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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

           Monday, October 12, 2009, Vol. 12, No. 201

                            Headlines

A U S T R A L I A

AUSTCORP PROPERTY: Creditors' Vote on DOCA Adjourned to Oct. 27
CENTRO NP: Extends Consent Solicitation to October 15
CENTRO RETAIL: Repays US$36.3 Million Loan Facility
FERMISCAN HOLDINGS: Funding Talks Fail; Going Concern Doubt Raised
TIMBERCORP LTD: Growers to Outbid Olam for Almond Projects


C H I N A

CHINA CONSTRUCTION: Former Employee Sues for False Accusations
KIWA BIO-TECH: CEO Wei Li Receives US$75,000 Salary for 2008
KIWA BIO-TECH: No Schedule Yet for Annual Stockholders' Meeting
LUMENA RESOURCES: Moody's Assigns 'B1' Corporate Family Rating
LUMENA RESOURCES: S&P Assigns 'BB' Corporate Credit Rating

RADIENT PHARMACEUTICALS: To Deconsolidate JPI Venture in China


H O N G  K O N G

ASIA COLD: Eddie Man King Chi Appointed as Liquidator
ASM INTERNATIONAL: Commences Wind-Up Proceedings
ELI LILLY FUNDING: Creditors' Proofs of Debt Due on October 30
DB ZWIRN ASIA: Creditors' Proofs of Debt Due on October 30
HK PROFESSIONAL ARTS: Commences Wind-Up Proceedings

HONG KONG PYROSTORAGE: Creditors' Proofs of Debt Due on Nov. 12
HORSE TRADING: Creditors' Proofs of Debt Due on Nov. 13
ICHIYOSHI INTERNATIONAL: Members' Final Meeting Set for Nov. 9
GREATING E & E: Kin and Tong Step Down as Liquidators
GOLDEN HILL: Kin and Tong Step Down as Liquidators

LILLY HK FINANCE I: Creditors' Proofs of Debt Due on October 30
LILLY HK FINANCE II: Creditors' Proofs of Debt Due on October 30
MORGAN - CHINA: Commences Wind-Up Proceedings
MINDCHAMPS (HONG KONG): Briscoe and Meng Appointed as Liquidators
MCKENNA SERVICES: Yan and Haughey Step Down as Liquidators

NORITAKE HONG KONG: Seng and Lo Appointed as Liquidators
TMT FINANCIAL: John Robert and Mat Ng Step Down as Liquidators
TOPFLY CORPORATION: Creditors' Proofs of Debt Due on Nov. 5
TOTTORI SANYO: Lam and Boswell Appointed as Liquidators
WINZEN KNITWEAR: Creditors' Proofs of Debt Due on Nov. 9


I N D I A

ADVATECH CERA: Delay on Loan Repayment Cues CRISIL 'D' Ratings
GM EXPORTS: CRISIL Puts 'BB+' Rating on INR80MM Cash Credit Limit
GUJARAT ECO: CRISIL Downgrades Rating on INR550MM Term Loan to 'D'
HARI UDYOG: CRISIL Assigns 'BB-' on Rs.20 Mln Term Loan at 'BB-'
IG PETROCHEMICALS: ICRA Reaffirms 'LBB+' Ratings on LT Bank Debts

MAGPPIE INTERNATIONAL: ICRA Assigns 'LBB' on Various Bank Debts
MITTAL CORP: ICRA Assigns 'LBB+' Rating on INR275MM Term Loans
PBA INFRASTRUCTURE: CRISIL Cuts Ratings on Various Debts to 'D/P5'
SARAF CHEMICAL: Fitch Assigns 'B+' National Long-Term Rating
SKS TEXTILES: ICRA Places 'LBB+' Rating on INR188.5MM LT Loans

SSE NIRMAN: Low Net Worth Prompts CRISIL to Assign 'P4' Rating
TATA MOTORS: To Raise US$300 Million by Selling GDRs


J A P A N

ELPIDA MEMORY: Joint Venture Reports Operating Profit in August
JMAC4 TRUST: Fitch Downgrades Ratings on Two Classes of Notes
YOHJI YAMAMOTO: Files for Bankruptcy Protection


P H I L I P P I N E S

QUEZON POWER: S&P Raises Ratings on US$215 Mil. Senior Bonds


S I N G A P O R E

INTERNATIONAL MARINE: Court to Hear Wind-Up Petition on Oct. 23


                         - - - - -


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


AUSTCORP PROPERTY: Creditors' Vote on DOCA Adjourned to Oct. 27
---------------------------------------------------------------
The Age reports that Austcorp Group Ltd's creditors have a two-
week wait before they can vote on a deed of company arrangement
designed to keep some projects going and sell others.

According to the report, creditors were due to vote on Thursday
whether to accept the proposed deed of company arrangement (DOCA),
but the vote was adjourned until October 27 due to a final piece
of paperwork that administrators BRI Ferrier are awaiting.

The report says the complex DOCA will provide "controlled work
out" of projects and is expected to retain some of Austcorp's
projects, including the proposed $1 billion Vision tower project
in Brisbane.

The Age notes BRI Ferrier said on Thursday that, to date, it had
exchanged or settled property sales in excess of AU$84 million and
negotiated AU$15 million in finance facilities to complete further
project works.  Additional funding of $5 million was awaiting
financier approval, BRI Ferrier said.

Austcorp Property Group -- http://www.austcorp.com.au/-- is a
property development and investment group with major projects in
New South Wales, Victoria, Queensland and the Northern Territory.

The Boards of Austcorp Property Group (Austcorp) in May 2009
appointed BRI Ferrier as Voluntary Administrators to Austcorp
Group Limited, Austcorp Funds Management Limited, the responsible
entity of the Austcorp TOWERS Trust and Austcorp Towers Investment
Pty Limited as Trustee for Austcorp Investment Trust.

Austcorp said the appointment of the voluntary administrators is
due to the stressed economic conditions Austcorp is now facing
following the global credit crisis and overall recession.


CENTRO NP: Extends Consent Solicitation to October 15
-----------------------------------------------------
Centro NP LLC has extended the deadline for its previously
announced consent solicitation with respect to amendments to the
1995 indenture governing its outstanding 7.65%, 7.68% and 7.97%
senior notes due 2026 and its outstanding 6.90% senior notes due
2028.

The Consent Solicitation, previously scheduled to expire at 5:00
P.M. New York City Time on October 6, 2009, will now expire at the
earlier of (i) 5:00 P.M. New York City Time on October 15, 2009,
and (ii) 5:00 P.M. New York City Time on the date that the Company
has received valid consents sufficient to execute the Supplemental
Indenture.  The Company will make a public announcement of the
Effective Time at or prior to 9:00 A.M. New York City Time on the
next business day after the Effective Time.

The Company believes that the consent payment of $35 per $1,000
principal amount of Securities to consenting noteholders and the
ability to shorten the maturity by 12 to 14 years, combined,
offers tremendous value to those noteholders holding the
Securities.  Additionally, if the proposed amendments with respect
to the debt incurrence covenant are not adopted, once the Company
has ceased to experience the unusually large non-cash charges that
it has recently experienced, the Company would once again be able
to incur debt under the indenture without any amendment being
required.

As reported by the Troubled Company Reporter on September 23,
Centro NP commenced a consent solicitation with respect to
amendments to the 1995 indenture governing various senior notes
issued by the Company:

                                         Consent Fee
             Outstanding                 Per $1,000   Put Right
             Principal    Security       Principal    Repurchase
CUSIP No.   Amount       Description    Amount       Date
---------   -----------  -----------    -----------  ----------
64806Q AA2  US$10,000,000  7.97% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AD6  US$25,000,000  7.65% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AF1  US$10,000,000  7.68% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AG9  US$10,000,000  7.68% Senior    US$35.00     01/15/2014
                           Notes Due 2026

64806Q AK0  US$25,000,000  6.90% Senior    US$35.00     01/15/2014
                           Notes Due 2028

64806Q AL8  US$25,000,000  6.90% Senior    US$35.00     01/15/2014
                           Notes Due 2028

BofA Merrill Lynch is the Solicitation Agent for the Consent
Solicitation.  Questions regarding the Consent Solicitation may be
directed to BofA Merrill Lynch at (980) 388-4603 (collect) and
(888) 292-0070 (toll free).

As reported by the Troubled Company Reporter on September 10,
2009, Centro NP warned in an August 2009 regulatory filing it has
substantial short-term liquidity obligations consisting primarily
of short-term indebtedness, which it may be unable to refinance on
favorable terms or at all.  During the remaining six months of
2009, the Company has an aggregate of US$47.5 million of mortgage
debt, notes payable and credit facilities scheduled to mature and
US$13.9 million of scheduled mortgage amortization payments.

If principal payments on debt due at maturity cannot be
refinanced, extended or paid, the Company will be in default under
its debt obligations, and it may be forced to dispose of
properties on disadvantageous terms.  The defaults may in turn
cause cross defaults in certain of the Company's or its
affiliates' other debt obligations.

Centro NP also noted it is no longer permitted to make draws under
an Amended July 2007 Facility.  As a result, and because of the
restrictions imposed on the Company by the Amended July 2007
Facility, as well as its Super Bridge Loan, its Residual Credit
Facility and the Indentures, it may not be able to repay or
refinance short-term debt obligations that comes due.

The Company said there is substantial doubt about its ability to
continue as a going concern.  In addition, uncertainty also exists
due to the liquidity issues currently experienced by the Company's
parent and the ultimate parent investors, Centro Properties
Limited and Centro Property Trust.

According to the Company, the half yearly financial statements of
the Company's ultimate parents, Centro Properties Limited and
Centro Property Trust, which were filed with Australian regulatory
bodies on February 26, 2009, identified material uncertainty
(equivalent to substantial doubt) about those entities' ability to
continue as a going concern.

The Amended July 2007 Facility is a US$350.0 million revolving
credit facility with Bank of America N.A.

The Super Bridge Loan is a US$1.9 billion second amended and
restated loan agreement entered into by Super LLC with JPMorgan
Chase Bank, N.A., as administrative agent.

The Residual Credit Facility is a US$370.0 million credit facility
entered into by certain subsidiaries of Centro NP Residual Holding
LLC -- Residual Joint Venture -- with JPMorgan Chase Bank, N.A.,
as agent and lender.

The Indentures govern the unsecured senior notes issued by Centro
NP's predecessor, New Plan Excel Realty Trust, Inc.  U.S. Bank
Trust National Association is the trustee under the Indentures.

Centro NP said management is working with both its lenders and the
lenders of its affiliated entities, and also with management of
the ultimate parent investors of the Company, to access a number
of options that address the Company's ongoing liquidity issues.
Factors that may impact this include the current and future
condition of the credit market and the U.S. retail real estate
market.

The Company said the extension of certain debt facilities to
December 31, 2010, gives it more time to consider a range of
different plans to address its longer term liquidity issues and
potential funding from distributions from the Residual Joint
Venture and potential asset sales, among other things, should
provide the Company with the ability to pay its debts as and when
they become due and payable.

At June 30, 2009, the Company had US$3,434,106,000 in total
assets, including US$28,514,000 in cash and cash equivalents and
US$9,678,000 in marketable securities; against US$1,896,991,000 in
total liabilities and US$24,542,000 in redeemable non-controlling
interests in partnerships.

Centro NP's credit ratings are all below investment grade.
Standard & Poor's current rating is CCC+; outlook negative.
Fitch's current rating is CCC/RR4; rating watch negative.  Moody's
current rating is Caa2; negative outlook.

Centro NP LLC owns and develops community and neighborhood
shopping centers throughout the United States.  The Company was
formed in February 2007 to succeed the operations of New Plan
Excel Realty Trust, Inc.


CENTRO RETAIL: Repays US$36.3 Million Loan Facility
---------------------------------------------------
Centro Retail Trust said it has fully repaid the outstanding loan
balance for the Galileo America LLC facility related to the Centro
Shopping America Trust (CSF) portfolio.

As at June 30, 2009, CER's 95% share of the loan balance was
US$36.3 million which has been fully repaid utilizing a
combination of proceeds from assets sales and existing cash
reserves within CSF.

"The full repayment of this loan removes the remaining
restrictions that existed under this facility including the
ability for net proceeds from any future asset sales within CSF to
flow from CSF to CER," CER said in a statement.

CER said it has sold seven assets in the United States as since
July 2009.

The aggregate sale amount of the assets was US$97.8 million with
CER's share being US$93.4 million.  After payment of transaction
costs, net proceeds have been utilized for debt reduction
including repayment of secured property debt and the CSF facility

                        About Centro Retail

Centro Retail Trust is a pure property trust specializing in the
ownership of shopping centers.  CER owns retail property
investments in Australia and the U.S.  CER is an ASX-listed
property trust managed by Centro Properties Group.

                      About Centro Properties

Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres.  Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States.  Centro has
funds under management of US$24.9 billion.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings on
Centro Properties Group to 'CCC+' with negative implications
reflecting the potential of the group's assets to be sold in
softening market conditions, particularly in the U.S.

On Jan. 16, 2009, the TCR-AP reported that Centro Properties Group
obtained a three-year extension on its AU$3.9 billion of the
senior syndicated debt facility.  It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).


FERMISCAN HOLDINGS: Funding Talks Fail; Going Concern Doubt Raised
------------------------------------------------------------------
Fermiscan Holdings Ltd. could be forced to sell its business after
discussions with institutional investors to secure additional
equity failed and the ability of the company to continue as a
going concern was placed in doubt, The Sydney Morning Herald
reports.

The Herald relates that Fermiscan has informed the Australian
Securities Exchange that there could be no assurances that such a
sale or other strategic options could be successfully pursued and
brought to completion.

According to the report, the company had previously advised the
ASX that the ability of Fermiscan to continue as a going concern
and pay its debts as and when they fall due rested on a number of
factors including:

   -- gaining additional funding;
   -- commercialization of its breast cancer test;
   -- reduction in the overall cost of the business;
   -- the profitable license of its technologies; and
   -- the sale of its Sydney Breast Clinic, which has
      subsequently been sold.

Fermiscan, which is seeking to commercialize a non-invasive and
simple breast cancer screening test for women, has reported a half
year loss of AU$5 million, the Herald notes.

Based in Sydney, Australia, Fermiscan Holdings Limited (ASX:FER)--
http://www.fermiscan.com.au/-- is engaged in commercializing a
non-invasive diagnostic test for the detection of breast cancer.
The Company's Fermiscan Test uses hair as the biological sample
and is a human screening test that utilises synchrotron X-ray
diffraction technology. The Fermiscan Test relies on testing
samples of the patient's hair, rather than direct imaging of the
breast. The validation trial conducted during the year ended
December 31, 2008, demonstrated a high level of overall accuracy.
In general the trial showed that the test performed better in
younger women. The results from the validation trial showed that
if a patient has a negative Fermiscan Test result then there is a
99% chance they do not have breast cancer. If the patient's hair
X-ray diffraction pattern was abnormal (shows a ring) then there
is a 5% chance that they are positive for breast cancer.


TIMBERCORP LTD: Growers to Outbid Olam for Almond Projects
----------------------------------------------------------
Leslie White at the Weekly Times reports that Timbercorp Ltd
investors are attempting to outbid a AU$128 million offer for the
company's almond projects by Singaporean-based firm Olam
International.

The report says Timbercorp Growers Group -- made up of investors
in the failed managed investment scheme company -- has announced
it will approach KordaMentha with an offer of AU$200 million.

As part of the offer, says the Times, TGG also wants a parcel of
Select Harvests Ltd shares and a shareholding in Timbercorp
Primary Infrastructure Fund.

As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, The Sydney Morning Herald said Timbercorp
Limited's almond plantations have been sold to Olam International
for AU$128 million.

The sale involves 8,096 hectares of almond groves near the Murray
River around Robinvale in north-west Victoria, and represents
about 30% of the Australian almond crop.  It also includes 40,825
megalitres of water rights.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects.  The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators.  "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.

On June 29, 2009, the creditors voted unanimously to wind up
the 41 companies in the Timbercorp Group and put them into
liquidation.


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


CHINA CONSTRUCTION: Former Employee Sues for False Accusations
--------------------------------------------------------------
David Glovin at Bloomberg News reports that China Construction
Bank Corp. was sued by a former loan manager who claims he was
tortured by police in 1993 after being fired for reporting what he
called illegal activity.

According to Bloomberg, Liu Bo Shan, in his complaint filed on
October 8, said the bank knew he would be tortured by authorities
after it fired him.  Bloomberg notes Mr. Bo Shan, who said he was
granted political asylum in the U.S. in 1997, said the bank
falsely accused him of having sex with a prostitute and had him
arrested after he reported that a bank manager had issued false
bank deposit certificates.

Bloomberg relates Mr. Bo Shan sued the Beijing-based bank under
the Alien Tort Claims Act, a 200-year-old law that lets U.S.
courts hear suits by non- citizens claiming violations of
international law.  The suit, according to Bloomberg, seeks
unspecified compensation and punitive damages.

                    About China Construction Bank

China Construction Bank Corporation (HKG:0939) --
http://www.ccb.com/-- operates in three business segments:
corporate banking, personal banking and treasury business.  Its
corporate banking products and services include corporate loans,
trade financing, deposit taking activities, agency services,
consulting and advisory services, cash management services,
remittance and settlement services, custody services, and
guarantee services.  The Company's personal banking products and
services comprise personal loans, deposit taking activities, card
business, personal wealth management services, remittance services
and securities agency services.  The Bank operates principally in
Mainland China with branches located in 31 provinces, autonomous
regions and municipalities directly under the central government,
and two subsidiaries located in the Bohai Rim.  It also has bank
branch operations in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, and subsidiaries operating in
Hong Kong.

                         *     *     *

China Construction Bank continues to carry Moody's Investors
Service's 'D-' bank financial strength rating.  Moody's Bank
Financial Strength Ratings represent Moody's opinion of a bank's
intrinsic safety and soundness and, as such, exclude certain
external credit risks and credit support elements that are
addressed by Moody's Bank Deposit Ratings.


KIWA BIO-TECH: CEO Wei Li Receives US$75,000 Salary for 2008
------------------------------------------------------------
Kiwa Bio-Tech Products Group Corporation's Chief Executive Officer
Wei Li received a US$75,000 salary in 2008, according to a
regulatory filing by the Company with the Securities and Exchange
Commission.  The CEO was also paid US$75,000 for 2007.

Chief Financial Officer Lianjun Luo received a US$48,000 salary in
2008.  In 2007, the CFO received a US$60,000 salary, which
included US$12,000 in Non-Equity Incentive Plan Compensation.

The Company said it had no officers or directors whose total
annual salary and bonus during either 2008 or 2007 exceeded
US$100,000.

Headquartered in Claremont, California, Kiwa Bio-Tech Products
Group Corporation (OTC BB: KWBT.OB) -- http://www.kiwabiotech.com/
-- develops, manufactures, distributes and markets bio-
technological products for agricultural and natural resources and
environmental conservation.  The Company has established two
subsidiaries in China: (1) Kiwa Shandong in 2002, a wholly owned
subsidiary, and (2) Kiwa Tianjin in July 2006, of which the
company holds 80% equity.

                       Going Concern Doubt

On March 6, 2009, Mao & Company, CPAs, Inc., in New York City
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
results for periods ended December 31, 2008, and 2007.  The
auditors pointed that the Company has suffered recurring losses
from operations, has debts maturing in 2009 and has a working
capital deficit and a net capital deficiency as of December 31,
2008.


KIWA BIO-TECH: No Schedule Yet for Annual Stockholders' Meeting
---------------------------------------------------------------
Kiwa Bio-Tech Products Group Corporation will hold its Annual
Meeting of the Stockholders on [_______] [___], 2009, at 10:00
a.m. local time at the Company's executive office located at Room
1702, Building A, Beijing Global Trade Center, 36 North Third Ring
Road East, Dongcheng District, Beijing, People's Republic of
China.

The purpose of the annual meeting is to consider and vote upon
each of these proposals:

     1. elect five nominees as nominated by the Board of Directors
        to serve a one-year term on the Board of Directors set to
        expire at the 2010 annual meeting of stockholders and
        until their respective successors are elected and
        qualified;

     2. ratify the selection and appointment of AGCA, Inc., as the
        Company's independent auditors for the fiscal year ending
        December 31, 2009;

     3. approve an amendment to our certificate of incorporation
        to increase the number of authorized shares of the
        Company's common stock from 400,000,000 to 800,000,000
        shares; and

     4. transact other business as may properly come before the
        meeting or any adjournment thereof.

Only stockholders of record at the close of business on August 24,
2009, will be entitled to notice of, and to vote at, the annual
meeting and any adjournments thereof.

A full-text copy of the proxy statement is available at no charge
at http://ResearchArchives.com/t/s?46a6

On September 25, the Company filed with the Securities and
Exchange Commission Amendment No. 1:

     -- on Form 10-Q/A to its Quarterly Report on Form 10-Q for
        the period ended June 30, 2009

        See http://ResearchArchives.com/t/s?46a7

     -- on Form 10-Q/A to its Quarterly Report on Form 10-Q for
        the period ended March 31, 2009

        See http://ResearchArchives.com/t/s?46a8

     -- on Form 10-K/A to its Quarterly Report on Form 10-K for
        the year ended December 31, 2008

        See http://ResearchArchives.com/t/s?46a9

The Company filed Amendment No. 1 to amend Item 4 “Controls and
Procedures”.

At June 30, 2009, the Company's balance sheet showed total assets
of US$4.98 million and total liabilities of US$10.61 million,
resulting to a stockholders' deficit of US$5.63 million.

For three months ended June 30, 2009, the Company posted a net
loss of US$601,219 compared with a net loss of US$640,744 for the
same period in 2008.

For six months ended June 30, 2009, the Company posted a net loss
of US$1.44 million compared with a net loss of US$1.34 million for
the same period in 2008.

Headquartered in Claremont, California, Kiwa Bio-Tech Products
Group Corporation (OTC BB: KWBT.OB) -- http://www.kiwabiotech.com/
-- develops, manufactures, distributes and markets bio-
technological products for agricultural and natural resources and
environmental conservation.  The Company has established two
subsidiaries in China: (1) Kiwa Shandong in 2002, a wholly owned
subsidiary, and (2) Kiwa Tianjin in July 2006, of which the
company holds 80% equity.

                       Going Concern Doubt

On March 6, 2009, Mao & Company, CPAs, Inc., in New York City
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
results for periods ended December 31, 2008, and 2007.  The
auditors pointed that the Company has suffered recurring losses
from operations, has debts maturing in 2009 and has a working
capital deficit and a net capital deficiency as of December 31,
2008.


LUMENA RESOURCES: Moody's Assigns 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating to Lumena Resources Corp.  At the same
time, Moody's has assigned a provisional (P)B1 rating to the
proposed senior unsecured notes to be issued by Lumena.  The
outlook on both ratings is stable.

This is the first time that Moody's has assigned ratings to
Lumena.

Moody's expects to remove the provisional status of the ratings
and assign final B1 ratings when the bond transaction completes as
planned.  If the issuance fails to proceed, then the corporate
family rating would be lowered in view of its refinancing risk and
weak liquidity profile.

Lumena intends to apply the proceeds from the issuance to
refinancing and business expansion.

"Lumena's (P)B1 ratings reflect its position as a small player --
with a single product -- in the broad chemicals market; at the
same time, this situation is balanced by its role as a leading
producer of thenardite, or anhydrous sodium sulphate, in China,"
says Elizabeth Allen, a Moody's Vice President.  "It also holds
quality reserves in Sichuan Province."

"A key supporting factor for the ratings is Lumena's high profit
margin of around 70%, a level established in 2008 when it expanded
production from basic powder thenardite to higher-grade specialty
and medical thenardite," says Ms. Allen.  "This high profit margin
is a reflection of the relatively low costs of its mining rights,
technology know-how and production operations, as well as the
significantly higher prices commanded by the high grade products."

"On the other hand, the sustainability of such high margins is
uncertain as price and demand for these products could fluctuate,
given the lack of long-term price trends for some of its products
and the significant capacity expansion planned by the company,"
says Ms. Allen.

Moody's expects Lumena's projected Debt/EBITDA to be under 3x and
such a financial profile is strong for its rating level.  However,
the sustainability this profile over the medium term is uncertain.

Moody's considers that its future financial profile will be driven
by the degree of prudence that management exercises in new mine
investments, the speed of capacity and product expansion, as well
as the level of dividend payments.

The rating is further constrained by the company's limited track
record -- in its current scale and operating mode -- and its plan
for aggressive growth.  In addition, Moody's notes that Lumena
only listed in June 2009 and as such it has yet to establish a
track record in corporate governance and financial prudence.

Lumena has a weak liquidity profile due to the lack of alternative
banking facilities, but this situation is offset by its fairly low
near-term refinancing needs after the bond issuance

The ratings outlook is stable on the expectation that the
company's financial profile has enough buffer to withstand a
potential market downturn and its high profit margins allow it to
absorb a certain degree of price and demand volatility.

An upgrade in the rating in the near term is unlikely, given
Lumena's relatively short track record as discussed above.

Upward rating pressure could emerge over time if it 1) maintains
its sound financial profile as it goes through its investment
cycle; 2) sustains its high profit margins with existing and new
products; and 3) strengthens its balance sheet and/or back-up
liquidity arrangements.

On the other hand, downward rating pressure could emerge if 1)
there is a material decline in profitability and cash flow
generation; 2) it carries out higher-than-expected debt-funded
investments and capex; 3) evidence shows cash leakage to major
shareholders or related parties; and 4) its liquidity profile
weakens, including cash balance and/or committed liquidity lines
failing to cover funding needs on a rolling 12-month basis.
Credit metrics that Moody's would consider for a rating downgrade
include Debt/EBITDA exceeding 3.5x and EBITDA interest coverage
falling below 4x.

Lumena mines, processes and manufactures natural thenardite
products.  Thenardite is also known as anhydrous sodium sulphate,
a basic chemical.  It operates two mines and processing facilities
in Sichuan Province in China with annual production capacity of
around 1.6 million tonnes.  It listed on the Hong Kong Stock
Exchange in June 2009.


LUMENA RESOURCES: S&P Assigns 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to China-based thenardite
producer Lumena Resources Corp. The outlook is stable.  At the
same time, Standard & Poor's assigned its 'BB-' issue rating to
the company's proposed issue of a senior unsecured offshore bond.

The ratings are subject to Standard & Poor's review of final
documentation for the bond issuance, including the usage, tenor,
and total amount.  The ratings take into account that a
substantial portion of the proposed debt will be used for
refinancing purposes.  The ratings on the company and on its debt
will be subject to review for a possible downgrade if any changes
in the proposed debt structure or usage of proceeds lead to a
substantial change in the company's financial or risk profile
(such as a leverage ratio of more than 50%-55%).

"The rating on Lumena reflects small niche market for the
company's thenardite products, the company's high exposure to
technology risks, and its customer concentration.  These
weaknesses are tempered by Lumena's leading market position, low
cost profile, and good resource base," said Standard & Poor's
credit analyst Judy Kwok-Cheung.

The rating is constrained because thenardite -- a mineral powder
-- constitutes a small niche market, with mostly low-end uses
(such as detergent production), which could lead to volatility in
its currently high profit margin.  Lumena's strategy is to develop
high-end uses for the product that generate significantly higher
margins, such as medical-grade thenardite.

Lumena's leading market position could come under threat over the
medium term as low technological barriers may enable more
competitors -- including new entrants -- to also produce higher-
margin specialty thenardite products.  As a result, S&P believes
the company may not be able to sustain its currently superior
profit margin (its EBITDA margin was about 70% in the first half
of 2009), and that may lead to greater volatility for its credit
metrics.

The small niche market and the intermediate feedstock nature of
thenardite have resulted in relatively high customer
concentration.  Nevertheless, Lumena's first-mover advantage and
competitive cost base have also aided customer retention.

Lumena's status as the leading thenardite producer in China and
second-largest in world is a major supporting rating factor.  The
company has a domestic market share of about 23% and a global
market share of about 11%.  In addition, Lumena has a major
competitive advantage in being the only company certified to
produce medical-grade thenardite in China.  This is an effective
barrier against competitors gaining traction in the medical
segment of the market over the medium term.

The company has good quality resources with high thenardite
content, and this reduces production costs.  It also enables the
company to manufacture products with a sufficiently high level of
purity required for high value-added and medical-grade products.
Competitors with lower quality resources will find it difficult to
compete with Lumena in the specialty product segment.

The stable outlook reflects S&P's expectation that Lumena's profit
margin could be volatile, albeit high, as a result of the
company's limited track record in a high-growth, evolving market
environment.   S&P may raise the rating should the company
successfully develop new products that support the sustainability
of its currently high EBITDA margin, and at the same time
maintains its leverage at a manageable level.  This includes the
company adhering to its currently intended conservative financial
policy.


RADIENT PHARMACEUTICALS: To Deconsolidate JPI Venture in China
--------------------------------------------------------------
Radient Pharmaceuticals Corporation reports that during the second
quarter of 2009, its management became aware of internal
management disputes in China that resulted in a deterioration of
both operational and financial controls by JPI's management over
the operating entity JJB.

"We are in the process of reclassifying our China pharmaceutical
manufacturing and distribution business operations JJB, which is
conducted through JPI) as a business investment, rather than a
consolidated operating subsidiary of our Company, based on the
nature of the current relationship," Radient Pharmaceuticals said.

"On September 29, 2009, upon the Board's approval, we entered into
a binding agreement among and with Mr. Henry Jia, Mr. Frank Zheng,
Mr. Yuan Da Xia -- China Shareholders -- which detailed the rights
and duties of the parties and outlined the Company's limited role
in JPI's future operations and JPI's plan to raise money and
become a public company on a Chinese Exchange. Pursuant to the
Agreement, we are obligated to complete various agreements with
the China Shareholders relating to the plan for the
deconsolidation, including agreements that will reduce our
interest in JPI/JJB to a minority ownership interest."

The Agreement contemplates:

     -- Debt Conversion Agreement with the China Shareholders to
        convert certain accrued salaries and expenses currently
        owed to the China Shareholders into shares of JPI at a
        pre-conversion valuation of US$28 million for JPI;

     -- Share Exchange Agreement for the exchange of certain
        shares of the Company's stock currently held by the China
        Shareholders or their affiliates for stock of JPI at a
        pre-conversion valuation of US$28 million for JPI, subject
        to an independent valuation;

     -- Debt Conversion Agreement between the Company and JPI to
        restructure certain debts of JPI/JJB that are owed to the
        Company; and

     -- JPI will agree to use its best efforts to complete an IPO
        on the Shenzhen Stock Exchange, Hong Kong Stock Exchange,
        Shanghai Stock Exchange or a similar exchange by September
        30, 2012.

The parties will use their best efforts to complete the plan of
Deconsolidation in accordance with this timeline:

     October 2009         Entry into Definitive Agreements between
                          JPI, ADL and the China Shareholders.

     October 2009         Completion and approval of Equity
                          Incentive Plan for JPI.

     October 2009         Complete independent valuation of JPI.

     November -           Commence and close private placement of
     December 2009        JPI stock.

     Prior to             Complete IPO of JPI stock on Shenzhen,
     September 30, 2012   Hong Kong, Shanghai or similar stock
                          exchange.

Despite the loss of control and deconsolidation of JPI, the
Company still believes JPI has a promising future.  Yet, the
deconsolidation process of JPI and JJB is anticipated to
materially and adversely affect the Company's 2009 earnings and
sales.  The Company may record a loss excluding one-time charges
from the deconsolidation of JPI and JJB of a yet to be determined
amount.  In addition, there can be no assurance that the Company
will ever realize any significant value from its interest in JPI
and JJB.

A full-text copy of the Deconsolidation Agreement is available at
no charge at http://ResearchArchives.com/t/s?4652

                   Going Concern Qualification

On April 15, 2009, AMDL filed with the SEC an Annual Report on
Form 10-K in which included an audit opinion with a "going
concern" explanatory paragraph which expresses doubt, based upon
current financial resources, as to whether AMDL can meet its
continuing obligations without access to additional working
capital.  The Company intends to raise additional capital and
pursue expense reductions to ensure its ongoing financial
viability.  This disclosure is in compliance with the NYSE
Alternext US Company Guide Rule 610(b) requiring a public
announcement of the receipt of an audit opinion that contains a
going concern qualification and does not reflect any change or
amendment to the consolidated financial statements as filed.
Further information regarding the going concern qualification is
contained in AMDL's Annual Report on Form 10-K for the year ended
December 31, 2008.

                   About Radient Pharmaceuticals

Headquartered in Tustin, CA with operations in China, Radient
Pharmaceuticals, fka AMDL Inc., along with its subsidiary, JPI, is
a pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, pharmaceutical,
nutritional supplement, and cosmetic products.  The Company
employs over 510 people in the U.S. and China.

The Company had assets of $35,240,702 against debts of $7,727,742
as of June 30, 2009.


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


ASIA COLD: Eddie Man King Chi Appointed as Liquidator
-----------------------------------------------------
Eddie Man King Chi on September 26, 2009, was appointed as
liquidator of The Asia Cold Storage Company Limited.

The liquidator may be reached at:

         Eddie Man King Chi
         Amber commercial Building, 13th Floor
         70 Morrison Hill Road
         Hong Kong


ASM INTERNATIONAL: Commences Wind-Up Proceedings
------------------------------------------------
Members of ASM International Limited on September 28, 2009, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Li Wai See
         China Insurance Group Building
         Units 2601-2, 26/F
         141 Des Voeux Road
         Central, Hong Kong


ELI LILLY FUNDING: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------------
Creditors of Eli Lilly Funding Limited are required to file their
proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


DB ZWIRN ASIA: Creditors' Proofs of Debt Due on October 30
----------------------------------------------------------
Creditors of D.B. Zwirn Asia Partners Limited are required to file
their proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 2, 2009.

The company's liquidators are:

         Chan Mi Har
         Ying Hing Chiu
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


HK PROFESSIONAL ARTS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Hong Kong Professional Arts Supplies Limited on
September 28, 2009, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Li Wai See
         China Insurance Group Building
         Units 2601-2, 26/F
         141 Des Voeux Road
         Central, Hong Kong


HONG KONG PYROSTORAGE: Creditors' Proofs of Debt Due on Nov. 12
---------------------------------------------------------------
Creditors of Hong Kong Pyrostorage Company Limited are required to
file their proofs of debt by November 12, 2009, to be included in
the company's dividend distribution.

The company's liquidator is:

         Shum Sui On
         Ritz Plaza, Suite B, 12/F
         122 Austin Road
         Tsimshatsui
         Kowloon, Hong Kong


HORSE TRADING: Creditors' Proofs of Debt Due on Nov. 13
-------------------------------------------------------
Creditors of Horse Trading Limited are required to file their
proofs of debt by November 13, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidator is:

         Chan Sek Kwan Rays
         Seabright Plaza, Unit F, 12/F
         9-23 Shell, North Point
         Hong Kong


ICHIYOSHI INTERNATIONAL: Members' Final Meeting Set for Nov. 9
--------------------------------------------------------------
Members of Ichiyoshi International (H.K.) Limited will hold their
final general meeting on November 9, 2009, at 10:00 a.m., at One
Island East, 62/F, 18 Westlands Road, Island East in Hong Kong.

At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


GREATING E & E: Kin and Tong Step Down as Liquidators
-----------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of
Greating E & E Transport International Company Limited on
October 9, 2009.


GOLDEN HILL: Kin and Tong Step Down as Liquidators
--------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of
Golden Hill Morning Walkers Limited on October 9, 2009.


LILLY HK FINANCE I: Creditors' Proofs of Debt Due on October 30
---------------------------------------------------------------
Creditors of Lilly HK Finance I Limited are required to file their
proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


LILLY HK FINANCE II: Creditors' Proofs of Debt Due on October 30
----------------------------------------------------------------
Creditors of Lilly HK Finance II Limited are required to file
their proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 28, 2009.

The company's liquidators are:

         Ying Hing Chiu
         Chan Mi Har
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


MORGAN - CHINA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Morgan - China Limited on September 30, 2009, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark,
         15 Queen's Road
         Central, Hong Kong


MINDCHAMPS (HONG KONG): Briscoe and Meng Appointed as Liquidators
-----------------------------------------------------------------
Stephen Briscoe and Wong Teck Meng on September 29, 2009, were
appointed as liquidators of Mindchamps (Hong Kong) Limited.

The company's liquidator is:

         Wong Teck Meng
         1801 Wing On House, 18F,
         71 Des Voeux Road
         Central, Hong Kong


MCKENNA SERVICES: Yan and Haughey Step Down as Liquidators
----------------------------------------------------------
Lai Kar Yan and Darach E. Haughey stepped down as liquidators of
Mckenna Services Limited on September 29, 2009.


NORITAKE HONG KONG: Seng and Lo Appointed as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo on September 30, 2009, were
appointed as liquidators of Noritake Hong Kong Limited.

The company's liquidators are:

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


TMT FINANCIAL: John Robert and Mat Ng Step Down as Liquidators
--------------------------------------------------------------
John Robert and Mat Ng stepped down as liquidators of TMT
Financial Services Limited on September 29, 2009.


TOPFLY CORPORATION: Creditors' Proofs of Debt Due on Nov. 5
-----------------------------------------------------------
Creditors of Topfly Corporation Limited are required to file their
proofs of debt by November 5, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on October 5, 2009.

The company's liquidator is:

         IE Ru Sin
         Kornhill, Room 2812, Block C
         Quarry Bay, Hong Kong


TOTTORI SANYO: Lam and Boswell Appointed as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell on
September 30, 2009, were appointed as liquidators of Tottori Sanyo
Electric (Hong Kong) Limited.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Rrince's Building, 22nd Floor
         Central, Hong Kong


WINZEN KNITWEAR: Creditors' Proofs of Debt Due on Nov. 9
--------------------------------------------------------
Creditors of Winzen Knitwear Limited are required to file their
proofs of debt by November 9, 2009, to be included in the
company's dividend distribution.

The company's liquidator is:

         Lam Ying Sui
         Allied Kajima Bldg., 10/F
         138 Gloucester Road
         Tsimshatsui
         Wanchai, Hong Kong


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


ADVATECH CERA: Delay on Loan Repayment Cues CRISIL 'D' Ratings
--------------------------------------------------------------
CRISIL has assigned ratings of 'D/P5' to the bank facilities of
Advatech Cera Tiles Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR60.0 Million Cash Credit Limit   D (Assigned)
   INR51.9 Million Term Loan           D(Assigned)
   INR7.0 Million Bank Guarantee       P5 (Assigned)

The ratings reflect delay by ACTL on repayment of its term loan
obligations, owing to weak liquidity.

Set up in 2004, ACTL manufactures ceramic glaze tiles of
specifications 24 × 24 inch and 20 × 20 inch, with more than 45
designs and sells its tiles under the brand name of 'Alaska'.  The
company has an installed capacity to manufacture 9000 square
meters of tiles per day.

ACTL has reported a net loss of INR0.8 million on net sales of
INR255.3 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR7.5 million on net sales of
INR158.7 million for 2007-08.


GM EXPORTS: CRISIL Puts 'BB+' Rating on INR80MM Cash Credit Limit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of GM Exports.

   Facilities                         Ratings
   ----------                         -------
   INR80.0 Million Cash Credit Limit  BB+/Stable (Assigned)
   INR10.0 Million Letter of Credit   P4+ (Assigned)
   INR30.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect GM's weak financial risk profile, and low
financial flexibility, and exposure to risks relating to customer
concentration in revenue profile, and intense competition from
distributors of Reliance Industries Ltd (RIL).  These weaknesses
are, however, partially offset by the firm's healthy track record
as distributor of Gail India Ltd (GAIL) in Gujarat and the
benefits that the firm derives from its comfortable risk
management policies.

Outlook: Stable

CRISIL believes that GM will maintain a stable credit risk profile
over the medium term, on the back of sound working capital
management practices. However, the firm's financial risk profile
may remain constrained by low net worth and weak debt protection
measures.  The outlook may be revised to 'Positive' if the firm's
capital base and capital structure, improve considerably, leading
stronger debt protection measures.  Conversely, the outlook may be
revised to 'Negative' if withdrawals of capital by partners, or
adverse movements in interest rates affect the spreads available
to the firm.

                         About GM Exports

Set up in 1995 as a partnership firm, by Mr. Rajesh R Makwana and
Mr. Chirag R Makwana, GM is a del credere agent and consignee
stockist of GAIL for polymer products like linear low-density poly
ethylene (LLDPE) and high-density polypropylene (HDPE) for
Gujarat.  As a del credere agent and consignee stockist, GM
Exports had a total value turnover of nearly INR1.70 billion and
volume turnover of 22000 tonnes in 2008-09.

GM is expected to report a book profit of INR0.5 million on net
sales of INR42.9 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a profit before tax of INR0.5
million on net sales of INR44.3 million for 2007-08.


GUJARAT ECO: CRISIL Downgrades Rating on INR550MM Term Loan to 'D'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gujarat Eco Textile Park Limited to 'D/P5' from 'BB-/Negative/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR 550.0 Million Rupee Term Loan  D (Downgraded from
                                         'BB-/Negative')
   INR 10.0 Million Bank Guarantee    P5 (Downgraded from 'P4')

The ratings reflect delays by GETPL in repayment of term loan
obligations owing to weak liquidity.

Gujarat Eco Textile Park Limited, incorporated in October 2005, is
a special-purpose vehicle (SPV) promoted by the Luthra group of
companies to set up a textile park near Surat.  The SPV was set up
under the Scheme for Integrated Textile Parks (SITP), supported by
the Ministry of Textiles, Government of India, and was among the
first textile parks to be approved under SITP.  The park will
provide common infrastructure facilities such as Common Effluent
Treatment Plants (CETP) for treating hazardous and non-hazardous
effluents discharged from process units, and natural-gas based
captive power plants (CPP) to supply power required by the textile
units.


HARI UDYOG: CRISIL Assigns 'BB-' on Rs.20 Mln Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Hari Udyog Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR50 Million Cash Credit Limits   BB-/Stable (Assigned)
   INR20 Million Term Loan            BB-/Stable (Assigned)
   INR10 Million Letter of Credit*    P4+ (Assigned)
   INR5 Million Bank Guarantee*       P4+ (Assigned)

   *100% interchangeable

The ratings reflect HUPL's exposures to risks relating to small
scale of operations, intense competition in the polyvinyl chloride
(PVC) pipes industry, and to volatility in the prices of raw
materials.  These weaknesses are, however, partially offset by
HUPL's average presence in Orissa, and the benefits that the
company derives from its diversified end-user segment.

Outlook: Stable

CRISIL believes that HUPL will maintain a stable business risk
profile on the back of the promoters' experience and average
market presence in Orissa.  The outlook may be revised to
'Positive' if the company's revenues and profitability increase,
or its net worth improves through equity infusions.  Conversely,
the outlook may be revised to 'Negative' if the company's profit
margins decline, or it undertakes large, debt-funded capital
expenditure.

                         About Hari Udyog

Set up in 2006 in by Mr. Himanshu Kumar Das and his son, Mr.
Sangram Kumar Das, HUPL manufactures PVC pipes, and high-density
poly ethylene (HDPE) The company also manufactures pipe fittings,
hand pumps and water storage tanks.  The company has a
manufacturing capacity of 2448 tonnes per shift.  The pipes
produced range from 0.5 inches to 12 inches in diameter.

HUPL estimated a profit after tax (PAT) of INR10 million on net
sales of INR355 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
sales of INR204 million for 2007-08.


IG PETROCHEMICALS: ICRA Reaffirms 'LBB+' Ratings on LT Bank Debts
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of LBB+ assigned to the
INR285 million term loans and INR80 million fund based limits of
IG Petrochemicals Limited.  ICRA has also reaffirmed the short-
term rating of A4+ to the INR600 million non-fund based limits.

The ratings are constrained by the risks associated with cyclical
nature of business, vulnerability of the profitability to
volatility in the spread between Phthalic Anhydride (PAN) and
O-Xylene (OX) which had sharply deteriorated during 2008-09 and
significant import competition.

The ratings are further constrained by IGPL's track record of past
defaults and its large contingent liabilities.  However the
ratings continue to factor IGPL's moderate cost competitiveness in
manufacturing PAN being drawn from scale advantages, competitive
conversion cost, proximity to domestic end users and partial
hedging of commodity price risks by the company via formula-linked
contract sales. Steady recovery in domestic demand for PAN from
the user segments since the fall in third quarter of 2008-09,
company's conversion from 100% Export Oriented Unit (EOU) to
domestic unit in November 2008 and provision of safeguard duty on
imports of PAN thereafter, have favorably impacted the company as
reflected in improvement in spread (PAN-OX) in the last two
quarters. However ICRA notes that extent of sustenance of such
improvement in the company's financial performance remains to be
seen, given the fact that safeguard duty is applicable only till
end of December 2009 and thereafter, company will be exposed to
import competition.

                      About IG Petrochemicals

IG Petrochemicals Limited is the largest PAN player in India and
among the top five globally in terms of installed capacity.  The
company was incorporated in 1988 and commenced operations in 1993
with an installed capacity of 45,000 tonnes per annum (TPA) at
Taloja. It expanded its capacity in 1997 to 60,000 TPA by
debottlenecking and further to 110,000 TPA by installing a second
reactor of 50,000 TPA in 2000.  Mr. Nikunj Dhanuka is the Managing
Director of the company. IGPL was a 100% EOU and has converted
into a Domestic Unit w.e.f. Novemebr 6, 2008, in order to increase
focus on the domestic market, which has also resulted in change in
the business mix for the company.  The company procures nearly 65%
of its feedstock (OX) from Reliance Industries Limited (RIL),
while the rest is imported.  About 58% of the shareholding of the
company is held by the promoters, while 17% is held by private
corporate bodies and about 23% with the Indian Public.

During FY 2008-09, company reported operating income of INR5565
million and PAT of INR13.30 million. During the first quarter of
FY 2009-10, company reported operating income of INR1458 million
and PAT of INR82.40 million.


MAGPPIE INTERNATIONAL: ICRA Assigns 'LBB' on Various Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR150 million fund based
limits and INR140 million term loan of Magppie International
Limited.  ICRA has also assigned A4 rating to the INR170 million
non-fund based limits MIL.

The ratings take into account significant experience of the
promoters in stainless steel industry, MIL's established brand
name in the stainless steel kitchenware products and its strong
presence in the export market.  The ratings are however
constrained by competitive nature of stainless steel kitchenware
industry; susceptibility of MIL's profitability to adverse
movements in raw material prices and exchange rates and adverse
financial profile of the company as reflected by its low
profitability (company reported losses of around INR40 million in
FY2009) and its relatively high gearing level of 3.58 times as on
March 31, 2009.  Further, the ratings also take into account
stressed liquidity position of the company as reflected by recent
debt restructuring undertaken by MIL.


MITTAL CORP: ICRA Assigns 'LBB+' Rating on INR275MM Term Loans
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR275.0 million term
loans and INR400.0 million long term fund based facility of Mittal
Corp. Limited.  ICRA has also assigned an A4+ rating to the
INR480.0 million short term non fund based facilities of MCL.

The ratings take into account the long experience of the promoters
in the steel industry, their demonstrated support to this venture
and the locational advantage of MCL arising out of proximity to
both raw material sources as well as key markets.  The ratings,
however, are constrained by the competitive and cyclical nature of
the stainless steel industry; MCL's relatively high gearing level
of 1.48 times as of March 31, 2009, and its negative fund flow
from operations which affected its debt coverage indicators.

Mittal Corp Limited is a closely held public limited company,
engaged in the manufacture of stainless steel. MCL has a
manufacturing facility at Pitampur, Indore having billets
production capacity of 90,000 TPA.  The company was incorporated
in July, 1985 as Jewels Steels Limited and was renamed as Jewels
Seamless Limited in August, 1995.  The current promoters acquired
the company in 2003 and the and thereafter changed its name to
Mittal Corp Limited in December 2008.

For the financial year ending March 31, 2009, the company reported
an operating income of INR2816.8 million and a net profit of
INR73.3 million as compared to an operating income of INR1226.4
million in FY 2008 and a net profit of INR54.5 million in the same
period.


PBA INFRASTRUCTURE: CRISIL Cuts Ratings on Various Debts to 'D/P5'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of PBA
Infrastructure Ltd to 'D/P5' from 'BBB-/Stable/P3'.

   Facilities                        Ratings
   ----------                        -------
   INR151.0 Million Cash Credit      D (Downgraded from
                                      'BBB-/Stable')
   INR400.0 Million Overdraft/       P5 (Downgraded from 'P3')
              Bill Discounting

   INR3000.0 Million Bank Guarantee  P5 (Downgraded from 'P3')
   INR350.0 Million Term Loan        D (Assigned)

The ratings reflect delay by PBA in servicing its term loan
obligations.  The delays were caused by weak liquidity, resulting
from delay in realization of receivables from key clients. The
company's liquidity position is expected to ease out in the near
term on the realization of the dues.

PBA undertakes civil engineering projects in the infrastructure
segment, primarily in the construction of roads, highways, and
runways. It is registered with the Public Works Department (PWD),
Government of Maharashtra (GoM), as a Class-1A contractor, and
with the Municipal Corporation of Greater Mumbai as a Class-AA
contractor in the civil division. The company is ISO 9001:2000-
certified for the construction of bridges and roads. PBA's clients
include National Highway Authority of India, GoM, Government of
Jammu and Kashmir, Airports Authority of India, Jawaharlal Nehru
Port Trust, City and Industrial Development Corporation, Mumbai
Metropolitan Region Development Authority, Maharashtra State Road
Development Corporation, and Military Engineering Services.

Set up in 1974 by Mr. Roshanlal Melaram Wadhawan, PBA (formerly,
Prakash Building Associates Pvt Ltd) converted to a public limited
company in 1987, with an initial public offering of INR300 million
in 2005–06 (refers to financial year, April 1 to March 31), and
was listed on the Bombay Stock Exchange and National Stock
Exchange.

For 2008-09, PBA reported a profit after tax (PAT) of INR104.7
million on net sales of INR3502.4 million, as against a PAT of
INR149.6 million on net sales of INR3701.9 million for 2007-08.


SARAF CHEMICAL: Fitch Assigns 'B+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Saraf Chemical Company Limited
a National Long-term rating of 'B+(ind)' with a Stable Outlook.
Also, the agency has assigned 'B+(ind)' ratings to Sarex's long
term loans of INR455.6m and fund based credit facilities of
INR135m, and a rating of 'F4(ind)' to its non-fund based
facilities of INR70.3m.

The ratings primarily reflect Sarex's relatively small scale of
operations, limited financial flexibility and substantial
liquidity pressure during the current year driven by its large
repayments.  The company is exposed to the cyclicality of the
textile sector as it draws majority of its revenue from textile
auxiliary chemicals and dispersed dyes.  Sarex, in FY09, incurred
a capital expenditure to increase its fine chemicals business;
Fitch notes however that the benefits have started to accrue only
marginally.

The ratings are further constrained by the domestic competition in
the textile and fine chemicals industries.  Fitch expects Sarex's
margins to remain broadly at current levels, which will be largely
supported by the expected stable demand growth in the chemicals
segment.  However, any material adverse movement in prices of
auxiliary and fine chemicals can have substantial adverse impact
on the margins, and could consequently put downward pressure on
the ratings.

Sarex's ratings factor in the company's market position in the
domestic textile dyes market and burgeoning fine chemicals
business, and the relatively stable margins.  The ratings also
take into account the company's increased focus on higher margin
sales in the fine chemicals business, which increased its margins
in FY09.

Negative rating triggers include any major debt-fund capex and/or
expansion plans or failure to achieve required capacity
utilisation resulting in severe refinancing risk.  In any case, a
debt/EBITDA of beyond 6.75x will act as a negative trigger.

Established in 1952, headquartered in Mumbai, Saraf group of
companies focus on manufacturing of Disperse dyes (FY 08: 19.9%);
auxiliary chemicals (FY 08: 62.5%); and fine chemicals (FY 08:
17.5%).  The fine chemicals division was started in 1997 and is
still growing.  The company operates from its plant at Tarapur,
near Mumbai.  The company is an approved supplier of many
catalogue companies for their small volume requirements and with
MNCs and API manufacturers for their bulk requirement.  The
company is an ISO 9001:2000 certified manufacturing unit.


SKS TEXTILES: ICRA Places 'LBB+' Rating on INR188.5MM LT Loans
--------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR188.50 million, long-
term sanctioned bank limits of SKS Textiles Private Limited.  ICRA
has also assigned an A4+ rating to the INR15.00 million, short-
term sanctioned bank limits of SKS Textiles Private Limited.

The ratings are constrained by the small scale of operations of
the company, increasing consumer preference for readymade garments
over fabrics and weak financial indicators, reflected by their low
profitability and high working capital intensity.  The ratings,
however, take comfort from the experience of the promoters and
favorable location of their manufacturing plant and favorable
policies by the Government to promote the textile industry. The
textile industry is characterized by intense competition from a
large number of companies and profitability is vulnerable to
volatile raw material prices.  The company caters only to the
domestic market and hence has been shielded from the slowdown in
export market for textiles.

SKS Textile Private Limited is engaged in the manufacturing of
cotton fabric and polyester blended fabrics used primarily for
bottom wear.  The company has been in the textile business since
1982.  The company's plant, located at Bhiwandi, is equipped with
63 weaving machines with an annual production capacity of 3
million sq meters of fabric.  The company markets its fabric under
two distinct brands, the Pierri Carlo' brand name for polyester
blended fabric and under Cotbelly's' brand name for cotton fabric.
Recent results For the year ended March 2009, the company reported
a PAT of INR8.46 million on sales of INR639.17 million.


SSE NIRMAN: Low Net Worth Prompts CRISIL to Assign 'P4' Rating
--------------------------------------------------------------
CRISIL has assigned its rating of 'P4+' to the bank guarantee
facility of SSE Nirman Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR330 Million Bank Guarantee     P4+ (Assigned)

The rating reflects SSE Nirman's small scale of operations in the
construction industry, and low net worth, limited geographical and
segmental diversification in revenue profile, and limited track
record in executing large projects till now.  These weaknesses are
partially offset by the benefits that the company derives from its
healthy order book.

Outlook: Stable

CRISIL believes that SSE Nirman will benefit from the growth
prospects in the civil construction industry. SSE Nirman's credit
risk profile will, however, remain constrained by the
concentration of its revenues in building projects.  The outlook
may be revised to 'Positive' if SSE Nirman strengthens its
business risk profile by increasing the diversity of its revenue
profile while maintaining stable operating margins.  Conversely,
the outlook may be revised to 'Negative' if SSE Nirman's financial
risk profile deteriorates owing to large debt taken to fund
capital expen diture.

                        About SSE Nirman

Set up in 2006 as a closely-held company by Mr. Sudip Sen and
Mrs. Aditi Sen, SSE Nirman undertakes civil construction
activities, including construction of buildings, in West Bengal.
The company has executed projects for Benfish and West Bengal
Fisheries Development Corporation.  It is currently executing
projects for the Chhattisgarh Housing Board.

SSE Nirman reported a profit after tax (PAT) of INR11 million on
net sales of INR136 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR15 million on net
sales of INR183 million for 2007-08.


TATA MOTORS: To Raise US$300 Million by Selling GDRs
----------------------------------------------------
Tata Motors Ltd. is selling US$300 million of shares in the form
of global depository receipts to raise money for refinancing debt
incurred in recent acquisitions, Bloomberg News reports.

The report, citing a term sheet sent to investors, says company is
selling the securities at $12.54 apiece.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


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


ELPIDA MEMORY: Joint Venture Reports Operating Profit in August
---------------------------------------------------------------
Elpida Memory Inc. said its venture with Taiwan's Powerchip
Semiconductor Corp. turned profitable in its fiscal second
quarter, according to Bloomberg News.

Citing Elpida an e-mailed statement on October 9, Bloomberg
discloses Rexchip Electronics Corp. became profitable on an
operating basis in August.  According to Bloomberg, the
Tokyo-based company, which will report its earnings for the three
months ended Sept. 30 on Nov. 5, didn't provide specific figures.

Elpida's spokesman Hiroshi Tsuboi told Bloomberg that
profitability at the Taichung, Taiwan-based Rexchip was helped by
a switch to 65-nanometer chip production, from 70- nanometer.

The report relates Mr. Tsuboi said the Elpida owns 52% of unlisted
Rexchip while Powerchip holds 46%.

Elpida also said its Tera Probe Inc. memory-chip testing venture
turned profitable on an operating basis in the period, without
giving figures, Bloomberg notes.

                        About Elpida Memory

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

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.

According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.


JMAC4 TRUST: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded two classes of TBI from JMAC4 Trust
due February 2013 following the implementation of the recently
published criteria for Japanese CMBS surveillance.  Full details
of the rating actions are given below:

  -- JPY2.13 billion* Class A affirmed at 'AAA'; off RWN; Outlook
     Stable;

  -- JPY1.0 billion* Class B affirmed at 'AAA'; off RWN; Outlook
     Negative;

  -- JPY0.9 billion* Class C downgraded to 'BBB-' from 'A+';
     off RWN; Outlook Negative;

  -- JPY0.8 billion* Class D downgraded to 'CC' from 'B'; remains
     on RWN; Recovery Rating of 'RR4';

  -- JPY0.5 billion* Class E 'C'; remains on RWN; Recovery Rating
     of 'RR6'; and

  -- Class X1 (dividend-only) affirmed at 'AAA'; Outlook Stable.

  * as of October 7, 2009

The downgrades of classes C and D reflect the agency's view over
the potential recovery amounts from the underlying loans, one of
which is in default and facing imminent loss.

In line with the recently published criteria, Fitch has revalued
the underlying collateral properties securing the performing loans
within the portfolio, taking into account the respective loan
status and time to loan maturity.  Assuming dispositions under
stressed market conditions and for the purpose of this review,
Fitch adopted values for the underlying properties that are 31.0%
lower on average than its initial valuations.  The servicer's
recovery plan and actual disposition activity to date in relation
to the defaulted loan have also been taken into account.

Negative Outlooks have been assigned to classes B and C due to the
continued uncertainty about the future of the Japanese commercial
real estate market and the commercial real estate finance
environment.  The Stable Outlook assigned to the Class A TBI
reflects Fitch's expectation of improved credit enhancement levels
as any repayment from the underlying loans will be applied
sequentially.

At closing, the notes were backed by 16 loans ultimately secured
by 26 commercial real estate properties in Japan.  12 loans have
been fully repaid, which brings the total number of loans backing
the transaction to four, secured by a total of seven properties
and the sales proceeds from two properties.

The rating on the dividend-only Class X1 addresses only the
likelihood of receiving dividend, while principal on the related
classes remain outstanding.

Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008.  Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.


YOHJI YAMAMOTO: Files for Bankruptcy Protection
-----------------------------------------------
Yohji Yamamoto Inc. has filed for bankruptcy protection with the
Tokyo District Court with debts totaling JPY6 billion (US$67
million).

The Wall Street Journal reports that the company, which cited the
soft global economy for the move, said it will continue to operate
while under bankruptcy protection.

According to the Journal, Integral Corp., an investment firm based
in Tokyo, said it will acquire the business out of bankruptcy.
The Journal relates Integral said the revamped firm will seek to
strengthen Yohji Yamamoto's retail and wholesale distribution
channels.  Yohji Yamamoto, the fashion house's founder and
namesake designer, will continue to design for the business, the
report notes.

Yohji Yamamoto Inc. -- http://www.yohjiyamamoto.co.jp/--is a
Japanese fashion design firm.


=====================
P H I L I P P I N E S
=====================


QUEZON POWER: S&P Raises Ratings on US$215 Mil. Senior Bonds
------------------------------------------------------------
Standard & Poor's Ratings Services raised its issue rating on the
US$215 million senior secured bonds (US$149.425 million
outstanding) issued by Quezon Power (Philippines) Ltd. Co.  The
outlook is positive.

S&P raised the rating to reflect the improving credit profile of
Manila Electric Co. (B/Positive/--), the sole power offtaker for
Quezon.  The rating also reflects Quezon's continued operating
stability.

"Meralco's improving credit profile stems from the company's
strengthening financial position as a result of higher tariffs,
its reduced reliance on short-term debt, and improving leverage
position and financial flexibility," said Standard & Poor's credit
analyst Allan Redimerio.  Recent domestic regulatory developments,
such as granting Meralco a tariff increase for the first time
under the performance-based regime, are also positive for Meralco,
in S&P's view.

S&P expects Quezon to maintain its operating stability.  The
company's relatively low operating costs make the utility highly
competitive, and ensures it remains a preferred dispatcher of
electricity in the Philippines' liberalized wholesale electricity
market.  Quezon's dispatch rate as at August 2009 was 86%,
compared with 80% for 2008, and S&P expects the dispatch rate to
be in the 85%-90% range in the near term, Mr. Redimerio said.  A
scheduled major maintenance earlier this year, which included
third-party engineers, addressed the plant's operational and
maintenance issues.

Quezon's largely take-or-pay power purchasing agreement with
Meralco, in S&P's view, adequately covers debt servicing and other
fixed operating costs, and passes on fuel costs to Meralco.  S&P
projects Quezon's debt service coverage ratio will fall to about
1.40x in the near term, compared with 1.60x for fiscal 2008,
largely due to a 33-day scheduled outage earlier this year, or
roughly a month's worth of lost earnings.  The DSCR calculation
includes subordinated debt servicing.

While Quezon's US$100 million subordinated note issue is
subordinated both from the perspective of cash flow and recourse
to collateral, the issue's maturity in 2014 is ahead of the
US$149.425 million senior secured bonds that mature in 2017.  The
resultant degree of risk to senior bondholders is tempered by the
timing of the subordinated debt's repayment profile, as the bulk
of repayments kick in after the full repayment of a loan from the
Export-Import Bank of the United States with similar repayment
amounts scheduled in 2012.

Quezon's liquidity is adequate, in S&P's opinion.  As at June 30,
2009, the utility had about US$61 million in cash, compared with
the current portion of long-term debt of about US$54.5 million.
As of July 31, 2009, its DSCR (year-to-date) was 1.26x its debt
servicing requirements, including subordinated debt, and its
closing free cash flow was US$17.4 million.  In addition, as at
July 31, 2009, Quezon had about US$12.2 million cash in its debt
service reserve account, and about US$4.25 million of cash in its
other reserve accounts.

The positive rating outlook on Quezon reflects the positive
outlook on the rating on Meralco.  "In S&P's opinion, Meralco's
financial position could improve further in the near term, as a
result of strengthening domestic industrial electricity sales and
potentially higher tariffs.  While the credit metrics for Quezon
are somewhat better than that of its peers in the 'B' rating
category, Meralco's credit profile, being Quezon's sole off-taker
for its generated electricity, continues to be a major factor in
the rating on Quezon," Mr. Redimerio said.

A further improvement in Meralco's credit profile, coupled with
Quezon's continued operational stability, could have a positive
impact on the rating on Quezon.  Conversely, a deterioration in
Meralco's credit profile could adversely affect the rating on
Quezon.


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


INTERNATIONAL MARINE: Court to Hear Wind-Up Petition on Oct. 23
---------------------------------------------------------------
A petition to wind up the operations of International Marine
United Shipmanagement Pte Ltd will be heard before the High Court
of Singapore on October 23, 2009, at 10:00 a.m.

Mitsuizosen Technoservice Singapore Pte Ltd filed the petition
against the company on September 30, 2009.

The Petitioner's solicitors are:

         Allen & Gledhill LLP
         One Marina Boulevard
         #28-00, Singapore 018989


                         *********

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 C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2009.  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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