TCRAP_Public/091208.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, December 8, 2009, Vol. 12, No. 242

                            Headlines

A U S T R A L I A

ABC LEARNING: Mission Australia Secures Recommended Bidder Status
BABCOCK & BROWN POWER: Terminates Management Ties with BBI
METAL STORM: Launches $25-Mil. Back-Up Funding Plan
MITSUBISHI PAPER: To Close Forestry Venture in Australia


C H I N A

CITIC BANK: BBVA Buys Extra 4.93% Stake in Bank for US$1.51 Bil.
SHANGDONG ZHOUYUAN: Delays Filing of Sept. 30 Quarterly Report


H O N G  K O N G

MODERN EDUCATION: Court to Hear Wind-Up Petition on December 16
MOULIN GLOBAL: Creditors' Proofs of Debt Due December 18
NOVA INTERNATIONAL: Court to Hear Wind-Up Petition on January 13
PAN SINO: Creditors' First Meeting Set for December 18
PROGOAL LIMITED: Court to Hear Wind-Up Petition on January 6

ROAD KING: Financial Investment Won't Affect S&P's 'BB-' Rating
SINO FAME: Creditors' Proofs of Debt Due December 18
SKYFAME REALTY: Court to Hear Wind-Up Petition on January 13
STARBAY INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 13
THOUSAND PORT: Court Enters Wind-Up Order

THE SPA BY: Court Enters Wind-Up Order
THE SPA MANAGEMENT: Court Enters Wind-Up Order
THREE STARS: Court to Hear Wind-Up Petition on January 20


I N D I A

CHEPAR PLASTICS: ICRA Places 'LBB+' Rating on INR90MM Bank Debts
GOLDEN TOBACCO: Low Profitability Prompts ICRA 'LBB+' Ratings
GLOBAL PRIVATE: ICRA Rates INR159.2 Mil. Long Term Loans at 'LBB'
IQU POWER: ICRA Assigns 'LBB+' Rating on INR185 Mil. LT Loans
KALLAM AGRO: Weak Profitability Cues ICRA To Assign 'LBB' Ratings

KIRAN ALUMINIUM: Low Net Worth Cues CRISIL to Assign 'BB+' Ratings
KRISHNA TEXTILE: Delay in Loan Payment Cues CRISIL Junk Ratings
KUNNAM GRANITE: CRISIL Reaffirms Rating on INR12MM LT Loan at 'B-'
PARTAP SPINTEX: CRISIL Places 'BB-' Rating on INR310.5MM Term Loan
STEAMLINE INDUSTRIES: ICRA Rates INR162.5MM Bank Debts at 'LBB'

TATA STEEL: Corus to Mothball Teeside Plant; Mulls 1,700 Job Cuts


I N D O N E S I A

ARPENI PRATAMA: Coupon Payment Won't Affect Fitch's 'CCC' Rating
BANK NEGARA: Fitch Upgrades Individual Rating to 'C/D'
BANK OCBC: Fitch Affirms Issuer Default Ratings at 'BB'


J A P A N

AIFUL CORP: Credit Default Swap Concerns Prompt ISDA Review
JAPAN AIRLINES: Gov't. May Extend JPY700-Bln Credit Guarantees
JMAC4 TRUST: Moody's Reviews Ratings on Four Classes of Notes
TAKEFUJI CORPORATION: Extends Discounted Offer for Bonds


K O R E A

GENERAL MOTORS: GM Daewoo To Recall 30,751 Matiz Cars


M A L A Y S I A

ARK RESOURCES: Sept. 30 Balance Sheet Upside-Down by MYR10.33MM
HARVEST COURT: Completes Regularization Plan; Out of PN17
NIKKO ELECTRONIS: Posts MYR8.51MM Net Loss in Qtr. Ended Sept. 30
RHYTHM CONSOLIDATED: Posts MYR1.66MM Loss in Qtr. Ended Sept. 30
TALAM CORPORATION: Unit's Restraining Order Extended to Feb. 13

TALAM CORPORATION: Court to Hear Wind Up Petition on February 11
WONDERFUL WIRE: Restraining Order Extended Until January 5


N E W  Z E A L A N D

LOMBARD FINANCE: Receiver Says Investors to Get Payment This Month
PROPERTYFINANCE GROUP: Issues Shares to Pay Trade Creditors


P H I L I P P I N E S

EXPORT AND INDUSTRY: PDIC to Extend PHP10.9BB Rehabilitation Loan


T A I W A N

AU OPTRONICS: To Set Up LCD Plant in Slovak Republic


X X X X X X X X

* BOND PRICING: For the Week November 30 to December 4, 2009


                         - - - - -


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ABC LEARNING: Mission Australia Secures Recommended Bidder Status
-----------------------------------------------------------------
Bloomberg News, citing the Australian Financial Review, reports
that a group of Australian charities led by Mission Australia has
secured recommended bidder status for the purchase of 705
childcare centers owned by ABC Learning Centres Ltd.

Bloomberg relates the newspaper said in its Street Talk column
that the shortlist of bidders includes the Mission Australia
group, private equity group Archer Capital and Perth-based Navitas
Ltd.

The Review, as cited by Bloomberg, said the price for the centers
may be between AU$150 million and AU$250 million.

The Australian reported last month that these Australian charities
want to rebrand the business as Good Start centres, offering
daycare to the disadvantaged.  The Good Start group is borrowing
money and tapping private philanthropists to help fund its bid.

According to The Australian, if the group does buy ABC Learning's
705 remaining childcare centres -- which still control 15% of the
Australian market -- Good Start plans to run them as community-
based, low-profit centres that would help children from
disadvantaged backgrounds.

                         About ABC Learning

Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom.  The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd.  On January 26,
2007, it acquired La Petite Holdings Inc.  On February 2, 2007, it
acquired Forward Steps Holdings Ltd. On March 23, 2007, it
acquired Children's Gardens LLP.  In September 2007, the Company
purchased the Nursery division (Leapfrog Nurseries) from Nord
Anglia Education PLC.  In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, ABC Learning Centers Limited appointed
Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.

Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.


BABCOCK & BROWN POWER: Terminates Management Ties with BBI
----------------------------------------------------------
Babcock & Brown Power said Monday that it has entered into
agreements with the Babcock & Brown International Group to settle
the outstanding amount of the Babcock & Brown International Group
debts and fees, totaling approximately $444 million, at a
significant discount to face value, as well as to terminate the
various management and advisory agreements between them.

The key terms of the agreement relating to the extinguishment of
the debt and fees owing to the Babcock & Brown International Group
are:

   * a cash payment to the Babcock & Brown International Group
     of between $33.0 million and $37.7 million;

   * the issuance of 80.73 million BBP securities3 (representing
     a 10% post-issue holding) to the Babcock & Brown
     International Group; and

   * the sale of BBP's interests in the Oakey Power Station and
     payment of the sale proceeds to the Babcock & Brown
     International Group.

These arrangements represent a circa 80% reduction in the debt and
fees outstanding to the Babcock & Brown International Group.

The deal is dependent upon a successful debt restructure with
BBP's bank syndicate, security holder approval and a satisfactory
binding agreement from discussions still underway with the North
West Shelf Joint Venture over gas supplies in Western Australia.

BBP said it expects to conclude these talks in "coming days," and
will then apply to recommence trading on the Australian Stock
Exchange.

The agreement with the Babcock & Brown International Group has a
number of conditions precedent to it, including:

   -- the entry into a binding settlement with the North West
      Shelf Joint Venture on terms satisfactory to BBP and the
      Babcock & Brown International Group;

   -- securityholder approval or the granting of any relevant
      ASX waiver from having to obtain such approval;

   -- confirmation to the Board from an Independent Expert that
      the agreed arrangements are reasonable and in the best
      interests of BBP securityholders; and

   -- the successful implementation of the debt restructure with
      BBP's syndicate of banks.

BBP said it has also entered into an agreement with the Babcock &
Brown International Group that will terminate the management and
advisory agreements at no cost.  BBP has been progressively
advancing to a future independent of the Babcock & Brown
International Group for the past 12 months.  In substance and in
practice, the management of BBP by the Babcock & Brown
International Group ceased in December 2008.

BBP will also acquire the Responsible Entity of the Babcock &
Brown Power Trust from the Babcock & Brown International Group for
$5 million, being equivalent to the cash on deposit in the account
of the Responsible Entity in order to ensure compliance with
applicable law.

BBP remains voluntarily suspended from trading on the ASX pending
reaching agreement with the North West Shelf Joint Venture, the
BBPF bank syndicate and BBP's downstream customers.  Discussions
with these parties are still ongoing and are expected to conclude
in the coming days.

As reported in the Troubled Company Reporter-Asia Pacific on
June 4, 2009, The National Business Review said that BBP's share
price has been further buffeted by news that its AU$2.7 billion
debt will have to be renegotiated, in light of the company being
unable to attract an investment grade credit rating.  Babcock &
Brown Power, the Business Review related, is already in breach of
its interest cover covenant and is in talks with its banking
syndicates.

Babcock & Brown Power lost 96% of its market value last year and
was the worst performer in Australia's benchmark stock index in
2008, the Business Review noted.

Babcock & Brown Power posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million from a year ago.

                    About Babcock & Brown Power

Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/--   is a power generation business.  The
company develops, operates and acquires generation portfolio.  As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta.  BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust.  In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure.  On July 4, 2008, the Company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd. The manager of BBP
is Babcock & Brown Power Management Pty Ltd.  In March 2009, the
company sold its remaining interest in the Kwinana Power Station
to ERM Power Pty Limited.

Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.


METAL STORM: Launches $25-Mil. Back-Up Funding Plan
---------------------------------------------------
Metal Storm Ltd. has launched a $25 million back-up funding plan
after a private Filipino investor's financial lifeline was
repeatedly delayed, according to The Courier Mail.  The company
has also sought an "immediate small equity placement" to provide
funds, the report says.

According to The Courier Mail, Metal Storm said the probability of
the company calling in administrators "has reduced but is not yet
fully eliminated."

The report notes Metal Storm said it has finalized negotiations
and commenced documentation Monday for a further equity funding of
up to $25 million as a whole or partial substitute for Mr. Robert
Rivero's finances.

The new funding would support at least 12 months' operations, it
said.

The Troubled Company Reporter-Asia Pacific reported on Oct. 23,
2009, that Metal Storm Ltd said it has secured an equity and debt
placement of up to US$35 million from international investment
company Assure Fast Holdings Limited BVI.  The negotiations were
completed in Hong Kong with AFHL and its bank, the Royal Bank of
Scotland.

Metal Storm CEO Dr. Lee Finniear said the Company signed a
subscription agreement for the issue of a total of 1,000,000,000
fully paid ordinary shares and 100,000,000 Options for
US$17.5 million with AFHL on October 19, 2009.

                         About Metal Storm

Metal Storm Limited (ASX:MST) -- http://www.metalstorm.com/-- is
a defense technology company with offices in Australia and the
United States.  The Company specializes in the research, design,
development and integration of projectile launching systems
utilizing its electronically initiated / stacked projectile
technology for use in the defense, homeland security, law
enforcement and industrial markets.  Metal Storm has entered into
a number of partnerships with companies, including Singapore
Technologies Kinetics (STK), iRobot, Electro Optic Systems, and
Defence Technologies Inc., where partners provide capabilities,
such as manufacturing, complementary technology, or access to
markets in areas where Metal Storm is not active.

Metal Storm Limited's balance sheet at December 31, 2008, showed
current assets of US$8,701,884 and current liabilities of
US$22,397,651, resulting in a working capital deficit of
US$13,695,767.  At December 31, 2007, the Company reported a
working capital deficit of US$4,742,580.

The Company has incurred substantial losses since its formation
and anticipates incurring substantial additional losses over at
least the next few years as it continues its research and
development activities and conduct further trials of its
technology.  The Company's operations have been financed primarily
from capital contributions by investors, interest income earned on
cash and cash equivalents, and grants from government agencies.


MITSUBISHI PAPER: To Close Forestry Venture in Australia
--------------------------------------------------------
Gregory Turk at Bloomberg News reports that Mitsubishi Paper Mills
Ltd. and Hokuetsu Kishu Paper Co. will liquidate their 7-company
forestry venture in Adelaide, Australia.

Bloomberg says the Japanese paper makers and partners Mitsubishi
Corp., Nippon Yusen KK, Aeon Co., Chubu Electric Power Co., Tokyo
Gas Co. will liquidate Adelaide Blue Gum Pty Ltd. because of high
land prices and restrictions on water use in the area.

According to the report, Mitsubishi Paper will book a JPY390
million ($4.5 million) charge on the liquidation, while Hokuetsu
Kishu will book a JPY200 million charge.  The charges won't affect
earnings forecasts, the companies said.

Based in Japan, Mitsubishi Paper Mills Limited (TYO:3864) --
http://www.mpm.co.jp/--is a manufacturing company engaged in
three business segments. The Paper and Pulp segment is engaged in
the sale and manufacturing of paper and pulp products, the
printing, processing and packaging of paper products, as well as
the provision of wood chips, in addition to the forestation and
filter product business in overseas markets. The Photosensitive
Material segment is involved in the manufacturing, processing and
sale of photosensitive materials, the manufacturing and sale of
chemicals for printing and imaging, as well as the sale of
printing and copy materials. The Others segment is engaged in the
operation of sport facilities; the provision of insurance agency
services, travel agency services, real estates, warehousing and
transportation services, and the maintenance, design and
production of factory equipment.


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CITIC BANK: BBVA Buys Extra 4.93% Stake in Bank for US$1.51 Bil.
----------------------------------------------------------------
Banco Bilbao Vizcaya Argentaria SA agreed to pay about EUR1
billion (US$1.51 billion) to boost its investment in China's
State-owned CITIC Group to strengthen its foothold in Asia,
according to China Daily.

The report, citing BBVA's filing to regulators, says the Spain-
based company exercised an option to buy an additional 4.93% in
China CITIC Bank to bring its holding in the lender to 15%.  BBVA
paid HK$6.45 (83 cents) per share for the stake, the bank said.

BBVA will buy 1.9 billion China CITIC shares from CITIC Group,
China Daily relates citing CITIC Bank's statement to the Hong Kong
Stock Exchange on December 3.

CITIC Group's stake in CITIC Bank will drop to 62.3% after the
transaction while BBVA's stake in CITIC International, another
CITIC unit, stands at 30%, the report notes.

                            About BBVA

Based in Bilbao, Spain, Banco Bilbao Vizcaya Argentaria SA
provides retail banking, corporate banking and other related
financial services including asset management, investment
services, insurance activities, real estate and private equity.
It operates in the following business areas: retail banking
in Spain and Portugal, wholesale businesses, Mexico and USA
markets, South America market and corporate activities.

                          About CITIC Bank

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group (S&P: BB+ long-
term and B short-term foreign currency counterparty credit
rating).  With 41 branches, CITIC Bank had total assets of
CNY689.5 billion at the end of September 2006.

                           *     *     *

As of December 7, 2009, China CITIC Bank continues to carry
Moody's 'D' bank financial strength rating.


SHANGDONG ZHOUYUAN: Delays Filing of Sept. 30 Quarterly Report
--------------------------------------------------------------
Shangdong Zhouyuan Seed and Nursery Co. Ltd. has delayed the
filing of its quarterly report on Form 10-Q for the period ended
September 30, 2009, with the Securities and Exchange Commission.

The Company said in a November regulatory filing with the SEC it
has experienced a delay in completing the information necessary
for inclusion in its September 30 Form 10-Q Quarterly Report.  The
Company said it expects to file its Form 10-Q Quarterly Report
"within the allotted extension period."

As reported by the Troubled Company Reporter on August 27, 2009,
for three months ended June 30, 2009, the Company reported a net
income of US$165,105 compared with a net loss of US$98,886 for the
same period in 2008.  For six months ended June 30, 2009, the
Company posted a net loss of US$329,535 compared with a net income
of US$221,157 for the same period in 2008.

The Company's balance sheet at June 30, 2009, showed total assets
of US$3.34 million, total liabilities of US$1.36 million and
stockholders' equity of US$1.98 million.

On May 5, 2009, Kempisty & Company in New York City expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the fiscal year ended Dec. 31, 2008, and 2007.  The auditors
noted that the Company has negative cash flows from operations, a
working capital deficiency of US$412,373 and an accumulated
deficit of US$2,117,908 at Dec. 31, 2008.

The Company also said that the recoverability of a major portion
of the recorded asset amounts is dependent upon continued
operations of the Company, which in turn is dependent upon the
Company's ability to raise additional capital, obtain financing
and succeed in its future operations.

                     About Shandong Zhouyuan

Shandong Zhouyuan Seed and Nursery Co. Ltd. (OTC BB: SZSN) --
http://www.chinaseedcorp.com/-- was originally incorporated in
the State of North Carolina.  The Company, through its
consolidated subsidiary, Shandong Zhouyuan Seed and Nursery Co.
Ltd., a company formed under the laws of the People's Republic of
China, is engaged in the business of developing, distributing and
selling agricultural seeds in China.

The company's executive offices are located at Laizhou, Shandong
Province, People's Republic of China.


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MODERN EDUCATION: Court to Hear Wind-Up Petition on December 16
---------------------------------------------------------------
A petition to wind up the operations of Modern Education Research
Society Limited will be heard before the High Court of Hong Kong
on December 16, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Messrs. William K.W. Leung & Co
         Unit No. 01, 11th Floor
         Beautiful Group Tower
         No. 77 Connaught Road
         Central, Hong Kong


MOULIN GLOBAL: Creditors' Proofs of Debt Due December 18
--------------------------------------------------------
Moulin Global Eyecare Holdings Limited, which is in liquidation,
requires its creditors to file their proofs of debt by Dec. 18,
2009, to be included in the company's dividend distribution.

The company's liquidators are:

         Roderick John Sutton
         Desmond Chung Seng Chiong
         c/o Ferrier Hodgson Limited
         14/F, The Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


NOVA INTERNATIONAL: Court to Hear Wind-Up Petition on January 13
----------------------------------------------------------------
A petition to wind up the operations of Nova International Company
Limited will be heard before the High Court of Hong Kong on
January 13, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Joseph Leung & Associates
         Chuang's Tower, 8th Floor
         Nos. 30-32 Connaught Road
         Central, Hong Kong


PAN SINO: Creditors' First Meeting Set for December 18
------------------------------------------------------
Creditors of Pan Sino International Holding Limited will hold
their first meeting on December 18, 2009, at 3:00 p.m., at the
Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, in Hong Kong.

At the meeting, E T O'Connell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


PROGOAL LIMITED: Court to Hear Wind-Up Petition on January 6
------------------------------------------------------------
A petition to wind up the operations of Progoal Limited will be
heard before the High Court of Hong Kong on January 6, 2010, at
9:30 a.m.

The Petitioner's solicitors are:

         Philip Tsui & Jackson Cheung
         Wu Chung House, Room 3516, 35th Floor
         213 Queen's Road East
         Wanchai, Hong Kong


ROAD KING: Financial Investment Won't Affect S&P's 'BB-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating and
outlook on Road King Infrastructure Ltd. (BB-/Negative/--) are not
immediately affected by the company's announcement that its joint-
venture company has entered into a sale and purchase agreement to
acquire an expressway in Hunan valued at about Chinese renminbi
1.8 billion.

In S&P's opinion, this is a financial investment and is a logical
expansion of RKI's expressway portfolio.  The new expressway
replaces the Jihe Expressway that RKI sold in September 2009; the
sale will help to fund the new investment.  The transaction would
add a manageable level of execution risks to RKI's credit risk
profile.  Although the acquired expressway company has to service
its debt, S&P believes this will not materially add to RKI's
financial risk, given the debt is non recourse, and RKI holds a
minority interest and provides no guarantee.  Nevertheless, the
stability of dividend contributions from the Yichang Expressway is
yet to be proven.  RKI's good track record of management of toll-
road investments tempers this risk, in its view.


SINO FAME: Creditors' Proofs of Debt Due December 18
-----------------------------------------------------
Sino Fame technology Limited, which is in liquidation, requires
its creditors to file their proofs of debt by December 18, 2009,
to be included in the company's dividend distribution.

The company's liquidator is:

         Fok Hei Yu
         The Hong Kong Club Building, 14/F
         3A Chater Road
         Central, Hong Kong


SKYFAME REALTY: Court to Hear Wind-Up Petition on January 13
------------------------------------------------------------
A petition to wind up the operations of Skyfame Realty (Holdings)
Limited will be heard before the High Court of Hong Kong on
January 13, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Pang & Associates
         Cosco Tower, Unit 1406
         183 Queen's Road
         Central, Hong Kong


STARBAY INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 13
----------------------------------------------------------------
A petition to wind up the operations of Starbay International
Limited will be heard before the High Court of Hong Kong on
December 30, 2009, at 9:30 a.m.

The Petitioner's solicitors are:

         Robert Lee Law Offices
         Unit 2803A, 28th Floor
         Wu Chung House
         213 Queens Road East
         Hong Kong


THOUSAND PORT: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up Thousand Port Limited's operations.


THE SPA BY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up The Spa By Slimming Found Consultant Limited's
operations.


THE SPA MANAGEMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on November 25, 2009,
to wind up The Spa Management Limited's operations.


THREE STARS: Court to Hear Wind-Up Petition on January 20
---------------------------------------------------------
A petition to wind up the operations of Three Stars Industrial
(Holdings) Limited will be heard before the High Court of Hong
Kong on January 20, 2010, at 9:30 a.m.

The Petitioner's solicitors are:

         Gallant Y. T. Ho & Co.
         Jardine House, 5th Floor
         No. 1 Connaught Place
         Central, Hong Kong


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CHEPAR PLASTICS: ICRA Places 'LBB+' Rating on INR90MM Bank Debts
----------------------------------------------------------------
ICRA has assigned a 'LBB+' rating to INR90.00 million fund based
limits and A4+ rating to INR45 million non fund based limits of
Chepar Plastics Private Limited.

The ratings are constrained by CPPL's small scale of operations
which limits its bargaining power with both suppliers and
customers, weak financial profile characterized by high gearing
and modest cash accruals.  ICRA notes that the competitive
intensity in the business is high with the presence of large
number of unorganized players.  The rating however, favorably
factors in CPPL's established track record in manufacturing of
various advertising articles, its reputed customer base from whom
it has been getting repeat orders and sustained growth in
operating income over last five years.

Chepar Plastics Private Limited was incorporated in 1978 as a
partnership firm by Mr. Chetan Parekh and was later converted into
a private limited company in 1999.  The company is engaged in the
business of manufacturing various advertising articles such as
display items, metal boxes, glow sign boards, gift articles and
novelties.

The company has its manufacturing unit and registered office at
Andheri, Mumbai. The company has also set up another manufacturing
facility at Vasai, Mumbai on rental basis for carrying out simple
and low value added tasks.

CPPL recorded a net profit of INR12.00 million on an operating
income of INR448.00 million for the year ending March 31, 2009, as
per provisional figures and net profit of INR6.40 million on an
operating income of INR253.50 million for the year ending
March 31, 2008, as per the audited figures.


GOLDEN TOBACCO: Low Profitability Prompts ICRA 'LBB+' Ratings
-------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR67.0 million, term
loans and the INR500.0 million, fund-based facilities of Golden
Tobacco Limited.  ICRA has also assigned an A4+ rating to the
INR100.0 million, short-term, non-fund based facilities of GTL.

The assigned ratings take into account the stretched financial
profile of GTL, as characterized by low profitability, high
leverage, poor coverage indicators and large contingent
liabilities in the books of the company.  The ratings are also
constrained by the sharp increase in excise duty in the main
product category of GTL, that is, non-filter cigarettes, and an
increase in value-added tax (VAT) rates in certain states, which
have had a severe impact on business volumes and profitability.
The ratings, however, draw support from the established brands and
distribution set-up of the cigarette brands of GTL and ownership
of landed properties in the key cities of India including Mumbai,
Thane, New Delhi and Hyderabad, which are being considered for
redevelopment so as to unlock its value and support its liquidity
position.

The company has large contingent liabilities related to excise
duty and income tax reported in its audited accounts.  These
liabilities are currently being contested before various appellate
authorities and, according to the management, are not likely to
devolve on the company.  However, any adverse development in this
regard would be a rating sensitivity.

Golden Tobacco Limited was established by the Late Shri Narsee
Monjee in 1930 in Mumbai (Maharashtra) as a proprietary firm and
later went public in 1971.  The company was set up as an
integrated tobacco processing, cigarette rolling and packaging
unit with two manufacturing locations -- Vadodara (Gujarat) set up
in 1972 apart from the original unit in Mumbai and a tobacco
processing unit in Guntur (Andhra Pradesh).  In 1979, the company
was taken over by "Dalmia Brothers", led by Mr. Sanjay Dalmia, who
is the current Chairman of the Board of Directors.  The major
brand and brand extensions being manufactured at both the units
are Panama, Chancellor, Golden's Gold Flake and Steel.

GTL was earning profits until 1994-95. In 1995-96, GTL reported a
loss of INR1.1 billion and the net worth was completely eroded.
This was on account of excise cases against the company, where it
had to meet large claims. Subsequently, GTL made a reference to
the Board for Industrial Finance and Reconstruction (BIFR).  On
April 3, 1997, BIFR declared GTL as sick industrial company.  SBI
was appointed as an operating agency to formulate a rehabilitation
scheme, which is to continue until March 31, 2011.  The company
returned to profitability in 2000-01 and came out of BIFR purview
with effect from June 29, 2007, with its net worth turning
positive.

For the six months ending September 30, 2009, GTL (consolidated)
reported profit after tax of INR0.5 million on revenues of
INR871.9 million against profit after tax of INR0.8 million on
revenues of INR883.2 million for the twelve months ending
March 31, 2009.


GLOBAL PRIVATE: ICRA Rates INR159.2 Mil. Long Term Loans at 'LBB'
-----------------------------------------------------------------
ICRA has assigned LBB rating to the INR159.2 million long term
fund based facilities of Paralam Global Private Limited.

The rating is constrained by PGPL's leveraged capital structure,
high working capital intensity and vulnerability arising from the
scale of its operations in an industry characterized by presence
of organized as well as large unorganized sector.  The rating is
also constrained by PGPL's vulnerability to raw material
availability and price, as well as the cyclicality inherent in the
business because of its linkage to the investment activity in the
real estate sector.  The rating, however favorably factors in the
long track record of PGPL's promoters in the particle board
business, its diversified customer base and strong profitability
numbers at present.  Over and above the company's conscious effort
to diversify its product line is expected to provide some
stability to the cash flows going forward.  The company's fairly
large expansion plans which is expected to be primarily debt
funded, along with successful implementation of the same remains a
key rating sensitivity, going forward.

Paralam Global Pvt. Ltd. was incorporated in the year 1990 as a
private limited company and was promoted by Mr. Sanjiv Agarwal.
PGPL is engaged in manufacturing of pre-laminated particle boards.
The company has a manufacturing unit at Arvi, Nagpur.  PGPL is in
the process of expansion of its production capacity to 30,000
MT/annum in FY 2009 from 10,000 MT/annum in FY08.  The boards are
mainly sold through retail channels dealers in domestic markets.
PGPL has recorded a profit after tax (PAT) of INR11.7 million on
an operating income of INR111.8 million for the year ending
March 31, 2009, as per audited figures.


IQU POWER: ICRA Assigns 'LBB+' Rating on INR185 Mil. LT Loans
-------------------------------------------------------------
ICRA has assigned rating of 'LBB+' to the INR185 million long term
loans of Iqu Power Company Private Limited.

The rating takes into account the fact that the project has
achieved financial closure and is nearing completion which
decreases execution risks inherent in a hydro-electric project;
its firm power purchase agreement (PPA) with the Himachal Pradesh
State Electricity Board (HPSEB) to supply power for 40 years and
limited demand risks given the energy deficit status in northern
India.  Moreover, the rating factors in IPCPL's eligibility for
capital subsidy from Ministry of New and Renewable Energy and the
fact that being a part of Subhash Projects and Marketing Limited
(rated LA- / A2+ by ICRA) the company enjoys group support at the
operational and management level.  However the rating is
constrained by hydrology risks given that there are no deemed
generation clauses in the power purchase agreement, availability
of water flow data for a limited period of time and increase in
project cost because of delays in the past.  Further, the
profitability of the project is dependent on the company's ability
to maintain operating parameters within the designed levels given
that the tariffs are fixed for a significant portion of sales at
INR2.87 per unit.  Going forward, the ability of the company to
complete the project with minimal cost and time overruns, meet the
designed performance parameters and availability of adequate water
in the catchment area will be the key rating drivers.

Iqu Power Company Private Limited is a Special Purpose Vehicle
promoted by Subhash Projects and Marketing Limited to develop, own
and operate a 4.5 MW Small Hydro Power projects in the Kangra
District of Himachal Pradesh.  The project is backed by Memorandum
of Understanding with Government of Himachal Pradesh for
implementing of the 4.5 MW SHP on Iqu Khad.  The Iqu Project is
one of the five SHP projects being developed by SPML in the state
of Himachal Pradesh.  The project is expected to be completed by
March 2010, and commissioned by June 2010.


KALLAM AGRO: Weak Profitability Cues ICRA To Assign 'LBB' Ratings
-----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR93.1 million term loan
facilities and INR200 million fund based limits of Kallam Agro
Products & Oils (P) Limited.

The rating is constrained by KAPL's stretched financial risk
profile due to recent debt funded capex programmes; weak
profitability in the oil processing industry on account of intense
competition and low value-addition; exposure to inherent
cyclicality in cotton seed procurement,. The rating, however,
factors in the management's long track record in cotton seed oil
marketing business; KAPL's proximity to the cotton cultivating
region of cotton seed giving logistical advantage to KAPL.

Kallam Agro Products & Oils (P) Ltd, belonging to Kallam Group was
incorporated in 1987 as a private limited company.  In 1991-92, it
became deemed public limited company.  Later in 2002-03, it was
converted to private limited company.  KPCL's initial operations
included ginning and pressing of cotton seed.  In the third year,
seven expellers were introduced for crushing cotton seed.  During
the succeeding year seven additional expellers were added for
increasing crushing capacity.  In 1991, in order to enhance value
addition, delinting and decordicating machines were added which
enabled KPCL to export deoiled cake and de-linters. Solvent plant
and Refinery Plant, with technology supplied by Alfa Level (India)
Ltd, were added in 1996.  KAPL is currently engaged in the
production and marketing of refined edible cotton seed oil with a
total capacity of 300MT/day.

Kallam group has been promoted by Shri Kallam Haranadha Reddy,
chairman of Kallam group of companies.  The group, with turnover
of INR1750 million, has operations in ginning mill, oil mill,
spinning mill and mini hydel generation, wind power. During
FY2008-09, KAPL has achieved operating income of INR717.6mn and
net profit of INR5.76 million.


KIRAN ALUMINIUM: Low Net Worth Cues CRISIL to Assign 'BB+' Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Kiran Aluminium (India) Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR30.0 Million Cash Credit       BB+/Stable (Assigned)
   INR20.0 Million Letter of Credit  P4+ (Assigned)
           & Bank Guarantee

The ratings reflect the company's small scale of operations and
low net worth, coupled with intense competition in the aluminium
products trading industry.  These rating weaknesses are partially
mitigated by its efficient working-capital management and
satisfactory financial risk profile.

Outlook: Stable

CRISIL believes that Kiran will maintain a stable credit risk
profile over the medium term, driven by strong relationships with
suppliers and customers.  The outlook may be revised to 'Positive'
if Kiran's scale of operations significantly improves, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if Kiran's operating profitability declines
considerably, or if the company undertakes large, debt-funded
capital expenditure, thereby weakening its financial risk profile.

                       About Kiran Aluminium

Set up in 1984 by Mr. Ramesh Vakharia, Kiran trades in aluminium
rolled sheets and aluminium extrusions of different grades and
sizes.  The products are sold to around 500 customers across India
from various sectors such as transportation, construction,
electronics, and automobiles.  The company procures goods from
Hindalco Industries Ltd, and imports around 15 per cent of
purchased goods from Russia.

Kiran reported a profit after tax (PAT) of INR7.3 million on net
sales of INR217 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.3 million on net
sales of INR363 million for 2007-08.


KRISHNA TEXTILE: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Krishna Textile
Process' bank facilities.

   Facilities                               Ratings
   ----------                               -------
   INR82.50 Million Long-Term Loan          D (Assigned)
   INR17.00 Million Cash Credit             D (Assigned)
   INR10.00 Million FDBN – LC               P5 (Assigned)
   INR1.50 Million Standby Line of Credit   P5 (Assigned)
   INR5.00 Million Bank Guarantee           P5 (Assigned)

The ratings reflect delay by KTP in repayment of term loan
obligations owing to weak liquidity driven by delay in receipt of
payment from customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTP and Sudhama Hosieries.  This is
because the two entities, collectively referred to as the Sudhama
group, have a common management and line of business, and strong
operational linkages.

                         About the Group

Set up in 1978 by Mr. P Gopalakrishnan, Sudhama manufactures knit
garments, especially for export, and has a production capacity of
1 million pieces per annum.  KTP dyes fabric such as cotton,
polyester, and viscose.  It was set up in 2002 as a dyeing unit,
and commenced commercial production in December 2004.

The Sudhama group posted a profit after tax (PAT) of INR15 million
on on operating income of INR 264 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR 6
million on operating income of INR 136 million for 2007-08.


KUNNAM GRANITE: CRISIL Reaffirms Rating on INR12MM LT Loan at 'B-'
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kunnam Granite Works
continue to reflect the strain on Kunnam's financial risk profile
that has been caused by losses on derivative transactions, leading
to decline in its net worth and deterioration in debt protection
measures.  The ratings also factor in the firm's small scale of
operations and exposure to intense competition. These weaknesses
are partially offset by Kunnam's good track record in quarrying
and export of granite blocks.

   Facilities                             Ratings
   ----------                             -------
   INR12.0 Million Long-Term Loan         B-/Negative (Reaffirmed)
   INR50.0 Million Export Packing         P4 (Reaffirmed)
                    Credit Limits
   INR40.0 Million (FBDN; Non LC)         P4 (Reaffirmed)
                    Limits
   INR30.0 Million FBDN (LC) Limits       P4 (Reaffirmed)
   INR10.0 Million Standby Line of        P4 (Reaffirmed)
                   Credit Limits
   INR10.0 Million Bank Guarantee         P4 (Reaffirmed)
                      Limits

Outlook: Negative

CRISIL believes that the continued losses on derivative
transactions will further constrain Kunnam's financial risk
profile.  The ratings may be downgraded if Kunnam faces larger-
than-expected losses on the transactions.  Conversely, the outlook
may be revised to 'Stable' if Kunnam curtails its losses or brings
in additional capital, thus improving its financial risk profile.

                       About Kunnam Granite

Set up by Mr. G Rajaretnam as a proprietorship concern in 1987,
Kunnam was subsequently converted into a partnership firm with
Mr. Rajaratnam's sons, Mr. R Saravanan and Mr. G R Srinivasan
being inducted as partners.  The firm is engaged in quarrying and
exports of a variety of granite blocks; it owns two quarries in
Warangal (Andhra Pradesh). The firm also deals with other quarry
owners in South India (Andhra Pradesh, Tamil Nadu, and Kerala). It
purchases granite from these quarries for exports. The granite
procured from these quarries account for 95 per cent of the firm's
total revenue.

For 2008-09 (refers to financial year, April 1 to March 31),
Kunnam reported a net loss of INR19.9 million on net sales of
INR505.3 million, against a profit after tax of INR8.8 million on
net sales of INR368.6 million for 2007-08.


PARTAP SPINTEX: CRISIL Places 'BB-' Rating on INR310.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to Partap
Spintex Ltd's bank facilities.

   Facilities                             Ratings
   ----------                             -------
   INR110.0 Million Cash Credit Limit     BB-/Stable(Assigned)
   INR310.5 Million Term Loan             BB-/Stable(Assigned)
   INR9.7 Million Bank Guarantee          P4(Assigned)

The ratings reflect PSL's average financial risk profile, and
small scale of operations and limited track record in the textile
industry.  These weaknesses are partially offset by the benefits
that the company derives from its diversified product profile and
healthy growth through capacity expansion.

Outlook: Stable

CRISIL believes that PSL will maintain a stable credit risk
profile over the medium term supported by healthy growth in
revenues owing to continuous capacity expansion and
diversification in product profile.  The outlook may be revised to
'Positive' if the company's profitability increases, thereby
improving its financial risk profile.  Conversely, the outlook may
be revised to 'Negative' if PSL contracts large debt to fund its
capital expenditure, thereby weakening its financial risk profile.

                       About Partap Spintex

Incorporated in 1989, PSL has been manufacturing cotton and
polyester yarn since 2006.  Previously, it manufactured edible
oil; its oil processing units have been shifted to its associate
companies.

PSL's plant in Bhatinda (Punjab) has a capacity of 24,000 spindles
for manufacturing carded, combed, and twisted compact yarn.  It
also has a small garment manufacturing unit.  It recently set up a
plant with a capacity of 10,000 metres per day for manufacturing
grey fabric; this plant commenced operations in April 2009.

PSL reported a profit after tax (PAT) of INR3 million on net sales
of INR762 million for 2008-09 (refers to financial year, April 1
to March 31), as against a PAT of INR11 million on net sales of
INR485 million for 2007-08.


STEAMLINE INDUSTRIES: ICRA Rates INR162.5MM Bank Debts at 'LBB'
--------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR162.5 million fund-based bank
facilities of Steamline Industries Limited.  ICRA has also
assigned an A4 rating to the INR45 million non-fund based bank
facilities of SIL.

The ratings are constrained by the company's weak capital
structure and limited financial flexibility.  The high working
capital intensive nature of operations and low accruals has also
affected the liquidity position of the company.  ICRA also notes
that the long term management plan is to increase the size of its
own trailer fleet, which is to be largely debt funded , and would
limit the improvement in debt matrix.  The rating takes into
cognizance the susceptibility of SIL to volatility in steel prices
due to the time difference between receipt of order and
procurement of material. In addition, large part of steel sales is
project oriented and any delayed receipts from project owners, may
expose the company to working capital fluctuations.  The rating
also takes into account high proportion of vehicles hired from the
market for transportation of steel products, which exposes the
company to the fluctuation in hire charges, notwithstanding the
flexibility in reducing costs in economic downturns.  ICRA notes
that revenue concentration risk is high as two main clients - JSW
Steel Limited and Tecpro system limited accounts for 73.8% of
total revenues in year 2008-09, however, this risk is partially
mitigated by SIL's long track record of established business
relationship with the each of the customers.

The rating, however, favorably factors in SIL's long track record
in the steel trading business, its established relationship with
large and reputed customers and its procurement efficiency based
on long standing relationship with various steel suppliers.  The
foray into transportation business of steel products for its
exiting steel trading clients facilitates in strengthening of
business relations and diversifies the revenue streams.  ICRA also
notes the demonstrated support by promoters through un-secured
loans for meeting the growing working capital requirements.

Incorporated in year1991, Steamline Industries Limited was
promoted by Mr. Surendra Sharma for trading in steel products.
Subsequently, the company entered into tie ups with international
original equipment manufacturers for distribution of their
equipments to steel producers in India.  In early 2000, the
promoters ventured into import of pharmaceutical products from
China to benefit from high demand for imported bulk drugs from
China and relationships with large pharmaceutical companies.  In
year 2005, the promoters ventured into steel transportation
business to increase the scale of business, diversify revenue
streams and benefit from robust growth potential in the logistics
industry.  At present, steel trading and transportation business
are the two major business segments contributing 52 and 36%
respectively to the segment profit followed by pharmaceutical
business. In the period ended 2008-09, the company has posted a
net profit after tax of INR26.4 million on a turnover of INR1080.1
million.


TATA STEEL: Corus to Mothball Teeside Plant; Mulls 1,700 Job Cuts
-----------------------------------------------------------------
Thomas Biesheuvel and Abhishek Shanker at Bloomberg News report
that Corus Group Ltd., the European unit of India's Tata Steel
Ltd., will mothball the blast furnace and some coke ovens at its
Teesside plant in the U.K. and cut 1,700 jobs after a group of
four customers stopped buying metal.

Bloomberg relates Corus Chief Executive Officer Kirby Adams said
Friday on a conference call the operations will be mothballed at
the end of January at a cost of GBP80 million (US$133 million).
According to Bloomberg, Teesside's Redcar Wharf and Redcar Coke
Ovens will stay open.

Bloomberg recalls Italy's Marcegaglia SpA, South Korea's Dongkuk
Steel Mill Co., Luxembourg-based Ternium SA and Swiss-Italian
steelmaker Duferco Participations Holding Ltd. walked away earlier
this year from a 10-year agreement to buy 80% of output from the
Teesside Cast Products unit.

                         About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer.  It
has operations in 24 countries and commercial presence in over 50
countries.  Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings.  On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc.  Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008.  In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.

                           *     *     *

As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2.  Moody's said the rating
outlook is stable.


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


ARPENI PRATAMA: Coupon Payment Won't Affect Fitch's 'CCC' Rating
----------------------------------------------------------------
Fitch Ratings has said that PT Arpeni Pratama Ocean Line Tbk's
foreign and local currency Issuer Default Ratings of 'CCC' and its
National Long-term rating to 'B+(idn)' remain unaffected following
the payment of a missed semi-annual coupon on its US$ senior
unsecured notes due 2013 on December 3, 2009 -- the last day of a
30-day grace period.  The above ratings and the 'CC' rating on the
US$ notes remain on Rating Watch Negative.

"The payment of the coupon avoided a default, but there are
significant concerns over Arpeni's liquidity position," says
Buddhika Piyasena, Director of Fitch's Corporate Ratings team in
Singapore.  "These include Arpeni's high trade receivables,
working capital facilities that have been fully utilised,
derivative related liabilities and committed capex," Mr. Piyasena
adds.  In addition, it remains to be seen how banks that provide
working capital facilities will react to Arpeni's recent
developments, though the company has confirmed the rolling over of
all credit facilities due this year.

Other than the confirmation of the coupon payment, Fitch has not
received any additional information from the company relating to
developments that led to the missed payment.  A negative rating
action may be taken if there is evidence to suggest that Arpeni's
liquidity is significantly stretched, or there is a need for debt
restructuring that could be detrimental to its creditors.  Fitch
views that any significant increase in Arpeni's liabilities can
further weaken the recovery prospects for the US$ notes holders in
the event of a default.  The Recovery Rating on the US$ notes is
currently at 'RR5'.


BANK NEGARA: Fitch Upgrades Individual Rating to 'C/D'
------------------------------------------------------
Fitch Ratings has upgraded PT Bank Negara Indonesia Tbk's National
Long-term rating to 'AA(idn)' from 'AA-(idn)', and the Individual
rating to 'C/D' from 'D'.  At the same time, the agency has
affirmed the bank's Long-term foreign and local currency Issuer
Default Rating at 'BB', Short-term foreign currency IDR at 'B',
Support '3' and Support Rating Floor at 'BB-'.  The Outlook is
Stable.

The upgrade in BNI's National rating reflects the bank's improving
financial profile as demonstrated by the stronger profitability
and higher reserves cover on NPLs, despite the more challenging
economic environment especially over the past 12 months.
Nevertheless, gross NPLs increased to 6.4% at end-Q309 from 5.0%
at end-2008.  This is mainly due to downgrades of a few larger
accounts and sharia financing, which Fitch understands that
remedial action on larger accounts are being taken.  The agency
notes that BNI's improved profitability reflects a higher
proportion of loan assets in its balance sheet.  Stress testing by
Fitch, based on the bank's higher pre-provision profitability and
increased reserve cover, indicate an improved capacity to absorb
higher credit costs should loan quality deteriorate.

Despite a more difficult operating environment since Q408, core
profitability as measured by pre-provision return on assets
increased to 3.9% in Q309 from 3.2% in 2008 (2007: 2.3%), owing to
widening net interest margin (NIM) as a result of increasing loan
assets.  The proportion of loan assets increased to 57% in Q309
from 55% in 2008 (2007: 47%).  ROA increased to 1.4% in Q309 from
0.6% in 2008 despite higher provision charges averaging 2.8% of
loans.  This is partly due to BNI's efforts to build up its
reserves to a level more comparable with its larger peers.

While the NPL ratio was up to 6.4% from 5.0% in 2008 (2007:
10.5%), the credit risk was mitigated since BNI raised its reserve
coverage level to 110% at end-9M09 from 101% in 2008 (2007: 72%).
With Indonesia's more positive economic outlook, the increase in
NPLs should ease; BNI expects NPLs to fall below 6% at end-2009
from loan restructuring and write-offs.  The restructured loan
ratio remained high, although about 75% of that were performing
loans.  Nevertheless, it trended down over the last two years as
its quality improved.  Special mention loans were still high at
9.8% as at 9M09.

Total capital adequacy ratio was 14.7% (Tier 1: 12.2%) at end-
9M09, up from 13.5% in 2008 partly due to increased profit
retention as government -- its main shareholder -- agreed to cut
BNI's dividend payout to 10% in 2008 from 50% in 2007.  That said,
higher loan growth and weaker asset quality may put pressure on
its lower than peer average total CAR (Q309: 17.8%).  BNI is
considering to issue subordinated debt in 2010 to diversify its
funding sources and strengthen its capital base.  Fitch
understands that new equity through a rights issue is being
explored as an alternative with its major shareholder (the
Indonesian government), although this might not materialize in the
near future.

BNI, incorporated in 1946, is one of four state-owned banks and
the fourth-largest bank in Indonesia by total assets.  After the
divestment program in August 2007, government ownership fell to
76.4% at end-September 2009 from 99.1% previously.


BANK OCBC: Fitch Affirms Issuer Default Ratings at 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed PT Bank OCBC NISP Tbk's Long-term
foreign and local currency Issuer Default Ratings at 'BB' with a
Stable Outlook, Short-term foreign currency at 'B', National Long-
term at 'AA+(idn)' with a Stable Outlook, Individual at 'C/D' and
Support rating at '3'.

The ratings reflect the support from OCBC NISP's financially
strong parent, Singapore's Oversea-Chinese Banking Corporation
(OCBC; 'AA-'/Stable), its small but growing banking franchise,
improving profitability and reasonably strong balance sheet.  Any
change in OCBC's ownership and commitment to support OCBC NISP
will have an impact on the latter's National and International
ratings.  At the same time, as the International rating is at the
sovereign level ('BB'/Stable), any change in the sovereign rating
will affect OCBC NISP's International rating.

Based on calculations by Fitch, pre-provision income improved to
2.6% of average assets in 9M09 (2008: 2.0%), despite the tougher
operating conditions, as interest margins benefited from higher
lending spreads and a better deposit mix.  OCBC NISP continues to
tap its parent's technical expertise in its long-term plan of
becoming a top-tier nationwide bank focusing on the SME and
consumer loan segments.  Its branding was aligned with the parent
in December 2008, and OCBC's funding support is reflected in two
rights issues in 2005 and 2007, where OCBC also raised its share
holdings in OCBC NISP.

Loan quality deteriorated as gross NPLs rose to 3.9% at end-Q309
(2008: 2.7%); the bank however raised provision charges, such that
loan loss reserves covered a higher 75.1% of NPLs at end-Q309
(2008: 72.1%).  Stress testing by the agency indicates that the
bank's pre-provision earnings can absorb up to around a 2.5% level
of credit cost, thereby providing some buffer against actual
provision charges of 0.8% (of loans) in 9M09.  Fitch notes that
customer deposits funded a higher 80% of total assets at end-Q309,
with low-cost demand and savings deposits at 55% of the total
(2008: 44%), reflecting the group's small but growing deposit
franchise.

Established in 1941, OCBC NISP was previously owned and managed by
the Surjaudaja family, and notably weathered the 1997-1998 Asian
Crisis without a state bailout.  OCBC acquired a 22.5% stake in
NISP in mid-2004, which it raised to 74.73% at end-Q308.  The
Surjaudaja family holds 5% and the International Finance
Corporation (IFC) 7.17%.


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


AIFUL CORP: Credit Default Swap Concerns Prompt ISDA Review
-----------------------------------------------------------
Shannon D. Harrington at Bloomberg News reports that disputes over
credit-default swaps protecting investors in Aiful Corp.'s debt
have spurred the International Swaps and Derivatives Association
-- which sets global standards for the derivatives -- to review
definitions governing the contracts.

The report, citing Executive Vice-Chairman Robert Pickel, says the
ISDA is assessing whether Japan's alternative dispute resolution
process for companies restructuring their debt triggers a so-
called credit event that would lead to payouts on swaps.

Mr. Pickel told Bloomberg in an interview from New York that
“Situations arise where the terms of our contract need to be
considered in light of a particular legal situation in a
particular jurisdiction.  We’ll certainly look at the ADR
situation in this way.”

Bloomberg relates that after Aiful entered into alternative
dispute resolution talks in September, a committee of 15 dealers
and investors that determines when the swaps are triggered
rejected three attempts to get payouts from contracts on the
Kyoto-based consumer lender even as one bank said Aiful ceased
making loan payments.   Failure to reach prompt agreement may
damage confidence in Japan’s market for the contracts, Bloomberg
cited J. Paul Forrester, a partner and co-head of the derivatives
and structured products practice at Chicago-based law firm Mayer
Brown LLP, as saying in an interview last month.

Hisayoshi Nogawa, a strategist at BNP Paribas Securities Japan,
said declaration of an Aiful credit event would lead to Japan’s
first auction to settle the swaps, Bloomberg notes.

“If ISDA clarifies that going into ADR constitutes a credit event,
that would make it much easier for credit-default swap buyers to
trigger credit events,” Bloomberg quoted Junichi Shimizu, a credit
analyst at Deutsche Bank AG, as saying.  “Buyers will also be
required to pay higher premiums in a transaction involving in a
company which is distressed, or whose creditworthiness is getting
worse.”

Meanwhile, Reuters, citing Nikkei business daily, reported
Saturday that a foreign financial institution has threatened to
block Aiful Corp.'s private debt workout if the Japanese
moneylender fails to compensate it for outstanding loans.

The Nikkei said a foreign financial firm holding several billion
yen in Aiful debt has called on the consumer lender to buy that
debt at a creditors meeting today, December 8, Reuters relates.

The paper, as cited by Reuters, said a vote on the turnaround plan
is scheduled for Dec. 24 and the firm may vote against it if Aiful
refuses the demand.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Kyodo News said Aiful Corp. has drawn up a revival
plan calling for moving up repayments of outstanding loans from
dozens of creditors on the basis of a new JPY15 billion credit
line it will set up with its biggest creditor Sumitomo Trust &
Banking Co.

Aiful asked 66 creditors in September to consent to an out-of-
court debt resolution under the alternative debt resolution
method.  The Company is currently trying to secure by the yearend
the creditors' agreements to reschedule repayments of its group
debts, which came to around JPY300 billion as of Sept 24, Kyodo
said.

The plan calls for buying back at discounts the bonds which Aiful
floated in the past to the creditors on the basis of the credit
line, according to Kyodo.

                            About Aiful

Aiful Corporation (TYO:8515) -- http://www.ir-aiful.com/--  is
a Japan-based financial service provider.  The company is
engaged in the provision of small-lot uncollateralized loan for
individual consumers, business loan for individuals, as well as
mortgage collateral and credit card services, in addition to the
collection and management of debts.  Other business activities
the Company is involved in include the development, investment
and nurture of venture companies, as well as the leasing of real
estates.  Headquartered in Kyoto, the Company has 29 subsidiaries
and two associated companies.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
September 29, 2009, Moody's Investors Service downgraded to Caa1
from B3 the long-term senior unsecured debt rating and unsecured
medium-term note rating of Aiful Corporation.  At the same time,
Moody's continues to review the ratings for possible further
downgrade.  In addition, Moody's says Aiful's issuer rating
remains at Caa1, but continues to review it for possible further
downgrade.

Standard & Poor's Ratings Services also lowered its long- and
short-term counterparty ratings on Aiful Corp. to 'SD' from 'CC'
and 'C' respectively, after Aiful's application for ADR procedures
was officially accepted.  As a result, Aiful has temporarily
suspended principal payments on borrowings from financial
institutions, thereby breaching the terms and conditions of the
original agreements.  The 'CCC' rating on the senior unsecured
bonds remains on CreditWatch with developing implications.  S&P
placed the senior unsecured rating on CreditWatch with negative
implications on Sept. 14, 2009, based on growing concerns over
cash flow deterioration.  The CreditWatch status was revised to
developing on Sept. 18, 2009.


JAPAN AIRLINES: Gov't. May Extend JPY700-Bln Credit Guarantees
--------------------------------------------------------------
The government may extend credit guarantees worth up to JPY700
billion on loans and investments from financial institutions to
struggling Japan Airlines Corp. to shield the air carrier from a
possible cash shortage, Japan Today reports citing sources close
to the matter.

Sources said the government is planning to include the measure in
the extra budget for fiscal 2009, Japan Today reports.

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies.  The Air
Transportation segment is engaged in the operation of passenger
and cargo planes.  The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business.  The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages.  The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication.  The Company has numerous global operating
locations.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch.  At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications.  On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009.  On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.

The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.


JMAC4 TRUST: Moody's Reviews Ratings on Four Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has placed four classes of JMAC4 Trust
on review for possible downgrade.  The final maturity of the trust
certificates will take place in February 2013.

The individual rating actions are listed below.

* Class B, Review for Possible Downgrade; previously, Downgraded
  to Aa2 from Aa1 on June 16, 2009

* Class C, Review for Possible Downgrade; previously, Downgraded
  to Ba2 from Baa2 on June 16, 2009

* Class D, Review for Possible Downgrade; previously, Downgraded
  to Caa2 from Ba2 on June 16, 2009

* Class E, Review for Possible Downgrade; previously, Downgraded
  to Caa3 from B3 on June 16, 2009

JMAC4 Trust, effected in March 2006, represents the securitization
of 16 non-recourse loans backed by real estate.  The transaction
is currently backed by four non-recourse loans backed by seven
properties.

The previous rating actions had reflected Moody's concerns
regarding these factors.

1) Recovery of a specially serviced loan that had defaulted in
   December 2008 will likely be hampered by the stressed
   environment for the commercial real estate market.

2) 37% of the loan pool will mature in 2010.  Loans that will need
   to be refinanced in a stressed market account for a higher
   percentage of the loan pool.

In this review, Moody's will factor expected recovery stress
higher than was assumed in the previous rating actions, in
accordance with the servicer's work-out strategies on the
properties underlying the specially serviced loan that had
defaulted in December 2008.

The specially serviced loan is backed mainly by vacant retail
properties in provincial cities.  Four properties have already
been sold, but others, including the highest-valued, remain on the
market.

Moody's will closely monitor the servicer's strategies and
activities, and reconsider the prospects for collateral recovery,
to decide whether to confirm or downgrade the rating of the Trust
Certificates.


TAKEFUJI CORPORATION: Extends Discounted Offer for Bonds
--------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that Takefuji Corp. said
Friday it extended its deadline for investors to swap convertible
bonds for cash and new notes.

According to the report, Takefuji said it received applications to
exchange JPY45 billion (US$500 million) of its convertible bonds,
or 64% of its targeted amount, as it tries to reduce the cost of
possible redemptions in June.  Takefuji also postponed the offer
deadline for investors to exchange the notes to Dec. 8 from
Dec. 2, Bloomberg notes.

The lender aimed to repackage all of its JPY70 billion of
convertible debt, the report says.

Bloomberg relates that the Tokyo-based company is offering JPY65
in cash for every JPY100 of convertible notes to bondholders
seeking a cash-only exchange.  For investors seeking a mix of cash
and new notes, says Bloomberg, Takefuji will give JPY65 of bonds
and JPY35 in cash for every JPY100 of convertible bonds.

                      Credit Ratings Downgrade

The Troubled Company Reporter-Asia Pacific reported on Nov. 19,
2009, that Standard & Poor's Ratings Services lowered its long-
term counterparty credit rating on Takefuji Corp. by four notches
to 'CC' from 'B-'.  The rating remains on CreditWatch with
negative implications.

S&P said the rating action reflects the high likelihood that a
debt exchange that Takefuji offered on Nov. 16, 2009, will be
recognized as a default under Standard & Poor's criteria, if it
goes ahead.  At the same time, S&P lowered its rating on the
outstanding senior unsecured bonds (straight bonds) issued by
Takefuji by two notches to 'CCC', given slower progress in
Takefuji's fund-raising than S&P expected, and removed the rating
from CreditWatch with negative implications.  The rated long-term
senior unsecured bonds are all straight bonds, and are not subject
to the debt exchange.  The long-term rating on Takefuji was placed
on CreditWatch with negative implication after it was downgraded
to 'B-' on Oct. 1, 2009.

Moody's Investors Service also downgraded to Caa1 from B2 the
long-term issuer rating and senior unsecured debt ratings of
Takefuji Corporation.  Moody's changed the ratings outlook to
stable from negative.

                          About Takefuji

Takefuji Corporation (TYO:8564) --http://www.takefuji.co.jp/ is a
Japan-based company mainly engaged in the consumer finance
business.  The Company operates in two business segments.  The
Consumer Finance segment covers the loan and credit card
businesses.  The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.


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


GENERAL MOTORS: GM Daewoo To Recall 30,751 Matiz Cars
-----------------------------------------------------
GM Daewoo Auto & Technology Co., the Korean unit of U.S. carmaker
General Motors Co., will recall 30,751 units of its mini-car Matiz
Creative because of defective airbags and windshield wipers,
Yonhap News reports citing government officials.

The Ministry of Land, Transport and Maritime Affairs said in a
statement that subject to the recall are the vehicles sold between
July and November this year, according to Yonhap.

Yonhap relates the ministry said wipers malfunctioned in freezing
weather and airbags were found to separate from the vehicle in a
crash.

The government also said the Korean importer of the Land Rover
brands will implement a recall affecting 106 units of the brands'
two models, produced between December 2006 and February 2008, due
to concerns about fuel leaks, Yonhap adds.

                     About General Motors

General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908.  With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries.  GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling.  GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had $107.45 billion in total assets
against $135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


ARK RESOURCES: Sept. 30 Balance Sheet Upside-Down by MYR10.33MM
---------------------------------------------------------------
ARK Resources Berhad's unaudited balance sheet as of Sept. 30,
2009, went upside down by MYR10.33 million, on total assets of
MYR10.83 million and total liabilities of MYR21.16 million.

The company's balance sheet at of Sept. 30, 2009, also showed
strained liquidity with MYR10.63 million in total current assets
available to pay MYR21.16 million in total current liabilities.

For the quarter ended September 30, 2009, the company posted a
net profit of MYR2.93 million on MYR61,000 revenues, compared with
a net loss of MYR268,000 on MYR1.69 million in revenues recorded
in the same quarter in 2008.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

                          *     *     *

On April 24, 2006, Lankhorst was classified as an affected
listed issuer under the Bourse's Practice Note 17/2005.  It was,
therefore, required to submit and implement a plan to regularize
its financial condition category.


HARVEST COURT: Completes Regularization Plan; Out of PN17
---------------------------------------------------------
Bursa Malaysia Securities Bhd disclosed that Harvest Court
Industries Berhad, a Practice Note No. 17/2005 company, has
regularized its financial condition pursuant to PN17.

Following the implementation of the company's restructuring
scheme, the bourse said Harvest Court has regularized its
financial condition and no longer triggers any of the criteria
under paragraph 2.1 of PN17.

Harvest Court Industries Berhad has defaulted on several loan
facilities because of a reduction in sales from 2002 onwards due
to a weak global market as a result of the Iraqi and the severe
acute respiratory syndrome, or SARS, as well as its inability to
raise funds via the equity market due to weak market sentiment.
Due to its financial position, Harvest Court had embarked on an
exercise to restructure the Company, including a debt
restructuring and capital reduction.  The Company's proposed
corporate exercise was rejected by the Securities Commission in
November 2005, on grounds that the proposals are not comprehensive
and are not capable of resolving all financial problems of the
Company.  Its appeal to reconsider the rejection was also junked
by the Commission on February 24, 2006.

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

                         *     *     *

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Pan Malaysian Industries Berhad until facts and
circumstances, if any, emerge that demonstrate financial or
operational strain or difficulty at a level sufficient to warrant
renewed coverage.


NIKKO ELECTRONIS: Posts MYR8.51MM Net Loss in Qtr. Ended Sept. 30
-----------------------------------------------------------------
Nikko Electronics Berhad unaudited balance sheet as of
September 30, 2009, went upside down by MYR39.17 million, on total
assets of MYR31.56 million and total liabilities of MYR70.73
million.

The company's balance sheet as of September 30, 2009, also showed
strained liquidity with MYR1.73 million in total current assets
available to pay MYR70.73 million in total current liabilities.

For the quarter ended September 30, 2009, the Company incurred
MYR8.51 million net loss on MYR180,00 of revenues, compared with
MYR16.60 million net loss on MYR1.23 million of revenues in the
same quarter of the preceding year.

For the half year ended September 30, 2009, the Company posted
MYR9.45 million net loss on MYR792,000 of revenues, compared with
MYR72.32 million net loss on MYR10.62 of revenues in the same
period in 2008.

The turnover recorded for the quarter under review was derived
from sales of old stocks, raw materials and semi-finished goods as
the Company had ceased operations since June 30, 2008.  The
reduced loss for the half year was due to provision for
termination benefits, provision for doubtful debts and higher
write down of inventories incurred in the same period last year.

                      About Nikko Electronics

Nikko Electronics Berhad manufactures and sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.

                           *     *     *

On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad.  Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.

The company had been loss-making and its ventures to manufacture
new products had also failed to make a profitable contribution
to it.  Nikko suspended its business activities to prevent
incurring further losses.

On Sept. 11, 2008, the High Court of Malaya entered an order
to appoint Dato' Robert Teo Keng Tuan of RSM NWT Advisory Services
Sdn Bhd as the company's provisional liquidator.

The appointment of provisional liquidator was due to the
application made before the High Court of Malaya by Cheong Wai
Meng & Van Buerle, acting for Ishikawa Spring (Malaysia) Sdn Bhd.


RHYTHM CONSOLIDATED: Posts MYR1.66MM Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Rhythm Consolidated Berhad disclosed with the Kuala Lumpur Stock
Exchange its financial report for the first quarter ended
September 30, 2009.  For the current quarter, the company incurred
MYR1.66 million net loss compared with MYR1.58 million net loss in
the same quarter of 2008.

Rhythm recorded a loss before taxation of MYR1.74 million for the
current quarter as compared to a loss before taxation of MYR1.71
million in the same period in 2008.

The Company recorded lower revenue for the current quarter of
MYR377,000 as compared to MYR1.92 million in the preceding year's
quarter ended September 30, 2008.

As of September 30, 2009, the Company's balance sheet showed total
assets of MYR38.41 million and total liabilities of MYR42.98
million, resulting in total shareholders' deficit of MYR4.56
million.

The Company's balance sheet as of September 30, 2009, also showed
strained liquidity with MYR29.69 million in total current assets
available to pay MYR42.982 in total current liabilities.

                     About Rhythm Consolidated

Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company.  The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders, wallets,
bags, rain coats and others, and information and communication
technology, which includes credit cards terminal development and
solutions, and system application developer and system support.
During the fiscal year ended June 30, 2007 (fiscal 2007), the
Company acquired an additional 15% of interest in its associated
company namely, Rhythm ICT Services Sdn. Bhd., formerly known as
IQ Card Services Sdn Bhd, (ICT).  As a result, the Company owns
55% interest in ICT, and ICT became a subsidiary of the Company.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement of
default in payment by Monosetia Sdn Bhd.


TALAM CORPORATION: Unit's Restraining Order Extended to Feb. 13
---------------------------------------------------------------
Talam Corporation Berhad said the restraining order granted by the
Kuala Lumpur High Court on August 13, 2009, pursuant to Section
176 of the Companies Act, 1965 to Talam Industries Sdn Bhd, a
wholly-owned subsidiary of the company has been extended for a
period of 90 days effective from November 14, 2009, to February
13, 2010.

Talam Corp. said the restraining order is necessary to facilitate
the convening of creditors' meeting concerning the implementation
of a proposed debt restructuring scheme.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


TALAM CORPORATION: Court to Hear Wind Up Petition on February 11
----------------------------------------------------------------
Talam Corporation Berhad disclosed in a regulatory filing that
that a winding-up petition has been served on Europlus Berhad, a
wholly-owned subsidiary of the Company, by Van Oord Acz Malaysia
Sdn Bhd.

The Company said Van Oord Acz Malaysia is claiming Europlus owed a
total of MYR5,429,579.96 consisting of MYR4,054,744.00 being the
principal amount and MYR1,374,835.96 being the interest awarded at
8% per annum based on the Judgement dated January 7, 2009.

The High Court at Kuala Lumpur will hear the petition on
February 11, 2010.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development.  Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding.  Operations of the group are carried out in
Malaysia and China.

The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on the
Company's Audited Accounts.  As such, the company is an affected
listed issuer of the Amended Practice Note 17 category.  In
accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


WONDERFUL WIRE: Restraining Order Extended Until January 5
----------------------------------------------------------
The High Court of Malaya at Kuala Lumpur on November 25, 2009,
granted Wonderful Wire & Cable Berhad an extension of the
restraining order for 45 days with effect from November 21, 2009,
to January 5, 2010.

Pursuant to the regularization plan of WWC submitted to the
Securities Commission on December 15, 2008, and as announced on
the same date, it was proposed that the Proposed Restructuring
Scheme of the company be implemented.  However, as the ongoing
litigation suits against the company may jeopardize the
implementation of the PRS, WWC said the restraining order is
necessary to prevent any proceedings against the Company, pending
the finalization of the PRS.

Thus, WWC believes the restraining order will enable the company
to preserve the status quo of its financial and operations pending
the implementation of the PRS.

Wonderful Wire & Cable Berhad is a Malaysia-based company that
is engaged in the manufacture and trading of all kinds of
electrical wires and cables.  The principal activities of the
company's subsidiaries include the investment holding, provision
for oil, gas and petroleum engineering, and design engineers and
contractors.  Its subsidiaries include Wonderful Industries Sdn.
Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia)
Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M)
Sdn. Bhd. and Wonderful Wire & Cable.  In November 2006, the
company acquired the remaining 40% interest in WWC Sealing
(Malaysia) Sdn Bhd.  The principal activity of WWC Sealing
(Malaysia) Sdn Bhd is to design, manufacture and market
different ranges of industrial seal and gasket.

On December 3, 2007, the company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category as the company's shareholders' equity
on a consolidated basis for the unaudited results is less than
25% of the issued and paid-up capital for the third quarter
ended Sept. 30, 2007.


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


LOMBARD FINANCE: Receiver Says Investors to Get Payment This Month
------------------------------------------------------------------
The New Zealand Herald reports that Lombard Finance receiver
PricewaterhouseCoopers said investors will receive a repayment
later this month of 6.5 cents for every dollar invested.

The report says the distribution was earlier than expected after
the Inland Revenue Department agreed to waive any preferential
claim it may have over this interim distribution to investors.

According to the report, PwC said the IRD had not finished its GST
audit of Lombard.  The audit may still result in identification of
any preferential claims the IRD has against Lombard.  "It is
expected that any preferential payments will be required to be
paid in full prior to any further distribution to secured
debenture investors," the report cited PwC in a statement.

The report relates PwC said its estimated recovery range from
Lombard's loan book was still 17% to 29%, although it noted that
the property market continued to be "challenging and volatile,
particularly in respect of development land and bare land coastal
subdivisions".

                       About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing in
the financial services sector offering a number of lending options
and providing investment opportunities for its shareholders and
investors.

On April 10, 2008, Lombard Finance was placed into receivership
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.


PROPERTYFINANCE GROUP: Issues Shares to Pay Trade Creditors
-----------------------------------------------------------
PropertyFinance Group Ltd is to pay some creditors in shares and
is also offering to convert redeemable preference shares into
ordinary shares, a report posted at guide2.co.nz says.

According to the report, PFG is proposing that each redeemable
preference share be exchanged for 10 new ordinary shares, worth
10c each.  The offer is conditional on more than 75% of redeemable
preference shareholders agreeing to the exchange of shares, the
report notes.

The report says PFG has agreed to issue 4.9 million ordinary
shares to trade creditors to settle trade debts of $491,000.

The issue is being carried out as a pre-break announcement under
which there is no shareholder vote but shareholders with more than
5% of the company have ten business days to request in writing a
meeting if they want one, guide2nz.com relates.

Based in New Zealand, Propertyfinance Group (NZE:PFG) --
http://www.propertyfinance.co.nz/-- is engaged in lending on
first mortgage.  The company is also involved in property related
financial services.  Some of the company's subsidiaries include
Propertyfinance Securities Limited, Property Finance Holdings
Limited, Property Finance Operations CM-2006 Ltd, Property Finance
Operations LS-2005 Ltd, Property Finance Operations RML-2005 Ltd,
Property Finance Operations CM-2005 Ltd, Property Finance
Operations RM-2005 Ltd, Avon Number One Investments Limited and
Avon Indemnity Company Limited.

                           *     *     *

Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.

The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4,000 retail investors NZ$79 million in debentures.  The
parent company managed to pull its subsidiary out of receivership
in February 2008.  PFSL is now in a director-governed moratorium.
The moratorium allows limited trading while PFSL realises its
assets over time, and uses the proceeds from assets to repay its
secured debenture holders.


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


EXPORT AND INDUSTRY: PDIC to Extend PHP10.9BB Rehabilitation Loan
-----------------------------------------------------------------
The policy-making Monetary Board has ruled that the possible
closure of Export and Industry Bank poses a systemic risk, paving
the way for regulators to allow the Philippine Deposit Insurance
Corp. to extend a PHP10.9-billion loan for its rehabilitation, the
Daily Tribune reports citing a banking source.

The report relates that EIB is seeking PHP3.3 billion in fresh
capital since last June for its rehabilitation but had sought from
regulators extensions on the deadline given to it every month
since then.  The report notes EIB has been under the so-called
prompt corrective action scheme, the intensive care unit for
banks, since 2007 because of lack of capital.

According to the report, the PDIC has conducted a special
examination on EIB.  The report says EIB's deposits have fallen to
PHP19 billion but only PHP4.4 billion in insured.  The Daily
Tribune states that the big disparity between the insured and
uninsured deposits suggests that the bank has big depositors whose
deposits in the bank exceed the PHP500,000 maximum deposit
insurance coverage.

Banco de Oro Unibank Inc. is seeking a PHP10.9-billion
concessional loan from regulators for its proposed takeover of
EIB, more than the PHP4.4 billion it will cost to pay the insured
deposits, the report notes.

The report relates bankers said the closure of EIB is not likely
to trigger similar runs in other medium sized banks because
depositors are now more discriminating when it comes to choosing
banks, especially after the closure of the Legacy rural banks last
year.

EIB recently sold its savings bank subsidiary, EIB Savings Bank,
to New Ventures Realty Corp. and Las Lucas Development Corp.,
which are subsidiaries of Petron Corp.

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.


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


AU OPTRONICS: To Set Up LCD Plant in Slovak Republic
----------------------------------------------------
AU Optronics said it will invest more than EUR191 million starting
next year to established LCD module plant in Slovak Republic in
order to provide just-in-time services to European customers.

AU Optronics (Slovakia) s.r.o. will be responsible for
manufacturing, assembling, and selling large-sized LCD modules,
the company said in a statement.

AUO's Chairman, Mr. K. Y. Lee, and ?ubomír Jahnátek, Minister of
Economy of the Slovak Republic, signed last week an investment
agreement.  Mr. K. Y. Lee noted during the signing ceremony that
Europe is one of the major markets for LCD TV.

Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels.  Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays.  The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers.  The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays.  In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'.  The Outlook remains Negative.  The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.


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


* BOND PRICING: For the Week November 30 to December 4, 2009
------------------------------------------------------------


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

   AUSTRALIA
   ---------


AINSWORTH GAME           8.00    12/31/2009       AUD     0.87
AMP GROUP FINANC         9.80      4/1/2019       NZD     0.93
ANTARES ENERGY          10.00    10/31/2013       AUD     1.72
AUROX RESOURCES          7.00     6/30/2010       AUD     0.81
BECTON PROP GR           9.50     6/30/2010       AUD     0.55
BOUNTY INDUSTRIE        10.00     6/30/2010       AUD     0.03
CAPRAL ALUMINIUM        10.00     3/29/2012       AUD    72.00
CBD ENERGY LTD          12.50     1/29/2011       AUD     0.18
CHINA CENTURY           12.00     9/30/2010       AUD     0.70
FIRST AUSTRALIAN        15.00     1/31/2012       AUD     0.50
GRIFFIN COAL MIN         9.50     12/1/2016       USD    54.88
HEEMSKIRK CONSOL         8.00     4/29/2011       AUD     2.24
JPM AU ENF NOM 1         3.50     6/30/2010       USD     7.00
MINERALS CORP           10.50    12/31/2009       AUD     0.83
NATIONAL CAP II          5.49    12/29/2049       USD    72.04
NEW S WALES TREA         1.00      9/2/2019       AUD    61.59
NYLEX LTD               10.00     12/8/2009       AUD     0.84
ORCHARD INVEST           7.36    12/15/2010       AUD    29.50
RESOLUTE MINING         12.00    12/31/2012       AUD     1.06
SUN RESOURCES NL        12.00     6/30/2011       AUD     0.40
SUNCORP METWAY I         6.75     10/6/2026       AUD    73.58
TIMBERCORP LTD           8.90     12/1/2010       AUD    26.10
VERO INSURANCE           6.15      9/7/2025       AUD    67.87


   CHINA
   -----

CHINA GOVT BOND          4.86     8/10/2014       CNY   108.39
JIANGXI COPPER           1.00     9/22/2016       CNY    71.13
SICHUAN CHANGHON         0.80     7/31/2015       CNY    72.81


   HONG KONG
   ---------

RESPARCS FUNDING         8.00    12/29/2049       USD    23.75


   INDIA
   -----

AFTEK INFOSYS            1.00     6/25/2010       USD    65.00
AKSH OPTIFIBRE           1.00     1/29/2010       USD    68.50
BAHTERA ADIMINA         16.00      6/5/2010       IDR    14.20
BANK DKI                12.25      3/4/2018       IDR    69.72
GEMINI COMMUNICA         6.00     7/18/2012       EUR    68.00
GHCL LTD                 1.00     3/21/2011       USD    73.50
KEI INDUSTRIES           1.00    11/30/2011       USD    73.75
MOBILE-8 TELECOM         5.00     6/15/2017       IDR    51.50
SUBEX AZURE              2.00      3/9/2012       USD    67.50
WANBURY LTD              1.00     4/23/2012       EUR    69.50


   JAPAN
   -----

AIFUL CORP               1.14    10/19/2010       JPY    52.50
AIFUL CORP               2.93     6/28/2010       JPY    59.35
AIFUL CORP               0.80     7/20/2010       JPY    56.50
AIFUL CORP               5.00     8/10/2010       USD    63.05
AIFUL CORP               1.50    10/20/2011       JPY    41.34
AIFUL CORP               6.00    12/12/2011       USD    40.13
AIFUL CORP               6.00    12/12/2011       USD    45.00
AIFUL CORP               1.63    11/22/2012       JPY    33.98
AIFUL CORP               1.20     1/26/2012       JPY    36.60
AIFUL CORP               1.22     4/20/2012       JPY    35.09
AIFUL CORP               1.99     3/23/2012       JPY    36.50
AIFUL CORP               1.74     5/28/2013       JPY    30.99
AIFUL CORP               1.99    10/19/2015       JPY    30.34
AIFUL CORP               5.00     8/10/2010       USD    63.00
COVALENT MATERIA         2.87     2/18/2013       JPY    61.70
CSK CORPORATION          0.25     9/30/2013       JPY    60.50
FUKOKU MUTUAL            4.50     9/28/2025       EUR    69.50
JAPAN AIRLINES           3.10     1/22/2018       JPY    71.37
JPN EXP HLD/DEBT         0.50     3/18/2039       JPY    57.80
JPN EXP HLD/DEBT         0.50     9/17/2038       JPY    58.39
PROMISE CO LTD           2.10     4/21/2014       JPY    64.29
PROMISE CO LTD           1.37      6/4/2013       JPY    68.17
SHINSEI BANK             3.75     2/23/2016       EUR    82.70
SHINSEI BANK             5.63    12/29/2049       GBP    75.17
TAKEFUJI CORP            9.20     4/15/2011       USD    44.38
TAKEFUJI CORP            4.00      6/5/2022       JPY    53.15
TAKEFUJI CORP            8.00     11/1/2017       USD     9.63
TAKEFUJI CORP            9.20     4/15/2011       USD    44.38
WILLCOM INC              2.35     6/27/2012       JPY    44.40


   MALAYSIA
   --------

ADVANCE SYNERGY          2.00     1/26/2018       MYR     0.08
ALIRAN IHSAN RES         5.00    11/29/2011       MYR     1.02
BERJAYA LAND             5.00    12/30/2009       MYR     3.82
CRESCENDO CORP B         3.75     1/11/2016       MYR     0.97
DUTALAND BHD             4.00     4/11/2013       MYR     0.40
DUTALAND BHD             4.00     4/11/2013       MYR     0.72
EASTERN & ORIENT         8.00    11/16/2019       MYR     1.02
EASTERN & ORIENT         8.00     7/25/2011       MYR     0.87
HUAT LAI RESOURC         5.00     3/28/2010       MYR     0.43
KRETAM HOLDINGS          1.00     8/10/2010       MYR     1.10
KUMPULAN JETSON          5.00    11/27/2012       MYR     2.28
LBS BINA GROUP           4.00    12/31/2009       MYR     0.42
LION DIVERSIFIED         4.00    12/17/2013       MYR     1.25
MITHRIL BHD              3.00      4/5/2012       MYR     0.61
NAM FATT CORP            2.00     6/24/2011       MYR     0.20
OLYMPIA INDUSTRI         2.80     4/11/2013       MYR     0.20
OLYMPIA INDUSTRI         4.00     4/11/2013       MYR     0.23
PUNCAK NIAGA HLD         2.50    11/18/2016       MYR     0.67
RUBBEREX CORP            4.00     8/14/2012       MYR     1.09
TRADEWINDS CORP          2.00      2/8/2012       MYR     0.70
TRADEWINDS PLANT         3.00     2/28/2016       MYR     1.10
TRC SYNERGY              5.00     1/20/2012       MYR     1.28
WAH SEONG CORP           3.00     5/21/2012       MYR     2.50
WIJAYA BARU GLOB         7.00     9/17/2012       MYR     0.29
YTL CEMENT BHD           0.00    11/10/2015       MYR     2.00


   NEW ZEALAND
   -----------

ALLIED FARMERS           9.60    11/15/2011       NZD    52.40
ALLIED NATIONWID        11.52    12/29/2049       NZD    30.00
BBI NTWKS NZ LTD         9.00    11/30/2012       NZD     0.82
BLUE STAR PRINT          9.10     9/15/2012       NZD    74.50
CAPITAL PROP NZ          8.00     4/15/2010       NZD    10.50
CONTACT ENERGY           8.00     5/15/2014       NZD     1.04
FLETCH BUILD FIN         8.85     3/15/2010       NZD     8.00
FLETCHER BUI             8.50     3/15/2015       NZD     8.20
FLETCHER BUILDIN         7.55     3/15/2011       NZD     7.50
INFRASTR & UTIL          8.50     9/15/2013       NZD    11.00
INFRATIL LTD             8.50    11/15/2015       NZD    11.45
INFRATIL LTD            10.18    12/29/2049       NZD    60.10
MANUKAU CITY             6.90     9/15/2015       NZD     1.02
MARAC FINANCE           10.50     7/15/2013       NZD     0.93
NZ FINANCE HLDGS         9.75     3/15/2011       NZD    49.41
PROVENCOCADMUS           2.00     4/15/2010       NZD     0.81
SKY NETWORK TV           4.01    10/16/2016       NZD    54.32
SOUTH CANTERBURY        10.50     6/15/2011       NZD     0.94
SOUTH CANTERBURY        10.43    12/15/2012       NZD     0.77
ST LAURENCE PROP         9.25     5/15/2011       NZD    50.81
TOWER CAPITAL            8.50     4/15/2014       NZD     1.00
TRUSTPOWER LTD           8.50     9/15/2012       NZD     7.80
TRUSTPOWER LTD           8.50     3/15/2014       NZD     7.50
VECTOR LTD               8.00    12/29/2049       NZD     7.70
VECTOR LTD               7.80    10/15/2014       NZD     1.01


   SINGAPORE
   ---------

BLUE OCEAN              11.00     6/28/2012       USD    28.12
BLUE OCEAN              11.00     6/28/2012       USD    28.12
SENGKANG MALL            8.00    11/20/2012       SGD     0.10
UNITED ENG LTD           1.00      3/3/2014       SGD     1.25
WBL CORPORATION          2.50     6/10/2014       SGD     2.08


   KOREA
   -----

WOORI BANK               6.21      5/2/2037       USD    72.50


   SRI LANKA
   ---------

SRI LANKA GOVT           7.00     10/1/2023       LKR    69.91


                         *********

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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