TCRAP_Public/120618.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

             Monday, June 18, 2012, Vol. 15, No. 120

                            Headlines


A U S T R A L I A

GOLD COAST TITANS: Three Investors Rescue Titans Football Team
SMART ABS: Fitch Assigns 'BBsf' Rating on AUD12.74-Mil. Notes
* AUSTRALIA: WA Pharmacies Face Serious Financial Trouble


C H I N A

CHINA SHENGHUO: Liquidity Woes Raise Going Concern Doubt
CHINESEWORLDNET.COM INC: Auditor Raises Going Concern Doubt


H O N G  K O N G

EASTERN BEST: Court Enters Wind-Up Order
EASY WAY: Creditors Get 53.47% Recovery on Claims
ELITE CAPITAL: Court to Hear Wind-Up Petition on Aug. 1
H. KEE: Creditors' Proofs of Debt Due July 16
HK ZHONGXING: Court to Hear Wind-Up Petition on July 4

JOINDIN (CHINA): Court Enters Wind-Up Order
LONGWELL GARMENT: Court Enters Wind-Up Order
MILILUCK TRADING: Court Enters Wind-Up Order
NAM TAI: Court Enters Wind-Up Order
NETSTAR HK: Creditors Get 100% Recovery on Claims

PMW MANAGEMENT: Members' Final Meeting Set for July 9
REPE HK: Members' Final Meeting Set for July 9
SANMENXIA TIANYUAN: Court to Hear Wind-Up Petition on July 4
SING TAT: Court Enters Wind-Up Order
SMART SINCERE: Members' Final Meeting Set for July 10

WILLING KNITWEAR: Creditors and Contributories to Meet on June 22
WING KAI: Court Enters Wind-Up Order
WISDOM TECHNOLOGY: Court Enters Wind-Up Order


I N D I A

ADVIKA CONSTRUCTIONS: CRISIL Rates INR140MM Loan at 'CRISIL B+'
AVI AGRI: CRISIL Assigns 'CRISIL BB+' Rating to INR845MM Loans
BALAJI SOURCINGS: CRISIL Cuts Rating on INR50MM Loan to 'BB'
BLUE SAPPHIRE: Delay in Loan Payment Cues CRISIL Junk Ratings
BSA STEELS: CRISIL Assigns 'CRISIL BB-' Rating to INR205MM Loans

CLIMAX SYNTHETICS: CRISIL Upgrades Rating on INR70MM Loan to 'B+'
ETHIX VANDAN: CRISIL Rates INR250MM Term Loan at 'CRISIL B+'
FIFTH AVENUE: CRISIL Assigns 'CRISIL B' Rating to INR80MM Loans
MAA SARDA: CRISIL Rates INR90 Million Term Loan at 'CRISIL B-'
MARVEL ASSOCIATES: CRISIL Assigns 'B' Rating to INR120MM Loan

RADHA SMELTERS: CRISIL Upgrades Rating on INR508.5MM Loan to 'BB'
SAI HEMAJA: CRISIL Rates INR250MM Term Loan at 'CRISIL B'
TEJRAJ PROMOTERS: CRISIL Rates INR150MM Term Loan at 'CRISIL B'
TILAK INDUSTRIES: CRISIL Assigns 'B' Rating to INR100MM Loans
VISHVAS POWER: Delay in Loan Payment Cues CRISIL Junk Rating


I N D O N E S I A

MEDIA NUSANTRA: S&P Affirms 'BB-' Corporate Credit Rating


J A P A N

TOKYO ELECTRIC: New Loan Said to Have "Strict" Covenants


N E W  Z E A L A N D

4RF COMMUNICATIONS: Owes ANZ National NZ$4.1MM, Receivers Say
NEW ZEALAND DAIRIES: Fonterra Buys Milk Powder Plant


S I N G A P O R E

ADMIRALTY INDUSTRIAL: Members' Final Meeting Set for July 16
AEGIS LTD: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Stable
ASIA GHANI: Creditors' Proofs of Debt Due June 29
CHUAN INDUSTRIES: Creditors Get 2.40% Recovery on Claims
EASTERN OCEAN: Court to Hear Wind-Up Petition June 29

FM CONTRACTING: Creditors' Proofs of Debt Due June 30
HLK TECHNO: Court to Hear Wind-Up Petition June 29


                            - - - - -


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


GOLD COAST TITANS: Three Investors Rescue Titans Football Team
--------------------------------------------------------------
Shannon Willoughby at goldcoast.com.au reports that three
investors have pulled the embattled Titans football team out of
financial turmoil and a board will soon decide if Michael Searle
remains CEO.

A long-awaited deal -- understood to be worth several million
dollars -- was signed on June 15 and will see capital injected
into the company which controls the NRL license, according to the
report.  Mr. Searle will remain a part owner, goldcoast.com.au
says.

The report notes that the announcement comes as the Titans reveal
a four-year multimillion contract with iSelect to become the new
naming rights sponsor.

goldcoast.com.au relates the Titans declined to name the
investors, citing a confidentiality agreement, but said they came
on board through a capital-raising process.

According to the report, the board, to be selected by the new
owners of the club and Mr. Searle, will be unveiled in the two
next weeks and will comprise five to 10 local leaders and
national business people.

It is not known at this stage how big a slice the three mystery
buyers -- which includes two locals -- now own or whether they
will take positions on the board, goldcoast.com.au notes.

The report notes that the contract has the initial support of the
NRL and comes just days before a rescue package for the Titans
property company -- in administration -- is due to be signed.

The cashed-up Titans will now commit to a long-term lease at the
Centre of Excellence, the property owned by the company in
administration, goldcoast.com.au relates.

A contract entered into by businessmen Phil Ward and Robert Clark
to buy the property remains on track, the report adds.

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

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


SMART ABS: Fitch Assigns 'BBsf' Rating on AUD12.74-Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2012-2US Trust's
notes final ratings.  The transaction is a securitisation backed
by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited.  The ratings are as follows:

  -- USD100.00m Class A-1 notes: 'F1+sf';
  -- USD165.00m Class A-2 (a & b) notes: 'AAAsf'; Outlook Stable;
  -- USD157.00m Class A-3 (a & b) notes: 'AAAsf'; Outlook Stable;
  -- USD78.00m Class A-4 (a & b) notes: 'AAAsf'; Outlook Stable;
  -- AUD11.33m Class B notes: 'AAsf'; Outlook Stable;
  -- AUD15.57m Class C notes: 'Asf'; Outlook Stable;
  -- AUD14.16m Class D notes: 'BBBsf'; Outlook Stable;
  -- AUD12.74m Class E notes: 'BBsf'; Outlook Stable;
  -- AUD8.50m seller notes: not rated.

The notes were issued by Perpetual Trustee Company Limited as
trustee of SMART ABS Series 2012-2US Trust.  The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

The final ratings on the Class A notes are based on: the quality
of the collateral; the 11% credit enhancement provided by the
subordinate Class B, C, D, and E notes; the unrated seller notes;
and excess spread.  It also reflects the liquidity reserve
account sized at 1% of the aggregate amount of the notes at
closing, the interest rate swap arrangement the trustee has
entered into with Macquarie Bank Ltd ('A'/Stable/'F1'), and
Macquarie Leasing's lease underwriting and servicing
capabilities.

The final ratings on the other classes of notes are based on all
the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

At the cut-off date, Macquarie Leasing's representative
collateral portfolio consisted of 16,518 leases totalling
AUD566.33 million with an average size of AUD34,285.  The pool is
comprised of passenger and light commercial vehicle lease
receivables from Australian residents across the country and
consists of amortizing principal and interest leases with varying
balloon amounts payable at maturity.  The weighted average
balloon payment for the portfolio is 29.7% of the current lease
balance.  The majority of leases consist of novated contracts
(63.7%), where the lease is novated to the employer in salary
packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.6% and 1.6%, and between
0.5% and 5%, respectively.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding new issue report entitled "SMART ABS Series
2012-2US Trust".  Included in a corresponding new issue appendix
is a description of the representations, warranties, and
enforcement mechanisms.


* AUSTRALIA: WA Pharmacies Face Serious Financial Trouble
---------------------------------------------------------
The West Australian reports that many pharmacies in West
Australia are struggling to stay afloat, with at least one going
bankrupt in the past 12 months and dozens more bracing for
financial hardship by reducing staff hours and opening times.

The report relates that the Pharmacy Guild of Australia said more
than 120 pharmacies went bankrupt across the country last year --
more than the number in the previous decade -- and claims a major
bank has hundreds more businesses on watch.

Locally, the report notes, at least one pharmacy has gone to the
wall, while others have been sold at the death-knock to avoid
their owners going bankrupt.

According to The West Australian, Pharmacy Guild WA president
Lenette Mullen said she was aware of at least another three WA
pharmacies in serious financial trouble because of the rising
cost of their leases.

Ms. Mullen said overall staff hours had fallen about 3% in the
past year as owners faced higher wage bills and were electing to
do more hours themselves.

While pharmacies had faced a tough time like many businesses in
the past decade, a series of factors had tipped the scales in the
past 18 months.

"Many are hanging in there making less than wages and sometimes
selling their business is the better option than seeing it go
under," the report quotes Ms. Mullen as saying.  "Some are now on
the brink of going out of business and could easily tip over the
edge. . . You can keep working at less than wages for a little
while but not forever."

The West Australian adds that Ms. Mullen said there was also a
hidden toll, with five or six pharmacies on the market each month
as owners sought to change hands rather than go under. Others
were taking on younger pharmacists as business partners to share
the financial load and long hours.



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


CHINA SHENGHUO: Liquidity Woes Raise Going Concern Doubt
--------------------------------------------------------
China Shenghuo Pharmaceutical Holdings, Inc., said in a
regulatory filing with the U.S. Securities and Exchange
Commission that its consolidated current liabilities exceeded its
consolidated current assets by approximate US$23,974,000 as of
March 31, 2012 and US$23,189,000 as of Dec. 31, 2011.  These
factors and a capital commitment, the Company said, raise
substantial doubt about its ability to continue as a going
concern.

The Company said it will need, among other things, additional
capital resources.  Management's plan is to obtain those
resources for the Company by seeking equity or debt financing by
using Shenghuo Plaza and the two new office buildings as mortgage
collateral after the Company has obtained Property Ownership
Certificate by late 2012. However, management cannot provide any
assurances that the Company will be successful in accomplishing
any of its plans.

"In the event we are not able to obtain funding, we will not be
able to implement or may be required to delay all or part of our
business plan, and our ability to attain profitable operations,
generate positive cash flows from operating and investing
activities and materially expand the business will be materially
adversely affected," the Company said.

As of March 31, 2012, the Company has a capital commitment of
US$5,688,051 for the second installment of purchasing land use
right for Xinglin International Health-Preserving Tourist Resort.
The amount is expected to be paid upon the requirement of the
Management Committee of Kunming Shilin Taiwan Farmer Entrepreneur
Centre.

In April 2012, the Company obtained a loan of RMB40 million
(approximately US$6 million) from Agricultural Bank of China for
working capital.

On April 17, the Company received a deficiency letter from NYSE
Amex LLC in the U.S. stating that the Company has resolved the
continued listing deficiency with respect to Section 1003(a)(i)
of the NYSE Amex's Company Guide referenced in NYSE Amex's letter
dated Sept. 22, 2010.  However, as a result of the Company
sustaining losses which are so substantial in relation to its
overall operations or its existing financial resources, or its
financial condition has become so impaired that it appears
questionable, in the opinion of NYSE Amex, as to whether the
Company will be able to continue operations or meet its
obligations as they mature, the Company is no longer in
compliance with Section 1003(a)(iv) of the Company Guide.  The
Deficiency Letter states that, in order to maintain its NYSE Amex
listing, the Company must submit a plan of compliance by May 1,
2012, advising NYSE Amex how it intends to regain compliance with
Section 1003(a)(iv) of the Company Guide by July 2, 2012.

The Company notified NYSE Amex on April 20 of its intention to
suspend reporting requirements with the U.S. SEC.  After
discussions between the Company's legal counsel and the SEC, the
SEC rejected the Company's move.  Accordingly, the Company said
it will continue to be a reporting company until such time as it
is allowed to suspend its reporting obligations, which the
Company expects to be no later than the first quarter of 2013.

At March 31, 2012, the Company's balance sheet showed
US$66,111,873 in total assets, including $37,385,642 in current
assets, and $61,359,481 in total liabilities, all current.  The
Company posted a net loss of $446,621 for the quarter ended
March 31, 2012, from net income of $85,701 for the same period a
year ago.

A copy of the Company's Form 10-Q quarterly report filed with the
U.S. SEC for the three months ended March 31, 2012, is available
at http://is.gd/8dXxPZ

China Shenghuo Pharmaceutical Holdings, Inc., incorporated in
Delaware, in the U.S., through its subsidiaries, designs,
develops, markets, sells and exports pharmaceutical, nutritional
supplements, cosmetic products, and also engages in the hotel
operating business mainly in the People's Republic of China.  The
Company also conducts research and development using the
medicinal herb Panax notoginseng, also known as Sanqi, Sanchi, or
Tienchi, which is grown in two provinces in the PRC.  Sales from
the cosmetic products represent less than 10% of total sales of
the Company.

As of March 31, 2012, the CSPH owns a 94.95% equity interest in
Kunming Shenghuo Pharmaceuticals (Group) Co., Ltd.  Shenghuo owns
a 100% equity interest in Kunming Shenghuo Medicine Co., Ltd.,
Kunming Pharmaceutical Importation and Exportation Co., Ltd., and
Kunming Shenghuo Cosmetics Co., Ltd.

On April 30, 2009, Shenghuo formed Shi Lin Shenghuo Co., Ltd., as
a wholly owned subsidiary, for the purpose of purchasing or
leasing land suitable for cultivating the medicinal herb Panax
notoginseng for use in the production of the Company's medicinal
products.

On Nov. 15, 2010, Shenghuo formed Kunming Shenghuo Hotel
Management Co., Ltd.  According to the investment agreement with
an independent third party, Shenghuo holds 80% equity interest in
Hotel.  Hotel was formed to run the hotel business.

Except for CSPH, all other entities are formed in and operate
within the PRC.


CHINESEWORLDNET.COM INC: Auditor Raises Going Concern Doubt
-----------------------------------------------------------
Vancouver, Canada-based MNP LLP, Chartered Accountants, related
on an April 27, 2012, report that there is substantial doubt on
the ability of Chineseworldnet.Com Inc. to continue as a going
concern.

MNP audited the Company's consolidated balance sheet as at
Dec. 31, 2011, the related consolidated statements of
stockholders' equity, operations and comprehensive income (loss)
and cash flows for the year then ended.

MNP said the Company had recurring losses and requires additional
funds to maintain its planned operations.  These factors raise
substantial doubt about its ability to continue as a going
concern.

For the year ended Dec. 31, 2011, the Company recorded a net
income of $138,040 with a net income of $198,966 attributable to
common stockholders, compared to a net income of $296,604 of
which $188,746 was attributable to common stockholders for the
year ended Dec. 31, 2010.  The decrease of net income of $158,564
was primarily due to the increase of salary expenditures, the
recognition of deferred income tax expenses as well as loss in
foreign exchange transactions.  In Fiscal 2011, the Company
recorded revenue of $1,675,875 compared to $1,733,329 in Fiscal
2010.  The decrease of revenue of $57,454 was primarily due to
the consolidation of the operation result for CWN Capital in
Fiscal 2010.

The Company said the continued weakened western economy has
caused increased demand for access to Chinese sources of funding
for its targeted client companies as well as increased demand for
information by individual investors was the primary factor of its
continued increases of overall revenue.  The Company generates
revenue from its Portal, IR/PR and Conference businesses.  The
Company's revenue sources come from these products and services
offered -- GCFF Conference Business, Road Show Business, Various
IR/PR Service, Chinese Webpage Design, Hosting and Maintenance,
and Online Marketing Service.  Other revenue sources include
Banner Advertising, Publication Service, CWN Membership and
Online Service, Translation Service, and others.

The Company also said China's emergence as a global economic
power and the continued weakness of the North American capital
markets have had a positive impact on its businesses in Fiscal
2010 and Fiscal 2011 as shown in increased revenues, client base
and conference attendance and sales.  As the Company's business
development strategies in the Greater China region continued to
mature, the Company has significantly increased the revenues from
its GCFF Conference Business and all other aspects of its
businesses showed positive growth in sales revenue, other than
the CWN Membership and Online Service.  Going forward, with the
Company said its established networks of partners and sponsors in
both North America and China and its continued successful
implementation of various strategies and models, the Company sees
continued growth in overall revenue.

As of Dec. 31, 2011, the Company had total assets of $3,182,417
against total liabilities, all current, of $1,123,354.

A copy of the Company's Annual Report filed with the U.S.
Securities and Exchange Commission on Form 20-F for the fiscal
year ended Dec. 31, 2011, is available at http://is.gd/cw0Hni

                     About ChineseWorldNet.Com

ChineseWorldNet.Com Inc., incorporated under the Company Law
(1998 revision) of the Cayman Islands on Jan. 12, 2000, has four
principal businesses: (1) the financial web portal business,
conducted under the ChineseWorldNet.com brand via the
www.chineseworldnet.com Web site; (2) the investor relations and
public relations business, conducted under the NAI500 brand via a
number of media channels including the www.nai500.com and
en.nai500.com Web sites, as well as certain other promotional
services; (3) the North America and Greater China cross-border
business partnering conferences business, conducted via the brand
of Global Chinese Financial Forum and its www.gcff.ca Web site;
and (4) the financial content and information distribution
business.

The www.chineseworldnet.com Web site is a web-based portal that
provides up-to-date financial content and information and
financial management tools in the Chinese language targeting the
Chinese investor community in North America.  The Portal business
provides financial news and covers corporate information of more
than 98% of the listed stocks on major North American exchange
markets, including New York Stock Exchange, American Stock
Exchange, NASDAQ Stock Market, OTC Bulletin Board, Toronto Stock
Exchange, and Toronto Venture Exchange.



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


EASTERN BEST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Eastern Best Development Limited.

The official receiver is Teresa S W Wong.


EASY WAY: Creditors Get 53.47% Recovery on Claims
-------------------------------------------------
Easy Way Interior Limited, which is in liquidation declare the
first interim dividend to its creditors on Aug. 1, 2012.

The company will pay 53.47% for ordinary claims.

The company's liquidators are:

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


ELITE CAPITAL: Court to Hear Wind-Up Petition on Aug. 1
-------------------------------------------------------
A petition to wind up the operations of Elite Capital Solutions
(HK) Limited will be heard before the High Court of Hong Kong on
Aug. 1, 2012, at 9:30 a.m.

Timothy Loh Solicitors filed the petition against the company on
May 28, 2012.

The Petitioner's solicitors are:

          Timothy Loh Solicitors
          Suite 1409-1411, Leighton Center
          77 Leighton Road
          Causeway Bay, Hong Kong


H. KEE: Creditors' Proofs of Debt Due July 16
---------------------------------------------
Creditors of H. Kee Printing Company Limited, which is in
compulsory liquidation, are required to file their proofs of debt
by July 16, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Ho Man Kit Horace
          Kong Sze Man Simone
          Unit 511, 5th Floor
          Tower 1, Silvercord
          30 Canton Road
          Tsimshatsui, Hong Kong


HK ZHONGXING: Court to Hear Wind-Up Petition on July 4
------------------------------------------------------
A petition to wind up the operations of Hong Kong Zhongxing Group
Co. Ltd will be heard before the High Court of Hong Kong on
July 4, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Joseph Leung & Associates
          8th Floor, Chuang's Tower
          Nos. 30-32 Connaught Road
          Central, Hong Kong


JOINDIN (CHINA): Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Joindin (China) Limited.

The official receiver is Teresa S W Wong.


LONGWELL GARMENT: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Longwell Garment Limited.

The official receiver is Teresa S W Wong.


MILILUCK TRADING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Mililuck Trading Limited.

The official receiver is Teresa S W Wong.


NAM TAI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Hong Kong entered an order on June 4, 2012, to
wind up the operations of Nam Tai Trading Company Limited.

The official receiver is Teresa S W Wong.


NETSTAR HK: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Netstar Hong Kong Limited declare dividend to its creditors on
July 6, 2012.

The company will pay 100% for preferential and 64.94% for
ordinary claims.


PMW MANAGEMENT: Members' Final Meeting Set for July 9
-----------------------------------------------------
Members of PMW Management Limited will hold their final general
meeting on July 9, 2012, at 10:00 a.m., at Flat C, 2/F, Block 2,
Sai Kung Garden, at No. 16 Chan Man Street, Sai Kung, New
Territories, in Hong Kong.

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


REPE HK: Members' Final Meeting Set for July 9
----------------------------------------------
Members of Repe Hong Kong Limited will hold their final general
meeting on July 9, 2012, at 10:30 a.m., at 19/F, Tower A,
Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong,
Kowloon, in Hong Kong.

At the meeting, Isabelle Angeline Young, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


SANMENXIA TIANYUAN: Court to Hear Wind-Up Petition on July 4
------------------------------------------------------------
A petition to wind up the operations of Sanmenxia Tianyuan
Aluminum Company Limited will be heard before the High Court of
Hong Kong on July 4, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


SING TAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Sing Tat Apparels Company Limited.

The official receiver is Teresa S W Wong.


SMART SINCERE: Members' Final Meeting Set for July 10
-----------------------------------------------------
Members of Smart Sincere Technology Limited will hold their final
general meeting on July 10, 2012, at 10:00 a.m., at 17600 Newhope
Street, Fountain Valley, CA 92708-4220, in USA.

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


WILLING KNITWEAR: Creditors and Contributories to Meet on June 22
-----------------------------------------------------------------
Creditors and contributories of Willing Knitwear (Holdings)
Limited will hold their first meetings on June 22, 2012, at
11:30 a.m., and 12:30 p.m., respectively at Level 22, The Center,
99 Queen's Road Central, Central, in Hong Kong.

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


WING KAI: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on May 7, 2012, to
wind up the operations of Wing Kai Investment Company Limited.

The official receiver is Teresa S W Wong.


WISDOM TECHNOLOGY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on June 6, 2012, to
wind up the operations of Wisdom Technology Company Limited.

The official receiver is Teresa S W Wong.



=========
I N D I A
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ADVIKA CONSTRUCTIONS: CRISIL Rates INR140MM Loan at 'CRISIL B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit bank facility of Advika Constructions Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             140      CRISIL B+/Stable (Assigned)

The rating reflects ACPL's exposure to project implementation
risk accentuated by initial stage of project execution and
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by
benefits that ACPL derives from its promoters' extensive
experience in the real estate industry.

Outlook: Stable

CRISIL believes that ACPL will benefit over the medium term from
the extensive experience of its promoters in the real estate
industry. The outlook may be revised to 'Positive' in case of
better-than-expected progress in completion of the project, along
with better-than-expected customer bookings, resulting in higher-
than-expected cash inflows for the company. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in the project, or in case of slower-than-expected ramp-
up in customer bookings, leading to less-than-expected cash
inflows and consequent deterioration in liquidity.

                      About Advika Constructions

Incorporated in 2006, Advika Constructions Pvt Ltd is currently
executing a residential real estate project 'Advika' in Pisoli,
Pune (Maharashtra). The project will comprise about 220
apartments (110 1-bedroom-hall-kitchen (BHK), 55 1.5-BHK, and 55
2-BHK apartments) housed in 14 buildings. The total construction
area of the project is about 207,166 square feet. The total cost
of the project is about INR356 million; about 40 per cent of the
project has been completed till date. The project is expected to
be completed by March 2014.

ACPL is a part of the Trimurti group of companies, promoted by
Mr. Ramesh Bhatia. The group consists of multiple entities
engaged in execution of residential and commercial real estate
projects across Maharashtra.


AVI AGRI: CRISIL Assigns 'CRISIL BB+' Rating to INR845MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable/CRISIL A4+' ratings to
the bank facilities of Avi Agri Business Pvt Ltd.

                            Amount
   Facilities             (INR Mln)  Ratings
   ----------             ---------  -------
   Term Loan                642.3    CRISIL BB+/Stable (Assigned)
   Proposed Long-Term        27.7    CRISIL BB+/Stable (Assigned)
   Bank Loan Facility
   Export Packing Credit    175      CRISIL BB+/Stable (Assigned)
   Bill Discounting         300      CRISIL A4+ (Assigned)
   Export Packing Credit   1125      CRISIL A4+ (Assigned)

The ratings reflect AVI's large scale of operations and its
promoters' extensive experience in the soya bean industry. These
rating strengths are partially offset by the AVI's average
financial risk profile marked by high gearing and moderate debt
protection metrics albeit supported by adequate net worth base,
limited pricing power, geographic concentration, and
vulnerability to volatility in raw material prices and to adverse
changes in government regulations.

Outlook: Stable

CRISIL believes that AVI's scale of operations will increase
substantially over the medium term, supported by its increased
production capacity and promoters' extensive experience in the
soya bean industry. The outlook may be revised to 'Positive' if
AVI's capital structure improves, most likely driven by
substantial equity infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' if AVI's revenues are less
than expected, most likely caused by any time overrun in
commissioning its ongoing project and stabilising operations
after completion of the project, or if there is pressure on its
profitability, leading to decline in its cash accruals.

                         About Avi Agri

Avi Agri Business Pvt Ltd, incorporated in 2009, is located in
Ujjain, Madhaya Pradesh. The company is engaged in producing and
selling of soya bean oil and high protein de-oiled cakes (H-
DOCs). The manufacturing facility of the company has total seed
crushing capacity of 600 tones per day (tpd) and oil refining
capacity of 100 tpd. The company is in the process of adding
crushing and refining capacities of 800 tpd and 200 tpd
respectively. These additional production capacities are expected
to be commissioned in July 2012. Around 65 per cent of AVI's
revenues come from export of H-DOCs to South-East Asian countries
whereas the remaining 35 per cent come from sale of soya oil and
other by-products to local traders and fast-moving consumer goods
companies.

AVI is part of the Suraj group, based in Indore (Madhaya
Pradesh). The other group entities are Suraj Impex India Pvt Ltd
(rated 'CRISIL A3+'), Anant Commodities Pvt Ltd (CRISIL A3+) and
Suraj Agri Business Pte Ltd, Singapore.

AVI reported, on provisional basis, a profit after tax (PAT) of
INR80 million on net sales of INR4.1 billion for 2011-12 (refers
to financial year, April 1 to March 31), against a PAT of INR6
million on net sales of INR3.4 billion for 2010-11.


BALAJI SOURCINGS: CRISIL Cuts Rating on INR50MM Loan to 'BB'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Balaji Sourcings Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', while reaffirming the rating on the company's short-
term rating at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              50      CRISIL BB/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

   Letter of Credit        150      CRISIL A4+ (Reaffirmed)

The rating downgrade reflects an estimated deterioration in
BSPL's debt protection metrics because of continued pressure on
its profitability margins. The company's operating margin
declined to an estimated 1.7 per cent in 2011-12 (refers to
financial year, April 1 to March 31) from 3.5 per cent in 2009-
10; the decline has been driven by the company's limited pricing
flexibility, increasing competitive pressures, and foreign
exchange (forex) losses. The decline in operating margin has
resulted in a decline in the company's interest coverage ratio to
an estimated 1.6 times in 2011-12 from 3.1 times in 2009-10.
CRISIL believes that BSPL's limited pricing flexibility and
increased competitive pressures will prevent any substantial and
sustained improvement in its profitability over the medium term.
The downgrade also factors in the company's increasing working
capital requirements estimated to result in a deterioration in
the company's total outside liabilities to tangible net worth
(TOL/TNW) ratio; the company's TOL/TNW ratio is estimated to
increase around 6 times as on
March 31, 2012, from 4.8 times as on March 31, 2011. CRISIL
believes that BSPL's small net worth and increased reliance on
outside liabilities to fund its operations will continue to keep
its TOL/TNW ratio high.

The ratings reflect BSPL's established relationships with its
suppliers and customers. These rating strengths are partially
offset by BSPL's below-average financial risk profile marked by a
high TOL/TNW ratio and a small net worth. The ratings also
reflect the company's exposure to risks typically associated with
the trading business and commoditised products.

Outlook: Stable

CRISIL believes that BSPL will benefit over the medium term from
its established position in the chemical trading industry on the
back of established relationships with customers and suppliers.
The outlook may be revised to 'Positive' if there is an
improvement in its working capital management or there is
substantial increase in net-worth on the back of equity infusion
from promoters. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

                       About Balaji Sourcings

Incorporated in 2006 by Mr. D Ram Reddy, Mr. A Prathap Reddy,
Mr. Vikas Shah, and Balaji Amines Limited, BSPL is a merchant
importer of methanol and other key chemicals used by
pharmaceuticals and agro-chemical industries. BSPL imports its
products from the Gulf countries, primarily from Saudi Arabia,
and sells them in India. The company has storage units in Mumbai
(Maharashtra) and Kandla (Gujarat).

For 2010-11, BSPL reported a profit after tax (PAT) of INR8
million on net sales of INR987 million, as against a PAT of INR11
million on net sales of INR664 million for 2009-10.


BLUE SAPPHIRE: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Blue Sapphire Healthcares Private Ltd to 'CRISIL D' from
'CRISIL BB/Stable.  The rating downgrade reflects instances of
delays in servicing of the term loan obligations owing to its
stretched liquidity position.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit Limit      100.0     CRISIL D (Downgrade from
                                    'CRISIL BB/Stable')

   Term Loan             1420.0     CRISIL D (Downgrade from
                                    'CRISIL BB/Stable')

BSHPL continues to have weak financial profile marked by
deterioration in its net worth, high gearing, and weak debt
protection metrics. Company is facing liquidity pressure due to
start up nature of operations with geographical concentration of
revenues, and limited experience in tertiary healthcare. However,
BSHPL continues to benefit from strong goodwill of promoter
director Dr. N. K. Pandey

                       About Blue Sapphire

Blue Sapphire Healthcares Private Ltd was incorporated in Feb
2007 for setting up a hospital in Faridabad, Haryana. The 350 bed
hospital 'Asian Institute of Medical Sciences (AIMS)' having 1400
employee count started its commercial operations from May 2010.
AIMS is located in Sector 21-A Faridabad next to Badkhal Flyover
and is well connected through NH-2 Faridabad Sukrajkund-Delhi
Road and Faridabad Gurgaon Road. AIMS offers state-of-the-art
facilities in Oncology (medical, radiation and surgery),
Cardiology (interventional and cardiac surgery), Orthopaedics,
General Surgery, General Medicine, Gynaecology, Paediatrics,
Laboratory Medicine, Neurology, Ophthalmology etc. among other
specialities. AIMS is positioning itself as a multi-specialty
tertiary care referral hospital. AIMS has recently added health
club facility having dermatology, spa and alternative medicine
facilities.

BSHPL was promoted by Dr. N. K. Pandey and Mr. Mukesh Mohta. Dr.
N. K. Pandey is a renowned surgeon with more than three decades
of experience in medical profession. He has been associated with
various reputed hospitals including North Devan District Hospital
UK, District General Hospital UK, Tata Central Hospital and
Escorts Hospital Faridabad. Dr. Pandey is supported, in the
management of the new hospital by his two sons and daughter-in-
laws Mr. Anupam Pandey, Dr. Prashanth Pandey, Mrs. Padmavathi
Pandey and Dr. Neha Pandey.

The other founder member, Mr. Mukesh Mohta is chartered
accountant by profession with more than 2 decades of experience
and is also a close associate of Pandey family.


BSA STEELS: CRISIL Assigns 'CRISIL BB-' Rating to INR205MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of BSA Steels Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             170      CRISIL BB-/Stable (Assigned)
   Adhoc Limit              35      CRISIL BB-/Stable (Assigned)
   Bill Discounting         45      CRISIL A4+ (Assigned)
   under Letter of
   Credit

The ratings reflect extensive experience of BSA's promoter in the
iron and steel trading business and its diverse product
offerings.

These rating strengths are partially offset by the weak financial
risk profile, marked by modest net worth, moderate total outside
liabilities to tangible networth ratio and weak debt protection
metrics, and its large working capital requirements. The ratings
also factor in BSA's exposure to risks related to intense
competition in the steel trading industry and fluctuation in raw
material prices.

Outlook: Stable

CRISIL believes that BSA will continue to benefit over the medium
term from its promoter's experience in the steel trading
business. The outlook may be revised to 'Positive' if BSA's
financial risk profile improves, most likely because of
improvement in capital structure and significant increase in
revenues and profitability. Conversely, the outlook may be
revised to 'Negative' if BSA's profitability declines, most
likely because of continued volatility in steel prices and sharp
decline in sales, or if BSA undertakes a significant debt-funded
capital expenditure programme, resulting in the weakening of its
capital structure over the medium term.

                         About BSA Steels

Set up as private limited company in 2008 and based in Hyderabad,
BSA is engaged in the trading of iron and steel products. BSA is
authorised distributor for Steel Authority of India Limited and
Rashtriya Ispat Nigam Limited (rated CRISIL A1+). The promoter
director Mr. Pawan Sonthalia has a long standing experience of
around three decades in trading of iron and steel products. BSA
commenced commercial operations during 2010-11.

BSA, on a provisional basis, reported a profit after tax (PAT) of
INR9.4 million on net sales of INR2.83 billion for 2011-12
(refers to financial year, April 1 to March 31), as against a PAT
of INR6.6 million on net sales of INR2.85 billion for 2010-11.


CLIMAX SYNTHETICS: CRISIL Upgrades Rating on INR70MM Loan to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Climax Synthetics Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming the rating on the short-term bank
facility at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              70      CRISIL B+/Stable (Upgraded
                                    from CRISIL B/Stable)

   Bank Guarantee           38      CRISIL A4 (Reaffirmed)

   Bill Purchase-           15      CRISIL A4 (Reaffirmed)
   Discounting Facility

   Letter of Credit         42.5    CRISIL A4 (Reaffirmed)

The upgrade reflects significant correction in CSPL's capital
structure, following equity infusion by the company's promoters.
CSPL's gearing is expected to improve to around 2.8 times as on
March 31, 2012 from over 4 times in the past. The promoters
infused capital of INR36 million over past two years, to support
the company's capital structure. CSPL is expected to sustain its
gearing at current levels in the absence of any debt-funded
capital expenditure (capex) plans. Moreover, CSPL's exposure to
equity instruments has remained constant over the past two years
and the company is not expected to increase the portfolio by any
significant amount over the medium term.

The ratings continue to reflect CSPL's small scale of operations,
weak financial risk profile, marked by small net worth and high
gearing, and exposure to risks related to investments in equity
instruments. These rating weaknesses are partially offset by the
extensive experience of CSPL's promoters in the plastic industry.

Outlook: Stable

CRISIL believes that CSPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company reports higher-than-
expected revenue growth, with improved profitability, leading to
improvement in its debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if CSPL increases its
exposure in equity investments, or its financial risk profile
deteriorates further because of larger-than-expected, debt-funded
capex, or because of weakening of its working capital management.

                      About Climax Synthetics

Climax Synthetics Pvt Ltd, incorporated in 1974, is promoted by
Mr. K R Mundra and his brother. The company manufactures high-
density and low-density polyethylene sheets, geo membranes,
pipes, and fittings. Its manufacturing facility in Vadodara
(Gujarat), with capacity to manufacture 14,000 tonnes of plastic
sheets per annum, is operating at about 50 per cent utilization
level. Also, since 1996-97 (refers to financial year, April 1 to
March 31), the company has been a stockiest for GAIL (India) Ltd,
and deals in plastic granules. CSPL also trades in plastic
products; it derived about 30 per cent of its total revenues from
this business in 2011-12.

For 2010-11, CSPL reported a PAT of INR8.8 million on net sales
of INR462.6 million, against a PAT of INR6.6 million on net sales
of INR528.4 million for 2009-10.


ETHIX VANDAN: CRISIL Rates INR250MM Term Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the term
loan facility of Ethix Vandan.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               250      CRISIL B+/Stable (Assigned)

The rating reflects EV's exposure to project implementation
risks, accentuated by the initial stage of project execution, and
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits EV derives from its partners' extensive industry
experience and their funding support.

Outlook: Stable

CRISIL believes that EV will benefit over the medium term from
the extensive experience of its partners in the real estate
industry and from the funding support from group entities. The
outlook may be revised to 'Positive' in case of better-than-
expected progress in completion of project, along with better-
than-expected customer inflows, resulting in higher-than-expected
cash inflows for the firm. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in the project or
slower-than-expected ramp-up in customer bookings, leading to
lower-than-expected cash inflows and consequent deterioration in
liquidity.

                       About Ethix Vandan

Established in 1995 as a partnership firm, EV is currently
executing its first residential real estate project. The
execution of the project commenced in June 2010 and is scheduled
to be completed by March 2015. The project is located at
Erandwane (Maharashtra) and will comprise about 68 apartments (4
2-bedroom-hall-kitchen (BHK), 34 3-BHK, and 30 4-BHK apartments)
housed in 2 buildings. The total cost of the project is about
INR731.5 million; about 21 per cent of the project has been
completed till date. EV also has plans to commence commercial
real estate activity on the same project site, but the plans are
in its nascent stage.

EV is a part of the Trimurti group of companies, promoted by Mr.
Ramesh Bhatia. The group consists of multiple entities engaged in
execution of residential and commercial real estate projects
across Maharashtra.


FIFTH AVENUE: CRISIL Assigns 'CRISIL B' Rating to INR80MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Fifth Avenue Sourcing Pvt Ltd (part of the FA
group).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              35      CRISIL B/Stable (Assigned)
   Long-Term Loan           45      CRISIL B/Stable (Assigned)

The ratings reflect the FA group's below-average financial risk
profile, marked by a small net worth and constrained by the
group's large expansion plans, and concentration in its revenue
profile. These rating weaknesses are partially offset by the FA
group's established market position in the sourcing of apparels
for international brands.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of FAS, Fifth Avenue Hotels and Resorts
Pvt Ltd, and Fifth Avenue Retail Pvt Ltd, together referred to as
the FA group herein. This is because the three entities are under
common management, and have significant fungible cash flows among
them.

Outlook: Stable

CRISIL believes that the FA group will continue to benefit over
the medium term from its established market position in the
sourcing business. The outlook may be revised to 'Positive' if
the FA group diversifies its revenue profile coupled with
sustainable improvement in profitability. Conversely, the outlook
may be revised to 'Negative' if there are significant delays in
stabilisation of operations at the planned restaurants and
apparel retail outlets, impacting its revenues and margins, or if
the company undertakes a larger-than-expected, debt-funded
capital expenditure programme, thereby causing more-than-expected
deterioration in its capital structure.

                        About the Group

Incorporated in 2001 and based in Chennai, FAS is a sourcing
management company, engaged in the sourcing of apparels for
international brands. It currently caters to 18 international
brands, with offices in India, Bangladesh, France and Germany.
The company is promoted by Mr. Pramaodh Sharma and his family.

FAH was setup in 2008 and is a wholly owned subsidiary of FAS.
The company owns and operates a chain of Italian restaurants
under the brand Pasta Bar Veneto. It currently has four outlets,
three in Chennai and one in Puducherry. In 2012-13 (refers to
financial year, April 1 to March 31), the company plans to expand
its reach by opening six new outlets, three in Chennai and one
each in Bangalore, Delhi, and Pune. Apart from the owned outlets,
the company is also looking for expansion through the franchise
model. It has already tied up with two outlets under the
franchise model, one each in Coimbatore and Salem (both in Tamil
Nadu).

FAR was setup in 2009 and is a wholly owned subsidiary of FAS.
The company owns one apparel retail outlet in Chennai, and sells
casuals under its brands Fred Stuart and Anteedote. In 2012-13,
the company plans to open two new outlets in Chennai.

In 2011-12, FA group derived 87.3 per cent of its revenues from
the sourcing business, 8.3 per cent from apparel retailing
business, and 4.4 per cent from the restaurant business.

The FA group on a provisional basis reported a loss of INR2.3
million on net sales of INR330.4 million for 2011-12, against a
loss of INR25.8 million on net sales of INR290.2 million for
2009-10.


MAA SARDA: CRISIL Rates INR90 Million Term Loan at 'CRISIL B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term
loan bank facility of Maa Sarda Education Trust.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               90        CRISIL B-/Stable (Assigned)

The rating reflects MSET's nascent stage of operations and
stretched liquidity profile marked by tightly matching net cash
accruals against repayment obligations. These weaknesses are
partially offset by extensive experience of MSET's trustees in
running DPS franchisee schools

Outlook: Stable

CRISIL believes that Maa Sarda Education Trust will continue to
have stretched liquidity profile on account of tightly matching
net cash accruals against repayment obligations. The outlook may
be revised to Positive upon successful stabilization of the
school operations resulting in higher student intake leading to
better than expected cash accruals. Conversely the outlook would
be converted to negative if the company experiences any delays in
stabilization of school operations resulting in lower than
expected accruals further weakening the liquidity profile.

Maa Sarda Education Trust was founded in 2010 by Mr. Vijay
Agarwal to provide school education under the Delhi Public School
franchise in CBSE curriculum at Howrah. MSET started its first
batch of students in April 2012, and has in its fold 150 students
at its campus.


MARVEL ASSOCIATES: CRISIL Assigns 'B' Rating to INR120MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Marvel Associates.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Term Loan      120      CRISIL B/Stable (Assigned)

The rating reflects Marvel's susceptibility to risks related to
the completion and saleability of its proposed residential real
estate project in Visakhapatnam (Andhra Pradesh), and cyclicality
in the Indian real estate industry. These rating weaknesses are
partially offset by the long standing industry experience of
Marvel's promoters.

Outlook: Stable

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

                     About Marvel Associates

Established in 2010, the Visakhapatnam based, Marvel is in the
real estate construction business. Marvel proposes to undertake
construction of a residential apartment project -- VIP towers at
Waltair Road, Vishakhapatnam (Andhra Pradesh). It is the maiden
project being executed by the company. The project envisages 101
flats with a total saleable area of 173260 square feet. The
construction of the project has commenced during November 2010
and is scheduled to be completed by December 2013.The project
cost of INR363.2 million would be funded with promoter's
contribution of INR105.5 million, bank funded term loan of INR120
million, customer advances of INR110.20 million and unsecured
loans of around INR15 million. The key managing partners Mr. G.S.
Raju, Mr.A.N.Raju, Mr. G. Punna Rao, Ms. P. Vishnu Vandana, Mr.
G.V.S Rama Raju have a long standing experience of over past
three decades in real estate development and have undertaken
projects with development of saleable area of around 1.067
million square feet.


RADHA SMELTERS: CRISIL Upgrades Rating on INR508.5MM Loan to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Radha Smelters Ltd to 'CRISIL BB/Stable' from 'CRISIL BB-
/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              280      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit         80       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Long-Term Loan            3       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan               145.5     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects the expected improvement in RSL's
business risk profile on the back of steady growth in revenues,
while it maintains its moderate profitability over the medium
term. The company has successfully stabilized the operations at
its new billet manufacturing unit and its enhanced capacities at
rolling mill, which commenced operations in May 2011. The upgrade
also factors in the healthy growth in RSL's revenues in 2011-12
(refers to financial year, April 1 to March 31) by 40 per cent
over 2010-11.

The rating reflects the benefits derived by RSL from its
experienced promoter and its established regional position. These
rating strengths are partially offset by RSL's average financial
risk profile, marked by high gearing and moderate debt protection
metrics. The rating also factors in the susceptibility of the
company's profitability to volatility in raw material prices and
intense industry competition.

Outlook: Stable

CRISIL believes that RSL will continue to benefit from its
experienced promoter and its established regional position in
Hyderabad (Andhra Pradesh). The outlook may be revised to
'Positive' if the company improves its profitability, while
sustaining the growth in its revenues, leading to more-than-
expected cash accruals, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative' if RSL's revenues and profitability decline sharply
due to any downturn in the construction sector, or if it
undertakes more-than-expected debt-funded capital expenditure
programme.

                      About Radha Smelters

Radha Smelters Ltd started its operations in 2007-08 by taking
over the operations of Radha Steels (common promoter). Set up by
Mr. Sunil Sheraf, Radha Steels manufactured mild steel (MS)
sections/angles at a capacity of 9600 tonnes per annum (tpa). RSL
manufactures billets, thermo-mechanically treated bars, MS
angels, channels, and MS sections. Its billet and steel rolling
mill units have capacities of 72000 tpa each. RSL's manufacturing
facilities are located in Shankarampet and Nacharam, near
Hyderabad.

For 2010-11, RSL reported a profit after tax (PAT) of INR33.5
million on net sales of INR1.7 billion, as against a PAT of
INR15.5 million on net sales of INR1.2 billion for 2009-10. RSL
recorded provisional revenues of INR2.4 billion for 2011-12.


SAI HEMAJA: CRISIL Rates INR250MM Term Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
bank facility of Sai Hemaja Aerobricks Private Limited.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan              250       CRISIL B/Stable (Assigned)

The rating reflects SHAPL's exposure to execution and offtake
related risks in respect of its ongoing project at Nellore, and
vulnerability of operating performance to the slowdown in the
real estate industry. These rating weaknesses are partially
offset by the established contacts of the promoters with various
players in the infrastructure and housing sectors.

Outlook: Stable

CRISIL expects SHAPL to benefit from the established background
of its promoters and healthy demand outlook for AAC blocks. The
outlook may be revised to 'Positive' if SHAPL generates
significantly higher-than-expected revenues and cash accruals
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' in case it faces challenges in
attaining the optimal utilisation level, thereby impairing debt
servicing ability.

                        About Sai Hemaja

Sai Hemaja Aerobricks Private Limited was incorporated as a
private limited company in November 2008, by Mr. Kilaru Puneet
Prasad, alongwith his mother and sister Mrs. K. Padmaja and Ms.
K. Hemanjani and business acquaintances Mr. D.B.N. Rao and Mr. B.
Ramachandra Rao.

The company is setting up a manufacturing facility of AAC blocks
at Nellore, Andhra Pradesh. The total installed capacity of the
AAC plant is 900 Cu. M/day or 270,000 M3/ annum. The plant is
expected to commence operation by August 2012.


TEJRAJ PROMOTERS: CRISIL Rates INR150MM Term Loan at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the term loan
bank facility of Tejraj Promoters and Builders.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               150      CRISIL B/Stable (Assigned)

The rating reflects TPB's exposure to implementation-related
risks associated with its ongoing projects, accentuated by the
initial stage of execution, susceptibility to downturn and
inherent risks in the Indian real estate industry, and
constrained financial risk profile, marked by small net worth and
high gearing. These rating weaknesses are partially offset by the
benefits that the firm derives from its proprietor's long track
record in the real estate industry and the funding support it
receives from the proprietor.

Outlook: Stable

CRISIL believes that TPB will continue to benefit from its
proprietor's industry experience over the medium term. The
outlook may be revised to 'Positive' if TPB's financial risk
profile improves, most likely driven by completion of its ongoing
projects without any time or cost overrun and more-than-expected
customer advances for the projects. Conversely, the outlook may
be revised to 'Negative' if the firm's liquidity comes under
increased pressure, most likely caused by time or cost overrun in
the ongoing project or less-than-expected customer advances.

                        About Tejraj Promoters

Tejraj Promoters and Builders, established in September 2009, is
a proprietorship firm of Mr. Tejraj Patil. The firm remained non-
operational until the first half of 2010, when it started its
first real estate project. The projects executed by the firm are
primarily redevelopment projects, undertaken in association with
the occupants of the property to be redeveloped. The firm has
four ongoing real estate redevelopment projects in Pune
(Maharashtra), at Bhosale Nagar (project: Mallika), Kothrud (Tej
Aura), Bhandarkar Road (Tej Glory) and JM road (Tej Pearl). TPB
has plans to start a residential real estate project in Balewadi
(Pune).


TILAK INDUSTRIES: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tilak Industries.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               85         CRISIL B/Stable
   Overdraft Facility        15         CRISIL B/Stable

The rating reflects Tilak's presence in the highly competitive
and fragmented cotton ginning and trading industry leading to
limited pricing flexibility, susceptibility of operating margin
to volatility in cotton prices and weak financial risk profile
marked by low net worth and highly geared capital structure.
These rating weaknesses are partially offset by the benefits that
the firm derives from its promoter's extensive experience in the
cotton industry and its well established relationships with its
customers and suppliers.

Outlook: Stable

CRISIL believes that Tilak will continue to benefit from its
promoter's extensive experience in the cotton industry and its
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations substantially, while improving its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm's profitability declines
because of adverse movements in cotton prices, thereby weakening
its financial risk profile.

                      About Tilak Industries

Tilak was set up as a proprietorship firm in 1992 by Haryana
based Mr. Raj Kumar Garg. Tilak is engaged in cotton ginning and
trading of cotton bales. The firm derives around 70 per cent of
its revenues from trading of cotton bales, while the remaining is
from its ginning operations. Tilak's manufacturing facility is
located at Tohana, Haryana with a manufacturing capacity of
around 300 bales per day of cotton.

Tilak reported a profit after tax (PAT) of INR1.8 million on net
sales of INR1.15 billion (provisional) for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR0.9
million on net sales of INR886.7 million for 2010-11.


VISHVAS POWER: Delay in Loan Payment Cues CRISIL Junk Rating
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Vishvas Power Engineering Services Pvt Ltd.  The
rating reflects instances of delay by VPES in servicing its debt;
the delays have been caused by the company's weak liquidity.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              50      CRISIL D (Assigned)
   Term Loan               120      CRISIL D (Assigned)

VPES's rating also reflects its highly working-capital-intensive
operations marked by a stretched receivable cycle, leading to
overutilization of cash credit limits on a regular basis. This
rating weakness is partially offset by the extensive industry
experience of VPES' promoters and moderately diverse customer
base in the transformer servicing segment.

Vishvas Power Engineering Services Pvt Ltd was incorporated by
Mr. Bhave, Mr. Joharapurkar, and Mr. Dmello in 1995-96 (refers to
financial year, April 1 to March 31) mainly to undertake
servicing of High Tension (HT) switchgears and transformers. All
the three promoters have worked in Crompton Greaves Ltd for
around 15 years before starting VPES. The company initially
serviced transformers and HT switchgears. Over the years, the
company concentrated more on servicing transformers. In 2005-06,
it also started repairing the transformers. To further diversify
its portfolio, VPES is planning to get into transformer
manufacturing; currently, it manufactures transformers for
Crompton Greaves Ltd on a contract basis.

VPES reported a profit after tax (PAT) of INR8 million on net
sales of INR152 million for 2011-12, as against a PAT of INR11.4
million on net sales of INR147 million for 2010-11.



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


MEDIA NUSANTRA: S&P Affirms 'BB-' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Indonesia-based TV Broadcaster PT
Media Nusantara Citra Tbk. "We then withdrew the rating at the
company's request," S&P said.

At the time of withdrawal, the rating outlook was stable.



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


TOKYO ELECTRIC: New Loan Said to Have "Strict" Covenants
--------------------------------------------------------
Emi Urabe at Bloomberg News reports that Tokyo Electric Power
Co.'s new loan that is part of the nation's largest bailout in
more than a decade will come with "strict" covenants triggering
repayment, according to three people familiar with the matter.

According to Bloomberg News, the people said that banks offering
the loan to TEPCO, as the utility is known, can ask for repayment
in full if its profit or net assets fall 25% below targets
stipulated in the company's business plan for two consecutive
quarters. The conditions will apply to a JPY370 billion (US$4.6
billion) portion of TEPCO's JPY1 trillion loan, Bloomberg's
sources said.

Bloomberg News says the funds are part of Japan's bailout for the
owner of the stricken Fukushima Dai-Ichi nuclear plant. Banks,
whose loans supported TEPCO after the March 11 disaster locked it
out of the bond market, are requiring stringent repayment
conditions in exchange for offering low interest rates to the
utility, the people, as cited by Bloomberg, said.

"This is a negative for bond investors," because the covenants
mean banks will be repaid first in case of a default, Hisayoshi
Nogawa, a Tokyo-based structured credit strategist at BNP Paribas
SA, said in a telephone interview today. "Chances that things
will get so bad for the company as to trigger these conditions
are pretty low."

"We are continuing to negotiate with financial institutions
regarding the details of financings," TEPCO's spokesman Masanori
Suto told Bloomberg News.

The company has JPY4.25 trillion of bonds outstanding, including
JPY449 billion due this year, according to data compiled by
Bloomberg.  It also has JPY3.72 trillion of long-and short-term
loans that aren't guaranteed, the utility said last month.

                        About Tokyo Electric

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of TEPCO and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.



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


4RF COMMUNICATIONS: Owes ANZ National NZ$4.1MM, Receivers Say
-------------------------------------------------------------
BusinessDesk reports that 4RF Communications owes ANZ National
NZ$4.1 million, while other creditors are yet to be confirmed,
according to receiver PricewaterhouseCoopers.

"The balance of debt owed to the bank is at the date of the
receivership and may be subject to additional interest, penalties
and adjustments," PricewaterhouseCoopers, as cited by
BusinessDesk, said in its first receivers' report.  "We note
there is a cross-guarantee between 4RF Ltd and the company in
respect of amounts owing to the bank."

BusinessDesk notes that PwC is yet to receive confirmation of the
debt owed to creditors CWC and Connect Capital. Fuji Xerox
Finance has discharged four of five security interests while
Ingram Micro and Sealed Air have also discharged their security
interests in the company, the report says.

                      About 4RF Communications

4RF Communications, Ltd. -- http://www.4rf.com/-- designs and
manufactures point to point microwave radio systems in New
Zealand and internationally. Its products include Aprisa XE
digital access radio, a point-to-point linking solution; and
Aprisa XS expansion shelf.

As reported in the Troubled Company Reporter-Asia Pacific on
April 9, 2012, BusinessDesk said 4RF Communications Ltd has been
placed in receivership after it failed to reach agreement on
restructuring some NZ$5.5 million of convertible notes.
John Fisk of PricewaterhouseCoopers was appointed receiver.
Mr. Fisk told BusinessDesk the operating business of 4RF has been
placed in a separate vehicle and is continuing in business while
the merits of a full sale of the business or capital raising are
considered.


NEW ZEALAND DAIRIES: Fonterra Buys Milk Powder Plant
----------------------------------------------------
TVNZ reports that Fonterra has agreed to buy the South Canterbury
milk powder plant of New Zealand Dairies, the Russian-owned
company that went into receivership last month.

No price was disclosed for the plant at Studholme, which can
process about 150 million litres of milk a year, TVNZ notes.

According to the report, Fonterra chief executive Theo Spierings
said the factory will complement the cooperative's new plant at
Darfield, which is due to start processing milk in August.

TVNZ relates that Mr. Spierings said Fonterra "has clearly
identified the importance of growing milk volumes and optimising
our New Zealand manufacturing operations."

As part of the deal NZ Dairies' existing farmer-suppliers will be
offered the opportunity to supply Fonterra on contract and become
shareholders within six years, Mr. Spierings, as cited by TVBZ,
said.

The purchase is subject to Commerce Commission approval, the
report adds.

                             About NZ Dairies

New Zealand Dairies Limited engages in dairy processing, baby
food production and distribution.  NZ Dairies is owned by Russian
firm Nutritek. The company is based in Studholme, New Zealand.

VTB Capital Limited, secured creditor of New Zealand Dairies
Limited, has appointed Colin Gower, Stephen Tubbs and Brian Mayo
Smith of BDO Chartered Accountants as Receivers. The receivership
includes New Zealand Dairies Limited and related Companies
Studholme Corporation Limited and Dairy Exports New Zealand
Limited.  VTB Capital is owed about NZ$28 million, according to
NBR Online.



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


ADMIRALTY INDUSTRIAL: Members' Final Meeting Set for July 16
------------------------------------------------------------
Members of Admiralty Industrial Park Pte Ltd will hold their
final meeting on July 16, 2012, at 9:00 a.m., at 60 Anson Road,
#17-01 Mapletree Anson, Singapore 079914.

At the meeting, Catherine Alice Reynolds, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


AEGIS LTD: S&P Affirms 'BB-' Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on India-based business process
outsourcing (BPO) service provider Aegis Ltd. The outlook is
stable. "We removed the rating from CreditWatch, where it was
placed with negative implications on March 15, 2012," S&P said.

"We affirmed the ratings because we expect Aegis to maintain its
operating performance and aggressive financial risk profile,"
said Standard & Poor's credit analyst Katsuyuki Nakai. "The
company's liquidity position has improved to adequate since it
refinanced a US$190 million bullet loan. Aegis extended its debt
maturity profile after it used long-term loans of US$156 million
and its own sources to refinance the bullet loan."

Aegis' "weak" business risk profile reflects the company's heavy
reliance on the inbound voice business, which has lower margins
and a higher attrition rate than that of peers' in the BPO
industry. The company's moderate size, strong growth prospects,
and recurring revenues from a good client base support the
rating. Aegis has a fairly diversified geographic and client mix,
though within the narrow bounds of the voice call business.

"We estimate Aegis' ratio of funds from operations (FFO) to debt
at 25%-33% over the next two years. However, high working capital
requirements are likely to result in lower cash flows from
operations. We estimate the debt-to-EBITDA ratio to be between 2x
and 3x over the same period," S&P said.

"We expect Aegis' revenue to grow by over 20% in the fiscal years
ending March 31, 2013 and 2014," said Mr. Nakai. "Our view is
based on the company's strong revenue visibility, with high
renewal rates of 99%, growing business from existing clients, and
higher revenues from its nascent Middle-East business. We
estimate that Aegis' adjusted EBITDA margins will be stable at
12% over the next two years. We expect Aegis' working capital
cycle to only gradually improve."

"Aegis' operating performance in the quarter ended March 31,
2012, was much stronger than our expectation. This resulted in a
better full-year financial performance than our revised
expectations, despite relatively weak operating performances in
the first three quarters of the year," S&P said.

"Aegis has adequate cushion on its financial covenants. We expect
the company to meet its uses even if its EBITDA falls by 15%-
20%," S&P said.

"The stable outlook reflects our expectation that Aegis' will
have strong revenue growth and stable EBITDA margins of 12%," S&P
said.

"We may raise the rating if: (1) Aegis improves its business
position by increasing the share of higher-value-added businesses
and decreasing its reliance on inbound voice revenues; and (2)
Aegis' EBITDA margins stay above 12%-13% on a sustained basis,
such that the ratio of FFO to operating lease adjusted debt is
more than 30%," S&P said.

S&P may lower the rating if:

- Aegis fails to manage organic growth. This could be due to the
   company's inability to recruit employees on time while facing
   high attrition rates; and there is a significant time lag in
   the new sales force's generation of additional business;

- Aegis acquires a large company, signaling an early return to
   an aggressive acquisition-led growth strategy; or

- The company's unadjusted EBITDA margins weaken to 10% due to
   higher wages or selling expenses, such that cash flow
   protection measures weaken with the ratio of FFO to operating
   lease adjusted debt less than 20%.


ASIA GHANI: Creditors' Proofs of Debt Due June 29
-------------------------------------------------
Creditors of Asia Ghani Marine Pte Ltd, which is in creditors'
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's liquidator is:

          Goh Ngiap Suan
          c/o VA Planner Pte. Ltd.
          336 Smith Street
          #06-308 New Bridge Centre
          Singapore 050336


CHUAN INDUSTRIES: Creditors Get 2.40% Recovery on Claims
--------------------------------------------------------
Chuan Industries Pte Ltd declared the first and final dividend on
June 11, 2012.

The company paid 2.40% to the received claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


EASTERN OCEAN: Court to Hear Wind-Up Petition June 29
-----------------------------------------------------
A petition to wind up the operations of Eastern Ocean Line Pte
Ltd will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

The Shipping Corporation Of India Limited filed the petition
against the company on June 6, 2012.

The Petitioner's solicitors are:

         AsiaLegal LLC
         8 Robinson Road
         #08-00 ASO Building
         Singapore 048544


FM CONTRACTING: Creditors' Proofs of Debt Due June 30
-----------------------------------------------------
Creditors of FM Contracting Services Private Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 30, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Andrew Grimmett
          Lim Loo Khoon
          6 Shenton Way, #32-00
          DBS Building Tower Two
          Singapore 068809


HLK TECHNO: Court to Hear Wind-Up Petition June 29
--------------------------------------------------
A petition to wind up the operations of HLK Techno Pacific Pte
Ltd will be heard before the High Court of Singapore on June 29,
2012, at 10:00 a.m.

Malayan Banking Berhad filed the petition against the company on
June 5, 2012.

The Petitioner's solicitors are:

         Khattarwong LLP
         No. 80 Raffles Place
         #25-01 UOB Plaza 1
         Singapore 048624



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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