TCRAP_Public/130426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, April 26, 2013, Vol. 16, No. 82



GMAC-RFC AUSTRALIA: Fitch Affirms 'B' Rating on Class F Notes
MISSION NEWENERGY: To Sell Biodiesel Refinery for $11.5 Million
PEDRA BRANCA: PPB Advisory Appointed as Receivers
* AUSTRALIA: Ex-Bankrupt Homeowners Entice on Spread Drop


CHINA ENERGY: PwC Zhong Tian Raises Going Concern Doubt
CHINA HYDROELECTRIC: Net Capital Deficit Cues Going Concern Doubt
FUTURE LAND: Fitch Assigns 'B+' LT Issuer Default Rating
LDK SOLAR: Incurs $514.7 Million Net Loss in 4th Quarter 2012
TIGER MEDIA: Reports $8.7 Million Net Profit in 2012


ANILINE CONSTRUCTION: CARE Assigns 'BB+' Rating to INR35cr Loan
AUTO AGRIC: CARE Rates INR5.5cr LT Loan at 'CARE BB-'
ELEC STEEL: CARE Assigns 'BB-' Rating to INR11.20cr Loan

GOYAL COTTON: CARE Rates INR7.75cr Long-Term Loan at 'CARE B'
GOYAL ENTERPRISES: CARE Rates INR6cr Long-Term Loan at 'B'
TRIDENT TOOLS: CARE Assigns 'BB-' Rating to INR32.10cr Loan

VEDANTA RESOURCES: Dividend Payout No Impact on Ba1 CFR


JLOC 39: S&P Lowers Rating on Class B Certificates to CCC-

N E W  Z E A L A N D

INDEPENDENT SCAFFOLDING: Assets Too Small to Pay Creditors

S O U T H  K O R E A

* SOUTH KOREA: State Firms' Debts Reach Alarming Level


CAPITAL ADVISORY: Fitch Cuts Servicer Rating to 'RSS2-(tha)'


* Large Companies with Insolvent Balance Sheets

                            - - - - -


GMAC-RFC AUSTRALIA: Fitch Affirms 'B' Rating on Class F Notes
Fitch Ratings has affirmed three GPAC Series 2008-AN1 Trust's
notes. The transaction is a securitisation of non-conforming
residential mortgages originated by GMAC-RFC Australia Pty Ltd,
which closed in May 2008.

The rating actions are:

AUD8.4m Class D (AU3FN0005781) affirmed at 'A-sf'; Outlook Stable

AUD7.5m Class E (AU3FN0005799) affirmed at 'BB+sf'; Outlook Stable

AUD7.0m Class F (AU3FN0005807) affirmed at 'Bsf'; Outlook Stable

Key Rating Drivers

The rating actions reflect the constant build-up of credit
enhancement since closing. In spite of the strong level of arrears
and the historical losses, the rated notes have and continue to
enjoy a strong level of subordination provided by the Class G and
H notes. Particularly the AUD22.3 million of Class H notes
provides a strong mitigate for sudden losses in the meanwhile that
excess spread is used to cover for outstanding charge-offs.  As of
February 2013, the Class H notes are charged off for AUD8,339,987.

Approximately 58% of all cumulative losses have been reimbursed by
excess spread and the remaining losses have been booked to Class H
notes. Class H and G notes provide 36.7% of subordination after
outstanding charge-offs.

The transaction has paid down from the initial liabilities of
AUD302.8 million to stated liabilities of approximately AUD41.0m
as of February 2013. At the end of March 2013, the weighted
average loan to valuation ratio was 81.7%, and low-documentation
loans accounted for 82.0% of the pool.

As of March 2013, 30+ days and 90+ days accounted for 23.5% and
20.1% of the pool, respectively. As the transaction is reducing in
size, arrear levels are increasing as a percentage; 30+days
arrears in dollar amount have been overall stable in the AUD10-12m
area during the last 12months.

Rating Sensitivities

The possibility of an upgrade for the rated notes is limited as
the mortgage portfolio decreases in size. The risk of principal
losses resulting from the default of large loans becomes a
relevant driver for Fitch's analysis. The current level of
subordination provides a significant protection for losses and
defaults above historical and modelled levels.

As the pool is reducing in size, the most subordinated notes might
still be affected by concentration risk and volatility in excess
available income, in turn leaving them more susceptible to a

MISSION NEWENERGY: To Sell Biodiesel Refinery for $11.5 Million
Mission NewEnergy Limited's subsidiary, Mission Biotechnologies
Sdn Bhd, has entered into an agreement with Felda Global Ventures
Downstream Sdn Bhd to sell its 100,000 tpa biodiesel refinery
located in Kuantan Port, East Malaysia, for US$11.5 million.  FGVD
is a wholly owned subsidiary of Felda Global Ventures Holdings
Berhad, a public company incorporated in Malaysia and listed on
the Malaysia Stock Exchange.

All conditions precedent to the transaction are expected to be
completed by June 30, 2013.  The Company will utilize almost all
proceeds from the sale for debt reduction and any remaining funds
will be used for general working capital.

                     A$260,000 Loan Agreement

Mission NewEnergy's subsidiary, Mission Biofuels India Pty Ltd,
has entered into a loan agreement with Non Conventional Energy
Projects India Pvt. Ltd.

Under the terms of the loan NCEPI has agreed to loan up to INR1.5
crores (approximately A$260k) for six months, at 18% pa interest
rate (capitalized), fully secured over the equity of MBIPL with
NCEPI to also take over general management of MBIPL during the
term of the loan.  Proceeds of the loan will be drawn down to meet
general corporate obligations and re-commence wind mill

Mission and NCEPI will explore other business opportunities and
act in co-operation to look for opportunities to expand the
current business.

                    About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of A$4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
A$24.4 million.

The Company's consolidated balance sheet at Dec. 31, 2012, showed
$7.05 million in total assets, $27.29 million in total liabilities
and a $20.24 million net deficit.

PEDRA BRANCA: PPB Advisory Appointed as Receivers
Weekly Times Now reports that Pedra Branca Dairying Pty Ltd, at Mt
Schank, south of Mt Gambier, in South Australia, was last week
placed in receivership.

The report recalls that two weeks ago, New Zealand-owned Hines
Dairy Farm Limited was placed in liquidation after two months of

According to the report, PPB Advisory has been appointed receiver
of Pedra Branca Dairying and Hines Dairy Farm, though the
businesses are unrelated.

Weekly Times Now relates that PPB Advisory partner Rod Slattery
-- -- said receivership of both
companies was due to a decline in trading conditions.

Mr. Slattery said production costs had been significant, with
rising grain prices making it tough for highly geared dairy
operations, the report relays.

Pedra Branca Dairying is owned by Peter and Ros Doman.

* AUSTRALIA: Ex-Bankrupt Homeowners Entice on Spread Drop
Rachel Evans at Bloomberg News reports that sales of bonds backed
by home loans to self-employed or previously bankrupt Australians
have passed 2012's total, after yield premiums fell to the lowest
since the debt triggered the global financial crisis.

Offerings of so-called nonconforming mortgage bonds rose to
AUD1.05 billion ($1.07 billion) this year, 17 percent more than
for the whole of 2012, data compiled by Bloomberg show.  According
to Bloomberg, Pepper Home Loans Pty paid 120 basis points more
than swaps on its biggest sale of the debt in five years, offering
40 basis points more than Commonwealth Bank of Australia (CBA) did
on notes backed by mortgages that met normal lending requirements.

Australia's mortgage-bond market is recovering after being an
"innocent casualty of brand damage" from the U.S. subprime
collapse, Treasurer Wayne Swan said this month when he announced
the closing of a AUD20 billion aid program for the industry,
Bloomberg reports. Partly due to the nation's unrivaled two-
decade-long economic expansion, arrears of more than 90 days on
nonconforming loans stand at 3.2 percent, compared with 16 percent
in the U.K., Bloomberg relates citing Moody's Investors Service

"Recent deals have seen us getting involved," Bloomberg quotes
Anthony Kirkham, Australian head of investment management at
Western Asset Management Co., as saying. "The margin is good and
pools are sound."

More than 35 percent of U.S. subprime borrowers are at least 60
days late with their loan payments, the Moody's report published
March 28 show.  Mr. Kirkham said while U.S. banks let loan
standards slip, Australian lenders kept them much stricter,
Bloomberg relates.


CHINA ENERGY: PwC Zhong Tian Raises Going Concern Doubt
China Energy Recovery, Inc., filed on April 18, 2013, its annual
report on Form 10-K for the year ended Dec. 31, 2012.

PricewaterhouseCoopers Zhong Tian CPAs Limited Company, in
Shanghai, China, expressed substantial doubt about China Energy's
ability to continue as a going concern, citing the Company's
accumulated deficits, negative working capital balance and
negative cash flow.

The Company reported net income of US$97,293 on US$92.5 million of
revenues in 2012, compared with net income of US$2.0 million on
US$91.0 million of revenues in 2011.

Selling, general and administrative expenses were approximately
US$13.2 million for the year ended Dec. 31, 2012, as compared to
approximately US$10.0 million for the year ended Dec. 31, 2011, an
increase of US$3.2 million or 32%.

According to the regulatory filing, the Company recognized a gain
on change in fair value of warrants and derivative liabilities of
US$1.7 million in 2011 due to significant declines in the
Company's stock price.  A smaller gain of US$44,080 was recognized
in 2012 due to small increases in the Company's stock price as the
related contracts approached maturity.

The Company's balance sheet at Dec. 31, 2012, showed
US$84.1 million in total assets, US$76.2 million in total
liabilities, and stockholders' equity of US$7.9 million.

A copy of the Form 10-K is available at

Shanghai, P.R.C-based China Energy Recovery, Inc., through its
subsidiaries and affiliates, is in the business of designing,
fabricating, implementing and servicing industrial energy recovery

CHINA HYDROELECTRIC: Net Capital Deficit Cues Going Concern Doubt
China Hydroelectric Corporation filed on April 18, 2013, its
annual report on Form 20-F for the year ended Dec. 31, 2012.

Ernst & Young Hua Ming LLP, in Beijing, China, expressed
substantial doubt about China Hydroelectric's ability to continue
as a going concern, citing the Company's working capital
deficiency of approximately US$81.0 million as of Dec. 31, 2012.

The Company reported a net loss of US$1.1 million on
US$85.4 million of revenues in 2012, compared with a net loss of
US$55.3 million on US$54.6 million of revenues in 2011.

Operating profit from continuing operations was $29.2 million for
the year ended Dec. 31, 2012, compared to operating loss from
continuing operations of $28.6 million for the year ended Dec. 31,
2011.  According to the regulatory filing, this was principally as
a result of the effect on revenues from significantly higher than
average precipitation during 2012 compared to significantly lower
than average precipitation during 2011, the relatively fixed
nature of the Company's cost of revenue and decreased general and
administrative expenses, as well as the effect of impairment loss
on goodwill and long-lived assets and a one-time write off
unamortized share-based compensation expense of $6.8 million in

Interest expense from continuing operations increased by
$3.3 million, or 13.3%, to $28.1 million in the year ended
Dec. 31, 2012, compared to $24.8 million in the year ended
Dec. 31, 2011.

Net loss from continuing operations was $55.0 million and
$5.1 million in in 2011 and 2012, respectively.  The Company
incurred income tax expenses from continuing operations of
$1.5 million and $6.5 million in 2011 and 2012, respectively.

The Company's balance sheet at Dec. 31, 2012, showed
US$754.3 million in total assets, US$361.8 million in total
liabilities, and stockholders' equity of US$392.5 million.

A copy of the Form 20-F is available at

Beijing, P.R.C.-based China Hydroelectric Corporation was formed
in July 2006 as an exempted company under the laws of the Cayman
Islands.  The Company is a developer, owner and operator .of small
hydroelectric power projects in China.

FUTURE LAND: Fitch Assigns 'B+' LT Issuer Default Rating
Fitch Ratings has assigned China-based Future Land Development
Holdings Limited a Long-Term Local Currency Issuer Default Rating
of 'B+' with a Stable Outlook and a local currency senior
unsecured rating of 'B+'. The agency has also rated Future Land's
senior unsecured CNY1.5bn and 9.75% notes 'B+'. The assignment of
the final rating follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on April 15, 2013.

Key Rating Drivers

Significant structural subordination: Future Land's cash flow is
significantly weakened by the fact that around 80% of its
contracted sales in 2012 were generated by its 54%-owned
subsidiary Jiangsu Future Land (JFL), and that 62.5% of Future
Land's land bank at end-2012 was owned by JFL. The presence of the
significant minority interest in JFL structurally restricts Future
Land's access to the cash flow of JFL.

Limited geographical diversification: Around 87% of its 12.6
million square metre land bank was in the Yangtze River Delta
(YRD) at end-2012, exposing the company to uncertainties of local
policies and the local economy.

Fast sales turnover: Future Land's business profile is supported
by its rapid sales turnover; contracted sales/total debt was 1.7x
at end-2012. The company standardises its products and targets the
mass markets of first-time buyers and homeowners looking to

Strong market position: Its strong market position in YRD helps
the company build relationships with local governments, which
serve to facilitate its development activity in the region. This
should help maintain its moderate EBITDA margin of 20.5% over the
next two to three years.

Sound leverage: Net debt/adjusted inventory of the holding company
excluding JFL is likely to increase to 35% at end-2013 after the
proposed bond issue and subsequent inventory increase from an
estimated 17% at end-2012. Fitch expects the leverage to remain
healthy as the proposed bonds should speed up repayment of its
trust loans, which in turn will decrease its funding cost.

Rating Sensitivities

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

- A significant decrease in contracted sales of the company's
  business, excluding JFL, in 2013 from the CNY3bn achieved in

- A significant decrease in the contracted sales/ total debt
  ratio to below 1.0x at the holding company level on a sustained

- Proportionately consolidated net debt/ adjusted inventory
  rising above 40% on a sustained basis

Positive: No positive rating action is expected over the next 12
months. However, positive rating action may be considered upon

- A substantial increase in the scale of the company's business,
  excluding JFL, with annual contracted sales exceeding CNY10bn

- Unrestricted access to JFL's cash flows

LDK SOLAR: Incurs $514.7 Million Net Loss in 4th Quarter 2012
LDK Solar Co., Ltd., reported a net loss of $514.74 million on
$135.89 million of net sales for the three months ended Dec. 31,
2012, as compared with a net loss of $95.93 million on $291.52
million of net sales for the three months ended Sept. 30, 2012.

LDK Solar's balance sheet at Dec. 31, 2012, showed $5.27 billion
in total assets, $5.41 billion in total liabilities, $323.29
million in redeemable non-controlling interests, and a $466.79
million total deficit.

"Our business continued to be affected by the significant
challenges that remained pervasive throughout the solar industry,"
stated Xingxue Tong, president and CEO of LDK Solar.  "Our fourth
quarter results reflect the industry-wide overcapacity and
resulting pressure to ASP's and margins.  Amidst these challenging
market conditions, we are dedicated to working closely with our
stakeholders and the relevant governmental agencies to adapt our
strategy to position LDK Solar for recovery and long-term growth.

"In 2013, we are focused on emerging solar markets in China,
Africa, India and the United States.  We believe these markets
represent the strongest growth potential.  We will also continue
to focus on improving our cost structure by further driving down
production costs and tightly managing our operating expenses.
While the weak demand environment is expected to persist in the
near-term, we continue to believe that the considerable
opportunities to meet global energy needs with solar power will
drive long-term market growth," concluded Mr. Tong.

A copy of the press release is available for free at:


                           About LDK Solar

LDK Solar Co., Ltd. -- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

TIGER MEDIA: Reports $8.7 Million Net Profit in 2012
Tiger Media, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing net profit of
$8.75 million on $0 of advertising service revenues for the year
ended Dec. 31, 2012, as compared with a net loss of $13.45 million
on $0 of advertising service revenues for the year ended Dec. 31,
2011.  Profit was generated on account of a $9.43 million profit
from discontinued operations, specifically from a gain on disposal
of subsidiaries.

Tiger Media's balance sheet at Dec. 31, 2012, showed $7.54 million
in total assets, $1.07 million in total liabilities and
$6.47 million in total shareholders' equity.

Peter W. H. Tan, chief executive officer of Tiger Media, remarked,
"We have been able to realize significant progress in the
evolution of our business during 2012 and into 2013, transitioning
from our legacy operations to strategic transactions with high
profile partners.  These new concessions possess higher margins,
longer terms and greater strategic value.  In addition, we have
several other strategic concessions and transactions in progress
that will create additional long-term revenue opportunities,
strengthen and diversify our offerings in China's media sector,
deepen our national presence and further enhance shareholder
value.  We have eliminated nearly all of our remaining earn-out
liabilities and we are debt free with sufficient liquidity to
build and expand our concessions.  Furthermore, as a result of the
Company's improved financial reporting systems we were able to
achieve a timely filing of our annual results on Form 20-F prior
to the April 30, 2013 deadline."

Marcum Bernstein & Pinchuk LLP, in New York, did not issue a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2012.

Marcum Bernstein expressed substantial doubt about the Company's
ability to continue as a going concern on the company's
consolidated financial statements for the year ended Dec. 31,
2011.  The independent auditors noted that the Company has
suffered recurring losses and has a working capital deficiency of
roughly $31,000,000 at Dec. 31, 2011, which raises substantial
doubt about its ability to continue as a going concern.

A copy of the Form 20-F is available for free at:


                         About Tiger Media

Tiger Media -- is a multi-platform
media company based in Shanghai, China.  Tiger Media operates a
network of high-impact LCD media screens located in the central
business district areas in Shanghai.  Tiger Media's core LCD media
platforms are complemented by other digital media formats that it
is developing including transit advertising and traditional
billboards, which together enable it to provide multi-platform,
"cross-over" services for its local, national and international
advertising clients.

                            *    *    *

This concludes the Troubled Company Reporter's coverage of Tiger
Media until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


ANILINE CONSTRUCTION: CARE Assigns 'BB+' Rating to INR35cr Loan
CARE assigns 'CARE BB+' ratings to the long-term bank facilities
of Aniline Construction Company Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         35      CARE BB+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Aniline Construction
Company Private Limited is constrained by high dependence on the
customer advances, as these are required to support debt
repayments in the backdrop of considerable amount of unsold units
for a near completion stage of the project and the cyclical nature
of the industry.

The rating, however, derives strength from the experience of the
Dynamix group in the real estate industry and low project
execution risk.  The ability of the company to achieve sales at
the envisaged rate in a timely manner is the key rating

Aniline Construction Company Private Limited, incorporated in
August 1959, is engaged in the real estate business. Previously,
ACCPL was engaged in dyestuffs and pharmaceuticals business and
was acquired by the Dynamix group in 1998 with an objective to
exploit the company's land of about 4 acres located at Ghodbunder
Road, Thane, for real estate development. The Dynamix group
engaged in real estate business since late 1970s is promoted by Mr
K. M. Goenka and is presently managed by Mr Vinod K. Goenka. Over
the last three decades, the group has developed 11 projects in and
around Mumbai covering area over 18.70 lsf.

ACCPL began its first project in FY08 (refers to the period April
1 to March 31) viz, Parkwoods, located on the aforesaid plot of
land at Ghodbunder Road, Thane. The project comprises four
residential buildings of 30 stories each having about 6.87 lakh
square feet (lsf) of saleable area. The construction of the
project was expected to be completed by March 2013; however, it is
now scheduled to be completed by September 2013.

The project is estimated to cost INR251 crore and is being funded
by promoter funds of INR39 crore, debt of INR86 crore and customer
advances of INR126 crore Sahil Sa LLC belonging to the Sun Apollo
group (A USA-based private equity player) has invested INR38 crore
partly as preference shares and partly as equity shares in the
company in FY08.

AUTO AGRIC: CARE Rates INR5.5cr LT Loan at 'CARE BB-'
CARE assigns 'CARE BB-' rating to the bank facilities of Auto
Agric Industries Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        5.50     CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Auto Agric
Industries Private Limited is primarily constrained on account of
its financial risk profile marked by low profitability, leveraged
capital structure and stressed liquidity position. The rating is
further constrained due to AIPL's limited bargaining power with
principal tractor manufacturer and demand for tractors dependent
upon climatic condition and availability of credit.

The rating, however, favorably takes into account the experience
of the management in the automobile dealership business, long
association with Tractors and Farm Equipments India Limited, and
its strong marketing and distribution network.  Improvement in the
overall financial risk profile with improvement in the scale of
operations, profitability and capital structure are the key rating

Jaipur-based (Rajasthan) AIPL was incorporated in the year 1988 by
Ajit Singh Gehlot and, subsequently, during the year 2000, the
constitution of the company was changed to public limited
company. Furthermore, during 2002, the company again changed its
constitution to private limited company. During FY12 (refers to
the period April 1 to March 31), the management was taken over
by Kishore Singh Gehlot and Ajit Singh Gehlot left the company in
March 2013.

AIPL is engaged in the automobile dealership business of tractors
for TAFE with its showroom located at Bharatpur, Rajasthan.
Earlier, the company also had dealership of Tata Motors Limited
(TML) for passenger vehicles, however, it discontinued the
dealership the same in FY13. The company provides complete range
of services with 3-S facilities (Sales, Service and Spare-parts)
as well as allied services including exchange of second hand
vehicles. During FY12 (refers to the period April 1 to March 31),
AIPL sold 444 tractors as against 611 during FY11. During FY12,
the sale of vehicle and spare parts constituted 69.29% and 29.50%
of Total Operating Income (TOI), respectively.

During FY12, AIPL reported a total income of INR28.24 crore (FY11:
INR28.14 crore), with a PAT of INR0.14 crore (FY11: INR0.07
crore). As per provisional result of 11MFY13, AIPL has achieved
total operating income of INR23.95 crore.

ELEC STEEL: CARE Assigns 'BB-' Rating to INR11.20cr Loan
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Elec Steel Processing Industries.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       11.20     CARE BB- Assigned
   Short-term Bank Facilities       9.00     CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of the 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 ratings assigned to the bank facilities of Elec Steel
Processing Industries are primarily constrained on account of its
weak financial risk profile marked by fluctuating profit margins,
leveraged capital structure, weak debt coverage indicators and
long operating cycle. The ratings are further constrained due to
the working capital intensive nature of business, modest scale of
operations in a highly fragmented industry coupled with
susceptibility of operating margins to raw material price and
foreign exchange fluctuations.

The ratings take comfort from the wide experience of the partners
in the transformer laminations industry and its presence in the
industrial cluster along with reputed client base. The ability of
ESPI to increase scale of operations in light of competitive
industry coupled with improvement in profit margins and capital
structure and better working capital management are the key rating

ESPI, based in Vadodara (Gujarat), is a partnership firm formed in
1996 by Harshad Bagadia and his family members. ESPI is engaged in
the manufacturing of transformer laminations made from grain-
oriented electrical steels (iron-silicon alloys) which provides
low core loss and high permeability needed for electrical
transformers. ESPI also manufactures toroidal cores for metering
transformers. ESPI imports cold-rolled grain oriented silicon
steel (CRGO) and cold-rolled non-grain oriented silicon steel
(CRNGO) sheets from Europe, the USA, China, Vietnam, Korea and
Japan as per the customer's specifications and cuts the sheets
using a treadal shearing machine. ESPI operates from its sole
manufacturing facility located in Vadodara (Gujarat) and caters to
demand from industrial clusters located in Gujarat, Madhya
Pradesh, Rajasthan, Tamil Nadu, Andhra Pradesh and Kerala.

CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Eswari Electricals Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7.5      CARE B+ Assigned
   Short-term Bank Facilities       4.9      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Eswari Electricals
Private Limited are constrained by its small scale of operations,
customer concentration risk and weak financial risk profile
characterized by fluctuating profitability, high leverage, weak
coverage indicators, and its stretched liquidity position, owing
to its elongated collection period and consequent reliance on
increased working capital borrowings. The ratings are further
constrained by, intense competitive pressure from larger
established players and susceptibility of profitability to foreign
exchange risk.

The ratings, however, favorably factor in the vast experience of
the promoter in the electrical equipment industry and EEPL's
established track record in catering to state electricity boards
in the domestic and overseas markets.

Given the moderate funding profile and capital structure of the
company EEPL's ability to realize its receivables in a timely
manner, thereby improving the stretched liquidity position of the
company, will have a significant bearing on its credit risk
profile. Additionally, the ability of EEPL to improve profit
margin amidst intense competition would be a key rating

Eswari Electricals Private Limited was established as a
proprietary concern in 1983 and later converted into a private
limited in 1992. The company was founded by the late N. Ganesan
who had a long stint as a Deputy Director in the Bureau of Indian
Standards. EEPL manufactures high and low voltage fuses and
switches. EEPL offers a wide range of products including expulsion
fuse cutouts, semiconductors, fuse links transformer protection
fuses, motor application fuses, capacitor protection fuses, and
special application fuses which cater to the needs of power &
distribution industry. EEPL had started trading of fuses in 1990
specially designed to meet the requirements of various Original
Equipment Manufacturers (OEMs), Multi National Companies and State
Electricity Boards and subsequently moved into manufacturing.
Presently the company's key domestic clients are the state
electricity boards. EEPL also caters to some international clients
based in Kenya, Ethiopia and Malaysia.

EEPL has registered a PAT of INR1.01 crore on a total operating
income of INR20.04 crore in FY12 (refers to the period April 1 to
March 31) as compared to PAT of INR0.44 crore on a total operating
income of INR15.24 crore in FY11. The company has registered a PAT
of INR0.90 crore on a total operating income of INR18.25 crore
during 9MFY13 (refers to the period April 1 to
December 31).

CARE assigns 'CARE BB- (SO)' and 'CARE A4 (SO)' rating to the bank
facilities of Fine Jewellery India Limited.

   Facilities                (INR crore)  Ratings
   -----------                ----------  -------
   Long-term Bank Facilities     26.40    CARE BB- (SO) Assigned
   Short-term Bank Facilities    11.44    CARE A4 (SO) Assigned

Rating Rationale

The ratings of Fine Jewellery India Limited factors in credit
enhancement in the form of unconditional and irrevocable corporate
guarantee extended by Fine Jewellery Manufacturing Limited to the
lenders of FJIL for repayment of the obligations on the bank
facilities. In the event of default by FJIL, the guarantor (FJML)
will repay the dues to the lender on demand.

The ratings of FJML are constrained by modest scale of operations
with modest profitability resulting in weak debt coverage
indicators, leveraged capital structure, elongated working capital
cycle, and presence in the highly fragmented industry leading to
intense competition.

The aforesaid constraints are partially offset by the strength
derived from the experienced promoters, diversified customer base
and tax benefits of being located in Special Economic Zone (SEZ).
The ability of FJML to efficiently manage its working capital
cycle and improvement in the profitability are the key rating

Incorporated in 1987 by Mr Prem Kumar Kothari, Fine Jewellery
India Limited is engaged in the manufacturing of 18-22 carat gold
jewellery with its entire production being order-based. FJIL earns
its revenue primarily from domestic market (90%) and remaining
from export markets, namely, Dubai and HongKong. FJIL's key raw
material viz gold, platinum and diamonds are sourced domestically.
FJIL is part of the Fine Jewellery Group engaged in the
manufacturing and exports of diamond studded gold and platinum
jewellery. During FY12 (refers to the period April 1 to March 31),
FJIL reported total operating income of INR94.44 crore and net
loss of INR2.31 crore as against total operating income of
INR97.25 crore and net profit of INR1.15 crore in FY11,

During 9MFY13, the company had reported total income of INR42
crore and net loss of INR2.48 crore.

FJML is engaged in the manufacturing and exporting of (high-end
and low-end jewellery) diamond studded gold and platinum
jewellery. It has operations in Delhi, Kolkata, Chennai, Mumbai
and Bangalore, with its marketing affiliates around the globe.

GOYAL COTTON: CARE Rates INR7.75cr Long-Term Loan at 'CARE B'
CARE assigns 'CARE B' rating to the bank facilities of Goyal
Cotton Fiber.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       7.75      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 the withdrawal of capital
or the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Goyal Cotton Fiber
is constrained on account of its nascent stage of operations, its
presence in the highly competitive and fragmented cottonginning
business with limited value addition, susceptibility of the profit
margins to the raw material price fluctuation, working capital
intensive operations and seasonality associated with the cotton
industry coupled with susceptibility of the operations to
government regulation.

The rating, however, favorably takes into account the experience
of the partners in cotton-ginning business and proximity to the
cotton-producing regions of Madhya Pradesh and Maharashtra.
The ability of GCF to improve its financial risk profile with
increase in the scale of operations while moving up in the cotton
value chain remains the key rating sensitivity.

GCF is a partnership firm incorporated on June 15, 2012, by four
partners of the Goyal family at Barwani district, Madhya Pradesh,
with an objective to undertake the cotton ginning and pressing
business with an installed capacity of 36,000 bales of cotton and
11,500 Metric Tonnes per Annum (MTPA) of cotton seed. GCF belongs
to the Goyal group of Sendhwa, which is engaged in the business of
cotton ginning and pressing for more than two decades and enjoys
good market reputation. GCF has recently commenced the commercial
production during December 2012.

As per the provisional results upto March 21, 2013, GCF reported a
Total Operating Income (TOI) of INR28.08 crore.

GOYAL ENTERPRISES: CARE Rates INR6cr Long-Term Loan at 'B'
CARE assigns 'CARE B' rating to the bank facilities of Goyal

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6        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 a change in case of the withdrawal of
capital or the unsecured loans brought by the partners in addition
to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Goyal Enterprises is
mainly constrained by its modest scale of operations, thin
profitability, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained on account of
susceptibility of its profitability to volatile raw material
prices, working capital intensive nature of operations, presence
in lowest-end of textile value chain with limited value addition,
seasonality associated with cotton ginning business and
susceptibility to government regulations.

The rating, however, favorably takes into account the vast
experience of the partners in the cottonginning business and
favorable location in proximity to the cotton-producing regions of
Madhya Pradesh and Maharashtra.  The ability of GES to increase
its scale of operations along with improvement in its
profitability and leverage are the key rating sensitivities.

GES was originally incorporated as a proprietorship firm by Mr
Phoolchand Goyal in 1994 and was, subsequently, converted into a
partnership firm on April 01, 2012, by introduction of three
partners of the Goyal family at Barwani district, Madhya Pradesh.
GES is engaged in the cotton ginning and pressing business with an
installed capacity of 15,000 bales per annum of cotton and 3,000
Metric Tonnes per Annum (MTPA) of cotton seed per annum as on
March 31, 2012. GES also undertakes job-work from its unit located
at Gangakhed, Maharashtra. Besides manufacturing, GES is also
engaged in the trading of food grains as well as cotton seed
crushing activities.

During FY12 (refers to the period April 1 to March 31), GES
reported a PAT of INR0.06 crore on a total operating income (TOI)
of INR17.34 crore as against a PAT of INR0.03 crore on a TOI of
INR5.16 crore during FY11. Furthermore, as per the provisional
results for 9MFY13, GES reported a PBT of INR0.08 crore on a TOI
of INR27.04 crore.

CARE assigns 'CARE BB- (SO) (In Principle) rating to the NCD
proposed to be issued by Masterway Consultants Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non-Convertible Debentures      100       CARE BB- (SO)
   (Proposed)                                Assigned

Rating Rationale

The rating takes into consideration the structured payment
mechanism and credit risk profile of the guarantors viz AT Invofin
India Private Limited and Cellphone Credit and Securities
India Private Limited.

The credit profile of the guarantors viz ATIIPL and CCSIPL is
constrained by high concentration of their investments in a few
companies, high proportion of unlisted securities in their
investment portfolio, their limited source of revenue and
volatility in the operating income due to the nature of
operations as investment companies. The credit profile, however,
draws comfort from the experienced promoter group, portfolio of
the strategic investments in the group and non-group entities and
comfortable capital adequacy position of the guarantors.

Going forward, the quality of the guarantors' investment portfolio
and their ability to timely monetize the same for servicing debt
obligations would be important from a credit perspective.

Incorporated in 1996, ATIIPL and CCSIPL are subsidiaries of Shyam
Basic Infrastructure Projects Private Limited with a shareholding
of 97.64% and 97.07%, respectively. ATIIPL and CCSIPL are
registered with RBI as Systemically Important Non-deposit taking
Non-Banking Financial Company (NBFC-ND-SI) and are a part of the
key investment companies of the Shyam group with investments in
various group and non-group companies. The companies derive their
revenues mainly from investments (dividends and interest income)
and trading activities.

During FY12 ((refers to the period April 1, 2011 to March 31,
2012), ATIIPL registered an income of INR1.41 crore and net loss
of INR185.72 crore, whereas CCSIPL registered an income of INR0.02
crore and net loss of INR179.59 crore.

Masterway Consultants Limited proposes to issue NCDs of INR100
crore with bullet repayment at the end of the 3 years tenure. The
NCDs are proposed to be backed by the unconditional and
irrevocable guarantee of AT Invofin India Private Limited and
Cellphone Credit and Securities India Private Limited.

The funds would be utilized by the group to meet promoter funding
requirements for power project viz Spectrum Power Generation

CARE assigns 'CARE B+' and 'CARE A4' ratings to the Bank
Facilities of P&C Constructions Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         75      CARE B+ Assigned
   Short-term Bank Facilities        20      CARE A4 Assigned
   Long/Short-term Bank             105      CARE B+/ CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of P&C Constructions
Pvt Ltd primarily factor in high working capital utilization on
account of tight liquidity position experienced by the company.
Furthermore, the rating also factors in moderate order book
position, limited geographical diversification, increasing
competitive pressure in the construction business, and challenging
industry scenario.

The rating is underpinned by experience of the promoters and long
operational track record of PCC in diverse construction

Going forward, the ability of PCC to manage the working capital
effectively and financial support from the promoters to support
the growth in the operations is the key rating sensitivity.

P & C Constructions (P) Ltd is an infrastructure civil engineering
construction company promoted by brothers, S.P. Periasamy and S.P.
Chinnasamy, in September 17, 1994. PCC was originally set up for
executing and taking up of projects and civil engineering
contracts, in support of their parent company S.P. Periasamy & Co.
(SPP), a partnership firm formed in the year 1972 by the promoters
of PCC to undertake civil construction projects. Subsequently, SPP
was merged with PCC in the year 2004. The company is located in
Erode district of Tamil Nadu.

During FY12 (refers to the period April 1 to March 31), PCC
registered a PAT of INR9 crore on a total operating income of
INR208 crore. For the seven-month ended October 30, 2012, the
company registered a PAT of INR5 crore on a total operating income
of INR99 crore (Provisional).

TRIDENT TOOLS: CARE Assigns 'BB-' Rating to INR32.10cr Loan
CARE assigns 'CARE BB-' & 'CARE A4' rating to the bank facilities
of Trident Tools Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       32.10     CARE BB- Assigned
   Short-term Bank Facilities       7.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Trident Tools
Limited are primarily constrained by the modest scale of
operations, leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by the working
capital intensive nature of operations with inventory carrying
risk and inherent industry risk characterized by stiff competition
and volatile raw material prices.

However, the ratings derive strength from the company's long and
established track record with an experienced management, moderate
operating profitability margins, established brand presence and
diversified product portfolio.

The ability to improve the overall scale of operations and
managing the profitability margins amidst increasing competition
along with effective management of working capital cycle are the
key rating sensitivities for TTL's credit profile.

Incorporated in 1982, Trident Tools Limited [TTL; erstwhile
Magicut Tools Ltd. (MTL)] is engaged in the business of
manufacturing hand tools and cutting tools. TTL manufactures a
wide range of cutting tools and hand tools mainly hand hacksaw
blades, hand hacksaw frames, arbor, air saws, tool bits, bimetal
saw bands and others. TTL sells its products under its own brand
'Magicut' and also manufactures for Original Equipment

The promoters of the company, i.e. the Gupta family had
established a partnership firm, Singarg Manufacturers in 2000 and
the same was subsequently reconstituted into Trident Tools Private
Limited in 2004. Furthermore, TTPL was absorbed by MTL in 2008,
and subsequently, the name of MTL was changed to TTL in 2010.

During FY12 (refers to the period April 01 to March 31), TTL
reported a total operating income of INR36.81 crore (up by 79.23%
vis-a-vis FY11) and PAT of INR0.77 crore (down by 2.22% vis-a-vis
FY11).  During 9MFY13, the company has achieved total revenue of
INR32.78 crore with PAT of INR0.81 crore.

VEDANTA RESOURCES: Dividend Payout No Impact on Ba1 CFR
Moody's Investors Service says that Cairn India's final dividend
recommendation of INR6.5 per share, bringing total dividend
declared for FY2012/2013 to INR11.5 per share or approximately
$407 million, is in line with Moody's expectations; as such there
is no immediate impact on Vedanta Resources Plc's Ba1 corporate
family rating. The rating remains under review for possible

"Cairn's payment of dividends is crucial for Vedanta given its
reliance on the up-streamed dividend to service the debt raised to
acquire its stake in Cairn," says Alan Greene, a Moody's Senior
Credit Officer and Lead Analyst for Vedanta, adding, "However, the
dividend is possibly more important for its co-shareholder, Sesa
Goa Ltd, which is currently losing money on its core iron ore
operations due to the mining restrictions imposed in Goa and
Karnataka, and which has its own debt to service."

Recently, the Supreme Court of India has given clearance to resume
mining operations in Karnataka, subject to statutory clearances,
but the ban remains in Goa. Vedanta owns a 38.7% stake in Cairn
through a Mauritius holding company, and 20.1% indirectly through
Sesa Goa.

"Absent an improvement in base metal prices and the continuing
mining ban in Goa, we expect Cairn to remain as Vedanta's main
EBITDA contributor over the next 12 months," says Greene.

Cairn is expected to invest more than $3 billion over the next
three years in development and exploration activities, aiming at
unlocking further potential within the Rajasthan block and
potentially outside Rajasthan. Moody's expects both this level of
capex and dividend to be funded without reducing the $3 billion of
cash and cash equivalents reported by Cairn. Cairn's reported cash
flow from operations was $2,034 million in FY2012/13.

Notwithstanding the better year on year outturn, Q4 FY2012/13 was
weaker for Cairn than Q4 FY2011/12, as the increase in the cess
rate and lower realized prices per barrel offset the volume gains.
In Q4 FY2012/13, Cairn reported EBITDA of $534 million compared to
$581 million a year earlier.

Nevertheless, Cairn is stepping up exploration activity and EBITDA
should be bolstered as additional wells are drilled and completed,
and once the field development plan is approved. In March 2013,
the first oil was lifted from the Aishwariya field. Also in March
2013, the Government of India approved Cairn's request to sell its
natural gas which is surplus to generating and pipeline heating

Apart from Cairn, Hindustan Zinc Ltd (HZL) and investment income
are the next other two largest sources of EBITDA for Vedanta and
this position is likely to remain until the iron ore and aluminum
businesses realize their potential.

"We remain cautious over Vedanta's asset concentration. With over
50% of Vedanta's EBITDA transported through a single pipeline, the
group is extremely sensitive to events in the Rajasthan block,"
adds Greene.

Highlighting its value to the group, based on current market
capitalization, Vedanta's 58.8% shareholding in Cairn is worth $6
billion compared to Vedanta's overall $4.6 billion market
capitalization as at April 23, 2013.


JLOC 39: S&P Lowers Rating on Class B Certificates to CCC-
Standard & Poor's Ratings Services said that it has lowered to
'CCC- (sf)' from 'B- (sf)' its rating on the class B trust
certificates issued in December 2007 under the JLOC 39 Trust
Certificate (JLOC 39) transaction.  At the same time, S&P kept its
rating on the class A trust certificates on CreditWatch with
negative implications, and affirmed its rating on class C.  S&P
originally placed its rating on class A on CreditWatch negative on
Nov. 15, 2012, and lowered to 'D (sf)' its rating on class D on
Jan. 29, 2013.

S&P lowered its rating on class B because, in its view, principal
on class B is now more likely to be impaired.  This is because,
although sales activities relating to the single office building
in Tokyo that backs the remaining specified bond have progressed,
S&P expects the likely collection amount from the property to be
lower than its previous assumption.  The specified bond originally
represented about 38.5 percent of the total issuance amount of the
trust certificates.

If the sale of the office building is completed, S&P expects class
A to fully redeem.  However, S&P kept its rating on class A on
CreditWatch negative because it believes the price of the property
is likely to come under increasing downward pressure if the sale
isn't completed, given the limited time remaining until the
transaction's legal final maturity date.  Due to recoveries from
other bonds and a loan in this transaction, class A has already
partially redeemed.  Therefore, S&P don't believe the lower likely
collection amount warrants a downgrade of class A at this time.
S&P intends to resolve the CreditWatch status of its rating on
class A after considering the status of the property sale.

Meanwhile, S&P affirmed its 'CCC- (sf)' rating on class C.  Even
before lowering S&P's assumption for the likely collection amount
from the collateral property this time, S&P had believed that
class C had a high possibility of becoming impaired.

JLOC 39 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Specified bonds and a loan issued by 10
obligors secured the trust certificates at the outset of the
transaction, and 34 real estate properties and real estate trust
certificates initially backed the specified bonds and loan.
Morgan Stanley Japan Securities Co. Ltd. arranged the transaction,
and ORIX Asset Management & Loan Services Corp. acts as the

The ratings reflect S&P's opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity date in April
2014 for the class A certificates, and the full payment of
interest and principal by the legal final maturity date for the
class B and C certificates.


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:



JLOC 39 Trust Certificate
JPY40.3 billion trust certificates due April 2014
Class   To          From      Initial issue amount   Coupon type
B       CCC- (sf)   B- (sf)   JPY5.4 bil.              Floating

JLOC 39 Trust Certificate
Class   Rating              Initial issue amount   Coupon type
A       AA (sf)/Watch Neg   JPY28.8 bil.             Floating rate

JLOC 39 Trust Certificate
Class   Rating      Initial issue amount   Coupon type
C       CCC- (sf)   JPY3.9 bil.              Floating rate

N E W  Z E A L A N D

INDEPENDENT SCAFFOLDING: Assets Too Small to Pay Creditors
---------------------------------------------------------- reports that even secured creditors look set to lose
out after Independent Scaffolding Supplies, which traded as
Advanced Scaffolding, collapsed into receivership.

Independent Scaffolding was placed in receivership and liquidation
in July last year owing more than NZ$700,000 to creditors.

According to the report, receiver Murray Allott, appointed by
Hamilton-based secured creditor Pohutukawa Bays, said in his
latest six-monthly report to January 23, 2013, released on Friday
that he did not expect there to be enough funds to repay
Pohutukawa Bays in full. The company is owed about NZ$140,000.

Mr. Allott said an independent valuation of Independent
Scaffolding's assets was "significantly less" than the amount
owing to secured creditors, the report relates.

Independent Scaffolding's unsecured creditors include more than 60
businesses in Christchurch, Weekly Times adds.

Independent Scaffolding Supplies is a Christchurch scaffolding
company set up by former bankrupt Richard Lascelles.

S O U T H  K O R E A

* SOUTH KOREA: State Firms' Debts Reach Alarming Level
Yonhap News Agency reports that debts owed by South Korea's public
companies came close to national debts last year, spawning concern
such rapid debt growth may hinder the country's overall fiscal
soundness, data showed Sunday.

Yonhap relates that the combined debts of 28 state-run firms such
as Korea Gas Corp. and Korea Electric Power Corp. reached
KRW392.96 trillion (US$351 billion) at the end of 2012, up
8.7 percent, or KRW31.54 trillion from KRW361.42 trillion a year
earlier, according to the data compiled in accordance with each
firm's regulatory filings.

The 2012 figure is close to the country's national debt of
KRW445.2 trillion, the data, as cited by Yonhap, showed.

The surveyed firms' combined capital base reached
KRW206.8 trillion at the end of last year, which brought their
average debt ratio to 190.1 percent, also up from 175 percent a
year earlier, Yonhap reports.

Yonhap adds that analysts said the increase in public companies'
debts came as the majority of firms raised money to finance large-
scale national projects such as railways and the four rivers
restoration project, initiated by former President Lee Myung-bak.


CAPITAL ADVISORY: Fitch Cuts Servicer Rating to 'RSS2-(tha)'
Fitch Ratings (Thailand) Limited has downgraded the Residential
Mortgage Special Servicer rating of Capital Advisory Services
(Thailand) Limited (CAS) to 'RSS2-(tha)' from 'RSS2(tha)'and
subsequently withdrawn the rating.

The rating downgrade reflects Fitch's concern about CAS's high key
man risk due to the departure of some senior executives.
Nonetheless, this is mitigated by the company's access to
servicing resources in the group's Tokyo office, their robust
servicing technology, established risk management and internal
control framework, and reasonable collection performance of the
remaining residential NPL portfolios while its financial position
remains adequate.

Fitch is withdrawing CAS's servicer rating as the rating is no
longer considered by the agency to be relevant to its coverage.

Fitch's servicer ratings are based on a scale of one to five, with
one being the highest rating. Within some of these rating levels,
Fitch further differentiates the ratings by pluses (+) and minuses
(-). 'tha' appears in Thai ratings to reflect their relevance in
Thailand's legal, economic and social context.


* Large Companies with Insolvent Balance Sheets

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


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14


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

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

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, Julie Anne L. Toledo, 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 ***