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                      A S I A   P A C I F I C

            Tuesday, March 5, 2013, Vol. 16, No. 45


                            Headlines


A U S T R A L I A

DAINTREE ECO: Queensland Eco Lodge Faces Receivership Threat
GEON GROUP: Suppliers Refuses to Restock Paper Supplies
* Moody's Notes Stable Australian ABS Delinquencies and Losses
* Softer Environment Likely for Aussie Banks in 2013, Fitch Says


C H I N A

CHINA FISHERY: Fitch Affirms 'BB-' Issuer Default Rating
CHINA FISHERY: Copeinca Takeover Bid No Impact on Moody's B1 CFR


H O N G  K O N G

CITIWIDE CORPORATION: Members' Final Meeting Set for March 22
DELIGHT VIEW: Final General Meeting Set for March 26
FOK RICH: Creditors' Proofs of Debt Due March 21
GRAND CHINA: Court to Hear Wind-Up Petition on March 6
INTER-M (HK): Creditors' Proofs of Debt Due March 25

MARKIT EDM: Members' Proofs of Debt Due March 25
MF ASIA: Briscoe and Wong Step Down as Liquidators
MF SECURITIES: Puen and Lo Step Down as Liquidators
MF SECURITIES HK: Briscoe and Wong Step Down as Liquidators
PIPER JAFFRAY: Creditors' Proofs of Debt Due March 25

PLOUGH CONSUMER: Commences Wind-Up Proceedings
PRODEX INDUSTRIES: Court to Hear Wind-Up Petition on April 3
ROSEVILLE ENTERPRISES: Members' Annual Meeting Set for March 25
SARASIN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
UNISON INDUSTRIES: Creditors' Proofs of Debt Due March 11


I N D I A

BHARGAB ENGINEERING: CRISIL Assigns 'C' Rating to INR20MM Loan
BNAZRUM AGRO: Weak Liquidity Cues CRISIL to Junk Ratings
BRMSCO GARMENTS: CRISIL Junks Ratings Due to Loan Payment Delays
BVSR HARDA: CRISIL Assigns 'BB' Ratings to INR674.6MM Loan
BVSR SSG: CRISIL Assigns 'BB' Rating to INR1.41BB Term Loan

CORE EDUCATION: S&P Puts 'B+' CCR on CreditWatch Negative
MATSYA AUTOMOBILES: CRISIL Puts 'BB-' Ratings to INR100MM Loans
PAVAN INDUSTRIES: CRISIL Cuts Ratings on INR95MM Loans to 'D'
PRATAP CIVIL: Delay in Loan Payment Cues CRISIL to Junk Ratings
PREMIER AGRO: CRISIL Assigns 'B' Ratings to INR75MM Loans

SHANKER COILS: CRISIL Assigns 'BB-' Ratings to INR52MM Loans
SNG FASHIONS: CRISIL Rates INR145MM Cash Credit at 'B+'
SPICA PROJECTS: CRISIL Cuts Ratings on INR57MM Loans to 'C'
SWATI CAST: Delay in Loan Payment Cues CRISIL to Junk Ratings
VISION CERAMIC: CRISIL Assigns 'B-' Ratings to INR100MM Loans


J A P A N

ELPIDA MEMORY: Tokyo Court Approves Reorganization Plan


N E W  Z E A L A N D

ALLIED FARMERS: Tries to Cobble Together Loan Repayment


S I N G A P O R E

ETAC (S): Creditors' Proofs of Debt Due on March 15
JAFFAJUICE INT'L: Creditors' Proofs of Debt Due on March 15
LIFESTYLE MSDG: Court to Hear Wind-Up Petition on March 15
LINGUA TECH: Creditors' Proofs of Debt Due on March 29
MORGAN STANLEY: Creditors' Proofs of Debt Due on March 26

MTRC PTE: Court to Hear Wind-Up Petition on March 8


S O U T H  K O R E A

SSANGYONG ENG'G: Creditors Approve Debt Restructuring Program


T H A I L A N D

TRUE CORP: Weak 2012 Results Has No Impact on Moody's B2 Rating


X X X X X X X X

* Moody's Reports on Emerging Asia 2013 Gross Financing Needs
* BOND PRICING: For the Week Feb. 25 to March 1, 2013


                            - - - - -


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


DAINTREE ECO: Queensland Eco Lodge Faces Receivership Threat
------------------------------------------------------------
SmartCompany reports that the Daintree Eco Lodge is under threat
of receivership as it struggles to pay back loans and maintain its
"Aboriginal Champions" program.

SmartCompany says the Daintree Eco Lodge and Spa won the 2012
"World's Leading Eco Resort and Spa" at the World Travel Awards,
in what was heralded at the time as a boost for Queensland
tourism, but is now at the hands of National Australia Bank
receivers who may be considering a fire sale.

Lodge owner Terry Maloney told SmartCompany he had heard nothing
official from NAB, but confirmed the bank had been threatening
receivership for some time.  Mr. Maloney also said about
AUD1.5 million will cover the company's debts and his family home,
the report adds.

According to the report, Mr. Maloney sent a letter to NAB chief
executive Cameron Clyne last Monday appealing for the bank to
consider taking on board its indigenous program as part of the
bank's corporate social responsibility programs -- but confirmed
his offer was rejected.

Mr. Maloney said this would be "mutually beneficial" for both
parties and allow him to focus on running the lodge and paying
back the debts, the report relays.

The program has assisted more than 100 local indigenous people
over the past 15 years with long-term employment, housing and
tertiary education, the report notes.

"This would allow them to implement a positive action program and
we could then grow our business. We've been funding the program
ourselves and it is ready to be rolled out around Australia," the
report quotes Mr. Maloney as saying.

Daintree Eco Lodge is an eco lodge in Queensland, which pioneered
an indigenous employment program.


GEON GROUP: Suppliers Refuses to Restock Paper Supplies
-------------------------------------------------------
stuff.co.nz reports that an attempt to keep collapsed printing
firm Geon trading through receivership is foundering after
suppliers refused to restock paper supplies.

The report relates that the standoff threatens the jobs of the
printing company's 1,000 employees in Australasia, including more
than 300 in New Zealand.

According to the report, a spokeswoman for the New Zealand
receivers Andrew Grenfell and William Black, of McGrathNicol,
appointed on February 22, said: "Key paper suppliers are
continuing to refuse to supply Geon with critically needed paper."

The spokeswoman said an "urgent appraisal" of Geon's business was
being undertaken to develop cost-reduction strategies that could
involve job losses, stuff.co.nz relays.
stuff.co.nz relates that EPMU postal services organiser Joe
Gallagher said Geon staff were asked to take voluntary unpaid
leave.

"They're trying to get people to take unpaid leave, obviously
cashflow is an issue. It's in a very, very precarious position at
the moment," the report quotes Mr. Gallagher as saying.

stuff.co.nz notes that liquidation would be disastrous for staff
as redundancy provisions in these situations "doesn't mean diddly
squat - there's no money to pay."

Suppliers, including PaperlinX unit Spicers, have cut paper
supplies, bringing Geon's production to a halt in most locations,
the report says.

According to the report, the Australian receiver of Geon, Shaun
Fraser, of McGrathNicol said in a statement paper supply was
critical for the company's operation.

"Despite indicating to paper suppliers how important it was for
Geon to continue to receive supply in order to preserve the
company's value, maintain employment and avoid liquidation supply
has not been forthcoming," Mr. Fraser, as cited by stuff.co.nz,
said.

Mr. Fraser said the standoff added to the uncertainty for
creditors and employees, the report adds.

                            About GEON

GEON Group is an Australian and New Zealand print and logistics
provider.  The company prints catalogues and marketing material
and does mailout campaigns.

Jason Preston, Murray Smith, James Thackray and Shaun Fraser of
McGrathNicol were appointed joint and several receivers and
managers of GEON Australia Pty Limited and its subsidiaries on
Feb. 21, 2013.  The receivers have assumed control of Geon's
affairs and currently involved in an urgent appraisal of Geon's
business and activities.

PPB Advisory have been also appointed as administrators.


* Moody's Notes Stable Australian ABS Delinquencies and Losses
--------------------------------------------------------------
Moody's Investors Service says that the delinquencies and losses
for Australian ABS transactions have been largely stable in Q4
2012, with some variation between programs.

"At end-December 2012, the 30-plus delinquencies ranged between
0.42% for SMART ABS deals, and 2.39% for Bella ABS deals," says
Alena Chen, a Moody's Analyst.

"The FP program saw improved delinquency performance over the
quarter, while the SMART and Bella programs suffered a slight
deterioration in performance," says Chen, who was speaking on the
release of Moody's "Australian ABS Performance Review: Q4 2012."

The most seasoned outstanding pools were of the 2009 vintage.
Cumulative defaults were 1.5%, and the net losses were 0.7%. Other
outstanding vintages are less seasoned and have incurred less
losses.

"We expect the performance trends witnessed in 2012 to continue
over 2013 with stable delinquencies and limited losses,
underpinned by expected GDP growth of 2.5% to 3.5%, a continuation
of the low interest rate environment, and a steady unemployment
rate of 4.5% to 5.5%," adds Chen.

Moody's expects issuance in 2013 to increase from AUD4.9 billion
in 2012.

Moody's also expects a small number of new issuers to enter the
Australian ABS market, seeking to complement their funding
sources.

Some of the new transactions will securities traditional assets,
such as auto loans and commercial equipment, while the rest will
securities new asset types.


* Softer Environment Likely for Aussie Banks in 2013, Fitch Says
----------------------------------------------------------------
Fitch Ratings says a likely modest weakening in Australian banks'
operating environment during 2013 is unlikely by itself to result
in negative rating action. A more severe downturn could drive
negative action although this is not the agency's base case.

In a report published on March 3, Fitch says it expects Australian
banks' profit growth to come under pressure in 2013, due to likely
subdued credit growth and a potential rise in impairment charges.
However, loan losses should easily be absorbed by pre-impairment
operating profits, as Australian banks are, and should remain,
among the most profitable in the world.

Fitch expects asset quality deterioration to result from slower
Australian economic growth -- the agency forecasts growth of 2.5%
in 2013 -- as mining investment nears its peak and some non-mining
sectors struggle with a high Australian dollar and/or modest
consumer confidence.

Such asset quality deterioration should be modest and manageable.
Profitability at Australian banks should be able to easily absorb
losses under this scenario, based on their strong domestic
franchises, adequate asset pricing, sound underwriting and a
conservative regulatory environment. A significant rise in loan
losses during 2013 would require a more severe economic downturn
than Fitch's base case.

Moderate household deleveraging and strong savings rates are
likely to continue, assisting banks in further strengthening their
funding profiles. Australian banks' reliance on wholesale funding,
particularly from offshore sources, is a key weakness of the
system, although this reliance has reduced since 2008.



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C H I N A
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CHINA FISHERY: Fitch Affirms 'BB-' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed China Fishery Group Limited's Long-Term
Issuer Default Rating (IDR), its senior unsecured rating and
USD300m senior unsecured notes at 'BB-', and removed them from
Rating Watch Negative.  A Stable Outlook has been assigned to the
IDR.

Key Rating Drivers

The rating actions are based on Fitch's assessment that China
Fishery is not likely to suffer imminent substantial losses in its
contract supply operations in Russia, the reason the ratings were
placed on Negative Watch on Dec. 3, 2012.

Separately, on Feb. 26, 2013, China Fishery proposed to acquire a
controlling interest in Copeinca ASA (Copeinca, B+/Stable), the
second-largest producer in the Peruvian fishmeal industry. This
event is unlikely to have an immediate rating impact as a
significant portion of the acquisition cost will be funded by an
underwritten rights issue.

China Fishery continues to obtain Alaskan Pollock supplies from
its Russian partners despite media allegations in November 2012
that the Russian Federal Antimonopoly Services (FAS) has deemed
its involvement in Russian fishing rights contravenes domestic
laws. Notwithstanding continued uncertainty on whether China
Fishery would need to restructure its contract supply operations
to meet Russian regulations, Fitch believes it is unlikely that
the company will suffer imminent financial losses as long as it
continues to operate the contract supply business. Fitch is also
of the opinion that if China Fishery should be forced to exit the
contract supply business, imminent losses can be averted as the
company is entitled to recover pre-payments made to its agents in
Russia.

Fitch's downgrade of China Fishery's ratings in December 2012 had
factored in the possibility that the high profit margin of its
Russian contract supply operation may moderate either due to
industry restructuring or due to the company's own expansion. The
downgrade also reflected the weakened performance of the China
Fishery fleet (CF Fleet) operation that ply different fishing
grounds around the world, a factor that remains unchanged.

The impact of the proposed Copeinca acquisition on China Fishery
will depend on the size of the stake acquired and the final price
paid. The acquisition, if successful, will improve China Fishery's
business profile, especially if it is able to merge it with its
existing fishmeal operations in Peru. The fishmeal business
carries least operational risk among China Fishery's three major
business segments.

Fitch believes that China Fishery should be able to maintain its
leverage, as measured by net debt/EBITDAR, below 3x post
acquisition unless it pays substantially above its stated USD600m
valuation for the entire equity interest in Copeinca. The company
has secured funding sources for any amounts not covered by its
underwritten rights issue. If a substantial minority interest in
Copeinca remains post acquisition, Fitch will deconsolidate its
financials in its assessment of China Fishery.

Rating Sensitivities

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

- adjusted net debt/EBITDAR rising above 3x from 2.4x in 2012
- operating EBITDAR margin falling below 30% from 37% in 2012
- material changes to the contract supply operations leading to
   substantial cash losses

Positive: Fitch does not envisage taking positive rating action in
the next 12 to 18 months given prevailing uncertainty over the
Russian contract supply operation and given the volatile
performance of its CF fleet operation.


CHINA FISHERY: Copeinca Takeover Bid No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that China Fishery Group Limited's
takeover bid for Peru-based Copeinca ASA will not have any
immediate impact on its B1 corporate family and senior unsecured
debt ratings, and its negative rating outlook.

On February 26, 2013, China Fishery said that it made an offer to
acquire Copeinca ASA for NOK53.2 per share, or US$9.5 per share in
cash. The offer values Copeinca ASA at $556 million, assuming 100%
acceptance by shareholders of the offer price. The offer is
conditional on the company obtaining a minimum ownership of 50.01%
in Copeinca ASA, along with the required approvals from
authorities and shareholders.

"Moody's does not expect the current proposed takeover offer for
acquiring Copeinca ASA has an immediate impact on China Fishery's
financial and liquidity positions" says Alan Gao, a Moody's Vice
President and Senior Analyst.

In the scenario that China Fishery takes up 100% of the
shareholdings of Copeinca ASA, its debt leverage measured by
debt/EBITDA and EBIT/interest would reach 3.2x, a level that will
still support its B1 ratings.

To fund the deal, China Fishery aims to raise US$278 million in
equity through a rights issue and US$295 million through a bridge
loan, and which will ensure that its liquidity position is
unaffected by the deal.

Given the track record of good access to bank and capital market,
Moody's expects China Fishery has the ability to refinance the
bridging loan if the takeover is successful.

On the other hand Dyer Coriat Holding and Weilheim Investments,
which collectively holds 36.8% interest in Copeinca ASA, does not
plan to accept the offer based on an announcement by the board of
directors of Copeinca ASA on February 27, 2013.

If China Fishery needs to lift its offering price to achieve a
meaningful shareholdings, Moody's will review the financial impact
from such revised offering.

Without the full support of the existing shareholders of Copeinca
ASA, China Fishery will face some challenges in integration after
acquisition. But China Fishery has operating experience to manage
the enlarged operations as it has existing operations in Peru.

"If the takeover is successful, it will improve China Fishery's
market position and will reduce its reliance on operations in
Russia where regulatory risks have been increasing" says Gao, who
is also the lead analyst for China Fishery.

Moody's expects that the Copeinca ASA could bring some positive
economic benefit to China Fishery.

Copeinca is the second largest fishmeal and fish oil producer in
Peru and the third largest globally. The company has vertically
integrated operations, with a fishing fleet it uses to catch
anchovy off the Peruvian coast. Its plants process its own catch
and those from third parties into fishmeal and fish oil.

Under the Peruvian Individual Transfer Quota system, Copeinca is
entitled to harvest 10.7% of the annual allowable anchovy catch in
the center-north region of Peru where over 90% of the country's
total catch can be found.

The enlarged China Fishery group would enjoy 16.9% fishing quota
in the north center of Peru, making it the largest fishmeal and
fish oil producer in Peru, the world's key fishmeal production
country.

On a pro-forma basis, acquiring Copeinca could increase China
Fishery's FY9/2012 revenue by 51% to US$ 910 million and EBIT by
83% to US$212 million. Most importantly, contribution from
Peruvian fishmeal business would increase to 53% of total revenue
from 30% previously, EBIT to 65% from 34% previously.

As a result of the acquisition, Moody's estimates that China
Fishery's revenue and EBIT reliance on its Russian contract supply
business, where the regulatory risk has been increasing, would be
reduced to 41% and 47% respectively from 62% and 90% currently.

The negative ratings outlook reflects the unpredictability of
regulatory measures in Russia, and the possible resulting
financial impact on the company.

The principal methodology used in this rating was the Global Food
- Protein and Agriculture Industry Methodology published in
September 2009.

China Fishery Group Ltd, listed in Singapore, is engaged mainly in
industrial fishery operations in the North Pacific and Peruvian
waters. Its catches are processed on board and frozen, packed, and
delivered to market. It is 36% effectively owned by Pacific Andes
International Holdings Ltd (unrated), a Hong Kong-listed
integrated fish and seafood processor.

Listed in both the Oslo Stock Exchange and the Lima Stock
Exchange, Copeinca ASA conducts its business through its major
subsidiary Corporacion Pesquera Inca (rated B2/Positive).



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


CITIWIDE CORPORATION: Members' Final Meeting Set for March 22
-------------------------------------------------------------
Members of Citiwide Corporation Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 22,
2013, at 10:00 a.m., at Room 2702-3, C.C. Wu Building, 302-8
Hennessy Road, Wanchai, in Hong Kong.

At the meeting, Ho Sun Fung Allan, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


DELIGHT VIEW: Final General Meeting Set for March 26
----------------------------------------------------
Members and creditors of Delight view Enterprises Limited, which
is in creditors' voluntary liquidation, will hold their final
general meeting on March 26, 2013, at 11:00 a.m., and 11:30 a.m.,
respectively at 602 The Chinese Bank Building, 61-65 Des Voeux
Road Central, in Hong Kong.

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


FOK RICH: Creditors' Proofs of Debt Due March 21
------------------------------------------------
Creditors of Fok Rich International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 21, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 8, 2013.

The company's liquidator is:

         Cheung Hok Hin Alan
         Suite 2302, 23rd Floor
         Seaview Commercial Building
         21 Connaught Road
         West, Hong Kong


GRAND CHINA: Court to Hear Wind-Up Petition on March 6
------------------------------------------------------
A petition to wind up the operations of Grand China Shipping (Hong
Kong) Company Limited will be heard before the High Court of Hong
Kong on March 6, 2013, at 9:30 a.m.

Shagang Shipping Company Limited filed the petition against the
company on Dec. 28, 2012.

The Petitioner's solicitors are:

          Gall
          Room 302, 3rd Floor
          Dina House, Ruttonjee Centre
          11 Duddell Street
          Central, Hong Kong


INTER-M (HK): Creditors' Proofs of Debt Due March 25
----------------------------------------------------
Creditors of Inter-M (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 22, 2013.

The company's liquidator is:

         Fok Hei Yuen Paul
         Rooms 1801-3, Tung Ning Building
         249-253 Des Voeux Road
         Central, Hong Kong


MARKIT EDM: Members' Proofs of Debt Due March 25
-------------------------------------------------
Members of Markit EDM (HK) Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by March
25, 2013, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 8, 2013.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35/F, One Pacific Place
         88 Queensway, Hong Kong


MF ASIA: Briscoe and Wong Step Down as Liquidators
--------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
MF Asia Holding Limited on Feb. 15, 2013.


MF SECURITIES: Puen and Lo Step Down as Liquidators
----------------------------------------------------------
Puen Wing Fai and Lo Yeuk Ki Alice stepped down as liquidators of
Worldwide Technology Partners (Asia) Limited on Feb. 14, 2013.


MF SECURITIES HK: Briscoe and Wong Step Down as Liquidators
-----------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
MF Securities Hong Kong Limited on Feb. 15, 2013.


PIPER JAFFRAY: Creditors' Proofs of Debt Due March 25
-----------------------------------------------------
Creditors of Piper Jaffray Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 25, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 21, 2013.

The company's liquidator is:

         Lee Siu Yin
         Rm 1102, 11/F
         Henan Building, 90 Jaffe Road
         Wanchai, Hong Kong


PLOUGH CONSUMER: Commences Wind-Up Proceedings
----------------------------------------------
Members of Plough consumer Products (Asia) Limited, on Feb. 4,
2013, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         22/F, Prince's Building
         Central, Hong Kong


PRODEX INDUSTRIES: Court to Hear Wind-Up Petition on April 3
------------------------------------------------------------
A petition to wind up the operations of Prodex Industries Limited
will be heard before the High Court of Hong Kong on April 3, 2013,
at 9:30 a.m.

DBS Bank (Hong Kong) Limited filed the petition against the
company on Jan. 30, 2013.

The Petitioner's solicitors are:

          Siao, Wen and Leung
          16th Floor, Unicorn Trade Centre
          127-131 Des Voeux Road
          Central, Hong Kong


ROSEVILLE ENTERPRISES: Members' Annual Meeting Set for March 25
---------------------------------------------------------------
Members of Roseville Enterprises Limited, which is in members'
voluntary liquidation, will hold their annual meeting on
March 25, 2013, at 11:00 a.m., at Suite No. A, 11/F, Ritz Plaza,
122 Austin Road, Tsimshatsui, Kowloon, in Hong Kong.

At the meeting, Sung Mi Yin, Mella, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SARASIN INVESTMENT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------------
At an extraordinary general meeting held on Feb. 8, 2013,
creditors of Sarasin Investment Management Limited resolved to
voluntarily wind up the company's operations.

The company's liquidators are:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road
         East, Hong Kong


UNISON INDUSTRIES: Creditors' Proofs of Debt Due March 11
---------------------------------------------------------
Creditors of Unison Industries Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 11, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 14, 2013.

The company's liquidator is:

         Lee Wang Tsi
         Room 1003, 10/F
         Sun Cheong Industries Building
         2 Cheung Yee Street
         Cheung Sha Wan
         Kowloon



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BHARGAB ENGINEERING: CRISIL Assigns 'C' Rating to INR20MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Bhargab Engineering Works.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             20      CRISIL C
   Packing Credit          30      CRISIL A4


The ratings reflect BEW's large working capital requirements, and
below average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of BEW's promoter in
the tea blending machine manufacturing business.

Bhargab Engineering Works was formed in 1954 by late Mr. Pranatosh
Kumar Sen in Kolkata. The firm is currently being managed as a
partnership concern by his sons Mr. Sanjib Kumar Sen and Mr.
Aritra Ranjan Sen. Since 1970s, BEW is engaged in manufacturing
tea blending and cleaning machinery and supplies it mostly in
international markets as well as in domestic market. BEW has its
assembling shop at Benaras Road, Howrah (WB).


BNAZRUM AGRO: Weak Liquidity Cues CRISIL to Junk Ratings
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bnazrum Agro Exports Pvt Ltd. The ratings reflect
instances of delay by BAEPL in servicing its debt; the delays have
been caused by the company's weak liquidity. BAEPL has weak
liquidity on account of its large working capital requirements and
its on-going capital expenditure programme.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-Term      11.1     CRISIL D
   Bank Loan Facility

   Packing Credit          90.0     CRISIL D

   Overdraft Facility      10.0     CRISIL D

   Bill Discounting        80.0     CRISIL D

   Long-Term Loan          58.9     CRISIL D

BAEPL also has a below-average financial risk profile, marked by
weak debt protection metrics, and geographical concentration in
its revenue profile. Moreover, the company is susceptible to
fluctuations in foreign exchange rates and to vagaries in the
availability of gherkins. However, BAEPL benefits from its
established market position in the gherkins processing industry.

BAEPL, incorporated in 1998, processes and exports gherkins. Its
day-to-day operations are being managed by its promoter, Mr. K S M
Mohammed Saleem.

BAEPL reported a loss of INR0.11 million on net sales of INR300.85
million for 2011-12 (refers to financial year, April 1 to March
31), against a loss of INR24.19 million on net sales of INR205.29
million for 2010-11.


BRMSCO GARMENTS: CRISIL Junks Ratings Due to Loan Payment Delays
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Brmsco Garments Pvt Ltd. The rating reflects instances of delay
by BGPL in servicing its debt; the delays have been caused by the
company's weak liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             60      CRISIL D
   Long-Term Loan          60      CRISIL D

BGPL is exposed to intense competition in the polypropylene (PP)
industry. Moreover, it has a weak financial risk profile, marked
by a highly leveraged capital structure. However, the company
benefits from its promoter's extensive entrepreneurial experience.

BGPL, incorporated in 2008, manufactures PP bags and fabric. The
company's day-to-day operations are being managed by its managing
director, Mr. T.K Vijayan.

For 2011-12 (refers to financial year, April 1 to March 31), BGPL
reported a net loss of INR17 million on net sales of INR221.9
million; the company reported a net loss of INR1.5 million on net
sales of INR261 million for 2010-11.


BVSR HARDA: CRISIL Assigns 'BB' Ratings to INR674.6MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the term loan
facility of BVSR Harda Betul Road Projects Private Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             674.60    CRISIL BB/Stable

The rating reflects BVSR Harda's annuity nature of build, operate,
transfer (BOT) project and the promoters' extensive industry
experience and their established track record. These rating
strengths are partially offset by BVSR Harda's exposure to risks
related to the implementation of the project as the project is in
nascent stages of construction.

Outlook: Stable

CRISIL believes that BVSR Harda will benefit over the medium term
from its promoters extensive industry experience in timely
completion of the project under BVSR Harda. The outlook may be
revised to 'Positive' if BVSR Harda completes the project ahead of
schedule and if the bonus annuities are received in a timely
manner, thus improving its liquidity profile. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in the project, leading to deterioration of the company's
financial risk profiles.

BVSR Harda is a special purpose company, promoted by BVSR
Construction Pvt Ltd to upgrade two major district roads - Harda -
- Chippaner Road (29.30 km) & Betul-Atner Road (34.50 km), to two-
laning. The project was awarded by Madhya Pradesh Road Development
Corporation Limited (MPRDC), a nodal agency of Government of
Madhya Pradesh (GoMP) on annuity basis. April 2014 is the
scheduled commercial operation date.


BVSR SSG: CRISIL Assigns 'BB' Rating to INR1.41BB Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the term loan
facility of BVSR SSG Road Projects Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan            1,410.00   CRISIL BB/Stable

The rating reflects BVSR SSG's annuity nature of build, operate,
transfer (BOT) project and the promoters' extensive industry
experience and their established track record. These rating
strengths are partially offset by BVSR SSG's exposure to risks
related to the implementation of the project as the project is in
nascent stages of construction.

Outlook: Stable

CRISIL believes that BVSR SSG will benefit over the medium term
from its promoters extensive industry experience in timely
completion of the project under BVSR SSG. The outlook may be
revised to 'Positive' if BVSR SSG completes the project ahead of
schedule and if the bonus annuities are received in a timely
manner, thus improving its liquidity profile. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in the project, leading to deterioration of the company's
financial risk profiles.

BVSR SSG is a special purpose company, promoted by the consortium
BVSR Construction Pvt Ltd and Vishwa Infrastructures and Services
Pvt Ltd., with BVSR as its lead member to upgrade 3 major district
roads in Madhya Pradesh; Sausar-Mohgaon-Mordongri (29.58 Km),
Sonapipari-Umreth-Monari-Umbah (22.25 km) and Gadarwara-Tendukheda
(32.12 Km) on BOT Annuity basis. The project was awarded by Madhya
Pradesh Road Development Corporation Limited (MPRDC), a nodal
agency of Government of Madhya Pradesh (GoMP) on annuity basis.
April 2014 is the scheduled commercial operation date.


CORE EDUCATION: S&P Puts 'B+' CCR on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B+' long-term corporate credit rating on India-based education
technology solutions and services provider Core Education &
Technologies Ltd. (CORE) on CreditWatch with negative
implications.

"We placed the ratings on CreditWatch because CORE's funding and
liquidity may weaken following last week's steep drop in the
company's share price," said Standard & Poor's credit analyst
Katsuyuki Nakai.

CORE's share price fell by more than 75% in a week after a large-
scale sell off, including some shares owned by the promoters
(people engaged in the formation of the company).  The promoters
had pledged these shares as collateral to raise funds for CORE's
growth.  Margin calls on some market participants triggered the
fall in the share price of CORE, which is listed on two stock
exchanges in India.

"We believe the drop in share price may negatively affect CORE's
reputation and could limit the company's access to funding and
liquidity through banks and the capital markets.  CORE's
significant negative free operating cash flow (FOCF) over the next
two years will further increase the company's dependence on
additional borrowings, underscoring the importance of good and
steady access to funding.  The company's increasing capital
expenditure and aggressive expansion of the information,
communication, and technology business will lead to the negative
FOCF," S&P said.

The rating on CORE reflects the competitive education technology
market globally and the company's customer concentration in the
U.S.  The education system in the U.S. is also undergoing
significant changes, which will lead to some uncertainty till the
new system stabilizes.  The risks from CORE's entry into lower-
margin, capital-intensive businesses and negative free cash flows
also constrain the rating.  CORE's established presence in the
niche formative assessment market with high renewal rates, its
wider product offerings than some education technology peers', and
its reducing dependence on the U.S. market temper these
weaknesses.

CORE's liquidity is "less than adequate," as defined in S&P's
criteria.  S&P expects the company's ratio of liquidity sources to
uses to be about 1x in the next 12 months.  S&P expects the
company to rely on additional borrowings to meet its needs.

S&P aims to resolve the CreditWatch in the next three months after
it reviews CORE's funding and liquidity management to meet its
capital expenditure plans.

S&P may lower the rating by one to two notches if CORE's banking
relationships and liquidity deteriorate.  This could happen if the
company faces difficulty in meeting working capital and long-term
funding needs for its capital expenditure from internal funds and
additional borrowings.

S&P may affirm the rating with a stable outlook if: (1) CORE
demonstrates steady and unimpaired access to funding from banks
and the capital markets; (2) the company maintains its
satisfactory relationships with banks; and (3) it maintains a
ratio of cash flow from operations to debt of about 12%-14%.


MATSYA AUTOMOBILES: CRISIL Puts 'BB-' Ratings to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Matsya Automobiles Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long-Term      50      CRISIL BB-/Stable
   Bank Loan Facility

   Cash Credit             50      CRISIL BB-/Stable

   Inventory Funding       50      CRISIL A4+
   Facility

The ratings reflect the benefits that MAL derives from its long-
standing association with its principal, Tata Motors Ltd (TML;
rated 'CRISIL AA-/Positive/CRISIL A1+'). The ratings also factor
in MAL's moderate financial risk profile, marked by moderate debt
protection metrics and moderate total outside liabilities to
tangible networth. These rating strengths are partially offset by
MAL's low bargaining power with its principal resulting in low
profitability and exposure to intense competition in the
automobile dealership industry.

Outlook: Stable

CRISIL believes that Matsya Automobiles Ltd (MAL) will maintain a
stable business risk profile over the medium term on the back of
promoters' experience in the dealership business. CRISIL may
revise the outlook to 'Positive' if the financial risk profile
improves on account of better profitability and accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle weakens or if it undertakes any
debt funded capital expenditure plans.

Incorporated in 1992 and based in Alwar (Rajasthan), MAL is the
exclusive authorised dealer for TML's Heavy Commercial Vehicles
(HCV) in five districts of Rajasthan-Alwar, Bharatpur, Dhaulpur,
Sawai Madhopur and Karauli. The company currently operates one
showroom with sales, service, and spares (3S) facilities in Alwar
and four branch offices spread across the four districts.
Additionally, it has 2 marketing offices in Bhiwadi & Behror
(Alwar). The company is promoted by Mr. Vijay Gupta and is family.

MAL reported a profit after tax (PAT) of INR33.5 million on net
sales of INR2691.1 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR24.6 million on net
sales of INR1776.6 million for 2010-11.


PAVAN INDUSTRIES: CRISIL Cuts Ratings on INR95MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Pavan
Industries to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'. The downgrade reflects Pavan's continuously overdrawn cash
credit limits for over 30 days, due to sharp deterioration in the
company's liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting        35      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit             60      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

Pavan also has a weak financial risk profile and modest scale of
operations. However, the firm benefits from the extensive
experience of its promoters in the cotton ginning industry.

Pavan was set up in 2001 as a proprietorship firm by Mrs. Kalpana
Kiran, who, along with her husband, Mr. R Venkataramana, manages
the firm's operations. Pavan is engaged in cotton ginning and
cotton lint trading. Its processing facility is in Guntur (Andhra
Pradesh).

Pavan's profit after tax (PAT) is estimated at INR1.8 million on
net sales of INR216 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR150 million for 2009-10.


PRATAP CIVIL: Delay in Loan Payment Cues CRISIL to Junk Ratings
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Pratap Civil Engineering Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.  The rating downgrade reflects
instances of delay by PCEPL in servicing its term debt owing to
weak liquidity, driven by stretched payments from its customers.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         25       CRISIL D(Downgraded from
                                   'CRISIL A4+')

   Cash Credit            60       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Term Loan              50       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The rating also reflects PCEPL's weak financial risk profile
marked by a small net worth and high gearing, and small scale of
operations with high customer concentration. The company, however,
benefits from its promoters' extensive experience in the stone
crushing business and its established relationship with customers.

PCEPL, promoted by Mr. Pratap Nikam, mainly undertakes stone
crushing sub-contracting activities for large companies that
undertake civil construction projects, mainly road projects. The
promoter incorporated PCEPL in April 1, 2011 to take over the
business of his proprietorship firm, Pratap Construction.


PREMIER AGRO: CRISIL Assigns 'B' Ratings to INR75MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Premier Agro Products Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               22      CRISIL B/Stable
   Cash Credit             50      CRISIL B/Stable
   Proposed Long-Term       3      CRISIL B/Stable
   Bank Loan Facility

The rating reflects PAPPL's modest scale of operations and
susceptibility of its margins to volatility in commodity (wheat)
prices. The ratings also factor in PAPPL's working capital
intensive operations and weak financial risk profile marked by a
modest net worth, high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by the
benefits that PAPPL derives from its promoter's extensive
experience in the agricultural commodities industry.

Outlook: Stable

CRISIL believes that PAPPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters, over the medium term. The outlook may be revised to
'Positive' if the company achieves significant and sustained
improvement in its revenues while maintaining its profitability
margins and improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case PAPPL registers
significant decline in its revenues or profitability margins, or
faces an elongation of its working capital cycle, or if it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

PAPPL, set up in 1992, is engaged in processing of wheat into
different by products such as refined flour (maida), semolina
(suji) and whole wheat flour (atta). These products are sold in
the market under the brand name 'Surabhi'. The company's milling
unit is located in Palakkad (Kerala). The day to day operations
are overseen by Mr. K. M. Nizar and Mr. M. Kadermoideen, the
directors of the company.

PAPPL, on a provisional basis, reported a profit after tax (PAT)
of INR3.5 million on net sales of INR219.1 million for 2011-12
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR2.6 million on net sales of INR223.7 million for 2010-
11.


SHANKER COILS: CRISIL Assigns 'BB-' Ratings to INR52MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank loan facilities of Shanker Coils Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               27      CRISIL BB-/Stable
   Letter of Credit        20      CRISIL A4+
   Bank Guarantee          20      CRISIL A4+
   Cash Credit             25      CRISIL BB-/Stable

The ratings reflect the extensive experience of SCPL's promoters
in coil manufacturing, and its healthy order book, providing
revenue visibility over the medium term. These rating strengths
are partially offset by the company's small scale of operations
and customer concentration in its revenue profile.

Outlook: Stable

CRISIL believes that Shanker Coils Pvt Ltd will continue to
benefit over the medium term from its promoters experience and
healthy order book. The outlook may be revised to 'Positive' in
case of significant improvement in its scale of operations while
maintaining profitability or in case of improvement in working
capital management or infusion of substantial capital by promoters
leading to improvement in financial risk profile. Conversely, a
significant stretch in SCPL's working capital cycle, lower-than-
expected accruals, or substantial debt-funded capital expenditure,
leading to deterioration in its overall financial risk profile,
especially liquidity, may lead to a revision in the outlook to
'Negative'.

Established in 1999 by the Kolkata-based Mr. Nirmal Bagaria, SCPL
manufactures armature and stator coils of different
specifications, based on customers' requirements. The company also
undertakes contracts for repairing and overhauling of traction
motors. SCPL's day-to-day operations are looked after by Mr.
Bagaria, who is the company's promoter-director.

For 2011-12, SCPL reported a profit after tax (PAT) of INR6.6
million on an operating income of INR158.8 million, as against a
PAT of INR5.7 million on operating income of INR129.6 million for
2010-11.


SNG FASHIONS: CRISIL Rates INR145MM Cash Credit at 'B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of SNG Fashions Pvt Ltd (SNG; part of the Albeli
group).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            145      CRISIL B+/Stable

The rating reflects the Albeli group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
Albeli group's promoters in the business of retailing and
wholesaling garments.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Albeli Fashions Pvt Ltd (AFPL) and SNG.
This is because these entities, together referred to as the Albeli
group, are in the same line of business and are run by the same
management.

Outlook: Stable

CRISIL believes that the Albeli group will maintain its
established market position over the medium term, supported by its
promoters' extensive industry experience. CRISIL, however, also
believes that the Albeli group's financial risk profile will
remain constrained by the group's working-capital-intensive
operations, over the same period. The outlook may be revised to
'Positive' if the Albeli group's financial risk profile improves
significantly, most likely on account of significant increase in
its revenues and profitability and more-than-expected equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if the Albeli group registers decline in its
revenues and profitability or if it undertakes a larger-than-
expected, debt-funded capital expenditure programme, or if its
working capital cycle lengthens significantly, thereby negatively
impacting its financial risk profile, particularly its liquidity.

SNG was set up in 2003 by Mr. Sharad Nawalgaria and Mr. Vikas
Saraf; the company is involved in the wholesaling and retailing of
garments. It operates from its office in New Delhi. The company
derives majority (60 per cent) of its revenues from its wholesale
business and the rest from its retail business. SNG retails ethnic
wear and accessories for women, under the brand name, Fida. AFPL,
based in Kolkata (West Bengal), is in the business of wholesaling
women's ethnic wear, including unstitched fabric and ready-made
salwar suits and sarees. The company was set up in 2001 by Mr.
Sharad Nawalgaria and his family and Mr. Ramakanta.

The Albeli group reported a profit after tax (PAT) of INR10
million on net sales of INR1000 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR10
million on net sales of INR730 million for 2010-11.


SPICA PROJECTS: CRISIL Cuts Ratings on INR57MM Loans to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Spica Projects & Infrastructures Pvt Ltd to 'CRISIL C' from
'CRISIL B/ Stable', and has reaffirmed its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          180     CRISIL A4(Reaffirmed)

   Cash Credit              48.7   CRISIL C (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long-Term        8.3   CRISIL C (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The downgrade reflects deterioration in SPIPL's liquidity, because
of delays in realisation from the company's counterparties
resulting in piling up of work-in-progress, which has increased to
149 days as on December 31, 2012 from 11 days as on March 31,
2011. Consequently, SPIPL's fund-based bank facilities have
remained fully utilised, thereby leaving the company with limited
financial cushion to service its equipment loan. CRISIL believes
that SPIPL's liquidity will continue to remain stretched on
account of its working capital intensive operations.

The ratings continue to reflect SPIPL's below-average financial
risk profile, marked by a small net worth, aggressive gearing, and
inadequate debt protection metrics. The ratings also reflect the
company's working-capital-intensive operations, and geographical
concentration. These rating weaknesses are partially offset by the
benefits that SPIPL derives from its promoters' extensive
experience in the construction industry.

Promoted by Mr. Santosh Kumar Singh, SPIPL (formerly, M/s. Santosh
Kumar Singh) was reconstituted as a private limited company under
its current name on January 31, 2013. SPIPL undertakes government
contracts and is mainly involved in construction of roads and
bridges. SPIPL reported, on a provisional basis, a profit after
tax (PAT) of INR13 million on net sales of INR170 million for
2011-12 (refers to financial year, April 1 to March 31), against a
PAT of INR16 million on net sales of INR259 million for 2010-11.


SWATI CAST: Delay in Loan Payment Cues CRISIL to Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Swati
Cast & Forge Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The rating downgrade reflects instances of
delay by SCF in meeting its term debt; the delays have been caused
by the company's weak liquidity. SCF has weak liquidity on account
of slow realisation of debtors.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Purchase           2.5      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            30.0      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Foreign Bill Purchase  80.0      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Inland/Import Letter   42.5      CRISIL D (Downgraded from
   of Credit                        'CRISIL A4')

   Packing Credit         80.0      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long-Term      7.8      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan              49.7      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

SCF also has a weak financial risk profile, marked by a modest net
worth, a high gearing, and weak debt protection metrics, and large
working capital requirements. Moreover, it is susceptible to
volatility in raw material prices and to intense competition in
the forgings segment. However, SCF benefits from its promoter's
industry experience and its diversified revenue profile, supported
by its foray into the high value-added products segment.

SCF, incorporated in March 2011, commenced production in December
2011. The company is promoted by Mr. Bal Krishan Garg. SCF
currently has production capacity of 1500 tonnes per month. It
manufactures scaffoldings, couplers, flanges, and automotive
(auto) components. Almost all of the scaffolding, flanges, and
couplers are exported, while the auto components are sold in the
domestic market. SCF exports to countries such as Saudi Arabia,
Germany, France, and Egypt.

For 2011-12 (refers to financial year, April 1 to March 31), SCF
reported a profit after tax (PAT) of INR2.2 million on an
operating income of INR422 million.


VISION CERAMIC: CRISIL Assigns 'B-' Ratings to INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Vision Ceramic Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Rupee Term Loan         41      CRISIL B-/Stable
   Cash Credit             30      CRISIL B-/Stable
   Proposed Long-Term      29      CRISIL B-/Stable
   Bank Loan Facility

The rating reflects VCPL's modest scale of operations in a highly
fragmented and unorganised tile industry, vulnerability to demand
from end user industry, pressure on operating margin due to high
competition, and weak financial profile marked by high gearing and
modest debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of VCPL's
promoters in the ceramic tile manufacturing industry.

Outlook: Stable

CRISIL believes that VCPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case the company generates higher-than-
expected revenues with significant improvement in profitability,
resulting in an improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
less-than-expected demand or profitability or increase in working
capital requirements, or it undertakes any large debt-funded capex
programme.

VCPL was incorporated in April 2008 by Ravindrabhai Kalavadiya,
Mr. Bhaveshbhai Thoriya and Mr. Puneetbhai Chaurasiya. It
manufactures ceramic wall glazed tiles. The company's
manufacturing facility is located at Morbi (Gujarat).

VCPL reported a net profit of INR12 million on net sales of INR80
million for 2011-12 (refers to financial year, April 1 to March
31), as against a net profit of INR11 million on net sales of
INR127 million for 2010-11.



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


ELPIDA MEMORY: Tokyo Court Approves Reorganization Plan
-------------------------------------------------------
Micron Technology, Inc., on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.

"We are very pleased with the Tokyo District Court's approval of
Elpida's plan of reorganization. This is an important milestone
that brings us a significant step closer to Micron and Elpida
becoming the world's second largest memory company with the
strongest product portfolio in the industry," said Micron CEO Mark
Durcan.

The closing of the transaction remains subject to the satisfaction
or waiver of certain conditions -- including finalization of the
Tokyo District Court's approval order under Japanese bankruptcy
rules that could occur as early as four weeks from today presuming
no appeal is filed, and recognition of Elpida's reorganization
plan by the United States Bankruptcy Court for the District of
Delaware (or the completion or implementation of alternative
actions providing a substantially similar effect).  Elpida and
Micron continue to target completion of the transaction in the
first half of calendar 2013.  Elpida's proposed reorganization
plan was submitted to the Tokyo District Court on Aug. 21, 2012,
and the Tokyo District Court approved the submission of Elpida's
proposed reorganization plan to creditors on Oct. 31, 2012.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


ALLIED FARMERS: Tries to Cobble Together Loan Repayment
-------------------------------------------------------
BusinessDesk reports that Allied Farmers, which reported a further
NZ$4.1 million writedown on its ex-Hanover Finance assets last
week, is trying to cobble together a loan repayment Monday in a
bid to stave off a potential liquidation.

According to the report, the Hawera-based company is in talks with
various parties, including secured lender Crown Asset Management
on a repayment proposal to a different creditor, who called on a
loan to be paid by the end of Monday.  Allied owes $540,000
including interest, secured over a $3.75 million loan asset that
it hasn't been able to realise.

"The creditor has said that in the absence of an acceptable
arrangement, it may shortly move to the next step," the company
said. "The next step would be applying for orders appointing
liquidators to ALF (Allied Farmers) and AFIL (Allied Farmers
Investments)."

BusinessDesk says the call on the loan was made last month, and
was followed by the Inland Revenue Department making a statutory
demand for NZ$3.7 million in unpaid taxes.

                      About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.  The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.

The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.



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


ETAC (S): Creditors' Proofs of Debt Due on March 15
---------------------------------------------------
Creditors of Etac (S) Pte Ltd, which is in compulsory liquidation,
are required to file their proofs of debt by
March 15, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

         The Official Receiver
         The URA Centre East Wing
         45 Maxwell Road #06-11
         Singapore 069118


JAFFAJUICE INT'L: Creditors' Proofs of Debt Due on March 15
-----------------------------------------------------------
Creditors of Jaffajuice International Pte Ltd, which is in
compulsory liquidation, are required to file their proofs of debt
by March 15, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre East Wing
         45 Maxwell Road #06-11
         Singapore 069118


LIFESTYLE MSDG: Court to Hear Wind-Up Petition on March 15
----------------------------------------------------------
A petition to wind up the operations of Lifestyle Merchandising
Pte Ltd will be heard before the High Court of Singapore on
March 15, 2013, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the
company on Feb. 22, 2013.

The Petitioner's solicitors are:

         Yeo-Leong & Peh LLC
         10 Shenton Way 9th Floor
         MAS Building
         Singapore 079117


LINGUA TECH: Creditors' Proofs of Debt Due on March 29
------------------------------------------------------
Creditors of Lingua Tech (S) Pte Ltd, which is in compulsory
liquidation, are required to file their proofs of debt by
March 29, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Joo Wan
         c/o 78 South Bridge Road #04-01
         TKH Building
         Singapore 058708


MORGAN STANLEY: Creditors' Proofs of Debt Due on March 26
---------------------------------------------------------
Creditors of Morgan Stanley Capital (Real Estate) Pte Ltd, which
is in compulsory liquidation, are required to file their proofs of
debt by March 26, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

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


MTRC PTE: Court to Hear Wind-Up Petition on March 8
---------------------------------------------------
A petition to wind up the operations of MTRC Pte Ltd (formerly
known as Astrata (Singapore) Pte Ltd) will be heard before the
High Court of Singapore on March 8, 2013, at 10:00 a.m.

Fame Trading, LLC (formerly known as Fame Trading Ltd) filed the
petition against the company on Feb. 18, 2013.

The Petitioner's solicitors are:

         Messrs Lee Meng Mew & Co
         10 Anson Road #18-12
         International Plaza
         Singapore 079903



====================
S O U T H  K O R E A
====================


SSANGYONG ENG'G: Creditors Approve Debt Restructuring Program
-------------------------------------------------------------
Yonhap News reports that creditors of Ssangyong Engineering &
Construction Co. agreed Monday to initiate a debt-restructuring
program for the troubled builder to rescue the company from a cash
crunch, bank officials said.

Creditor banks of Ssangyong E&C, including Woori Bank and Shinhan
Bank, put the matter to a vote at a meeting, with those holding
credit worth 95% of the total debt agreeing to the plan, the news
agency relates.

Ssangyong E&C filed for the program on February 26 after it has
suffered from capital erosion due to massive losses for the second
straight years in 2012 amid the lackluster housing market, Yonhap
reported.

Based in Seoul, Korea, Ssangyong Engineering & Construction Co.,
Ltd. -- http://www.ssyenc.com/eng/-- is involved in the areas of
construction and engineering.



===============
T H A I L A N D
===============


TRUE CORP: Weak 2012 Results Has No Impact on Moody's B2 Rating
---------------------------------------------------------------
Moody's Investors Service says True Corporation Public Company
Limited's 2012 results can be accommodated in its ratings despite
building pressures on margins and leverage. There is no immediate
impact on True Corp and True Move Company Ltd's B2 ratings and
stable outlooks.

True Corp's consolidated service revenue grew 8.9% YoY to THB61.9
billion, with True Mobile Group leading revenue growth of 14.4%
YoY, on the back of an expanding 3G subscriber base and increases
in non-voice revenue.

Reported EBITDA margins declined to 21.8% from 26.9% last year,
mainly on account of significant increases in selling and
marketing expenses and other customer acquisition costs for True
Mobile Group, and increased content cost at TrueVisions.

"The increase in customer acquisition costs is within
expectations, as True Corp attempts to leverage its early-mover
advantage for 3G services under "TrueMove H" and gain market
share, before competition further intensifies with the roll-out of
services by all three operators under the new 2.1GHz licenses,"
says Nidhi Dhruv, a Moody's Analyst.

TrueMove H had 2.9 million subscribers as of December 2012,
substantially short of the company's target of 4.0 million,
although this was partially due to constraints on availability of
mobile numbers. Over the near-term we expect an intensely
competitive operating environment for 3G service operators in
Thailand given a level playing field now exists with all three
operators having equal allocations of 3G spectrum. This will test
True Corp's execution strategy, and will continue to pressure
margins.

True Corp's leverage as measured by reported debt/EBITDA was
higher than expected at 6.1x on account of higher debt-funded
capex of THB19.3 billion for expansion of TrueMove H's 3G
services, and the payment of THB7.2 billion (including VAT)
towards the first 50% installment of the 2.1GHz spectrum fee.

As per license conditions, all license holders, including True
Corp, must expand 3G network coverage to 50% of the population
within the next two years, and to 80% of the population within
four years. True Corp has guided to consolidated capex of THB26.5
billion for 2013, part of which is a spill-over from last year
owing to delays in the 3G rollout.

"Further network expansion capex and the balance payment for
spectrum fees, both of which will be primarily debt-funded is
likely to keep adjusted gross leverage in the range of 5.5-6.0x
over the next 1-2 years, although this can be accommodated in the
current rating given the regulatory and operating certainty
provided," adds Dhruv, also Lead Analyst for True Corp and True
Move.

Issuance of the 3G licenses brings certainty to True Corp's
operating platform ahead of the expiration of its existing 1800MHz
concession agreement with CAT in September 2013; its 850MHz 3G
reseller agreement with CAT is also being renegotiated as a result
of regulatory scrutiny.

Moody's also notes that the cumulative license fees for the 2.1Ghz
licenses at 5.25% are much lower than the 30% revenue sharing
arrangements under True Move's existing concession agreement and
the cost-plus arrangement under Real Move's contracts with CAT.
The lower fees should support operating margins and help in
moderate de-leveraging at the True Corp level over the medium
term.

Nonetheless, additional capex requirements coupled with increased
marketing and operating costs will result in negative free cash
flows at least over the next two years.

Moreover, the B2 ratings continue to encapsulate True Move and
True Corp's exposure to an evolving and politicized regulatory
environment. Moody's also continues to remain concerned about
execution risks for the HSPA 3G upgrade, the migration of
subscribers from the CDMA network to the new HSPA platform and
True Corp's competitive strategy for rolling out 3G services under
the 2.1GHz spectrum.

The principal methodology used in this rating was Global
Telecommunications Industry, published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group is the major shareholder (64.74%). Its wireless
business is conducted predominantly through its 99.99% subsidiary,
Real Future (unrated) and 99.32% subsidiary, True Move (B2
stable), which together position it as Thailand's third largest
mobile telecommunications operator.



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


* Moody's Reports on Emerging Asia 2013 Gross Financing Needs
-------------------------------------------------------------
Moody's Investors Service says that the gross financing needs for
Emerging Asia sovereigns are overwhelmingly met through local-
currency denominated debt issuance, imparting stability to
government finances. Gross financing needs are set to edge down to
13.8% of the group's GDP in 2013, from 14.5% in 2012. In dollar
terms, the figure is $660 billion, up slightly from the estimation
for 2012, Moody's says in a new report, titled: Emerging Asia 2013
Government Financing Needs: Predominance of Local Currency Funding
Imparts Stability.

The special comment presents data on the 2013 gross financing
needs and sources of a select group of 10 sovereigns which span
South and Southeast Asia plus Mongolia. The report additionally
discusses the fiscal trajectories and rating trends of members of
group over the past decade.

During this year, the 10 sovereigns will continue to fund
themselves overwhelmingly from their domestic markets, using
foreign currency debt for just 5% of their total gross financing
needs, according to the report. This relatively low dependence on
foreign-currency denominated external financing imparts stability
to government finances.

The exception is India, which the report estimates will direct
close to 30% of its financing needs to funding its savings and
reserve funds, thereby skewing the figures in the "other"
category. Some 60% of the group's requirements will stem from debt
amortization and 30% from central government deficits, with the
balance going to "other" financing that ranges from reserve funds,
as with India, to emergency measures, as with Thailand.

The report notes that virtually all emerging Asian sovereigns
reduced their fiscal deficits in the years preceding the global
financial crisis. But since then, group members have diverged in
their fiscal consolidation efforts, with some, mostly Southeast
Asian governments, successfully reducing their finances and
others, mainly South Asian governments, failing in this area.

At the same time, for the group as a whole, debt/GDP ratios have
generally improved, some because of fiscal consolidation, and
others largely because of high nominal growth.

Credit trends have not been uniform across the region and rating
drivers have varied. Most members of the group -- despite the
divergence in their individual credit profiles -- have maintained
their creditworthiness, but there is some variation.

This Emerging Asia group comprises 10 countries: Bangladesh (Ba3
stable), India (Baa3 stable), Indonesia (Baa3 stable), Malaysia
(A3 stable), Mongolia (B1 stable), Pakistan (Caa1 negative),
Philippines (Ba1 stable), Sri Lanka (B1 positive), Thailand (Baa1
stable), and Vietnam (B2 stable); China is excluded in this
report.


* BOND PRICING: For the Week Feb. 25 to March 1, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------
ADVANCED ENERGY        9.50   01/04/2015   AUD     0.65
COM BK AUSTRALIA       1.50    04/19/22    AUD    73.87
MIDWEST VANADIUM      11.50    02/15/18    USD    59.00
MIDWEST VANADIUM      11.50    02/15/18    USD    59.00
NEW S WALES TREA       0.50    09/14/22    AUD    69.47
NEW S WALES TREA       0.50    10/07/22    AUD    69.26
NEW S WALES TREA       0.50    10/28/22    AUD    69.07
NEW S WALES TREA       0.50    11/18/22    AUD    68.88
NEW S WALES TREA       0.50    12/16/22    AUD    69.58
NEW S WALES TREA       0.50    02/02/23    AUD    69.13
NEW S WALES TREA       0.50    03/30/23    AUD    68.65
TREAS CORP VICT        0.50    08/25/22    AUD    71.84
TREAS CORP VICT        0.50    03/03/23    AUD    70.13
TREAS CORP VICT        0.50    11/12/30    AUD    49.20


CHINA
-----

CHINA GOVT BOND        4.86    08/10/14    CNY    105.91
CHINA GOVT BOND        1.64    12/15/33    CNY    68.06


INDIA
-----

3I INFOTECH LTD        5.00    04/26/17    USD    35.00
CORE PROJECTS          7.00    05/07/15    USD    40.36
JCT LTD                2.50    04/08/11    USD    20.00
MASCON GLOBAL LT       2.00    12/28/12    USD    10.00
PRAKASH IND LTD        5.63    10/17/14    USD    69.38
PRAKASH IND LTD        5.25    04/30/15    USD    69.01
PYRAMID SAIMIRA        1.75    07/04/12    USD    1.00
REI AGRO               5.50    11/13/14    USD    71.04
REI AGRO               5.50    11/13/14    USD    71.04
SHIV-VANI OIL          5.00    08/17/15    USD    46.34
SUZLON ENERGY LT       5.00    04/13/16    USD    50.44


JAPAN
-----

EBARA CORP             1.30    09/30/13    JPY    99.97
ELPIDA MEMORY          2.03    03/22/12    JPY    9.50
ELPIDA MEMORY          2.10    11/29/12    JPY    9.50
ELPIDA MEMORY          2.29    12/07/12    JPY    9.50
JPN EXP HLD/DEBT       0.50    09/17/38    JPY    66.70
JPN EXP HLD/DEBT       0.50    03/18/39    JPY    67.05
KADOKAWA HLDGS         1.00    12/18/14    JPY    108.88
SHARP CORP             1.14    09/16/16    JPY    67.74
SHARP CORP             2.07    03/19/19    JPY    62.08
SHARP CORP             1.60    09/13/19    JPY    61.33
TOKYO ELEC POWER       1.96    07/29/30    JPY    73.75
TOKYO ELEC POWER       2.37    05/28/40    JPY    70.37


MALAYSIA
--------

DUTALAND BHD           7.00    04/11/13    MYR    0.91


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

BAYAN TELECOMMUN      13.50    07/15/49    USD    22.63
BAYAN TELECOMMUN      13.50    07/15/49    USD    22.63


SINGAPORE
---------

BAKRIE TELECOM        11.50    05/07/15    USD    58.25
BAKRIE TELECOM        11.50    05/07/15    USD    53.26
BLD INVESTMENT         8.63    03/23/15    USD    69.78
BLUE OCEAN            11.00    06/28/12    USD    36.75
BLUE OCEAN            11.00    06/28/12    USD    36.75
CAPITAMALLS ASIA       2.15    01/21/14    SGD    99.85
CAPITAMALLS ASIA       3.80    01/12/22    SGD    102.00
DAVOMAS INTL FIN      11.00    12/08/14    USD    21.15
DAVOMAS INTL FIN      11.00    12/08/14    USD    28.88
F&N TREASURY PTE       2.48    03/28/16    SGD    100.49


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

CHEJU REGION DEV       3.00    12/29/34    KRW    68.19
EXP-IMP BK KOREA       0.50    08/10/16    BRL    74.95
EXP-IMP BK KOREA       0.50    09/28/16    BRL    74.15
EXP-IMP BK KOREA       0.50    10/27/16    BRL    73.63
EXP-IMP BK KOREA       0.50    11/28/16    BRL    73.06
EXP-IMP BK KOREA       0.50    12/22/16    BRL    72.78
EXP-IMP BK KOREA       0.50    10/23/17    TRY    71.44
EXP-IMP BK KOREA       0.50    11/21/17    BRL    67.10
EXP-IMP BK KOREA       0.50    12/22/17    BRL    66.67
EXP-IMP BK KOREA       0.50    12/22/17    TRY    70.37


SRI LANKA
---------

SRI LANKA GOVT         6.20    08/01/20    LKR    73.38
SRI LANKA GOVT         7.00    10/01/23    LKR    67.76
SRI LANKA GOVT         5.35    03/01/26    LKR    56.96
SRI LANKA GOVT         8.00    01/01/32    LKR    69.20
SRI LANKA GOVT         9.00    01/10/32    LKR    74.37


THAILAND
--------

BANGKOK LAND           4.50    10/13/03    USD    5.50


                             *********

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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Psyche A. Castillon, Frauline S. Abangan, and
Peter A. Chapman, Editors.

Copyright 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***