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                     A S I A   P A C I F I C

           Monday, August 9, 2010, Vol. 13, No. 155

                            Headlines



A U S T R A L I A

* Insolvency Figures Jump 4% to 848 in June


H O N G  K O N G

CESSNA LEISURE: Creditors' Proofs of Debt Due September 6
CHIU WING: Members' and Creditors' Meetings Set for August 13
DUNHILL LIMITED: Commences Wind-Up Proceedings
GARNET SHIELD: Members' Final Meeting Set for September 7
GIP PARTNERS: Creditors' Proofs of Debt Due August 31

GLORY ACHIEVE: Creditors' Proofs of Debt Due September 6
INGRAM MICRO: Members' Final Meeting Set for September 6
MACRO UNIVERSE: Members' Final Meeting Set for September 7
PAPYRUS TRADE: Seng and Lo Step Down as Liquidators
PARENT EDUCATION: Members' Final Meeting Set for September 9

PEOPLE'S DEMOCRACY: Szeto May Mirana Steps Down as Liquidator
SERVICE COMPANY: Members' Final Meeting Set for September 6
SHINKO SECURITIES: Members' Final Meeting Set for September 6
SILVER RAY: Tam Kan Wing Steps Down as Liquidator
SOLUTION 6: Members' Final Meeting Set for September 6


I N D I A

AAKASH TILES: ICRA Places 'LB' Rating on INR13cr Fund-Based Limits
AGROFLEX REINFORCE: ICRA Places 'LBB-' Rating on INR1.5cr Loan
ASP SEALING: ICRA Puts 'LBB+' Rating on INR115MM Fund Based Limits
ATLANTA ELECTRICALS: CRISIL Reaffirms 'B+' Ratings on Loans
C.C. CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR40MM Cash Credit

DSA ELECTRO: CRISIL Reaffirms 'BB+' Rating on INR74.2MM LT Loan
FUELCO COAL: CRISIL Reaffirms 'BB+' Rating on INR70MM Cash Credit
ICON GRANITO: ICRA Assigns 'LBB' Rating to INR8cr Term Loans
KINGFISHER AIRLINES: HPCL Won't Sell Jet Fuel to Firm for Credit
PAWA INTERNATIONAL: Fitch Assigns 'B-' National Long-Term Rating

SARAVANA TEXTILES: ICRA Puts 'LBB' Rating on INR51.2MM Term Loan
SHARDA SPUNTEX: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
SHEKHAWATI POLY-YARN: CRISIL Reaffirms 'BB-' Ratings on Loans
SWARAJ INDIA: CRISIL Cuts Ratings on Various Bank Debts to 'D'
TATA POWER: Shorlisted for Geothermal Power Project in Indonesia

TODAY WRITING: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
VIRGO POLYMERS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debts


J A P A N

ALL NIPPON: To Launch Tokyo-Jakarta, Tokyo-Manila Routes Next Year
LEHMAN BROTHERS: Hires Momo-o Matsuo as Japan Counsel


N E W  Z E A L A N D

ALLIED FARMERS: In Talks With Trustee Over Breach of Trust Deed
AORANGI SECURITIES: Investors Call for Action Against SecCom


P H I L I P P I N E S

ALLIED BANKING: Fitch Affirms 'D' Individual Rating
PHILIPPINE NAT'L BANK: Fitch Affirms 'D/E' Individual Rating


S I N G A P O R E

COMFORT RESOURCES: Court to Hear Wind-Up Petition on August 20
EAGLE MONEY: Creditors' Proofs of Debt Due August 20
ENERGENICS PTE: Court to Hear Wind-Up Petition on Aug. 20
GESSIT PTE: Creditors' Proofs of Debt Due August 20
HYPERBARIC: Court to Hear Wind-Up Petition on August 20

IPACS TECHNOLOGY: Creditors' Proofs of Debt Due August 27
IPACS TECHNOLOGY: Creditors' Meetings Set for September 1
MICROMUSE SINGAPORE: Creditors' Proofs of Debt Due September 6
QIMONDA MANUFACTURING: Creditors' Proofs of Debt Due August 23
SINO-ENVIRONMENT TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 17

SINO-ENVIRONMENT TECHNOLOGY: Creditors' First Meeting Set Aug. 18
UMCI LTD: Creditors' Proofs of Debt Due September 6
VEITH TOOLING: Court Enters Wind-Up Order
WORLDWIDE INVESTIGATION: Creditors' Proofs of Debt Due September 6


T A I W A N

NANYA TECHNOLOGY: Sales Decline 2.5% to NT$5.1 Billion in July


V I E T N A M

VIETNAM SHIPBUILDING: Government Plans to Restructure Firm




                         - - - - -


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


* Insolvency Figures Jump 4% to 848 in June
-------------------------------------------
The number of businesses falling into insolvency increased 4% in
June to 848, as SMEs continue to struggle with weak consumer
spending and tight credit conditions, Patrick Stafford at
SmartCompany reports.

The report, citing figures from the Australian Securities and
Investments Commission, discloses that New South Wales recorded
the highest number of collapses at 337, up from last month's count
of 332. Victoria came in second at 204, followed by Queensland at
196.

While the number of insolvencies in June fell from the 914
recorded during May, SmartCompany relates Michael Ryan, the
managing director of accountancy group Taylor Woodings, said the
monthly decline isn't a sign that the wave of SME collapses will
stop.

"These June figures are higher than the June figures last year,
and this year's May figures are higher than May last year. We
looked back at the statistics over the past 10 years, and these
are the highest May and June insolvencies over the decade," the
report quoted Mr. Woodings as saying.  "This is the sign of a lot
of built-up pressure in businesses in Australia. That pressure is
coming from costs of living, consumer demand, and tight liquidity
within the banking sector.  It is still extremely difficult for
SMEs to obtain working capital, and so these insolvencies are the
results of a long period of pressure on those businesses. Really,
there doesn't seem to be any light at the end of the tunnel."


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


CESSNA LEISURE: Creditors' Proofs of Debt Due September 6
---------------------------------------------------------
Creditors of Cessna Leisure Products Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 30, 2010.

The company's liquidators are:

         Andrew C.C. Ma
         Felix K.L. Lee
         19th Floor, Seaview Commerical Building
         21-24 Connaught Road West
         Hong Kong


CHIU WING: Members' and Creditors' Meetings Set for August 13
-------------------------------------------------------------
Members and creditors of Chiu Wing Enterprise Company Limited will
hold their annual meeting on August 13, 2010, at 4:00 p.m., at the
offices of FS Asia Advisory Limited, 14th floor, the Hong Kong
Club Building, 3A Chater Road, Central, in Hong Kong.

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


DUNHILL LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Dunhill Limited, on July 23, 2010, passed a resolution
to voluntarily wind-up the company's operations.

The company's liquidator is:

         Betty Betty Yeung
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen?s Road East
         Hong Kong


GARNET SHIELD: Members' Final Meeting Set for September 7
---------------------------------------------------------
Members of Garnet Shield Limited will hold their final meeting on
September 7, 2010, at 10:30 a.m., at 25/F., Wing On Centre, 111
Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GIP PARTNERS: Creditors' Proofs of Debt Due August 31
-----------------------------------------------------
Creditors of Gip Partners Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
August 31, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 22, 2010.

The company's liquidators are:

         Chow Yiu Wah Joseph
         Unit 501, 5th Floor
         Mirror Tower
         61 Mody Road
         Tsimshatsui East
         Kowloon, Hong Kong


GLORY ACHIEVE: Creditors' Proofs of Debt Due September 6
--------------------------------------------------------
Creditors of Glory Achieve Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
September 6, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 28, 2010.

The company's liquidators are:

         Richard Joseph Barrett
         97 Upper Leeson Street
         Dublin 2
         Republic of Ireland

         Rory John Williams
         2, Sorbonne, Ardilea
         Clonskeagh, Dublin 14
         Republic of Ireland


INGRAM MICRO: Members' Final Meeting Set for September 6
--------------------------------------------------------
Members of Ingram Micro (Hong Kong) Limited will hold their final
meeting on September 6, 2010, at 10:00 a.m., at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


MACRO UNIVERSE: Members' Final Meeting Set for September 7
----------------------------------------------------------
Members of Macro Universe Limited will hold their final meeting on
September 7, 2010, at 10:00 a.m., at 25/F., Wing On Centre, 111
Connaught Road Central, in Hong Kong.

At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


PAPYRUS TRADE: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Papyrus Trade Services Limited on July 24, 2010.

The company's liquidators are:

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


PARENT EDUCATION: Members' Final Meeting Set for September 9
------------------------------------------------------------
Members of Parent Education Promoters Limited will hold their
final general meeting on September 9, 2010, at 11:00 a.m., at 6/F,
Hong Kong Scout Centre, Austin Road, in Kowloon.

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


PEOPLE'S DEMOCRACY: Szeto May Mirana Steps Down as Liquidator
-------------------------------------------------------------
Szeto May Mirana stepped down as liquidator of People?s Democracy
Foundation Limited on August 6, 2010.


SERVICE COMPANY: Members' Final Meeting Set for September 6
-----------------------------------------------------------
Members of Service Company One Limited will hold their final
meeting on September 6, 2010, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen?s Road Central, in Hong
Kong.

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


SHINKO SECURITIES: Members' Final Meeting Set for September 6
-------------------------------------------------------------
Members of Shinko Securities (H.K.) Limited will hold their final
meeting on September 6, 2010, at 9:30 a.m., at 35th Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


SILVER RAY: Tam Kan Wing Steps Down as Liquidator
-------------------------------------------------
Tam Kan Wing stepped down as liquidator of Silver Ray Investments
Limited on July 26, 2010.


SOLUTION 6: Members' Final Meeting Set for September 6
------------------------------------------------------
Members of Solution 6 (Asia) Limited will hold their final meeting
on September 6, 2010, at 11:00 a.m., at FTI Consulting (Asia)
Limited, 1008 Shui On Centre, 6-8 Harbour Road, Wan Chai, in Hong
Kong.

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


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


AAKASH TILES: ICRA Places 'LB' Rating on INR13cr Fund-Based Limits
------------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR13.00 crores fund-based
limits and INR48.75 Cr. term loan facility of Aakash Tiles Private
Limited.  ICRA has also assigned an 'A4' rating to the
INR5.00 Cr. short term LC limits and to the INR3.00 Cr. short term
bank guarantee limits.

The ratings are constrained by unsatisfactory debt servicing track
record of the company as reflected by the delays in the term loan
repayments; limited track record of the commercial operations;
significant costs and time overruns on the recently completed
project and highly competitive nature of the ceramic tile
industry.

The ratings also take into account ATPL's relatively lower
visibility of its brand compared to other large organized players
as well vulnerability of the profitability to the cyclicality
associated with the real estate industry and to the availability
and increasing prices of gas, as gas is major source of fuel.  The
ratings however take comfort from the long track record of the
promoters in the premium segment of ceramic industry, viz. marble
and granite segment; favorable demand outlook for vitrified tiles
in India driven by steady revival of the residential real estate
segment.

                        About Aakash Tiles

Aakash Tiles Private Limited was incorporated in December, 2006 as
Jai Tiles Private Limited to manufacture vitrified tiles with its
production facilities located at Jhagadia Industrial Estate,
Bharuch, Gujarat.  The company was promoted by Mr. Piyush Mathur
and Mr. Ashok Kumar Jain.  Due to the costs overrun, the promoters
roped in Aakash Group as the investors.  The Aakash group
currently holds about 51% equity stake and has also taken over
management control.  The name of the Company was changed to Aakash
Tiles Private Limited (ATPL) w.e.f November 13, 2009.  The
installed manufacturing capacity of the company is approx. 80000
MTPA which translates into 7000 boxes per day.


AGROFLEX REINFORCE: ICRA Places 'LBB-' Rating on INR1.5cr Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to INR 1.5 crore fund based
cash credit limits of Agroflex Reinforce Inc.; the outlook on the
rating is Stable.  ICRA has also assigned an A4 (pronounced A
four) rating to INR 4.0 crore short-term non-fund based letter of
credit facility of Agroflex.  The ratings are constrained by the
fragmented industry structure with limited entry barriers; modest
scale of operations with limited infrastructure and restricted
geographical presence; weak bargaining power with suppliers;
vulnerability of earnings to foreign exchange fluctuations;
underlying cyclicality of prices of the commodities traded leading
to volatility of margins and the weak financial risk profile
characterized by low operating margins, moderate gearing level and
modest coverage indicators.  Moreover, the capital structure of
the firm is vulnerable to the withdrawal of capital by the
partners.  The ratings, however, favorably factor the positive
demand outlook for the polymer and specialty chemicals in the
near-term; the long track record of the promoters in the polymer
and chemical trading industry and established relationships with
customers in Tamil Nadu and Pondicherry regions.

                      About Agroflex Reinforce

Agroflex Reinforce Inc. is a partnership firm engaged in trading
of polymers and chemicals.  The firm is a part of the Daga Group5
which is headquartered in Bengaluru and is involved in the
manufacturing and trading of plastic and related raw materials.
The firm was established in the year 1985 to manufacture PVC
conduit pipes and electrical fittings by Mr. Dhanraj Daga. In
1989, the firm was converted into a trading unit for plastic raw
materials and chemicals.  The registered office of the firm is in
Chennai and the primary areas of operations are Tamil Nadu and
Pondicherry. The firm reported operating income of INR 10.1 crore
and net profit after tax of INR 0.1 crore in FY2010.


ASP SEALING: ICRA Puts 'LBB+' Rating on INR115MM Fund Based Limits
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to the INR115
million fund based facilities of ASP Sealing Products Limited.
The outlook on the long term rating is stable.  ICRA has also
assigned an 'A4+' rating to the INR50.0 million non fund based
facilities of ASPL.

The assigned ratings reflect the long standing track record of the
promoters; ASPL?s diversified presence across business segments,
access to technology through its associate Kaufil Sealing
Technologies, Spain (KST); and strong customer relationship in the
commercial automobile segment.

ICRA also notes the improving outlook within the automobile
ancillary industry due to increasing demand from OEMs. The ratings
are however constrained on account of moderate scale of
operations, high competitive intensity in the industry and
exposure to supplier concentration risk.

While assigning the ratings, ICRA has also noted the tight
liquidity position on account of high business growth and capital
expenditure planned by ASPL, the total size of which is
significant as compared to its current asset base.  The risks are
further accentuated as the company has not been able to tie-up
funds for its proposed expansion plan as yet.  Going forward, the
company?s ability to execute the planned capital expenditure in
time and simultaneously grow its revenues and profitability will
remain the key rating sensitivities.

                         About ASP Sealing

ASP Sealing Products Limited was incorporated in 1989 as Anand
SAIAG Private Limited.  Thereafter in November 1994 it was
converted to a Limited Company and in August 1996 the name of the
Company was changed to ASP Sealing Products Limited.  ASPL was
later discharged from the purview of BIFR in August 2007.  The
Company is engaged in the manufacturing of automotive EPDM/PVC
profiles and industrial hoses.  With its manufacturing facilities
at Gajraulla (Uttar Pradesh) and Bara (Uttarakhand); ASPL?s
product offering includes windshield rubbers, co-extruded
profiles/trims, flocked glass run channels, glazing rubbers,
building profiles etc.  The Company is managed by Mr. G.S.Anand,
Chairman and Managing Director, who has more than 15 years of
experience in the industry and Mr. Gurdeep Singh Anand and
Mr. Rishipal Singh Anand.  ASPL has well diversified presence
across business segments.  It recorded a net profit of Rs 31.96
million on an operating income of INR 523.07 million for the
financial year ending on March 31, 2010.


ATLANTA ELECTRICALS: CRISIL Reaffirms 'B+' Ratings on Loans
-----------------------------------------------------------
CRISIL's ratings on Atlanta Electricals Pvt Ltd's bank facilities
continue to reflect AEPL's small scale of operations, weak
financial risk profile, particularly liquidity, because of large
and increasing working capital requirements, and exposure to risks
related to intense competition in the transformers segment.  These
rating weaknesses are partially offset by AEPL's strong track
record in the transformers segment, and healthy order book.

   Facilities                            Ratings
   ----------                           -------
   INR150.0 Million Cash Credit Limit   B+/Stable (Reaffirmed)
   INR55.5 Million Term Loan            B+/Stable (Reaffirmed)
   INR214.5 Million Bank guarantee      P4 (Reaffirmed)
   INR35.0 Million Letter of Credit     P4 (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL's financial risk profile will remain
constrained because of high gearing and small net worth, over the
medium term. The outlook may be revised to 'Positive' if AEPL's
working capital cycle improves, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile weakens, as a result of
significant delays in recovering dues from customers, or large
debt-funded capacity expansion programme.

                     About Atlanta Electricals

Set up in 1982 as a proprietorship firm, AEPL was reconstituted as
a private limited company in 1995. It manufactures power
transformers with capacities up to 220 kilovolts at its
manufacturing unit at Anand (Gujarat). AEPL supplies to various
state electricity boards and private companies.

AEPL reported a profit after tax (PAT) of INR49 million on net
sales of INR526.9 million for 2009-10 (refers to financial year,
April 1 to March 31) against a PAT of INR13.5 million on net sales
of INR215.1 million for 2008-09.


C.C. CONSTRUCTION: CRISIL Puts 'BB-' Rating on INR40MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of C.C.Construction.

   Facilities                       Ratings
   ----------                       -------
   INR40 Million Cash Credit        BB-/Stable (Assigned)
   INR60 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect CCC's exposure to risks relating to revenue
concentration and working-capital-intensive operations. These
weaknesses are partially offset by CCC's healthy revenue
visibility, resulting from a moderate order book and promoters'
experience in the civil construction segment.

Outlook: Stable

CRISIL believes that CCC will benefit from the healthy growth
prospects of the civil construction industry over the medium term.
The outlook may be revised to 'Positive' if CCC strengthens its
business risk profile through greater segmental and geographical
diversity, while stabilizing its operating margin.  Conversely,
the outlook may be revised to 'Negative' if the firm's financial
risk profile deteriorates because of additional large, debt-funded
capital expenditure or acquisition.

                       About C.C. Construction

Set up as a partnership firm in 1982 by Mr. S N Choudhary and his
relatives, CCC undertakes civil construction activities, which
involve earth cutting, earth filling, and bridgework for North
Eastern Frontier Railways (NEFR) in northeastern India; the firm
has so far executed projects only for NEFR.

CCC reported a profit after tax (PAT) of INR8.2 million on net
sales of INR195 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR 4.2 million on net
sales of INR186 million for 2008-09.


DSA ELECTRO: CRISIL Reaffirms 'BB+' Rating on INR74.2MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of DSA Electro Controls
Pvt Ltd continue to reflect DSA's stretched financial risk
profile, driven by large working capital requirements, and its
exposure to risks relating to customer concentration in its
revenue profile. These weaknesses are partially offset by DSA's
established customer relationships, and stable operating margin.

   Facilities                             Ratings
   ----------                             -------
   INR85.0 Million Cash Credit            BB+/Stable (Reaffirmed)
   INR74.2 Million Long-Term Loan         BB+/Stable (Reaffirmed)
   INR9.7 Million Standby Line of Credit  P4+ (Reaffirmed)
   INR50.0 Million Bank Guarantee         P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that DSA will maintain a stable business risk
profile over the medium term, backed by a healthy order book and
the experience of its promoters in electro control panels and
related businesses.  The outlook may be revised to 'Positive' in
case of improvement in the company's revenues and operating
profitability, which would strengthen its capital structure and
debt protection measures.  Conversely, the outlook may be revised
to 'Negative' if DSA undertakes a large, debt-funded capital
expenditure programme, or in case of a fall in its revenues and
operating profitability, adversely impacting its financial risk
profile.

DSA has registered a 20 per cent year-on-year growth in its
revenues for 2009-10 (refers to financial year, April 1 to
March 31).  However, its operating margin, at 18.79 per cent, is
marginally lower than that of the previous year. The company has a
robust order book, and is expected to generate sales in the range
of INR400 million to INR450 million in 2010-11.

DSA had a gearing of 1.14 times as on March 31, 2010, which is
better than the gearing a year earlier because of the company's
improved net worth.  The company's debt protection indicators
continue to remain moderate, with the interest coverage ratio at
2.5 times and the net cash accruals to total debt ratio at 19 per
cent for 2009-10.  Its liquidity remains stretched, with the
overall bank limit utilizations at 92 per cent during the 12-month
period ended June 2010.  However, the working capital loan of
INR50 million obtained from the bank is expected to ease the
pressure on the company's liquidity.

DSA has entered into separate joint ventures (JVs) with two
Italian lift manufacturing companies. While the investment in
these JVs is low, at INR1.15 million as on date, they are expected
to increase to up to INR10 million in 2010-11. These investments
are likely to be financed through internal accruals of the
company.

                         About DSA Electro

DSA, incorporated in 1996, designs and manufactures control
panels, automation systems, wire harnesses, water jet cutting
systems and is also engaged in sheet metal fabrication. The
company, promoted and managed by Mr. Ashok Vijay Subhedar, has its
manufacturing facilities at Wada (Maharashtra).


FUELCO COAL: CRISIL Reaffirms 'BB+' Rating on INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fuelco Coal (India) Ltd
continue to reflect FCIL's small scale of operations and limited
geographic reach in the coal trading business, and exposure to
risks related to customer concentration in its revenue profile.
These weaknesses are partially offset by FCIL's moderate financial
risk profile and promoter's experience in the coal business.

   Facilities                         Ratings
   ----------                         -------
   INR70.0 Million Cash Credit        BB+/Stable (Reaffirmed)
   INR50.0 Million Letter of Credit   P4+ (Reaffirmed)
   INR25.0 Million Bank Guarantee     P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that FCIL will continue to benefit from its
healthy relationships with customers and promoter's experience in
the coal business.  The outlook may be revised to 'Positive' if
FCIL's financial risk profile improves significantly, driven by
sustained improvement in operating margins and additional equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
the company's financial risk profile weakens because of larger-
than-expected debt-funded capital expenditure (capex).

Update

FCIL's net sales declined in 2009-10 (refers to financial year,
April 1 to March 31) to INR537.9 million from INR661.1 million in
2008-09. The decline was primarily because of slowdown in demand
from the industrial sector (steel, power and cement etc) and
FCIL's management's decision of trading with only high credit
worthy customers and offering relatively lower credit period.
Although, the turnover of the company declined significantly in
2009-10, its profitability increased because of favourable raw
material prices. The company's operating profit is estimated to be
INR18 million (3.3 per cent operating margin), which is higher
than CRISIL's earlier estimates of INR17 million (2.2 per cent).
FCIL's improved operating profit has resulted in more-t6han-
expected profit after tax (PAT) and net cash accruals (although
lower than previous year's levels).

FCIL has maintained its business risk profile, backed by
established relationships with its customers and experience of its
promoters in coal business.

FCIL's PAT and net sales are estimated at about INR7.6 million and
INR537.9 million, respectively, for 2009-10, against a reported
PAT of INR14.6 million on net sales of INR661.1 million for 2008-
09.

                         About Fuelco Coal

Set up in 2004 by Mr. Naval Kishore Agarwal, FCIL procures coal
through e-auctions conducted by Coal India Ltd. FCIL's sells to
end-users across multiple industries including paper, textile,
chemical, and cement, apart from other coal traders. The company
also undertakes liaisoning and transportation services for
companies with coal linkages. The promoters have set up other
companies which are into transportation, coal washery, real
estate, sponge iron manufacturing, and power generation.


ICON GRANITO: ICRA Assigns 'LBB' Rating to INR8cr Term Loans
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR8.0 crores term loans
and INR 6.0 crores cash credit facility of Icon Granito Private
Limited.  The outlook for the rating is stable. ICRA has also
assigned an 'A4' rating to the INR2.0 crores, short-term, non-fund
based limits of IGPL.

The ratings are constrained by IGPL's relatively small size of
operations; limited track record of commercial operations; highly
competitive nature of the ceramic tile industry and relatively
lower visibility of IGPL's brand compared to other large organized
players.  The ratings also take into account IGPL?s weak financial
risk profile, high working capital intensity and lower net
profitability due to high interest outgo on account of debt funded
capex.  Moreover, the company?s revenues and cash flows are
exposed to cyclicality in the real estate industry. However, the
ratings favorably consider the healthy ramp-up of operations by
IGPL since commencement; prior experience of the promoters in the
ceramic industry; the agreement for supply of vitrified tiles to
Somany Ceramics Limited which provides partial visibility to the
revenues and stable demand for vitrified tiles in the domestic
market.

                         About Icon Granito

Company Profile Icon Granito Private Limited was incorporated in
August 2007 to manufacture vitrified tiles with its production
facilities at Morbi, Gujarat.  The reported installed capacity for
the company is 40000 MT pa which translates into ~1,07,000 boxes
per month. The company markets its product under the brand name
Icon.


KINGFISHER AIRLINES: HPCL Won't Sell Jet Fuel to Firm for Credit
----------------------------------------------------------------
Hindustan Petroleum Corp Ltd. will sell jet fuel to Kingfisher
Airlines only against cash as the airline failed to provide bank
guarantee cover against payment defaults, The Economic Times
reports.

"Currently, Kingfisher Airlines has been put on cash-and- carry
arrangement by HPCL as they have been unable to fulfill the
obligations imposed by HPCL board," the report quoted Minister of
State for Petroleum and Natural Gas Jitin Prasad as saying.

The report says Kingfisher buys jet fuel (or ATF) on a 60-day
credit cycle.  The cash-strapped airline has defaulted on payment
of INR224.95 crore, beyond the agreed credit period as on
March 31.  Together with late payment interest of INR50.87 crore,
Kingfisher had an overdue of INR275.82 crore.

The report relates Prasad said Kingfisher had a total outstanding
of INR525.54 crore as on March 31.  This included Rs 249.72 crore
due that was well within the agreed credit period and Rs 275.82
crore overdue outstanding.

According to the report, the airline had agreed to submit a bank
guarantee of INR250 crore by June end.  This collateral could be
encashed by HPCL in case Kingfisher was to default in future.  The
airlines has however not kept its word.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                          *     *     *

Kingfisher Airlines posted three consecutive net losses of
INR16.47 billion, INR21.40 billion and INR1.89 billion, for the
years ended March 31, 2008 through March 31, 2010.


PAWA INTERNATIONAL: Fitch Assigns 'B-' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has assigned India's Pawa International Private
Limited (Pawa) a National Long-term rating of 'B-(ind)'.  The
agency has also assigned 'B-(ind)' ratings to Pawa's INR175.5m
long-term bank loans and 'B-(ind)'/'F4(ind)' ratings to its
INR150m fund-based working capital limits.  The Outlook is Stable.

The ratings reflect the inherent risk in Pawa's business model
with investments in risky businesses such as real estate and stock
trading.  There has been a sharp decline in its revenues from the
car dealership business over FY09-FY10.  The company sold most of
its portfolio in the stock trading business resulting in net
losses in FY09.  The ratings are also moderated by the delays in
leasing out of "Pawa Grand" property (Delhi), which resulted in a
high leverage on the books of Pawa over FY09-FY10.  The company
has indicated that revenues from leasing out of this property are
expected to start from Q3FY11.

The ratings are supported by Pawa's plans of no major capex over
the medium-term, as most of the capex has already been made and
revenues have not yet started.  Pawa has also reduced its exposure
to the stock trading business with book value of investments
reducing to INR37 million in FY10 (FY06: INR247 million).  The
company has also got rights to market Fiat Motors in India.

Negative rating triggers include increased exposure in the risky
business such as share trading, further delays in leasing out of
the Pawa Grand property, and/ or any further debt-led capex.
Positive rating triggers include Pawa's ability to operationalise
the Pawa Grand property with long-term lease agreements having
decent occupancy rate.

Pawa had high investments in the stock market till FY08
(INR159 million), but this reduced to low levels in FY09
(INR40 million) and FY10 (INR37 million).  As per provisional
results for the year ended March 2010 (FY10), Pawa reported net
revenues of INR458.8 million (FY09: INR723.1 million), an
operating EBITDAR margin of 4.4% (FY09: 2.5%), a total adjusted
debt of INR346.6 million (FY09: INR330 million), and a total
adjusted debt/operating EBITDAR of 17.2x (FY09: 18.6x).

Pawa started operations in December 2004 with the dealership
business and then gradually entered into the real estate
development business.  The company also owns a real estate
property in Goa - "Pawa Infocity".


SARAVANA TEXTILES: ICRA Puts 'LBB' Rating on INR51.2MM Term Loan
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR51.2 million term loans
and the INR50.0 million fund based facilities of Saravana Textiles
Pvt Limited.  The outlook on the rating is stable.  ICRA has also
assigned 'A4' rating to the INR7.0 million fund based limits and
the INR13.2 million non-fund based facilities of STPL.

The ratings factor in the small scale of operations of the company
and the weak financial profile of the company characterized by
highly leveraged capital structure, moderate profitability, low
cash accruals and weak coverage indicators.

ICRA notes that the earnings also remain exposed to fluctuation in
raw material and other input costs as the company operates in a
highly fragmented industry which restricts its ability to pass on
increase in cost.

The ratings also factor in the moderate customer concentration,
established trade channels and the recent stable growth in
turnover and profitability posed by the company and the
significant experience of the promoters in spinning business.

                       About Saravana Textiles

Saravana Textiles Private Limited was incorporated in 1984 as
Chari Textiles Private limited and is currently engaged in the
manufacturing of cotton yarn.  STPL has an installed capacity of
13,396 spindles as on July 30, 2010 in its manufacturing unit at
Rajapalaiyam.  The product range of the company consists mainly of
coarse yarns of 20s and 40s count.  The company produces 100% of
its output in hank form and caters mainly to the handloom sector.
STPL caters mainly to the demand of domestic market through trade
depots at Karur and Ekambarakuppam.  STPL reported net profit of
INR2.0 million on an operating income of INR157.4 million in 2008-
09. Recent Results (Unaudited) STPL clocked an operating income of
INR193.7 million for FY10. During the same period, the Company
reported a profit after tax of INR 6.4 million


SHARDA SPUNTEX: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL's ratings on Sharda Spuntex Pvt Ltd's bank facilities
continue to reflect delays by SSPL in servicing the obligations on
its bank facilities, following a dispute with its banker relating
to cancellation of its forward contracts. The account has been in
the non-performing assets (NPA) category of the bank since May
2009.

   Facilities                                Ratings
   ----------                                -------
   INR40.00 Million Cash Credit Limit        D (Reaffirmed)
   INR21.7 Million Term Loan                 D (Reaffirmed)
   INR9.9 Million Proposed Long Term         D (Reaffirmed)
                  Bank Loan Facility
   INR207.50 Million Bill Discounting/       P5 (Reaffirmed)
                     Purchase Limit
   INR62.50 Million Export Packing Credit    P5 (Reaffirmed)
                   / Post-Shipment Credit
   INR35.00 Million Standby Line of Credit   P5 (Reaffirmed)
   INR310.00 Million Letter of Credit        P5 (Reaffirmed)
   INR2.50 Million Bank Guarantee            P5 (Reaffirmed)

SSPL continues to remain exposed to risks related to a weak export
market scenario and changes in government regulations. The
company, nevertheless, benefits from its established market
position in synthetic blended yarn segment, and continued focus on
quality and service.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of SSPL and its two wholly owned subsidiaries,
Sharda Europe Sp Z. O. and Sharda Tekstil Madecilik San Ve TIC
Ltd. This is because SSPL and its subsidiaries are in the same
line of business, and SSPL sources yarn for the subsidiaries.

                       About Sharda Spuntex

Set up in 1994 by Mr. Anil Mansinghka, SSPL trades in synthetic
blended yarn at Bhilwara (Rajasthan).  The company was focused on
the domestic markets till 2004; it set up subsidiaries in 2005 and
2006 in Poland, Turkey, and the UK to increase the export of
blended yarn under its brand, Sharda.  These companies maintain
stock of yarn (procured directly from India or from SSPL) and sell
to overseas customers.


SHEKHAWATI POLY-YARN: CRISIL Reaffirms 'BB-' Ratings on Loans
-------------------------------------------------------------
CRISIL has reaffirmed its 'BB-/Stable' ratings on Shekhawati Poly-
Yarn Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR120.0 Million Cash Credit      BB-/Stable (Reaffirmed)
   INR125.0 Million Long-Term Loan   BB-/Stable (Reaffirmed)

The ratings continue to reflect Shekhawati's subdued financial
risk profile, and exposure to risks relating to limited pricing
power, and the commodity nature of its products. These weaknesses
are partially offset by the benefits that the company derives from
its promoters' experience in the yarn industry.

Outlook: Stable

CRISIL believes that Shekhawati will continue to benefit from the
promoters' experience, and the company's established presence, in
the yarn industry. The outlook may be revised to 'Positive' if
Shekhawati's sales volumes and operating margin increases, and its
debt protection measures improve. Conversely, the outlook may be
revised to 'Negative' if the company contracts large debt to fund
capital expenditure (capex), further weakening its financial risk
profile.

Shekhawati's sales increased by 15 per cent to around INR892.1
million in 2009-10 (refers to financial year, April 1 to March 31)
from around INR776.3 million in 2008?09 backed by increased sales
volumes. The operating margin increased to 9.3 per cent in 2009-10
from 8 per cent in 2008?09, backed by improved realizations from
sales. The profit after tax (PAT) increased to 3 per cent in 2009-
10 from 1.5 per cent in 2008?09.  The company has undertaken a
capex of INR400 million in 2009?10, to install 10 texturising
machines, increasing its capacity to 27,400 tonnes per annum (tpa)
from 13,200 tpa. Four texturising machines have already been
installed, while the remaining six are to be installed by
September 2010.  The project is being funded by debt of INR250
million, equity infusion of INR75 million, and the remainder
through internal accruals.  The gearing increased to 2.1 times as
on March 31, 2010 from 1.94 times a year ago.  The company has
proposed another large capex of INR360 million.  This project will
involve, installation of 30 knitting machines and 30 two-for-one
twisting machines, and is likely to be funded by raising equity
through the initial public offer (IPO) route.

                     About Shekhawati Poly-Yarn

Shekhawati, incorporated in 1990, is promoted by Mr. Ramniranjan
Ruia and Mr. Mukesh Ruia, and manufactures polyester texturised
yarn and twisted yarn at its manufacturing facilities at Silvassa.
Shekhawati is part of the Ruia group, set up in 1968 by Mr.
Ramniranjan Ruia. Shekhawati reported a PAT of INR26.8 million on
net sales of INR892.1 million for 2009-10 as against a PAT of
INR11.7 million on net sales of INR776.3 million for 2008-09.


SWARAJ INDIA: CRISIL Cuts Ratings on Various Bank Debts to 'D'
--------------------------------------------------------------
CRISIL has downgraded the ratings on Swaraj India Industries Ltd's
bank facilities to 'D/P5' from 'BB/Stable/P4+'.  The downgrade
reflects the delay by SIIL in repaying its June 2010 term loan
instalment; the delay was caused by SIIL's inadequate cash
accruals, leading to weak liquidity.

   Facilities                       Ratings
   ----------                       -------
   INR200.0 Million Cash Credit     D (Downgraded from BB/Stable)
   INR262 Million Term Loan         D (Downgraded from BB/Stable)
   INR50 Million Letter of Credit/
                    Bank Guarantee  P5 (Downgraded from P4+)

SIIL has modest scale of operations and large working capital
requirements.  Moreover, its financial risk profile is moderate,
marked by small net worth and high gearing. It is also susceptible
to adverse regulatory changes and epidemic-related factors.
However, SIIL has an established distribution network, strong
relationships with suppliers and healthy operating efficiency.

Set up by Mr. Ranjeetsingh Nimbalkar, SIIL markets pasteurised
milk. The company has milk processing capacity of 0.6 million
litres per day (lpd), and capacity to manufacture 20 tonnes per
day (tpd) of ghee or 20 tpd of butter (or a mix of both) and 30
tpd of whole milk powder, skimmed milk powder and dairy whitener.

SIIL reported a profit after tax (PAT) of INR34 million on net
sales of INR1,468 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR14 million on net sales
of INR1,084 million for 2008-09.


TATA POWER: Shorlisted for Geothermal Power Project in Indonesia
----------------------------------------------------------------
The Indonesian government has shortlisted Medco Energi
International and Tata Power as bidders for a geothermal power
project in Indonesia, The Jakarta Globe reports citing an official
at Ministry of Energy and Mineral Resources.

The plant, planned for Sorik Merapi, North Sumatra, would have an
initial capacity of 55 megawatts, before gradually ramping up to
200 MW, the report says.

The report relates that Medco is part of a consortium with Ormat
Technologies while Tata is partnering with Indonesian firm Supraco
Energy for its bid.

                          About Tata Power

Tata Power Company Limited -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area.  The company operates four
thermal plants with a combined capacity of 1,350 MW, and three
hydroelectric plants aggregating 447 MW; all of these supply power
to the Mumbai licence area.  The company also has a plant that
supplies power to Tata Steel.  In addition, Tata Power has an 81-
MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.

                           *     *     *

Tata Power Company continues to carry Moody's Investors Service's
'Ba3' corporate family rating and 'B1' senior unsecured debt
rating.  The ratings outlook is stable.


TODAY WRITING: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Todays Writing Products
Ltd continue to reflect the default by TWPL in meeting its rated
debt obligations.  The company has applied for corporate debt
restructuring (CDR) and is in the final stages of obtaining
approval from the CDR Empowered Group for implementation.

   Facilities                             Ratings
   ----------                             -------
   INR765 Million Cash Credit Facility    D (Reaffirmed)
   INR105 Million Proposed Long-Term      D (Reaffirmed)
                       Bank Facility
   INR80 Million Letter of Credit         P5 (Reaffirmed)
   INR30 Million Bill Discounting         P5 (Reaffirmed)

Promoted by Mr. Rajesh Drolia in 1992, TWPL is among the top five
writing instrument companies in the country in terms of market
share.  The company has an installed production capacity of around
2 million pens per day at Dadra and Nagar Haveli.  TWPL has
ventured into a number of businesses, such as manufacture of
equipment for pumps, providing oilfield equipment and services,
and real estate development, through subsidiaries.

As per the unaudited results declared by the company, TWPL
reported a loss of INR383 million on net sales of INR617 million
for 2009-10 (refers to financial year, April 1 to March 31), as
against a reported loss of INR309 million on net sales of INR2.56
billion for 2008-09.


VIRGO POLYMERS: ICRA Assigns 'LBB' Rating to INR5cr Bank Debts
--------------------------------------------------------------
ICRA has assigned an 'LBB' rating to INR 5.0 crore fund based cash
credit limits of Virgo Polymers (India) Limited; the outlook on
the rating is Stable.  ICRA has also assigned an 'A4' rating to
INR 8.0 crore short-term non-fund based letter of credit and bank
guarantee facilities of VPIL.  The ratings are constrained by the
fragmented nature of the FIBC (Flexible Intermediate Bulk
Container) industry with low entry barriers; modest scale of
operations and weak bargaining power with customers and suppliers;
vulnerability of earnings on account of fluctuations in the Rupee-
Dollar parity given the over one-third revenue exposure to exports
and fluctuations of polymer prices; and moderate financial risk
profile characterized by low operating margins and tight liquidity
scenario.  The ratings, however, factor the favorable demand
outlook in the domestic FIBC market; integrated nature of
operations of the Shyam Group of Entities that include
consolidated procurement of polymers; and the long track record of
the promoters in the polymer industry.

                         About Virgo Polymers

Company Profile: Virgo Polymers (India) Ltd., part of the Shyam
group, is engaged in production of FIBC bags.  The company was
established in the year 1985 as Virgo Polybags Pvt. Ltd with an
initial capacity of 180 metric tons per annum (mtpa).  It was
taken over by Mr. Ramadoss in 1990. The current promoters, the
Ramsisaria family, joined as Directors in 2000.  The company
operates three manufacturing units in Maraimalai Nagar, Tamil
Nadu, with total current capacity of 4960 mtpa.  The company is
held to the extent of 56% by the promoters and their associates
and the rest of the stake is held by the public.  The Shyam Group
of companies has diverse interests including trading of polymers,
non-banking finance activities and trading in securities, to
mention a few. The company reported operating income of INR 34.02
crore and net profit after tax of INR 0.49 crore in 1H FY2010.


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


ALL NIPPON: To Launch Tokyo-Jakarta, Tokyo-Manila Routes Next Year
------------------------------------------------------------------
All Nippon Airways Co. will launch two new international routes
from Narita next year, resuming the Narita-Jakarta route from
January 2011, and inaugurating the Narita-Manila route in March
2011.

ANA said it currently operates flights from Narita to Bangkok,
Singapore and Ho-Chi-Min City and recently announced the launch of
two additional services from Haneda to Bangkok and Singapore which
will start in October.

ANA also said that, due to the adjustments of the take-off and
landing slots in the timetable for winter 2010, it will suspend
its Nagoya (Chubu)-Shanghai (Pudong) route from October 31, 2010.

                              About ANA

All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments.  Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets.  The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday.  This segment
also offers services to travelers and sells travel products and
air tickets.  The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others.  The company has 112 subsidiaries and 40 associated
companies.

                           *     *     *

All Nippon Airways Co., Ltd., continues to carry Moody's Investors
Service 'Ba2' long term rating and 'Ba2' senior unsecured debt
rating.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.  The rating action concludes the review for
possible downgrade initiated by Moody's on November 2, 2009.  The
downgrade has been driven by ANA's weakening credit quality, due
in turn to the deterioration in its earnings, and increasing
uncertainty as to the extent and timing of government support to
the airline industry, given the recent experience of Japan
Airlines Corporation (not rated by Moody's), the holding company
which owns Japan Airlines International Co., Ltd. (Caa1 on review
for possible downgrade).


LEHMAN BROTHERS: Hires Momo-o Matsuo as Japan Counsel
-----------------------------------------------------
Lehman Brothers Holdings Inc. and its affiliated debtors seek
court authority to employ Momo-o Matsuo & Namba as special
counsel effective February 1, 2010.

The Debtors tapped the firm to provide them legal assistance in
connection with the civil rehabilitation proceedings of Lehman
Brothers Holdings Japan Inc., Lehman Brothers Commercial
Mortgage, Inc., and Sunrise Finance Inc. at the Tokyo District
Court.

Prior to the proposed employment, MMN worked as "ordinary course"
professional for the Debtors, providing them advice in connection
with the civil rehabilitation cases of the Japan-based Lehman
units.  The firm's fees and expenses, however, exceeded the
$1 million compensation cap for ordinary course professionals,
prompting the Debtors to retain the firm as a professional
pursuant to Sections 327 and 328 of the Bankruptcy Code.

MMN will be paid for its services on an hourly basis and will be
reimbursed for its expenses.  The firm's hourly rates are:

Professionals                Hourly Rates
-------------                ------------
Partners                     JPY35,000 - JPY60,000
Senior Associates            JPY30,000 - JPY35,000
Associates                   JPY20,000 - JPY30,000

In a declaration, Junya Naito, Esq., a partner at MMN, assures
the Court that the firm does not represent or hold interest
adverse to the Debtors and their estates.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


ALLIED FARMERS: In Talks With Trustee Over Breach of Trust Deed
---------------------------------------------------------------
Allied Nationwide Finance Ltd has suspended its prospectus and is
in talks with its trustee about a disputed breach of its trust
deed finance ratios, The National Business Review reports.

Allied Nationwide on Friday received a notice from Guardian Trust
that it was in breach of one of the financial ratios and has 14
days to remedy the situation.  The report says the finance company
is covered by the Crown deposit guarantee scheme until October 12.

NBR says the board and management of the company do not agree with
the trustee's view.

According to the report, Allied Nationwide's financial statements
for the year ended June 30 are being audited, which should be
completed by the end of August.

NBR relates Allied Nationwide said it has presented financial
information as at June 30 to the trustee, which shows that the
relevant ratio of total liabilities to total tangible assets was,
and is, complied with.  Allied Nationwide continued to meet all
its financial obligations, including repayment of maturing
debentures, the report says.

The company decided to immediately suspend its prospectus pending
resolution, the report notes.

                     About Allied Nationwide

Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company.  It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
June 9, 2010, Standard & Poor's Ratings Services lowered its long-
term issuer credit rating on New Zealand finance company, Allied
Nationwide Finance Ltd. to 'B' from 'BB-'.  At the same time, the
'B/B' issuer credit ratings were placed on CreditWatch with
negative implications.

"The ratings actions reflect a material deterioration in ANF's
liquidity position beyond what S&P previously expected and
factored into the 'BB-' rating," Standard & Poor's credit analyst
Peter Sikora said.  "In S&P's view, this deterioration has
increased ANF's exposure to a cash shortfall from now until
October 2010 should reinvestment rates weaken from current
already-modest levels or should cash inflows from loan repayments
be delayed beyond S&P's current expectations."


AORANGI SECURITIES: Investors Call for Action Against SecCom
------------------------------------------------------------
The National Business Review reports that about 200 investors in
Aorangi Securities Ltd. and seven trusts, which are associated
with Allan Hubbard, at a meeting on Friday called for the heads of
regulators over their handling of matters relating to Mr. Hubbard.

According to the report, the meeting was called by the group
Exposing Unacceptable Financial Activities, which claims to
represent people who have lost money in the spate of collapsed
finance companies.

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2010, Mr. Hubbard's supporters laid a complaint with the
Ombudsman about the Serious Fraud Office investigation into some
of his business interests.  Radio New Zealand said the move to
place the Hubbards and their interests under statutory management
was made on advice from the Securities Commission.  Paul
Carruthers, a supporter of Mr. Hubbard, is calling for more
investigation into a potential conflict of interest involving
Securities Commission member Simon Botherway.  Mr. Carruthers said
Mr. Botherway should be stood down after he revealed a company
belonging to his brother was put into receivership by Mr.
Hubbard's firm South Canterbury Finance.

According to NBR, Mr. Carruthers said Securities Commission
chairwoman Jane Diplock knew of the alleged conflict of interest
but had refused to take any action.

Mr. Carruthers told investors at the meeting he believed with "all
his heart" that the Hubbards were innocent and that the move to
place them in statutory management had been a travesty of justice,
NBR reports.

The report relates that the meeting supported a six-part
submission by Eufa to the Government demanding in addition to the
dismissal of Mr. Botherway and Ms. Diplock, a halt to all further
action and an apology to the Hubbards followed by a formal audit
of the actions taken by authorities.

The submission also calls for compensation for the Hubbards and
their investors and a commission of inquiry into the saga.

The commission has said it is satisfied Mr. Botherway did not have
a conflict of interest as the statutory management did not apply
to South Canterbury Finance.

The TCR-AP, citing Bloomberg News, reported on June 23, 2010, that
New Zealand appointed statutory managers for Aorangi Securities
Ltd. and seven trusts, which are associated with Allan Hubbard, to
protect investors and prevent fraud.  Citing Commerce Minister
Simon Power's e-mailed statement, Bloomberg News related that Mr.
Hubbard and his wife are also subject to statutory management
because they are so closely connected with the businesses.  The
seven charitable trusts included in the statutory management are
Te Tua, Otipua, Oxford, Regent, Morgan, Benmore and Wai-iti.
Trevor Thornton and Richard Simpson of Grant Thornton were
appointed as statutory managers.  More than 400 investors in
Aorangi Securities owed NZ$96 million have been told by the
statutory managers they will not receive any return of capital or
interest in the short term, stuff.co.nz said.

Aorangi Securities was incorporated in 1974 and is solely
controlled by the Hubbards.


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


ALLIED BANKING: Fitch Affirms 'D' Individual Rating
---------------------------------------------------
Fitch Ratings has affirmed the Individual Ratings of Philippine
National Bank at 'D/E' and Allied Banking Corporation at 'D'.
Concurrently, the agency also affirmed the Support Ratings of PNB
at '3' and Allied Bank at '4'.

PNB's Individual Rating reflects its reasonably strong franchise
owing to a long-standing history but also its low profitability
and weak balance sheet.  While the bank's reported non-performing
assets have steadily declined over the years, they still remained
substantial at 11.5% of total assets at end-2009, well above the
industry average of 3% to 4%.  In Fitch's view, these bad assets
could be a threat to PNB's solvency position in the event of a
difficult environment, although the bank's financial performance
turned out to be better than expected despite the recent downturn
and such downside risks may gradually ease amid the improved
economic climate.

Allied Bank's Individual Rating reflects its comparatively
healthier balance sheet with a strong capital buffer that
mitigates the risks of its concentrated loan book and weak
underlying profitability.  The agency notes that the bank's
financial performance was resilient in 2009 notwithstanding the
slowdown, with asset quality having held up fairly well and non-
performing loans well-reserved.  While the reserve coverage on
investment properties (mostly foreclosed properties) was much
lower in comparison, any potential impairment impact on Allied
Bank's balance sheet is likely to be manageable amid better market
conditions.  Notably, Allied Bank has a good loss absorption
capacity with a core Tier 1 capital adequacy ratio of 15.6% at
end-2009 (peer average: about 11%).

While Allied Bank has a better risk profile than PNB, the expected
share-swap merger of the two banks has a negative financial impact
on Allied Bank's profile, though it is expected to be positive for
PNB's credit profile.  Most importantly, Fitch notes that the
financial position of both entities on a combined basis has
improved since early-2008 when the merger was formally announced,
and likely to improve further on the back of an improving economic
environment in the Philippines.  Furthermore improvements can also
be expected owing to the ongoing rationalization measures since
2006 in anticipation of the merger.

The completion of the merger would raise the systemic importance
of the enlarged entity in the domestic banking sector, and hence
should be positive for Allied Bank's Support Rating of '4'.
However, this would be neutral for PNB's Support Rating of '3',
which is currently similar to that of its larger peers.

PNB and Allied Bank are both controlled by Lucio Tan Group.  The
plan to merge both banks is still pending regulatory approval,
after which LTG will still hold a controlling stake in the
enlarged entity.


PHILIPPINE NAT'L BANK: Fitch Affirms 'D/E' Individual Rating
------------------------------------------------------------
Fitch Ratings has affirmed the Individual Ratings of Philippine
National Bank at 'D/E' and Allied Banking Corporation at 'D'.
Concurrently, the agency also affirmed the Support Ratings of PNB
at '3' and Allied Bank at '4'.

PNB's Individual Rating reflects its reasonably strong franchise
owing to a long-standing history but also its low profitability
and weak balance sheet.  While the bank's reported non-performing
assets have steadily declined over the years, they still remained
substantial at 11.5% of total assets at end-2009, well above the
industry average of 3% to 4%.  In Fitch's view, these bad assets
could be a threat to PNB's solvency position in the event of a
difficult environment, although the bank's financial performance
turned out to be better than expected despite the recent downturn
and such downside risks may gradually ease amid the improved
economic climate.

Allied Bank's Individual Rating reflects its comparatively
healthier balance sheet with a strong capital buffer that
mitigates the risks of its concentrated loan book and weak
underlying profitability.  The agency notes that the bank's
financial performance was resilient in 2009 notwithstanding the
slowdown, with asset quality having held up fairly well and non-
performing loans well-reserved.  While the reserve coverage on
investment properties (mostly foreclosed properties) was much
lower in comparison, any potential impairment impact on Allied
Bank's balance sheet is likely to be manageable amid better market
conditions.  Notably, Allied Bank has a good loss absorption
capacity with a core Tier 1 capital adequacy ratio of 15.6% at
end-2009 (peer average: about 11%).

While Allied Bank has a better risk profile than PNB, the expected
share-swap merger of the two banks has a negative financial impact
on Allied Bank's profile, though it is expected to be positive for
PNB's credit profile.  Most importantly, Fitch notes that the
financial position of both entities on a combined basis has
improved since early-2008 when the merger was formally announced,
and likely to improve further on the back of an improving economic
environment in the Philippines.  Furthermore improvements can also
be expected owing to the ongoing rationalization measures since
2006 in anticipation of the merger.

The completion of the merger would raise the systemic importance
of the enlarged entity in the domestic banking sector, and hence
should be positive for Allied Bank's Support Rating of '4'.
However, this would be neutral for PNB's Support Rating of '3',
which is currently similar to that of its larger peers.

PNB and Allied Bank are both controlled by Lucio Tan Group.  The
plan to merge both banks is still pending regulatory approval,
after which LTG will still hold a controlling stake in the
enlarged entity.


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


COMFORT RESOURCES: Court to Hear Wind-Up Petition on August 20
--------------------------------------------------------------
A petition to wind up the operations of Comfort Resources Pte Ltd
will be heard before the High Court of Singapore on August 20,
2010, at 10:00 a.m.

Alliance Concrete Singapore Pte Ltd filed the petition against the
company on July 27, 2010.

The Petitioner's solicitors are:

          Messrs Rajah & Tann Llp
          9 Battery Road
          #15-01 Straits Trading Building
          Singapore 049910


EAGLE MONEY: Creditors' Proofs of Debt Due August 20
----------------------------------------------------
Eagle Money Changer Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by August 20, 2010, to be
included in the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


ENERGENICS PTE: Court to Hear Wind-Up Petition on Aug. 20
---------------------------------------------------------
A petition to wind up the operations of Energenics Pte Limited
will be heard before the High Court of Singapore on August 20,
2010, at 10:00 a.m.

Watson, Farley & Williams Llp filed the petition against the
company on July 23, 2010.

The Petitioner's solicitors are:

          Drew & Napier LLC
          20 Raffles Place #17-00
          Ocean Towers
          Singapore 048620


GESSIT PTE: Creditors' Proofs of Debt Due August 20
---------------------------------------------------
Creditors of Gessit Pte Ltd, which is in liquidation, are required
to file their proofs of debt by August 20, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Mr. Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza 20 Cecil Street #12-02
         Singapore 049705


HYPERBARIC: Court to Hear Wind-Up Petition on August 20
-------------------------------------------------------
A petition to wind up the operations of Hyperbaric and
Occupational Medicine Pte Ltd will be heard before the High Court
of Singapore on August 13, 2010, at 10:00 a.m.

Future Link Properties Pte Ltd filed the petition against the
company on July 21, 2010.

The Petitioner's solicitors are:

          Messrs SK Legal LLC
          1 Tampines Central 5
          #08-09, CPF Building
          Singapore 529508


IPACS TECHNOLOGY: Creditors' Proofs of Debt Due August 27
---------------------------------------------------------
Creditors of Ipacs Technology Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by August 27, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ong Yew Huat
         Seshadri Rajagopalan
         c/o One Raffles Quay,
         North Tower, Level 18
         Singapore 048583


IPACS TECHNOLOGY: Creditors' Meetings Set for September 1
---------------------------------------------------------
Ipacs Technology Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on September 1,
2010, at 11:00 a.m., at Ernst & Young Solutions LLP, One Raffles
Quay, North Tower Level 18, Singapore 048583.

Agenda of the meeting includes:

   a. to report and update on the progress of the liquidation;

   b. to approve the Liquidators? and solicitors? fees; and

   c. discuss other business.

The company's liquidator is:

         Seshadri Rajagopalan
         c/o Ernst & Young Solutions LLP
         One Raffles Quay,
         North Tower, Level 18,
         Singapore 048583


MICROMUSE SINGAPORE: Creditors' Proofs of Debt Due September 6
--------------------------------------------------------------
Micromuse Singapore Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 6, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


QIMONDA MANUFACTURING: Creditors' Proofs of Debt Due August 23
--------------------------------------------------------------
Creditors of Qimonda Manufacturing Singapore Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by August 23, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Neo Ban Chuan
         Korda Mentha Pte. Ltd.
         30 Robinson Road
         #12-01 Robinson Towers
         Singapore 048546


SINO-ENVIRONMENT TECHNOLOGY: Creditors' Proofs of Debt Due Aug. 17
------------------------------------------------------------------
Creditors of Sino-Environment Technology Group Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by August 17, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Ms. Ee Meng Yen Angela
         c/o Ernst & Young LLP
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


SINO-ENVIRONMENT TECHNOLOGY: Creditors' First Meeting Set Aug. 18
-----------------------------------------------------------------
Sino-Environment Technology Group Ltd, which is under judicial
management, will hold their first meeting for its creditors on
August 18, 2010, at 09:30 a.m.

The company's judicial manager:

        Ms. Ee Meng Yen Angela
         c/o Ernst & Young LLP
         One Raffles Quay
         North Tower, Level 18
         Singapore 048583


UMCI LTD: Creditors' Proofs of Debt Due September 6
---------------------------------------------------
UMCI Ltd, which is in members' voluntary liquidation, requires its
creditors to file their proofs of debt by September 6, 2010, to be
included in the company's dividend distribution.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


VEITH TOOLING: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on July 23, 2010, to
wind up the operations of Veith Tooling Supply Pte Ltd.

Wincor Nixdorf Retail& Banking Systems (Shanghai) Co LTD filed the
petition against the company.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road, #05-11/#06-11
         Singapore 069118


WORLDWIDE INVESTIGATION: Creditors' Proofs of Debt Due September 6
------------------------------------------------------------------
Creditors of Worldwide Investigation Network Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by September 6, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Victor Goh
         C/o Insolvency Advisory Pte Ltd
         100 Tras Street
         #16-03 Amara Corporate Tower
         Singapore 079027


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


NANYA TECHNOLOGY: Sales Decline 2.5% to NT$5.1 Billion in July
--------------------------------------------------------------
Nanya Technology Corp. posted a second consecutive decline in
sales as prices dropped on sagging demand last month, the Taipei
Times reports.

Sales fell 2.5% last month to NT$5.1 billion, compared with
NT$5.23 billion in June.  On a year-on-year base, sales jumped
55% from NT$3.3 billion.  Shipments were flat last month from
June.

Nanya Technology spokesman Pai Pei-lin said it expected growth
momentum "to be back on track in August," helped by back-to-school
demand for PCs and corporations' need to replace older PCs.

                        About Nanya Technology

Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products.  The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others.  DRAMs are used as data storage units
for computer, communications and consumer (3C) products.

Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.

In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.456 billion with an operating loss of NT$16.076
billion and a net loss of NT$20.74 billion.


=============
V I E T N A M
=============


VIETNAM SHIPBUILDING: Government Plans to Restructure Firm
-----------------------------------------------------------
Vietnam's government aims to "wholly restructure" Vietnam
Shipbuilding Industry Group to help the state-owned company
stabilize and repay its debt, Bloomberg News reports.

Bloomberg relates Deputy Prime Minister Nguyen Sinh Hung said at a
press conference in Hanoi that Vinashin, as the shipbuilder is
known, needs to narrow its business lines and focus on its main
shipbuilding and maintenance operations.  According to Bloomberg,
Minister Nguyen forecasts that the state-controlled company will
post losses through 2012 before turning to a profit in the
following two years.

As of June this year, the company "was facing the risk of going
into bankruptcy, with production stagnating and almost 17,000
people leaving the company," according to a statement obtained by
Bloomberg.

The government asked the company to focus on completing projects
after orders valued at about $700 million this year were under
threat of cancellation, the statement said.

Vinashin's total assets were VND104 trillion ($5.45 billion) while
total debt was VND86 trillion as of June.

As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2010, Vietnam's Prime Minister Nguyen Tan Dung decided to
suspend Phan Thanh Binh from his Chairmanship of Vinashin as the
government started an investigation into financial dilemma of the
state-owned company.  According to a statement on the government's
Web site on July 14, Minister-Chairman of the Office of Government
Nguyen Xuan Phuc said Prime Minister Nguyen Tan Dung ordered to
investigate responsibilities and detect faults of Mr. Binh when he
carried out the assigned tasks.  Deputy Minister of Transport
Nguyen Hong Truong was appointed to replace Mr. Binh as the
Chairman of Vinashin.

Vinashin doesn't have enough funds for some projects after its
customers and lenders were hit by the global recession that
started in 2008.  The company also over-diversified its business
activities and hasn't managed its cash flow and debt.

Vietnam Shipbuilding Industry Group is a state-owned shipbuilding
company.


                         *********

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 T. Fernandez, 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 ***