook
     Stable

  -- AUD7.7m Class F (AU3FN0000923) affirmed at 'CCCsf'; RE100%
     Class C was paid in full on 16 May 2012

The rating actions reflect Fitch's view the credit quality and
performance of the loans in the respective collateral pools will
remain commensurate with the respective ratings.

As at April 2012, NCM 03's total 30+ days arrears, stood at
17.44%, with a high percentage of loans 90+ days in arrears at
9.58%.  As at March 2012, NCM 04's total 30+ days arrears stood
at 22.58% with a large percentage of loans 90+ days in arrears at
11.87%.

The arrears balance for each transaction has remained relatively
stable in the past 12 months, resulting in high arrears
percentages as the pools decrease in size.  Pepper Australia Pty
Ltd, the servicer, has demonstrated strong capabilities to
significantly help reduce and clear long-dated arrears.

"The strong credit enhancement levels for NCM 03 and 04 at each
rating level exceed the breakeven levels calculated by Fitch.
Additionally, these transactions feature an excess spread reserve
that provides credit enhancement should excess income become
insufficient to reimburse any principal charge-offs," said Kim
Bui, Analyst in Fitch's Structured Finance Team.

Since closing, 135 and 163 loans have been foreclosed in NCM 03
and NCM 04 respectively, resulting in cumulative losses of
AUD23.65m and AUD25.81m.  Losses have been mainly charged off
against the lower rated notes and where excess income has been
insufficient to reimburse the charge offs, amounts have been
drawn from the excess spread reserve.

As at April 30, 2012, the excess spread reserve was nil for NCM
03 and as at March 31, 2012, was AUD3.91 million for NCM 04.  NCM
03 experienced a loss of AUD1.06 million in September 2011 that
cleared out the balance of the reserve account (then AUD715k) and
resulted in a charge-off on the Class F Note.  This charge-off is
yet to be reimbursed with excess income.  Fitch expects further
losses as further properties are sold.

Although the current credit enhancement levels are commensurate
with higher ratings, as the mortgage portfolios reduce in size,
the risk of principal losses resulting from the concentrated
default of large loans becomes the primary driver of Fitch's
analysis.


MOWBRAY COLLEGE: International Buyer Eyes Buying College
--------------------------------------------------------
Patrick Stafford at SmartCompany reports that the administrator
of Mowbray College has confirmed two parties, including an
international buyer, have already expressed an interest in
purchasing the college.

The collapse of Mowbray College, announced on May 29, has taken
both students and the Victorian Government by surprise, after the
school said in a statement it had entered voluntary
administration after failing to secure new funding.

"I've arrived this morning and already there are a couple of
unprompted parties wanting to talk to me about whether they might
be able to purchase the colleges," JP Downey & Co principal Jim
Downey told SmartCompany. "One of those is an international
interest," he told SmartCompany.

According to the report, Mowbray College chairperson
Tracey MacKenzie said in a statement the school had been unable
to get funding to solve its cashflow problems from any banks, the
State or Federal Governments, or any other funding source.

"I plead with both the State and Federal Governments to provide
assistance to the college and reduce the disruption this
difficult decision has on our students' education," the report
quotes Ms. MacKenzie as saying.

"We trust that the board's decision will improve the chances of
recovering from the college's current financial situation and
make way for the Government and bankers to assist to stabilise
the educational future of our students."

SmartCompany relates that reports indicate the school has
experienced some management trouble in the past few years,
including numerous leadership changes.  Fairfax reported some
principals -- the school has had five in the last four years --
resigned due to conflicts with the board, according to the
report.

The report notes that the school has received millions in funding
from the State and Federal Governments, although it reportedly
recorded a loss of AUD2.4 million in 2009.

Mowbray College has debt totalling AUD19 million, the report
notes.

Mowbray College is a Melbourne-based private school.  It includes
three campuses with about 1,000 students, and 200 staff.


RIVERCITY MOTORWAY: Unitholders Sue Aecom Australia Over Losses
---------------------------------------------------------------
Joe Schneider at Bloomberg News reports that RiverCity Motorway
Group unitholders sued traffic forecaster Aecom Australia Pty in
a bid to recover AUD150 million (US$146 million) in investment
losses in the tunnel operator that filed for bankruptcy.

Bloomberg relates that Maurice Blackburn Lawyers, which
represents the plaintiffs, said in an e-mailed statement that
Aecom misled investors with predictions that more than 100,000
vehicles a day would pass through a tunnel in Brisbane, 18 months
after opening.  The law firm said it filed the suit in Federal
Court in Sydney on May 31, according to Bloomberg.

"If Aecom had done a reasonable job it would have been quite
clear that the tunnel project would fail within months of
opening," Bloomberg quotes Richard Ryan, a senior associate at
Maurice Blackburn, as saying in the statement. "What Aecom did
was apply unreasonable assumptions that had the effect of making
the tunnel project look viable when it was a dud."

Maurice Blackburn said RiverCity ranks among Queensland state's
biggest initial public offerings, having raised about
AUD690 million in 2006 with the first sale of shares.  Maurice
Blackburn is acting for about 700 investors, Bloomberg adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 28, 2011, CourierMail said Rivercity Motorway Group went
into receivership after failing to get its two dozen lenders to
agree to a suspension of interest repayments on the company's
AUD1.3 billion debt.  KordaMentha partners Martin Madden and
David Merryweather were appointed receivers and managers of
RiverCity Motorway.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.


VIDEO 8: Appoints Ferrier Hodgson as Voluntary Administrator
------------------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Jim Sarantinos --
jim.sarantinos@fh.com.au -- of Ferrier Hodgson were appointed
voluntary administrators of Video 8 Holdings Pty Ltd and Video 8
Media Pty Ltd on May 24, 2012.

The Companies operates a digital media business and the
Administrators have continued to operate on a "business as usual"
basis. All key staff have been retained and ongoing support is
being provided by key stakeholders. Customer service and support
is ongoing and it is intended to continue to operate in the
ordinary course.

Ferrier Hodgson said. "the Administrators are working with
management and key stakeholders to formulate a strategy to
address capital deficiencies in the business, preserve value and
maximize the chance of the business continuing to operate as a
going concern with a view to developing a Deed of Company
Arrangement proposal.

"Simultaneously, the Administrators are also calling for
Expressions of Interest for the acquisition of the business. In
this regard, an information memorandum and sales documentation
will be distributed shortly."

The first meeting of creditors is scheduled for June 5, 2012 at
10:30 a.m. to be held at the offices of Ferrier Hodgson,
Level 13, 225 George Street, in Sydney.



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


CHINA TEL GROUP: Incurs $1.8 Million Net Loss in First Quarter
--------------------------------------------------------------
VelaTel Global Communications, formerly known as China Tel
Group Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of $1.87 million on $162,665 of revenue for the three months
ended March 31, 2012, compared with a net loss of $8.34 million
on $204,371 of revenue for the same period a year ago.

The Company reported a net loss of $21.79 in 2011, compared with
a net loss of $66.62 million in 2010.

The Company's balance sheet at March 31, 2012, showed
$13.57 million in total assets, $19.53 million in total
liabilities and a $5.95 million total stockholders' deficiency.

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

                         http://is.gd/rTy1xn

                           About China Tel

Based in San Diego, California, and Shenzhen, China, China Tel
Group, Inc. (OTC BB: CHTL) -- http://www.ChinaTelGroup.com/--
provides high speed wireless broadband and telecommunications
infrastructure engineering and construction services.  Through
its controlled subsidiaries, the Company provides fixed
telephony, conventional long distance, high-speed wireless
broadband and telecommunications infrastructure engineering and
construction services.  ChinaTel is presently building, operating
and deploying networks in Asia and South America: a 3.5GHz
wireless broadband system in 29 cities across the People's
Republic of China with and for CECT-Chinacomm Communications Co.,
Ltd., a PRC company that holds a license to build the high speed
wireless broadband system; and a 2.5GHz wireless broadband system
in cities across Peru with and for Perusat, S.A., a Peruvian
company that holds a license to build high speed wireless
broadband systems.

After auditing the 2011 results, Kabani & Company, Inc., in Los
Angeles, California, expressed substantial doubt as to the
Company's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred a net
loss for the year ended Dec. 31, 2011, cumulative losses of $254
million since inception, a negative working capital of $16.4
million and a stockholders' deficiency of $9.93 million.


MASTER SILICON: Incurs $981,000 Net Loss in First Quarter
---------------------------------------------------------
Master Silicon Carbide Industries, Inc., filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of US$981,399 on US$1.71 million of
revenue for the three months ended March 31, 2012, compared with
a net loss of US$177,621 on US$4.32 million of revenue for the
same period a year ago.

The Company reported a net loss of $3.14 million of
$15.94 million of revenues for 2011, compared with net income of
$232,979 on $12.95 million of revenues for 2010.

The Company's balance sheet at March 31, 2012, showed US$26.91
million in total assets, US$11.07 million in total liabilities,
USUS$10 million in redeemable preferred stock-A, US$10 million in
redeemable preferred stock-B, and a US$4.16 million total
stockholders' deficit.

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

                        http://is.gd/k9gXrn

                        About Master Silicon

Located in Lakeville, Connecticut, Master Silicon Carbide
Industries, Inc., through its indirectly wholly-owned operating
subsidiary Yili Master Carborundum Production Co., Ltd. ("Yili
China"), manufactures and sells in China mostly high quality
"green" silicon carbide and some lower-quality "black" silicon
carbide, a non-metallic compound that is widely used in
industries such as semiconductors, solar energy, ceramics,
abrasives and optoelectronics.

Child, Van Wagoner & Bradshaw, PLLC, in Salt Lake City, Utah,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2011, citing
cash flow constraints, accumulated deficit, and recurring losses
from operations, which raised substantial doubt about the
Company's ability to continue as a going concern.


SUNRISE REAL ESTATE: Incurs $1.05MM Net Loss in First Quarter
-------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of US$1.05 million on US$1.71 million of
net revenues for the three months ended March 31, 2012, compared
with a net loss of US$492,303 on US$2.60 million of net revenues
for the same period during the prior year.

The Company reported a net loss of US$1.22 million in 2011,
compared with a net loss of US$25,487 in 2010.

The Company's balance sheet at March 31, 2012, showed
US$33.19 million in total assets, US$25.87 million in total
liabilities and US$7.32 million in total shareholders' deficit.

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

                         http://is.gd/5saKvr

                     About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. was initially incorporated in
Texas on Oct. 10, 1996, under the name of Parallax Entertainment,
Inc.  On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc. filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real
Estate Development Group, Inc. to Sunrise Real Estate Group,
Inc., effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

In its report accompanying the 2011 financial statements, Kenne
Ruan, CPA, P.C., in Woodbridge. CT, USA, noted that the Company
has significant accumulated losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.



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


ASIAWIN TRADING: Creditors' Proofs of Debt Due July 6
-----------------------------------------------------
Creditors of Asiawin Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 6, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 17, 2012.

The company's liquidator is:

         Lau Pei Wah
         Flat C, 15/F
         Block 3, Site 7
         Whampoa Garden, Hunghom
         Kowloon


CELBURY LIMITED: Creditors' Meeting Set for June 1
--------------------------------------------------
Creditors of Celbury Limited will hold their meeting on June 1,
2012, at 3:00 p.m., for the purposes provided for in Sections
228A(8), 242, 243, 244 and 255A of the Companies Ordinance.

The meeting will be held at 17/F, Ginza Square, at 565-567 Nathan
Road, Yaumatei, Kowloon, in Hong Kong.


CHARTER FRIEND: Creditors' Proofs of Debt Due June 29
-----------------------------------------------------
Creditors of Charter Friend Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 29, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 15, 2012.

The company's liquidators are:

         Leung Po Kwong
         Kwong Hung
         13/F, Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


EDUCATOR CHEN: Creditors' Proofs of Debt Due June 22
----------------------------------------------------
Creditors of Educator Chen Zan-Yi's Book Giving Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 22, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 14, 2012.

The company's liquidator is:

         Cheng Chi Pang
         Flat B, 7/F
         On Hing Building
         1 On Hing Terrace
         Central, Hong Kong


HK TUNNELS: Lees and Mat Step Down as Liquidators
-------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of Hong
Kong Tunnels and Highways Management Company Limited on May 21,
2012.


HONGKONG OVERSEAS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Hongkong Overseas Club Limited, on May 18, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Cheng Hok Cheung
         Room 1902, 19/F
         Henan Building
         90 Jaffe Road
         Wanchai, Hong Kong


JADE SIGNET: Ngan Lin Chun Esther Steps Down as Liquidator
----------------------------------------------------------
Ngan Lin Chun Esther stepped down as liquidator of Jade Signet
International Limited on May 21, 2012.


SHIN-NIKKEI (H.K.): Leung Shiu Tong Steps Down as Liquidator
------------------------------------------------------------
Leung Shiu Tong stepped down as liquidator of Shin-Nikkei (H.K.)
Limited on May 18, 2012.


S.M.S. PLASTIC: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on May 15, 2012,
creditors of S.M.S. Plastic Manufactory Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Li Wai See
         25/F, Tower One
         Tern Centre
         237 Queen's Road
         Central, Hong Kong


SPARKLE SKY: Commences Wind-Up Proceedings
------------------------------------------
Members of Sparkle Sky Limited, on May 16, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Sze Sau Wan
         Room 602, 447 Lockhart Road
         Hong Kong


SOUTH CHINA: Heggli Urs Peter Steps Down as Liquidator
------------------------------------------------------
Heggli Urs Peter stepped down as liquidator of South China Sea
Farm Marine Protection, Research and Education Foundation Limited
on May 15, 2012.


TOP GAIN: Commences Wind-Up Proceedings
---------------------------------------
Members of Top Gain Fashion International Limited, on April 18,
2012, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Ling Wai Wing
         Room 2802, 28/F
         China Resources Building
         No. 26 Harbour Road
         Wanchai, Hong Kong


URBAN FASHION: Wong and Arab Step Down as Liquidators
-----------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Urban Fashion Management Limited on May 15, 2012.


WEALTH SUCCESS: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on May 14, 2012,
creditors of Wealth Success International Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         To Fung Wo
         31/F, Chinachem Century Tower
         178 Gloucester Road
         Wanchai, Hong Kong



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


AIR INDIA: Seeks INR2,000cr Emergency Funds to Pay Tax Due
----------------------------------------------------------
The Times of India reports that Air India Ltd has sought
INR2,000 crore immediately from the government to pay oil and
airport companies and tax dues. If this happens, the report says,
the airline also plans to pay about INR130 crore-140 crore as
salary to the non-striking employees through internal accruals by
June 10, otherwise the INR2,000 crore amount will be used to pay
priority vendors.

According to the report, the carrier was to get INR10,600 crore
this fiscal, of which INR1,200 crore has been paid, towards
equity infusion and meeting working capital requirements. "The
strike by erstwhile AI pilots could not have come at a worse time
for us as the airline was doing much better in terms of revenue
generation. The performance-linked cash infusion from the
government of the approved INR30,000 crore over eight years could
have started. But we require INR2,000 crore immediately to pay
for our jet fuel, airport and tax dues," sources told TOI.

The report notes that the airline is planning to pay one month's
salary to non-striking employees and a month's performance-linked
incentive to pilots and engineers through internally generated
revenue.

The cash infusion and salary payment are being attempted as part
of a larger plan to keep AI's truncated services alive even if
the strike situation worsens, TOI relays.

"The new business plan is going to be finalized in a couple of
days and then we will know how many pilots are needed at what
level. While we still appeal to pilots to return to work, we will
hire new pilots if needed and if the pilots don't end the stir,"
TOI quotes Aviation minister Ajit Singh as saying.

                         About Air India

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

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


CELESTIAL BIOLABS: Fitch Downgrades Nat'l Long-Term Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded India-based Celestial Biolabs
Limited's National Long-Term rating to 'Fitch D(ind)' from 'Fitch
BB(ind)'/Stable.

The downgrade reflects Celestial's continuous defaults on debt
repayments and irregularities in its utilisation of term loan and
working capital facilities over the last three months.  This is a
result of delays in the commissioning of its greenfield
manufacturing facility.  The new facility, which was scheduled
for H2FY12, is likely to be commissioned by September 2012.

Fitch notes that Celestial's revenue declined by 34% yoy to
INR126m in the nine months ended December 2011 (9MFY12) as the
company exhausted its working capital facilities to make interest
payments on its term loan facility

Positive rating action may result from regularisation of working
capital facilities and timely debt servicing in term-loan
accounts for two continuous quarters.

Celestial is a Hyderabad-based pharmaceutical company, which was
started in 1997 as a Bio-IT software service provider for
International drug discovery companies.  In 9MFY12, EBITDA was
INR39m (FY11: INR73.6m) and EBIDTA margin was 30.9% (29.2%).

Rating actions on Celestial:

  -- INR40m fund-based working capital limits: downgraded to
     'Fitch D(ind)' from 'Fitch BB(ind)'/'Fitch A4+(ind)'

  -- INR150m term loan: downgraded to 'Fitch D(ind)' from 'Fitch
     BB(ind)'

  -- INR10m non-fund-based facility: downgraded to 'Fitch D(ind)'
     from 'Fitch A4+(ind)'


CHAMUNDA COTTON: ICRA Assigns 'B+' Rating to INR9cr Cash Credit
---------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to INR9.00 crore cash
credit facility of Chamunda Cotton Pvt. Ltd.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Cash Credit Limit       9.00        [ICRA]B+ assigned
   CCBD*                  (2.00)       [ICRA]B+ assigned

   *sublimit within Cash Credit Credit Book Debt

The assigned rating is constrained by CCPL's modest scale of
operations and weak financial profile of the company as reflected
by low profitability, high gearing levels and weak debt
protection indicators. The rating is further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks.

The ratings, however, favorably factor in the long experience of
promoters in cotton industry, strategic location of the company
giving it easy access to high quality raw cotton and favorable
outlook for cotton and cottonseed demand.

Chamunda Cotton Pvt. Ltd. Incorporated in 2006 as a private
limited company, Chamunda Cotton Pvt. Ltd. is managed by Mr.
Bhupatbhai Mori, Mr. Dhirajbhai Panara, Mr. Govindbhai Hadiyal,
Mr. Jigneshkumar Vadaliya and Mr. Naranbhai Mori. CCPL has
installed 24 ginning machines, 1 automatic pressing machine and 4
expellers with installed production capacity of 8570 MT of cotton
bales and 1080 MT of cottonseeds oil per year.

Recent Results

For the year ended March 31, 2011, the company reported an
operating income of INR39.37 crore with profit after tax (PAT) of
INR0.20 crore. Further, during FY 2012 (unaudited provisional
financials), the company reported an operating income of INR30.08
crore with profit before depreciation but after tax of
INR0.23 crore.


DESSEE TECHNOLOGIES: ICRA Rates INR9cr Loan at '[ICRA]BB+
---------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB+' to the
INR9.00 crore, fund-based cash credit limits of Dessee
Technologies. The outlook on the assigned rating is Stable.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              ---------  -------
   Fund Based- Cash Credit   9.00     [ICRA]BB+ (stable) assigned

The assigned rating takes into account the long track record and
extensive experience (of nearly a decade) of the promoters in the
IT solutions industry and reputed client base consisting of
government agencies like Military College of Telecommunication
Engineering (MCTE), Ministry of Defence, and Central Reserve
Police Force (CRPF) which reduces credit risk in realization of
payments. The rating also factors in the healthy financial
profile of the firm characterized by high and stable operating
and net profit margins at ~14% and ~8.7% respectively over the
past three years on account of system integration and other
services provided by the firm resulting in robust coverage
indicators with interest coverage of 5.40 times and NCA/Debt of
63.8% in FY11.

The rating is however constrained by the modest scale of
operations of the firm and low revenue growth over the past 3
years. The rating also considers the risks inherent in a
partnership firm and high competitive pressure faced due to
presence of many small and large players in the IT solutions
industry. Firms' presence in defence sector, which has high
barriers to entry, however, mitigates competitive risk to an
extent.

In ICRA's view, the key rating sensitivities are firm's ability
to improve its scale of operations while maintaining favourable
profitability and capital structure.

Commencing operations in September 2008 as a proprietorship
concern, Dessee Technologies converted to a partnership firm in
February 2012 and provides IT solutions relating to GIS
(Geographic Information Systems), wireless, wi-fi, ERP
(Enterprise Resource Planning), CRM (Customer Relationship
Management) and customized solutions using GIS, VB (Visual
Basic), NET, ASP Technology to the various clients in the Central
Government, State Government and Defence establishments. Promoted
by Ms. Zeba Urfi, who has nearly 12 years experience in the
technology solutions and services industry, Dessee Technologies
is part of a large group. Various other group entities like
Dolphin Softech Pvt. Ltd. are also engaged in providing IT
solutions like networking and system integration to public sector
clients.

Recent Results

For the 10 months period ending January 2012, Dessee has reported
an operating profit of INR3.25 crore and net profit of INR1.81
crore on an operating income of INR25.71 core.


IMPHAL MUNICIPAL: Fitch Affirms Nat'l Long-Term Rating at 'B-'
--------------------------------------------------------------
Fitch Ratings has affirmed Imphal Municipal Council's National
Long-Term rating at 'Fitch B-(ind)'.  The Outlook is Stable.

The rating continues to be constrained by ImMC's weak finances,
poor civic services delivery and its outstanding unfunded
employee-related liabilities, which are disproportionate to its
revenue.

ImMC's financial position is undermined by its very low income
base (FY11: INR38.24m) and high dependence on the assigned
revenue and grants.  Revenue base has dwindled after the
withdrawal of octroi (a tax levied on goods entering the
municipal limits), an own-revenue source for the council, in FY08
(financial year ending March).  Also, ImMC has booked only paltry
revenue surplus consistently since FY03; however, it remained
below 1.5% of revenue income.

Fitch notes that the council's growing dependence on the
government support heightens the dependency risk; however, the
assigned revenue and grants support its fragile finances.  In
FY11, ImMC witnessed an increase in capital grants to INR124.89m
compared with INR10.01m in FY10, mainly for the Basic Services
for Urban Poor (BSUP) and sanitation improvement ('zero garbage')
programmes.

The agency also notes the slow progress of the BSUP programme and
the dire need of the city for infrastructure development.  The
BSUP is the sole project being implemented by ImMC under JNNURM.
This entails the construction of 1,250 dwelling units in Imphal.
However, only 80% of Phase I is complete and Phase II has not yet
commenced.  Other infrastructure projects are handled by Imphal's
public health engineering and public works departments.  Since
Manipur is a special category state, Imphal's capital investments
are funded by the central and state governments in a 90:10 ratio.

Although the council enjoys a debt-free status, its finances
continue to be straddled with huge employee-related liabilities.
At end-May 2012, the council had INR139.70m of outstanding
employee-related liabilities, majorly comprising INR49.98m of
salary arrears and INR61.57m of pension liabilities.

The ratings may be upgraded upon any increase in income base in
conjunction with a reasonable surplus generation on a continuous
basis, as well as upon the creation of sustainable infrastructure
projects and introduction of some of the key reforms.  An
increase in unfunded liabilities and borrowing to finance
infrastructure projects may lead to a rating downgrade.

Imphal is the capital city of Manipur.  It is located in the
north east part of India and has 0.27 million inhabitants.  The
economy is driven by services sector and the capital outlay
planned under the JNNURM is INR18.72bn.


KARUTURI GLOBAL: ICRA Cuts Rating on INR72.5cr Loan to 'BB+'
------------------------------------------------------------
ICRA has revised the rating assigned to INR50 crore Term Loan and
INR22.5 crore Fund Based Limits of Karuturi Global Limited from
[ICRA]BBB to [ICRA]BB+.  The outlook on the long term rating is
stable.

                         Amount
   Facilities           (INR Cr)       Ratings
   ----------           ---------      -------
   Term loan               50.0        Downgraded to [ICRA]BB+
   Fund Based Limits       22.5        Downgraded to [ICRA]BB+

The rating revision factors in significant decline in KGL's
revenue and operating profitability during Q4 of FY2012 on
account of weakened flower demand during valentine season and
adverse currency moment. Further, ICRA notes that the company is
exposed to significant refinancing risks because of the FCCBs
that are due for redemption in Oct'12. Besides, the rating
continue to remain constrained by high execution risk associated
with the company's significantly large agriculture expansion
plan, concentration of its operation in politically and
economically sensitive Sub-Saharan-Africa, and vulnerability of
its earnings to adverse climatic changes and currency movements.
The ratings however continues to derive comfort from the
company's low gearing level, its established track record in
floriculture business, and it familiarity with operations in Sub-
Saharan-Africa.

                       About Karuturi Global

KGL, promoted by Mr. Ramakrishna Karuturi in 1994, is a leading
producer of cut roses globally. Currently KGL, as a group, has
rose farms in three leading low cost countries - India, Ethiopia
and Kenya, producing about 580 million stems on approx 289
hectares of land. Besides selling in domestic markets, the
company exports roses to Europe, South East Asia, Middle East,
North America, Australia, Japan, and New Zealand; exports
constitute about 90% of KGL's revenues.

Backed by its experience in Ethiopia and Kenya, Karuturi has
forayed into an ambitious agriculture project. It has acquired
311,000 hectare of land on leasehold basis from the Ethiopian
government in Bako (11,000 hectares) & Gambella (300,000
hectares). These shall be developed in a phased manner, with
90,000 hectares of land in Gambella and 11,700 hectares in Bako
coming under cultivation in the first phase of development.
The group has other businesses- namely flower retailing, food
processing, and telecom. However, the relative scale of operation
of these businesses is much smaller.

Recent Results

Karuturi's FY12 revenue was lower than the previous year revenue
by almost 13% and its EBITDA margin dropped from 37% in FY11 to
almost 30% in FY12. The full year cash profits of FY12 were
further impacted by the extraordinary loss of INR39 crore
incurred by the company on account of flash floods in Gambella
fields during second half of the year. However, backed by
extraordinary gain of INR43 crore from change in depreciation
policy and non operating income of almost INR30.5 crore, the
company was able to report a PAT of INR152 crore as compared to
INR155 crore in FY11.


MAGNUM ESTATES: ICRA Reaffirms 'BB' Rating on INR24.5cr Loans
-------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB' assigned to the INR12.00
crore (increased from INR1.63 crore) term loan and INR12.50 crore
(increased from INR2.20 crore) cash credit facilities of Magnum
Estates Limited.  The outlook on the long term rating is stable.
ICRA has also re-affirmed the '[ICRA]A4' rating to the INR0.25
crore (decreased from INR0.30 crore earlier) bank guarantee of
MEL. ICRA has also assigned an [ICRA]A4 rating to the INR0.50
crore foreign letter of credit and INR0.20 crore credit exposure
limits of MEL.

                          Amount
   Facilities            (INR Cr)             Ratings
   ----------            ---------            -------
   Fund Based Limit      Enhanced from 1.63   [ICRA]BB (stable)
   (Term Loan)           to 12.00             reaffirmed/assigned

   Fund Based Limit      Enhanced from 2.20   [ICRA]BB (stable)
   (Cash Credit)         to 12.50             reaffirmed/assigned

   Fund Based Limit      Enhanced from 8.30   [ICRA]A4
   (Export Packing       to 12.50             reaffirmed/assigned
   Credit)

   Non Fund Based Limit  0.50                 [ICRA]A4 assigned
   (Foreign Letter of
   Credit)

   Non Fund Based Limit  Reduced from 0.30    [ICRA]A4 reaffirmed
   (Bank Guarantee)      to 0.25

   Fund Based Limit      (2.50)               [ICRA]A4 assigned
   (Foreign Bill
   Discounting)

   Non Fund Based Limit   0.20                 [ICRA]A4 assigned
   (Credit Exposure
   Limits)

The reaffirmation of the ratings take into consideration the
promoters' long standing experience in the business of sea food
industry, substantial improvement in operating income during
2010-11 on the back of increase in prawn exports and the moderate
gearing and coverage indicators of the company.  The ratings are,
however, impacted by the fragmented nature of the industry with
low entry barriers, significant competition in the export market
from other countries and the inherent risks in sea food industry
like susceptibility to diseases, climate change risks and
government policies. The ratings also factor in the volatility in
foreign currency rates which impacts cash flows and profits of
shrimp exporters including MEL and the risk associated with the
timely commissioning of the upcoming project of the company
within the budgeted cost. ICRA notes that the export incentives
and increase in the antidumping duty in USA are likely to have an
adverse impact on the company's profitability. While assigning
the ratings, ICRA has also considered the business risk profile
of MEL's group entity Magnum Sea Foods Limited (rated at [ICRA]BB
(stable) and [ICRA]A4), since the two companies operate under the
common management.

                        About Magnum Estates

Magnum Estates Limited was incorporated in 1993 by Mr. Ramesh
Mahapatra. The company is involved in the aquaculture business,
i.e., culturing of black tiger prawns, and sea food exports. The
company currently has 2 brackish water farms with 44 ponds,
spread over an area of around 215 acres, for culturing of prawns.

The company also has its own pre-processing plant, including an
ice-making plant at Naupalgadi, Balasore. Besides MEL, the other
group entity engaged in the similar line of business is Magnum
Sea Foods Limited (rated at [ICRA]BB (stable) and [ICRA]A4).

Recent Results

The company has reported a profit after tax of INR0.64 crore
(provisional) on an operating income of INR34.52 crore
(provisional) during the first 9 months (April 2011 to
December 2011) of 2011-12 as compared to a net profit of INR0.54
crore on an operating income of INR32.64 crore during 2010-11.


MAGNUM SEA: ICRA Reaffirms 'BB' Rating on INR11.38cr Loan
---------------------------------------------------------
ICRA has re-affirmed the '[ICRA]BB' rating to the INR11.38 crore
(increased from INR11.10 crore earlier) term loan of Magnum Sea
Foods Limited. The outlook on the long term rating is stable.
ICRA has also re-affirmed the [ICRA]A4 rating to the INR28.00
crore (increased from INR18.00 crore earlier; including proposed
limit of INR10.00 crore) export packing credit facilities of
MSFL. ICRA has also assigned an [ICRA]A4 rating to the INR6.00
crore bill discounting facilities of MSFL.

                       Amount
  Facilities          (INR Cr)             Ratings
  ----------          ---------            -------
  Fund Based Limits   Enhanced from 11.10  [ICRA]BB (stable)
  (Term Loans)        to 11.38             reaffirmed/assigned

  Fund Based Limits   Enhanced from 18.00  [ICRA]A4 reaffirmed/
  (Export Packing     to 28.00; including  assigned
                      proposed limit of
                      INR10.00

  Fund Based Limits   6.00                 [ICRA]A4 assigned
  (FDDBP/ FDUBD)

The reaffirmation of the ratings take into account the experience
of MSFL's promoters in the business of sea food export, proximity
to raw material sources, leading to low landed cost of input
materials and commissioning of a modern processing plant with its
value adding facilities, which has favorably impacted the topline
and profitability of the company. The financial profile of the
company is characterized by healthy profitability and comfortable
coverage indicators. The ratings are, however, constrained by the
fragmented nature of the industry with low entry barriers,
significant competition in the export market from other countries
and the inherent risks such as susceptibility to diseases,
climate change risks and adverse change in government policies.
The ratings also factor in its high sales concentration risk, the
volatility in foreign currency rates and a highly working capital
intensive nature of operations, which in turn impacts its
liquidity position. ICRA notes that the reduction in export
incentives provided by the Govt. of India might have an adverse
impact on the margins of the company going forward. While
assigning the ratings, ICRA has also considered the business risk
profile of MSFL's group entity Magnum Estates Limited (rated at
[ICRA]BB (stable) and [ICRA]A4), since the two companies operate
under the common management.

Incorporated in 2002, the company is engaged in processing and
export of sea food, primarily black tiger prawns. The company was
promoted by Mr. Ramesh Mahapatra. The company has its own sea
food processing plant at Botanda, Jankia, Orissa, with a capacity
of 53.5 metric tonne per day and a cold storage capacity of 1,850
metric tonne. Besides MSFL, the other group entity engaged in the
similar line of business is Magnum Estates Limited (rated at
[ICRA]BB (stable) and [ICRA]A4).

Recent Results

The company reported a net profit of INR5.92 crore on an
operating income of INR68.34 crore in 2010-11. During the first
nine months of 2011-12, the company reported a net profit of
INR5.86 crore (provisional) on an operating income of INR107.03
crore (provisional).


M. P. INT'L: ICRA Assigns '[ICRA]B+' Rating to INR1.5cr Loans
-------------------------------------------------------------
An '[ICRA]B+' rating has been assigned to the INR1.50 crore long
term fund-based bank facility of M. P. International Private
Limited. An '[ICRA]A4' rating has also been assigned to the
INR4.00 crore short-term fund-based and non-fund based bank
facility of MPIPL. Ratings of '[ICRA]B+' and '[ICRA]A4' have been
assigned to the INR4.00 crore proposed limits of the company.

                         Amount
   Facilities           (INR Cr)     Ratings
   ----------           ---------    -------
   Long-term fund-        1.50       [ICRA]B+  (Assigned)
   based facility

   Short-term fund-       4.00       [ICRA]A4 (Assigned)
   based and non-fund
   based facility

   Proposed facility      4.00       [ICRA]B+/[ICRA]A4 (Assigned)

The assigned ratings are constrained by MPIPL's weak financial
profile characterized by highly leveraged capital structure and
consequently weak coverage ratios. The ratings are also affected
by the small scale operations of the company and high capital
intensity of its operations which adversely impacts liquidity
profile. The ratings also factor in the susceptibility of the
company's margins to volatility in foreign exchange rates in the
absence of a formal hedging mechanism and also the intensely
competitive nature of the bearings industry limiting pricing
flexibility. The ratings however favorably factor in the
promoter's established experience in the bearings industry and
MPIPL's association with various overseas brands which improves
procurement efficiency.

                     About M. P. International

Established in 1986, MPIPL is a closely held company engaged in
the trading of ball bearings. The company primarily imports
bearings from Dubai and China and supplies the same domestically.
MPIPL has its registered office at Masjid, Mumbai.
Recent Results

For FY 12, MPIPL recorded a net profit of INR0.13 crore on an
operating income of INR17.23 crore as per its audited financials.


NIRAV GEMS: ICRA Reaffirms 'BB+' Rating on INR20cr Loan
-------------------------------------------------------
ICRA has reaffirmed the [ICRA]BB+ and [ICRA]A4+ ratings to the
INR20.00 crore (enhanced from INR15 crore) fund based limits of
M/s. Nirav Gems rated on both long term and short term scale. The
outlook on the long term rating remains "Stable".

                        Amount
   Facilities          (INR Cr)             Ratings
   ----------          ---------            -------
   Fund Based Limits   Enhanced from 15.00  [ICRA]BB+ (Stable)/
                       to 20.00             [ICRA]A4+
                                            reaffirmed/assigned

The rating reaffirmation continues to factor in the experience of
the promoters' in the cut and polished diamond business and a
financial profile characterized by steady growth in revenues and
a favorable capital structure. The ratings however remain
constrained by the firm's high dependence on job work resulting
in low profitability, weak interest coverage indicators and high
client concentration as majority of the sales is being made to a
single customer at present. ICRA also factors in the high
competitive intensity in the CPD business and susceptibility of
margins to forex risks given its dependence on exports and
significant volatility in currency movements although it is
partly mitigated due to the forward contracts entered into by the
firm. The ratings also incorporate the risk of capital
withdrawals, given its constitution as a partnership firm.

                        About Nirav Gems

Nirav Gems was promoted by Mr. Rajesh Shah and Mr. Bimlesh Shah
as a partnership firm and commenced business in 1968. NG is
engaged in the business of exporting cut and polished diamonds
and deals in diamonds of size up to 0.01 to 5 carats. The firm
also trades locally purchased cut and polished diamonds in the
international market. The firm has its registered office in
Mumbai and the manufacturing process is carried out in Surat
through job workers.

Recent Results:

During 2011-12, as per provisional results the company has
reported a net profit of INR2.83 crore on an operating income of
INR120.64 crore.


PRAKASH PLY: ICRA Assigns 'BB-' Rating to INR12cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an [ICRA]BB- rating to the INR12.00 crore cash
credit facilities of Prakash Ply Exim Private Limited. The
outlook on the long term rating is stable. ICRA has also assigned
an '[ICRA]A4' rating to the INR12.00 crore non fund based bank
facilities of PPEPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund Based Limits-       12.00     [ICRA]BB- (stable) assigned
   Cash Credit

   Non Fund Based Limits-   12.00     [ICRA]A4 assigned
   Letter of Credit

The assigned ratings take into account the established experience
of the promoters in the plywood and timber trading business, a
positive demand outlook of the industry in the medium to long
term, driven by the real estate and infrastructure sectors,
significant growth in turnover in the current year, and a
comfortable capital structure of the company. The ratings are
however constrained by PPEPL's high working capital intensity of
operations and depressed coverage indicators, highly fragmented
industry characterized by intense competition from a large number
of players, leading to weak profitability, highly concentrated
customer base of the company and the susceptibility of
profitability and cash flows to volatility in the prices of
plywood and timber. ICRA has also considered the business risk
profile of PPEPL's group entity Prakash Ply Centre Private
Limited (rated at [ICRA]BB-(stable) and [ICRA]A4), since the two
companies operate under the common management.

                          About Prakash Ply

Prakash Ply Exim Pvt Ltd was incorporated in 2006 by Mr. Om
Prakash Pandey. PPEPL is engaged in the business of plywood and
timber trading with plywood accounting for the majority of
revenue. The company sells both plywood and timber to saw mills,
plywood, traders and wholesalers in India. The company owns a
warehouse at Kolkata and a godown in Hooghly district in West
Bengal. Besides PPCPL, the other group entity engaged in the
similar line of business is Prakash Ply Centre Private Limited
(rated at [ICRA]BB-(stable) and [ICRA]A4).

Recent Results

The company reported a net profit (provisional) of INR1.04 crore
on an operating income of INR99.92 crore (provisional) during
2011-12 as compared to a net profit of INR0.65 crore on an
operating income of INR64.06 crore during 2010-11.


PRAKASH PLY CENTRE: ICRA Rates INR16cr Loan at '[ICRA]BB-'
----------------------------------------------------------
ICRA has assigned an [ICRA]BB- rating to the INR16.00 crore cash
credit facilities of Prakash Ply Centre Private Limited. The
outlook on the long term rating is stable. ICRA has also assigned
an [ICRA]A4 rating to the INR7.00 crore non fund based bank
facilities of PPCPL.

                         Amount
   Facilities           (INR Cr)      Ratings
   ----------           ---------     -------
   Fund Based Limits-      16.00      [ICRA]BB- (stable) assigned
   Cash Credit

   Non Fund Based Limits-   7.00     [ICRA]A4 assigned
   Letter of Credit

The assigned ratings take into account the experience of the
promoters in the plywood and timber trading business, positive
demand outlook of the industry in the medium to long term, driven
by the real estate and infrastructure sectors, significant growth
in turnover in the current year, and a comfortable capital
structure of the company. The ratings are however constrained by
the high working capital intensity of operations and depressed
level of coverage indicators, highly fragmented nature of the
industry which is characterized by intense competition from a
large number of players, leading to weak profitability and the
susceptibility of profitability and cash flows to volatility in
the prices of plywood and timber. ICRA has also considered the
business risk profile of PPCPL's group entity Prakash Ply Exim
Private Limited (rated at [ICRA]BB- (stable) and [ICRA]A4), since
the two companies operate under the common management.

                        About Prakash Ply Centre

Prakash Ply Centre Pvt Ltd was incorporated in 2005 by Mr. Om
Prakash Pandey. The company is involved in plywood and timber
trading with plywood accounting for the majority of revenue. The
company is one of the largest dealers of Greenply Industries Ltd
in Eastern India, and also trades in imported plywood and timber.
The company has a showroom and two warehouses in Kolkata, a
warehouse in Mumbai and also a godown at Hooghly, West Bengal.

Recent Results:

The company reported a net profit (provisional) of INR1.39 crore
on an operating income of INR123.02 crore (provisional) during
2011-12 as compared to a net profit of INR0.89 crore on an
operating income of INR76.38 crore during 2010-11.


R.M. MOHITE: ICRA Puts '[ICRA]BB+' Rating to INR98.38cr Loans
-------------------------------------------------------------
A long term rating of '[ICRA]BB+' has been assigned to the
INR98.38 crore fund-based bank facility and a short term rating
of '[ICRA]A4+' has been assigned to the INR9.06 crore non fund-
based bank facility of R.M. Mohite Industries Limited. The
outlook assigned on the long term rating is "Stable".

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Long Term Fund Based    40.00       [ICRA]BB+ (Stable)
   Limits (Cash Credit)                assigned

   Term Loans              58.38       [ICRA]BB+ (Stable)
                                        Assigned

   Short Term Non Fund      9.06       [ICRA]A4+ assigned
   Based Limits (Bank
   Guarantee)

The ratings reflect the extensive experience of the promoters in
the business of textiles and locational advantage with respect to
proximity to ports and availability of raw materials. ICRA also
notes the improvement in operating profit margins backed by
captive hydro power generation. The ratings, are, however
constrained by susceptibility of the revenues to the fluctuations
in the prices of raw material, the working capital nature of the
business on account of high levels of inventory maintained
leading to a leveraged capital structure. The ratings also take
into consideration the vulnerability of realizations and profits
to the regulatory norms of the government relating to export of
cotton and cotton yarn.

                          About R M Mohite

R M Mohite Industries Limited is a public limited company,
incorporated in 1991 and has its registered office and
manufacturing facilities in Kolhapur, Maharashtra with an
installed capacity of 34,896 spindles. The company is listed on
the Bombay Stock Exchange. RMMIL was originally incorporated by
Mr. Ram Chandra Maruti Mohite and his three sons in 1991 as a
family unit. From 1991 onwards till 1995, the company was running
as a family unit; however in 1995 there was a split in the
business and Mr. Shivaji Ramchandra Mohite continued with the
textile segment whereas the infrastructure was taken over by Mr.
Ram Chandra Maruti Mohite. The company is engaged into
manufacturing and exporting of 100 per cent cotton yarn of counts
ranging from 20 to 100 and grey knitted fabrics.

Recent Results:

As per the unaudited results of 2011-2012, the company has
reported a net profit of INR3.86 crore on an operating income of
INR106.52 crore.


SANGHVI BOTHRA: ICRA Puts '[ICRA]BB' Rating on INR5cr Loan
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR5.00 crore fund-
based bank facilities of Sanghvi Bothra Engineering Company
Private Limited. The outlook on the long-term rating is 'stable'.
ICRA has also assigned an '[ICRA]A4' rating to the INR9.25 crore
short-term non-fund based bank facilities of SBECPL.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Cash Credit Limit         5.00      [ICRA]BB(stable) assigned
   Letter of Credit Limit    9.25      [ICRA]A4 assigned

The assigned ratings take into account the significant experience
and reputation of the promoters of SBECPL in trading of nickel
and stainless steel products; and their established relationships
with international and domestic suppliers of these products. The
ratings also factor in the favourable demand outlook for nickel
and stainless steel in the medium-to-long term. The ratings are,
however, constrained by the relatively small scale of current
operations of SBECPL; significant exposure to price risks on
account of high levels of freehold inventory; thin profitability
indicators on account of intense competition and limited value
addition in the trading business besides high gearing levels and
weak coverage indicators, indicating an adverse financial risk
profile.

Incorporated in 1996, SBECPL is primarily in the business of
trading of nickel and stainless steel products. The company is
also engaged in trading boiler quality plates. The group has a
long presence of over four decades in trading business; with
other companies in the group engaged in trading stainless steel
and boiler quality plates; manufacturing stainless steel tubes
and pipes and real estate development. About 70% of the
requirements of traded products are met through imports. The
customer base of the company includes traders as well as
manufacturers of various products within India.

Recent Results

As per the audited results of 2010-11, SBECPL reported a profit
after tax (PAT) of INR0.77 crore on an operating income of
INR45.86 crore as compared to a PAT of INR0.36 crore on an
operating income of INR24.08 crore in 2009-10. As per the
provisional results for the period between April 2011 to
December 2011, SBECPL reported an operating income of INR43.18
crore and a PAT of INR0.61 crore.


SANGHVI STAINLESS: ICRA Assigns 'BB-' Rating to INR1.5cr Loan
-------------------------------------------------------------
ICRA has assigned an [ICRA]BB- rating to the INR1.50 crore fund-
based bank facilities of Sanghvi Stainless & Alloys Private
Limited.  The outlook on the long-term rating is 'stable'. ICRA
has also assigned an [ICRA]A4 rating to the INR4.00 crore short-
term non-fund based bank facilities of SSAPL.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               ---------    -------
   Cash Credit Limits         1.50       [ICRA]BB-(stable)
   Letter of Credit Limits    4.00       [ICRA]A4

The assigned ratings take into account the significant experience
of the promoters of SSAPL in the trading of various metal
products; and the conservative capital structure of the company
as reflected by a gearing of 0.27 time as on September 30, 2011.
The ratings also favorably factors in the favorable demand
outlook for stainless steel in the medium to long term. The
ratings are however, constrained by the small scale of current
operations; and nominal profits and cash accruals from business
besides thin profitability indicators on account of intense
competition and limited value addition in the trading business.
ICRA also notes the significant exposure of the company to price
risks, given the high level of freehold inventory that it
maintains and exposure to risks arising out of currency
fluctuations in the absence of a formal hedging mechanism, given
its huge dependence on imports.

Incorporated in 1996, SSAPL is in the business of trading of
stainless steel products mainly tubes and pipes. The group which
has been into business for over four decades also has other
companies engaged in the trading of nickel based products and
boiler quality plates, manufacture of stainless steel tubes and
pipes and into real estate development. About 60-70% of the
requirements of traded products are met through imports. The
customer base includes both traders and manufacturers of various
products within India.

Recent Results

As per the audited results of 2010-11, SSAPL reported a profit
after tax (PAT) of INR0.09 crore on an operating income of
INR6.49 crore as compared to a PAT of INR0.16 crore on an
operating income of INR9.00 crore in 2009-10. As per the
provisional results for first half of 2011-12, SSAPL reported an
operating income of INR5.15 crore and a profit after tax of 0.05
crore.


SHRIHARI FORGING: ICRA Assigns 'B+' Rating to INR2.05cr Loan
------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to INR1.05 crore fund
based facilities and INR1.00 crore unallocated facilities of
ShriHari Forging Products. ICRA has also assigned the short term
rating of [ICRA]A4) to the INR14.0 crore fund based and INR0.95
crore non-fund based facilities of SHFP.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               ---------    -------
   Fund based facilities       1.05      [ICRA]B+/ assigned

   Unallocated                 1.00      [ICRA]B+/ assigned

   Fund based facilities      14.00      [ICRA]A4/ assigned

   Non-Fund based facilities   0.95      [ICRA]A4/ assigned

The rating assigned takes into account the operational comfort
from being a part of ShriHari Group with long standing presence
of more than three decades in the manufacturing and trading of
steel products and healthy demand from the power and telecom
industry expected to continue and sustain the firm's growth over
long term. The rating, however, remains constrained by the firm's
small scale of operations which entails limited financial
flexibility with customers and suppliers. SHFP derives -30% of
revenues from top customer, indicating client concentration and
the possible impact of order volatility on revenue growth. The
risk is further aggravated by the order volatility from tender
based turnkey project business. The risks are, however, partly
mitigated by the approved Tier-II vendor status with the
electricity boards. The rating also considers the risk of
possible delays in payments from Government bodies, which can
impact liquidity adversely. Generating healthy order book
position from both turnkey projects and existing customer base
and the company's ability to maintain its financial profile will
be the key rating sensitivities going forward.

M/s ShriHari Forging Products is engaged into manufacturing of
different types of structural items for power transmission,
distribution lines and telecommunication lines. The firm has
recently forayed into the turnkey project business for state
electricity boards which includes erecting, commissioning and
testing of the towers and distribution lines. The firm's product
profile comprises of power transmission towers, telecommunication
towers, V-cross arms, Top brackets, guarding cross arms, Wind
mill towers, stay set, earthing set, double pole structures etc.
The manufacturing unit is located in Kaladera Industrial Area,
Jaipur with installed production capacity of 1000 to 1500 MT per
month.

The firm belongs to ShriHari Forging Group, which has long
standing presence in the similar business of more than three
decades. During 1979 to 2001, the group was engaged in the
manufacturing and export of steel and iron products like window
section, profile section under SHRI HARI ROLLING INDUSTRIES.
Other group companies which are currently operational are
ShriHari Engineers & Structurals (engaged in similar business of
steel fabricated power products) and ShriHari Steel Corporation
(engaged in trading of iron and its products).

Recent results

The Company reported net profit of INR0.2 crore on operating
income of INR14.6 crore in 2010-11.


SREENIDHI UNIVERSITY: Default Cues Fitch to Put 'D' Rating
----------------------------------------------------------
Fitch Ratings has assigned India's Sreenidhi University (SU) a
National Long-Term rating of 'Fitch D(ind)'.

The ratings reflect SU's continuous defaults on loan repayments
since April 2011.  This is due to the university's high debt
burden (debt/current balance before interest and depreciation:
3.04x in FY11 (year ending March)), weak operational
effectiveness, limited balance sheet resources and tight
liquidity (available funds/long-term debt: 33.29% in FY11).  The
latter is due to long average receivables of over 50 days, on
account of delays in fee payment by the state government to SU on
behalf of students admitted on the concessional basis (40%-50% of
total students).

In the event of a rating upgrade, SU's credit profile would draw
support from the growing head count (CAGR: 8.26% for FY08-FY11)
and the consistent positive operating margins (FY11: 29.3%, FY10:
31.53%).

SU admits students under a state-level counseling programme,
which nearly fills 70% of the available seats and the rest are
filled under the management quota.  Ceilings on fees for all
courses are fixed by the Andhra Pradesh government.  The college
is affiliated to Jawaharlal Nehru Technological University,
Hyderabad, and approved by All India Council for Technical
Education.

Similar to other private educational institutes, the society
income is dominated by the tuition fee income (average proportion
during FY07-FY11: 89.78%).  The society has received a grant from
the World Bank for research-oriented activities, which underlines
the illustrated ability of the society to meet strict quality
standards.  Staff costs and operating expenditure contributed on
an average 45.11% and 25.03%, respectively, to the total
expenditure during FY07-FY11.

Debt service coverage ratio has consistently remained above 1.5x
since FY09 (FY08: below 1x).  However, Fitch expects the debt
servicing calendar to come under stress in the short to medium
term due to the expected capex by SU.

The ratings may be upgraded if loan obligations are serviced on a
timely basis for two consecutive quarters.

SU was incorporated in December 1996 under the name of Sree
Educational society.  The name was changed to Sreenidhi
University in December 2008 by the Registrar of Societies, Andhra
Pradesh.  However, the society is yet to be recognised as a
university by the University Grants Commission and other
appropriate authorities.

Fitch has also assigned ratings to SU's bank facilities as
follows

  -- INR120m fund-based long term bank loans: assigned 'Fitch
     D(ind)'

  -- INR32m secured overdraft: assigned 'Fitch D(ind)'



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


PROFESIONAL TELEKOMUNIKASI: S&P Assigns 'BB' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Indonesia-based independent telecom
tower company PT Profesional Telekomunikasi Indonesia. The
outlook is stable. "We also assigned our 'axBBB-' ASEAN regional
scale rating to the company," S&P said.

"The rating on Protelindo reflects our expectation that the
company's leverage will remain high," said Standard & Poor's
credit analyst Mehul Sukkawala. "The rating also reflects the
weak market position of the company's key customer, PT Hutchison
CP Telecommunications (HCPT; not rated). Protelindo's strong
operating efficiency, stable cash flow and strong margins from
long-term tower leases, and good market position temper these
weaknesses."

"Protelindo has an 'aggressive' financial risk profile. Our view
reflects our expectation that the company's leverage would remain
high due to the scope for potentially large debt-funded
acquisitions in its tower portfolio. We estimate that the
company's debt-to-EBITDA ratio will remain about 4x and the ratio
of funds from operations (FFO) to debt will remain about 15% over
the next two years. Protelindo is also exposed to exchange rate
fluctuations because about 70% of its debt and about 40% of its
revenue are denominated in foreign currency," S&P said.

"Protelindo has a 'fair' business risk profile. Our assessment
factors in the company's customer concentration, with HCPT
accounting for about 40% of revenue. Protelindo has acquired
about two-thirds of its towers from HCPT, which has a weak market
position (a subscriber market share of less than 5%). However, we
believe that the following factors mitigate the concentration
risk: (1) the essential nature of telecom infrastructure for
operators; (2) the support of HCPT's parent Hutchison Whampoa
Ltd. (A-/Stable/--; cnAA/--) through consistent investments; and
(3) a non-cancelable feature of lease contracts, even if
ownership of the telecom operator changes," S&P said.

"Protelindo has strong operating efficiency, in our view, with
long-term tower leases of about 10 years. The company's nearly
7,000 towers have a tenancy ratio (the number of operators
sharing a tower) of about 1.7x. The ratio, combined with
Protelindo's experienced management, generates above-average
EBITDA margins of 76%-78%," S&P said.

"Protelindo has a good market position in the Indonesian tower
industry. It is the country's largest independent tower company.
Large telecom operators such as PT XL Axiata Tbk. still control
about two-thirds of telecom towers in Indonesia and share some of
them with other operators. Nevertheless, we believe that the
demand for towers from independent tower companies will increase
as local regulations encourage tower sharing and telecom
operators focus on providing services rather than on managing
towers," S&P said.

"We assess Protelindo's liquidity to be 'adequate,' as defined in
our criteria. This is despite our expectation that the company's
sources of liquidity will exceed its uses by more than 1.5x over
the next 24 months. We anticipate that net liquidity sources will
remain positive even if EBITDA declines by 30%," S&P said.

"The stable rating outlook on Protelindo reflects our expectation
that the company can maintain its operating efficiency and stable
cash flows," said Mr. Sukkawala.

"We could lower the rating if the company undertakes large debt-
financed tower portfolio acquisitions, such that we expect the
ratio of debt to EBITDA to remain more than 4.5x for a prolonged
period. We could also downgrade Protelindo if the company's
market position deteriorates because HCPT winds up its operations
or sells them to another weak telecom operator," S&P said.

"We could raise the rating if Protelindo improves its market
position and diversity. We could also upgrade the company if we
expect it to improve and maintain stronger financial ratios, with
a debt-to-EBITDA ratio of 3.5x or lower," S&P said.



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


OLYMPUS CORP: May Cut More Than 2,500 Jobs
------------------------------------------
The Japan Times Online reports that Olympus Corp. may seek to
slash more than 2,500 jobs in efforts to rejuvenate its slumping
digital camera business, mainly by restructuring its overseas
plants and adjusting its product lineup, sources said Wednesday.

The report relates that sources said the company, which has been
struggling to beef up its capital base ever since its loss
coverup scandal broke last October, is also aiming to strengthen
its medical equipment and industrial machinery units to increase
profitability, while at the same time unloading units deemed
unrelated to those operations.

According to the report, sources said the envisaged job cuts
would affect more than 6% of the group's roughly 40,000
employees, and would be incorporated in restructuring measures
the company may possibly announce in a new business plan in early
June.

Meanwhile, The Japan Times Online reports that sources said
Olympus is also reportedly in talks with Panasonic Corp. over a
capital and business tie up to shore up its battered finances, a
deal that could see the electronics giant become its largest
shareholder.

In addition to Panasonic, Sony Corp., Fujifilm Holdings Corp. and
Terumo Corp. are considered potential business alliance
candidates, the report says.  Olympus plans to make a decision by
the end of June, the sources, as cited by The Japan Times Online,
said.

                        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.


ORSO FUNDING: Fitch Affirms Rating on Five Note Classes
-------------------------------------------------------
Fitch Ratings has affirmed Orso Funding CMBS 5's class C to F
trust beneficiary interests (TBIs) due February 2013 and removed
the Rating Watch Negative (RWN) from the class C TBIs.  The
transaction is a Japanese multi-borrower type CMBS
securitisation.

The rating actions are as follows:

  -- JPY0.9bn* Class C TBIs affirmed at 'Asf'; off RWN; Outlook
     Stable

  -- JPY2.9bn* Class D TBIs affirmed at 'Bsf'; Outlook Stable

  -- JPY1.5bn* Class E TBIs affirmed at 'Dsf'; Recovery Estimate
     20%

  -- JPY0* Class F TBIs affirmed at 'Dsf'

* as of May 29, 2012

The affirmation of the class C and D TBIs and the removal of RWN
from class C TBIs reflect Fitch's view that the remaining seven
properties backing the remaining one defaulted loan will be sold
prior to the legal final maturity date.  Fitch believes these
properties to be marketable and that the total sales proceeds
will be sufficient to repay these two classes in full.  The
workout activity initiated by the servicer has progressed in
accordance with their business plan and Fitch expects several
properties will be sold over the coming weeks.  As a result,
Fitch expects the class C TBIs to be paid in full on the July
2012 payment date.

At closing the transaction was backed by seven loans secured by
43 properties.  The TBIs are now backed by one defaulted loan
secured by seven office properties, all of which are located in
Tokyo.



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


HERBERT INSURANCE: SFO Lays 28 Charges Against Former Owner
-----------------------------------------------------------
Former owner and director of Herbert Insurance Group Limited,
Grant Malcolm Herbert, has appeared in the Auckland District
Court facing Crimes Act and Secret Commissions Act charges,
following a Serious Fraud Office investigation into the failed
insurance brokering company.

The SFO allege that between 2005 and March 2011, Mr. Herbert
committed various offences including theft by a person in a
special relationship, using a forged document in relation to
obtaining a credit facility, and a number of offences in relation
to corruptly giving an employee of a customer, secret commissions
for referring insurance business to the Herbert Insurance Group.

The SFO alleges that Mr. Herbert failed to forward premiums
received from clients to insurers, in some cases leaving the
customers uninsured, and diverted this money to pay operating
expenses for HIG and to fund his lifestyle. The SFO alleges this
was contrary to statutory requirements imposed on insurance
brokers or contrary to agency agreements with insurers.

They also allege that an insured customer was over-charged and
the illicit profit was shared between Herbert and the employee of
the customer.

When HIG was placed into receivership and liquidation, there was
a shortfall of NZ$3.1 million owed to insurers.

Some insured customers also found that the insurance they
believed they had obtained had not in fact been underwritten by
insurance companies.

SFO Chief Executive, Adam Feeley, said "In the current economic
conditions, confidence in the insurance industry and good
insurance cover in particular, is more important than ever
before. It has been reassuring that the insurance companies for
whom HIG acted as broker, and who in many instances knew nothing
about the insurance cover placed with them, have supported
customers, accepted the risk, and taken any financial loss
themselves."

Herbert Insurance Group Limited was placed in receivership on
March 7, 2011, following an attempt to voluntarily liquidate the
company and sell assets. HIG had approximately 4,000 clients
throughout New Zealand.  Receivers Korda Mentha advised in
March 2011 that they sold Herbert Insurance Group's client base
to Aon New Zealand, one of the world's largest insurance brokers.

The SFO opened its investigation into HIG on March 10, 2011.


SAPPHIRE III: Fitch Affirms Ratings on 12 Note Classes
------------------------------------------------------
Fitch Ratings has affirmed 12 classes of notes issued by Sapphire
III NZ Series 2006-1 Trust (Sapphire III) and Sapphire IV NZ
Series 2007-1 Trust (Sapphire IV) and downgraded one note issued
by Sapphire IV.  At the same time, Fitch maintained the Negative
Outlook on three rated notes.  The transactions are backed by
pools of New Zealand non-conforming residential mortgages
originated by Bluestone Mortgages NZ Limited, a wholly-owned
subsidiary of Bluestone Group Pty Limited (Bluestone).  The pool
backing Sapphire IV also contains non-conforming commercial
mortgages.

Fitch has downgraded the Class CA notes issued by Sapphire IV
reflecting its view that the outstanding charge-offs will remain
and the principal will not be fully repaid at maturity, given
that the pool is reducing in size and the level of excess spread
is diminishing.

The rating actions on the remaining rated notes reflect Fitch's
view that the available credit enhancement levels are sufficient
to support the notes' current ratings, and that the credit
quality and performance of the loans in the current collateral
pool remain in line with the corresponding rating levels.  The
credit enhancement for all rated notes has slightly increased
since the last rating action in July 2011.

The Negative Outlooks on the junior notes reflect Fitch's
concerns that the pool performance will remain volatile as they
reduce in size and the fact that arrears, losses and defaults
have not yet stabilised.

"The level of delinquency rates in the Sapphire transactions
backed by New Zealand mortgages remains relatively high", said
James Zanesi, Director in Fitch's Structured Finance team.
"Although available income has been strong and has helped reduce
charge-offs, losses and defaults have not shown signs of
stabilising" added Mr. Zanesi.

As of February 2012, Sapphire III had paid down to NZD33.5m from
the original NZD241.8m, with 30+ days and 90+ days arrears being
high, amounting to 16.36% and 5.22% of the collateral pool
respectively.  The subordination percentage of the class A, MA,
MZ, BA, BZ and CA notes has also increased significantly.  The
class CZ and Class D notes providing subordination of NZD3.9m and
NZD1.15m respectively.  The notes are amortising on a pro-rata
basis, as the 90+ days arrears are currently lower than 8%, the
level specified in the pro-rata pay down trigger.  For this
reason Fitch does not expect credit enhancement to increase
significantly in the near future.  The available income in the
transaction has been sufficient to cover losses to date.

Sapphire IV is performing poorly and the rated notes have been
impacted by the high level of realised losses in the transaction.
As of February 2012, the pool had paid down to NZD65.1m from the
original NZD249.3m.  The notes are amortising on a sequential
basis due to outstanding charge-offs. Arrears of 30+ and 90+ days
are high, accounting for 14.85% and 7.53% of the collateral pool
respectively.  As of the January 2012 payment date, the
subordination percentage of the class BA, BZ and CA notes had not
increased considerably since the previous rating action in July
2011.  The class CZ and D notes do not currently provide any
level of subordination as they have been fully charged-off for
NZD6.7m and NZD868,194 respectively.  As of January 2012, class
CA notes had also been charged off for NZD 3,133,927.  Fitch's
view is that given the low credit enhancement of the class BZ
notes, a charge-off is possible depending on the impact of the
90+ days arrears. The available income in the transaction has
been relatively strong although lower than other Sapphire
transactions.

As the mortgage portfolio reduces in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.  A cash flow
analysis was performed on the transaction, stressing a
combination of interest rates, defaults, default timings and
prepayment rates.

The rating actions are as listed below.

Sapphire III NZ Series 2006-1 Trust:

  -- NZD2m Class A notes (NZSPHDT301C1) affirmed at 'AAAsf';
     Outlook Stable

  -- NZD6.4m Class MA notes (NZSPHDT302C9) affirmed at 'AA+sf';
     Outlook Stable

  -- NZD6.7m Class MZ notes (NZSPHDT303C7) affirmed at 'A+sf';
     Outlook Stable

  -- NZD6.2m Class BA notes (NZSPHDT304C5) affirmed at 'BBBsf';
     Outlook Stable

  -- NZD4.4m Class BZ notes (NZSPHDT305C2) affirmed at 'BBsf';
     Outlook Negative

  -- NZD1.5m Class CA notes (NZSPHDT306C0) affirmed at 'B-sf';
     Outlook Negative

Sapphire IV NZ Series 2007-1 Trust:

  -- NZD21.6m Class AA notes (NZSPHDT401C9) affirmed at 'AAAsf';
     Outlook Stable

  -- NZD10m Class AZ notes (NZSPHDT402C7) affirmed at 'AAAsf';
     Outlook Stable

  -- NZD5.3m Class MA notes (NZSPHDT403C5) affirmed at 'AAsf',
     Outlook Stable

  -- NZD6m Class MZ notes (NZSPHDT404C3) affirmed at 'Asf';
     Outlook Stable

  -- NZD8m Class BA notes (NZSPHDT405C0) affirmed at 'BBB-sf';
     Outlook Negative

  -- NZD8.5m Class BZ notes (NZSPHDT406C8) affirmed at 'CCCsf';
     Recovery Estimate revised to 95% from 80%

  -- NZD4.7m Class CA notes (NZSPHDT407C6) downgraded to 'Csf'
     from 'CCCsf'; Recovery Estimate revised to 15% from 0%.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                           Total
                                         Total      Shareholders
                                        Assets            Equity
  Company                Ticker        (US$MM)           (US$MM)
  -------                ------         ------      ------------


AUSTRALIA


AAT CORP LTD               AAT            32.50       -13.46
ALTIUM LTD                 ALU            24.26        -3.62
APN EUROPEAN PRO           AEZ           321.75      -106.88
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
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RIVERCITY MOTORW           RCY           386.88      -809.14
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CHINA

ACHENG RELAY-A             922            54.63        -0.83
ANHUI GUOTONG-A            600444         72.38        -2.15
BAOCHENG INVESTM           600892         38.24        -4.15
CHANG JIANG-A              520         1,396.09        -3.63
CHENGDE DALU -B            200160         35.27        -4.01
CHENGDU UNION-A            693            29.46       -22.21
CHINA KEJIAN-A             35            100.91      -192.82
CONTEL CORP LTD            CTEL           59.32       -45.72
DONGXIN ELECTR-A           600691         13.73       -28.65
GUANGDONG ORIE-A           600988         14.53        -3.97
GUANGXIA YINCH-A           557            64.02       -81.42
GUANGZHOU IRON-A           600894        542.50       -70.92
HEBEI BAOSHUO -A           600155        110.77       -78.03
HEBEI JINNIU C-A           600722        250.44       -85.87
HUASU HOLDINGS-A           509            91.19       -18.53
HUNAN ANPLAS CO            156            48.17       -43.11
HUNAN TIANYI-A             908            65.87        -1.55
JILIN PHARMACE-A           545            30.17        -6.95
JINCHENG PAPER-A           820           179.74      -114.18
QINGDAO YELLOW             600579        188.23       -59.95
SHANDONG DACHE-A           600882        206.33       -10.84
SHANDONG HELON-A           677           860.38      -154.31
SHANG BROAD-A              600608         43.41        -6.72
SHANXI GUANLU-A            831           299.13        -7.60
SHENZ CHINA BI-A           17             21.55      -267.13
SHENZ CHINA BI-B           200017         21.55      -267.13
SHENZ INTL ENT-A           56            281.74       -60.20
SHENZ INTL ENT-B           200056        281.74       -60.20
SHIJIAZHUANG D-A           958           213.66      -111.34
SICHUAN GOLDEN             600678        152.07       -87.92
TAIYUAN TIANLO-A           600234         64.35       -10.61
TIANJIN MARINE             600751         86.23       -89.05
TIANJIN MARINE-B           900938         86.23       -89.05
TIBET SUMMIT I-A           600338         71.21        -8.42
TOPSUN SCIENCE-A           600771        129.64      -106.79
WUHAN BOILER-B             200770        255.82      -182.03
WUHAN LINUO SOLA           600885         97.03       -23.36
XIAMEN OVERSEA-A           600870        214.41      -136.52
XIAN HONGSHENG-A           600817         15.81      -278.59
XINJIANG CHALK-A           972           693.71        -4.07
YANBIAN SHIXIA-A           600462         96.06      -134.10
YIBIN PAPER IN-A           600793        131.24        -4.84
YOUCAN FOODS INT           YCAN          102.82        -9.02
YUEYANG HENGLI-A           622            32.62       -25.60


HONG KONG

BEP INTL HLDGS L           2326           11.98        -1.14
BUILDMORE INTL             108            16.57       -57.57
CHINA HEALTHCARE           673            46.24        -3.08
CHINA OCEAN SHIP           651           408.06       -51.68
CHINA SEVEN STAR           245            90.25        -2.25
CNI 23 INT'L               611            68.05       -67.58
CROSBY CAPITAL             8088           25.70       -17.43
CYPRESS JADE               875            38.61       -10.78
FIRST NTUL FOODS           1076           17.14       -56.90
FU JI FOOD & CAT           1175           73.43      -389.20
ICUBE TECHNOLOGY           139            25.54        -2.12
MELCOLOT LTD               8198           39.21       -76.03
MITSUMARU EAST K           2358           24.72       -18.95
PALADIN LTD                495           175.99       -12.97
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            15.64       -34.61
SUNCORP TECH LTD           1063           11.78        -8.30
SUNLINK INTL HLD           2336           15.63       -36.91
SURFACE MOUNT              SMT            86.34        -8.13
U-RIGHT INTL HLD           627            10.86      -204.99


INDONESIA

ARPENI PRATAMA             APOL          466.54      -308.89
ASIA PACIFIC               POLY          386.26      -814.44
ERATEX DJAJA               ERTX           17.57       -10.49
HANSON INTERNATI           MYRX           96.12        -0.89
HANSON INT-PREF            MYRXP          96.12        -0.89
JAKARTA KYOEI ST           JKSW           31.61       -44.38
MATAHARI DEPT              LPPF          196.31      -290.04
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.57       -20.41
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           10.65       -20.85
SUMALINDO LESTAR           SULI          180.19        -1.15
TOKO GUNUNG AGUN           TKGA           12.27        -0.93
UNITEX TBK                 UNTX           18.41       -18.45


INDIA

ALPS INDUS LTD             ALPI          288.11        -7.01
AMIT SPINNING              AMSP           20.43        -1.96
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          191.87       -68.03
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CELEBRITY FASHIO           CFLI           36.61        -6.76
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.03       -18.42
DISH TV INDI-SLB           DITV/S        517.03       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            12.15       -15.81
GANESH BENZOPLST           GBP            49.24       -21.14
GEM SPINNERS LTD           GEMS           14.58        -1.16
GSL INDIA LTD              GSL            29.86       -42.42
HARYANA STEEL              HYSA           10.83        -5.91
HENKEL INDIA LTD           HNKL           69.07       -31.72
HIMACHAL FUTURIS           HMFC          406.63      -210.98
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           15.21        -3.78
HMT LTD                    HMT           133.66      -500.46
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JAGSON AIRLINES            JGA            11.31        -0.41
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             18.05       -86.40
JIK INDUS LTD              KFS            20.63        -5.62
JOG ENGINEERING            VMJ            50.08       -10.08
KALYANPUR CEMENT           KCEM           33.31       -30.53
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KRAP           13.97        -1.69
KIDUJA INDIA               KDJ            14.85        -1.71
KINGFISHER AIR             KAIR        1,935.94      -661.89
KINGFISHER A-SLB           KAIR/S      1,935.94      -661.89
KITPLY INDS LTD            KIT            37.68       -45.35
LLOYDS FINANCE             LYDF           21.65       -11.39
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            65.26       -56.77
MADRAS FERTILIZE           MDF           143.14       -99.28
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS          110.32       -14.04
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            38.41        -0.45
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           32.23       -71.91
NK INDUS LTD               NKI           141.35        -7.71
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIRAMAL LIFE SC            PLSL           51.20       -64.85
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           425.22       -21.31
RELIANCE MED-SLB           RMW/S         425.22       -21.31
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           18.88       -81.42
SADHANA NITRO              SNC            18.21        -0.73
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE KRISHNA              SHKP           19.89        -0.71
SHREE RAMA MULTI           SRMT           62.15       -42.08
SIDDHARTHA TUBES           SDT            75.90       -11.45
SOUTHERN PETROCH           SPET          407.16      -200.86
SQL STAR INTL              SQL            10.58        -3.28
STELCO STRIPS              STLS           14.90        -5.27
STERLING HOL RES           SLHR           66.77        -2.85
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA ADV             SPADV          17.41       -13.07
SUPER FORGINGS             SFS            17.83        -6.37
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TOTAL EXPORTS              TTL         1,069.83      -154.99
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           19.13       -16.31
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIMERS INDIA LT           HDU            18.05        -5.87
UNITED BREWERIES           UB          3,067.32      -137.09
UNIWORTH LTD               WW            169.51      -155.79
UNIWORTH TEXTILE           FBW            20.57       -37.60
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08
WIRE AND WIRELES           WNW           110.69       -14.26


JAPAN

CREST INVESTMENT           2318           65.01        -3.55
HIMAWARI HD                8738          412.87       -13.56
ISHII HYOKI CO             6336          151.15       -28.05
KANMONKAI CO LTD           3372           59.00       -10.08
L CREATE CO LTD            3247           42.34        -9.15
MEIHO ENTERPRISE           8927           80.76       -11.33
MISONOZA THEATRI           9664           71.18        -4.66
NIS GROUP CO LTD           8571          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
TOYO KNIFE CO              5964           75.99        -3.68
WORLD LOGI CO              9378          119.36        -2.48


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            46.16        -3.53
HO HUP CONSTR CO           HO             48.52       -13.65
LINEAR CORP BHD            LINE           14.01        -6.45
LUSTER INDUSTRIE           LSTI           18.37        -7.57
MITHRIL BHD                MITH           23.78        -5.65
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZELAND

NZF GROUP LTD              NZF NZ Eq     142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.31      -100.17
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           164.26       -18.20


SINGAPORE

ADV SYSTEMS AUTO           ASA            18.83        -9.25
HL GLOBAL ENTERP           HLGE           89.50       -11.36
LINDETEVES-JACOB           LJ             25.10        -8.96
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TT INTERNATIONAL           TTI           232.83       -79.27


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.60        -1.13
BEHAVIOR TECH CO           2341           30.60        -1.13
BEHAVIOR TECH-EC           2341O          30.60        -1.13
CHIEN TAI CEMENT           1107          203.00       -60.11
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14


                             *********

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.


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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.





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