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        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

          Thursday, February 24, 2011, Vol. 14, No. 39

                            Headlines



A U S T R A L I A

ED HARRY: Goes Into Administration, Seeks Buyer for Business
NUFARM LTD: S&P Affirms Corporate Credit Rating at 'BB'
SONRAY CAPITAL: CEO Pleads Guilty to Fraud, Theft


C H I N A

AURASOUND INC: Notifies Late Filing of Dec. 31 Form 10-Q
WEST CHINA: Moody's Assigns 'Ba3' Corporate Family Rating
ZTE CORPORATION: Fitch Gives Stable Outlook; Affirms 'BB+' Rating


H O N G  K O N G

APEX JOY: Members' Final Meeting Set for March 21
BEST SUCCESS: Commences Wind-Up Proceedings
BEST WIN: Members' Final Meeting Set for March 21
BILLION CITY: Members' Final Meeting Set for March 18
BLAIR ACCESSORIES: Chan and Morrison Appointed as Liquidators

BRILLIANT POWER: Lau Hak Lap Appointed as Liquidator
CARINO CANE: Lai and Haughey Appointed as Liquidators
CHINA SUCCESS: Members' Final Meeting Set for March 17
CINACON LIMITED: Members' Final Meeting Set for March 21
ESTATE AGENCY: Placed Under Voluntary Wind-Up Proceedings

GRAND MARINE: Members' & Creditors' Meetings Set for March 16
KAI SHING: Members' Final Meeting Set for March 21
KNIGHT LIBERTAS: Members' Final Meeting Set for March 21
KONG CHUN: Members' Final Meeting Set for March 21
MYG INTERNATIONAL: Members' Final Meeting Set for March 18


I N D I A

ATLANTIC SHIPPING: CRISIL Reaffirms 'B+' Rating on INR50MM Limit
CAPITAL DISTRIBUTORS: Fitch Puts B+ Rating on Non-Monitored Status
CENTRAL CABLES: CRISIL Assigns 'BB-' Rating to INR110M Cash Credit
CHHAYA GEMS: CRISIL Reaffirms 'P5' Rating on Packing Credit
CYBERCITY BUILDERS: CRISIL Assigns 'BB' Rating to INR300MM LT Loan

DYNAMIC INDUSTRIES: CRISIL Reaffirms Cash Credit Rating at 'BB'
HERCULES PIGMENTS: CRISIL Puts 'BB+' Rating on INR55MM Demand Loan
JAWAHAR SHETHKARI: CRISIL Reaffirms Cash Credit Rating at 'BB-'
KONARK EXIM: CRISIL Assigns 'P4+' Rating to INR80MM Packing Credit
KRISHNA FERRO: CRISIL Cuts Rating on INR65MM LT Loan to 'D'

MANI SQUARE: CRISIL Assigns 'B+' Rating to INR1.59 Billion LT Loan
PAWAN CASTING: CRISIL Rates INR70 Million Cash Credit at 'BB-'
PRIYADARSHINI SPINNING: CRISIL Reaffirms 'D' Rating on Term Loan
KARUNA MANAGEMENT: Fitch Affirms 'BB-' National Long-Term Rating
RAMA PHOSPHATES: CRISIL Reaffirms 'BB-' Rating on INR65.7MM Loan

SAMBHAV AGRO: CRISIL Rates INR100MM Packing Credit Limit at 'P4'
SIDH DESIGNERS: CRISIL Puts 'P4+' Rating on INR60MM Packing Credit
YOGMAYA TRADERS: CRISIL Puts 'P4+' Rating to INR60M Packing Credit


I N D O N E S I A

TOWER BERSAMA: Fitch Assigns 'BB' Issuer Default Ratings


J A P A N

L-JAC 8: Moody's Confirms Ratings on Two Classes of Certificates


K O R E A

BOHAE BANK: FSC Suspends Bank For Six Months
BUSAN SAVINGS: FSC Suspends Three Busan Bank Affiliates
DOMIN MUTUAL: Financial Regulator Suspends Bank for Six Months
HYUNDAI ENGINEERING: Hyundai Group Gives Up Fight for Builder
SAMHWA MUTUAL: Selects Woori Finance as Preferred Bidder


M A L A Y S I A

AYER MOLEK: Reports MYR2.48 Million Net Income for 2010
SWEE JOO: Posts MYR7.65 Million Net Loss in Qtr Ended December 31
TRACOMA HOLDINGS: Posts MYR41.03MM Net Loss in Qtr Ended Dec. 2010


N E W  Z E A L A N D

CENTURY CITY: Owner Plans to Sell Half of Wellington Phoenix
HANOVER FINANCE: Hotchin May Face Charges Over Company Collapse
NUPLEX INDUSTRIES: To Pay NZ$3MM to Shareholders Over Breach
TOURISM HOLDINGS: Resolves Banking Covenants Issue With Bankers


T A I W A N

CONCORD SECURITIES: Fitch Affirms 'BB+' Issuer Default Rating
TAIWAN COOPERATIVE: Fitch Upgrades Foreign Issuer Default Rating




                            - - - - -


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


ED HARRY: Goes Into Administration, Seeks Buyer for Business
------------------------------------------------------------
James Thomson at SmartCompany reports that Ed Harry was placed
into administration.  The report relates that the company is
another victim of Australia's parlous retail environment.

Ferrier Hodgson partners Martin Lewis and John Hart have been
appointed voluntary administrators and will conduct an "urgent
assessment" of the financial state of the business while it
continues to trade, according to SmartCompany.

"We will be working closely with senior management to stabilize
the business and explore options for its future including a
potential sale as a going concern," Mr. Lewis said in a statement
obtained by the news agency.  The business was in the middle of a
restructure but had been hammered by difficult retail conditions
and poor consumer confidence, Mr. Lewis added.

"This business has been undergoing a significant reconstruction
process which has been progressing according to plan.  However the
difficult retail environment has placed added pressure on the
funding required to complete the change initiatives across all
areas of the business, leading to the appointment of
administrators," SmartCompany quotes Me. Lewis as saying.

The first meeting of creditors will be held on March 4.

Headquartered in Adelaide, Ed Harry is a menswear retailer.  The
company has 130 stores in metropolitan and regional areas.  It
targets middle-aged men, providing casual and formal wear.


NUFARM LTD: S&P Affirms Corporate Credit Rating at 'BB'
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' corporate credit rating on Nufarm Ltd., and removed the
rating from CreditWatch with negative implications, where it had
been originally placed on Sept. 2, 2010.  The outlook is negative.
The 'B' rating on Nufarm Finance (NZ) Ltd.'s step-up securities
was also affirmed.

The rating affirmations reflect Nufarm's refinancing of its A$900
million in bank facilities on Dec.  15, 2010, with a 12-month
term; however, the negative outlook in turn reflects S&P's
assessment of Nufarm's liquidity being less than adequate in
relation to the concentration of debt maturities within that new
12-month period.

"A key challenge for Nufarm is to improve its liquidity through
lengthening its debt-maturity profile," said credit analyst Brenda
Wardlaw, of the Corporate Ratings group.  "Critical to achieving
this will be Nufarm's ability to restore its credit metrics and
manage headroom in its covenants, during a period when financiers
will be looking for evidence of a material turnaround in operating
performance.  Failure to achieve these outcomes would likely see
the rating lowered."

"A stable outlook would require a lengthened debt-maturity
profile, increased headroom in its covenants, and improvement in
operating performance, evidenced by adjusted FFO to debt sustained
at above 15%," said Ms. Wardlaw.

To further stabilize the rating at the 'BB' level and deliver
financial metrics consistent with the rating (including FFO to
debt of above 15%), Standard & Poor's Ratings Services expects
Nufarm to increase its earnings in fiscal 2011 and demonstrate
stable year-end debt levels.  In S&P's opinion, the margin
pressure on Nufarm's recent results means that the stabilization
of debt levels will require delivery of a neutral-to-positive
year-end operating cash flow result, despite the company's strong
intra-year seasonal working-capital demand.  In S&P's view, the
challenge for Nufarm is to stabilize its glyphosate business and
continue to ramp up its other business lines without deterioration
in working-capital efficiency metrics as the company rolls out
new, higher-margin products.


SONRAY CAPITAL: CEO Pleads Guilty to Fraud, Theft
-------------------------------------------------
ABC News reports that the co-founder and chief executive of Sonray
Capital Markets, Scott Kenneth Murray, has pleaded guilty to 10
criminal charges related to the company's collapse.

According to ABC News, Mr. Murray pleaded guilty to six counts of
false accounting regarding millions of dollars in fictitious
deposits, and false withdrawals of AU$7.8 million.  He also
admitted two counts of theft that totalled AU$2.26 million, as
well as obtaining a financial advantage by deception and
misleading an auditor, ABC News says.

ABC News states that Mr. Murray made the guilty pleas in the
Melbourne Magistrates' Court after being arrested on charges
brought after an investigation by the Australian Securities and
Investments Commission.  He has been released on bail on the
condition that he surrender his passport and reside at his
residential address, ABC News notes.

Mr. Murray will appear before the Supreme Court of Victoria for
another hearing on March 7, 2011.

                       About Sonray Capital

Based in Melbourne, Australia, Sonray Capital Markets --
http://www.sonray.com.au/-- specializes in online and advisory
services in global equities, global futures, global Contracts For
Difference (CFDs) and Margin Foreign Exchange.  The company has
operated since 2003 and employs about 70 people in offices in
Melbourne and on the Gold Coast.

In June 2010, Sonray Capital Markets Group appointed Ferrier
Hodgson partners George Georges and John Lindholm as voluntary
administrators.  Companies affected included Sonray Capital
Markets Pty Ltd, Sonray Capital Markets (Qld) Pty Ltd, Sonray
Capital Markets Nominees Pty Ltd, and Sonray Advisory Pty Ltd.
Ferrier Hodgson said the companies have ceased trading and the
approximately 3,000 client accounts have been suspended while the
administrators carry out an investigation into the circumstances
of the collapse.

In October 2010, the creditors of Sonray Capital Markets voted to
wind up the failed business, allowing the administrators to start
a mediation process.


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C H I N A
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AURASOUND INC: Notifies Late Filing of Dec. 31 Form 10-Q
--------------------------------------------------------
AuraSound, Inc., notified the U.S. Securities and Exchange
Commission regarding the late filing of its quarterly report on
Form 10-Q for the second quarter ended Dec. 31, 2010.  The Company
said its Form 10-Q for the quarterly period ended Dec. 31, 2010
could not be filed within the prescribed time period because
certain information and data relating to and necessary for the
completion of its financial statements and management's discussion
and analysis or plan of operation could not be obtained by the
Company within that time period without unreasonable effort or
expense.

                       About AuraSound, Inc.

Santa Fe Springs, Calif.-based AuraSound, Inc. (OTC BB: ARUZ)
-- http://www.aurasound.com/-- through its wholly-owned
subsidiary, AuraSound, Inc. ("AuraSound"), a California
corporation, develops, manufactures and markets premium audio
products.  Specifically, AuraSound has developed and is currently
marketing undersized speakers that will deliver sound quality to
devices such as laptops, flat-panel televisions and displays that
the Company believes to be superior to the sound quality currently
found in these devices.  During the year ended June 30, 2010, the
Company's operations in China were conducted through Well-Tech
International Co., a Hong Kong company owned by Susanne Lee who is
the Company's office administrator in Hong Kong.  The Company's
operations in Taiwan are conducted by AuraSound as a foreign
corporation doing business in Taiwan.

With its recent acquisition of ASI Audiotechnologies, which closed
on July 31, 2010, the Company has an industry leading TV soundbar
business, additional proprietary transducer technology,
application specific amplifier designs, and award winning ID
designs.

The Company's balance sheet at Sept. 30, 2010, showed
$32.91 million in total assets, $32.59 million in liabilities, all
current, and $326,294 stockholders' equity.

Kabani & Company, Inc., in Los Angeles, expressed substantial
doubt about the Company's ability to continue as a going concern
following the fiscal 2010 results.  The independent auditors noted
that during the year ended June 30, 2010, the Company incurred net
losses of $2.2 million, and had negative cash flow from operating
activities of $202,383.


WEST CHINA: Moody's Assigns 'Ba3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 corporate
family rating to West China Cement Limited and a definitive Ba3
senior unsecured bond rating to its US$400 million, 7.5%, 5-year
notes.  The outlook on the rating is stable.

The assignment of a definitive corporate family rating reflects
the successful placement of the company's USD400 million senior
unsecured notes and the improvement in its debt maturity profile.

Moody's has also assigned a definitive rating on the bond
instrument, as the final terms and conditions of the bond
indenture are in line with the draft version reviewed by Moody's.

The proceeds from the bond issuance will be used for retiring
WCC's bridge financing facilities, for business expansion and for
general corporate purposes.

                         Ratings Rationale

The Ba3 CFR reflects WCC's leading position in its core cement
market in southeastern Shaanxi, protected by a significant entry
barrier and the solid demand for cement from infrastructure-
related projects in the next few years.

The rating considers the company's track record of strong
operating performance -- with an operating margin in the 30-40%
range and high plant utilization -- which has been supported by
its connected business network, cost pass-through and protection
by geographic barrier.

At the same time, WCC's rating is constrained by its exposure to
the regional economy of Shaanxi, the tightening regulatory
environment for the cement industry in China and the company's
business plan, which targets rapid capacity expansion.

Therefore, WCC could find it challenging to replicate its market
dominance and strong profitability in new locations, especially in
the context of increasing concern regarding overcapacity in the
Chinese cement industry and volatile raw material prices.

WCC has maintained a track record of moderate debt leverage, with
an adjusted debt/EBITDA ratio of 1.5x-2.3x during 2006-2009.
Indeed, Moody's would expect WCC's debt leverage to remain below
4.0x -- which is commensurate with a Ba3 rating -- following the
company's issuance of the proposed bonds.

The last rating action for WCC was on Jan. 12, 2011, when Moody's
assigned a first time provisional (P)Ba3 corporate family rating
and a provisional (P)Ba3 senior unsecured bond rating to the
company.

West China Cement Limited is the second largest cement producer in
Shaanxi Province of China.  The company has an annual cement
production capacity of approximately 11.4 million tons in 8
facilities located in southeastern Shaanxi as of November 2010.
As of the last twelve months ending June 30, 2010, sales amounted
to RMB2.2 billion.


ZTE CORPORATION: Fitch Gives Stable Outlook; Affirms 'BB+' Rating
-----------------------------------------------------------------
Fitch Ratings has revised the Outlooks on ZTE Corporation's Long-
term Foreign and Local Currency Issuer Default Ratings to Stable
from Positive.  The agency has also affirmed the Long-term IDRs at
'BB+' respectively.

"ZTE's performance during 2010 was worse than Fitch's expectation
in terms of profit margins, free cash flow and net leverage.  Only
revenue met expectations by growing 16.7%," says Kevin Chang,
Director of Fitch's Asia Pacific Telecommunications, Media and
Technology team.

Fitch notes that ZTE's unstable free cash flow generation and its
estimated funds from operations adjusted leverage of above 3x for
2010-2012 are the main factors constraining the company's ratings
in the 'BB' category.

Positively, the ratings of ZTE reflect its position as one of the
world's top five providers of telecommunications equipment
following its accelerated expansion since 2007.  Its low-cost
product assembly and R&D, relative to peers, also supported its
above-average growth during 2008-2009 in spite of the global
economic crisis.

ZTE's market position is attributed to its advancement in
proprietary technology, competitive pricing, and market share
gains in emerging markets such as China, also its home market.
ZTE is one of China's strategic high-tech entities, and
accordingly benefits from implied government support by way of
trade receivables factoring facilities from state-owned banks.
This gives the company an edge over its western rivals in bidding
for contracts, especially in developing countries, and in managing
working capital requirement.

Although ZTE is likely to benefit from the continuous upgrade of
existing telecom networks worldwide, its market position is weak
in the US, where ZTE's involvement is often constrained by
political factors.  ZTE also has customer concentration risk with
its five largest customers contributing around 47% of revenues in
2009.

While Fitch forecasts ZTE's operating EBITDA will grow to CNY5.3
billion (US$804 million) in 2011 from an estimated CNY4.6 billion
in 2010, FCF is likely to remain negative in 2011 as a result of
large working capital requirements to support revenue growth.

Fitch may consider a positive rating action if ZTE is able to
maintain its market position as one of the top five providers of
telecom equipment across all its major business segments and / or
achieve these: 1) operating EBITDA over US$1.2bn or an operating
EBIT margin above 6% with expanded operating scale; 2) FFO
adjusted leverage below 2x; or 3) positive FCF generation with
stronger profitability or improved working capital requirement.

Conversely, a negative rating action may be considered if ZTE
reports an operating EBITDA below US$400 million, an operating
EBIT margin less than 3%, FFO adjusted leverage above 4x or FFO
adjusted net leverage above 1.1x (record level as of end-2007).


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


APEX JOY: Members' Final Meeting Set for March 21
-------------------------------------------------
Members of Apex Joy Limited will hold their final general meeting
on March 21, 2011, at 11:00 a.m., at 3/F, Rear, 34E Braga Circuit,
Kadoorie Hill, in Kowloon.

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


BEST SUCCESS: Commences Wind-Up Proceedings
-------------------------------------------
Members of Best Success Enterprise Limited, on Feb. 14, 2011,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Chak Wing Keung
         Flat 16, 8/F
         International Plaza
         20 Sheung Yuet Road
         Kowloon Bay, Kowloon
         Hong Kong


BEST WIN: Members' Final Meeting Set for March 21
-------------------------------------------------
Members of Best Win (Asia) Limited will hold their final general
meeting on March 21, 2011, at 2:00 p.m., at Room 1501, 15th Floor,
Shanghai Industrial Investment Building, 48-62 Hennessy Road,
Wanchai, in Hong Kong.

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


BILLION CITY: Members' Final Meeting Set for March 18
-----------------------------------------------------
Members of Billion City Development Limited will hold their final
meeting on March 18, 2011, at 11:00 a.m., at Room 2702-03, C C Wu
Building, 302-8 Hennessy Road, Wanchai, in Hong Kong.

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


BLAIR ACCESSORIES: Chan and Morrison Appointed as Liquidators
-----------------------------------------------------------
Chan Wai Hing and Kenneth Graeme Morrison on Feb. 8, 2011, were
appointed as liquidators of Blair Accessories (HK) Limited.

The liquidators may be reached at:

         Chan Wai Hing
         Kenneth Graeme Morrison
         42/F, Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong


BRILLIANT POWER: Lau Hak Lap Appointed as Liquidator
----------------------------------------------------
Lau Hak Lap on February 11, 2011, was appointed as liquidator of
Brilliant Power (HK) Limited.

The liquidator may be reached at:

         Lau Hak Lap
         6th Floor, CNT Commercial Building
         302 Queen's Road
         Central, Hong Kong


CARINO CANE: Lai and Haughey Appointed as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on February 8, 2011,
were appointed as liquidators of Carino Cane Limited.

The liquidators may be reached at:

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


CHINA SUCCESS: Members' Final Meeting Set for March 17
------------------------------------------------------
Members of China Success Investment Limited will hold their final
general meeting on March 17, 2011, at 9:00 a.m., at Room 1101,
11/F., China Insurance Group Building, in Hong Kong.

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


CINACON LIMITED: Members' Final Meeting Set for March 21
--------------------------------------------------------
Members of Cinacon Limited will hold their final meeting on
March 21, 2011, at 10:00 a.m., at No. 23 Western North Hua Teng
Mansion, Economic and Technological Development Zone, Beijing, in
China.

At the meeting, Leigh Man Sung Camballaw, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


ESTATE AGENCY: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on Jan. 31, 2011,
creditors of Estate Agency Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Mr. Chui Sze Hung Samuel
         Room 906, Unicorn Trade Centre
         127-131 Des Voeux Road
         Central, Hong Kong


GRAND MARINE: Members' & Creditors' Meetings Set for March 16
-------------------------------------------------------------
Members and creditors of Grand Marine Holdings Limited will hold
their meetings on March 16, 2011, at 2:30 p.m., and 2:45 p.m.,
respectively at Room 32B1, 32nd Floor, One Pacific Place, 88
Queensway, in Hong Kong.

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


KAI SHING: Members' Final Meeting Set for March 21
--------------------------------------------------
Members of Kai Shing Nominees Limited will hold their final
meeting on March 21, 2011, at 10:00 a.m., at 1/F, Chow Sang Sang
Building, 229 Nathan Road, in Kowloon.

At the meeting, Lai Ching and Lee Yik Moon Alex, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


KNIGHT LIBERTAS: Members' Final Meeting Set for March 21
--------------------------------------------------------
Members of Knight Libertas (Asia) Ltd will hold their final
general meeting on March 21, 2011, at 10:30 a.m., at Suite 4506-
4509 Two IFC, 8 Finance Street, Central, in Hong Kong.

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


KONG CHUN: Members' Final Meeting Set for March 21
--------------------------------------------------
Members of Kong Chun Industries Limited will hold their final
meeting on March 21, 2011, at 4:00 p.m., at 6/F., Kwan Chart
Tower, 6 Tonnochy Road, Wanchai, in Hong Kong.

At the meeting, Puen Wing Fai, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MYG INTERNATIONAL: Members' Final Meeting Set for March 18
----------------------------------------------------------
Members of MYG International Limited will hold their final meeting
on March 18, 2011, at 10:00 a.m., at Flat F, 17/F., Phase 3,
Golden Dragon Ind. Bldg., 172-180 Tai Lin Pai Road, Kwai Chung, in
New Territories, Hong Kong.

At the meeting, Tso Kwai Ping, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


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ATLANTIC SHIPPING: CRISIL Reaffirms 'B+' Rating on INR50MM Limit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Atlantic Shipping Pvt
Ltd continue to reflect ASPL's weak financial risk profile, with
weak liquidity, is marked by a small net worth, a high gearing,
and moderate debt protection metrics.  These rating weaknesses are
partially offset by the benefits that ASPL derives from its
promoters' extensive experience in the port agency services
segment and its established industry presence.

   Facilities                          Ratings
   ----------                           -------
   INR50.0 Million Cash Credit Limit    B+/Stable (Reaffirmed)
   INR10.0 Million Overdraft Facility   B+/Stable (Reaffirmed)
   INR10.0 Million Bank Guarantee       P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ASPL will continue to benefit over the medium
term from its promoters' industry experience and its established
presence in the port agency services segment.  The outlook may be
revised to 'Positive' if ASPL achieves better-than-expected growth
in revenues and profitability, and significantly improves its
working capital management, leading to improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company achieves less-than-expected revenues and
profitability or its financial risk profile deteriorates further,
because of large, incremental working capital requirements.

Update

ASPL's operating income increased by 10% on a year-on-year basis
in 2009-10 (refers to financial year, April 1 to March 31), driven
by an increase in the number of ships handled by the company.
This increase in turnover has been in line with CRISIL's
expectations. ASPL achieved a turnover of INR108.5 million in the
first three quarters of 2010-11 and is expected to achieve sales
of around INR140 million till March 2011.  Despite the increased
turnover, ASPL's financial risk profile remains weak, driven by a
small net worth and a high gearing; the company's gearing, as on
March 31, 2010, was high, at 4.89 times and is likely to remain
elevated over the medium term.  The company has been generating
moderate net cash accruals, leading to low accretion to reserves
and a small net worth of INR21 million as on March 31, 2010.  The
company's working capital requirements remain large and have been
financed by bank lines, in addition to loans taken against the
fixed deposits maintained by the company. This has resulted in
high bank limit utilisation for the company, at an average of
around 91% over the 12 months through December 2010.

ASPL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR129.3 million for 2009-10, against a PAT of INR1.8
million on net sales of INR119.1 million for 2008-09.

                        About Atlantic Shipping

Set up in 1985 by Mr. Shabbir Rangwala, ASPL provides port agency
services such as customs clearance and documentation, crew-related
services, loading and unloading of cargo, and other services to
vessels reaching Indian ports.  The company handles both dry and
liquid cargo; however, it plans to focus on liquid cargo over the
medium term.  ASPL's promoters also manage Admiral Shipping Ltd,
Sunrich Ship Management Pvt Ltd, Sunrich Properties and Investment
Pvt Ltd, and Sunrich Energy Pvt Ltd, collectively referred to as
the Sunrich group.



CAPITAL DISTRIBUTORS: Fitch Puts B+ Rating on Non-Monitored Status
------------------------------------------------------------------
Fitch Ratings has migrated the National Long-term ratings on
India's Capital Distributors and its INR130 million fund-based
limits to the "Non-Monitored" category.  The ratings will now
appear as 'B+(ind)nm' on Fitch's Web site.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage on CDL.  The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be reinstated and will be communicated through a
"Rating Action Commentary."


CENTRAL CABLES: CRISIL Assigns 'BB-' Rating to INR110M Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Central Cables Ltd.

   Facilities                            Ratings
   ----------                            -------
   INR110.00 Million Cash Credit         BB-/Stable (Assigned)
   INR100.00 Million Letter of Credit    P4+ (Assigned)
   INR120.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect CCL's small scale of operations, large working
capital requirements, modest financial risk profile, because of
depressed profitability leading to weak debt protection metrics
and average net worth, and significant exposure to group entities.
These weaknesses are partially offset by the benefits that CCL
derives from its promoters' extensive experience in the cable
industry, and established relationships with its customers.

Outlook: Stable

CRISIL believes that CCL's scale of operations will remain small
over the medium term. Its financial risk profile is also expected
to remain constrained by its large working capital requirements
and significant exposure to group entities. The outlook may be
revised to 'Positive' if the company significantly increases its
scale of operations and profitability, resulting in an increase in
cash accruals. Conversely, the outlook may be revised to
'Negative' if CCL's sales and profitability decline, or liquidity
deteriorates sharply, because of the company's large working
capital requirements or exposure to group entities.

                         About Central Cables

CCL started operations in 1981 as Central Cables Pvt Ltd, founded
by Mr. Govind Daga. In 1993, the company was reconstituted as a
closely held public limited company and renamed CCL.  The company
belongs to the Daga family of Nagpur (Maharashtra). CCL
manufactures XLPE (a form of cross-linked polyethylene), polyvinyl
chloride, mining, and aerial-bunched cables, among other
varieties.  The company's manufacturing facility in Nagpur is ISO
9001:2000 certified.  It is equipped with modern machinery to
manufacture low- and high-voltage cables of up to 33 kilovolts.
The company's clientele includes Andhra Pradesh Central Power
Distribution Company Ltd, Maharashtra State Electricity
Distribution Company Ltd, Uttar Haryana Bijli Vitran Nigam Ltd,
Central Coalfields Ltd, Eastern Coalfields Ltd, and Singareni
Collieries Company Ltd.

CCL reported a profit after tax (PAT) of INR1.96 million on net
sales of INR138.9 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.72 million on net
sales of INR285.5 million for 2008-09.


CHHAYA GEMS: CRISIL Reaffirms 'P5' Rating on Packing Credit
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Chhaya Gems continues to
reflect the overdue post-shipment and packing credit facilities,
on account of the firm's weak liquidity.  The account was
classified as non-performing asset from May 2010 by the lending
banks.

   Facilities                              Ratings
   ----------                              -------
   INR193.0 Million Packing Credit         P5 (Reaffirmed)
   INR477.0 Million Post-Shipment Credit   P5 (Reaffirmed)

The rating continues to reflect Chhaya Gems' weak financial risk
profile and geographic concentration in its revenue profile. The
firm, however, continues to benefit from its promoters' experience
in the diamonds business.

Set up in 1976, Chhaya Gems manufactures and trades in cut and
polished diamonds. The partnership firm is managed by brothers Mr.
Bhupendra Gandhi and Mr. Jayesh Gandhi. The firm owns three
manufacturing units in Surat and one in Rajkot (both in Gujarat).

Chhaya Gems reported a profit after tax (PAT) of INR24.6 million
on net sales of INR1901 million for 2007-08 (refers to financial
year, April 1 to March 31), against a PAT of INR23.8 million on
net sales of INR1814 million for 2006-07.


CYBERCITY BUILDERS: CRISIL Assigns 'BB' Rating to INR300MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Cybercity Builders and Developers Pvt Lt.

   Facilities                           Ratings
   ----------                           -------
   INR300.00 Million Long-Term Loan     BB/Stable (Assigned)
   INR189.00 Million Proposed LT Loan   BB/Stable (Assigned)
   INR10.00 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect geographical concentration in Cybercity's
revenue profile, and its exposure to risks related to funding,
implementation and commercialization of its ongoing residential
real estate project -- "Rainbow Vistas" in Hyderabad.  These
rating weaknesses are partially offset by the healthy booking
rates that the company has witnessed thus far for its ongoing
project and the experience of Cybercity's promoters in real estate
development.

Outlook: Stable

CRISIL believes that Cybercity will continue to benefit over the
medium term from its promoters' industry experience and the
healthy booking rates for its ongoing project.  The outlook may be
revised to 'Positive' if the company generates larger-than-
expected cash flows resulting from faster-than-expected completion
of its ongoing project, or if more-than-expected sales
realizations from its ongoing project leads to considerable
improvement in its liquidity.  Conversely, the outlook may be
revised to 'Negative' in case of delays in execution of project
and receipts from customers, or if there are any significant
decline in realizations, or if the company contracts more-than-
expected debt to fund its project, thereby considerably weakening
its financial risk profile and liquidity.

                      About Cybercity Builders

Incorporated in 2005, Cybercity is a Hyderabad-based real estate
developer. It is developing a residential project called Rainbow
Vistas in Moosapet, near Kukatpally in Hyderabad.  The project
involves construction of 1568 apartments, to be developed in three
phases. Phase I was launched in May 2009 and 60% of it has been
completed. Phase II (A) was launched in February 2011.  Eighty
nine% of apartments in Phase I and 49% of the apartments in Phase
II (A) have been sold. All the phases of the project are set to be
completed by July 2013.  The total cost of the project is
estimated to be around INR5014 million. 80.5% of the project cost
is expected to be funded by customer advances and the rest through
a mix of debt(18%) and equity(1.5%).

The day-to-day operations of the company are managed by Mr. Venu
Vinod, managing director and chief executive officer of Cybercity.
Apart from real estate, Mr. Venu Vinod has business interests in
construction and automobile dealership.

Cybercity reported a profit after tax (PAT) of INR13.60 million on
an income of INR197.50 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR0.32 million
on an income of INR8.10 million for 2008-09.


DYNAMIC INDUSTRIES: CRISIL Reaffirms Cash Credit Rating at 'BB'
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dynamic Industries Ltd
continue to reflect DIL's small scale of operations and exposure
to intense business competition.

   Facilities                            Ratings
   ----------                            -------
   INR10.0 Million Cash Credit Limit     BB/Stable (Reaffirmed)
   INR16.5 Million Rupee Term Loan       BB/Stable (Reaffirmed)
   INR5.0 Million Proposed Long-Term     BB/Stable (Reaffirmed)
                  Bank Loan Facility
   INR105.0 Million Export Packing       P4+ (Reaffirmed)
                            Credit
   INR14.5 Million Bill Discounting      P4+ (Reaffirmed)
   INR65.0 Million Letter of Credit      P4+ (Reaffirmed)
   INR3.0 Million Bank Guarantee         P4+ (Reaffirmed)

The ratings also factor in DIL's weak financial risk profile,
marked by low networth and weak debt protection metrics and large
working capital requirements. These rating weaknesses are,
however, partially offset by the extensive experience of the
company's promoters in catering to the overseas markets.

Outlook: Stable

CRISIL believes that DIL's financial risk profile will remain weak
over the medium mainly because of a small net worth and weak debt
protection metrics.  The outlook may be revised to 'Positive' if
DIL's operating income and profitability improves substantially,
while maintaining its current capital structure.  Conversely, the
rating may be revised to 'Negative' in case of a decline in
operating income and profitability, and aggressive debt-funded
expansion plans, leading to further deterioration in DIL's
financial risk profile.

Update

In 2009-10 (refers to financial year, April 1 to March 31), DIL
generated an operating income of INR371 million vis-a-vis INR413
million generated in 2008-09. Out of the total revenues of INR371
million, around 80% of the revenues were contributed by direct
black dyes and the rest by other dyes.  The company has
diversified into different dyes such as brown, red, orange, and
blue (earlier it produced black dyes only).  Operating
profitability had increased to 5.7% in 2009-10, against 4.5% in
2008-09, because of diversification into different dyes (which
yields better margins). CRISIL believes that DIL's profitability
will remain in the vicinity of 5.5% over the medium term.

In 2011-12, DIL plans to increase its existing capacity through a
capital expenditure (capex) of INR22.3 million. The company had a
gearing of 1.1 times as on March 31, 2010. CRISIL believes that
DIL's gearing will remain in the range of 1.2 to 1.5 times over
the medium term because of the company's debt-funded capex.

DIL's gross current asset days increased to 264 in 2009-10, as
compared to 202 in 2008-09 because of increased inventory levels.
Higher inventory was because of stocking of different dyes as the
company is diversifying its product portfolio.

For 2009-10, DIL reported a profit after tax (PAT) of INR2.1
million on net sales of INR371 million, against a PAT of INR2.2
million on net sales of INR413 million for 2008-09.

                      About Dynamic Industries

Incorporated in 1989 by Mr. Harin D Mamlatdarna and Mr. Deepak N
Choksi, DIL manufactures direct and acid dyes.  The company has
two manufacturing facilities in Vatva (Gujarat), with a total
installed capacity of 3200 million tonnes per annum. DIL also
trades in colour dyes manufactured by other players. The company
caters mainly to the overseas market, with exports contributing
around 60% of its revenues in 2009-10.


HERCULES PIGMENTS: CRISIL Puts 'BB+' Rating on INR55MM Demand Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Hercules Pigments Private Limited, part of the
Hercules group.

   Facilities                         Ratings
   ----------                         -------
   INR55.0 Million Working Capital    BB+/Stable (Assigned)
                       Demand Loan

   INR10.0 Million Long-Term Loan     BB+/Stable (Assigned)
   INR30.0 Million Letter of Credit   P4+ (Assigned)
   INR5.0 Million Bank Guarantee      P4+ (Assigned)

The ratings reflect the Hercules group's exposure to risks related
to a small net worth, a leveraged capital structure, and intense
industry competition.  These rating weaknesses are partially
offset by the Hercules group's moderate financial risk profile,
marked by healthy debt protection metrics, and established
presence in the pigments manufacturing business.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of HPPL and Hercules Pigment Industries.  This is
because both these entities, together referred to as the Hercules
group, are in a similar line of business, with similar product and
customer profiles, and owned and managed by the Desai family.
Moreover, the group's management plans to merge HPPL with HPI in
the coming months.

Outlook: Stable

CRISIL believes that the Hercules group will maintain its moderate
business risk profile over the medium term, backed by an
established clientele and sufficient cash accruals.  The outlook
may be revised to 'Positive' if the group achieves greater-than-
expected revenue growth and improves its profitability, without
deteriorating its existing capital structure.  Conversely, the
outlook may be revised to 'Negative' if the Hercules group's debt
protection metrics, or capital structure, deteriorate in case of
any large debt-funded capital expenditure.

                           About the Group

Set up in 2007 by the Desai family, the Hercules group
manufactures organic yellow pigments and trades in green and blue
pigments. Manufacturing activities contribute to about 85% of the
business, while trading activities make up the rest.

HPPL reported a profit after tax (PAT) of INR12.2 million on net
sales of INR313.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.02 million on net
sales of INR114.6 million for 2008-09.


JAWAHAR SHETHKARI: CRISIL Reaffirms Cash Credit Rating at 'BB-'
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Jawahar Shethkari
Sahakari Sakhar Karkhana Ltd continues to reflect Jawahar's weak
financial risk profile marked by a high gearing and weak debt
protection metrics.

   Facilities                            Ratings
   ----------                            -------
   INR1200 Million Sugar Pledge Cash     BB-/Stable (Reaffirmed)
                              Credit
   INR300 Million Cash Credit for Cane   BB-/Stable (Reaffirmed)
                           Development

The rating also factors in the company's large working capital
requirements, and exposure to regulatory risks.  These rating
weaknesses are partially offset by Jawahar's moderate scale of
operations and semi-integrated manufacturing facilities.

Outlook: Stable

CRISIL believes that Jawahar's financial risk profile will remain
weak over the medium term, because of the society's policy of
distributing its profits to its members.  The outlook may be
revised to 'Positive' if Jawahar's financial performance,
especially gearing, improves substantially. Conversely, the
outlook may be revised to 'Negative' if average sugar realization
declines substantially, or if the society undertakes a debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

                       About Jawahar Shethkari

Jawahar was set up in 1990 by the cane producers of Kolhapur
(Maharashtra), who hold close to 65% of the society's share
capital; the rest was contributed by the Government of
Maharashtra.  In September 1990, Jawahar purchased the industrial
licence of Godawari Sugar Mills Ltd, Sakarwadi, along with a
machining capacity of 1016 tonnes crushed per day (tcd), which was
subsequently increased to 2500 tcd.  By 1999, the society had
increased its crushing capacity to 5000 tcd, and in 2007 to 7500
tcd. In 1995, Jawahar installed a cogeneration capacity of 1.5
megawatts (MW) using bagasse (a by-product of sugar) as fuel. Over
the years, the cogeneration capacity was further increased to 27
MW. After meeting the in-house power requirements (12 MW), the
surplus electricity generated is sold to Maharashtra State
Electricity Board.

Jawahar reported a profit after tax (PAT) of INR18 million on net
sales of INR3.73 billion for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR29.3 million on net
sales of INR2.25 billion for 2008-09.


KONARK EXIM: CRISIL Assigns 'P4+' Rating to INR80MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Konark Exim Pvt Ltd, part of the GD Manglam group.

   Facilities                            Ratings
   ----------                            -------
   INR80.0 Million Packing Credit        P4+ (Assigned)
   INR100.0 Million Foreign Outward      P4+ (Assigned)
                     Bill Purchased
   INR25.0 Million Proposed Short-Term   P4+ (Assigned)
                    Bank Loan Facility

The rating reflects the group's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
client concentration in revenue profile.  These rating weaknesses
are, however, partially offset by the GD Manglam group's
established track record in the trading business and healthy
relationships with customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Konark, Yogmaya Traders Pvt Ltd, Sidh
Designers Pvt Ltd, GD Manglam Exim Pvt Ltd, and DSM International.
This is because these entities together referred to as the GD
Manglam group, have a common board of directors and senior
management team, and have common procurement, marketing, and
finance functions.  The promoters have indicated that the all the
entities will support each other in case of any exigency.

                             About the Group

The GD Manglam group started trading activities in 1993. All the
entities in the GD Manglam group trade in ready-made garments,
hosiery, handicraft, fabrics, leather goods, and miscellaneous
products.  The entities have common customers and suppliers. The
group entities have common bankers (Punjab National Bank) and
auditors (N Garg & Associates).  For 2009-10 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of INR0.07 billion on net sales of INR14.72 billion, as
against a PAT of INR0.03 billion on net sales of INR6.55 billion
in the previous year.


KRISHNA FERRO: CRISIL Cuts Rating on INR65MM LT Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on Krishna Ferro Product Ltd's
bank loan facilities to 'D/P5' from 'BB-/Stable/P4+'.

   Facilities                           Ratings
   ----------                           -------
   INR65.00 Million Long-Term Loan      D (Downgraded from
                                           'BB-/Stable')
   INR65.00 Million Cash Credit Limit   D (Downgraded from
                                          'BB-/Stable')
   INR20.00 Million Letter of Credit    P5 (Downgraded from 'P4+')
            and Bank Guarantee Limit

The downgrade reflects the delay by KFPL in repaying the term loan
instalment due on Dec. 31, 2010; the delay was caused by KFPL's
weak liquidity.  KFPL's liquidity is weak on account of its large
working capital requirements, stretched receivables and large debt
repayment obligations. While its bank lines have been enhanced,
this has not been sufficient to cover incremental working capital
requirements.

KFPL has large working capital requirements, a weak financial risk
profile, marked by low net worth, high gearing and inadequate debt
protection metrics, and is exposed to risks related to small scale
of operations.  These weaknesses are partially offset by KFPL's
moderate business risk profile, supported by diversified customer
base.

                         About Krishna Ferro

Established and commissioned in 1985, KFPL is engaged in the
casting of iron, steel, and alloys of various grades.  The
company's facility at Mandiakudar (Orissa) has capacity to
manufacture 9600 tonnes per annum of cast iron, steel, and alloys.
KFPL is managed by Mr. H K Agarwal.  The company recently
concluded its capital expenditure programme by adding high-quality
machines and equipment to improve the overall capacity utilization
levels of the plant.  In addition to catering to core sectors such
as steel, aluminium and cement, the company has added new products
such as slip seal rings, ductile castings and centrifugal castings
aimed at catering the auto and shipping industry.

KFPL reported a profit after tax (PAT) of INR12.7 million on net
sales of INR223 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR12 million on net
sales of INR177 million for the preceding year.  For the six
months ended September 30, 2010, KFPL, on a provisional basis,
reported a net profit of INR1.45 million on net revenues of INR48
million, as against a net profit of INR1.6 million on net revenues
of about INR35 million, for the same period in the preceding year.


MANI SQUARE: CRISIL Assigns 'B+' Rating to INR1.59 Billion LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Mani Square Ltd.

   Facilities                             Ratings
   ----------                             -------
   INR1594.10 Million Long-Term Loan      B+/Stable (Assigned)
   INR155.90 Million Proposed Long-Term
                   Bank Loan Facilities   B+/Stable (Assigned)

The rating is driven by the limited financial cushion between the
lease rental income from MSL's mall at Salt Lake City, Kolkata
(West Bengal), and the company's debt obligations pertaining to
the loan availed to construct the mall.  The rating also reflects
likely further stress on the company's debt servicing indicators
as a result of an increase in interest rates.  These rating
weaknesses are partially offset by the established position of the
Mani group, MSL's promoter group, which operates in the
residential, commercial, and retail real estate market.

Outlook: Stable

CRISIL believes that MSL will maintain its business risk profile
over the medium term backed by its established position in the
realty sector in and around Kolkata, and the steady occupancy at
its Mani Square Mall.  The outlook may be revised to 'Positive' in
case of improvement in the debt service cushion with Mani Square
Mall, prompted either by lease renewals at higher-than-expected
rates, or because of strong financial support from the other
ventures of MSL which is likely to be sustained in case of
exigencies in the future.  Conversely, the outlook may be revised
to 'Negative' in case of deterioration in the debt service
coverage because of lower-than-expected occupancy at the mall or
factors such as renegotiation of existing rates or a sharp rise in
the interest rates.

                         About Mani Square

MSL, incorporated in 2004-05 (refers to financial year, April 1 to
March 31), is a part of the Mani group of companies promoted by
Mr. Sanjay Jhunjhunwala.  MSL owns and manages Mani Square Mall, a
730,000-square foot retail property at Kolkata.

The Mani group, set up in the 1980s, is a reputed real estate
group in eastern India; the group is engaged in construction,
development, and maintenance of commercial, retail as well as
residential real estate.  Since its inception, the group has
developed a total area of more than 3 million square feet
comprising more than 38 residential projects, 2 commercial
projects, and a mall.

MSL reported a net loss of INR27 million on net sales of INR407.6
million for 2009-10, against a net loss INR34.7 million on net
sales of INR498.9 million for 2008-09.


PAWAN CASTING: CRISIL Rates INR70 Million Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Pawan Casting Meghalaya Pvt Ltd.

   Facilities                  Ratings
   ----------                  -------
   INR70 Million Cash Credit   BB-/Stable (Assigned)

The rating reflects Pawan's marginal market share, vulnerability
to cyclicality in the steel industry, and large working capital
requirements.  These weaknesses are partially offset by the
industry experience of Pawan's promoters.

Outlook: Stable

CRISIL believes that Pawan will maintain its moderate business
risk profile over the medium term, backed by its promoters'
industry experience.  The outlook may be revised to 'Positive' if
the company's business and financial risk profiles improve,
supported by significant improvement in revenues and
profitability.  Conversely, the outlook may be revised to
'Negative' if the company's profitability declines or it
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

                         About Pawan Casting

Pawan was incorporated as a closely held company in 2001 by
Mr. Madan Lal Mittal and Mr. Rajesh Kumar Mittal.  The company
commenced commercial production in 2007, with ingot manufacturing
capacities of 18,000 tonnes per annum (tpa) and thermo-
mechanically-treated bar manufacturing capacities of 36,000 tpa.
Its plant is in Byrnihat (Meghalaya).

Pawan reported a profit after tax (PAT) of INR3.93 million on net
sales of INR501.68 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR9.09 million on net
sales of INR 346.38 million for 2008-09.


PRIYADARSHINI SPINNING: CRISIL Reaffirms 'D' Rating on Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'D/P5' ratings on the bank facilities of
Priyadarshini Spinning Mills Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR390.0 Million Cash Credit         D (Reaffirmed)
   INR585.3 Million Term Loan           D (Reaffirmed)
   INR14.0 Million Proposed Long-Term   D (Reaffirmed)
                   Bank Loan Facility
   INR140.0 Million Letter of Credit    P5 (Reaffirmed)
                    & Bank Guarantee

The ratings continue to reflect instances of delay by
Priyadarshini in servicing its term debt obligations; the delays
have been caused by of the company's weak liquidity.
Priyadarshini's liquidity is weak on account of less-than-expected
profitability and accruals in the past.

Priyadarshini has a weak financial risk profile, marked by high
gearing and weak debt protection metrics.  This weakness is
partially mitigated by the extensive experience of Priyadarshini's
promoters in the textile business.

Update

Priyadarshini posted revenues of INR1.9 billion during 2009-10
(refers to financial year, April 1 to March 31), a growth of
around 5.3% over the previous year.  Its operating margin was
around 7.7% in 2009-10. Over the six months ended Sept. 30, 2010,
the company's revenues improved to INR1.2 billion, due to revival
in demand in domestic and export markets, with an increase in
operating margin to 10%.

Priyardarshini's gearing is high, at 3.35 times as on March 31,
2010. Furthermore, the company bank limits are highly utilized, at
an average of around 100% over the 12 months ended Dec. 31, 2010.
Its bank limits have also been overdrawn during the corresponding
period.  The company has recently sold its dormant garment unit,
which is expected to fetch INR105 million.  This amount will be
used to repay its outstanding term debt.  The company plans to
incur a cost of INR100 million over the current year to modernize
its machinery; this will be funded through internal accruals.  For
2009-10, Priyadarshini posted a profit after tax of INR0.1 million
on net sales of INR1.9 billion, as against a reported loss of
INR29.8 million on net sales of INR1.8 billion for 2008-09.

                     About Priyadarshini Spinning

Incorporated in 1981 by Mr. Cherukuri Kausalendra Rao,
Priyadarshini manufactures synthetic blended yarn and cotton yarn.
The company has two units, with a total capacity of 82,000
spindles. Unit 1, in Sadasivpet (Andhra Pradesh [AP]), has a
capacity of 51,000 spindles for synthetic blended yarn, while Unit
2, in Dodavarapaddu (AP), has a capacity of 31,000 spindles for
cotton yarn.  It manufactures yarn in counts ranging from 20s to
100s.  The company has diversified its operations with a dyeing
facility at Sadasivpet with a capacity of 10 tons per day.  The
company sold its fabric manufacturing unit located in Pashamylaram
(AP) during 2010-11. The company is listed at Bombay Stock
Exchange.


KARUNA MANAGEMENT: Fitch Affirms 'BB-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Karuna Management Services
Pvt Ltd's National Long-term rating at 'BB-(ind)' with Stable
Outlook.  The agency has also affirmed Karuna's bank loans:

  - INR242.5m fund-based limits (enhanced from INR137.5m): 'BB-
    (ind)'/'F4(ind)'; and

  - INR45m non-fund based limits (enhanced from INR30m): 'F4(ind)'

The affirmation reflects Fitch's expectations that Karuna's
leverage will recover to around 6x in the financial year ending
March 2011 from 7.19x in FY10 following improved financial
performance in H1FY11.  For the first half, the company recorded
improved EBITDA of INR22.4 million (FY10: INR18.8 million), and
EBITDA margin of 0.94% (0.76%) with improved revenues of
INR2,373.5 million (INR2,469 million).  Fitch expects Karuna's
credit metrics to remain stable for FY11 as the benefits of
diversifying into the distributorship business for Hewlett-Packard
start contributing to revenues and profits.

However, the ratings are constrained by Karuna's thin EBITDA
margins of around 1% over the last five years, owing to the
trading nature of its business and dependence on bank finance for
its increasing working capital requirements.

Positive rating guidelines include a sustained increase in
Karuna's EBITDA margin resulting in net leverage of below 5x.
Conversely, an increase in the company's total debt leading to a
sustained deterioration in net debt/EBITDA to above 7x could
result in a negative rating action.

In H1FY11, Karuna started distributing HP's Personal Services
Group products including desktops and laptops through its
distributorship in Orissa, Jharkhand and Bihar.  In addition, the
company is a distributor of Samsung India Electronics Pvt Ltd's
mobile phones in the same areas.

Karuna had total debt of INR139.4 million at FYE10 (FYE09:
INR115.72 million), primarily working capital debt.  It reported
negative net free cash flow of INR39.4 million in FY10 (INR38
million), mainly due to an increase in its operating working
capital requirements.  Fitch expects net free cash flow to remain
negative over the short to medium term owing to the working-
capital-intensive nature of its business.


RAMA PHOSPHATES: CRISIL Reaffirms 'BB-' Rating on INR65.7MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB-/Stable/P4+' on the bank
facilities of Rama Phosphates Ltd.

   Facilities                              Ratings
   ----------                              -------
   INR362.7 Million Cash Credit Facility   BB-/Stable (Reaffirmed)
   INR65.7 Million Proposed Long-Term      BB-/Stable (Reaffirmed)
                   Bank Loan Facility
   INR101.6 Million Letter of Credit       P4+ (Reaffirmed)

The ratings continue to reflect RPL's susceptibility to adverse
changes in government regulations and its limited track record of
profitable operations.  These weaknesses are partially offset by
the benefits RPL derives from the Government of India's nutrient-
based subsidy for single super phosphate (SSP) manufacturers.

Outlook: Stable

CRISIL believes that RPL's credit risk profile will remain stable
over the medium term, backed by expected growth in revenues and
profitability.  The outlook may be revised to 'Positive' if the
company achieves more-than-expected profitability and net cash
accruals while efficiently managing its working capital.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues, operating margin, and operating cycle weaken,
exerting significant pressure on its profitability and liquidity,
or if adverse regulatory changes impact its growth and
profitability, thereby weakening its credit risk profile.

Update

The company moved out of the purview of the Board for Industrial
and Financial Reconstruction in December 2010, after settling all
financial obligations by October 2010. In November 2010, the
central government announced changes to its nutrient-based subsidy
policy on fertilizers.  The subsidy on phosphate was slashed by
nearly 20% and around 16-17% on other nutrients; these changes
will take effect starting April 2011.  CRISIL believes that the
lower subsidy for SSP manufacturers may result in the increase in
the farm gate price of SSP and adversely affect the
competitiveness of SSP vis-a-vis other fertilizers.  This may also
adversely affect the revenues and profitability of RPL.  However,
recent announcement by the government to increase the subsidy on
the nutrients might be favorable to the revenue growth of RPL.
CRISIL will closely monitor the impact of regulatory changes on
RPL's credit risk profile.

                        About Rama Phosphates

RPL, incorporated in 1984, was promoted by the Ramsinghani family.
The company manufactures SSP, sulphuric acid, and soya oil.  Its
three manufacturing facilities in Pune (Maharashtra), Indore
(Madhya Pradesh), and Udaipur (Rajasthan) have a capacity of
4,62,000 tonnes per annum (tpa) for SSP, 1,83,600 tpa for
sulphuric acid, 1,20,000 tpa for soya crushing, and 30,000 tpa for
refining.  It is currently owned and managed by Mr. Daulat
Jaisingh Ramsinghani and his son, Mr. Haresh Daulat Ramsinghani.

RPL reported a profit after tax (PAT) of INR36.9 million on net
sales of INR 1009 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 41.7 million on net
sales of INR2563.8 million for 2008-09.


SAMBHAV AGRO: CRISIL Rates INR100MM Packing Credit Limit at 'P4'
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the packing credit facility
of Sambhav Agro Foods Pvt Ltd.

   Facilities                                Ratings
   ----------                               -------
   INR100.0 Million Packing Credit Limit    P4 (Assigned)

The rating reflects Sambhav's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and
vulnerability to client concentration in revenue profile.  These
rating weaknesses are partially offset by the healthy growth
prospects in the basmati rice industry and extensive industry
experience of Sambhav's promoters.

Set up by Mr Ajay Kumar Jain in 1998 as a proprietorship concern,
Sambhav was reconstituted as a private limited company in 2008 by
a merger with group concern, Asharfi Impex Pvt Ltd.  The company
processes and sells basmati rice in the export market. Sambhav
procures processed rice and sells it after grading and sorting.
It produces both plain rice (constitutes about 25 to 30% of total
sales) as well as par boiled rice.

Sambhav reported a net loss of INR0.3 million on net sales of
INR604.2 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a profit after tax of INR2.2 million on net
sales of INR657 million for 2008-09.


SIDH DESIGNERS: CRISIL Puts 'P4+' Rating on INR60MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Sidh Designers Pvt Ltd, part of the GD Manglam group.

   Facilities                             Ratings
   ----------                             -------
   INR60.0 Million Packing Credit         P4+ (Assigned)
   INR80.0 Million Foreign Outward        P4+ (Assigned)
   Bill Purchased/Foreign Outward
            Usance Bill Purchased
   INR20.0 Million Proposed Short-Term    P4+ (Assigned)
                    Bank Loan Facility

The rating reflects the group's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
client concentration in revenue profile.  These rating weaknesses
are, however, partially offset by the GD Manglam group's
established track record in the trading business and healthy
relationships with customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SDPL, GD Manglam Exim Pvt Ltd, Yogmaya
Traders Pvt Ltd, Konark Exim Pvt Ltd, and DSM International.  This
is because these entities together referred to as the GD Manglam
group, have a common board of directors and senior management
team, and have common procurement, marketing and finance
functions.  The promoters have indicated that the all the entities
will support each other in case of any exigency.

                          About the Group

The GD Manglam group started trading activities in 1993. All the
entities in the GD Manglam group trade in ready-made garments,
hosiery, handicraft, fabrics, leather goods, and miscellaneous
products.  The entities have common customers and suppliers. The
group entities have common bankers (Punjab National Bank) and
auditors (N Garg & Associates).  For 2009-10 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of INR0.07 billion on net sales of INR14.72 billion, against
a PAT of INR0.03 billion on net sales of INR6.55 billion in the
previous year.


YOGMAYA TRADERS: CRISIL Puts 'P4+' Rating to INR60M Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Yogmaya Traders Pvt Ltd, part of the GD Manglam group.

   Facilities                           Ratings
   ----------                            -------
   INR60.0 Million Packing Credit        P4+ (Assigned)
   INR80.0 Million Foreign Outward       P4+ (Assigned)
   Bill Purchased/Foreign Outward
            Usance Bill Purchased
   INR20.0 Million Proposed Short-Term   P4+ (Assigned)
                    Bank Loan Facility

The rating reflects the group's weak financial risk profile marked
by a small net worth and weak debt protection metrics, and client
concentration in revenue profile.  These rating weaknesses are,
however, partially offset by the GD Manglam group's established
track record in the trading business and healthy relationships
with customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Yogmaya, Sidh Designers Pvt Ltd, GD
Manglam Exim Pvt Ltd, Konark Exim Pvt Ltd, and DSM International.
This is because these entities together referred to as the GD
Manglam group, have a common board of directors and senior
management team, and have common procurement, marketing and
finance functions.  The promoters have indicated that the all the
entities will support each other in case of any exigency.

                          About the Group

The GD Manglam group started trading activities in 1993. All the
entities in the GD Manglam group trade in ready-made garments,
hosiery, handicraft, fabrics, leather goods, and miscellaneous
products.  The entities have common customers and suppliers. The
group entities have common bankers (Punjab National Bank) and
auditors (N Garg & Associates).  For 2009-10 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of INR0.07 billion on net sales of INR14.72 billion, as
against a PAT of INR0.03 billion on net sales of INR6.55 billion
in the previous year.


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


TOWER BERSAMA: Fitch Assigns 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has assigned Indonesia's PT Tower Bersama
Infrastructure Tbk Long-term Foreign and Local Currency Issuer
Default Ratings of 'BB'.  The Outlook is Stable.

TBI's ratings reflect the strong credit quality of its tenants,
with around 60% of its revenues and EBITDA derived from the
leading four Indonesian telcos, PT Telekomunikasi Indonesia Tbk
('BB+'/Stable), PT Telekomunikasi Selular ('BBB-'/Stable), PT
Indosat Tbk ('BBB-'/Stable) and PT XL Axiata Tbk ('BB'/Stable).
Fitch notes TBI's management policy to ensure that over 60% of its
revenues continue to originate from the top-four telcos over the
long term, and to only construct new tower sites after obtaining a
long-term lease commitment from a telecom operator.

TBI is the second-largest independent tower company in Indonesia,
in terms of telecom sites and tenancy.  The company's cash flow
has strong visibility and stability due to its long-term
agreements (eight to 10 years) with all Indonesian telcos (10
operators), which involve tight exit conditions and in-built
escalation clauses (linked to the country's inflation rate).
While the average remaining life of TBI's contracts is 6.5 years
(as of end-December 2010), contract maturities are well-spread out
(2012-2021), with no more than 25% of contracts expiring in any
single year, except for 2018.

TBI is well placed to grow over the medium term, considering its
track record, robust order book, financial flexibility and the
agency's expectations of strong demand for tower sites from telcos
on the back of increasing 2G capacity and higher 3G popularity.
The ratings also draw comfort from the company's strong adjusted
EBITDA margins (71% for January-April 2010) and its moderate
leverage (net adjusted debt/ EBITDAR of 2.5x), post the successful
completion of its US$225m initial public offering in October 2010,
of which US$125m was equity inflow.  Also, Fitch notes that
Indonesian tower companies benefit from a favorable regulatory
regime, which effectively prevents foreigners from owning tower
companies and encourages the telcos to share towers, as opposed to
building new single tenancy towers.

TBI's ratings are constrained by its smaller tower portfolio
(around 5% of total industry sites) and scale of operations
compared with international peers.  Of the estimated 110,000 base
transceiver station in Indonesia, the telcos still own around 81%
and operate them through their own departments and tower dedicated
units.  Fitch expects competition from operator-backed tower
companies to intensify should the top two telcos -- Telkomsel and
Indosat -- start sharing their tower portfolios with other telcos,
which may increase the supply of tower space for sharing.
Indonesia's third-largest wireless telco (XL) is already sharing
more than 5,000 towers out of its total 8,134 towers.  The agency
notes that Telkomsel has plans to demerge its tower assets into
its parent's (Telkom) subsidiary, Mitratel, and thereafter start
sharing its portfolio of towers.

Nevertheless, Fitch does not expect any increase in competition in
the Indonesian tower leasing industry to have a significant
adverse impact on TBI's cash flows.  This is due to TBI's long-
term lease contracts with the telcos and, importantly, due to the
positioning of 69% of its tower sites and 75% of its current
tenancies in strategic locations across the densely populated
provinces of Java and Bali.  High demand in these locations should
also enable TBI to increase the average tenancy ratio of its
existing portfolio going forward.

Fitch notes that TBI's acquisitive nature and significant
financial flexibility (following the loan programme agreement of
US$2bn signed in September 2010) underline the potential for its
leverage ratio to increase, particularly given the possibility
that it may acquire a large tower portfolio.  However, the agency
expects the company to maintain a financial profile within
management's targeted net debt/run-rate EBITDA leverage of 3.5x-4x
and within its covenanted net debt/EBITDA ratio of below 5x on
existing borrowings.

A negative rating action could result if a debt-led acquisition of
a large tower portfolio leads to a deterioration in its net
adjusted debt/EBITDAR to beyond 4x, and/or if revenue or EBITDA
contribution from the top four telcos falls below 50%.

TBI leases passive infrastructure to telcos for antennas and other
equipment necessary for wireless signal transmission.  It is
jointly owned by the Saratoga Group and Provident Capital.  Each
holds a 39.32% (directly and indirectly) stake in the company.
TBI's revenues and adjusted EBITDA have grown at a compounded
aggregate growth rate of 52% and 53%, respectively, over 2007-
2010.  Between January and April 2010, TBI reported unaudited
revenues and adjusted EBITDA of IDR245.4bn and IDR174.4bn
respectively.  As at end-April 2010, it had 2,647 towers and 4,048
tenants.


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


L-JAC 8: Moody's Confirms Ratings on Two Classes of Certificates
----------------------------------------------------------------
Moody's Japan K.K has confirmed its ratings on the Class A and X
trust certificates and downgraded its ratings on the Class B trust
certificates, all issued by L-JAC 8 Trust.

Details:

  -- Class A, confirmed at Ba1 (sf); previously, on Nov 16, 2010,
     Ba1 (sf) placed under review for possible downgrade

  -- Class B, downgraded to Caa3 (sf); previously, on Nov 16,
     2010, Caa2 (sf) placed under review for possible downgrade

  -- Class X, confirmed at Ba1 (sf); previously, on Nov 16, 2010,
     Ba1 (sf) placed under review for possible downgrade

  * Deal Name: L-JAC 8 Trust

  * Class: Class A through K and Class X trust certificates

  * Issue Amount (initial): JPY 18.77 billion

  * Dividend: Floating

  * Issue Date (initial): March 31, 2008

  * Final Maturity Date: January, 2013

  * Underlying Asset (initial): 2 non-recourse loans backed by
    real estate

  * Originator: Lehman Brothers Commercial Mortgage KK (as of the
    issue date)

  * Arranger: Lehman Brothers Japan Inc. (as of the issue date)

The L-JAC 8 Trust, effected in March 2008, represents the
securitization of two loans backed by real estate.

The originator entrusted the loans to the asset trustee, and
received the Class A through K and X trust certificates, which it
then sold through the arranger to investors.  The trust
certificates are rated by Moody's.  The final maturity of the
trust certificates will take place in January 2013.

In this transaction, interest and principal payments from any
defaulting underlying loans are made sequentially.

One loan, which had been placed under special servicing in July
2009, was paid down in March 2010, although it incurred losses.

The transaction is currently secured by the second loan (backed by
a retail property outside Tokyo), which has been under special
servicing since December 2010.

                         Rating Rationale

1.  Confirmation of Class A and X trust certificates:

Because of the special servicing, all of the Class A and a portion
of the Class B trust certificates will be redeemed, as the loan
principal was paid down when the security deposit on the
underlying property was released.

2.  Downgrade of Class B trust certificate:

Moody's has re-assessed its recovery assumptions (adding further
stress) for the property.

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


=========
K O R E A
=========


BOHAE BANK: FSC Suspends Bank For Six Months
--------------------------------------------
The Financial Services Commission said Saturday it was suspending
Bohae Bank and three affiliates of Busan Savings Bank -- Jungang
Busan Savings Bank, Busan II Savings Bank and Jeonju Savings Bank
-- for six months each, The China Post reports.

The China Post says the move came just days after two other
institutions, Busan Savings Bank and its affiliate Daejeon Mutual
Savings Bank, had their activities suspended.

The China Post notes that the FSC said Feb. 17 that 94 of the
country's 105 savings banks meet capital adequacy standards and it
did not expect any more suspensions in the first half of the year.

It was not clear if the three institutions suspended Saturday were
among the 11 the FSC deemed to have inadequate capital, the China
Post adds.

Bohae Mutual Savings Bank is a savings bank based in Jeonnam-Do,
Korea, South Korea.


BUSAN SAVINGS: FSC Suspends Three Busan Bank Affiliates
-------------------------------------------------------
The Financial Services Commission said Saturday it was suspending
three affiliates of Busan Savings Bank -- Jungang Busan Savings
Bank, Busan II Savings Bank and Jeonju Savings Bank -- as well as
Bohae Bank for six months each, The China Post reported on
Feb. 20.

The China Post said the move came just days after two other
institutions, Busan Savings Bank and its affiliate Daejeon Mutual
Savings Bank, had their activities suspended.

The China Post noted that the FSC said Feb. 17 that 94 of the
country's 105 savings banks meet capital adequacy standards and it
did not expect any more suspensions in the first half of the year.

It was not clear if the three institutions suspended Saturday were
among the 11 the FSC deemed to have inadequate capital, the China
Post added.

Busan Savings Bank is a savings bank based in Busan, Korea.  The
bank offers a range of financial products and services.


DOMIN MUTUAL: Financial Regulator Suspends Bank for Six Months
--------------------------------------------------------------
Se Young Lee, writing for The Wall Street Journal, reports that
the Financial Services Commission suspended another savings bank's
operations for six months, the seventh bank to be suspended since
Thursday.

The Journal relates that the FSC said Tuesday it suspended Domin
Mutual Savings & Finance Co. after determining that it lacked
sufficient liquidity to withstand a recent surge in withdrawals.
The Journal discloses that worried customers withdrew KRW30.4
billion (US$27.2 million) in deposits between Friday and Monday,
compared with a KRW21.4 billion in withdrawals from Jan. 14 to
Feb. 16.  The regulator revealed Thursday that the bank isn't
meeting regulatory capital requirements, the Journal reports.

"It is clear that the depositors' rights and credit market order
will be at risk," the FSC said, adding that the run on the bank
would have eventually rendered the bank unable to give back
deposits, according to the Journal.

The Journal says the authority said Domin initially decided
Tuesday to unilaterally shut down its operations in the face of
the run then later decided to maintain partial operations with
arbitrary limits on how much customers can withdraw.  The Journal
relates that the authority said such steps were unacceptable and
would create significant friction with the customers as well as
confusion.

By suspending its operations, it will keep the bank from making
new loans, taking deposits or allowing withdrawal of deposits.
The bank can continue some activities, such as collecting payments
tied to loans.

According to the Journal, the suspension is the latest attempt by
Seoul to contain potential problems posed by the savings bank
sector, which is suffering from its exposure to the weak
South Korean real estate market.

Domin Mutual Savings & Finance Co. is a South Korea-based savings
bank.


HYUNDAI ENGINEERING: Hyundai Group Gives Up Fight for Builder
-------------------------------------------------------------
The Chosunilbo reports that Hyundai Group is apparently resigned
to losing a family struggle to acquire Hyundai Engineering and
Construction.  The report relates that the group said it is
dropping a Supreme Court injunction that would halt the builder's
sale to Hyundai Motor, owned by another branch of the
dysfunctional Hyundai founder family.

According to Chosunilbo, the group had sought a preliminary
injunction to prevent the creditors of Hyundai E&C signing a
memorandum of understanding designating Hyundai Motor, the
preferred bidder after it lost its own status as preferred bidder
due to doubts whether it has enough money to pay the asking price.

The court of first instance and the court of appeal denied the
injunction, Chosunilbo notes.

Creditors of Hyundai Engineering & Construction Co. on Jan. 7,
2011, selected Hyundai Motor Group as the prime bidder for
South Korea's top builder.  The move came after a Seoul court on
January 4 turned down an injunction sought by Hyundai Group to
block creditors from scrapping the deal to sell a 35% stake in the
builder.

Hyundai Group signed a KRW5.5 trillion preliminary deal with KEB
on Nov. 29 to buy a 34.88% stake in the country's top builder,
beating its rival Hyundai Motor Group that had proposed to pay
KRW5.1 trillion.  But creditors of Hyundai E&C scrapped a takeover
deal for the builder signed with Hyundai Group as the group failed
to resolve suspicions over its ability to finance the deal.

                     About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into these key areas:
building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.

Hyundai Engineering has been under creditors' control.  In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.


SAMHWA MUTUAL: Selects Woori Finance as Preferred Bidder
--------------------------------------------------------
The China Post reports that Woori Finance Holdings Co. was chosen
on Friday as the preferred bidder for Samhwa Mutual Savings Bank,
which is being sold by the state-financed Korea Deposit Insurance
Corp.

Woori, which beat out two rival bidders to buy Samhwa, will inject
fresh funds worth US$90 million while the KDIC will fill in the
bank's unspecified debts-assets gap, according to the China Post.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 17, 2011, Yonhap News said the Financial Services Commission
suspended Samhwa Mutual's operations for six months for failing to
meet regulatory capital requirements.

Samhwa Mutual Savings Bank is a savings bank based in Seoul.


===============
M A L A Y S I A
===============


AYER MOLEK: Reports MYR2.48 Million Net Income for 2010
-------------------------------------------------------
The Ayer Molek Rubber Company Berhad filed its annual report for
the year ended Dec. 31, 2010.

The company reported net income of MYR2.48 million for 2009 from
net income of MYR2.62 million for 2008.  The Company and its
subsidiaries did not carry on any business operations during the
period under review as the plantation lands had been disposed off
by the former directors.

The company's balance sheet as of Dec. 31, 2010, showed
MYR9.32 million in total assets, MYR653,000 in total liabilities,
and MYR8.67 million in total stockholders' equity.

A full-text copy of the company's audited consolidated income
statement is available for free at:

         http://ResearchArchives.com/t/s?73bd

A full-text copy of the company's consolidated balance sheet is
available for free at:

         http://ResearchArchives.com/t/s?73be

                            About Ayer Molek

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party.  It operates solely in the
domestic market.

                           *     *     *

The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.

MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.


SWEE JOO: Posts MYR7.65 Million Net Loss in Qtr Ended December 31
-----------------------------------------------------------------
Swee Joo Berhad reported a net loss of MYR7.65 million on revenue
of MYR58.87 million for the quarter ended Dec. 31, 2010, compared
with a net loss of MYR8.72 million on revenue of MYR93.79 million
for the same period in 2009.

At Dec. 31, 2010, the company's consolidated balance sheet
showed MYR566.24 million in total assets, MYR556.09 million in
total liabilities, and MYR10.18 million in total shareholders'
equity.

The company's consolidated balance sheet at Dec. 31, 2010,
showed strained liquidity with MYR64.86 million in total current
assets available to pay MYR552.09 million in total current
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://ResearchArchives.com/t/s?73bf

                           About Swee Joo

Swee Joo Berhad is a Malaysia-based investment holding company.
Through its subsidiaries, the Company operates in four segments:
Shipping services, which is involved in the provision of container
and other shipping services; Shipping agency, which is involved in
the provision of shipping agency services; Transportation and
haulage, which is involved in the provision of transportation and
haulage services, and Container repair and related services, which
is involved in the provision of handling, repairing and
maintaining containers.  As of September 30, 2009, the Company
owns and operates 39 vessels, which comprises of 13 tugboats, 10
container vessels, seven barges, five dual-purpose vessels and
four chemical tankers.

On September 1, 2010, Swee Joo Berhad was listed as an Amended
Practice Note 17 Company based on the criteria set by the Bursa
Malaysia Securities Bhd.  According to a disclosure statement with
the bourse, the Company triggered the PN17 listing as it is unable
to provide a solvency declaration to Bursa Malaysia.


TRACOMA HOLDINGS: Posts MYR41.03MM Net Loss in Qtr Ended Dec. 2010
------------------------------------------------------------------
Tracoma Holdings Berhad reported a net loss of MYR41.03 million on
revenue of MYR35.68 million for the three months ended Dec. 31,
2010, compared with a net loss of MYR1.96 million on revenue of
MYR34.39 million for the same period ended Dec. 31, 2009.

At Dec. 31, 2010, the Company's consolidated balance sheet showed
MYR174.70 million in total assets, MYR249.98 million in total
liabilities and MYR6.69 in government grant, resulting in a
stockholders' deficit of MYR81.98 million.

The company's consolidated balance sheet at Dec. 31, 2010, also
showed strained liquidity with MYR63.48 million in total current
assets available to pay MYR133.10 million in total current
liabilities.

A full-text copy of the company's balance sheet at Dec. 31,
2010, is available for free at:

               http://ResearchArchives.com/t/s?73bc

A full-text copy of the company's consolidated income statement
for year ended Dec. 31, 2010 is available for free at:

               http://ResearchArchives.com/t/s?73ba

                       About Tracoma Holdings

Tracoma Holdings Berhad is a Malaysia-based manufacturer and
supplier of automotive parts and components.  Some of its wholly
owned subsidiary companies include Tracoma Sdn. Bhd., which is
engaged in manufacturing of automotive components; Malaysian Die-
Makers Sdn. Bhd., which is engaged in die making and servicing;
Trends Mecha Sdn. Bhd., which is engaged in parts and car design,
and Malaysian Farm Machinery Sdn. Bhd., which is engaged in
assembling and distributing agricultural tractors.

                            *     *     *

Tracoma Holdings Berhad has been classified as an Affected Listed
Issuer under Practice Note 17 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

The company has triggered PN17's Paragraph 8.04 and Paragraph
2.1(a) as the consolidated shareholders' equity for the full
financial year ended December 31, 2009, is less than 25% of the
Company's issued and paid-up capital and such shareholders' equity
is less than MYR12 million.


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


CENTURY CITY: Owner Plans to Sell Half of Wellington Phoenix
------------------------------------------------------------
The New Zealand Press Association reports that Wellington Phoenix
owner and property developer Terry Serepisos plans to sell half
the A-League club to the owner of a Spanish football club.

NZPA says Mr. Serepisos has been under fire with bankruptcy and
liquidation threats after it was revealed he was millions of
dollars in debt and owed more than NZ$3.5 million in unpaid taxes.

However, he said on Monday his financial woes would soon be over
after securing a NZ$100 million-plus loan as well as selling half
the Phoenix to Racing Santander owner Ahsan Ali Sayed, NZPA
relates citing a report from The Dominion Post.

According to NZPA, Mr. Serepisos said the multimillion-dollar loan
with Ali's Bahrain-based company Western Gulf Advisory would be
confirmed by mid-March once some conditions had been met.

"I am doing the best for the Phoenix, the best for the city and
the best for football.  What could become of this for football in
New Zealand is huge.  It's bigger than Ben Hur," NZPA quotes
Mr. Serepisos as saying.

Mr. Serepisos, as cited by NZPA, said the loan would see him debt
free and able to restructure his Century City group of companies
which include the Phoenix club.

NZPA adds that Mr. Ali said the loan negotiations had been
"matured" and a "conclusion" would be announced soon.

Mr. Ali confirmed that a 50-50 ownership contract was under
negotiation, NZPA adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said that the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010.  The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.

The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Wellington Phoenix.


HANOVER FINANCE: Hotchin May Face Charges Over Company Collapse
---------------------------------------------------------------
The New Zealand Press Association reports that former Hanover
Finance boss Mark Hotchin admits he and other directors could face
charges over the multi-million dollar collapse of the company.

According to NZPA, Mr. Hotchin said none of the directors did
anything wrong over the loss by more than 16,000 investors of more
than NZ$500 million they had invested in the company.

Initially Mr. Hotchin maintained directors would not face charges
over the collapse of the company, but on Friday admitted there was
a possibility, NZPA says.

"If it is, I suspect it will be some form of securities
advertisement or something like that. I am speculating," Mr.
Hotchin told NewstalkZB.

NZPA notes Mr. Hotchin said in any company prospectus there were
lots of words.

"You only have to get one of those wrong to have a default or have
an issue. That could well happen. But in terms of knowingly
misleading or knowingly doing something wrong... no," NZPA quotes
Mr. Hotchin as saying.  He said did not worry about going to jail
because he had done nothing wrong, NZPA adds.

NZPA relates that if the board had signed off a prospectus that
was later found to include an error, it was unlikely to be a
jailable offence.

Mr. Hotchin, as cited by NZPA, said he was "not sure" he continued
to lead a flamboyant lifestyle when the company folded but
admitted his lavish 50th birthday party in Fiji two years ago was
"clearly a mistake. The timing was appalling. I didn't however pay
for it."

According to NZPA, Mr. Hotchin now lives in Australia with his
family on an income of $1000 a week.  He is seeking to overturn a
High Court order freezing his New Zealand assets.

If his assets were released by the court order he would be
virtually broke after he paid his bills, Mr. Hotchin said, NZPA
adds.

Meanwhile, The New Zealand Herald reports that Mr. Hotchin has
also admitted he remains the discretionary beneficiary of a family
trust amid claims his personal wealth is "very low".

Hanover Finance's investors in December 2008 voted in favor of the
company's Debt Restructure Proposals, including a plan to fully
repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover interests
for shares in Allied Farmers Ltd.

                  About Hanover Finance Limited

Hanover Finance Limited -- http://www.hanover.co.nz/-- is
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.


NUPLEX INDUSTRIES: To Pay NZ$3MM to Shareholders Over Breach
------------------------------------------------------------
Tim Hunter at BusinessDay.co.nz reports that Nuplex Industries has
agreed to pay NZ$3 million compensation to shareholders after
failing to disclose a breach of debt covenants in December 2008.

BusinessDay.co.nz relates that the payment settles a lawsuit
brought by the Securities Commission against Nuplex and six of its
present or past directors, John Hirst, Robert Aitken, Barbara
Gibson, David Jackson, Bryan Kensington and Michael Wynter.

Shareholders who bought or retained shares in Nuplex between
Dec. 22, 2008, and Feb. 18, 2009, can claim compensation from the
company under the settlement, according to BusinessDay.co.nz.

BusinessDay.co.nz notes that Nuplex also agreed to pay
NZ$148,127.53 towards the commission's costs.

As reported in the Troubled Company Reporter-Asia Pacific on
April 15, 2010, the Securities Commission said it would file civil
proceedings against Nuplex Industries Limited and certain current
and former directors.

The directors involved are John Hirst (Managing Director, Sydney),
Robert Aitken (Chairman and non-executive director, Sydney),
Barbara Gibson (non-executive director, Melbourne), David Jackson
(non-executive director, Auckland), Bryan Kensington (former non-
executive director, Auckland) and Michael Wynter (non-executive
director, Sydney).

The Commission said it was seeking declarations of contravention,
pecuniary penalties (maximum penalty of up to NZ$1 million per
defendant) and compensatory orders.

"The Commission alleges that from December 22, 2008, until
February 19, 2009, Nuplex breached its continuous disclosure
obligations under the NZX Listing Rules and the Securities Markets
Act 1988 by failing to disclose to the market a breach of a
banking covenant, and that both Nuplex and the directors are
responsible for this failure," Commission Chairman Jane Diplock
said.

According to BusinessDay.co.nz, Nuplex chairman Rob Aitken said a
committee of directors not named in the lawsuit had been set up to
handle the case.

"The independent committee concluded that it was in shareholders'
best interests for the company to settle with the commission and
to do so along lines that benefited shareholders who may have been
impacted by the company's inadvertent breach of continuous
disclosure rules," BusinessDay.co.nz quotes Mr. Aitken as saying.
BusinessDay.co.nz relates that Nuplex independent director Peter
Springford, who chaired the committee, said in reaching the
settlement "the company weighed up a number of factors including
the potential costs of defending all the matters raised in the
Commission's proceedings and the ongoing distraction to the
company and its board and management."

The company said it was pleased to put the long-running dispute
behind it, BusinessDay.co.nz adds.

The settlement announced Wednesday is full and final and the
commission's court proceedings against Nuplex and the directors
will now be discontinued.

                      About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.


TOURISM HOLDINGS: Resolves Banking Covenants Issue With Bankers
---------------------------------------------------------------
The New Zealand Herald reports that Tourism Holdings said it has
resolved a banking covenants breach issue with its banks.

The report relates that the company said it had received
confirmation that Westpac and ANZ had revised covenants based on
updated forecasts it provided.  That followed discussions held
with the banks since the company announced the issue early this
month.

A more detailed update and outlook for the company would be
provided with the half year result announcement today, Feb. 23,
the NZ Herald notes.

The Troubled Company Reporter-Asia Pacific reported on Feb. 8,
2011, that Tourism Holdings said it won't meet full year profit
guidance and will likely breach the terms of its bank loans.  The
company said a severe and sudden drop in revenue intakes (forward
bookings) during the key January booking month had created
uncertainty for the rest of the financial year.

The company had said that earnings before interest and tax are now
expected to be breakeven compared to a previous forecast of
NZ$10 million.  The company was projecting a NZ$4 million loss in
the year ending June 30, 2011, compared to a NZ$2.5 million profit
previously expected.  Net tangible assets (NTA) as at December 31,
2010, were NZ$129 million or NZ$1.31 per share.

                       About Tourism Holdings

Based in New Zealand, Tourism Holdings Limited (NZE:THL) --
http://www.thlonline.com/-- is engaged in the manufacture, rental
and sale of motor homes and campervans and other tourism related
activities.  Its operations include car and motorhome rentals in
Australia and New Zealand.  THL is the provider of holiday rental
vehicles in Australia and New Zealand under the Maui, Britz,
Backpacker and Explore More brands.  The majority of its rental
vehicles are provided by the manufacturing company Ci Munro. In
addition, the Company also operates Kiwi Experience and the
Discover Waitomo group in New Zealand and Tourist Transport Fiji,
Feejee Experience and Great Sights in Fiji.  The Company's
subsidiaries include THL Group Australia Pty Limited, Tourism
Holdings Australia Pty Limited, Tourism Transport (Fiji) Limited
and Waitomo Caves Limited.


===========
T A I W A N
===========


CONCORD SECURITIES: Fitch Affirms 'BB+' Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Taiwan's Concord Securities Company's
Long-term foreign currency Issuer Default Rating at 'BB+' with
Stable Outlook and its Short-term foreign currency IDR at 'B'.  A
full list of rating actions is detailed below.

The ratings reflect CSC's continued adequate capital relative to
its risk exposures and a sound liquidity profile in 2010, despite
the company's weak trading performance.  They also reflect the
company's moderate risk appetite as well as its sound management
and corporate governance.  These positive factors are balanced
against CSC's still small franchise which renders the company less
cost-competitive and constrains its profitability.

The Stable Outlook reflects Fitch's expectation that the company's
financial discipline will enable it to maintain adequate capital
in the foreseeable future even amid unpredictable capital market
shifts.  A sharp increase in leverage - which Fitch views as
unlikely - weakening core capital will put downward pressure on
ratings while a significant improvement in the company's economies
of scale and revenue diversification will benefit ratings.

CSC reported modest profitability with an unaudited return on
equity (ROE) of 1.4% in 2010 (2009: 5%) due to weak results in
proprietary trading.  Nonetheless, its market risk exposures
remained modest as portfolio investments accounted for about 47%
of CSC's net worth at end-2010 (46% at end-2009).  As 60% of the
investments are in government bonds and investment-grade bonds,
Fitch views any large losses in the portfolio as unlikely.  The
company's balance sheet is liquid and moderately leveraged with a
current assets/current liabilities ratio above 140% and an equity-
to-assets ratio above 40% over the last two years.  CSC plans to
open several new brokerage outlets in 2011 and issue convertible
bonds to support business growth and enhance funding flexibility.

CSC is a mid-sized securities company and ranks 16th in Taiwan by
net worth.  It operates through 22 branches with market shares of
1.45% in equity brokerage and 3.8% in futures brokerage in 2010.
The Cheng family is the major shareholder controlling a 28% stake
and nine board seats out of 20.

Full rating breakdown of CSC:

  -- Long-term foreign currency affirmed at 'BB+'; Outlook Stable

  -- Short-term foreign currency IDR affirmed at 'B'

  -- Individual rating affirmed at 'C/D'

  -- Support rating affirmed at '5'

  -- National Long-term rating affirmed at 'A-(twn)'; Outlook
     Stable

  -- National Short-term rating affirmed at 'F2(twn)',

  -- Support Rating Floor affirmed at 'No Floor'


TAIWAN COOPERATIVE: Fitch Upgrades Foreign Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has upgraded Taiwan Cooperative Bank's Long-Term
Foreign Currency Issuer Default Rating to 'A-' from 'BBB+',
following a reassessment of the propensity of government support
for TCB.  The Outlook is Stable.

Fitch has also upgraded TCB's Support Rating to '1' from '2' and
revised the Support Rating Floor to 'A-' from 'BBB+'.  A full list
of rating actions is detailed below.

Fitch now views the probability of government support as extremely
high, considering the state's significant ownership of the bank
and TCB's systemic importance to Taiwan's banking industry.  It is
the second-largest lender in Taiwan, with 8.8% of the system's
loans at end-2010.  TCB is also one of the few state-controlled
banks that have been delegated to perform central banking
functions.  Specifically, TCB serves as a mini central bank for
grassroots financial institutions - mostly agricultural
cooperatives and credit unions - by providing liquidity support to
and accepting high-cost time deposits from these institutions.

As the LT IDR is currently at the Support Rating Floor, it is
unlikely to be downgraded unless there is a shift in the
government's ability to provide support.  However, the rating may
be upgraded if the Individual Rating is upgraded, although the
agency does not view this as likely over the short-to-medium term.
This is because the IDR is higher by several notches than the
standalone rating of 'BB+' as implied by the 'C/D' Individual
Rating.

The Individual Rating reflects the bank's reasonable asset quality
and strong liquidity profile, but also takes into account its less
diversified revenue sources and lower Tier 1 capitalization
relative to peers.  TCB's perpetual cumulative bonds are rated two
notches below the bank's standalone 'BB+ 'rating, in line with
Fitch's hybrid notching criteria.  The rating on the perpetual
bonds reflects their going concern loss absorption feature through
coupon and/or principal deferrals once TCB's capital adequacy
ratio falls below the regulatory minimum requirement of 8%.  At
end-Q310 TCB's CAR was well above the requirement.  Fitch upgraded
TCB's subordinated bonds, on the back of the upgrade of the
National Long-Term rating.

TCB is also reducing its exposure to low-yield state enterprises
and increasing lending to higher-margin SMEs and secured personal
loans, while expanding its range of investment products.  While
the change in the loan mix could increase TCB's overall credit
risk profile, Fitch expects these changes to have a net positive
effect on franchise productivity.

TCB managed to maintain its profitability and reported a un-
audited return on equity of 6.3% in 2010, due to scale benefits
and subdued bad loan losses.  Fitch expects TCB to deliver steady
profits in 2011, underpinned by contained credit costs, loan
recoveries and rising fees from wealth management.  TCB may
benefit from margin expansion on potential interest rate rises by
the central bank in 2011, although the increase is likely to be
moderate, given keen competition within the sector.

TCB has prudently managed its loan book, with stable outstanding
loans of TWD1.7trn-1.8trn since 2007.  Asset quality is adequate;
NPLs accounted for only 0.9% of gross loans, and loan loss
reserves were 110.4% of NPLs at end-2010.  Fitch notes that TCB's
NPLs excluded restructured loans in relation to the government's
debt relief programme, but believes the bank has the financial
capacity to absorb potential credit losses.

Capitalization is steady.  Its Tier 1 ratio and CAR were 7% and
10.8% respectively, at end-Q310 (6.8% and 10.6% respectively at
end-2009).  TCB's sound liquidity profile reflects its strong
deposit-taking franchise and pricing power in Taiwan.

TCB had a market share of deposits of 8.1% at end-2010, second
only to Bank of Taiwan's 12%.  TCB has the widest branch network,
and operates 302 domestic branches and five overseas units.

Full list of rating actions for TCB:

  - Long-Term Foreign Currency IDR upgraded to 'A-' from 'BBB+';
    Outlook Stable;

  - Short-Term Foreign Currency IDR affirmed at 'F2';

  - National Long-Term Rating upgraded to 'AA(twn)' from 'AA-
    (twn)'; Outlook Stable;

  - National Short-Term Rating affirmed at 'F1+(twn)';

  - Individual Rating affirmed at 'C/D';

  - Support Rating upgraded to '1' from '2';

  - Support Rating Floor revised to 'A-' from 'BBB+';

  - Perpetual cumulative bonds affirmed at 'BBB(twn)'; and

  - Subordinated bonds upgraded to 'AA-(twn)' from 'A+(twn)'.


                             *********

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

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

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


                            *********


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

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

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

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

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





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