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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Friday, January 8, 2010, Vol. 13, No. 005

                            Headlines



A U S T R A L I A

ALLCO FINANCE: Sale of Aircraft Leasing Unit Finally Completed
METAL STORM: Has AU$20.2M Finance Deal With Institutional Investor
OCCUPATIONAL & MEDICAL: Administrators Mulls Options for Business


H O N G  K O N G

GLOBAL A&T: ASAT Deal Won't Affect Moody's 'B1' Ratings
MOBILIA LIMITED: Commences Wind-Up Proceedings
RIGHT CAPITAL: Members' Final Meeting Set for February 1
ROMANOV COMPANY: Commences Wind-Up Proceedings
SELECT FOOD: Inability to Pay Debts Prompts Wind-Up

SINOLINK INVESTMENT: Commences Wind-Up Proceedings
SHUN FAT: Cheuk Yee Man Steps Down as Liquidator
SPECTACULAR DEVELOPMENT: Members' Final Meeting Set for February 1
SPWR LIMITED: Creditors' Meeting Set for January 11
STANDARD CAPITAL: Seng and Lo Step Down as Liquidators

SYMMETRICOM HK: Commences Wind-Up Proceedings
TAKE FORTUNE: Final Meetings Set for February 1
TOP STYLE: Members and Creditors' Final Meetings Set for Feb. 1
TOP TARGET: Commences Wind-Up Proceedings
TRIDENT TELECOM: Creditors' Proofs of Debt Due January 22

TRUMP GRAND: Chow Wai Man Grace Steps Down as Liquidator


I N D I A

COMMERCIAL AUTOMOBILES: ICRA Puts 'LB' Rating on Bank Facilities
FRIENDS MERCANTILE: CARE Puts 'CARE BB' Rating in INR14.4cr Loan
JAWAHARLAL AND SONS: CRISIL Reaffirms 'BB' Ratings
K.S.C. EDUCATIONAL: ICRA Rates 'LBB+' on INR920MM Bank Debts
KANDLA EXPORT: CARE Places 'CARE B' Rating on INR30cr LT Loan

KAVCON ENGINEERS: CRISIL Rates INR110MM Cash Credit at 'BB-'
MS DYEING: CRISIL Reaffirms 'B' Rating on INR70.84MM LT Loan
MANI METAL: CRISIL Rates INR60 Mil. Cash Credit at 'B+'
PKSS INFRASTRUCTURE: CARE Rates INR21.38 LT Rupee Loans at 'BB+'
SANTPURIA ALLOYS: CRISIL Rates INR100 Mil. Term Loan at 'B-'

SHYAMSUNDAR SATYANARAYAN: CRISIL Rates Cash Credit at 'BB-'
SILVER JUBILEE: Delay in Loan Repayment Cues CRISIL 'D' Ratings
SHIVAM MOTORS: ICRA Assigns 'LB+' Rating on INR213MM Bank Debts
USBCO STEELS: CRISIL Assigns INR120 Mil. Cash Credit at 'BB-'
VAMSI LABS: ICRA Assigns 'LB-' Rating on INR71 Million Term Loan


I N D O N E S I A

BANK CENTURY: Atty. General Seeks Ex-Owner's Help to Get Assets


J A P A N

JAPAN AIRLINES: AMR to Boost Investment Offer by US$300 Million


K O R E A

HYNIX SEMICONDUCTOR: Creditors Urge South Korean Firms to Bid


M A L A Y S I A

AHB HOLDINGS: AHB and Units Enter into Settlement with Creditors


N E W  Z E A L A N D

BRIDGECORP: Receivers Expects Complete Loss on $100-Mil. Fiji Loan
NATIONAL FINANCE: Receiver Announces 9c Final Payout
PGG WRIGHTSON: Sells 50% Stake in Canterbury Saleyards to Rural


P H I L I P P I N E S

* PHILIPPINES: Moody's Assigns 'Ba3' Foreign Currency Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                         - - - - -


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


ALLCO FINANCE: Sale of Aircraft Leasing Unit Finally Completed
--------------------------------------------------------------
The Sydney Morning Herald reports that the receivers of Allco
Finance Group have finally completed the sale of its key aircraft
leasing business.

The Herald relates Allco's receiver, Peter Gothard of Ferrier
Hodgson, said handing over the keys to the aircraft-leasing
business was a big step towards the completion of the failed
financier's receivership.

Mr. Gothard said the receivers won the consent of 28 secured
lenders to allow the sale of the group's aviation leasing arm to
Chinese group HNA, leaving only small and illiquid assets to be
sold, The Australian reports.

The Herald recalls that the sale of the business to China's HNA
Group, a state-owned transport and logistics company, was
announced in May but has been held up waiting for the consent of
29 non-recourse lenders, which between them have $3 billion tied
up in the Allco fleet.

According to the Herald, Mr. Gothard declined to disclose the sale
price, but in 2008 Allco put a net value of $86 million on the
business, whose customers include Qantas, Emirates, Singapore
Airlines, Ryanair and Asiana.

Mr. Gothard, as cited by the Herald, said completion of the sale
was made "a little more thorny" by legal action late last year
against former Allco chief David Veal and Geoffrey Kinghorn, son
of Allco's founder, John Kinghorn.  The action was aimed at
restraining the pair from appointing as manager of special-purpose
vehicles any entity in which the Kinghorns or Mr. Veal had a
financial interest, the Herald notes.

The Herald says the legal action is due to resume next month in
the Federal and Supreme courts.

                        About Allco Finance

Allco Finance Group Ltd. is an integrated global financial
services business, specializing in asset origination, funds
creation and funds management.  The company is a fund manager of
alternative assets in its core asset classes, which include
aviation, rail, shipping, infrastructure, property, private equity
and financial assets.  Its primary focus is on commercial
property, predominately completed office buildings and select
development opportunities.  It also purchases new and existing
commercial passenger and cargo aircraft for lease to commercial
airlines.  In March 2007, Allco HIT Limited acquired Momentum
Investment Finance Pty Limited, Allco Financial Services and
International Mezzanine Funds Management (Australia) Limited.  The
company is a vendor of Momentum Investment Finance Pty Limited and
Allco Financial Services.  In July 2007, it acquired Allco Equity
Partners Ltd.  In December 2007, it completed the acquisition of
the remaining 79.6% stake of Rubicon Holdings(Aust) Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 6, 2008, Allco Finance Group appointed Tony McGrath
and Joseph Hayes of McGrathNicol as the voluntary administrators
of the company and certain of its subsidiaries.  Subsequent to the
appointment of administrators to Allco, the company's banking
syndicate appointed Steve Sherman and Peter Gothard of Ferrier
Hodgson as receivers.  Allco Finance has more than AU$1 billion
in total debt.


METAL STORM: Has AU$20.2M Finance Deal With Institutional Investor
------------------------------------------------------------------
Metal Storm Limited has entered into an agreement in relation to
an AU$20.2 million equity line of credit (LOC) facility from
UK-based investment fund Global Emerging Markets (GEM) Global
Yield Fund to provide funds for the commercialization of Metal
Storm's core defense technology products.

Global Emerging Markets Limited was founded in 1991.  GEM is a
$3.4b investment group having completed 275 transactions in 55
countries.  The firm is an alternative investment group that
manages a diverse set of investment vehicles across the world.
GEM's funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund;
Kinderhook; GEM India and Banco Pine/GEM Funds.

UK-based Empire Equity Ltd (EEQ) acted as the Company's corporate
advisors in connection with the transaction.

GEM's LOC is an equity-based funding agreement between GEM and
Metal Storm that allows the Company to draw down up to a
pre-specified amount and repay the draw-down in tradeable stock.

The facility amount of up to AU$20.2M is being made available to
the Company.  Initially, up to $800,000 (Tranche One) will be
advanced to the Company 10 business days after Metal Storm issues
the first Draw Down Notice, which it intends to issue today.

Subsequently the Company can choose to initiate draw downs at a
frequency of up to one draw down per 15 trading days.  The Company
can also choose, at its sole discretion, between the following two
draw down types to suit its capital needs and market conditions at
the time:

  -- A cash advance equivalent to between 350% and 1,400% of the
     15-day average trading volume (the size of advance between
     these bounds being determined by GEM),

  -- A cash advance of up to $400,000 (which can be increased to
     a maximum of $800,000 at the discretion of GEM).

Shares will be issued at 90% of the 15 day volume weighted average
price of the Company's shares (VWAP) for the 15 days immediately
following the date the Company issues a draw down notice (except
Tranche One which is a 10 day VWAP).

In addition the Company will issue GEM one option for every five
shares issued.  Options will have a three-year term and an
exercise price of $0.035.  GEM's funding will be supported by
stock lending arrangements in the Company's shares, which will be
used by GEM to assist in funding the advances.

The Tranche One shares will be issued to EEQ on execution of the
definitive agreements.  EEQ has agreed to transfer the shares to
GEM.  The Tranche One options will be issued directly to GEM.
Tranche One will proceed without shareholder approval because it
is not required under Listing Rule 7.1 limit.  However shareholder
approval will be sought for the remainder of the facility and
associated share and option based fees.

The issue of securities more than 3 months after shareholder
approval will require a waiver to listing rule 7.3, which the
Company will be applying for but cannot guarantee it will obtain.
If the waiver is not granted, the Company will be required to hold
further shareholder meetings to gain further approvals from time
to time.

The Company will pay GEM a fee of 1.5% of the facility value in
shares upon shareholder approval, or a $200,000 break fee if
shareholders do not approve the transaction at the first meeting.
In addition the Company will pay a fee to Empire Equity Ltd of 5%
of the facility value in shares upon shareholder approval, or a
$200,000 break fee if shareholders do not approve the transaction
at the first meeting.  EEQ has also been offered the opportunity
to appoint a person to the Metal Storm Board.

The GEM LOC provides Metal Storm with funding for approximately 24
to 36 months, depending on the size of each draw down.  The split
between compliance, administrative and product
development/marketing costs will also vary based on the size of
each draw down.  However, if the facility performs as expected,
the Company anticipates that approximately 60% of the drawn down
funds will be channeled into commercialization.

As the level of commercialization activity provided for by the GEM
LOC is likely to be lower in cash terms than in previous years,
the Company does intend to seek additional investment to increase
the scale and speed of its commercialization activity.

Metal Storm Chairman, Mr Terry O'Dwyer, said that the Company's
financial position was now more stable with the GEM facility in
place.

"The Company can now re-focus its efforts on development and
commercialization," he said.

Metal Storm CEO, Dr. Lee Finniear, said that the Company has gone
through a very difficult financial period but despite this the
engineering development has continued to make progress.

"The commitment to the future success of the Company by staff and
the executive remains strong, and despite the uncertainty with
funding the team has maintained high morale and determination," he
said.

In 2010 we intend to continue to apply the focus and discipline
that has been necessary during the last year," he added.

As announced on December 16, 2009, the Company does not intend to
pursue the Assure Fast Holdings Limited BVI funding proposal.

                       About Metal Storm

Metal Storm Limited (ASX:MST) (PINKSHEETS: MTSXY) --
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.
Firing the weapons by electronic ignition requires no moving
parts, allowing reliable long term unattended weapon operation.


OCCUPATIONAL & MEDICAL: Administrators Mulls Options for Business
-----------------------------------------------------------------
Insolvency firm SV Partners is considering whether to continue to
operate or sell Occupational & Medical Innovations Ltd., according
to The Sydney Morning Herald.

The Herald relates David Stimpson of SV Partners said on Thursday
that he was exploring whether OMI could continue as a going
concern or the business and assets should be sold.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2010, Occupational & Medical Innovations Ltd on Dec. 31,
2009, appointed David Stimpson and Terrence Rose of SV Partners as
joint and several voluntary administrators of the company.

Dallas Business Journal has reported that U.S.-based syringe maker
Retractable Technologies Inc. had won a jury verdict in a patent
infringement case against OMI.  Citing court documents, the
Business Journal related that the U.S. District Court for the
Eastern District of Texas found in favor of Retractable
Technologies and directed OMI to pay Retractable Technologies
$1.57 million in damages related to the infringement.

According to the Business Journal, the jury also directed OMI to
pay Retractable Technologies an additional $2.24 million after
ruling that OMI misappropriated the company's trade secrets.

"Operations at OMI have temporarily ceased, until this
investigation can be completed and the next course of action
determined," the Herald quoted Mr. Stimpson as saying.

The Herald discloses that OMI's total potential debts have been
calculated at more than $12 million, including secured debts of
about $550,000, about $5 million owed to external creditors, the
judgment debt of $US3.8 million to RTI, related-party loans of
about $3 million, and employee entitlements of about $100,000.

According to the Herald, trading in OMI shares have been suspended
since October 2009, after the company failed to lodge accounts for
the 2009 financial year in accordance with Australian Securities
Exchange (ASX) rules.  Although the company subsequently lodged
its accounts, the ASX decided not to permit trading in OMI shares
given an adverse audit opinion in relation to the accounts, the
Herald notes.

                            About OMI

Occupational & Medical Innovations Limited is an Australia-based
company.  The Company is engaged in the development and marketing
of safety engineered medical devices used in the medical industry.
The Company's products include OMI Auto Retractable Safety Syringe
and OMI Safety Scalpel.


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


GLOBAL A&T: ASAT Deal Won't Affect Moody's 'B1' Ratings
-------------------------------------------------------
Moody's Investors Service says that the announcement by Global A&T
Electronics Ltd that it will acquire all the outstanding shares of
ASAT Limited will not have any immediate impact on GATE's B1
ratings or on its negative outlook.

"GATE will pay an equity value of US$40-45 million for the
acquisition, which is manageable, given GATE's ample cash-on-hand
amount of US$360 million as of September 30, 2009," says Ken Chan,
a Moody's Vice President.  "As part of the transaction, GATE will
only assume a net debt of around US$15 million, representing only
1% of its total debt outstanding."

"The acquisition makes strategic sense as it will strengthen
GATE's presence in China and allow it to capture the country's
growing semiconductor market.  The revenue expected to be brought
in by ASAT Limited represents around 15% of GATE's pro-forma
consolidated revenue," says Chan.

The negative outlook continues to reflect the fact that the
company's financial leverage remains weak for its rating, with
total adjusted Debt/EBITDA of around 5.8-6.0x in 2009.  However,
the ratio should gradually improve along with the industry's
recovery.

Moody's will monitor GATE's ability to ramp up its operating cash
flow, the integration process and its China expansion strategy.
Any deviation from Moody's expectation of an improving leverage
ratio could pressure its ratings.

The last rating action with respect to GATE was taken on
August 21, 2008, when its ratings outlook was changed to negative
from stable.

Global A&T Electronics Ltd is the holding company of United Test
and Assembly Center Ltd, a provider of semiconductor assembly and
test services with manufacturing facilities in Singapore, Taiwan,
Thailand and China.  UTAC was privatized through a leverage buy-
out by a private equity group led by TPG Capital and Affinity
Equity Partners in October 2007.


MOBILIA LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Mobilia Limited, on Dec. 23, 2009, passed a resolution
to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Prince's Building, 22/F
         Central, Hong Kong


RIGHT CAPITAL: Members' Final Meeting Set for February 1
--------------------------------------------------------
Members of Right Capital Development Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 1, 2010, at 10:00 a.m., at Room 1701, Olympia Plaza, 255
King's Road, North Point, in Hong Kong.

At the meeting, Lui Wan Ho and To Chi Man, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ROMANOV COMPANY: Commences Wind-Up Proceedings
----------------------------------------------
Members of Romanov Company Limited, on Dec. 23, 2009, passed a
resolution to voluntarily wind-up the company's operations.

The company's liquidators are:

         Rainier Hok Chung Lam
         Anthony David Kenneth Boswell
         Prince's Building, 22/F
         Central, Hong Kong


SELECT FOOD: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
Members of Select Food Limited on December 22, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it falls due.

The company's liquidator is:

          Pang Wai Kui
          Ritz Plaza, Suite A, 12/F
          122 Austin Road, TST
          Kowloon, Hong Kong


SINOLINK INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Sinolink Investment Limited on December 22, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Golden Centre, Room 402-3, 4/F
         No. 188 Des Voeux
         Road Central, Hong Kong


SHUN FAT: Cheuk Yee Man Steps Down as Liquidator
------------------------------------------------
Cheuk Yee Man stepped down as liquidator of Shun Fat Handbags $
Belts Factory Company Limited on December 18, 2009.


SPECTACULAR DEVELOPMENT: Members' Final Meeting Set for February 1
------------------------------------------------------------------
Members of Spectacular Development Limited, will hold their final
general meeting on February 1, 2010, at 10:30 a.m., at the 4/F,
Good Luck Industrial Building, 105 How Ming Street, Kwun Tong,
Kowloon, in Hong Kong.

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


SPWR LIMITED: Creditors' Meeting Set for January 11
---------------------------------------------------
Creditors of SPWR Limited will hold their meeting on January 11,
2010, at 10:30 a.m., for the purposes provided for in Sections
241, 242, 243, 244 of the Companies Ordinance.

The meeting will be held at 2001 A2 Nam Fung Centre, 264-298
Castle Peak Road, Tsuen Wan, New Territories, in Hong Kong.


STANDARD CAPITAL: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Standard Capital Brokerage Limited on December 15, 2009.


SYMMETRICOM HK: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Symmetricom Hong Kong Limited on December 18, 2009,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Three Pacific Place
         1 Queen's Road East,
         Hong Kong


TAKE FORTUNE: Final Meetings Set for February 1
-----------------------------------------------
Members and creditors of Take Fortune Industrial Limited will hold
their final meetings on February 1, 2010, at 10:00 a.m. and
10:15 a.m., respectively, at the 12/F, Bel Trade Commercial
Building, 1-3 Burrows Street, Wanchai, in Hong Kong.

At the meeting, Ray Chan Wai Hung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TOP STYLE: Members and Creditors' Final Meetings Set for Feb. 1
---------------------------------------------------------------
Members and creditors of Top Style Consultants Limited will hold
their final meetings on February 1, 2010, at 10:30 a.m. and
10:45 a.m., respectively, at the 12/F, Bel Trade Commercial
Building, 1-3 Burrows Street, Wanchai, in Hong Kong.

At the meeting, Ray Chan Wai Hung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TOP TARGET: Commences Wind-Up Proceedings
-----------------------------------------
The sole member of Top Target Investment Limited on December 22,
2009, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Fung Kit Yee
         Wing On Centre, Room 1601
         111 Connaught Road Central
         Hong Kong


TRIDENT TELECOM: Creditors' Proofs of Debt Due January 22
---------------------------------------------------------
Creditors of Trident Telecom Ventures Limited, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by January 22, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on December 22, 2009.

The company's liquidator is:

          Hui Hak Fai
          China Merchants Tower, Room 3109
          168 Connaught Road Central
          Hong Kong


TRUMP GRAND: Chow Wai Man Grace Steps Down as Liquidator
--------------------------------------------------------
Chow Wai Man Grace stepped down as liquidator of Trump Grand
Properties Limited on December 31, 2009.


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I N D I A
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COMMERCIAL AUTOMOBILES: ICRA Puts 'LB' Rating on Bank Facilities
----------------------------------------------------------------
ICRA has assigned 'LB' and 'A4' ratings to the INR227.9 million,
bank facilities of Commercial Automobiles Private Limited.  The
assigned ratings factor in the irregularity in debt servicing by
CAPL; its weak debt coverage indicators and limited financial
flexibility on account of stretched cash flow position. The
company's capital structure is stretched with gearing of 4.4 times
(as on March 31, 2009) although a substantial portion of the total
debt is related to working capital borrowings. CAPL has thin
profit margins and high working capital intensity - both inherent
in the automotive dealership business.  The ratings, nevertheless,
recognize the dominant position of CAPL as an authorized dealer of
TML's CVs in the 14 districts of Madhya Pradesh and its
diversification through dealership of PVs.  The experience of the
promoters and the company's long-standing relationship with TML
also provide some comfort.

Recent Results (Provisional):

In H1 2009-10, CAPL reported operating income of INR1,245 million
and profit before depreciation, interest and tax of INR15 million.
Further, the profit before tax (PBT) of CAPL stood at
INR23 million in H1 2009-10.

CAPL is an authorized dealer of TML Commercial Vehicles and
Passenger Vehicles.  Its territory for the CV dealership includes
Jabalpur and 13 adjoining districts of Madhya Pradesh; while that
for the PV dealership comprises the 6 districts of Madhya Pradesh.
The company began as a partnership firm in 1971 and was later
converted into a "Limited" company in 1997.  CAPL is a closely
held company, with the promoter Mr. Kailash Gupta being the
largest shareholder having a 47.6% equity stake.  The rest of the
shareholding is distributed among Mr. Kailash Gupta's close
relatives and other companies in the group.

CAPL is the flagship company of the group with other major
companies being Shivam Motors Private Limited and Commercial
Engineering and Body Building Company.  While SMPL is into the
dealership of TML's CVs in Chhattisgarh, CEBCO is involved in
manufacturing bodies for CVs.


FRIENDS MERCANTILE: CARE Puts 'CARE BB' Rating in INR14.4cr Loan
----------------------------------------------------------------
CARE has assigned 'CARE BB' rating to the Long-term Bank
Facilities of Friends Mercantile Pvt. Ltd. aggregating INR14.40
crore.  This rating is applicable for facilities having tenure of
more than one year.  Facilities with this rating are considered to
offer inadequate safety for timely servicing of debt obligations.
Such facilities carry high credit risk.

Rating Rationale

The rating is constrained by FMPL's small size and trading nature
of operations and weak financial risk profile as indicated by
small net worth base, low profitability and stressed liquidity
position.  Significant inter group transactions and potential
volatility in margins in the trading business further constrain
the rating.  The rating however, factors in FMPL's established
operations as a part of 'Friends Group' of Gandhidham, which has
long and established operations in salt business and other port
related activities at Kandla Port. FMPL's ability to improve its
financial profile while maintaining financial discipline is the
key rating sensitivity.

                     About Friends Mercantile

Friends Mercantile Pvt. Ltd. was incorporated in 1992.  FMPL is a
part of Friend Group of Gandhidham, Gujarat and is engaged in
trading of agro and non-agro commodities and carries out its
export/import activities through Kandla Port.  The other group
trading entities are Friends & Friends Shipping Pvt. Ltd. (rated
CARE BB) and Kandla Export Corporation (rated CARE B), which are
also in the same line of business with significant level of inter
group transactions.

Friends group, having established operations of over 25 years, is
one of the largest salt producers and exporters in the country.
The salt business is mainly through its group entities, Friend
Salt Works & Allied Industries (rated CARE BB+), The Kutch Salt &
Allied Industries Ltd. (rated CARE BB) and Terapanth Foods Limited
(rated CARE BB / PR4).  The group is also actively involved in the
trading of iron ore through these group companies. All these group
entities are operating on a common management platform.


JAWAHARLAL AND SONS: CRISIL Reaffirms 'BB' Ratings
--------------------------------------------------
CRISIL's ratings on the bank facilities of Jawaharlal and Sons,
part of the Jawaharlal group, continue to reflect the group's
exposure to risks relating to its small scale of operations, the
fragmented nature of the agricultural commodities market, and
adverse changes in regulations.  These weaknesses are partially
offset by the benefits the group derives from its established
market position, strong relationships with suppliers and
customers, and proactive price and inventory risk management
initiatives.

   Facilities                           Ratings
   ----------                           -------
   INR10.0 Million Cash Credit          BB/Stable (Reaffirmed)
   INR60.0 Million Letter of Credit     P4+ (Reaffirmed)

The Jawaharlal group consists of two primary agriculture-
commodities trading firms ? J&S and Prakash Overseas. The firms
have common partners, common management, and similar business
profiles.  CRISIL has, therefore, taken a combined view of the
business and financial risk profiles of the two firms, as part of
this rating exercise.

Outlook: Stable

CRISIL believes that the Jawaharlal group will continue to benefit
from its established market position and proactive risk
management.  The outlook may be revised to 'Positive' in case of
sustained improvement in the group's profitability, and
significant increase in its net worth.  Conversely, the outlook
may be revised to 'Negative' if the group undertakes a large debt-
funded capital expenditure programme, or in case of large fund
withdrawals by J&S's partners, leading to deterioration in its
financial risk profile.

                         About the Group

J&S was registered in 1972, and Prakash Overseas was established
in 2000. While J&S is an importer-cum-domestic trading house,
Prakash Overseas is an export house.  Both firms are focused
primarily on trading of pulses, spices, sugar, and other
agriculture commodities. J&S has a pulse processing unit, with
capacity of 15,000 tonnes per annum, near Indore.

For 2008-09 (refers to financial year, April 1 to March 31), the
Jawaharlal group reported a profit after tax (PAT) of INR10.6
million on net sales of INR1385.3 million, against a PAT of INR8.8
million on net sales of INR1373.8 million for the preceding year.


K.S.C. EDUCATIONAL: ICRA Rates 'LBB+' on INR920MM Bank Debts
------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR920.0 million fund
based limits (reduced from INR944.0 million) of K.S.C. Educational
Society.  ICRA has also assigned LBB+ rating to the INR23.2
million non-fund based limits of KES.

The rating reaffirmation continues to factor in the good location
of the school which along with favorable demand prospects for
educational institutes enhances KES's ability to attract students.
Further, the rating draws comfort from the fact that promoters
have brought in their proposed contribution for the project, and
debt from banks has been tied-up thereby reducing the funding risk
for the project.  The rating is, however, constrained by limited
track record of the promoters in the education sector, the
execution risks associated with the school till the construction
activities are completed and high gearing of the project.  The
rating also factors in the competition from other schools
in the vicinity which can impact the occupancy levels in the
school. KES's profitability will be largely dependent on the
number of students who take admission in the school which remains
a key rating sensitivity.

                      About K.S.C. Educational

KES has been promoted by the Chadha Group with the objective of
providing technical and non-technical education.  The Society is
in the process of constructing an international school (from
Nursery class to Class XII) by the name of 'Genesis Global School'
in Sector 132 of Noida.  The school is expected to be operational
by April 2010.


KANDLA EXPORT: CARE Places 'CARE B' Rating on INR30cr LT Loan
-------------------------------------------------------------
CARE has assigned 'CARE B' rating to the Long-term Bank Facilities
of Kandla Export Corporation aggregating INR30 crore.  This rating
is applicable for facilities having tenure of more than one year.
Facilities with this rating are considered to offer low safety for
timely servicing of debt obligations and carry very high credit
risk.  Such facilities are susceptible to default.

Rating Rationale

The rating is constrained by KEC's small size and trading nature
of operations and very weak financial risk profile as indicated by
small net worth base, high gearing level, stressed liquidity
position and contingent liability in the form of financial
derivative transactions that can translate in significant losses
in the coming years.  Significant inter group transactions and
volatility in margins in the trading business further constrain
the rating.  The rating however, factors in KEC's established
operations as a part of  'Friends Group' of Gandhidham, which has
long and established operations in salt business and other port
related activities at Kandla Port.  KEC's ability to withstand
the potential losses arising out of the financial derivative
transactions and to improve its financial profile while
maintaining financial discipline are key rating sensitivities.

                        About Kandla Export

Kandla Export Corporation is a partnership firm constituted in
1990. KEC is a part of Friend Group of Gandhidham, Gujarat and is
engaged in trading of agro and non-agro commodities and carries
out its export/import activities through Kandla Port.  The other
group trading entities are Friends & Friends Shipping Pvt. Ltd.
(rated CARE BB) and Friends Mercantile Pvt. Ltd. (rated CARE BB),
which are also in the same line of business with significant level
of inter group transactions.

Friends group, having established operations of over 25 years, is
one of the largest salt producers and exporters in the country.
The salt business is mainly through its group entities, Friend
Salt Works & Allied Industries (rated CARE BB+), The Kutch Salt &
Allied Industries Ltd. (rated CARE BB) and Terapanth Foods Limited
(rated CARE BB / PR4).  The group is also actively involved in the
trading of iron ore through these group companies. All these group
entities are operating on a common management platform.

The total income of KEC decreased by 50% in FY09 (Provisional) to
INR226.73 crore as compared to FY08 mainly on account of decrease
in prices of commodities traded by the firm.  PBILDT margin
increased substantially from 1.35% in FY08 to 13.35% in
FY09 mainly on account of favorable export policy of GoI leading
to and better trading margins in the commodities traded by the
firm.  However, PAT margin decreased to 0.33% in FY09 as compared
to 0.46% in FY08 on account of substantial loss in financial
derivative transactions.  The overall gearing ratio of the firm
increased from 3.19 times as on Mar.31, 2008 to 4.63 times as on
Mar.31, 2009 mainly on account of short-term unsecured borrowings
from the promoter group.


KAVCON ENGINEERS: CRISIL Rates INR110MM Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL's rating on the cash credit limits of Kavcon Engineers Pvt
Ltd continues to reflect KEPL's small scale of operations in the
fragmented tower fabrication industry, and weak financial risk
profile marked by small net worth and high gearing.  These rating
weaknesses are partially offset by KEPL's longstanding
relationships with its customers.

   Facilities                              Ratings
   ----------                              -------
   INR110.00 Million Cash Credit Limits    BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KEPL will maintain its moderate business risk
profile over the medium term, backed by steady revenues and cash
accruals.  The outlook may be revised to 'Positive' if KEPL's
operating margin improves because of increase in product
diversity.  Conversely, the outlook may be revised to 'Negative'
if the company contracts large quantum of debt to fund capital
expenditure, leading to deterioration in its financial risk
profile.

                      About Kavcon Engineers

Established in 1982 as a partnership firm, KEPL was reconstituted
as a private limited company with its present name in October
2002.  The company is engaged in fabrication and galvanisation of
power transmission and telecommunication towers used by state
electricity boards, the Indian Railways, and telecommunication
companies.

For 2008-09 (refers to financial year, April 1 to March 31), KEPL
reported a profit after tax (PAT) of INR9.3 million on net sales
of INR527.4 million, against a PAT of INR6.7 million on net sales
of INR341.1 million for 2007-08.


MS DYEING: CRISIL Reaffirms 'B' Rating on INR70.84MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on MS Dyeing Co's bank
facilities at 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR70.84 Million Long Term Loan    B/Stable (Reaffirmed)
   INR2.5 Million Overdraft Limit     B/Stable (Reaffirmed)
   INR3.86 Million Bank Guarantee     P4 (Reaffirmed)

The ratings continue to reflect MS Dyeing's exposure to risks
relating to revenue concentration and small scale of operations.
These weaknesses are partially offset by the benefits that MS
Dyeing derives from its promoters' extensive industry experience,
and moderate financial risk profile underpinned by low gearing and
comfortable debt protection measures.

Outlook: Stable

CRISIL believes that MS Dyeing will maintain its credit risk
profile over the medium term backed by its established position in
the Tirupur (Tamil Nadu) textile market.  The outlook may be
revised to 'Positive' if the company significantly scales up and
diversifies its operations and customer profile, leading to
better-than-expected cash accruals and significant improvement in
its financial and business risk profiles.  Conversely, the outlook
may be revised to  'Negative' if MS Dyeing's capital structure is
adversely affected because of a greater-than-expected debt-funded
capital expenditure, or if its volumes or margins decline
substantially, thereby, resulting in a weaker financial risk
profile.

                         About MS Dyeing

Set up in 1983 by Mr. Shanmugasundharam at Tirupur, Tamil Nadu, MS
Dyeing dyes cotton and polyester fabrics on a job work basis. The
fabric supplied by the client is cleaned and dyed as per customer
specifications.  The firm's dyeing capacity is around 6 to 8
tonnes of fabric per day.

MS Dyeing reported a profit after tax (PAT) of INR1.7 million on
net sales of INR68.1 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR7.9 million on net
sales of INR88.4 million for 2007-08.


MANI METAL: CRISIL Rates INR60 Mil. Cash Credit at 'B+'
-------------------------------------------------------
CRISIL has assigned its  'B+/Negative/P4' ratings to the bank
facilities of Mani Metal Trading Corporation Pvt Ltd, part of the
MPS group.

   Facilities                            Ratings
   ----------                            -------
   INR60.00 Million Cash Credit          B+/Negative (Assigned)
   INR50.00 Million Letter of Credit     P4 (Assigned)

The ratings reflect the MPS group's exposure to risks related to
volatility in raw material prices and downtrends in the steel
industry, and its weak financial risk profile.  These weaknesses
are partially offset by the group's established position in the
central Kerala market, well-recognized Paragon brand, and cost-
efficient partially integrated operations.

For arriving at its ratings, CRISIL has combined the financials of
MMTCPL and MMTCPL's group companies M P S Steel Castings Pvt Ltd
Paragon Steel Pvt Ltd, and SMM Steel Re-Rolling Mills Pvt Ltd,
collectively referred to as the MPS group.  This is because MMTCPL
and its group companies have a common set of promoters, are in the
same line of business, and have strong intra-group operational
linkages, including fungible funds.

Outlook: Negative

CRISIL believes that the MPS group's liquidity and financial risk
profile could worsen, given the group's large debt-funded capital
expenditure.  Nevertheless, CRISIL believes that the group will
service its debt in a timely manner on the back of promoter
support.  The rating could be downgraded in case of steeper-than-
expected deterioration in the group's credit risk profile and
profitability, time or cost overruns in the capex programme, or
further unrelated diversifications.  Conversely, the outlook could
be revised to  'Stable' in case of substantial and sustained
improvement in the group's margins and increase in cash flows, or
if there is fresh equity infusion into the group companies,
resulting in increase in their net worth and improvement in
capital structure.

                         About the Group

The MPS group was established in 1969 by Mr. M Paramsivam and his
brother Mr. M Mani.  In 1994, the group ventured into steel
manufacturing by acquiring a closed steel manufacturing unit
(Paragon Steels) in Palakkad.  At present, the group has
capacities to produce 90,000 tonnes per annum (tpa) of sponge
iron, 72,000 tpa of mild steel (MS) ingots, 41,500 tpa of thermo-
mechanically treated (TMT) and cold twisted bars (CTD), and co-
generation power plant with installed capacity of 10 megawatts
(MW).  The group markets TMT and CTD bars under the Paragon brand
in Kerala.  In July 2009, the MPS group acquired a sick
pharmaceutical unit, Gujarat Injects Kerala Ltd, for a project
cost of INR60 million, fully funded through term debt. The group
is in negotiations with the Germany-based Fresenius Kabi AG to
manufacture IV fluids (intravenous drips) used in hospitals. The
group has plans to expand the current facilities, and to set up
entities to cater to the TMT market in Tamil Nadu.

Set up in 2006, MMTCPL is into trading in MS scraps, coal, and
iron ore. About 70 per cent of MMTCPL's sales are towards other
MPS group entities, and balance is to local players in sponge iron
industry.

For 2008-09 (refers to financial year, April 1 to March 31), the
MPS group reported a profit after tax (PAT) of INR2.8 million on a
turnover of INR2.3 billion, against a PAT of INR17.4 million on a
turnover of INR1.7 billion for the preceding year.


PKSS INFRASTRUCTURE: CARE Rates INR21.38 LT Rupee Loans at 'BB+'
----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
loans/facilities of PKSS Infrastructure Pvt. Ltd.  This rating is
applicable for facilities having tenure of more than a year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such facilities
carry high credit risk.  CARE assigns '+' or '-' signs to be shown
after the assigned rating (wherever necessary) to indicate the
relative position within the band covered by the rating symbol.

                             Amount
  Facilities                (INR cr)         Ratings
  ----------                --------         -------
  Long Term Rupee Loans      21.38           'CARE BB+'
  Bank Guarantee             47.00           'CARE BB+'

Rating Rationale

The rating is constrained by significant traffic risk borne by
PKSS and high degree of reliance on promoters having moderate
financial profiles, for meeting fixed obligations to the Municipal
Corporation of Delhi (MCD) and the bank.  The rating factors in
contract awarded to PKSS by MCD for collection of toll at all
entry points to Delhi, financial support from promoters and timely
debt servicing during its short period of operation.  Achievement
of projected toll collection and continuing support from promoters
are the key rating sensitivities.

PKSS, incorporated in May 2008, is a Special Purpose Vehicle (SPV)
formed by Sangam (India) Ltd., P. K. Hospitality Services Pvt.
Ltd. and Sahakar Global Pvt. Ltd., for carrying out toll
collection activity at specified toll plazas of Municipal
Corporation of Delhi (MCD) on a contractual basis.  The tenure of
the contract is three years ending in May 2011.

During FY09, in about 10 months of operations, PKSS reported a
total income of INR185.67 crore and a PAT of INR2.28 crore.


SANTPURIA ALLOYS: CRISIL Rates INR100 Mil. Term Loan at 'B-'
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Santpuria Alloys Pvt
Ltd continue to reflect Santpuria's exposure to risks relating to
the working capital-intensive nature of its operations, and large
capital expenditure (capex) plans over the medium term.  These
weaknesses are, however, partially offset by the company's average
business risk profile, supported by high integration within the
Mongia group and established brand presence in the steel industry.

   Facilities                       Ratings
   ----------                       -------
   INR50 Million Cash Credit        B-/Negative (Reaffirmed)
   INR100 Million Term Loan         B-/Negative (Reaffirmed)
   INR5 Million Bank Guarantee      P4 (Reaffirmed)

As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Santpuria and Mongia Hi-
Tech Pvt Ltd.  This is because the two companies, collectively
referred to as the Mongia group are under a common management, in
similar lines of business, and have fungible funds. Moreover,
Mongia is Santpuria's sole customer; Santpuria enables backward
integration of Mongia's operations.

Outlook: Negative

CRISIL believes that the Mongia group's liquidity will remain
strained on account of its capital expenditure (capex) plans. The
ratings may be downgraded in case accruals are lower than
projected. Conversely, the outlook may be revised to 'Stable' if
accruals are considerably higher than projected, or if the debt
taken to fund capex is lower than expected.

                         About the Group

Set up in 1974, the Mongia group manufactures sponge iron, ingots,
thermo-mechanically treated (TMT) bars, and other long products.
In 2008, the group acquired Nanak Hi-tech Pvt Ltd, which has the
capacity to manufacture 50-60 tonnes of ingots per day.  The group
sells its finished products under the brand 'Mongia'.

Mongia was set up in 1995 and currently has a capacity of 210
metric tonnes.  It manufactures Ingot, Bars, Strips, Profile and
Tube.

The Mongia group reported a profit after tax (PAT) of INR18
million on net sales of INR495.4 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR13.1
million on net sales of INR417.6 million for 2007-08.

                      About Santpuria Alloys
Santpuria was incorporated in 2004 and its operations started in
late 2005-06.  It has an installed capacity of 60,000 MT for
manufacturing Sponge Iron.


SHYAMSUNDAR SATYANARAYAN: CRISIL Rates Cash Credit at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its  'BB-/Stable' rating to Shyamsundar
Satyanarayan Textiles Pvt Ltd's cash credit facility.

   Facilities                       Ratings
   ----------                       -------
   INR100 Million Cash Credit       BB-/Stable (Assigned)

The rating reflects SSTPL's weak financial risk profile, marked by
weak debt protection indicators, small scale of operations,
limited diversity in earnings, and exposure to intense competition
in the textile industry.  These rating weaknesses are partially
offset by the benefits that SSTPL derives from the promoters'
industry experience.

Outlook: Stable

CRISIL believes that SSTPL's financial risk profile will remain
weak over the medium term, because of the company's weak debt
protection indicators and high gearing.  The outlook may be
revised to 'Positive' if the company improves its operating margin
and scales up its operations.  Conversely, the outlook could be
revised to 'Negative' if the company's operating margin declines
sharply, or if it undertakes any major debt-funded capital
expenditure programme.

                  About Shyamsundar Satyanarayan

Set up in 1959 as proprietorship firm, by Mr. Satyanarayan More,
SSTPL was reconstituted as a private limited company in 2003.  The
company trades in denim and other fabrics, and is also the
authorised distributor of Arvind Ltd for eastern region of India.
The company is currently managed by Mr. Satyanarayan More's sons,
Mr. Alok Kumar and Mr. Anand Kumar, and grandson Mr. Varun.

SSTPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR334 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR0.7 million on net
sales of INR315 million for 2007-08.


SILVER JUBILEE: Delay in Loan Repayment Cues CRISIL 'D' Ratings
---------------------------------------------------------------
CRISIL has assigned its rating of 'D' to Silver Jubilee Motors
Ltd's bank facilities.  The rating reflects delay by SJML in
repayment of term loan obligations owing to weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR111.0 Million Cash Credit     D (Assigned)
   INR22.2 Million Term Loan        D (Assigned)
   INR31.1 Million Proposed Long    D (Assigned)
        Term Bank Loan Facility

Incorporated in 1935 by Mr. Kothiwala and family members, SJML is
an authorised dealer for Mahindra & Mahindra Limited utility and
passenger vehicles.  The company commenced operations with a
dealership of Ford Motor Company in 1935. SJML was then acquired
by Mr. Sanjay Jagtap in 2003.  The company operates five showrooms
and two workshops in Pune (Maharashtra).  SJML also deals in
spares and provides service for M&M's vehicles.  It also operates
a petrol pump in Pune.

SJML reported a profit after tax (PAT) of INR9.1 million on net
sales of INR 1567.4 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.3 million on net
sales of INR1643.1 million for 2007-08.


SHIVAM MOTORS: ICRA Assigns 'LB+' Rating on INR213MM Bank Debts
---------------------------------------------------------------
ICRA has assigned 'LB+' and 'A4' ratings to the INR213.0
million, bank facilities of Shivam Motors Private Limited.  The
assigned ratings are constrained by the thin profit margins of
SMPL, which are inherent in the automotive dealership business;
and limited financial flexibility on account of stretched cash
flow position.  The company has an adverse capital structure with
gearing levels of 3.4 times (as on March 31, 2009) although most
of the debt pertains to working capital borrowings. Due to weak
liquidity conditions, the company has faced difficulties in the
past in servicing its debt obligations.  The ratings,
nevertheless, recognize the favorable competitive position of SMPL
as the sole dealer of TML in the seven districts of Chhattisgarh.
The experience of the promoters and the company's long-standing
relationship with TML also provide some comfort.

Recent Results

In H1 2009-10, SMPL reported operating income of INR 1,053 million
and profit before depreciation, interest and tax of INR 23
million.  Further, the profit before tax (PBT) of SMPL stood at
INR 9 million in H1 2009-10.

SMPL is sole supplier of the commercial vehicles and spare parts
of TML in the seven districts of Chhattisgarh, namely, Bilaspur,
Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpurnagar.  The
company was incorporated in 1983 by Mr. Kailash Gupta as its key
director and other close family members - Mr. Prem Chand Gupta and
Mrs. Shalini Gupta as directors.

SMPL is one of the many companies under Mr. Kailash Gupta. The
flagship company of the group is Commercial Automobiles Private
Limited, which is into the dealership of the CVs and PVs of TML in
Madhya Pradesh. Another major peer company of SMPL is Commercial
Engineering and Body Building Company, which is involved in the
manufacturing of bodies for commercial vehicles.


USBCO STEELS: CRISIL Assigns INR120 Mil. Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable/P4+' to the bank
facilities of USBCO Steels Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR120 Million Cash Credit        BB-/Stable (Assigned)
   INR50 Million Overdraft against   BB-/Stable (Assigned)
                 Book Debts
   INR1 Million Bank Guarantee       P4+ (Assigned)

The rating reflects USBCO's weak financial risk profile, and
exposure to risks relating to working-capital-intensive
operations.  These weaknesses are, however, partially offset by
the company's comfortable business risk profile.

Outlook: Stable

CRISIL believes that USBCO will maintain a favorable business risk
profile over the medium term, on the back of the promoters'
experience in the steel trading industry, and established
relations with customers and suppliers.  The outlook may be
revised to 'Positive' if USBCO strengthens its business risk
profile by further diversifying its revenue base, while
maintaining current operating margins.  Conversely, the outlook
may be revised to 'Negative' if the company takes on additional
debt to fund its working capital requirements, weakening its
financial risk profile.

                         About USBCO Steels

Set up in 1960 as a partnership firm by Mr. Radheshyam Kejriwal
and his brother, USBCO (formerly, United Steel and Bearing
Company), converted to a closely-held company in 2006.  The
company trades in steel, including high-speed, plastic-mould,
alloy construction, and cold working tool steel. USBCO reported a
profit after tax (PAT) of INR2.4 million on net sales of INR479
million for 2008-09 (refers to financial year, April 1 to
March 31), as against a PAT of INR432 million on net sales of
INR2.4 million for 2007-08.


VAMSI LABS: ICRA Assigns 'LB-' Rating on INR71 Million Term Loan
----------------------------------------------------------------
ICRA has assigned 'LB-' rating to the INR71 million term loan and
INR40 million fund based cash credit limits of Vamsi Labs Limited.
ICRA has also assigned the 'A4' rating to the INR1 million non
fund based limits of VLL.

The assigned ratings are constrained by small scale of operations
of the company, adverse financial profile with very high gearing
and weak coverage indicators.  The company's liquidity position is
stretched with company having to extend its payables beyond 300
days and has high working capital intensity resulting in poor cash
accruals.  Fire accident in June 2008 further worsened the
liquidity profile with insurance claim of INR71 million not yet
settled.  Strained liquidity position resulted in company
restructuring its debt in March 2009.

VLL was promoted by Mr. M Kesava Reddy and his brother-in-law
Mr. G Pratap Reddy in 1991 in Solapur, Maharashtra to manufacture
API and intermediates.  VLL manufactures API and intermediates
for therapeutic segments like anti asthmatic, Antiemtic,
Antidiarhoeal, Antipsychotic and Piperidine/Piperidone
derivatives.

VLL's product portfolio includes APIs like Formeterol Fumarate,
Salmeterol Xinafoate, Salbutamol Sulphate (Anti asthma),
Cyproheptadine (Anti allergic), Domperidone (Antiemetic) and
intermediates including Piperidine/pepridone derivatives.  VLL has
a small scale of operations with turnover of INR 173 million in
FY09 and operating profits of INR 25 million. 25% of revenues come
from unregulated exports market while rest comes from a
diversified base of domestic clients


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


BANK CENTURY: Atty. General Seeks Ex-Owner's Help to Get Assets
---------------------------------------------------------------
The Attorney General's Office has asked the help of Bank Century's
former owner in reclaiming bank assets overseas currently
controlled by shareholders Hesyam Al Warraq and Rafat Ali Rivzi,
The Jakarta Post reports citing Robert Tantular, the former owner
of the bank.

According to Jakarta Post, Mr. Tantular said, "I told them what I
know about the assets.  I am disappointed that the current bank
management isn?t recovering the assets."

According the report, Mr. Tantular said that one of the assets was
collateral worth US$220 million at a Switzerland-based bank.

UK national Rafat and Saudi Arabian citizen Hesyam have been
declared suspects by the AGO and are now on the run, the report
says.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The Indonesia government took
over Bank Century -- the first such move since the 1997-1998
crisis -- to save it from collapse and restore confidence in the
banking sector.  The government initially injected IDR1 trillion
(US$106 million) to increase liquidity at Bank Century after
Indonesia's Deposit Insurance Corp. seized it on Nov. 21, 2008,
over a week after the bank failed to comply with a IDR5 billion
obligation.  Bank Century then received a total capital injection
of IDR6.76 trillion from the LPS.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


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


JAPAN AIRLINES: AMR to Boost Investment Offer by US$300 Million
---------------------------------------------------------------
Mariko Sanchanta at The Wall Street Journal reports that AMR
Corp.'s American Airlines has increased its investment offer into
troubled Japan Airlines by US$300 million to US$1.4 billion.

Citing people familiar with the situation, the Journal says
American Airlines met with JAL executives on Thursday morning and
sweetened their offer.

A formal announcement on the increased offer is expected next
week, the Journal states.

On December 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Wall Street Journal's Mariko Sanchanta and Dow Jones
Newswires' Doug Cameron, reported that American Airlines said it
may increase a proposed capital investment in Japan Airlines and
draw on financial support from other members of their Oneworld
Alliance.

According to the report, Gerard Arpey, chairman and chief
executive of American parent AMR Corp., also offered to make JAL
the airline's "exclusive partner" in the region, as it intensified
efforts to fend off a rival offer from Delta Air Lines Inc.

Early in December, AMR said it could inject US$1.1 billion into
JAL with its partner TPG Inc., the private-equity group, and
support from members of its Oneworld alliance.  According to the
Journal, the pledged support had previously been in the form of
logistical and management help for JAL, but Mr. Arpey hinted the
partners could also provide capital.

Delta and its partners in the rival SkyTeam alliance have said
they may revise their proposal to inject US$500 million into JAL
and provide a US$200 million loan and a US$300 million revenue
guarantee.  Delta hasn't said whether other SkyTeam members would
inject funds into JAL.  The Journal said Richard Anderson, Delta's
CEO, met with Seiji Maehara, Japan's Minister of Land,
Infrastructure, Transport and Tourism, early in December to
explain his company's proposal in more detail.

The Oneworld alliance includes British Airways, Qantas, Cathay
Pacific, Iberia, LAN, Finnair and Mexicana.

                          About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

AMR carries a 'CCC' issuer default rating from Fitch Ratings.  It
has 'Caa1' corporate family and probability of default ratings
from Moody's.  It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.

                       About Delta Air Lines

With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008.  From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year.   The merger closed on
October 29, 2008.

Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan.  That amended plan took effect May 31, 2007.

Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan.  That plan
became effective on April 30, 2007.

(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.

Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's.  They also continue to
carry 'B2' corporate family ratings from Moody's.

                             About JAL

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.


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


HYNIX SEMICONDUCTOR: Creditors Urge South Korean Firms to Bid
-------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. will encourage South Korean
companies to make bids for a controlling stake in the chipmaker,
Yonhap News.

The news agency, citing officials at Korea Exchange Bank, says
that a conference for investors is scheduled for Wednesday,
January 13, aimed at promoting the sale of a 28.07% stake in
Hynix.  The stake is estimated to be worth KRW3.58 trillion
(US$3.04 billion).

"We have prepared this event in order to resolve the uneasiness
that investors feel about merging with or acquiring Hynix," Yonhap
quoted a KEB official familiar with the matter as saying.

Yonhap notes the KEB official said "The semiconductor industry is
vital in lifting South Korea's global competitiveness.  South
Korean companies should aggressively come out for acquiring
Hynix."

Invitational notices for South Korean companies to submit bids
went out Dec. 20.  Letters of intent to buy Hynix will be accepted
by Jan. 29, KEB said.  No local company has so far shown any
interest in the offer.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 27, 2009, Hynix Semiconductor Inc.'s creditors re-invited
fresh bids for a major stake in the chipmaker and receive letters
of intent from potential investors by January after Hyosung Corp.
dropped its bid.

Jung-Ah Lee and Shin Jung-Won at Dow Jones Newswires, citing the
Electronic Times, reported Wednesday that the United Arab Emirates
government has shown an interest in buying a stake in Hynix
Semiconductor.  A Korean government official said the UAE
government showed an interest in acquiring (at least) a part of
the stake, if it proves difficult to acquire the entire stake, Dow
Jones related.

Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers.  The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
November 17, 2009, Standard & Poor's Ratings Services revised to
stable from negative the outlook on its long-term corporate credit
rating on Hynix Semiconductor Inc. following the recovery of the
DRAM market and the company's profitability.  At the same time,
Standard & Poor's affirmed its 'B+' long-term corporate and 'B'
senior unsecured debt ratings on Hynix.

Fitch Ratings, on July 6, 2009, affirmed Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating at 'B+' and
assigned a Negative Outlook.  Accordingly, the Rating Watch
Negative status previously assigned to the company's IDR on
December 12, 2008, has now been resolved.  At the same time, Fitch
downgraded the ratings for its outstanding senior unsecured debt
to 'B'/'RR5' from 'B+' and removed it from RWN.

Moody's Investors Service downgraded to B1 from Ba3 Hynix
Semiconductor's corporate family and senior unsecured bond ratings
on Dec. 26, 2008.  The outlook for both ratings remains negative.


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


AHB HOLDINGS: AHB and Units Enter into Settlement with Creditors
----------------------------------------------------------------
AHB Holdings Berhad disclosed in a regulatory filing that the
company and its wholly owned subsidiary companies, AHB Marketing
Sdn Bhd and AHB Technology Sdn Bhd on January 5, 2010, entered
into an amiable settlement arrangement with its creditors in
relation to the Notice of Demand received.

On Nov. 11, 2009, AHB Holdings received a Notice of Demand
pursuant to Section 218 of the Companies Act, 1965 from Messrs.
Wong & Partners, who is acting on behalf of Steelcase Inc,
Steelcase Asia Pacific Holdings LLC, United States of America and
Steelcase Manufacturing (Malaysia) Sdn Bhd demanding for payment
of outstanding debts.  WP had said it would commence winding-up
proceedings against the Companies if it fails to settle the matter
within 21) days from the date of receipt of the Notice of Demand.

The creditors were claiming payment:

   -- for the outstanding sums on US$4,752,431.00 and
       MYR11,603,216.00 facilities as at Dec. 31, 2005;

   -- for interest at a fixed annual rate of 6.375% from
      Dec. 31, 2005, until full and final settlement of the
      same; and

   -- for the avoidance of doubt, excludes other sums due and
      owing to the Creditors under the Agreement to which the
      Creditors reserve the right to prove against the Companies.

AHB said that it had fully settled the amount of US$4,752,431.00
pursuant to the completion of a share sale agreement of AHB?s
owned shares of a previously owned joint-venture then known as
Steelcase Artwright Manufacturing Sdn Bhd.  AHB also strongly
disputed the MYR11,603,216.00 facilities.

AHB Holdings Berhad is a Malaysia-based company engaged in
investment holding and provision of management services. The
Company, along with its subsidiaries, is involved in the trading
of drafting equipment, office furniture and specialized computer
furniture. Its subsidiaries include AHB Technology Sdn. Bhd., AHB
Marketing Sdn. Bhd., Create Space Sdn. Bhd., AHB Distribution Sdn.
Bhd., Prestigious Office Systems Sdn. Bhd. and Persistem Sdn. Bhd,
which are engaged in the research and development of office
interior markets and products and trading of office interior
products.


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


BRIDGECORP: Receivers Expects Complete Loss on $100-Mil. Fiji Loan
------------------------------------------------------------------
Bridgecorp's receivers are expecting a "complete loss" on the
company's loan exposure of more than $100 million on the Momi
Resort development in Fiji, according to the New Zealand Press
Association.

Citing receivers Colin McCloy and Maurice Noone of
PricewaterhouseCoopers in an update to investors last month, the
news agency relates that the receivers continued to expect
recoveries to secured debenture holders to be less than 10c on the
dollar.  However, the report notes, delays and issues relating to
the realization of overseas assets continued to prevent a reliable
estimate of the timing or size of likely returns to investors.

According to the report, the receivers noted an auction process
for the Momi Resort by the prior mortgagee last August was
unsuccessful, and had been followed by media reports that the
first mortgagee had bought the property.

"We continue to investigate potential actions available to
Bridgecorp, however, the potential outcome remains uncertain and
it is likely that a complete loss will be suffered on this loan
exposure," NZPA cited the receivers' report.  "Political
developments in Fiji continue to impact upon the ability to
progress any recovery efforts."

                         About Bridgecorp

Bridgecorp Ltd. is a New Zealand-based property development and
finance company.  Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.

Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).


NATIONAL FINANCE: Receiver Announces 9c Final Payout
----------------------------------------------------
The New Zealand Herald reports that the receivers of failed
finance company National Finance 2000 advised of a final 9c
payout, taking total returns to 49c in the dollar.

The Herald says receiver Colin McCloy at PricewaterhouseCoopers
also advised investors that National Finance 2000's boss Allan
Ludlow and another man, who's identity was not disclosed, were now
facing Serious Fraud Office charges.

Mr. McCloy said this would be the final update to investors as the
receivership nears its final stages, the report notes.

                         *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2006, National Finance 2000 is the first major finance
company to collapse in recent years and has re-ignited fears of a
wider rout in a sector weighed down by debt after several years of
strong economic growth.

National Finance's managing director, Allan Ludlow, shouldered
the blame for the company's collapse, but assured that he will
work closely with the receivers appointed by Covenant Trustee
Company -- John Waller and Colin McCloy of PricewaterhouseCoopers
-- to get the maximum amount of money back for investors.

According to the National Business Review, the receivers estimate
that around NZ$24 million is owed to members of the public and
that the likely recovery for secured investors will be about 47%
to 48% of their investments.  Subordinated investors and other
unsecured creditors are unlikely to recover anything from the
receivership.


PGG WRIGHTSON: Sells 50% Stake in Canterbury Saleyards to Rural
---------------------------------------------------------------
PGG Wrightson will sell 50% of its shares in Canterbury Saleyards
Co., which holds leases on the Canterbury Park Saleyards complex,
to South Island stock and station firm Rural Livestock, The New
Zealand Press Association reports.

NZPA relates the companies said Rural Livestock had taken part in
auctions at Canterbury Park since the complex was established,
operating under a license arrangement to the Canterbury Saleyards
Co.

According to NZPA, the companies had agreed to 50/50 ownership of
the saleyards company, with the new shareholding agreement planned
to be in place by March 1.

The Troubled Company Reporter-Asia Pacific reported on August 31,
2009, that PGG Wrightson posted a net loss of NZ$66.44 milion for
the year ended June 30, 2009, compared with a net income of
NZ$73.2 million in the previous year.  Its net operating earnings
after tax was NZ$30 million for the year ending June 30, 2009.

The operating performance was affected by a range of non-trading
items which meant the company reported an accounting loss.  Of
these, the most directly comparable result on which to assess
performance is the net operating profit after tax (excluding the
one-off and non-trading items) figure of NZ$30 million, down
NZ$2.9 million or 8.8% from last year.

In June 2009, the Company notified its banking syndicate of a
potential breach of its financial covenants as at June 30 due to
adverse trading conditions expected from the last four months of
the financial year.  A waiver of financial covenants was received
from both the banking syndicate and South Canterbury Finance,
before the finalization of the Company's results for the 2009
financial year.

As the waiver was not received prior to June 30, 2009,
notwithstanding the banking syndicate waived its financial
covenant requirements prior to the relevant test date, under IFRS
the Company is required to record all term debt as current as at
June 30, 2009.  Following completion of the renegotiated banking
package, debt maturing more than 12 months from June 30, 2009,
(now approximately NZ$197.9 million) would be reclassified as term
debt.

Upon receiving the bank waiver, the Company also commenced
negotiations with its banking syndicate of various amendments to
its existing banking facilities.  The Company has subsequently
renegotiated a revised banking package with its banking syndicate
with the following terms:

   * A term debt facility of NZ$197.9 million that matures on
     August 31, 2012 (previously NZ$275 million expiring
     on September 30, 2011)

   * An amortizing debt facility of NZ$200 million due to be
     fully repaid by March 31, 2010 (previously NZ$125 million
     expiring on December 31, 2010)

   * A working capital facility of NZ$75 million that matures
     on August 31, 2011, with the limit and term reviewed
     annually (previously NZ$75 million expiring April 30, 2010)

   * Overdraft and guarantee facilities of approximately
     NZ$40 million.

In addition, South Canterbury Finance has agreed to extend its
debt until February 28, 2013.

                        About PGG Wrightson

Based in New Zealand, PGG Wrightson Limited (NZE:PGW) --
http://www.pggwrightson.co.nz-- is engaged in the provision of
rural services.  The Company's segments comprise: rural services,
including rural merchandise, irrigation and pumping services, wool
procurement, warehousing, marketing and export, and livestock
marketing and supply; technology services including farm
consultancy and supply of seeds, grains and feed supplements;
financial services including farm finance, fund management, real
estate and insurance services, and corporate services including
other unallocated items.  PGG Wrightson Limited operates
predominantly in New Zealand with some operations in Australia and
Uruguay.


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


* PHILIPPINES: Moody's Assigns 'Ba3' Foreign Currency Rating
------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency rating
of Ba3 with a stable outlook to the government of the Philippines'
forthcoming global bond issuance.

The Philippines rating is supported by the country's fortified
external payments position and a relatively sound and liquid
banking system, which poses manageable risks to the government's
balance sheet.  The historically high level of official foreign
exchange reserves -- in part bolstered by resilient overseas
remittances -- helps to buffer the economy and government finances
from external shocks.  As a result, the peso has been relatively
stable this year.

The stable outlook is also influenced by relatively mild
inflationary pressures and the ability of the country's central
bank to anchor inflationary expectations under its formal
inflation-targeting framework.  Moody's expects that inflation
will probably remain within Bangko Sentral's target range of 4.5%
with a tolerance interval of + / - 1.0 percentage point for 2010.

"Low inflation and a stable exchange rate are crucial for the
government's debt affordability," says Tom Byrne, a Moody's Senior
Vice President and Regional Credit Officer.

"Nevertheless, the Ba3 rating on the government's foreign and
local currency bonds also reflects the country's large public-
sector debt overhang, which leaves government finances vulnerable
from domestic policy slippage, or external shocks, such as a rise
in global inflation," notes Byrne.

"Furthermore, tax revenues have weakened beyond initial
projections for the 2009 budget and the headline deficit may have
widened to 3.8 percent of GDP in 2009, although the primary
balance (excluding interest payments) may have remained in a
slight surplus," adds Byrne.

"In the current environment, the challenge for the authorities
will be to minimize the damage from the global recession, while
operating under relatively constrained fiscal conditions," says
Mr. Byrne.

"Accordingly, although economic growth is being adversely affected
by global conditions and fiscal performance has slipped, a
continued commitment to public-sector fiscal reform and
consolidation would bode well for the country's long-term macro-
prospects and credit fundamentals," concludes Mr. Byrne.

The last rating action on Philippines was taken on 23 July 2009,
when Moody's raised the Government of the Philippines' rating to
Ba3 from B1.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                          Total
                                        Total      Shareholders
  Company            Ticker            Assets            Equity
  -------            ------            ------      ------------


AUSTRALIA

ADVANCE HEAL-NEW      AHGN           16933460.19   -8226075.951
ALLSTATE EXPLORA      ALX            21373717.63   -54574080.32
ALLSTATE EXPL-PP      ALXCC          21373717.63   -54574080.32
AMA GROUP LTD         AMA            39033742.73   -860795.0051
ANTARES ENERGY L      AZZ            13709735.08   -1955765.012
ARC EXPLORATION       ARX            56832942.08   -15049619.84
AUSTAR UNITED         AUN            508844538.8   -310055789.8
AUSTRAILIAN Z-PP      AZCCA          77741918.88   -2566335.245
AUSTRALIAN ZIRC       AZC            77741918.88   -2566335.245
BIRON APPAREL LT      BIC            19706736.59   -2220069.647
CENTRO PROPERTIE      CNP            14725100626   -495299520.8
CHALLENGER INF-A      CIF             2307005550   -104582562.1
CHEMEQ LIMITED        CMQ            25194855.59   -24254413.72
CITY PACIFIC LTD      CIY            171501648.1   -6383353.748
ELLECT HOLDINGS       EHG            18245003.37   -15487781.92
HYRO LTD              HYO            21498880.13   -14825700.09
JAMES HARDIE NV       JHXCC           2120699904     -153000000
JAMES HARDIE-CDI      JHX             2120699904     -153000000
MAC COMM INFR-CD      MCGCD           8104415201   -103343256.5
RESIDUAL ASSC-EE      RAGXF            597329874   -126963316.5
TERRITORY RESOUR      TTY            78228985.46    -3340627.52
TOOTH & CO LTD        TTH            108860665.9   -69404500.26
VERTICON GROUP        VGP            14221690.08   -24604525.15


CHINA

ALONG TIBET CO-A      600773         10464676.88   -1595236.068
AMOI ELECTRONI-A      600057         186715365.6   -176172893.2
ANHUI KOYO GROUP      979             60095557.3   -52690109.57
BAO LONG ORIENTA      600988         16377750.71   -3240606.176
CHANG LING GROUP      561            38762049.02   -11329795.61
CHENGDU UNION-A       693            52165432.95   -7597323.858
CHINA EAST AIR-A      600115         10663617938   -669018244.3
CHINA KEJIAN-A        35             83777990.18   -182385776.8
CHINESE.COM LOGI      805            12863797.92   -10344736.06
DANDONG CHEM F-A      498            100503616.6   -111136778.3
DONGGUAN FANGD-A      600656         62015004.14   -10113540.83
DONGXIN ELECTR-A      600691         20724702.93   -6133630.207
GAOXIN ZHANGTO-A      2075           119522500.6   -30482708.26
GUANGDONG HUAL-A      600242         19919002.62   -2062133.214
GUANGDONG KEL-A       921            650072211.9   -103760527.2
GUANGMING GRP -A      587            48717132.13   -47591274.78
GUANGXI BEISHE-A      600556         103117750.8   -138381269.7
GUANGXIA YINCH-A      557            19312064.17   -37899432.38
HEBEI BAOSHUO -A      600155         133672291.8   -361688438.1
HEBEI JINNIU C-A      600722         241278846.1   -228118601.8
HUDA TECHNOLOG-A      600892          21311206.3    -2895690.19
HUNAN ANPLAS CO       156            50288007.12   -83158991.31
LIAOYUAN DEHENG       600699         138723006.8   -6687883.607
QINGHAI SUNSHI-A      600381         56020954.09   -25865577.47
SHAANXI QINLIN-A      600217         233974560.1   -21072044.24
SHANG HONGSHENG       600817         17942699.21     -396969508
SHANG LIANHUA-A       600617         15681816.46   -1544918.912
SHANG LIANHUA-B       900913         15681816.46   -1544918.912
SHANGHAI WORLDBE      600757         181367559.6   -127597631.1
SHENZ CHINA BI-A      17             27968310.96   -264106065.1
SHENZ CHINA BI-B      200017         27968310.96   -264106065.1
SHENZ SEG DASH-A      7               61819712.4   -3403468.927
SHENZHEN DAWNC-A      863            28093818.24   -157709151.5
SHENZHEN KONDA-A      48             195270812.6   -14899608.82
SHENZHEN SHENXIN      34             23960824.39   -166323495.4
SHIJIAZHUANG D-A      958            235063468.6   -54144995.52
SICHUAN DIRECT-A      757            128388979.9   -118667098.4
SUNTEK TECHNOL-A      600728         37921349.96   -21207285.88
TAIYUAN TIANLO-A      600234         50402317.95   -25241975.23
TIANJIN MARINE        600751         82399198.24   -30394356.74
TIANJIN MARINE-B      900938         82399198.24   -30394356.74
TIBET SUMMIT I-A      600338         78159663.43   -14223854.17
TOPSUN SCIENCE-A      600771         183017873.3   -138219542.3
WINOWNER GROUP C      600681         10719752.69   -71846635.31
WUHAN BOILER-B        200770         349547198.5   -74888578.37
WUHAN GUOYAO-A        600421         11452683.85   -39410107.27
XIAMEN OVERSEA-A      600870         306958973.7   -146753875.6
YUEYANG HENGLI-A      622            37274086.29   -15525013.51
YUNNAN MALONG-A       600792         144996362.5   -10651003.29
ZHANGJIAJIE TO-A      430            52226364.35   -5625101.137


HONG KONG

21 HOLDINGS LTD       1003           43646556.17   -4262036.568
ASIA TELEMEDIA L      376            16618871.08   -5369335.425
CHAOYUE GROUP LT      147            42686690.41   -127804328.9
CHINA CYBER PORT      8206              12615789    -25845509.5
CHINA EAST AIR-H      670            10663617938   -669018244.3
CHINA GOLDEN DEV      162              252996682    -2720111.36
EGANAGOLDPFEIL        48             557892423.4     -132858952
FULBOND HLDGS         1041              60255000      -14419000
HISENSE ELEC-H        921            650072211.9   -103760527.2
HUTCHISON TELE H      215             2400098041   -366059762.2
MITSUMARU EAST K      2358           38170722.85   -1449668.001
NEW CITY CHINA        456            113178595.4   -9932226.543
NGAI LIK INDL         332            132818617.9   -4763065.829
PAC PLYWOOD           767               75639000       -5411000
PALADIN LTD           495            157691358.5   -6232217.574
PALADIN LTD -PRE      642            157691358.5   -6232217.574
PCCW LTD              8               5990928704   -394965167.6
PERCEPTION DIG        8248           31208931.14   -4636546.343
PROVIEW INTL HLD      334            412845082.4   -191257992.5
WAI CHUN MINING       660            12791013.67   -14603647.06
WAYTUNG GLOBAL G      21             12327016.69   -2955593.701


INDONESIA

ASIA PACIFIC          POLY             413587722   -843849953.3
DAVOMAS ABADI         DAVO           272586507.5   -17188598.19
ERATEX DJAJA          ERTX           10046910.69   -15287833.76
JAKARTA KYOEI ST      JKSW           27995871.44   -39747802.26
KARWELL INDONESI      KARW           10279359.22   -8092809.676
MULIA INDUSTRIND      MLIA           349542495.3   -393202695.2
PANASIA FILAMENT      PAFI            51269814.6   -4304035.406
PANCA WIRATAMA        PWSI           28574747.93   -34354941.95
PRIMARINDO ASIA       BIMA           10969821.52   -20004812.09
STEADY SAFE TBK       SAFE           10838828.11   -4030148.539
SURABAYA AGUNG        SAIP           248504328.8   -92414388.08
TEIJIN INDONESIA      TFCO             185089600      -14273900
UNITEX TBK            UNTX           15674797.91   -14254278.79


INDIA

ALCOBEX METALS        AML            16589928.01    -21468099.3
ASHIMA LTD            ASHM           59922403.11   -47153581.06
BAKELITE HYLAM        BKLT           13911138.88    -12867352.6
BALAJI DISTILLER      BLD            51161385.13    -38383503.3
BELLARY STEELS        BSAL           451679252.4   -108504755.3
BHAGHEERATHA ENG      BGEL           22646453.72   -28195273.09
CFL CAPITAL FIN       CEATF          14305706.35   -40038022.22
COMPUTERSKILL         CPS            14896780.89   -7560054.566
CORE HEALTHCARE       CPAR             185364967   -241912027.8
DCM FINANCIAL SE      DCMFS          16540889.84   -10988851.47
DIGJAM LTD            DGJM           98769193.78   -14623833.58
DISH TV INDIA         DITV           422081403.3   -127614551.4
DISH TV IND-PP        DITVPP         422081403.3   -127614551.4
DUNCANS INDUS         DAI            116957150.4   -183237814.5
GANESH BENZOPLST      GBP            77840261.61   -41865917.86
GEM SPINNERS LTD      GEMS           15233308.38   -112427.3203
GLOBAL BOARDS         GLB            25154303.78   -793024.1747
GSL INDIA LTD         GSL            37040429.61   -42340564.58
GSL NOVA PETROCH      GSLN           44390476.41   -925948.5714
GUJARAT SIDHEE        GSCL           59440728.18   -660003.4341
HARYANA STEEL         HYSA           10831176.59   -5909008.813
HENKEL INDIA LTD      HNKL           102052835.3    -10237657.2
HFCL INFOTEL LTD      HFCL             151650830   -85807729.87
HIMACHAL FUTURIS      HMFC           406633181.9   -210980393.9
HINDUSTAN PHOTO       HPHT           93725753.93    -1229352757
HMT LTD               HMT            139311695.4   -277691144.1
ICDS                  ICDS           13300348.69   -6171079.463
INDIA FOILS LTD       IF             22012692.82   -2043934.201
INFOMED18-RIGHT       INF18R         35798533.98   -1937646.706
INFOMEDIA 18 LTD      INF18          35798533.98   -1937646.706
INTEGRAT FINANCE      IFC            45562399.88   -43272851.09
ITI LTD               ITI             1116207772   -800236.5362
JCT ELECTRONICS       JCTE           122542558.6   -49996834.55
JD ORGOCHEM LTD       JDO             10461151.8   -1602493.295
JENSON & NIC LTD      JN             15927860.08   -74328787.58
JIK INDUS LTD         KFS             20633171.5   -5623616.495
JK SYNTHETICS         JKS            13506415.91   -3030846.605
JOG ENGINEERING       VMJ            50080964.36   -10076436.07
KALYANPUR CEMENT      KCEM           32038613.71   -26757740.06
KERALA AYURVEDA       KRAP           13409639.48    -586698.147
LLOYDS FINANCE        LYDF           27683041.19   -8642121.281
LLOYDS STEEL IND      LYDS           358940191.9   -83135016.16
MILLENNIUM BEER       MLB            36392748.17   -3197477.139
MILTON PLASTICS       MILT            18310810.9   -40438966.11
NATH PULP & PAP       NPPM           13588844.93   -39126079.65
NICCO UCO ALLIAN      NICU            28843462.7   -56773550.08
ORIENT PRESS LTD      OP             16699814.52   -94789.32829
PANCHMAHAL STEEL      PMS            51024827.03   -325116.2599
PANYAM CEMENTS        PYC            38841457.46   -641194.4128
PARASRAMPUR SYN       PPS            111971290.9     -317111728
PAREKH PLATINUM       PKPL           61081050.43   -88849040.15
PEACOCK INDS LTD      PCOK           11395867.81   -14396604.39
PIRAMAL LIFE SC       PLSL           32054795.68   -3725239.048
POLAR INDS LTD        PLI             11613867.7   -22282942.24
RAMA PHOSPHATES       RMPH           34066789.55   -1192495.624
RATHI ISPAT LTD       RTIS           44555929.56   -3933592.495
RELIGARE TECHNOV      RTCL           44130883.78   -1460238.518
RENOWNED AUTO PR      RAP            14120061.57   -1253759.752
ROLLATAINERS LTD      RLT            22965755.05   -22244556.92
ROYAL CUSHION         RCVP           20224401.47   -62973589.12
RPG CABLES LTD        RPG            51431409.37   -20192930.18
SCOOTERS INDIA        SCTR            13288115.8   -578097.9694
SHALIMAR WIRES        SWRI            24489676.4   -49901704.65
SHAMKEN COTSYN        SHC            23127927.75   -6172791.934
SHAMKEN MULTIFAB      SHM             60546590.6   -13260108.95
SHAMKEN SPINNERS      SSP            42180451.29   -16764934.64
SHARDA ISPAT LTD      SHIL           16179943.38   -5040578.353
SHREE RAMA MULTI      SRMT           63725987.44    -52933262.4
SIDDHARTHA TUBES      SDT            70930817.05   -12088972.62
SIL BUSINESS ENT      SILB           12461159.02   -19961202.41
SOUTHERN PETROCH      SPET            1543609374   -35609423.98
SPICE COMMUNICAT      SPCM           263692459.5   -19679192.67
SPICEJET LIMITED      SJET           147982655.5   -84645514.58
STERLING HOL RES      SLHR            52909027.3   -631043.6291
STERLING HOL-FOR      SLHR/F          52909027.3   -631043.6291
STI INDIA LTD         STIB            28053652.1   -8042948.313
TAMILNADU TELE        TNT            10255346.42   -4139864.067
TATA TELESERVICE      TTLS           793627684.3   -74636840.33
TRIUMPH INTL          OXIF           58459632.86   -14175270.62
TRIVENI GLASS         TRSG           24390836.23   -8896934.885
UNIWORTH LTD          WW             145706493.3   -114873890.1
USHA INDIA LTD        USHA           12064900.61   -54512967.31
VENTURA TEXTILES      VRTL           14254627.45   -325402.5874
WINDSOR MACHINES      WML            14500894.45   -28144999.02
WIRE AND WIRELES      WNW            102422193.2   -37057061.49
WIRE AND WIRE-PP      WNWPP          102422193.2   -37057061.49


JAPAN

ARDEPRO               8925           345613037.1   -207111362.4
COMMERCIAL RE         8866           296849343.4    -346788.567
COSMOS INITIA CO      8844            1652687334   -564005337.2
DDS INC               3782           10683845.35   -5696657.231
FLIGHT SYS CONSU      3753           14883586.17   -1071275.602
HARAKOSAN CO          8894             265026322   -21407690.82
ICHITAN CO LTD        5645           99161219.02   -4383920.244
JIPANGU HOLDINGS      2684           15052085.28   -8379329.034
L CREATE CO LTD       3247           42344509.56   -9146496.902
LCA HOLDINGS COR      4798           49522402.78   -2236206.516
NESTAGE CO LTD        7633           11772250.32   -12201325.38
PLACO CO LTD          6347           16492585.21   -1881199.742
PROPERST CO LTD       3236           854806960.9   -17847055.11
SAIKAYA CO LTD        8254           398458490.7   -17564816.07
SHINWA OX CORP        2654           61394021.32   -12954325.95
SUMIYA CO             9939            54843407.5   -9480273.642
TERRANETZ CO LTD      2140           11633353.37   -4293462.631


KOREA

AJU MEDIA SOL-PF      44775          13822171.46   -1245278.051
CL LCD CO LTD         35710          55585277.13   -14793655.63
DAHUI CO LTD          55250          186003859.2   -1504246.542
DAISHIN INFO          20180          740500919.3   -158453978.8
ELIM EDU CO LTD       46240          34029159.88   -3747735.089
FIRST FIRE & MAR      610             2044031310   -1780221.911
KYSYS CO LTD          15390          10671544.09   -6267111.236
MOBO CO LTD           51810          196643340.4   -11979182.85
ORICOM INC            10470          82645454.13   -40039161.33
PAPERCOREA INC        1020           310528990.1   -154086330.6
PRIME ENTMT           17170           31473002.9    -19371600.2
ROCKET ELEC-PFD       425            68584186.91   -2140473.997
ROCKET ELECTRIC       420            68584186.91   -2140473.997
SAMT CO LTD           31330          303858255.6   -77572655.65
SIMM TECH CO LTD      36710          314177541.4   -34486443.29
SOLAR & TECH CO       30390          11466591.81   -588035.3785
STARMAX CO LTD        17050          50131660.74   -25436154.88
TAESAN LCD CO         36210          187935112.1   -546263614.5
TONG YANG MAGIC       23020          355147750.9   -25767007.75
YOUILENSYS CORP       38720          166697877.7   -12337148.33


MALAYSIA

AXIS INCORPORATI      AXIS           35439077.46    -79330358.6
HARVEST COURT         HAR            11122745.59     -7475186.8
HO HUP CONSTR CO      HO             71664888.88   -1269790.927
LITYAN HLDGS BHD      LIT            14275991.47   -29485796.94
RHYTHM CONSOLIDA      RCB            11079452.15   -1316222.074
WONDERFUL WIRE        WW             11541456.48   -15637491.13
WWE HOLDINGS BHD      WWE            66483348.25   -1524729.646


NEW  ZEALAND

DOMINION FINANCE      DFH            258902749.1   -55312405.88


PHILIPPINES

APEX MINING 'B'       APXB           51256351.82   -8972145.845
APEX MINING-A         APX            51256351.82   -8972145.845
BENGUET CORP 'B'      BCB            75486651.08   -37047223.67
BENGUET CORP-A        BC             75486651.08   -37047223.67
CYBER BAY CORP        CYBR           12926776.59   -79228223.36
EAST ASIA POWER       PWR            50796443.41   -139420756.1
FIL ESTATE CORP       FC             37286935.14   -11355841.65
FILSYN CORP A         FYN             22000423.4   -10278638.86
FILSYN CORP. B        FYNB            22000423.4   -10278638.86
GOTESCO LAND-A        GO             18684576.24   -10863822.41
GOTESCO LAND-B        GOB            18684576.24   -10863822.41
MRC ALLIED            MRC            13040098.81   -3682026.536
PICOP RESOURCES       PCP            105659068.5   -23332404.14
PRIME ORION PHIL      POPI           90349299.63   -5122560.281
STENIEL MFG           STN            28673457.47   -1478015.892
UNIVERSAL RIGHTF      UP             45118524.67   -13478675.99
UNIWIDE HOLDINGS      UW             52802040.71   -56176026.28
VICTORIAS MILL        VMC              178060236   -36659989.09


SINGAPORE

ADV SYSTEMS AUTO      ASA            11785309.58   -12808326.82
ADVANCE SCT LTD       ASCT           67584937.13   -14047619.58
CARRIERNET GLOBA      CARG           14286897.57    -17258.0421
CHUAN SOON HUAT       CSH            29973005.08    -19287440.5
FALMAC LTD            FAL            10117655.63   -6803815.352
HL GLOBAL ENTERP      HLGE           93731888.39   -15671356.22
JURONG TECH IND       JTL            98760092.87   -227275152.1
LINDETEVES-JACOB      LJ             160478836.6   -86703612.98
OCEAN INTERNATIO      OCEAN          61659790.45   -13720371.73
PACIFIC CENTURY       PAC            17857346.66   -4522591.854
SUNMOON FOOD COM      SMOON          19286019.65   -10665672.56
TT INTERNATIONAL      TTI            303817166.6   -38088237.05
WESTECH ELECTRON      WTE            28290170.94   -12855750.98


THAILAND

ABICO HLDGS-F         ABICO/F        12066621.69   -9544714.911
ABICO HOLDINGS        ABICO          12066621.69   -9544714.911
ABICO HOLD-NVDR       ABICO-R        12066621.69   -9544714.911
BANGKOK RUBBER        BRC            86997154.46   -64963399.72
BANGKOK RUBBER-F      BRC/F          86997154.46   -64963399.72
BANGKOK RUB-NVDR      BRC-R          86997154.46   -64963399.72
CENTRAL PAPER IN      CPICO          10220356.04   -216074904.3
CENTRAL PAPER-F       CPICO/F        10220356.04   -216074904.3
CENTRAL PAPER-NV      CPICO-R        10220356.04   -216074904.3
CIRCUIT ELEC PCL      CIRKIT         17385099.26   -87998004.08
CIRCUIT ELEC-FRN      CIRKIT/F       17385099.26   -87998004.08
CIRCUIT ELE-NVDR      CIRKIT-R       17385099.26   -87998004.08
DATAMAT PCL           DTM            12690638.93   -6132014.289
DATAMAT PCL-NVDR      DTM-R          12690638.93   -6132014.289
DATAMAT PLC-F         DTM/F          12690638.93   -6132014.289
ITV PCL               ITV            33788130.19   -87508840.66
ITV PCL-FOREIGN       ITV/F          33788130.19   -87508840.66
ITV PCL-NVDR          ITV-R          33788130.19   -87508840.66
KINGFISHER AIR        KAIR            1458636203   -418911009.7
K-TECH CONSTRUCT      KTECH          83204235.85   -5693045.294
K-TECH CONSTRUCT      KTECH/F        83204235.85   -5693045.294
K-TECH CONTRU-R       KTECH-R        83204235.85   -5693045.294
KUANG PEI SAN         POMPUI         17146363.89   -12117287.24
KUANG PEI SAN-F       POMPUI/F       17146363.89   -12117287.24
KUANG PEI-NVDR        POMPUI-R       17146363.89   -12117287.24
MALEE SAMPRAN         MALEE          56296560.19   -3455814.535
MALEE SAMPRAN-F       MALEE/F        56296560.19   -3455814.535
MALEE SAMPR-NVDR      MALEE-R        56296560.19   -3455814.535
PATKOL PCL            PATKL          51025749.96   -29867507.54
PATKOL PCL-FORGN      PATKL/F        51025749.96   -29867507.54
PATKOL PCL-NVDR       PATKL-R        51025749.96   -29867507.54
PICNIC CORPORATI      PICNI          162041208.3   -79858191.23
PICNIC CORPORATI      PICNI/F        162041208.3   -79858191.23
PICNIC CORPORATI      PICNI-R        162041208.3   -79858191.23
PONGSAAP PCL          PSAAP           25968933.8   -4736785.734
PONGSAAP PCL          PSAAP/F         25968933.8   -4736785.734
PONGSAAP PCL-NVD      PSAAP-R         25968933.8   -4736785.734
SAFARI WORLD PUB      SAFARI           102742654   -23192106.86
SAFARI WORLD-FOR      SAFARI/F         102742654   -23192106.86
SAFARI WORL-NVDR      SAFARI-R         102742654   -23192106.86
SAHAMITR PRESS-F      SMPC/F         31177710.43    -14940579.6
SAHAMITR PRESSUR      SMPC           31177710.43    -14940579.6
SAHAMITR PR-NVDR      SMPC-R         31177710.43    -14940579.6
SUNWOOD INDS PCL      SUN            19863687.56   -13033623.14
SUNWOOD INDS-F        SUN/F          19863687.56   -13033623.14
SUNWOOD INDS-NVD      SUN-R          19863687.56   -13033623.14
THAI-DENMARK PCL      DMARK          15715462.27   -10102519.69
THAI-DENMARK-F        DMARK/F        15715462.27   -10102519.69
THAI-DENMARK-NVD      DMARK-R        15715462.27   -10102519.69
TRANG SEAFOOD         TRS            11523557.41   -1253602.351
TRANG SEAFOOD-F       TRS/F          11523557.41   -1253602.351
TRANG SFD-NVDR        TRS-R          11523557.41   -1253602.351
UNIVERSAL S-NVDR      USC-R          97741967.74   -40287801.61
UNIVERSAL STARCH      USC            97741967.74   -40287801.61
UNIVERSAL STAR-F      USC/F          97741967.74   -40287801.61


TAIWAN

CHIEN TAI CEMENT      1107           202446919.2    -22407739.4
HELIX TECH-EC         2479T          23385923.43   -24115022.26
HELIX TECH-EC IS      2479U          23385923.43   -24115022.26
HELIX TECHNOL-EC      2479S          23385923.43   -24115022.26
TAIWAN KOL-E CRT      1606U          507206787.9   -147139297.7
TAIWAN KOLIN-EN       1606V          507206787.9   -147139297.7
TAIWAN KOLIN-ENT      1606W          507206787.9   -147139297.7
VERTEX PREC-ENTL      5318T          43037265.55   -2305484.433
VERTEX PRECISION      5318           43037265.55   -2305484.433
YEU TYAN MACHINE      8702           39574168.04   -271070409.7


                         *********

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 2010.  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.





                 *** End of Transmission ***