TCRAP_Public/120828.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, August 28, 2012, Vol. 15, No. 171

                            Headlines


A U S T R A L I A

ABC LEARNING: Legal Tussle With Austock Settled
ARAB BANK: Fitch Affirms 'BB+' Viability Rating
ASSET FINANCE: S&P Affirms 'B' Issuer Credit Rating
KAR LAND: Consumers Unable to Get Back Vehicles After Collapse


C H I N A

CHINA CEETOP.COM: Had $274,000 Net Loss in Second Quarter
COUNTRY GARDEN: 1st Half Yr. Results Support Moody's Ba3 Rating
FIFTH SEASON: Had $9.7 Million Net Loss in Second Quarter
GEMDALE CORP: 1H 2012 Result in Line with Moody's 'Ba1' Rating
GREAT CHINA INTERNATIONAL: Reports $664,000 Q2 Net Loss

SHENGDATECH INC: Posts $9.5 Million Net Loss in July
WINSWAY COKING: 1H 2012 Loss No Impact on Moody's 'Ba3' CFR


H O N G  K O N G

LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
TEAMARK TOYS: Li and Wong Appointed as Liquidators
V-TRAC HOLDINGS: First Meetings Slated for Sept. 14
VAUGHN COMPANY: Court to Hear Wind-Up Petition on Oct. 10
WAH DECORATION: Court to Hear Wind-Up Petition on Sept. 12

WHEELER ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 3


I N D I A

ANKUR DRUGS: Fitch Withdraws 'D' National Long-Term Rating
ARIHANT GEMS: CARE Rates INR7.5cr LT Loan at 'CARE B+'
C. DINESH: CARE Rates INR50cr LT Loan at 'CARE BB'
CHOICE TRADING: CARE Rates INR3.51cr Loan at 'CARE C'
GAJANAND COTTEX: CARE Rates INR8.49cr LT Loan at 'CARE B'

INFINITE WATER: CARE Rates INR3.27cr Loan at 'CARE BB'
KAKADE HEALTHCARE: CARE Rates INR155cr LT Loan at 'CARE BB'
LOKHANDWALA KATARIA: CARE Rates INR200cr Loan at 'CARE BB-'
LONSEN KIRI: CARE Puts 'BB' Rating on INR3.75cr LT Loan
NANDAN PETROCHEM: Fitch Assigns 'BB+' National Long-Term Rating

PHENIL SUGARS: CARE Assigns 'CARE BB-' Rating to INR50cr LT Loan
SATISH MOTORS: CARE Rates INR6.45cr LT Loan at 'CARE BB-'
SHREE JAGDAMBA: CARE Puts 'CARE B+' Rating on INR11.97cr LT Loan
S.V. EXPORTS: CARE Rates INR14.63cr LT Loan at 'CARE B+'
SWASTIK CEMENT: CARE Rates INR5.45cr LT Loan at 'CARE BB'

VIDYASAGAR & SONS: CARE Rates INR22.78cr LT Loan at 'CARE B+'


J A P A N

J-CORE 16: Moody's Cuts Rating on Class D Certificates to 'C'
JLOC XXXI: S&P Cuts Rating on Class D Trust Certificates to 'D'
OLYMPUS CORP: To Sell Mobile Phone Unit for JPY53 Billion
PIONEER CORP: S&P Affirms BB- Corp. Credit Rating, Withdraws CCR


S I N G A P O R E

HEALTHE HOLDINGS: Creditors' Proofs of Debt Due Sept. 24
ITAI TECHNOLOGIES: Court to Hear Wind-Up Petition Sept. 7
MARINE ENGINEERING: Court to Hear Wind-Up Petition Sept. 7
MYCOFARM PTE: Court to Hear Wind-Up Petition Sept. 7
POLYGON CONSTRUCTION: Court Enters Wind-Up Order


V I E T N A M

ASIA COMMERCIAL: Fitch Places Low-B IDRs on Rating Watch Negative
ASIA COMMERCIAL: Moody's Downgrades Issuer Ratings to 'B2'


X X X X X X X X

* BOND PRICING: For the Week August 20 to August 24, 2012


                            - - - - -


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


ABC LEARNING: Legal Tussle With Austock Settled
-----------------------------------------------
Australian Associated Press reports that Austock Group Limited
has agreed to make an undisclosed payout to end a legal battle
with Eddie Groves, the former boss of childcare group ABC
Learning.

AAP recalls that Mr. Groves -- whose empire of childcare centres
collapsed in 2008, owing creditors AUD2.7 billion -- launched
legal action against his stockbrokers in late 2010.

According to the report, Austock said it had settled the claim
for an undisclosed sum and without admission of liability.

News of the settlement came just before lawyers for both parties
were due to appear at the start of a trial in Victoria's Supreme
Court, AAP says.

AAP notes that Mr. Groves had alleged Austock failed to sell his
five million shares in the company despite him ordering it to do
so in February 2008.  He claimed that the failure to carry out
his order cost him ownership of his property at Currumbin on the
Gold Coast, estimated to be worth AUD2.7 million, the news agency
relates.

His helicopter and boat were also repossessed when he could not
meet the repayments while waiting for his money from Austock, the
report relays.

According to AAP, Mr. Groves had originally sought AUD7.4 million
from Austock, but later reduced the sum to AUD3.1 million.

Austock, which disputed Mr. Groves' claims, said it had reached a
confidential settlement on August 25, AAP adds.

                        About ABC Learning

Based in Australia, ABC Learning Centres Limited provided
childcare services and education in more than 1,200 centers in
Australia, New Zealand, the United States and the United Kingdom.

In November 2008, ABC Learning Centres Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.

The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010.  Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case.  ABC's debts and assets were
estimated to be between US$100 million and US$500 million.

A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.

In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.


ARAB BANK: Fitch Affirms 'BB+' Viability Rating
-----------------------------------------------
Fitch Ratings has affirmed Arab Bank Australia Limited's ratings,
including its Long-Term Issuer Default Rating (IDR) at 'A-'.  The
Outlook is Stable.

ABAL's Long- and Short-Term IDRs and Support Rating reflect the
potential for support from its parent, Jordan-based Arab Bank Plc
('A-'/Stable), were it required.  The Stable Outlook on ABAL's
Long-Term IDR reflects the Outlook of its parent.

ABAL's weak funding profile, as well as its concentrated loan
portfolio and deteriorating asset quality are reflected in its
Viability Rating (VR) of 'bb+'.  Some of these risks are
mitigated by the bank's good capital and liquidity position and
the bank's operating profitability remains modest, due in part to
its small franchise.

Arab Bank Plc maintains a conservative and liquid balance sheet,
and with ABAL accounting for just 3% of group assets at
Dec. 31, 2011, there is an extremely high probability of support.
Fitch does not expect a change in the parent's level of support
following the resignation of Arab Bank Plc's chairman in August
2012.  However, ABAL's Long- and Short-Term IDRs and Support
Rating remain sensitive to any reduction in either the propensity
or the ability of the parent to provide support.

ABAL's funding profile weakened during FY11 as customer deposits
declined, resulting in a loan/deposit ratio of 144% (FYE10:
136%).  Fitch notes that the customer deposit outflow was offset
by an increase in interbank deposits, which tend to be short-term
in nature and more susceptible to market sentiment.  On the
flipside, ABAL's liquidity significantly improved, with its
securities/total asset ratio increasing to 25% at FYE11 (FY10:
18%).  Fitch notes that ABAL successfully increased its customer
deposit balances in the first half of the financial year ending
Dec. 31, 2012 (H112).

ABAL's asset quality continued to deteriorate as its impaired
loan ratio increased to 3.26% at FYE11 (FYE10: 2.08%), while its
impaired loan coverage ratio improved to 64%, up from 60% at
FYE10.  In H112 impaired loan ratio started to stabilise, but
past due loans continued to rise, mainly in the smaller business
loan portfolio, reflecting the tougher operating environment for
small businesses in Australia.  Concentration in the loan
portfolio represents some risk, especially when considering the
modest pre-impairment operating profitability, which provides a
limited buffer to absorb losses.

The bank's capitalisation has improved following a capital
injection of AUD6.5 million.  In addition to a reduction in risk
weighted assets, this has helped ABAL strengthen its Fitch Core
Capital ratio to 12.2% at FYE12.

ABAL's VR factors in a high level of ordinary support from its
parent.  Any weakening of this support is likely to result in a
downgrade.  The VR could also be downgraded if asset quality
continued to deteriorate significantly, which would impact ABAL's
operating profitability and potential capital.  This could in
turn affect investor sentiment leading to additional weakening in
the bank's funding position, therefore placing a greater reliance
on its parent.

In 2010, ABAL issued AUD200.0m of government-guaranteed senior
unsecured debt, of which AUD60.2m was outstanding in mid-August
2012.  Fitch has affirmed ABAL's government-guaranteed bond at
'AAA', reflecting the guarantee provided by the Commonwealth of
Australia.  The rating of this bond is therefore linked to the
Long-Term IDR of Australia.  Any rating action on Australia would
be reflected on ABAL's government-guaranteed bond.

The ratings of ABAL are listed below:

  -- Long-Term IDR: affirmed at 'A-'; Outlook Stable;
  -- Short-Term IDR: affirmed at 'F1';
  -- Viability Rating: affirmed at 'bb+';
  -- Support Rating: affirmed at '1';
  -- AUD200m government-guaranteed floating-rate notes
     affirmed at 'AAA'.


ASSET FINANCE: S&P Affirms 'B' Issuer Credit Rating
---------------------------------------------------
Standard & Poor's Rating Services revised its outlook on New
Zealand-based finance company Asset Finance Ltd. to stable, from
negative. The long-term issuer credit rating is affirmed at 'B'.

Rationale

"The issuer credit rating on AFL reflects the finance company's
security-based lending to high-risk clientele; plus key-person
risk, challenges in obtaining loan growth, and volatile earnings.
The latter is reflected in reported losses for fiscal 2012, which
were driven by the raising of significant impairment provisions
pertaining to large historic loans--a feature that negatively
affects the issuer credit rating. Offsetting these weaknesses are
AFL's effective management of liquidity risk, good interest
margins, and a committed management team to preserve its long-
established niche in asset finance under somewhat challenging
economic times," S&P said.

"In our view, AFL has effectively managed its short-term
liquidity risk, which stems from an interim order put in place by
the Financial Markets Authority (FMA) on April 13, 2012 (the
order expired on May 4, 2012). This interim order was issued
because FMA considered the prospectus disclosure of a loan AFL
made to Rexon Ltd. as misleading. The order forced AFL to put new
and reinvested debenture deposits into its solicitor's trust
account, which meant these funds were not available for meeting
ongoing liquidity needs. AFL's ability to meet its liquidity
needs during the time the order was in force was largely
supported by its cash holdings, which totaled NZ$4.2 million at
March 31, 2012; this amount sufficiently covered short-term
liquidity needs, including funds required to repay maturing
debenture stocks. At the end of July 2012, AFL held NZ$2.5
million in cash, which is sufficient to cover maturing debentures
over the next six months--in the absence of new lending. The
registration of a new prospectus, expected by Aug. 31, 2012, will
allow AFL access to funds investors are currently voluntarily
placed in the solicitor's trust account, which is a positive
factor to our view of AFL's ability to manage its ongoing
liquidity needs," S&P said.

"A key impediment to an upward movement in the rating on AFL is
AFL's large exposures to selected historic loans--individually
disclosed in its prospectus. In fiscal 2012, AFL raised material
loan loss provisions against these loans, in a move that
contributed to a year-end loss of NZ$215,503, and an increase in
the ratio of loan loss reserves to gross receivables to 13.36%,
from 6.91% over fiscal 2012. The company plans to progressively
exit these loans through the realization of underlying security
pledged against these loans. Credit concentration risk has
moderated, with the largest loan exposure (a historic loan)--net
of provisions--reducing to 34% of shareholders' equity, from 61%
(see our report dated Oct. 16, 2011). Notwithstanding this--and
the fairly substantial provisions--there remains a risk of
further impairments given the depreciable nature of underlying
securities and potential delays in the sale process. Should these
further impairments materialize, we may revise our view on AFL's
credit quality transparency, and this could have negative
implications on AFL's rating," S&P said.

"We expect AFL's market position to remain modest, as a niche-
focused Whakatane-based finance company with no changes to its
distribution channel, or to its network of nine offices, seven
agents, or its website. AFL continues its cautious entry into the
receivables-factoring market; penetration has been successful to
date, but represents a small portion (3.5%) of receivables at
March 31, 2012, and is only a small contributor to earnings. A
key objective for AFL is to achieve meaningful loan growth, which
has been negative in the previous two years. Notwithstanding a
surge in new loans in May and June 2012, ongoing loan demand is
expected to be subdued over fiscal 2013, and net growth is
challenged by the quick amortization schedule of existing loans.
In our view, meaningful growth is required to boost noninterest
income (64.41% of operating income for the year ending March 31,
2012) and to preserve interest margins, which have moderated to
8.5% over fiscal 2012, from 9.31% in 2011. In our view, growth
challenges, high levels of cash held (including the solicitor
trust account), and the timing of a planned exit on historic
loans (which currently pay 5% interest per annum), exert a degree
of pressure on earning prospects," S&P said.

"AFL's capital position continues to be a constraint on the
rating. AFL's capital base is small relative to domestic peers;
equity as a percentage of managed assets declined to 13.31% over
fiscal 2012 due to losses reported but remains higher than seen
in earlier years. At May 30, 2012, the capital buffer above the
regulatory minimum provides room for substantial loan growth;
however, we nevertheless believe growth is unlikely to be
achieved. In our view, AFL's overall capital position remains
vulnerable to potential adverse operational events, such as legal
liability and fraud. Financial flexibility is limited, due to the
company's private shareholding structure, which is expected to
remain unchanged despite the departure of executive director
Dennis Hodgetts, who is likely to retain his 10% shareholding
(based on information provided by AFL management)," S&P said.

                         Liquidity

"The short-term rating on AFL is 'B'. At March 31, 2012, AFL had
NZ$4.2 million in cash or equivalents, which represent 69% of
current liabilities (36% in March 2011). Due to a surge in new
lending in recent months, the cash balance decreased to NZ$2.5
million in July, which can be used to cover debenture maturities
over the next six months. Further, the registration of a new
prospectus, expected by end of August 2012, will allow access to
NZ$1.2 million in funds currently under a solicitor's trust
account--adding to our favorable view of AFL's short-term
liquidity. In addition to this, the planned sale of collaterals
on selected historic loans will further add to AFL's current
liquidity position over calendar 2012," S&P said.

                             Outlook

"The stable outlook reflects our expectation that AFL will
continue to effectively manage its liquidity position and improve
its asset-quality position through the successful exit of a
number of large historic loans, which should support future
operating-performance prospects," S&P said.

"We may lower the rating if AFL were unable to quickly re-
establish it debenture funding capability, as that could
compromise the company's overall liquidity position and ability
to meet its debt obligations, particularly if the company were to
encounter difficulties in realizing collaterals when exiting a
number of large historic problem loans. The rating would also
come under pressure if there were meaningful new provisions
arising from the historic loans, or if significant new
nonperforming assets were to emerge from the historical loan
book," S&P said.

"We do not expect to raise the ratings on AFL in the medium term.
An upward adjustment would require a longer period of
demonstrated stability in key credit-quality metrics and the
establishment of a track record of good operating performance
that supported a material increase in the company's capital base
and key capital-adequacy metrics over time. In addition, a higher
rating would require further evidence that the company could
strengthen its market position by achieving meaningful profitable
growth, a stable market position, and attain meaningful growth
rates to support a higher rating," S&P said.

Ratings List

Ratings Affirmed; CreditWatch/Outlook Action

                             To           From

Asset Finance Ltd.

Issuer credit rating     B/Stable/B    B/Negative/B


KAR LAND: Consumers Unable to Get Back Vehicles After Collapse
--------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that the collapse of
Brisbane-based Kar Land Pty Ltd, trading as We Buy Any Car, has
left about 1,200 consumers across Australia unable to retrieve
their vehicles, which had been given to the company to go on
sale.

According to the Courier-Mail, the consumers are collectively
owed more than AUD3.6 million but have been barred from
retrieving their automobiles by insolvency firm Worrells, which
was appointed liquidator on July 27 by company directors.  Trade
creditors are chasing another AUD2.6 million, the report says.

The Courier-Mail notes that the biggest single loser in the
disaster has been the privately owned Highway Auto Group based at
Springwood, which ploughed AUD6 million in seed capital to the
start-up business ahead of its launch in June last year.

The report says the outlook for all parties trying to claw back
money is exceedingly grim.  The best case scenario would see them
recover just a few cents in the dollar but it is more likely they
will walk away with nothing, according to The Courier-Mail.

The report relates that Worrells managing partner Raj Khatri said
the failure of Kar Land was one of the most substantial auto-
related collapses he had seen recently.

Owner Richard Burbage has left the country and no one knows for
certain where he is, the report notes.

Kar Land Pty Ltd, trading as We Buy Any Car, is a Sydney-based
motor dealer.



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


CHINA CEETOP.COM: Had $274,000 Net Loss in Second Quarter
---------------------------------------------------------
China Ceetop.com, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $274,180 for the three months ended
June 30, 2012, compared with a net loss of $335,281 for the same
period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $512,479, compared to a net loss of $728,739 for the same
period a year earlier.

For the three months ended June 30, 2012, the Company's net sales
decreased to $1.3 million from $3.7 million for the three months
ended June 30, 2011, representing a 64% decrease.  This decrease
in net sales was due to high competition in online shopping.

For the six months ended June 30, 2012, the Company's net sales
decreased to $2.6 million from $7.2 million for the six months
ended June 30, 2011, representing a 63% decrease.  This decrease
in net sales was due to high competition in online shopping.

The Company's balance sheet at June 30, 2012, showed $1.8 million
in total assets, $1.2 million in total current liabilities, and
stockholders' equity of $579,692.

"As shown in the accompanying Consolidated Financial Statements,
the Company incurred net losses of $512,479 and $274,180 for the
six and three months ended June 30, 2012, respectively, and has
accumulated deficit of $4,838,127 at June 30, 2012."

As reported in the TCR on April 23, 2012, Clement C. W. Chan &
Co., in Hong Kong, expressed substantial doubt about China
Ceetop.com's ability to continue as a going concern, following
the Company's results for the fiscal year ended Dec. 31, 2011.
The independent auditors noted that the Company incurred a net
loss of $1,654,520 for the year ended Dec. 31, 2011, and has an
accumulated deficit of $4,325,648 at Dec. 31, 2011.

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

                       http://is.gd/QP0xYC

Shenzhen, China-based China Ceetop.com, Inc., an Oregon-
registered corporation, is a leading Business-to-Consumer ("B2C")
e-commerce company.  The Company owns and operates the online
platform http://www.ceetop.com/


COUNTRY GARDEN: 1st Half Yr. Results Support Moody's Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's 2012 interim results are generally in line with
expectations and support the company's Ba3 corporate family and
senior unsecured debt ratings.

The ratings outlook remains stable.

Although Country Garden's book revenue recorded a modest increase
of 7.2% year-on-year to RMB16.8 billion, its profitability was
better.

The company's gross profit margin expanded to 41.5%, from 32.5% a
year ago, as a result of increased sales contribution from
projects in Guangdong province that had higher margins. Projects
in Guangdong accounted for 75% of booked revenue in 1H 2012, from
66% in 1H 2011.

"Country Garden's contracted sales in the first seven months
amounted to RMB22.1 billion, a 7% year-on-year decrease, but it
still attained 51% of its full-year target, which is generally in
line with Moody's projection," says Jonathan Lee, a Moody's Vice
President and Senior Analyst.

Moody's expects Country Garden to continuously generate steady
contract sales and margins from its quick asset turnover and low-
cost business model; average land costs were low, with recognized
land cost at RMB604 per square meter (sqm) in 1H 2012.

Country Garden completed a rights issue of HKD2.14 billion
(RMB1.7 billion) in March 2012, in anticipation of the need for
more construction loans.

As a result, its adjusted debt/capitalization slightly decreased
from 53.7% as of December 2011 to 53.3% as of June 2012 despite
gross debt grew to RMB32.5 billion as of June 2012, from RMB29.0
billion as of December 2011.

On the other hand, the company's EBITDA interest coverage ratio
weakened to 3.8x at end-June 2012 from 4.1x a year ago because of
increased bank borrowings.

"We expects Country Garden's EBITDA interest coverage to be
between 3.0x and 3.5x and adjusted debt/capitalization between
50% and 55% in 2012, which will continue to position the company
in the low Ba range," says Mr. Lee, who is also Moody's lead
analyst for Country Garden.

Country Garden has adequate liquidity, and which is underpinned
by its strong cash position -- RMB13.6 billion as of June 2012 --
which can fully cover RMB8.0 billion of maturing debt, including
RMB931 million convertible bonds due Feb 2013 and committed land
payments.

Moody's also expects Country Garden's ratings to continue to be
supported by its continued resilience in a volatile market as a
result of its business model that focuses on cost-efficient and
the mass market.

The principal methodology used in rating Country Garden was the
Global Homebuilding Industry Methodology published in March 2009.

Country Garden Holdings Company Limited, founded in 1997 and
listed on Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2012, it had a sizeable
land bank of 54.8 million square meters in attributable gross
floor area.

It also owns and operates 29 hotels with a total of 8,882 rooms
as of June 2012. The hotels are located mainly in Guangdong
province and support its townships developments.


FIFTH SEASON: Had $9.7 Million Net Loss in Second Quarter
---------------------------------------------------------
Fifth Season International, Inc., filed its quarterly report on
Form 10-Q, reporting a net loss of $9.7 million on $34.8 million
of revenue for the three months ended June 30, 2012, compared
with a net loss of $2.0 million on $72.8 million of revenue for
the same period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $12.9 million on $72.3 million of revenue, compared with
net income of $2.5 million on $99.8 million of revenue for the
comparable period a year earlier.

During the six months ended June 30, 2011, the Company recorded a
gain on business combination of $7.1 million resulting from the
acquisition of Longyun during the first quarter in 2011.

The Company's balance sheet at June 30, 2012, showed
$197.2 million in total assets, $167.2 million in total
liabilities, and stockholders' equity of $30.0 million.

"The Group's consolidated current liabilities exceeded its
consolidated current assets by approximately $49million as of
June 30, 2012.  In addition the Group has commitments for the
tenant improvement projects and the purchase of commercial
properties totaled to $10.4 million as of June 30, 2012.
Management believes that these factors raise substantial doubt
about its ability to continue as a going concern."

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

                        http://is.gd/xju2cV

Located in Shenzhen, People's Republic of China, Fifth Season
International, Inc., is engaged in the investment, assignment,
and leasing of commercial properties, in the operation of
department stores, and in the wholesale of goods in China.

                           *     *     *

As reported in the TCR on April 23, 2012, Marcum Bernstein &
Pinchuk LLP, in New York, expressed substantial doubt about Fifth
Season's ability to continue as a going concern, following the
Company's results for the fiscal year ended Dec. 31, 2011.  The
independent auditors noted that the Company has a significant
working capital deficiency.  "[A]s of Dec. 31, 2011, the Company
is not in compliance with its loan covenant in connection with
its loan with China Construction Bank," the independent auditors
said.


GEMDALE CORP: 1H 2012 Result in Line with Moody's 'Ba1' Rating
--------------------------------------------------------------
Moody's Investors Service says Gemdale Corporation's 1H 2012
result is in line with Moody's forecasts and continues to support
its Ba1 corporate family rating.

The rating outlook remains stable.

"Gemdale maintained an overall stable financial profile and
adequate liquidity in 1H 2012, supported by good growth in
contract sales and a disciplined approach in land acquisitions,"
says Kaven Tsang, a Moody's Vice President and Senior Analyst.

Despite the challenging sales environment, Gemdale reported a
16.8% year-on-year growth in contract sales to RMB16 billion in
the first 7 months of 2012.

This performance is in line with Moody's expectations and the
company is on track to achieving its annual sales target of RMB30
billion for 2012.

Gemdale reported a 25.5% year-on-year growth in book revenue to
RMB6.5 billion in 1H 2012. Moody's expects revenue in 2H 2012
will substantially increase as the company progressively
recognizes its presold projects as planned.

As of June 30, 2012, it had a total of RMB39 billion in pre-sales
available for delivery in the coming two years.

Moody's expects Gemdale to maintain credit metrics consistent
with its Ba1 corporate family rating. It will achieve EBITDA
interest coverage of 3.5-4x by end-2012 compared with 3.4x for
the 12 months ended June 2012.

Its adjusted debt/capitalization ratio remained stable at 54.8%
as of June 2012, versus 54.7% as of December 2011. Moody's
expects Gemdale's balance sheet leverage will continue to stay at
50-55% over the next 1-2 years, as it maintains its discipline in
land acquisitions and financial management.

Gemdale has maintained its discipline in land acquisitions to
preserve balance sheet liquidity. It did not make any material
land acquisitions during 1H 2012. Moody's estimates that in the
next 12-18 months it has to pay around RMB6 billion in committed
payment s for previous land acquisitions.

Gemdale's liquidity is adequate, underpinned by RMB19.0 billion
in cash on hand as of June 2012, and which can fully cover its
committed land payments and RMB11.7 billion in debt maturing in
the coming 12 months.

In addition, the issuance of the RMB1.2 billion in offshore
notes, through its wholly-owned subsidiary Gemdale International
Holding Limited in July 2012, has further increased liquidity.

The principal methodology used in rating Gemdale Corporation was
the Global Homebuilding Industry Methodology published in March
2009.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It was founded
in 1988 and was then 100% indirectly owned by the government of
Futian district in Shenzhen. Gemdale began its property
development business in Shenzhen in 1993 and has progressively
expanded its business to cover the six major regions across the
country over the past 20 years. Currently, it has a land bank of
17.1 million sqm in gross floor area (GFA) in 20 cities.


GREAT CHINA INTERNATIONAL: Reports $664,000 Q2 Net Loss
-------------------------------------------------------
Great China International Holdings, Inc., filed its quarterly
report on Form 10-Q, reporting a net loss of $664,492 on
$1.9 million of revenues for the three months ended June 30,
2012, compared with a net loss of $575,120 on $1.9 million of
revenues for the comparable period last year.

For the six months ended June 30, 2012, the Company had a net
loss of $1.3 million on $3.8 million of revenues, compared with a
net loss of $1.3 million on $3.6 million of revenues for the same
period of 2011.

The Company's balance sheet at June 30, 2012, showed
$59.3 million in total assets, $33.7 million in total
liabilities, and stockholders' equity of $25.6 million.

"The Company has a working capital deficit of $26,777,640 and
$27,643,654 as of June 30, 2012, and Dec. 31, 2011, respectively.
As the Company has limited cash flow from operations, its ability
to maintain normal operations is dependent upon obtaining
adequate cash to finance its overhead, sales and marketing
activities. Additionally, in order for the Company to meet its
financial obligations, including salaries, debt service and
operations, it has maintained substantial short term bank loans
that have historically been renewed each year.  The Company's
ability to meet its cash requirements for the next twelve months
largely depends on the bank loans that involve interest expense
requirements that reduce the amount of cash we have for our
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern."

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

                       http://is.gd/AzelJk

Shenyang, China-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under
the name of Quantus Capital, Inc.  The Company, through its
various subsidiaries, is engaged in commercial and residential
real estate leasing, management, consulting, investment,
development and sales in the city of Shenyang, Liaoning Province,
in the People's Republic of China ("PRC").

                           *     *     *

Kabani & Company, Inc., in Los Angeles, California, expressed
substantial doubt about Great China International's ability to
continue as a going concern, following the Company's results for
the fiscal year ended Dec. 31, 2011.  The independent auditors
noted that the Company has a working capital deficit of
$27,643,655 as of Dec. 31, 2011.  "In  addition, the Company has
negative cash flow for each of the two years in the period ended
Dec. 31, 2011. of $3,289,571 and $349,200 respectively."


SHENGDATECH INC: Posts $9.5 Million Net Loss in July
----------------------------------------------------
BankruptcyData.com reports that ShengdaTech, Inc., filed with the
U.S. Bankruptcy Court a monthly operating report for July 2012.
For the period the Company reported a net loss of $9.5 million on
$446,000 in revenue.

                         About ShengdaTech

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

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

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

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

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

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

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

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

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.


WINSWAY COKING: 1H 2012 Loss No Impact on Moody's 'Ba3' CFR
-----------------------------------------------------------
Moody's Investors Service says that Winsway Coking Coal Holdings
Limited's 1H 2012 pre-tax loss of HKD684 million -- the first
such loss since it listed on the Hong Kong Stock Exchange in
October 2010 -- will have no immediate impact on the company's
Ba3 corporate family rating and the B1 rating of its USD senior
notes.

The outlook for the ratings is negative, reflecting Winsway's
deteriorating performance in a challenging year.

Although operating margin likely will improve in 2H 2012, Moody's
expects the improvement to be limited and therefore insufficient
to offset the loss recorded in 1H 2012. Winsway's stand-alone
financial profile will likely stay under pressure for the rest of
2012.

But the negative impact of the down-cycle in coal trading has
been mitigated by Aluminum Corporation of China Limited's
(Chalco) 29.9% investment in Winsway. Shareholders in both
companies have approved the investment. It now awaits regulatory
approval by China's Ministry of Commerce and the National
Development and Reform Commission.

Chalco is a Chinese state-owned enterprise and is the largest
producer of alumina, primary aluminum and aluminum fabrication
products in China.

Moody's sees various benefits from the Chalco investment.

Firstly, Chalco is seeking to diversify into other resources to
achieve the full integration of its coal and aluminum operations.
In this context, Winsway offers Chalco long-term strategic value,
including an established transportation network on the Sino-
Mongolian border, solid relationships with Mongolian miners, and
access to upstream resources abroad.

Secondly, Winsway announced on August 22, 2012 the formation of a
25-year strategic alliance agreement with Lung Ming Group, a
major Mongolian iron ore producer. Such a new source of revenue
could be a further attraction to Chalco.

If Chalco concludes its investment, it will become the single
largest shareholder in Winsway and the financial resources
available to Winsway will improve. Given Chalco's strong
relationship with its banks, Winsway will have better access to
funding.

Moody's will monitor the progress of Chalco's investment and
review the impact on Winsway's future business strategy and
financial position, once it is approved.

Moody's further notes that Winsway has emphasized cash
conservation which is prudent in the current down-cycle. But it
has resulted in short-term losses.

Winsway recorded a HKD270 million operating loss for its core
coal trading business -- including a HKD100 million inventory
impairment -- in 1H 2012. During the first half, the company also
disposed of its high-cost seaborne coal inventory and accelerated
cash collections.

Winsway's average coal ASP dropped by 9% year on year in 1H 2012,
while costs increased by 14%. As a result, Moody's estimates that
unit gross profit per ton declined substantially to below HKD20
per ton in 1H 2012 from over HKD250 per ton a year ago.

Nonetheless, Moody's expects Winway's core coal trading business
to report a mild margin recovery in 2H 2012, following the
disposal in 1H 2012 of its high-cost seaborne coal inventory.

Total inventories had decreased 33% to 2.6 million tons in
June 2012 from 3.9 million tons in December 2011. Over 88% of its
remaining inventory is low-cost Mongolian coking coal, which
could help its unit gross profit recover to round HKD70-HKD90 per
ton in 2H 2012. This figure would be better than the estimated
gross profit achieved in 1H 2011, but substantially below the
peak of 1H 2011.

Additionally, Grand Cache Coal Corporation contributed a HKD185
million pre-tax loss which included costs for the debt financing
of its acquisition. Winsway also charged HKD62 million as a one-
off expense on the GCC acquisition.

However, Moody's expects GCC's operations to ramp up in 2H 2012,
and GCC's contribution to Winsway's pre-tax losses will decrease.

Moody's considers that the company's liquidity will remain fairly
manageable in the next 12 months.

As of June 2012, the company had a total cash balance of HKD3.9
billion, covering 90% of its HKD4.3 billion in short-term debt
(including in HKD2.8 billion in trade & bills payable). Around
RMB780 million -- out of short-term debt of HKD4.3 billion --
represented the first-year amortization of part of the USD350
million in acquisition debt for GCC. The loan was from China
Mingshen Bank.

The company's pro-active cash preservation strategy is working
well and should provide a good liquidity buffer in the next 6-12
months. Operating cash flow amounted to HKD1.0 billion in 1H
2012, in spite of the operating loss, mainly thanks to the
aggressive disposal of its coal inventory.

Further cash conservation will come from Winsway's plan to reduce
its inventory from 2.6 million tons as of June 2012 to 1.0
million tons by the end of 2012. At the same time, the company
will keep capital expenditures minimal.

Winsway Coking Coal Holdings Limited's ratings were assigned by
evaluating factors that Moody's considers relevant to the credit
profile of the issuer, such as the company's (i) business risk
and competitive position compared with others within the
industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and
(iv) management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside Winsway Coking Coal Holdings Limited's core industry and
believes Winsway Coking Coal Holdings Limited's ratings are
comparable to those of other issuers with similar credit risk.

Winsway Coking Coal is one of the largest suppliers of coking
coal in China, and obtains its supplies from Mongolia and other
international markets. It also processes coal and provides
logistics services to its customers, mainly Chinese steel makers
and coke plants, through its integrated coking coal supply chain
in China. It listed on the Hong Kong Stock Exchange in
October 2010, and is 49.7%-controlled by its founder and CEO Wang
Xingchun.



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


LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced Aug. 17 that
investigation of over 99% of a total of 21,866 Lehman-Brothers-
related complaint cases received has been completed.  These
include:

     * 15,769 cases, which have been resolved by a settlement
       agreement reached under section 201 of the Securities and
       Futures Ordinance (Note 1);

     * 3,474 cases, which have been resolved through the enhanced
       complaint handling procedures required by the settlement
       agreement;

     * 2,532 cases, which were closed because insufficient prima
       facie evidence of misconduct was found after assessment or
       no sufficient grounds and evidence were found after
       investigation;

     * 25 cases, which are under disciplinary consideration after
       detailed investigation by the HKMA, of which proposed
       disciplinary notices are being prepared; and

     * 30 cases in respect of which investigation work has been
       completed and are going through the decision process to
       decide whether there are sufficient grounds for
       disciplinary actions or whether the cases should be closed
       because of insufficient evidence or lack of disciplinary
       grounds.

Investigation work is underway for the remaining 34 cases.

A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://is.gd/CpFw3E

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  Lehman is set to make its first payment to creditors
under its $65 billion payout plan on April 17, 2012.


TEAMARK TOYS: Li and Wong Appointed as Liquidators
--------------------------------------------------
Messrs. Li Man Wai and Wong Wai Ching on Sept. 7, 2012, were
appointed as liquidators of Teamark Toys Limited.

The liquidators may be reached at:

         Messrs. Li Man Wai
         Wong Wai Ching
         Room 902, 9/F
         Fu Fai Commercial Centre
         27 Hillier Street
         Sheung Wan, Hong Kong


V-TRAC HOLDINGS: First Meetings Slated for Sept. 14
---------------------------------------------------
Creditors and contributories of V-Trac Holdings Limited will hold
their first meetings on Sept. 14, 2012, at 2:30 p.m., and 3:30
p.m., respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.

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


VAUGHN COMPANY: Court to Hear Wind-Up Petition on Oct. 10
---------------------------------------------------------
A petition to wind up the operations of The Vaughn Company (HK)
Limited will be heard before the High Court of Hong Kong on
Oct. 10, 2012, at 9:30 a.m.

Cheng Xing (Confaith) H.K. Limited filed the petition against the
company on Aug. 3, 2012.

The Petitioner's solicitors are:

          Joseph S. C. Chan & Co.
          18th Floor, Chuang's Tower
          30-32 Connaught Road
          Central, Hong Kong


WAH DECORATION: Court to Hear Wind-Up Petition on Sept. 12
----------------------------------------------------------
A petition to wind up the operations of Wah Decoration
Engineering Company Limited will be heard before the High Court
of Hong Kong on Sept. 12, 2012, at 9:30 a.m.

Tsui Man Kit Michael filed the petition against the company on
March 9, 2012.

The Petitioner's solicitors are:

          Jimmie K.S. Wong & Partners
          3/F, Double Building
          22 Stanley Street
          Central, Hong Kong


WHEELER ENTERPRISES: Court to Hear Wind-Up Petition on Oct. 3
-------------------------------------------------------------
A petition to wind up the operations of Wheeler Enterprises &
Engineering Limited will be heard before the High Court of Hong
Kong on Oct. 3, 2012, at 9:30 a.m.

Director of Legal Aid filed the petition against the company on
July 30, 2012.



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


ANKUR DRUGS: Fitch Withdraws 'D' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has withdrawn India-based Ankur Drugs & Pharma
Ltd's National Long-Term rating of 'Fitch D(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information.  Fitch will no longer provide ratings or analytical
coverage of Ankur Drugs.

Fitch migrated Ankur Drugs to the non-monitored category on 21
February 2012.

Fitch has also withdrawn Ankur Drugs' bank loan ratings as
follows:

  -- INR2,500m long-term loans: National Long-Term 'Fitch
     D(ind)nm' rating withdrawn
  -- INR3,250m fund-based limits: National Long-Term 'Fitch
     D(ind)nm' rating withdrawn
  -- INR550m non-fund-based limits: National Long-Term and
     National Short-Term 'Fitch D(ind)nm' ratings withdrawn


ARIHANT GEMS: CARE Rates INR7.5cr LT Loan at 'CARE B+'
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Arihant Gems & Jewelleries Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     7.50        CARE B+ Assigned
   Short-term Bank Facilities    1.00        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Arihant Gems &
Jewelleries Private Limited are primarily constrained on account
of its modest scale of operations in a highly competitive and
fragmented gems & jewellery industry, its highly leveraged
capital structure and working capital intensive nature of
business. The ratings are further constrained on account of the
project risk associated with its opening of new showrooms and
vulnerability of its profit margins to fluctuation in gold
prices.

The ratings, however, derive comfort from the promoter's
experience and their continuous financial support to AGJPL in the
past. The increase in the scale of operations by timely opening
of new showrooms, improvement in the profit margins and capital
structure and efficient working capital management are the key
rating sensitivities.

Incorporated in September 2005, Surat (Gujarat)-based AGJPL was
promoted by Mr. Kanahayalal Shah and Mr. Tejpal Shah. Later on in
2007, Mr. Mahavir Shah and Mr Gautam Chand Shah joined the
business of AGJPL as directors.

AGJPL is engaged in the business of manufacturing, retailing and
wholesale trading of gold and diamond-studded gold jewellery. The
company generated approximately 69% of its total operating income
from retailing of jewellery at its sole retail outlet at Surat
and remaining through wholesale trading in FY12 (refers to the
period April 1 to March 31). The designing of the jewellery is
mainly outsourced on the job work basis in Surat itself. The
company offers wide range of products that includes rings,
earrings, pendants, necklaces, bracelets, bangles and medallions.
It sells gold jewellery and diamond-studded gold jewellery under
the brand name of 'MOH'.

During FY11, AGJPL reported a total operating income of INR16.16
crore with a PAT of INR0.29 crore as against a net profit of
INR0.07 crore on a total operating income of INR8.07 crore in
FY10.


C. DINESH: CARE Rates INR50cr LT Loan at 'CARE BB'
--------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to the bank
facilities of C. Dinesh & CO. Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       50        CARE BB Assigned
   Short-term Bank Facilities                CARE A4 Assigned

Rating Rationale

The ratings of C. Dinesh & Co. Pvt. Ltd. are constrained by its
thin profitability margins, leveraged capital structure arising
from high working capital intensity, volatility in the prices of
diamonds and forex movements imparting volatility to the
profitability and intense competition from large number of
organized and unorganized players in the sector.

The rating, however, derives strength from the resourcefulness
and the experience of the promoters in the Gems and Jewellery
industry and growth in the operation driven by increase in the
trading activity.

The ability to scale up manufacturing operations coupled with
improvement in the profitability margins and capital structure in
the scenario characterized by intense competition remain the key
rating sensitivities.

Incorporated in 1978 as a partnership firm, C. Dinesh was later
reconstituted as a private limited company and was renamed as C.
Dinesh & Co. Pvt. Ltd.  It is promoted by Mr. Dineshchandra Shah
and Mr. Chinubhai R Doshi. It is engaged in the imports of rough
diamonds, processing them and exports of cut and polished
diamonds; it also trades in rough and polished diamonds. CDCPL's
manufacturing facility is located at Surat.

During FY12 (refers to the period April 1 to March 31), CDCPL
reported net sales of INR330.25 crore and PAT of INR3.13 crore as
compared with net sales of INR250.09 crore and PAT of INR2.29
crore in FY11.


CHOICE TRADING: CARE Rates INR3.51cr Loan at 'CARE C'
-----------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank
facilities of Choice Trading Corporation Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      3.51       CARE C Assigned
   Short-term Bank Facilities    25.65       CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained by the past instances of
delays in servicing of debt obligations by Choice Trading
Corporation Pvt. Ltd., its strained liquidity position caused by
low profitability coupled with working capital intensive nature
of operations which has also led to a leveraged capital
structure. The ratings also factor in susceptibility of CTC's
profitability to volatility in the international shrimp prices
and exchange rate movement of foreign currencies, seasonal and
competitive nature of the seafood industry and its vulnerability
to diseases. The ratings, however, do factor in the promoters'
experience in the seafood industry and the improvement in scale
of operations with revenue growth seen in FY12 (refers to the
period April 1 to March 31).

Going forward, the ability of CTC to regularize its debt
servicing track record, prudently manage its working capital
requirements and improvement in leverage indicators will be the
key rating sensitivity. In addition, the ability of CTC to manage
its exposure to group entities and changes in Government policies
that may affect the company's business prospects would also be
the key rating sensitivities.

CTC was promoted by Mr. Jose Thomas in 1990. As a part of the
'Choice Group', CTC is primarily engaged in the processing,
packaging and export of shrimps from its processing plant
situated in Cochin, Kerala with an installed processing capacity
of 10,296 metric tonnes per annum (MTPA) as on March 31, 2012. It
also exports other value-added products to be used in shrimp-
based ready-to-cook meal kits. Besides the sale of processed sea
foods, CTC also receives commission from being a shipping agent
to the global container cargo service of 'Hyundai Merchant
Marine', although the share of such commission income in the
company's total income is marginal.

The Choice group, established by late Mr. O.C. Thomas (Father of
Mr. Jose Thomas), initially started its operations with
processing and exporting of canned shrimp under the company name
'Choice Canning Company' in 1958. The group consists of other
companies such as Choice Constructions, Choice Foundation (Choice
School, Jose Thomas Performing Arts Centre), Choice Shipping and
Logistics Private Limited (subsidiary of CTC) and Choice Canning
Company Inc. USA (subsidiary of CTC, which acts as a distribution
agent for the sale of CTC's products in the USA).


GAJANAND COTTEX: CARE Rates INR8.49cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gajanand
Cottex Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      8.49       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Gajanand Cottex
Private Limited is constrained by its modest scales of operations
and a weak financial risk profile marked by low capitalization
level, thin profitability margin, low cash accruals, leveraged
capital structure, and stressed debt coverage indicators. The
rating is further constrained due to GCPL's limited track record
of operations, highly fragmented nature of the cotton ginning
industry, susceptibility of profitability margins to volatility
in cotton prices and impact of changes in the government policy
concerning cotton. The rating, however, draws comfort from the
experience of the promoters in the similar line of business and
locational advantage on account of the proximity to cotton
growing regions of Gujarat.

GCPL's ability to improve its scale of operations and overall
financial risk profile while managing volatility associated with
the cotton prices is the key rating sensitivity.

GCPL, incorporated in 2009, is promoted by Mr Ashok B Monsara,
who has an experience of 17 years in the similar line of
business. GCPL is engaged in the cotton ginning and pressing
business and has an installed capacity of 52,000 cotton bales (24
ginning machines) and 14,820 metric tons per annum (MTPA) of
cotton seed processing as on March 31, 2011. Commercial operation
of cotton ginning unit started in November 2009. Ginned cotton is
largely sold in Gujarat and Tamil Nadu through merchants and
agents, while raw cotton for ginning activity is procured from
farmers as well as local markets within Gujarat.

Major revenue of GCPL comes from sal of cotton bales (84%) and
the remaining from the sale of cotton seed. GCPL's manufacturing
unit is located at Jasdan, Gujarat, which is one of the leading
cotton producing states in India.

During FY11 (refers to the period April 1 to March 31), GCPL
reported a total operating income of INR39.85 crore and a PAT of
INR0.13 crore.


INFINITE WATER: CARE Rates INR3.27cr Loan at 'CARE BB'
------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Infinite Water Solutions Pvt Ltd.

   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities     3.27       CARE BB Assigned
   Short-term Bank Facilities    1.00       CARE A4 Assigned

Rating Rationale

The assigned ratings are constrained by the relatively small
scale of operations of Infinite Water Solutions Private Limited,
significant volume of sales return during past two years,
customer concentration risk and vulnerability to fluctuations in
foreign exchange rates.

The rating, however, derive strength from the IWSPL's established
brand name and distribution network and tax exemption benefit
availed on account of environment friendly manufacturing
facility. The ratings also take into account the improvement in
the financial risk profile in FY12 (as per provisional results)
marked by growth in the revenues and improvement in solvency
ratios.

The ability of the company to increase its scale of operations
while maintaining the profitability margins, diversifying its
customer base and maintaining the product quality as per the
market demands are the key rating sensitivities. Furthermore, any
increase in the debt levels above the envisaged levels either due
to capex or increased working capital requirements would also be
a key rating sensitivity.

Infinite Water Solution Private Limited is a joint venture
between Eureka Forbes Limited (rated 'CARE AA', 'CARE A1+') and a
US based multinational engaged in the production of water
technology and equipments. IWSPL was formed in 2008 with intent
of manufacturing and selling of Reverse Osmosis (RO) membranes
used in the production of water purifying units which use the RO
process for water purification. The manufacturing facility of
IWSPL is located in Dehradun, Uttarkhand, and is spread over an
area of 7,000 square feet with an installed capacity of 4.50 lakh
membranes per annum. The operations of IWSPL are headed by Dr. S.
K. Sankar, aged 40 years, who has a work experience of more than
19 years in the industry and is associated with IWSPL since its
inception in 2008.


KAKADE HEALTHCARE: CARE Rates INR155cr LT Loan at 'CARE BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Kakade
Healthcare Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      155        CARE BB Assigned

Rating Rationale

The rating takes into account the absence of previous experience
of the promoters in the healthcare industry, the nascent stage of
project implementation along with the risk associated with the
implementation of project accentuated by the absence of requisite
regulatory approvals and clearances to complete the construction
of hospitals and long gestation nature of the hospital projects.

The rating is, however, underpinned by strong parentage - the
Kakade group, licensing and operation management agreement with
reputed Apollo Hospitals Enterprise Limited (AHEL) to run the
hospitals. The rating further derives strength from the favorable
healthcare industry outlook and the achievement of financial
closure for the project.

The successful completion of the project with no time and cost
overrun and stabilization of the operations of the hospital as
envisaged are the key rating sensitivities.

Kakade Healthcare Pvt. Ltd. is promoted by Mr Sanjay Kakade. KHPL
was incorporated for the purpose of carrying on the business of
establishing and owning general, specialty and multispecialty
hospitals. KHPL is currently setting up fully equipped multi-
specialty tertiary care hospitals at two locations at Pune, in
the state of Maharashtra. The University Road hospital is
proposed to be of 232 beds and the Hadapsar hospital is proposed
to be of 288 beds.
The promoters are engaged in the business of civil and
infrastructure construction for the past two decades. KHPL has
entered into agreement with Apollo Hospitals Enterprise Limited
to operate, manage and market the services of proposed specialty
hospitals.

The project cost for both the properties is estimated to be about
INR295 crores which is being funded at debt equity of 0.53x. KHPL
has received in principle approval from the Saraswat Bank for the
entire loan amount of INR155 crore. The commercial operations of
the hospitals are expected to commence from FY15 (refers to the
period April 1 to March 31).


LOKHANDWALA KATARIA: CARE Rates INR200cr Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Lokhandwala Kataria Constructions Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      200        CARE BB- Assigned

Rating Rationale

The rating is constrained by the very high dependency on the
customer advances to fund the project, project execution risk as
the sale building is at a nascent stage of construction,
marketing risk for the balance area and the cyclical nature of
the industry.

The rating derives strength from the experience of the promoters
in the real estate industry, good location of the project,
advanced stage of execution for rehabilitation area, availability
of major approvals required and reasonable booking status of the
project.

The ability of the company to complete the project in time and
market the same in a timely manner are the key rating
sensitivities.

Lokhandwala Kataria Constructions Private Limited, incorporated
in December 1998, is engaged in the real estate business. It
belongs to the Lokhandwala Infrastructure group, promoted by
Mr. Mohammed Lokhandwala. Over the last three decades, the group
has developed several projects in Central and South Mumbai and a
project in Dubai through its flagship company Lokhandwala
Infrastructure Private Limited (LIPL), covering the area over
17.2 lsf. LKCPL has only one ongoing project under the Slum
Rehabilitation Scheme viz, Minerva, located at Mahalaxmi, Mumbai.
The project comprises about 9 lsf of rehabilitation area and 11.6
lsf of saleable area. The construction of the project began in
June 2010 and is expected to be completed in March 2016.
The company reported a total income of INR1.76 crore and a loss
of INR16.46 crore in FY11 (refers to the period from April 1 to
March 31).


LONSEN KIRI: CARE Puts 'BB' Rating on INR3.75cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Lonsen Kiri Chemical Industries Ltd.

   Facilities                  (INR crore)    Ratings
   -----------                 -----------    -------
   Long-term Bank Facilities      3.75        CARE BB Assigned
   Long-term/ Short-term Bank     60.00       CARE BB/CARE A4
   Facilities                                 Assigned
   Short-term Bank Facilities     28.02       CARE A4 Assigned

Rating Rationale

The ratings are constrained by the low capacity utilization
levels of Lonsen Kiri Chemical Industries Limited, customer
concentration, volatile raw material prices with limited pricing
flexibility leading to loss making operations and working capital
intensive operations. The ratings are further constrained by the
cyclicality associated with end user textile industry, increasing
competition and compliance with stringent pollution control norms
in the dyestuff industry.

The ratings, however, derive strength from the operational
linkages with the large promoter groups and its moderate
leverage.

LKCIL's ability to substantially increase its capacity
utilization, scale of operations along with improvement in
profitability and generate envisaged cash flows from the Levafix
project without any further delay are the key rating
sensitivities.

LKCIL is a 60:40 joint venture (JV) between Well Prospering
Limited (WPL, part of the Lonsen Group of China) and Kiri
Industries Limited (KIL; formerly known as Kiri Dyes & Chemicals
Limited) respectively. LKCIL is engaged in the manufacturing of
reactive dyes having commenced commercial production from August
2009. WPL is a 100% subsidiary of Zhejiang Longsheng Group
Company Limited (Zhejiang). Zhejiang is involved in the
commercial trading of dyestuff and intermediates and is a part of
the Lonsen Group based out of China. The Lonsen group is involved
in the manufacturing of specialty chemicals, automobile parts and
property development. KIL is one of the integrated players with
presence in basic chemicals, dye intermediates and reactive dyes
in India.

During FY12 (refers to the period from April 1 to March 31,
provisional), LKCIL reported total operating income of INR54.80
crore [FY11 (audited): INR103.47 crore] and incurred a net loss
of INR17.87 crore [FY11 (audited): net loss of INR1.89 crore.


NANDAN PETROCHEM: Fitch Assigns 'BB+' National Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Nandan Petrochem Ltd a
National Long-Term rating of 'Fitch BB+(ind)'.  The Outlook is
Stable.

The ratings reflect NPL's small size and scale of operations
relative to domestic peers.  The ratings are also constrained by
the volatility of raw material prices, which are linked to crude
prices.  These risks are partially mitigated by the company's
ability to pass on cost increases to its consumers.

The ratings further reflect an increase in total adjusted net
debt by operating EBITDA to 2.68x in the financial year ended
March 2012 from 1.69x in FY11.  The increase in debt to INR263m
(FY11: INR187m) was due to investment in a grease plant in Taloja
and in a residential property.  Operating EBITDA/gross expense
was 2.12x in FY12 (FY11: 3.84x).  Fitch expects NPL's credit
metrics to remain under pressure due to capex on the residential
property.

Positively, the ratings incorporate NPL's long operating track
record of established clientele and the security of its long-term
contracts with customers.  The ratings also factor in the
company's efforts to establish its own brands, Velvex and Meguin,
and growing distribution network. Strong managerial efficiency is
reflected in stable growth and EBITDA margins over the past five
years.

What could trigger a rating action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- steady revenue growth, increased profitability and improved
     working capital management
  -- net leverage below 2.5x on a sustained basis

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- strained liquidity due to investment in own brands as
     well as volatility in raw material prices

  -- net l leverage above 4.5x on a sustained basis

NPL manufactures automotive and industrial lubricating oils,
greases, speciality products for OEMs.  NPL has two plants at
Taloja and another at Silvassa.  The Silvassa plant manufactures
oil for OEMs and under its own brands, Velvex and Meguin.  For
FY12, the company reported revenue of INR1208m (FY11: INR935m),
EBITDA of INR92m (INR83m), and EBITDA margins of 7.6% (8.8%).

The full list of debt ratings is as follows:

  -- INR16.4m long-term loan limit assigned at National Long-Term
     'Fitch BB+(ind)'
  -- INR290m fund-based limits assigned at National Long-Term
     'Fitch BB+(ind)'
  -- INR20m non fund-based limits assigned at National Long-Term
     'Fitch A4+(ind)'


PHENIL SUGARS: CARE Assigns 'CARE BB-' Rating to INR50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Phenil Sugars Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       50        CARE BB- Assigned
   Short-term Bank Facilities       5        CARE A4 Assigned

Rating Rationale

The ratings assigned are constrained by the weak financial risk
profile characterized by the continuing losses over the years,
working-capital intensive operations, inherent cyclicality and
regulatory risks associated with the sugar business. The ratings,
however, draw comfort from the company's long track record of
operations and support from Bajaj Hindusthan Limited (BHL-rated
'CARE A/A1') in the form of loans extended in the past as well as
operational and management support.

Going forward, the company's ability to improve profitability,
manage working-capital requirements efficiently and continued
support from BHL shall be the key rating sensitivities.

Phenil Sugars Private Limited was incorporated in 2003 with an
object to trade in sugar and its allied products. The Directors
of the company, Mr. Rajendra Kumar Panpalia and Mr Narayan Jee
Jha look after the affairs of the company.

In October 2004, Phenil acquired two sugar companies, Govind
Nagar Sugar Ltd. (GNSL) and Basti Sugar Mills Company Ltd. (BSML,
rated CARE BB-/ CARE A4) from the Narang Group. Both companies,
BSML and GNSL are located in the Basti district of Uttar Pradesh.
After the takeover, the production capacity of GNSL was expanded
from 3,000 Tonnes of Sugarcane Crushed per Day (TCD) to 6,000 TCD
in FY06 (refers to the period from April to March).

Pursuant to a High Court order dated April 19, 2011, GNSL merged
with Phenil with the appointed date being April 1, 2010. Phenil
recognized goodwill worth INR133.35 crore on the merger of GNSL
with itself.

At present, the merger of BSML with Phenil is under the
consideration of the Hon'ble High Court of Delhi. The scheme was
earlier approved by the shareholders and secured & unsecured
creditors of both the companies. Phenil holds 99.05% stake in
BSML. During FY12 (Provisional), the total income of Phenil stood
at INR123.4 crore with a net loss of INR75 crore as against total
income of INR72.8 crore and net loss of INR67.4 crore during
FY11.


SATISH MOTORS: CARE Rates INR6.45cr LT Loan at 'CARE BB-'
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Satish
Motors Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      6.45       CARE BB- Assigned

Rating Rationale

The rating reflects the small size of the company with low
networth base, volume-driven business with thin profitability
margins and very high dependence on external borrowings for
working capital requirement.

The rating is however, strengthened by five-decade long track
record & experience of the promoters and the association with the
established player Tata Motors Ltd.

The ability of the company to sustain growth and manage operating
cycle efficiently remain the key rating sensitivities.

Satish Motors Private Limited, incorporated in 1960, is managed
and controlled by Mr. Satish Lodha. SMPL is an authorized dealer
(since 1960, non-exclusive) of Tata Motors Ltd (TML, rated CARE
AA) for Aurangabad, Jalna, Hingoli and Parbhani districts of
Maharashtra region. It offers entire range of TML's commercial
vehicles (light, medium & heavy), spare parts and services.

The promoters also manage the dealership of TML for passenger
vehicles at Akola through a group company viz Satish Motors
(Akola) Private Limited.

During FY11 (refers to period April 01 to March 31), SMPL posted
a PAT of INR0.42 crore on the total income of INR101.14 crore as
against a PAT of INR0.22 crore on the total income of INR57.18
crore during FY10. Furthermore, as per the provisional
financials, during FY12, SMPL posted a PAT of INR0.69 crore on
the total income of INR137.53 crore.


SHREE JAGDAMBA: CARE Puts 'CARE B+' Rating on INR11.97cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Jagdamba Agrico Exports Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     11.97       CARE B+ Assigned
   Short-term Bank Facilities    25.00       CARE A4 Assigned

The ratings are constrained by the small scale of operations of
Shree Jagdamba Agrico Exports (P) Ltd and weak financial risk
profile marked by low profitability margins, high working
capital intensity resulting in high gearing and reliance on
external debt to fund capital requirement. Furthermore, high
degree of industry fragmentation, geographical concentration
risk, foreign currency fluctuation risk and susceptibility of
margins to fluctuation in raw material prices also constrain the
ratings.

The above constraints are partially offset due to the strengths
derived from the long promoter experience in agro-based business
and close proximity to raw material sources. The ability of the
company to improve profitability margins amidst stiff competition
and improve the capital structure are the key rating
sensitivities.

Shree Jagdamba Agrico Exports (P) Ltd originally started
operations in the year 1965 as a partnership firm under the name
and style "Matu Ram Kedar Nath Rice Mill" at Gohana, Haryana
which was later renamed as "Shree Jagdamba Rice and General
Mills" in 1981. The mill was later shifted to Gharaunda, Haryana
and the firm was converted into a private limited company in FY10
(refers to the period April 1 to March 31). The company is
engaged in milling, processing and selling of various varieties
of Basmati rice. The promoter Mr. Satish Goel along with his
younger brother, Mr. Gian Bhushan Goel has experience of more
than 30 years in rice milling.

The company's milling, processing and manufacturing unit is
located in Karnal, Haryana which is one of the prolific hubs for
paddy/rice in Haryana. The milling capacity is 11 tons per hour
as on June 30, 2012. SJPL's primary focus is exports to countries
such as Iran, Iraq, Saudi Arabia, UAE, Yemen and Kuwait.


S.V. EXPORTS: CARE Rates INR14.63cr LT Loan at 'CARE B+'
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of S.V. Exports.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long -term Bank Facilities     14.63      CARE B+ Assigned
   Short-term Bank Facilities      1.00      CARE A4 Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating is constrained due to the small scale of operations
coupled with high overall gearing & low profitability margin of
S. V. Exports, its constitution as a partnership firm and high
working capital intensive nature of operations. The rating is
further constrained by highly fragmented market resulting in
intense competition from unorganized players and its presence in
the cyclical textile industry.

The rating, however, derives strength from the rich experience of
the partners, long & satisfactory track record of operations and
established client base.  SVE's ability to increase its scale of
operations with improvement in profitability and improvement
in capital structure will be the key rating sensitivities.

S.V. Exports, constituted in the year 1998 and promoted by Shri
Sumit Gupta, Shri Vaneet Kansal and Shri Rakesh Kansal of
Ludhiana, is a partnership firm engaged in the business of
manufacturing hosiery goods like sweater, pullover and cardigan
in different shapes, sizes and colours for all categories (men,
ladies and children). The firm has a manufacturing unit, located
in Ludhiana (Punjab), having facilities for knitting, dyeing,
washing, cutting, stitching, sewing, embroidery, washing, ironing
and packing. SVE derives major portion of its revenue from
domestic markets (97% in FY11) and the rest from exports made to
U.K, Spain etc.

Shri Rakesh Kansal (a commerce graduate), having an experience of
over a decade in this line of business, looks after the day to
day affairs of the firm with the support of his co-partners and a
team of experience professionals.

As per audited results for FY11 (refers to period from April 1 to
March 31), SVE reported a PAT of INR0.2 crore (INR0.2 crore in
FY10) on a total income of INR48.0 crore (INR35.9 crore in FY10).


SWASTIK CEMENT: CARE Rates INR5.45cr LT Loan at 'CARE BB'
---------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Swastik
Cement Products Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.45       CARE BB Assigned

Rating Rationale

The ratings are constrained on account of the small scale of
operations of Swastik Cement Products Pvt. Ltd. (SCPPL), lower
capacity utilisation along with lower profitability margins,
concentrated customer profile and cyclical nature of the steel
industry.

The ratings, however, derive strength from the experience of the
management team in the steel sector, financial profile
characterized by comfortable solvency and liquidity ratios and
proximity to the suppliers and customers.

The ability of the company to manage the fluctuations in the
prices of raw materials, and improve its profitability margin
would remain a key rating sensitivity.

Incorporated in 1980, Swastik Cement Products Private Ltd was
promoted by Mr. Yuvraj Agarwal for the manufacturing of cement
products. In 1997, Mr. Ajit Jain and Mr. Tulsyan took over the
management of the company, continued with the erstwhile SSF
(smokeless fuel) division and established the wheat grinding
division. Later in 2006, the company diversified into the
manufacturing of MS ingots by setting up a steel division with a
capacity of 18,000 MTPA in Chandauli, Uttar Pradesh. In 2008,
installed capacity of the steel division was augmented from
18,000 MTPA to 36,000 MTPA. Presently, the company focuses
primarily on its steel division and the directors, Mr. Ajit Jain
and Mr. Tulsyan, having experience of over 20 years in the steel
sector have been managing the company.

During FY11 (refers to the period 1st April 2010 to March 31,
2011), the company has discontinued the operations of its SSF
divisions and currently derives majority of its revenue from the
steel division (manufacturing of MS ingots).


VIDYASAGAR & SONS: CARE Rates INR22.78cr LT Loan at 'CARE B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Vidyasagar & Sons.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      22.78      'CARE B+' Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Vidyasagar & Sons
(JV) is primarily constrained by the uncertainty of timely
realization of cash flows from sale of scrap and other assets.
The above mentioned constraint is partially offset by experienced
promoters; however, there they have no experience in existing
line of business.

VASJ's timely generation of cash flow at expected realization is
the key rating sensitivity.

Vidyasagar & Sons is a Special Purpose Vehicle (SPV) between
Vidyasagar & Sons, a partnership firm and Maa Mahamaya Industries
Ltd. (MMIL), a public limited company with a
profit sharing ratio of 50:50. While VAS was promoted by Shri
Vaibhav Agrawal and Shri Ram Gopal Agrawal in April 2010, MMIL
was promoted by Shri Ramcharam Agrawal and Shri Omprakash Agrawal
in June, 2003. All the aforesaid promoters belong to the Agarwal
family of Bhilai, Chhattisgarh.

The SPV has been set-up for the sole purpose of dismantling and
disposal of existing sinter plant no.1 of Bhilai Steel Plant,
Bhilai (Chhattisgarh), purchased through tender from SAIL. After
the unit purchased is dismantled, second hand machinery and scrap
will be sold-off. Before acquiring, VASJ has taken into account
valuation reports available in tender notice, physical inspection
of assets and views from professional asset valuers for asserting
the quality of asset. VASJ purchased the plant from SAIL at
INR44.8 crore. The same has been financed at a debt-equity ratio
of 2.24:1 (Term loan - INR31.0 crore and capital - INR13.8
crore). The SPV has succeeded in realizing INR11.1 crore from
scarp sales and INR6.4 crore has been received from BSP for
dismantling till July, 2012. As per provisional results for FY12,
VAS has achieved PBILDT of INR301.5 lakhs and a PAT of INR5.9
lakhs on total income of INR613.2 lakhs.



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


J-CORE 16: Moody's Cuts Rating on Class D Certificates to 'C'
-------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class C and
D Trust Certificates issued by J-CORE 16.

Details follow:

Class C, downgraded to Caa3 (sf); previously on 17 May 2012,
downgraded to B3 (sf)

Class D, downgraded to C (sf); previously on 17 May 2012,
downgraded to Caa2 (sf)

Deal Name: J-CORE 16 Trust

Class: Class C and D Trust Certificates

Issue Amount (initial): JPY3.5 billion

Dividend: Floating

Issue Date (initial): 29 September 2008

Final Maturity Date: May, 2015

Underlying Asset (initial): One Bond backed by multiple offices

Originator: Deutsche Bank, Tokyo Branch

Arranger: Deutsche Bank, Tokyo Branch

J-CORE16, which is backed by a bond, was effected in September
2008. The assets backing the bond are being liquidated.

The bond originally represented the securitizations of 18 office
buildings, most of which are in Tokyo. Seventeen of the
properties have already been sold.

The Originator entrusted the bond to the Asset Trustee, and
received the Class A through D trust certificates, which it then
sold through the Arranger to investors. The trust certificates
are rated by Moody's.

Ratings Rationale

The Class C and D Trust Certificates will incur losses from a
backing bond, as a result of the sales of properties below the
amount of the bond.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)" published on September 30, 2010, and available on
www.moodys.co.jp.

Moody's did not receive or take into account any third-party due
diligence reports on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


JLOC XXXI: S&P Cuts Rating on Class D Trust Certificates to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services  said that it has lowered to
'D (sf)' from 'CCC (sf)' its rating on the class D trust
certificates issued under the JLOC XXXI Trust Certificates
transaction. "At the same time, we affirmed our ratings on the
class B and C trust certificates issued under the same
transaction.  Class A fully redeemed on the principal and
interest payment date in August 2012. We withdrew our rating on
the interest-only (IO) class X securities in October 2011," S&P
said.

"One of the transaction's underlying loans -- which defaulted in
July 2012, was backed by an office building in Osaka, and
originally represented about 3% of the total issuance amount of
the trust certificates -- has become impaired. We have confirmed
that class D, the lowest-level tranche, has incurred a loss
following the impairment of the loan. Specifically, the principal
on class D was written down on the principal and interest payment
date in August 2012. Accordingly, we lowered to 'D (sf)' our
rating on this class," S&P said.

"Of the 22 nonrecourse loans that initially secured the trust
certificates, only one loan remains. The loan originally
represented about 6% of the total initial issuance amount of the
trust certificates. After considering the minimum sales price for
the related collateral properties in the servicer's property
liquidation plan, we believe that the likely recovery amount from
the properties is under downward pressure. Nevertheless, we
affirmed our ratings on classes B and C because collection from
the transaction's other underlying loans has progressed and, as a
result, the loan-to-value (LTV) ratios of classes B and C have
declined as the redemption of the senior classes progressed," S&P
said.

"JLOC XXXI is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. Twenty-two nonrecourse loans
initially secured the trust certificates, and 62 real estate
properties originally backed these nonrecourse loans. Morgan
Stanley Japan Securities Co. Ltd. arranged the transaction, and
ORIX Asset Management & Loan Services Corp. acts as the servicer
for this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in February 2015 for
the class B to D certificates," S&P said.

            STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

           http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

JLOC XXXI Trust Certificates

JPY24.3 billion trust certificates due February 2015

Class To From Initial issue amount

D D (sf) CCC (sf) JPY0.7 bil.

RATINGS AFFIRMED

JLOC XXXI Trust Certificates

Class Rating Initial issue amount

B BB- (sf) JPY1.1 bil.

C CCC (sf) JPY0.9 bil.


OLYMPUS CORP: To Sell Mobile Phone Unit for JPY53 Billion
---------------------------------------------------------
Japan Today reports that Olympus Corp. said it will sell its
mobile phone unit to a domestic investment fund for JPY53 billion
as the camera and medical equipment maker eyes a return to
profitability.

Japan Today relates that the company said the sale of ITX Corp
would be posted as a one-time gain in the firm's second-quarter
financial report, but "the impact of the sale on our earnings is
uncertain at this point."

The buyer was Japan Industrial Partners which Olympus described
as "one of (the) leading investment funds in Japan," the report
relays.

According to the report, Olympus had reportedly purchased an
increasing stake in ITX-once a technology startup investor that
later became a mobile phone retailer-over the past decade in
hopes of using the investment to make up for losses central to
its accounting scandal last year.

The sale announced on Friday came as Olympus looked to revamp its
business and lure outside investors after reporting a JPY4.46
billion loss in the April to June quarter, Japan Today adds.

                         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.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


PIONEER CORP: S&P Affirms BB- Corp. Credit Rating, Withdraws CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said it had affirmed its 'BB-'
long-term corporate credit rating on Japan's Pioneer Corp. "We
then withdrew the rating at the company's request. The outlook
was stable at the time of the withdrawal," S&P said.

"In our view, stable earnings in Pioneer's car electronics
business support the company's credit strength, and restructured
operations and cost reductions have increased the business'
competitiveness. Despite some softness in its home electronics
business, Pioneer will continue to make positive earnings, in
Standard & Poor's opinion, on the back of strength in its car
electronics business, which is underpinned by increased sales
because of recovering Japanese auto production volumes and
improved competitiveness on cost. On the other hand, massive
losses in the past have weakened the company's dept-to-capital
structure, and we do not expect the company to make a significant
improvement in credit quality," S&P said.



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


HEALTHE HOLDINGS: Creditors' Proofs of Debt Due Sept. 24
--------------------------------------------------------
Creditors of Healthe Holdings Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Sept. 24, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


ITAI TECHNOLOGIES: Court to Hear Wind-Up Petition Sept. 7
---------------------------------------------------------
A petition to wind up the operations of Itai Technologies Pte Ltd
will be heard before the High Court of Singapore on Sept. 7,
2012, at 10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Aug. 13, 2012.

The Petitioner's solicitors are:

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


MARINE ENGINEERING: Court to Hear Wind-Up Petition Sept. 7
----------------------------------------------------------
A petition to wind up the operations of Marine Engineering
Systems (Asia Pacific) Pte Ltd will be heard before the High
Court of Singapore on Sept. 7, 2012, at 10:00 a.m.

Choo Chin Hong filed the petition against the company on Aug. 13,
2012.

The Petitioner's solicitors are:

         Dominion LLC
         171 Chin Swee Road
         #09-08 San Centre
         Singapore 169877


MYCOFARM PTE: Court to Hear Wind-Up Petition Sept. 7
----------------------------------------------------
A petition to wind up the operations of Mycofarm Pte Ltd will be
heard before the High Court of Singapore on Sept. 7, 2012, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
Aug. 15, 2012.

The Petitioner's solicitors are:

         Hin Tat Augustine & Partners
         20 Upper Circular Road
         #02-10/12 The Riverwalk
         Singapore 058416


POLYGON CONSTRUCTION: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2012, to
wind up the operations of Polygon Construction & Interior
Pte Ltd.

Standard Chartered Bank filed the petition against the company.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         care of BDO LLP
         21 Merchant Road
         #05-01, Royal Merukh
         S.E.A. Building
         Singapore 058267



=============
V I E T N A M
=============


ASIA COMMERCIAL: Fitch Places Low-B IDRs on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed Vietnam-based Asia Commercial Bank's
Long- and Short-Term Issuer Default Ratings (IDRs) of 'B' and its
Viability Rating (VR) of 'b' on Rating Watch Negative (RWN).
This follows the arrest of a high-profile banking tycoon, Nguyen
Duc Kien, who is one of the shareholders of ACB, as well as the
resignation of the CEO.

The rating action reflects the potential adverse impact of the
above developments on depositor confidence in ACB and its credit
profile.  Fitch will closely monitor the potential impact.
However, the agency notes that the bank has a liquid balance
sheet, with a loan/deposit ratio of 70% during 2008-2011.

The RWN will be resolved when Fitch is able to ascertain the
impact on ACB's standalone financials, particularly its funding,
liquidity profile and potential losses, if any.  The ratings are
likely to be affirmed if Fitch views that the impact of the probe
does not result in major disruptions or financial losses to its
business, with its financial position and franchise remaining
intact relative to its current rating level.  Conversely,
negative rating action may arise if the probe leads to a
sustained weakening in the bank's liquidity and reputation and
reveals any other issues that may significantly impair the bank's
credit profile.

The investigation revolves around alleged violations at the three
companies of which Mr. Kien is the Chairman and where he was
alleged to have "conducted business illegally".  The bank has
stated publicly that Mr. Kien is currently neither a Board
Director nor a member of management, and has no influence over
ACB's decision-making process and its operations.

ACB is the fifth-largest bank in Vietnam with total assets of
VND264trn at end-March 2012. Standard Chartered Bank currently
holds a 15% stake in the bank.

ACB's full list of rating actions:

  -- Long-Term IDR of 'B' placed on RWN
  -- Short-Term IDR of 'B' placed on RWN
  -- Viability Rating of 'b' placed on RWN
  -- Support Rating Floor affirmed at 'No Floor'
  -- Support Rating affirmed at '5'


ASIA COMMERCIAL: Moody's Downgrades Issuer Ratings to 'B2'
----------------------------------------------------------
Moody's Investors Service has downgraded the issuer ratings and
local currency deposit rating of Asia Commercial Bank to B2 from
B1. The bank's standalone financial strength rating remains at
E+, but now maps to a b2 on the long-term scale from a b1. The
above ratings, as well as the B2 foreign currency deposit rating
have also been placed on review for possible downgrade.

Ratings Rationale

Moody's decision to downgrade and place ACB's ratings on review
for possible downgrade follows the negative developments at the
bank as a result of (i) this week's police arrest of the bank's
co-founder, Mr. Nguyen Duc Kien, a high-profile Vietnamese
tycoon, and (ii) the subsequent resignation and arrest of the
bank's chief executive officer (CEO), Mr. Ly Xuan Hai.

While the bank has stated that neither of these arrests was
related to wrongdoings at ACB itself, Moody's is concerned that
these developments have resulted in pressure on the bank's
liquidity and that there could be longer-term negative
consequences for the bank's franchise value.

So far, these events have led to a fall in the bank's share price
and deposits. Although the extent of the decline in deposits
cannot be verified, the central bank has confirmed having
provided liquidity to ACB for that reason.

The bank entered this period of turbulence with a good liquidity
position, but relatively weak capital and declining asset
quality. At B1, ACB also had a higher rating than some of its
peers in the Vietnamese market, which Moody's believes is no
longer justified given the current liquidity pressure and the
more difficult environment it is facing to raise capital.

It had reported gross customer loans-to-gross customer deposits
ratio of 70% at end-June 2012 (from 72% at end-2011), whereas its
liquid assets to total assets stood at 39%.

Tier 1 ratio as at end-June 2012 was 6.6%, below the global peer
average.

Non-performing loans (NPLs) ratio continued increasing to 1.5% by
end-June 2012 (0.9% at end-2011), while its overall problem loans
ratio (including special mention loans) doubled to 2.4% by end-
June 2012 (1.2% at end-2011).

Separately, the review for downgrade on the bank's ratings
reflects persistent pressure from markets and depositors and the
risk that this dynamic could potentially lead to a further
deterioration of its credit fundamentals.

Moody's assumes that central bank support has been of an orthodox
lender-of-last resort nature. If the rating agency anticipates
that the bank needs extraordinary systemic support to avoid
default, it is likely that it would again downgrade the stand-
alone credit profile and a gap could emerge between the deposit
rating and the stand-alone credit assessment.

On the positive side, in a statement published on the SBV's
website on Wednesday, Mr. Nguyen Huu Nghia, the bank's chief
inspector, said that the SBV would provide protection to ACB
depositors going forward, if needed. It reportedly said the
entire banking sector is "standing ready to provide funding
support to ACB to ensure it meets its obligations for repaying
deposits."

Principal Methodologies

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.

Headquartered in Ho Chi Minh City, Vietnam, ACB reported total
assets of VND254 trillion at the end of June-2012.



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


* BOND PRICING: For the Week August 20 to August 24, 2012
---------------------------------------------------------


Issuer                  Coupon    Maturity   Currency     Price
------                  ------    --------   --------     -----

  AUSTRALIA
  ---------

COM BK AUSTRALIA         1.50      4/19/2022     AUD      69.51
EXPORT FIN & INS         0.50      6/15/2020     NZD      73.74
MIDWEST VANADIUM        11.50      2/15/2018     USD      64.13
MIDWEST VANADIUM        11.50      2/15/2018     USD      62.76
MIRABELA NICKEL          8.75      4/15/2018     USD      75.50
MIRABELA NICKEL          8.75      4/15/2018     USD      72.63
NEW S WALES TREA         0.50      9/14/2022     AUD      67.91
NEW S WALES TREA         0.50      10/7/2022     AUD      67.61
NEW S WALES TREA         0.50     10/28/2022     AUD      67.43
NEW S WALES TREA         0.50     11/18/2022     AUD      68.59
NEW S WALES TREA         0.50     12/16/2022     AUD      68.38
NEW S WALES TREA         0.50       2/2/2023     AUD      68.02
NEW S WALES TREA         0.50      3/30/2023     AUD      67.60
TREAS CORP VICT          0.50      8/25/2022     AUD      67.98
TREAS CORP VICT          0.50       3/3/2023     AUD      68.48
TREAS CORP VICT          0.50     11/12/2030     AUD      50.98


CHINA
-----

CHINA GOVT BOND          4.86      8/10/2014     CNY     103.76
CHINA GOVT BOND          1.64     12/15/2033     CNY      69.81


  INDIA
  -----

AKSH OPTIFIBRE           1.00       2/5/2013     USD      61.59
JCT LTD                  2.50       4/8/2011     USD      20.00
JSL STAINLESS LT         0.50     12/24/2019     USD      66.95
MASCON GLOBAL LT         2.00     12/28/2012     USD      10.00
PRAKASH IND LTD          5.63     10/17/2014     USD      68.52
PRAKASH IND LTD          5.25      4/30/2015     USD      61.93
PYRAMID SAIMIRA          1.75       7/4/2012     USD       1.00
REI AGRO                 5.50     11/13/2014     USD      68.39
REI AGRO                 5.50     11/13/2014     USD      68.39
SHIV-VANI OIL            5.00      8/17/2015     USD      49.95
SUZLON ENERGY LT         5.00      4/13/2016     USD      49.63


  JAPAN
  -----

COVALENT MATERIA         2.87      2/18/2013     JPY      66.26
EBARA CORP               1.30      9/30/2013     JPY     100.01
ELPIDA MEMORY            2.03      3/22/2012     JPY      15.13
ELPIDA MEMORY            2.10     11/29/2012     JPY      15.13
ELPIDA MEMORY            2.29      12/7/2012     JPY      15.13
ELPIDA MEMORY            0.50     10/26/2015     JPY      15.13
ELPIDA MEMORY            0.70       8/1/2016     JPY      16.38
JPN EXP HLD/DEBT         0.50      9/17/2038     JPY      63.11
JPN EXP HLD/DEBT         0.50      3/18/2039     JPY      62.87
KADOKAWA HLDGS           1.00     12/18/2014     JPY     106.58
SOFTBANK CORP            1.50      3/31/2013     JPY     145.56
TOKYO ELEC POWER         1.16       9/8/2020     JPY      74.89
TOKYO ELEC POWER         2.35      9/29/2028     JPY      69.13
TOKYO ELEC POWER         2.40     11/28/2028     JPY      69.38
TOKYO ELEC POWER         2.21      2/27/2029     JPY      67.13
TOKYO ELEC POWER         2.11     12/10/2029     JPY      65.38
TOKYO ELEC POWER         1.96      7/29/2030     JPY      64.38
TOKYO ELEC POWER         2.37      5/28/2040     JPY      62.06


  MALAYSIA
  --------

DUTALAND BHD             7.00      4/11/2013     MYR       0.73


  PHILIPPINES
  -----------

BAYAN TELECOMMUN        13.50      7/15/2049     USD      20.50
BAYAN TELECOMMUN        13.50      7/15/2049     USD      20.50

  SINGAPORE
  ---------

BAKRIE TELECOM          11.50       5/7/2015     USD      55.07
BAKRIE TELECOM          11.50       5/7/2015     USD      54.50
BLD INVESTMENT           8.63      3/23/2015     USD      60.83
BLUE OCEAN              11.00      6/28/2012     USD      38.00
BLUE OCEAN              11.00      6/28/2012     USD      37.50
CAPITAMALLS ASIA         2.15      1/21/2014     SGD      99.69
CAPITAMALLS ASIA         3.80      1/12/2022     SGD     100.79
DAVOMAS INTL FIN        11.00      12/8/2014     USD      29.13
DAVOMAS INTL FIN        11.00      12/8/2014     USD      28.98
F&N TREASURY PTE         2.48      3/28/2016     SGD     100.48


  SOUTH KOREA
  -----------

EXP-IMP BK KOREA         0.50      8/10/2016     BRL      71.89
EXP-IMP BK KOREA         0.50      9/28/2016     BRL      71.41
EXP-IMP BK KOREA         0.50     10/27/2016     BRL      70.90
EXP-IMP BK KOREA         0.50     11/28/2016     BRL      70.36
EXP-IMP BK KOREA         0.50     12/22/2016     BRL      70.07
EXP-IMP BK KOREA         0.50      1/25/2017     TRY      74.56
EXP-IMP BK KOREA         0.50     10/23/2017     TRY      70.78
EXP-IMP BK KOREA         0.50     11/21/2017     BRL      64.54
EXP-IMP BK KOREA         0.50     12/22/2017     TRY      69.90
EXP-IMP BK KOREA         0.50     12/22/2017     BRL      64.04
GREAT KO 3RD ABS        10.00     12/29/2014     KRW      30.53
HYUNDAI SWISS BK         8.50      7/15/2014     KRW      86.76
KIBO GRE 1ST ABS        10.00      1/25/2015     KRW      30.41
KIBO GRE 2ND ABS        10.00      3/20/2015     KRW      30.24
SINBO 4TH ABS            8.00      8/18/2014     KRW      30.02
SINBO CO 3RD ABS        10.00      9/29/2014     KRW      30.53


  SRI LANKA
  ---------

SRI LANKA GOVT           5.80      1/15/2017     LKR      71.97
SRI LANKA GOVT           5.80      7/15/2017     LKR      70.71
SRI LANKA GOVT           7.50      8/15/2018     LKR      73.15
SRI LANKA GOVT           8.50       5/1/2019     LKR      75.12
SRI LANKA GOVT           6.20       8/1/2020     LKR      61.52
SRI LANKA GOVT           7.00      10/1/2023     LKR      59.32
SRI LANKA GOVT           5.35       3/1/2026     LKR      45.26
SRI LANKA GOVT           8.00       1/1/2032     LKR      56.15


  THAILAND
  --------

BANGKOK LAND             4.50     10/13/2003     USD       5.38



                             *********

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

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

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


                            *********


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

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

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

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

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





                 *** End of Transmission ***