TCRAP_Public/130814.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

          Wednesday, August 14, 2013, Vol. 16, No. 160


                            Headlines


A U S T R A L I A

AFS GROUP: Retired Investors Lose Out to Uninsured Advisers
LACTANZ DAIRY: Owes More Than AUD21MM, Receivers Revealed


C H I N A

CHINA NATURAL: Files List of Top Unsecured Creditors
* CHINA: Rising Liquidations Keep Hong Kong Professionals Busy


I N D I A

ASOMI FINANCE: CARE Assigns 'BB-' Ratings to INR49.04cr Loans
G ONE: CARE Assigns 'BB' Rating to INR34.78cr LT Bank Loans
GRIPWELL TOOLS: CARE Assigns 'B+' Rating to INR5.64cr Loans
HYDERABAD NURSING: CARE Rates INR22.14cr LT Bank Loans at 'B'
JAYPEE GROUP: To Sell Plants, Properties to Repay Debts

KINGFISHER AIRLINES: Lenders Take Over Mumbai Corporate Office
MADHAVA HYTECH: CARE Assigns 'B' Rating to INR4cr Bank Loans
RAKESH FUEL: CARE Assigns 'BB' Rating to INR13.14cr LT Loans
RIJIYA BROTHERS: CARE Reaffirms 'BB+' Rating on INR25cr Loans
SHIV SHAKTI: CARE Assigns 'BB' Rating to INR4cr LT Bank Loans

SHREE RADHIKA: CARE Rates INR5.25cr Loans at 'CARE B/CARE A4'
SHREE RAJASTHAN: CARE Reaffirms 'BB' Rating on INR149.89cr Loans
SHREE RAJKRISHNA: CARE Rates INR5.77cr LT Bank Loans at 'B+'
VARDHMAN SALES: CARE Assigns 'BB (SO)' Rating to INR10cr LT Loans


J A P A N

* Moody's Lowers Ratings on Notes from 2 Atami Beach Line Funding
* JAPAN: Unlikely to Achieve Debt Reduction Goal in 2020


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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


AFS GROUP: Retired Investors Lose Out to Uninsured Advisers
-----------------------------------------------------------
Andrew Main at The Australian reports that dozens of retired
investors who had been planning to sue collapsed financial
advisory business AFS Group for providing bad advice have been
told that the group was not properly insured.

Which means there is no point in them trying to sue the principals
of the organisation, which at one point had more than 200 advisers
across Australia, the report relates.

"This is the first time I have come across this situation," the
report quotes Malcolm Wright, a Queensland plaintiff solicitor, as
saying.  Mr. Wright said that to get an Australian Financial
Services Licence any advisory group had to show a current
professional indemnity insurance policy, The Australian relates.

The Australian says the two companies, Australian Financial
Services and AFS Group, appear to have had PI policies that
lapsed.

"I have acted for a number of elderly retired clients who built up
substantial balances in their SMSFs before retirement only to
find, well after retirement, that some of the investments
recommended by AFS's authorised representatives failed and that
those recommended investments were entirely inappropriate for
them," The Australian quotes Mr. Wright as saying.

According to the report, Mr. Wright, from Hope Island, said that
"in many cases the investors have lost hundreds of thousands of
dollars and their retirement income and lifestyle has now become
precarious.  Those clients made claims against AFS after the
company went into liquidation but because of the inadequate
insurance cover taken out by AFS are unable to pursue their claims
with any prospect of recovery of their losses."

Rachel Burdett-Baker and Luke Targett of BDO, on April 23,
2013, were appointed administrator of the following companies of
the AFS Group:

  -- AFS Group Limited (ACN 055 796 211)
  -- Australian Financial Services Limited (ACN 116 900 362)
  -- MDA Private Pty Ltd (ACN 151 974 006)
  -- Strategy Portfolio Limited (ACN 094 486 003)


LACTANZ DAIRY: Owes More Than AUD21MM, Receivers Revealed
---------------------------------------------------------
Brad Thompson at The West Australian reports that Lactanz Dairy
had debts of more than AUD21 million when it collapsed, despite
churning out more than 15 million litres of milk a year.

The West Australian relates that documents filed by receiver
Ferrier Hodgson showed Rabobank is owed about AUD19 million,
processor Brownes AUD1.5 million and unsecured creditors about
AUD900,000.

According to the report, Ferrier Hodgson partner Ben Johnson said
there had been "quite strong" interest in the sale of Lactanz
assets, with about a dozen parties making direct contact with the
receivers.

Mr. Johnson said a marketing campaign would begin this month and
he was confident of a sale before the end of the year, the report
relays.

Brownes has a contract for the Lactanz milk supply until 2017 and
owns the cows on three of the farms. It appears Brownes' cows will
stay on the farms and the dairies will remain in production during
the sales process, The West Australian adds.

Lactanz Dairy, Western Australia's largest dairy farming
conglomerate, went into receivership late in June 2013. Farm
Weekly said that embattled owners of the company failed to
sell the property and after its removal from the market in
May this year, Ferrier Hodgson was appointed receivers as of
June 5.

Lactanz Dairy is the single largest supplier to Brownes and
comprises four Scott River properties and a milking herd of 4,000.



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


CHINA NATURAL: Files List of Top Unsecured Creditors
----------------------------------------------------
China Natural Gas, Inc. submitted a list that identifies its top
20 unsecured creditors.

Creditors with the three largest claims are:

  Entity                 Nature of Claim        Claim Amount
  ------                 ---------------        ------------
Abax Nai Xin A Ltd.                              $31,775,098

Abax Lotus Ltd.                                  $17,500,000

Abax Lotus Ltd.                                   $8,914,281


A copy of the creditors' list is available for free at:

    http://bankrupt.com/misc/CHINANATURAL_creditorslist.pdf

                    About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi';an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  The Company says it intends to oppose the motion.

Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP, in
Washington, D.C., represents the Petitioners as counsel.


* CHINA: Rising Liquidations Keep Hong Kong Professionals Busy
--------------------------------------------------------------
Enoch Yiu at South China Morning Post reports that twenty years
after mainland firms began listing in Hong Kong, it is no surprise
to see a growing number of cross-border liquidations, from which
some Hong Kong professionals are making a tidy living.

"As long as a liquidator knows the tricks and trade secrets of how
to get things done in China, he can arrange asset sales and bring
the money out of the mainland to pay creditors or shareholders,"
SCMP quotes Alan Tang Chung-wah, a partner and head of specialist
advisory services in the Hong Kong office of mainland accounting
firm ShineWing, as saying. "I have done that for 30 years and
still do it every day."

The report says ShineWing has handled many cross-border
liquidation cases and Mr. Tang, a Hong Kong-based accountant, has
specialised in mainland-related bankruptcy cases for 30 years. His
clients include Hong Kong and foreign investors who set up joint
ventures or subsidiaries on the mainland, as well as collapsed
Hong Kong-listed mainland firms, SCMP relays.

SCMP relates that while many people assumed companies sought to be
wound up because they could not repay their debts, Mr. Tang said
this was not always the case. "Besides financial troubles, many
companies apply to be wound up because shareholders have disputes
among themselves and seek to liquidate the company to divide its
assets," the report quotes Mr. Tang as saying.

Last month, the report recalls, the Securities and Futures
Commission applied to wind up Hong Kong-listed mainland firm China
Metal Recycling because it alleged the company had issued a
misleading listing prospectus in 2009 and continued to maintain
the false information. The Court of First Instance appointed
provisional liquidators to investigate its books and records and
take control of the company.

On the mainland, Mr. Tang said, he would need to go to local
courts to apply to take over the mainland assets of a company as
required by the country's bankruptcy law, the report relates. Each
local court would decide individually on the release of assets
located in their city, and to attach the assets of a company with
operations in 10 mainland cities would require applying to 10
local courts, according to SCMP.

"In theory, it is the court that decides how to divide the assets
of the company. But in reality it is the local governments and
other local business partners who make the decision as the court
takes their views seriously," Mr. Tang, as cited by SCMP, said.



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


ASOMI FINANCE: CARE Assigns 'BB-' Ratings to INR49.04cr Loans
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Asomi
Finance Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       42.29     CARE BB-
   (Term Loan)

   Long-term Bank Facilities        6.75     CARE BB-
   (Cash Assigned Credit)

Rating Rationale

The above rating is constrained on account of Asomi Finance Pvt
Ltd's moderate scale of operation, geographical concentration of
portfolio base (100% in Assam) and decline in profitability in
FY13 (refers to the period April 1 to March 31). The rating is
further constrained by inherent risks in the microfinance industry
including socio-political intervention risk and stiff competition
from other players. The rating also takes into cognizance of its
adequate IT infrastructure, satisfactory
Capital Adequacy Ratio (CAR) and comfortable asset quality and
liquidity profile.

The access to funding, evolving regulatory environment, the
ability to improve profitability while maintaining the asset
quality and capital adequacy are the key rating sensitivities.

Asomi Finance Pvt Ltd is the current name of erstwhile 'Arham
(India) Finance Pvt Ltd' (AIFPL) - a registered NBFC set up in
2001. The current promoter of AFPL, Mr. Subhra Bharali
(CMD) took over AIFPL in 2008 and rechristened it as AFPL. AFPL
started micro-financing activity in Assam from February 2009 by
lending to individual women borrowers under 'Self Help Groups'
(SHGs) based lending model and is operating in rural & urban areas
throughout Assam.

AFPL is, currently, operating in 19 districts spanning across the
state of Assam. Operations of AFPL are managed through its network
of 43 branches. It has more than 58 thousand active borrowers as
on June 30, 2013. The total outstanding portfolio as on Mar.31,
2013 was INR34.28 crore vis-a-vis INR31.64 crore as on March 31,
2012.

In FY13, AFPL earned a PAT of INR0.25 crore (INR0.71 crore in
FY12) crore on total income of INR9.03 crore (INR8.75 crore in
FY12).


G ONE: CARE Assigns 'BB' Rating to INR34.78cr LT Bank Loans
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of G One Agro Products Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       34.78     CARE BB Assigned
   Short-term Bank Facilities      50.00     CARE A4+ Assigned
   Long-term/Short-term Bank        0.75     CARE BB/CARE A4+
   Facilities                                Assigned

Rating Rationale

The ratings of G One Agro Products Ltd are constrained by its high
leverage on account of low capitalisation, high working capital
intensity of operations and its thin profitability inherent in the
low value additive edible oil refining business, which is also
susceptible to volatile edible oil prices and foreign exchange
fluctuation. The ratings are also constrained by GAPL's ongoing
debt funded capacity expansion project and support in the form of
'with recourse' debt extended to a group entity implementing a
forward integration project. The ratings are further constrained
due to its presence in a highly competitive industry and
regulatory uncertainty associated with the customs duty structure
on edible oil in the domestic and key sourcing countries.

The ratings, however, draw strength from GAPL's established
operations, experienced promoters and steadily increasing scale of
operations.

The ability of GAPL to further increase its scale of operations,
improve its profitability, strengthen its capital base and
efficiently manage its working capital, while limiting its
exposure to group company would be the key rating sensitivities.

G-One Agro Products Ltd was incorporated in November 2003,
consequent to the conversion of the partnership firm M/s G-One
Agro Industries, which was formed in 2001. GAPL is presently
engaged in the business of refining edible oil (mainly palm oil
and cotton seed oil), oil derivatives like fatty acids and trading
of agro commodities like mustard and castor seeds. GAPL had an
installed capacity of 150 metric tonne per day (MTPD) for refining
of cottonseed oil, mustard oil, soyabean oil, etc and 400 MTPD for
refining and fractionization of palm oil for manufacturing of palm
olien and palm stearin, as on March 31, 2013. The product
portfolio of the company has gradually shifted from refining of
cottonseed oil, soya bean oil and others (8% contribution in total
sales of FY13, 30% in FY12) to refining of crude palm oil (89%,
67%) with increasing demand for the latter.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), GAPL registered a total operating income of
INR876.11 crore and a PAT of INR3.71 crore as against a total
operating income of INR539.90 crore and a PAT of INR1.42 crore in
FY12.


GRIPWELL TOOLS: CARE Assigns 'B+' Rating to INR5.64cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Gripwell Tools Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.64      CARE B+ Assigned
   Short-term Bank Facilities      7.00      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 rating may undergo change in case of withdrawal of the capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Gripwell Tools
Industries are constrained by its small scale of operations
coupled with high degree of competition due to the fragmented
nature of the industry, project risk, customer concentration risk,
susceptibility to fluctuation in raw material prices, foreign
exchange fluctuation risk and working-capital intensive nature of
operations. The aforesaid constraints are partially offset by the
experienced promoters with a long track record of operations.

The ability of GTI to improve its scale of operations along with
the profitability margins and efficient management of working
capital are the key rating sensitivities.

Gripwell Tools Industries is a partnership firm, established in
October 1995 for carrying out the manufacturing business of steel
forged hand and striking tools like wrenches, pliers & pincers,
pipe wrenches, steel vice, hammers etc. Initially, the firm
started as a trading concern for similar products and since
October 1997, the manufacturing process had started. Currently,
the firm has stopped trading and is into manufacturing only. GTI
operates the business from Jalandhar in Punjab, having two ISO
9001:2008 certified manufacturing facilities with 7,000 MTPA
aggregate installed capacities. The firm has technical
collaboration with Ames True Temper Inc of USA and Garant of
Canada for its products. GTI earned, about 88% of its operating
income in FY12 (refers to the period April 01 to March 31), from
export to foreign countries like Canada, USA and South
America. The firm sells its products under the brand name of
'Gripwell'.

Major General Surinder Singh Rana and his relatives Mr. Jasmit
Singh Rana (both with 35% of stake) and Mr. Ikjot Singh Rana (30%
of stake) are the only partners of the firm. The day-to-day
affairs of the firm are looked after by Maj Gen SS Rana with the
help of other partners and a team of experienced personnel.

During FY12, the firm reported PBILDT of INR3.2 crore (INR2.2
crore in FY11) and PAT of INR0.8 crore (INR0.5 crore in FY11) on a
total income of INR37 crore (INR25.3 crore in FY11). Furthermore,
the firm has achieved an operating income of about INR34.8 crore
in FY13 (provisional).


HYDERABAD NURSING: CARE Rates INR22.14cr LT Bank Loans at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Hyderabad Nursing Home Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       22.14     CARE B Assigned

Rating Rationale

The rating is constrained by the relatively small scale of
operation, low occupancy rate of the hospital, weak credit risk
profile with highly leveraged capital structure, aggressive debt-
funded proposed expansion project and intense competition from the
relatively large and renowned players in the healthcare industry.
The rating is, however, underpinned by resourceful and
experienced promoter group, satisfactory infrastructure
facilities, experienced team of doctors and empanelment with
Corporate/Government organizations and insurance companies. The
ability of the company to increase its scale of operation with
improvement in profitability and capital structure are the key
rating sensitivities.

Incorporated in July 1973, Hyderabad Nursing Home Private Limited
(HNHPL) was promoted by three doctors; Dr P. Kishen, Dr G. Ramloo
and Dr Rama Luthra. The company was subsequently taken over by the
promoters of the Secunderabad-based Bambino Group. HNHPL operates
in the healthcare industry and has set up a 58-bed multi-specialty
hospital at Basheerbagh in Hyderabad city of Andhra Pradesh
(A.P.). The hospital primarily specializes in Neurology,
Gynecology and Orthopedics.

HNHPL belongs to the promoters of the Secunderabad-based Bambino
Group of Industries with the CMD and ED of Bambino Agro Industries
Limited (BAIL) holding 93% shares in HNHPL.

During FY13 (Provisional) (refers to the period April 1 to
March 31), HNHPL posted a PBILDT of INR2.66 crore (FY12: INR1.11
crore) and a PAT (after deferred tax) of INR0.19 crore (FY12:
INR0.22 crore) on a total operating income of INR8.14 crore (FY12:
INR6.29 crore).


JAYPEE GROUP: To Sell Plants, Properties to Repay Debts
-------------------------------------------------------
George Smith Alexander at Bloomberg News reports that Jaypee
Group, owner of India's most indebted cement maker, plans to sell
some of its plants and real estate in a bid to cut liabilities by
about 25 percent.

The builder of India's only Formula One racing track seeks to
reduce debt by 150 billion rupees ($2.5 billion) by selling its
cement plants in southern and western India, some of its power
generation units and property in a year, Suren Jain, managing
director at Jaiprakash Power Ventures Ltd. told Bloomberg in an
interview. The flagship Jaiprakash Associates Ltd. has
$10 billion of total debt, according to data compiled by
Bloomberg.

According to the report, the group's liabilities increased
fivefold in five years as Chairman Manoj Gaur took on debt to
expand the cement maker's power, sports and construction
businesses.  Bloomberg notes that Mr. Gaur is selling assets to
cut costs and revive profit, which has fallen for two straight
years, as a central bank engineered cash crunch prompts lenders to
raise interest rates for the first time in two years.

"The cash flows from operations won't be sufficient in the next
one to two years to bring down the debt," Bloomberg quotes Anubhav
Gupta, an analyst at Kim Eng Securities Pvt. in Mumbai, as saying.
If the company had sold a cement plant "12 months back the
troubles might not have been what they are today."

Jaiprakash Associates had a net debt of about INR612 billion, the
highest among Asian makers of the construction material after
China National Building Material Co., according to data compiled
by Bloomberg.

The Indian company will need INR81 billion to service its debt in
the year ending March 31, Ankur Kulshrestha, an analyst with HDFC
Securities Ltd., said in a note to clients on July 30, Bloomberg
discloses.


KINGFISHER AIRLINES: Lenders Take Over Mumbai Corporate Office
--------------------------------------------------------------
The Times of India reports that lenders to Kingfisher Airlines on
August 10 took possession of Kingfisher House -- the erstwhile
corporate office of Kingfisher Airlines near Mumbai airport's
domestic terminal. The move is part of the lenders' moves to
recover INR6,072 crore along with interest.

According to the report, a SBI Caps trustee took physical
possession of the 25,850-sq ft plot, which includes the office
premises of over 17,072 sq ft, situated on the Western Express
Highway.  A notice announcing this was pasted on the building's
doors, the report relays.

TOI relates that SBI Caps, on behalf of the lenders, had issued a
notice to KFA under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act on
May 3, 2013.  The notice is a precursor to acquiring a defaulter's
property under the Act. "The Act says that if the borrower fails
to repay within 60 days of the notice, lenders can take possession
of assets and dispose of them," said a bank official who is among
the lenders to Kingfisher Air, TOI reports.

According to the report, the officials added that banks have
already recovered some money selling shares and would also look at
attaching other physical assets, including Kingfisher Villa in
Goa. Besides attaching property, lenders are invoking corporate
and personal guarantees provided by Vijay Mallya as part of their
efforts to recover their money.

State Bank of India has the largest exposure of over INR1,600
crore followed by Punjab National Bank and IDBI Bank which have an
exposure of INR800 crore each. Bank of India is seeking to recover
INR650 crore, the report discloses.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MADHAVA HYTECH: CARE Assigns 'B' Rating to INR4cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to the bank facilities of
Madhava Hytech Infrastructures India Private Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        4        CARE B Assigned
   Short-term Bank Facilities      15        CARE A4 Assigned\

Rating Rationale

The ratings are constrained by the relatively small scale of
operations, concentration of order book on two major work orders
and stretched working capital cycle with persistent high
utilization of working capital limits. The ratings are, however,
underpinned by the experienced promoter with established track
record and moderate capital structure. The ability of the company
to increase its order book with increase in scale of operation and
manage the working capital requirements are the key rating
sensitivities.

Madhava Hytech Infrastructures India Private Limited was
incorporated in 2008 by Mr. K. Pradeep Kumar and his wife, Ms K.
Sarojini Devi. The company was formed as a result of
demerger of group company, Madhava Hytech Engineers Private
Limited (MHEPL). MHIIPL is engaged in the business of civil
construction with projects in the segment roads, bridges,
flyovers, irrigation and other civil works.

During FY13 (Provisional), MHIIPL posted a PAT of INR0.92 crore
(FY12, audited: INR0.58 crore) on a total operating income of
INR16.97 crore (FY12: INR15.13 crore).


RAKESH FUEL: CARE Assigns 'BB' Rating to INR13.14cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Rakesh
Fuel Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       13.14     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Rakesh Fuel Pvt Ltd
is constrained by the relatively small scale of operations, high
susceptibility to raw material price movement, working
capital intensive nature of the business and weak financial
profile characterized by low profitability margins and high
gearing. The rating, however, derives strength from the experience
of the promoters, established track record and consistent growth
in revenues over the last few years.

The ability of the company to enhance its scale of operations;
along with the improvement in the profitability and capital
structure are the key rating sensitivities.

Rakesh Fuel Pvt Ltd) was incorporated in November 1991, by
Mr. Rajiv Mohan and family.

RFPL established its first production facility in 1995 at
Ghaziabad for manufacturing Polypropylene Filament Yarn (PFY) of
various types (Twisted, Textured & Flat) and deniers (120 Denier
to 2,400  Denier). In 2004, RFPL established its second production
facility at Sikandrabad in Uttar Pradesh  for the manufacturing of
PFY. During 2008, RFPL also started manufacturing Spun-Bonded
NonWoven Fabric ranging from 15 gsm (grams per square meter) to
150 gsm at its Sikandrabad unit.

RFPL has registered PAT of INR0.79 crore on the total income of
INR114.48 crore in FY12 (refers to  the period April 1 to
March 31). During 9MFY13, based on provisional results, the
company has reported a PAT of INR0.70 crore on a total income of
INR88.80 crore.


RIJIYA BROTHERS: CARE Reaffirms 'BB+' Rating on INR25cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Rijiya Brothers.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       25.00     CARE BB+ Reaffirmed
   (Fund-based)

   Short-term Bank Facilities       1.20     CARE A4+ Reaffirmed
   (Nonfund Based)

Rating Rationale

The ratings continue to be constrained by the legal status of
Rijiya Brothers (RB) as a partnership firm, which encompasses risk
of withdrawal of partner's capital, deterioration in solvency
indicators, moderate scale of operations vis--vis the size of the
diamond industry, susceptibility to foreign exchange fluctuations
and intense competition in both domestic as well as export
markets.

The ratings continue to derive strength from RB's experienced
promoters, its diversified clientele and comfortable operating
cycle of the firm.

The ability of the firm to further increase its scale of
operations, improve its Total outside Liabilities to Tangible
networth position and to sustain its profitability amidst economic
uncertainty looming over the key export markets such as USA and
Europe remain the key rating sensitivities.

Rijiya Brothers (RB) was constituted as a partnership firm in 1997
by 10 partners (family members).

During FY12 (refers to the period April 1 to March 31), three
partners, Mr. Nagjibhai Vitthalbhai Rijiya, Mr. Jagdishbhai
Parshottambhai Rijiya and Mr. Kanjibhai Vitthalbhai Rijiya retired
later followed by the exit of Mr. Shailesh M. Rijiya, on April 1,
2012. As on June 30, 2013, the firm is managed by six partners
with Mr. Vallabhbhai managing the firm.

RB is engaged in importing and processing of rough diamonds and
exporting of cut and polished diamonds. RB deals in diamonds of
sizes ranging roughly from thirty cents to one carat that are
manufactured at its three production units in Surat, which are
administered from Mumbai office.

The exports of cut and polished diamonds contributed 70% of the
total sales in FY13 compared to 56% of the total sales in FY12.
The exports of cut and polished diamonds contributed 59% of the
total sales in FY13 compared to 56% of the total sales in FY12.
During FY13, RB registered a net profit of INR4.17 crore on a
total income of INR175.03 crore.


SHIV SHAKTI: CARE Assigns 'BB' Rating to INR4cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Shiv Shakti International Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         4       CARE BB Assigned
   Short-term Bank Facilities       35       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shiv Shakti
International Private Limited are constrained by its thin
profitability margins, leveraged capital structure and foreign
exchange fluctuation risks. The ratings are further constrained by
the intense competition and dependence on the real estate sector.

The ratings, however, take comfort from the long track record of
operations and experienced promoters.

Going forward, the ability of SSIPL to increase its scale of
operations while improving its profitability margins and
management of foreign exchange fluctuation shall be the key rating
sensitivities.

Shiv Shakti International Private Limited was initially
established as a sole proprietorship firm by the name of 'Shiv
Shakti Timber Store' in 1994 by Mr. Satish Goyal. Later on in
1999, the constitution of the firm was changed to a private
limited company and it was renamed as Shiv Shakti International
Private Limited. The company is currently managed by Mr. Satish
Goyal and his wife Ms. Sarita Goyal.

The company is engaged in the business of trading and processing
of timber logs which are sold in northern India, mainly in Punjab,
Delhi and Haryana regions. The timber is imported mainly from
Malaysia, Solomon and New Zealand which is subsequently sized at
its saw mill units in Gandhidham, Gujarat into various commercial
sizes. The company has its offices located in Delhi, Gandhidham
(Gujarat), Karnal (Haryana) and Kaithal (Haryana). The customers
of SSIPL mainly include traders.

During FY12 (refers to the period April 1 to March 31), SSIPL
reported a PAT of INR0.42 crore on a total operating income of
INR99.02 crore. SSIPL achieved a total operating income of INR108
crore (based on FY13 unaudited results).


SHREE RADHIKA: CARE Rates INR5.25cr Loans at 'CARE B/CARE A4'
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shree Radhika Resins Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-term           5.25       CARE B/CARE A4
   Bank Facilities                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Radhika
Resins Private Limited (SRRPL) is constrained on account of its
financial risk profile marked by low profit margins, highly
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations due to trading
nature of business. The ratings are further constrained by modest
scale of operations in the fragmented industry with fortunes
linked to the cyclical textile industry and exposure to
volatility in foreign exchange rates.

The ratings, however, derive comfort from the long experience of
the promoters in the textile industry and location advantage due
to its presence in the textile hub.

Increase in the scale of operations, along with improvement in
profit margins and capital structure in light of competitive
nature of the industry are the key rating sensitivities.
Furthermore, an improvement in the working capital management
would also remain crucial.

Ahmedabad-based (Gujarat) SRRPL was set up in July 2012 by Mr.
Alok Patel. It took over the overall operations of Radhika
Services (RS), a proprietary firm owned by Mr. Alok Patel, which
was set up in 2002. Currently, SRRPL is engaged in the trading of
synthetic thickener, which finds application as a thickening agent
in textile printing. SRRPL procures synthetic thickener from the
domestic market as well as through imports, which is being
supplied to the textile companies located in and around Ahmedabad.

SRRPL reported a net profit of INR0.18 crore on a total operating
income (TOI) of INR26.77 crore during FY13 (refers to the period
of April 1 to March 31).


SHREE RAJASTHAN: CARE Reaffirms 'BB' Rating on INR149.89cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Rajasthan Syntex Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      149.89     CARE BB Reaffirmed
   Short-term Bank Facilities      22.72     CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained by the modest debt
protection indicators, high leverage and working capital intensive
operations of Shree Rajasthan Syntex Limited (SRSL). The ratings
are further constrained on account of its volatile raw material
prices coupled with low bargaining power with suppliers and
inherent cyclicality associated with the textile industry.

The above weaknesses are, however, partly offset by the promoter's
long-standing track record in the textile industry and established
operations of SRSL in the blended yarn segment. The ratings also
factor improvement in its profitability; albeit with stagnant
operating income.

The ability of SRSL to complete the ongoing projects within the
envisaged cost and time parameters, manage raw material price
volatility and improve its capital structure and debt protection
indicators are the key rating sensitivities.

Incorporated in 1979, SRSL is engaged in the production of
synthetic-blended and cotton yarn. The company manufactures yarn
in the range of 18-30 counts (averaging around 25 counts). SRSL
currently has 67,584 spindles for synthetic-blended yarn and
14,520 spindles for cotton yarn. Its manufacturing facilities for
synthetic blended and cotton yarn are located at Dungarpur
(Rajasthan). Apart from this, it has a manufacturing capacity of
3,600 MTPA for Polypropylene Multifilament (PPMF) yarn at Jaipur
(Rajasthan), which is at an advanced stage of being shifted to
Dungarpur.

As per the audited results for FY13 (refers to the period April 1
to March 31), SRSL reported a total operating income and Profit
after Tax (PAT) of INR286.80 crore (P.Y. INR285.12 crore) and
INR0.03 crore (P.Y. Net loss of INR16.80 crore), respectively


SHREE RAJKRISHNA: CARE Rates INR5.77cr LT Bank Loans at 'B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Rajkrishna Carting.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.77      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 Shree Rajkrishna
Carting (SRC) is primarily constrained by its financial risk
profile marked by high leverage and weak liquidity position. The
rating is further constrained on account of the limited track
record of operations in the highly fragmented and competitive
logistics industry, small scale of operations, customer as well as
geographical concentration risk.

The rating, however, continues to derive strength from the
experienced promoters and strong revenue growth prospects.
The ability of SRC to increase its scale of operations and
profitability, amidst intense competition and the ability to
diversify its customer base would remain the key rating
sensitivities.

SRC was incorporated as a partnership firm on April 1, 2010, with
Mr. Masribhai Ahir and his son Mr. Kamal Ahir as partners, on
equal profit sharing basis. SRC was formed to mainly cater to the
transportation needs of its associate concern, Shree Krishna Stone
Quarry (SKSQ; rated CARE BB-), which is engaged in the business of
stone-crushing with an installed capacity of 900,000 Metric Tonnes
per Annum (MTPA) as on March 31, 2013. SRC provides logistics
services for construction aggregate including crushed stone, sand,
gravel, etc to SKSQ. Till FY12 (refers to the period April 1 to
March 31), the firm did not have its own fleet of vehicles and
operated only by hiring trucks from an outside agency based on the
quantity of work orders received by SKSQ. During FY13, it has
purchased its own fleet of 25 trucks of two different types having
carrying capacity of 25 tons and 10 tons.

During FY12, SRC has earned a PAT of INR0.11 crore (FY11:Rs.0.06
crore) on a total operating income of INR5.63 crore (FY11: INR3.27
crore). During FY13 (provisional), SRC has earned a PAT of INR0.11
crore on a total operating income of INR5.35 crore.


VARDHMAN SALES: CARE Assigns 'BB (SO)' Rating to INR10cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB (SO)' and 'CARE A4 (SO)' ratings to the bank
facilities of Vardhman Sales Agency.

                                Amount
   Facilities                 (INR crore)   Ratings
   -----------                -----------   -------
   Long-term Bank Facilities       10       CARE BB (SO) Assigned
   Short-term Bank Facilities      10       CARE A4 (SO) Assigned

Rating Rationale

The above ratings are based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee provided by
Namo Alloys Pvt Ltd for the bank facilities of Vardhman Sales
Agency.

The credit profile of Namo Alloys Pvt Ltd is constrained by weak
financial risk profile characterized by low profitability margins,
owing to a limited value addition, leveraged capital
structure, exposure to raw material price volatilities and risk
associated with relatively large-size project under execution. The
credit profile, however, is strengthened by the experience of the
promoters in the business, reputed clientele base and healthy
growth in revenue and profitability registered over the years.

Going forward, the ability of NAPL to profitably scale up its
operations, while effectively managing its working capital
requirements and completion of project within the time and cost
estimates, shall be the key rating sensitivities.

Vardhman Sales Agency was constituted as partnership firm in 1993
by Mr. Naveen Kumar Jain and his brother, Mr. Vipin Kumar Jain.
The firm is engaged in the trading of non-ferrous metals
and metal scrap viz aluminium, zinc, copper and brass. The firm
primarily imports the metal & metal scrap from overseas markets
viz Middle East, the UK, Singapore and European countries and
sells the same to steel foundries located in Northern region
(mainly in NCR) with majority of the sales to its group companies.

Namo Alloys Pvt Ltd (corporate guarantor), a company owned by
family members engaged in the manufacturing of non-ferrous metals
(aluminium and zinc) based alloys and Pressure Die Casting
(PDC) components since 1999.

During FY13 (provisional) (refers to the period April 1 to
March 31, 2013), the firm has achieved total operating income of
INR261.28 crore with PAT of INR2.40 crore as against a total
operating income of INR234.72 crore with PAT of INR1.59 crore in
FY12.

Namo Alloys Private Limited (NAPL), incorporated in 1999 by Mr.
Naresh Kumar Jain and Mr. Neeraj Kumar Jain, is engaged in the
manufacturing of non-ferrous metal-based (aluminum and
zinc) alloys and Pressure Die Casting (PDC) components. The
manufacturing facilities of NAPL are located at Faridabad,
Haryana, with total installed capacity of 18,000 Metric Tonnes Per
Annum (MTPA) as on March 31, 2012.

During FY13 (provisional), the company has achieved total
operating income of INR256.67 crore as against total operating
income of INR221.05 crore in FY12.



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


* Moody's Lowers Ratings on Notes from 2 Atami Beach Line Funding
-----------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of the notes issued
by KK Atami Beach Line Funding 2 and Atami Beach Line Mezzanine
Funding Limited.

At the same time, the rating of the Class A-2 notes issued by KK
Atami Beach Line Funding 2 remains under review for downgrade.

Both deals are backed by the Atami Beach Line Motor Road (Atami
Beach Line) and its toll revenues. The road is used by tourists
and locals in Atami and the surrounding areas.

The affected ratings are as follows:

Deal Name: KK Atami Beach Line Funding 2

Class A-2 notes, downgraded to Ba1 (sf) and remain on review for
downgrade; previously on May 14, 2013 downgraded to A1 (sf) and
placed under review for downgrade

Class B notes, downgraded to C (sf); previously on May 14, 2013
downgraded to Ba1 (sf) and placed under review for downgrade

Class C notes, downgraded to C (sf); previously on May 14, 2013
downgraded to B1 (sf) and placed under review for downgrade

Deal Name: Atami Beach Line Mezzanine Funding Limited

Mezzanine notes, downgraded to C (sf); previously on May 14, 2013
downgraded to Caa1 (sf) and placed under review for downgrade

Deal Name: KK Atami Beach Line Funding 2

Class: Class A-2 Notes, Class B Notes, Class C Notes (senior
notes)

Issue Amount: JPY5.5 billion, JPY1.2 billion, JPY1.2 billion

Coupon: Fixed, Fixed, Fixed

Final Maturity Date: May 31, 2015

Deal Name: Atami Beach Line Mezzanine Funding Limited

Class: Mezzanine Notes

Issue Amount: JPY3.5 billion

Coupon: Fixed

Final Maturity Date: May 31, 2030

Underlying Asset: Atami Beach Line (toll road)

Seller, Lessee, and Toll Road Operator: GRANVISTA Hotels & Resorts
Co., Ltd. (formerly known as Mitsui Kanko Development Co., Ltd.)

Underwriter/Refinance Agent: Citigroup Global Markets Japan Inc.

Ratings Rationale:

The rating action reflects the characteristics of the refinancing
plan recently agreed upon among investors, wherein: 1) refinancing
debt -- whose principal amount will be equivalent to the current
outstanding amount of Class A-2 notes -- will be issued; and 2)
Class B and Class C notes will be restructured.

The rating action on the Class A-2 notes reflects the uncertainty
involved in refinancing the notes and the likelihood of losses, in
case refinancing fails.

According to the refinancing plan, principal payment on the Class
A-2 notes relies on the successful issuance of refinanced debt.
Issuance of the refinanced debt is underway and is expected to be
completed soon.

If issuance of the refinanced debt fails, the SPC will sell the
toll road and use the proceeds to repay the noteholders. Moody's
view on the valuation of the toll road has become more negative
since its last rating action in May, reflecting the conditions of
the current refinance plan.

As part of its review on the rating of the Class A-2 notes,
Moody's is closely monitoring the progress of the refinancing and
its execution.

The downgrade on the Class B and C notes reflects Moody's view
that investors will suffer a very large economic loss under the
current plan. According to the plan, the issuer will offer Class B
and C noteholders restructured debt that will amount to a
diminished financial obligation relative to the original
obligation. The restructured debt will bear a substantially lower
interest rate than the current rate, and its maturity will be
extended.

However, if the refinanced debt for the Class A-2 notes cannot be
issued, the Class B and C notes will not be restructured.
Noteholders will then rely on the sale proceeds of the toll road
for repayment.

Moody's estimates that the Class B and C notes will suffer a loss
that is commensurate with C (sf), regardless of whether or not
they are restructured under the current plan.

Although mezzanine notes are not subject to the refinancing plan
this time, they are also downgraded, reflecting possible losses to
investors. If Class A-2's refinanced debt is issued, then -- in
such a scenario -- the mezzanine noteholders will likely receive
less interest than the stated coupon rate after the toll revenue
is used to pay interest on the refinanced debt and the Class B and
C notes. Under the scenario of selling the toll road, mezzanine
noteholders' priority -- for their receipt of sales proceeds --
ranks behind the Class A-2, B and C notes.

The primary sources of uncertainty behind Moody's assumptions are
[1] usage levels for the Atami Beach Line and [2] the expenses
required to maintain the road.

Moody's analysis is based mainly on: 1) projected cash flow from
the Atami Beach Line, including the toll increase in February 2013
and the ensuing impact on traffic volume; 2) the notes'
amortization mechanism; 3) the credit support provided by the
senior/subordinated structure, as illustrated by the loan-to-value
(LTV) ratio and the level of stressed debt service coverage ratio
(DSCR); and 4) the legal and structural integrity of the
transaction.

The key parameters in Moody's analysis are the cash flow generated
by the Atami Beach Line and the value assessment for the road.
These parameters help determine the DSCR and LTV levels for each
of the rated classes.

Moody's analysis also considers stress scenarios, wherein the
refinance debt cannot be issued and the toll road needs to be
sold. Therefore, Moody's analysis encompasses an assessment of
stress scenarios.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.


* JAPAN: Unlikely to Achieve Debt Reduction Goal in 2020
--------------------------------------------------------
Kyodo News reports that the government is unlikely to achieve its
target of budget deficit reduction in fiscal 2020 even if the
sales tax is hiked as scheduled and the economy is on a firm
growth path, an estimate by the Cabinet Office showed August 8.

According to the report, the projection suggests that Prime
Minister Shinzo Abe's government should make more efforts to
improve Japan's fiscal health, the worst among major
industrialized countries, by taking such steps as drastic cuts in
social security costs and further tax rises.

Abe's administration, formed Dec. 26, has internationally
committed to halving the ratio of the nation's primary balance
deficit to gross domestic product by fiscal 2015 from the fiscal
2010 level, and to posting a surplus by fiscal 2020, according to
Kyodo.

A deficit means the country cannot finance government spending
other than debt-servicing costs without issuing new bonds.
Improving the situation is viewed as the critical first step
toward fiscal rehabilitation, Kyodo notes.

Under an optimistic scenario in which the economy would expand by
an average of 3 percent in nominal terms over the next decade from
the current fiscal year, the primary balance deficit would come to
2 percent in fiscal 2020, according to the Cabinet Office
estimate, Kyodo relays.

In fiscal 2015, the deficit is expected to reach 3.3 percent under
this scenario, or half of the 6.6 percent deficit posted in fiscal
2010, according to the projection.

But under a conservative scenario in which the economy grows by an
average of 2 percent in the next 10 years, the primary balance
deficit is likely to stand at 3.5 percent in fiscal 2015, falling
short of the government's deficit-cutting goal, the report
discloses.



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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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, 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 ***