TCRAP_Public/101025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Monday, October 25, 2010, Vol. 13, No. 210

                            Headlines



H O N G  K O N G

HOMIE HOLDINGS: Creditors' Proofs of Debt Due November 1
HON YIEH: Creditors' Proofs of Debt Due November 5
ITACS (HK): Members' Final Meeting Set for November 16
JARDINE ENGINEERING: Creditors' Proofs of Debt Due November 5
JENOX INVESTMENTS: Members' Final Meeting Set for November 16

JENSON LIMITED: Creditors' Proofs of Debt Due November 12
JUMBO FIELD: Final General Meeting Set for November 13
LEE SHING: Members and Creditors' Meetings Set for November 9
MICROWAVE RADIO: Leong and Mok Step Down as Liquidators
MOTOROLA AIRCOM: Young and Wong Step Down as Liquidators

NEW ISLAND: Sole Member' Final Meeting Set for November 19
OUTDISTANCE DEVELOPMENT: Members' Final Meeting Set for Nov. 15
PORTAL SOFTWARE: Members' Final Meeting Set for November 16
RAINBOW CITY: Members' Final General Meeting Set for November 19
RANI SHIPPING: Creditors' Proofs of Debt Due November 19


I N D I A

A C STEELS: CRISIL Rates INR60 Million Cash Credit at 'B+'
ANANDA AQUA: CRISIL Reaffirms 'B' Rating on INR40MM Bank Debt
ATC BEVERAGES: CRISIL Assigns 'D' Rating to INR150MM Term Loan
ATOM CERAMIC: ICRA Assigns 'LBB-' Rating to INR3cr Loan
AXIS BANK: Fitch Assigns 'BB-' Rating on Foreign Currency Bonds

DALMIA LAMINATORS: CRISIL Reaffirms 'BB-' Rating on INR126MM Loan
KUMARAPALAYAM TOLLWAYS: Fitch Downgrades Loan Ratings to 'BB+'
MAHARAJ SOAPS: CRISIL Assigns 'B+' Rating to INR90MM LT Loan
ROHINI MINERALS: CRISIL Reaffirms 'BB-' Rating on INR34MM Loan
SALEM TOLLWAYS: Fitch Downgrades Loan Rating to 'BB+'

S.N. MILK PRODUCTS: CRISIL Rates INR87.5MM Term Loan at 'BB-'
SRI RAJESHWARA: CRISIL Reaffirms 'BB-' Rating on INR66.7MM Loan
SRS MODERN: Fitch Assigns 'BB-' National Long-Term Rating
SWATI MENTHOL: CRISIL Places 'BB+' Ratings on Various Bank Debts
TATA STEEL: Moody's Affirms 'B2' Corporate Family Rating


J A P A N

HELIUM CAPITAL: S&P Downgrades Rating on Notes to 'D'
SIGNUM VANGUARD: S&P Raises Rating on 2006-03 Notes to 'B'


N E W  Z E A L A N D

CRAFAR FARMS: Receivers Say Natural Dairy Bid Still Best Offer
ST LAURENCE LTD: Investors Warned of Unsolicited Offer
STRATEGIC FINANCE: Offers for Loan Book Too Low, Receivers Say
SOUTH CANTERBURY: Receivers Appoint Goldman Sachs as Sale Advisor


S I N G A P O R E

ARKMACAO (SINGAPORE): Court to Hear Wind-Up Petition on October 29
GOODRICH MARITIME: Court to Hear Wind-Up Petition on October 29
ORIENT TELECOMMUNICATIONS: Creditors' Meetings Set for October 29
PLATO-STRAITS HERITAGE: Creditors' Proofs of Debt Due November 22
VEGA LINE: Creditors' Proofs of Debt Due November 18


S R I   L A N K A

* Moody's Issuer First Annual Sovereign Report on Sri Lanka


T A I W A N

PACNET LIMITED: Fitch Assigns 'B+' Issuer Default Rating
SINOPAC ISSUER: Fitch Downgrades Issuer Default Rating
TAISHIN BILLS: Fitch Puts Ratings on Rating Watch Positive




                         - - - - -


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


HOMIE HOLDINGS: Creditors' Proofs of Debt Due November 1
--------------------------------------------------------
Creditors of Homie Holdings Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 1, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 8, 2010.

The company's liquidator is:

         Gao Luxington
         Suites 2008-09, 20/F
         Tower One, Times Square
         1 Matheson Street
         Causeway Bay, Hong Kong


HON YIEH: Creditors' Proofs of Debt Due November 5
--------------------------------------------------
Creditors of Hon Yieh Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 5, 2010, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on October 4, 2010.

The company's liquidators are:

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


ITACS (HK): Members' Final Meeting Set for November 16
------------------------------------------------------
Members of Itacs (HK) Limited will hold their final general
meeting on November 16, 2010, at 11:00 a.m., at 29/F., Caroline
Centre, Lee Gardens Two, 28 Yung Ping Road, in Hong Kong.

At the meeting, Wong Poh Weng and Wong Tak Man Stephen, the
company's liquidator, will give a report on the company's wind-up
proceedings and property disposal.


JARDINE ENGINEERING: Creditors' Proofs of Debt Due November 5
-------------------------------------------------------------
Creditors of Jardine Engineering Management Services Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by November 5, 2010, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


JENOX INVESTMENTS: Members' Final Meeting Set for November 16
-------------------------------------------------------------
Members of Jenox Investments Limited will hold their final general
meeting on Nov. 16, 2010, at 2:00 p.m., at 3/F., Malaysia
Building, 50 Gloucester Road, Wanchai, in Hong Kong.

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


JENSON LIMITED: Creditors' Proofs of Debt Due November 12
---------------------------------------------------------
Creditors of Jenson Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 12,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 7, 2010.

The company's liquidator is:

         Chung Kit Ling Elaine
         3201-02, 32/F., alexandra House
         18 Chater Road
         Central, Hong Kong


JUMBO FIELD: Final General Meeting Set for November 13
------------------------------------------------------
Members and creditors of Jumbo Field Ltd will hold their final
general meetings on November 13, 2010, at 10:30 a.m., and 10:45
a.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.

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


LEE SHING: Members and Creditors' Meetings Set for November 9
-------------------------------------------------------------
Members and creditors of Lee Shing Yue Construction Company
Limited will hold their meetings on November 9, 2010, at 3:00
p.m., and 3:15 a.m., respectively at Room 32B2, 32nd Floor, One
Pacific Place, 88 Queensway, in Hong Kong.

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


MICROWAVE RADIO: Leong and Mok Step Down as Liquidators
-------------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda stepped down as
liquidators of Microwave Radio Communications Hong Kong Limited on
October 4, 2010.


MOTOROLA AIRCOM: Young and Wong Step Down as Liquidators
--------------------------------------------------------
Isabelle Angeline Young and John Chi Wai Wong stepped down as
liquidators of Motorola Aircommunications Limited on September 29,
2010.


NEW ISLAND: Sole Member' Final Meeting Set for November 19
----------------------------------------------------------
Sole member of New Island Plastic Factory Limited will hold their
final meeting on November 19, 2010, at 11:00 a.m., at Unit 2,
19/F., New Trend Centre, 704 Prince Edward Road East, Sanpokong,
Kowloon.

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


OUTDISTANCE DEVELOPMENT: Members' Final Meeting Set for Nov. 15
---------------------------------------------------------------
Members of Outdistance Development Limited will hold their final
meeting on Nov. 15, 2010, at 11:00 a.m., at 31/F, The Center, 99
Queen's Road Central, in Hong Kong.

At the meeting, Michel Henricus Bots and Ng Kit Ying Zelinda, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PORTAL SOFTWARE: Members' Final Meeting Set for November 16
-----------------------------------------------------------
Members of Portal Software (Asia Pacific) Limited will hold their
final general meeting on November 16, 2010, at 10:00 a.m., at 20th
Floor, Prince's building, Central, in Hong Kong.

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


RAINBOW CITY: Members' Final General Meeting Set for November 19
----------------------------------------------------------------
Members of Rainbow City Development Limited will hold their final
general meeting on November 19, 2010, at 11:00 a.m., at Room 402,
Kai Tak Commercial Building, 317-319 Des Voeux Road Central, in
Hong Kong.

At the meeting, Chan Lai Ha and Cheung chi Fan Francisca, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RANI SHIPPING: Creditors' Proofs of Debt Due November 19
--------------------------------------------------------
Creditors of Rani Shipping Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 19,
2010, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on October 8, 2010.

The company's liquidators are:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton road
         Tsimshatsui, Kowloon
         Hong Kong


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


A C STEELS: CRISIL Rates INR60 Million Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to A C Steels' cash
credit facility.  The rating reflects ACS's modest scale of
operations, limited bargaining power, and its below-average
financial risk profile, marked by a small net worth, weak debt
protection metrics, and high gearing.  These rating weaknesses are
partially offset by the experience of ACS's promoters' in the
steel industry.

   Facilities                      Ratings
   ----------                      -------
   INR60.0 Million Cash Credit     B+/Stable (Assigned)

Outlook: Stable

CRISIL believes that ACS will continue to benefit from its
promoters' experience in the steel industry over the medium term.
The outlook may be revised to 'Positive' if the firm's
profitability and revenues increase significantly, leading to
improvement in debt protection metrics.  Conversely, the outlook
may be revised to 'Negative' if the firm's profitability declines
sharply or if it undertakes any large, debt-funded capital
expenditure programmes, leading to deterioration in its financial
risk profile.

                         About A C Steels

Set up in 1988 as a partnership firm by Mr. Rajendra Kumar Surana,
Mr. Ashok Kumar Surana and Mr. Rahul Surana, ACS manufactures
thermo-mechanically treated (TMT) steel bars.  The firm also
produces ingots, which is used as an input for production of TMT
bars.  These TMT bars are primarily used in construction and
infrastructure industry. The firm has manufacturing facilities in
Raipur (Chattisgarh).

ACS reported a profit after tax (PAT) of INR3.4 million on net
sales of INR347.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.0 million on net sales
of INR307.5 million for 2008-09.


ANANDA AQUA: CRISIL Reaffirms 'B' Rating on INR40MM Bank Debt
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ananda Aqua Exports Pvt
Ltd continue to reflect AAEPL's below-average financial risk
profile marked by high gearing and weak debt protection measures,
exposure to supplier and revenue concentration risks, and small
scale of operations in the highly competitive seafood industry.
These weaknesses are partially offset by the benefits that the
company derives from its promoters' experience in the seafood
industry.

   Facilities                            Ratings
   ----------                            -------
   INR40.00 Million Overdraft Limit      B/Stable (Reaffirmed)
   INR96.00 Million Packing Credit Limit P4 (Reaffirmed)
   INR96.00 Mil. Bill Discounting Limit  P4 (Reaffirmed)
   INR22.00 Million Standby Letter of    P4 (Reaffirmed)
                         Credit Limit

Outlook: Stable

CRISIL believes that AAEPL will maintain its business risk profile
over the medium term on the back of its established market
position and promoters' experience.  The outlook may be revised to
'Positive' if the company scales up its operations, strengthens
its financial risk profile, and diversifies its customer base.
Conversely, the outlook may be revised to 'Negative' if AAEPL's
revenues and accruals are lower than expected, or if the company
undertakes a higher-than-expected debt-funded capital expenditure
programme.

                         About Ananda Aqua

Set up in 2004, AAEPL is part of the Ananda group that was formed
in the 1940s, and is based in Bhimavaram (Andhra Pradesh).  The
company is engaged in processing of shrimps and prawns,
cultivating shrimp seeds and trading in shrimp feed.

AAEPL reported, on provisional basis, a profit after tax (PAT) of
INR3.70 million on net sales of INR968.10 million for 2009-10
(refers to financial year, April 1 to March 31); it reported a PAT
of INR1.60 million on net sales of INR540.80 million for 2008-09.


ATC BEVERAGES: CRISIL Assigns 'D' Rating to INR150MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to the bank facilities of ATC
Beverages Private Limited.

   Facilities                      Ratings
   ----------                      -------
   INR10.0 Million Cash Credit     D (Assigned)
   INR150.0 Million Term Loan      D (Assigned)

The rating reflects the delay in debt servicing by ATC. The delays
have been caused by ATC's weak liquidity arising out of its large
working capital requirements; the company has been used its entire
bank limits.

ATC was established in 2004 by Mr. Prem Goyal and his son Mr.
Amitabh Goyal. The company manufactures and distributes sweetened
and non-sweetened aerated drinks. ATC commenced operations as a
sole franchisee bottler for the Singapore-based Fraser & Neave
Ltd's products. ATC manufactures as well as distributes products
such as 100 plus, Ginger Ales, Ginger Beer, and F&N Cool Icecream
soda. ATC has a manufacturing facility at Nanjangard, near Mysore,
Karnataka.  The company has installed capacity of manufacturing of
3 million cases per annum; it also manufactures Polyethylene
terephthalate (PET) bottles.

For 2008-09 (refers to financial year, April 1 to March 31), ATC
reported a net loss of INR61.72 million on net sales of INR21.12
million, against a net loss of INR14.16 million on net sales of
INR11.23 million for the previous year.


ATOM CERAMIC: ICRA Assigns 'LBB-' Rating to INR3cr Loan
-------------------------------------------------------
ICRA has assigned a rating of 'LBB-' to the INR3.0 crore fund
based facilities and INR3.15 Crore Term Loans of Atom Ceramic.
The outlook on long term rating is stable.  ICRA has also assigned
an 'A4' rating to the INR0.40 crore non fund based facilities of
Atom Ceramic.

The ratings assigned factor in risks arising out of limited track
record of the firm, lack of distribution network and small scale
of operations relative to other players in the industry which
results in limited economies of scale and bargaining power vis-a-
vis customers or suppliers.  The rating also factor in the
intense competitive pressures in the ceramics industry,  low brand
awareness about Atom  and susceptibility to fluctuating raw
material and gas prices which are likely to have a constraining
impact on realizations and margins.  The ratings however take
comfort from the experience of the promoters of the firm, positive
demand outlook of the industry and proximity to raw materials.
Going forward the ability of the firm to stabilize production,
setting up of distribution network, and establishment of the
firm's brand will remain key rating drivers for the firm.

Atom Ceramics established in July 2009 manufactures Ceramics
Glazed Wall tiles and Floor tiles.  The plant is located in Morbi,
Gujarat and has a capacity of 27000 MT.  The firm started
production in its plant in May 2010.  The firm currently
manufactures tiles of size 12" X 18" and 12" X 12" and the same
will be sold under the brand "Atom".


AXIS BANK: Fitch Assigns 'BB-' Rating on Foreign Currency Bonds
---------------------------------------------------------------
Fitch Ratings has assigned India's Axis Bank Ltd.'s fixed rate
senior unsecured notes a Long-term rating of 'BBB-'.  The notes
will be issued under ABL's EUR2 billion medium-term note programme
from its Dubai branch by end-October 2010.  The bank plans to
raise the notes for its overseas operations (forming 8.3% of total
assets as at end-September 2010).  The size and pricing of the
issue will be finalized closer to the issue date.

The senior notes' rating is derived from and equated to ABL's
Long-term foreign currency IDR.A full list of ABL's ratings is
provided below.

ABL's ratings are:

  -- Long-term foreign currency IDR: 'BBB-'; Stable Outlook;

  -- Short-term foreign currency IDR: 'F3';

  -- Foreign currency senior debt: 'BBB-';

  -- Foreign currency subordinated lower tier II: 'BB+';

  -- Foreign currency upper tier II bonds: 'BB-';

  -- Foreign currency perpetual tier 1 bonds: 'BB-';

  -- Support Rating Floor: 'BB+';

  -- National Long-term rating: 'AAA(ind)'; Stable Outlook;

  -- INR55bn subordinated lower tier 2 debt programme: 'AAA(ind)';

  -- INR6.53bn subordinated upper tier 2 debt programme:
     'AA+(ind)';

  -- INR2.14bn perpetual tier 1 debt programme: 'AA+(ind)';

  -- Individual rating: 'C'; and

  -- Support rating: '3'.


DALMIA LAMINATORS: CRISIL Reaffirms 'BB-' Rating on INR126MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Dalmia Laminators Ltd
continues to reflect DLL's weak financial risk profile, and
exposure to risks relating to intense competition in the packaging
industry.  These weaknesses are, however, partially offset by the
company's moderate business risk profile, marked by an established
customer base.

   Facilities                      Ratings
   ----------                      -------
   INR87.5 Million Cash Credit     BB-/Stable (Reaffirmed)
   INR126 Million Term Loan        BB-/Stable (Reaffirmed)
   INR86.5 Million Proposed LT     BB-/Stable (Reaffirmed)
            Bank Loan Facility

Outlook: Stable

CRISIL believes that DLL will maintain a stable business risk
profile, supported by the promoters' experience, and the growth
prospects for the packaging industry.  The outlook may be revised
to 'Positive' if DLL's financial risk profile improves
substantially, led by capital infusions, and growth in top line
and operating margins.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates on
account of large debt-funded capital expenditure or acquisitions.

Update

DLL's revenues in 2009-10 (refers to financial year, April 1 to
March 31) has grown steadily, led by increased capacity of 82
looms added during FY10, increase in demand for bags and its
established relationship with large clients.  However, the
liquidity of the company continues to remain stretched, due to
working capital intensive nature of business coupled with low net
worth and high debt funded capex undertaken.  Also, During FY10
DLL has set-up a 1.5 MW windmill with a total project cost of
INR90 millions.

DLL reported an estimated profit after tax (PAT) of INR19 million
on net sales of INR600 million for 2009-10 (refers to financial
year, April 1 to March 31), as against profit after tax (PAT) of
INR5.5 million on net sales of INR327 million for 2008-09.

                       About Dalmia Laminators

Set up in 1972 as a partnership firm by Mr. G G Dalmia, DLL
converted to a public limited company in 1986.  DLL manufactures
high-density polyethylene (HDPE) and polypropylene (PP) bags, and
laminated jute bags.  The company has manufacturing facilities at
Thiruvellore (Tamil Nadu) and Kakinada (Andhra Pradesh);
Thiruvellore unit has 104 looms for manufacturing bags and
Kakinada unit only undertakes finishing activity.


KUMARAPALAYAM TOLLWAYS: Fitch Downgrades Loan Ratings to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded India's Kumarapalayam Tollways
Limited's INR3,190 million senior project bank loans to 'BBB-
(ind)' from 'BBB(ind)'.  The agency has also downgraded KTL's
INR114 million performance security to 'BBB-(ind)' from
'BBB(ind)', which is executed in the form of a bank guarantee.
Simultaneously, Fitch has also downgraded KTL's INR200 million
subordinate project loans to 'BB+(ind)' from 'BBB-(ind)'.  The
Outlook is Negative.

Fitch has also removed KTL's ratings from Rating Watch Negative
following the project achieving commercial operations date in
July 2010 with an 18-month delay (against the scheduled January
2010), the confirmation of reschedulement of the project's senior
and subordinate loans by six to 24 months, and the infusion of
additional equity and unsecured loans by the project sponsor.

KTL is an SPV set up to widen, operate and maintain a 48km road
stretch on the National Highway 47 between Kumarapalayam and
Chengappally - two towns located in Tamil Nadu.  In January 2006,
KTL won a 20-year concession from the state-owned National
Highways Authority of India ('AAA(ind)'/ Stable), which
contributed an INR175 million grant to part finance the
construction cost.

The downgrades take into account the significant underperformance
in traffic and revenues since the project commenced tolling in
August 2009, after a seven-month delay.  During the first 12
months post - COD, the project clocked revenues of
INR318.85 million as against an initial base case Year 1 forecast
of INR495.39 million, a negative variance of c.35%.  A 10% rate
increase effected in September 2010 is likely to provide some
relief.  Nevertheless, Fitch expects KTL's revenue for FY11, based
on current run rate, to be significantly lower at c. INR342
million as compared with projected revenue of c.INR578.26 million.

IVRCL Assets and Holdings Limited (IAHL, 'A+(ind)(SO)'/Stable -
the project sponsor) has brought in additional equity of
INR183.84m to finance the project cost overruns caused by delayed
completion.  Of which INR115.67 million is due to be paid to the
engineering, procurement and construction contractor, IVRCL
Infrastructures and Projects Limited ('A+(ind)'/Stable - the
sponsor's parent).  However, this payment has been deferred and
for now, and the amount is available to meet short-term debt
service.

Fitch believes that KTL can finance debt service obligations for
FY11 through a combination of toll revenues and the additional
equity that has already been injected.  However, if traffic and
revenue do not grow significantly during the current ramp-up
period, KTL could have difficulties in meeting debt service
requirements in the long run without additional sponsor support,
particularly as loan repayments are back-ended.  Alternatively,
although current traffic levels and conservative growth
assumptions still demonstrate the project's economic capacity to
retire debt within the concession period, some restructuring of
the project's loans might become necessary in the absence of
substantial improvement in revenues; a significant five-year tail
works to the project's advantage in this regard.

The Negative Outlook reflects Fitch's expectation that in the
absence of debt restructuring or greater-than-expected revenue
growth, a further deterioration in KTL's credit quality is
possible.  The ratings also take into account the contiguous
project, Salem Tollways Limited (STL, 'BBB-(ind)'/Negative).  The
ratings of KTL and STL are equalised due to the presence of a
cross-default clause in the financing agreements of both projects.

The ratings continue to benefit from the economic drivers that are
likely to fuel traffic growth on the corridor in the long run,
although the slow and extended ramp-up is a concern.  The project
corridor is part of an industrial belt known for steel and
textiles.  Traffic growth along the corridor, especially during
the ongoing ramp-up phase, could depend on the recovery and growth
of particularly the textile industry after the 2008 economic
slowdown.  The ratings are also supported by the strength of
project sponsor, IAHL.  In other Fitch rated projects, IVRCL has
demonstrated its willingness to extend financial support to its
SPVs even beyond contractual requirements to enable them meet
financial obligations.  Fitch notes that in the case of STL, IAHL
has, vide a board resolution dated 29 May 2010, committed to a
sponsor loan of up to INR300 million to supplement project cash
flows post-COD.


MAHARAJ SOAPS: CRISIL Assigns 'B+' Rating to INR90MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Maharaj Soaps
Industry Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR90.00 Million Long Term Loan     B+/Stable(Assigned)
   INR20.00 Million Cash Credit        B+/Stable(Assigned)
   INR10.00 Million Letter of Credit   P4 (Assigned)
   INR2.50 Million Bank Guarantee      P4 (Assigned)

The ratings reflect MSIPL's start up nature of operations, below-
average financial risk profile marked by high gearing. The ratings
also reflect the company's the intense competition it faces in the
fragmented detergent industry, and susceptibility of its margins
to volatility in raw material prices.  These rating weaknesses are
partially offset by experience of MSIPL's promoters in the
detergent industry and healthy demand for soaps and detergent
products.

Outlook: Stable

CRISIL believes that MSIPL will commence its operations by October
2010, without any time or cost overruns.  CRISIL also believes
that MSIPL shall benefit from its promoters' experience in the
detergents industry over the medium term.  The outlook may be
revised to 'Positive' if the project stabilizes its operations and
attains better-than-expected capacity utilization and generates
high cash accruals, leading to an improvement in its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if MSIPL faces delay in stabilizing its operations leading to
lower capacity utilizations and any further deterioration in
capital structure.

                       About Maharaj Soaps

MSIPL was set up in September 2009 by Mr. Raviraja M E and his
wife Mrs. E Shashika.  The company has set up a facility to
manufacture detergent cakes and powder in Davangere (Karnataka).
MSIPL is expected to commence its commercial production in October
2010, with a capacity of 18,900 tonnes per annum.  The company's
products will be marketed under the brand names, Shashi and
Savaal, of its group company, Maharaja Industry (MI).  MI is the
flagship entity of the group established in 2002.  The promoters
also have other business interests in transportation and
packaging.

MSIPL is expected to report a profit after tax (PAT) of
INR2.2 million on net sales of INR 213 million for 2010-11 (refers
to financial year, April 1 to March 31).


ROHINI MINERALS: CRISIL Reaffirms 'BB-' Rating on INR34MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Rohini
Minerals Pvt Ltd, which is part of the Rajeshwara group, at 'BB-
/Stable'.

   Facilities                     Ratings
   ----------                     -------
   INR205 Million Cash Credit     BB-/Stable (Reaffirmed)
   INR34 Million Term Loan        BB-/Stable (Reaffirmed)

The ratings continue to reflect the Rajeshwara group's below-
average financial risk profile marked by high gearing and average
networth, and exposure to risks inherent in the poultry industry.
These weaknesses are partially offset by the group's established
regional presence in the poultry segment.

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of RMPL and Sri Rajeshwara Hatcheries
Pvt Ltd.  This is because RMPL and SRH, together referred to as
the Rajeshwara group, are in the same line of business, have a
common management, and have financial and operational linkages.

Outlook: Stable

CRISIL believes that the Rajeshwara group will maintain its
current credit risk profile, backed by its established presence in
the broiler segment of poultry farming coupled with the experience
of its technocrat promoters.  A substantial improvement in the
group's gearing, as a result of equity infusion or higher cash
accruals may result in a revision in outlook to 'Positive'.
Conversely, sustained downturn in product prices or larger-than-
expected debt may drive a revision in outlook to 'Negative'.

Update

The Rajeshwara group increased the number of egg-laying birds to
400,000 during 2009-10 (refers to financial year, April 1 to March
31) from 200,000, which has led to a robust growth of 53 per cent
year-on-year in the group's revenues. The group also had capital
expenditure (capex) of about INR60 million during the year to
expand its hatchery unit, install additional incubators, and
install silos for storage of soya and maize.

The promoters infused about INR29 million during 2009-10 towards
the capex. The management plans additional capex of about INR290
million over the next two to three years, which will be funded by
debt to the extent of 75 per cent. Additional equity as margin
money towards this capex is also expected over the next two to
three years. The new capex is not likely to have an adverse impact
on the group's financial risk profile.

The Rajeshwara group reported a provisional profit after tax (PAT)
of INR39 million on net sales of INR2.56 billion for 2009-10, as
against a PAT of INR10 million on net sales of INR1.68 billion for
2008-09.

                          About the Group

Promoted in 1996 by technocrats Dr. A Tirupathi Reddy (Chairman),
a Bachelor in Veterinary Science, and Dr. G Ranjith Reddy
(Managing Director), a Master in Veterinary Science, the
Rajeshwara group is an integrated player in the poultry industry.
The group has broiler breeder farms spread over 100 acres at
Hyderabad (Andhra Pradesh) with a laying capacity of 400,000 egg-
laying birds, an incubator unit (hatchery) covering 10 acres at
Turkayamjal (Andhra Pradesh); and also an automated poultry feeds
plant with a capacity of 60,000 tonnes per annum.

SRHL, set up in 1996, is engaged in production and sale of broiler
chicks. RMPL, set up in 1999, manufactures poultry feed and is
also engaged in the production of integrated broiler chicken.


SALEM TOLLWAYS: Fitch Downgrades Loan Rating to 'BB+'
-----------------------------------------------------
Fitch Ratings has downgraded India's Salem Tollways Limited's
INR2,230 million senior project bank loans to 'BBB-(ind)' from
'BBB(ind)'.  The agency has also downgraded STL's INR140.9 million
performance security to 'BBB-(ind)' from 'BBB(ind)', which is
executed in the form of a bank guarantee.  Simultaneously, Fitch
has also downgraded STL's INR200 million subordinate project loans
to 'BB+(ind)' from 'BBB-(ind)'.  The Outlook is Negative.

Fitch has also removed STL's ratings from Rating Watch Negative
following the project achieving commercial operations date in
July 2010 with an 18-month delay (against the scheduled January
2010), the confirmation of reschedulement of the project's senior
and subordinate loans by six to 24 months, and the infusion of
additional equity and unsecured loans by the project sponsor.

STL is an SPV incorporated to widen, operate and maintain a 53km
road stretch on the National Highway 47 between Salem and
Kumarapalayam - two towns located in Tamil Nadu.  In January 2006,
STL won a 20-year concession from the state-owned National
Highways Authority of India ('AAA(ind)'/Stable), which contributed
an INR1,290 million grant to part-finance the construction cost.

The downgrades reflect STL's weakened financial position compared
to 2009, following delayed COD and initial, albeit limited history
of traffic underperformance.  Tolling commenced after the COD
certificate was awarded by the NHAI in July 2010.  Traffic and
revenue data for July and August 2010, taken together with the
traffic underperformance on the connecting project - Kumarapalayam
Tollways Limited ('BBB-(ind)'/Negative), are preliminary
indicators of a possible structural reduction in traffic and
revenue when compared with projections.

IVRCL Assets and Holdings Limited ('A+(ind)(SO)'/Stable - the
project sponsor) has brought in additional equity of INR481.83m to
partly finance the project cost overruns caused by the delayed
completion.  Of which c.INR817.54 million is due to be paid to the
engineering, procurement and construction contractor - IVRCL
Infrastructures and Projects Limited ('A+(ind)'/ Stable - the
sponsor's parent).  Additionally, IAHL has, vide a board
resolution dated 29 May 2010, committed to a sponsor loan of up to
INR300 million to supplement project cash flows post-COD.

Fitch believes that STL can finance debt service obligations for
FY11 through toll revenues and the aforementioned sponsor loan.
However, if traffic and revenue do not grow significantly during
the current ramp-up period, STL could have difficulties in meeting
debt service requirements in the long run without additional
sponsor support, particularly as loan repayments are back-ended.
Alternatively, although forecasted toll revenues (based on an
extrapolation of current traffic levels) along with conservative
growth assumptions still demonstrate the project's economic
capacity to retire debt within the concession period, further
restructuring of the project's loans might become necessary in the
absence of substantial improvement in revenues.  A four-year tail
works to the project's advantage in this regard.

The Negative Outlook reflects Fitch's expectation that in the
absence of additional debt restructuring or greater-than-expected
revenue growth, a further deterioration in STL's credit quality is
possible.  The ratings also take into account those of KTL.  The
ratings of KTL and STL are equalized due to the presence of a
cross-default clause in the financing agreements of both projects.

The ratings continue to benefit from the economic drivers that are
likely to fuel traffic growth on the corridor in the long run,
although the slow and extended ramp-up is a concern.  The project
corridor is part of an industrial belt known for steel (Salem in
particular) and textiles.  Traffic growth along the corridor,
especially during the ongoing ramp-up phase, could depend on the
recovery and growth of these industries after the 2008 economic
slowdown.  The ratings are also supported by the strength of IAHL.


S.N. MILK PRODUCTS: CRISIL Rates INR87.5MM Term Loan at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to S.N. Milk Products
Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR40.0 Million Cash Credit Limit   BB-/Stable (Assigned)
   INR87.5 Million Term Loan           BB-/Stable (Assigned)

The rating reflects SN Milk's average financial risk profile,
marked by average gearing and debt protection metrics, and small
net worth; the rating also reflects the company's small scale and
short track record of operations, and susceptibility to adverse
regulatory changes and epidemic-related factors.  These rating
weaknesses are partially offset by strong track record of SN
Milk's promoters in the dairy products industry.

Outlook: Stable

CRISIL believes that SN Milk will benefit from its established
procurement base because of its promoters' long industry track
record, over the medium term.  The company's financial risk
profile is also expected to remain stable over the medium term,
supported by average debt protection measures.  The outlook may be
revised to 'Positive' if SN Milk increases its scale of
operations, while maintaining its operating margin and improves
its capital structure.  Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
most likely because of decline in operating margin or if the
company undertakes major debt-funded capital expenditure
programmes.

                     About S.N. Milk Products

SN Milk was incorporated in 2007 by Mr. Agarwal family.  The
company manufactures and sells dairy products, such as skimmed
milk powder, pure ghee, and milk under the brand name, Madhav. Its
plant at Sashi (Uttar Pradesh) has capacity of 2.5 lakh litres per
day (LLPD).

SN Milk reported a profit after tax (PAT) of INR9 million on net
sales of INR360 million for 2009-10 (refers to financial year,
April 1 to March 31), against a loss of INR9 million on net sales
of INR79 million for 2008-09.


SRI RAJESHWARA: CRISIL Reaffirms 'BB-' Rating on INR66.7MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Sri
Rajeshwara Hatcheries Pvt Ltd, which is part of the Rajeshwara
group, at 'BB-/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR60 Million Cash Credit Limits   BB-/Stable (Reaffirmed)
   INR66.7 Million Term Loan          BB-/Stable (Reaffirmed)

The ratings continue to reflect the Rajeshwara group's below-
average financial risk profile marked by high gearing and average
networth, and exposure to risks inherent in the poultry industry.
These weaknesses are partially offset by the group's established
regional presence in the poultry segment.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SRHL and Rohini Minerals Pvt Ltd
(RMPL).  This is because both these companies, together referred
to as the Rajeshwara group, are in the same line of business, and
have a common management, and financial and operational linkages.

Outlook: Stable

CRISIL believes that the Rajeshwara group will continue to benefit
from its established position in the broiler segment of poultry
farming, and from the experience of its technocrat promoters, over
the medium term.  A substantial improvement in the group's
gearing, most likely because of equity infusion or higher cash
accruals, may result in a revision in the outlook to 'Positive'.
Conversely, sustained downturns in product prices or larger-than-
expected debt may drive a revision in the outlook to 'Negative'.

Update

The Rajeshwara group increased the number of egg-laying birds to
400,000 during 2009-10 (refers to financial year, April 1 to March
31) from 200,000, which has led to a robust growth of 53 per cent
year-on-year in the group's revenues.  The group also had capital
expenditure (capex) of about INR60 million during the year to
expand its hatchery unit, install additional incubators, and
install silos for storage of soya and maize.

The promoters infused about INR29 million during 2009-10 towards
the capex.  The management plans additional capex of about INR290
million over the next two to three years, which will be funded by
debt to the extent of 75 per cent.  Additional equity as margin
money towards this capex is also expected over the next two to
three years. The new capex is not likely to have an adverse impact
on the group's financial risk profile.

The Rajeshwara group reported a provisional profit after tax (PAT)
of INR39 million on net sales of INR2.56 billion for 2009-10, as
against a PAT of INR10 million on net sales of INR1.68 billion for
2008-09.

                         About the Group

Promoted in 1996 by technocrats Dr. A Tirupathi Reddy (Chairman),
a Bachelor in Veterinary Science, and Dr. G Ranjith Reddy
(Managing Director), a Master in Veterinary Science, the
Rajeshwara group is an integrated player in the poultry industry.
The group has broiler breeder farms spread over 100 acres at
Hyderabad (Andhra Pradesh) with a laying capacity of 400,000 egg-
laying birds, an incubator unit (hatchery) covering 10 acres at
Turkayamjal (Andhra Pradesh); and also an automated poultry feeds
plant with a capacity of 60,000 tonnes per annum.

SRHL, set up in 1996, is engaged in production and sale of broiler
chicks. RMPL, set up in 1999, manufactures poultry feed and is
also engaged in the production of integrated broiler chicken.


SRS MODERN: Fitch Assigns 'BB-' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's SRS Modern Ltd. a National
Long-term rating of 'BB-(ind)'.  The Outlook is Stable.  The
agency has also assigned ratings to SRS Modern's bank facilities,:

  -- Outstanding INR62.4 million long-term bank loans: 'BB-(ind)';
     and

  -- INR500 million fund-based working capital limits: 'BB-
     (ind)'/'F4(ind)'.

SRS Modern's ratings reflect its limited track record, moderate
size of operations and competitive nature of its trading business,
as reflected in low EBITDAR margins which have remained about 3%
over FY09-FY10.  The ratings are also constrained by the highly
working capital intensive nature of SRS Modern's business, its
high financial leverage (total adjusted net debt/operating
EBITDAR) of 6.4x in FY10 (FY09: 6.4x), and high customer
concentration risk - top five customers constituted about 66% of
its total revenues in FY10.

The ratings draw comfort from experience of its promoters
(founders) in the trading business through other group companies
and moderate brand recall in the national capital region.  The
ratings are further underpinned by the demonstrated financial
support by the SRS group - the group companies infused equity into
SRS Modern in the past to support capex and furnished corporate
guarantees to secure its working capital limits with banks.
Furthermore, the SRS group also provided interest free unsecured
loan to SRS Modern in FY10 for meeting its working capital
requirements.

Negative rating triggers include a decline in SRS Modern's
operating profitability and/or a stretching of its working capital
cycle and/ or any unanticipated debt-led capex, which could result
in a deterioration of the company's financial leverage.  Positive
rating triggers include a significant improvement in the company's
profitability or a decline in working capital cycle, leading to an
improvement in the financial leverage.

Incorporated in 2007, SRS Modern is involved in the business of
retail stores and trading of construction materials.  The company
started its operations in FY08 by opening retail stores called
'SRS Kisaan Bazaar' in rural areas of Haryana.  These retail
stores sell fast moving consumer goods and agro commodities.  As
at FYE10, SRS Modern has six retail stores.  The company shifted
its focus to trading in FY10 and has also closed down non-viable
retail stores.  It reported total revenues of INR3,087.3m in FY10
(FY09: INR2,463.6m), and about 90% of its revenues were from the
trading business.


SWATI MENTHOL: CRISIL Places 'BB+' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Swati Menthol
and Allied Chemicals Ltd's bank facilities.

   Facilities                              Ratings
   ----------                              -------
   INR150.0 Million Cash Credit Facility   BB+/Stable (Assigned)
   INR59.6 Million Term Loan               BB+/Stable (Assigned)
   INR50.0 Million Proposed Long-Term      BB+/Stable (Assigned)
                   Bank Loan Facility
   INR450.0 Million Packing Credit         P4+ (Assigned)
   INR50.0 Million Bill Discounting        P4+ (Assigned)
   INR90.0 Million Short-Term Bank Loan    P4+ (Assigned)
                               Facility
   INR2.0 Million Bank Guarantee           P4+ (Assigned)
   INR100.0 Million Letter of Credit       P4+ (Assigned)

The ratings reflect SMACL's moderate financial risk profile,
marked by high gearing and moderate debt protection metrics, and
exposure to risks related to intense competition in the mentha
industry.  These rating weaknesses are partially offset by SMACL's
promoters' significant experience in the menthol industry; with
established relationship with large and reputed customers and
moderate risk mitigation policies.

Outlook: Stable

CRISIL believes that SMACL will continue to benefit from its
established and diversified end-user industry base. The outlook
may be revised to 'Positive' in case of a significant improvement
in SMACL's capital structure, leading to improvement in its
financial risk profile.  Conversely, the outlook may be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure programme or if its working capital management or
margins deteriorates, weakening its financial risk profile.

                        About Swati Menthol

SMACL was incorporated as a private limited company in 1990 by Mr.
S K Gupta and was converted to a public limited company in 2001.
The company manufactures 33 products, including menthol crystals,
peppermint oil, terpinol, eucalyptus oil, and aroma chemicals,
which find application in the pharmaceuticals, food, tobacco,
cosmetics, and paint industries.  The company derived about 67 per
cent of its revenues from exports in 2009-10. It has an
established client base which includes Colgate-Palmolive (India)
Ltd (Colgate-Palmolive), Ranbaxy Laboratories Ltd, Dabur India
Ltd, Asian Paints Ltd, and Hindustan Unilever Ltd (HUL).

SMACL reported a profit after tax (PAT) of INR39.4 million on net
sales of INR1279.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR27.1 million on net
sales of INR861.6 million for 2008-09.


TATA STEEL: Moody's Affirms 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Tata Steel UK Holdings and assigned a B2 / LGD 3 (49)
ratings to the new EUR4.1 billion senior secured bank facilities
raised by the Company to refinance its existing debt.

                        Ratings Rationale

The affirmation of the B2 corporate family rating and the stable
outlook reflect the recovery in the European steel industry that
underpinned the improvement in the financial performance of the
Company in the current year (ending March 2011).  Strong volumes
and steel prices in 1H 2010 supported improvement in the margins,
while the Company had to accommodate a sharp rise in raw material
prices.  Moody's note a relatively limited visibility in demand,
compared to the previous years, but expect TSUKH to report
stronger metrics in the current year, with Debt/ EBITDA improving
towards 4x times.

In October 2010 TSUKH successfully refinanced its bank facilities
with a new EUR4.1 billion senior secured syndicated loans.  The
refinancing extended the maturity profile of the Company's
liabilities, with no significant refinancing requirements until
2015.  The new facilities have a back-loaded repayment profile and
should allow more financial flexibility to TSUKH in the near term.
Moody's also note that the Company managed to increase its working
capital facility to GBP 690 m to accommodate the increased raw
material prices.

The B2 rating reflects the substantial liabilities assumed by the
Company as a result of its leveraged acquisition by Tata Steel Ltd
(India) and limited repayment requirements in the near term.  An
upgrade of the ratings would require sustained strong operating
performance, supported by strong steel markets, leading to
consistent FCF generation, a gradual repayment of debt and
improvement in Debt/EBITDA leverage sustainably below 3.5x, as
well as strong FCF debt coverage in low to mid teens.

The B2 rating continues to reflect Moody's expectation of
uninterrupted support of the Indian parent Company Tata Steel Ltd
(rated Ba2/stable).  During 2009, the parent injected GBP 425
million in subordinated loans to mitigate negative profitability
of the European subsidiary and facilitate renegotiation of the
covenants.  Moody's note that the terms of the new refinancing
facility do not include a parent guarantee to TSUKH, but allow, as
previously, an indirect mechanism for the Company to request the
financial support from Tata Steel Ltd. There is also a cross
default provision in relation to the liabilities of the parent
company.

The B2 / LGD 3 (49) ratings on the senior secured bank facilities
reflect the dominant role of the bank debt in the debt capital
structure of the Company.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not involved in the
ratings, public information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


HELIUM CAPITAL: S&P Downgrades Rating on Notes to 'D'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the limited credit linked notes, due 2010,
issued under the Helium Capital Ltd. series 51 transaction,
following notification from the arranger that the principal of the
notes was not fully redeemed.

                          Rating Lowered

                        Helium Capital Ltd.
Asset backed securities and collateralized debt obligation limited
                   credit linked notes series 51

               To           From      Issue Amount
               --           ----      ------------
               D (sf)       CC (sf)   JPY1.0 bil.


SIGNUM VANGUARD: S&P Raises Rating on 2006-03 Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Signum
Vanguard Ltd. secured floating rate credit-linked notes series
2006-03, and removed the rating from CreditWatch with positive
implications.

The rating action is a part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.  This action incorporates,
among other things, the effect of rating migration within the
reference portfolio.

             Rating Raised, Removed From Creditwatch

                       Signum Vanguard Ltd.
     Secured floating rate credit-linked notes series 2006-03

      To                From                    Issue Amount
      --                ----                    ------------
      B (sf)            B- (sf)/Watch Pos       $10.0 mil.


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


CRAFAR FARMS: Receivers Say Natural Dairy Bid Still Best Offer
--------------------------------------------------------------
Susie Nordqvist at the New Zealand Herald reports that KordaMentha
receivers Brendon Gibson and Michael Stiassny said the Natural
Dairy's offer for the Crafar dairy farms is still the best deal on
the table.

The NZ Herald says Natural Dairy's offer to purchase the Crafar
group of properties still stands, despite the launch of a Serious
Fraud Office investigation into transactions involving the
properties.

The Serious Fraud Office last week started an investigation after
a tip-off from the Overseas Investment Office, which was assessing
an application by the group to buy the farms, the NZ Herald
reports.

The group has a conditional sale and purchase agreement in place
to buy the farms off the receivers, subject to OIO approval.
That assessment is now on hold, while the SFO conducts its
investigation, the report notes.

The NZ Herald relates SFO chief executive Adam Feeley said the
transactions in question are the proposed sale and purchase of the
Crafar farms.

KordaMentha spokesperson Brendon Gibson said he did not know how
long the investigation might take, but said that the company was
"contemplating" its position, the NZ Herald notes.

"We will continue to assess the position relative to what's going
on in terms of the OIO application and obviously now the SFO probe
is part of that," the NZ Herald quotes Mr. Gibson as saying.

The Natural Dairy offer was the best on the table and the
receivers had a statutory obligation to get the best price, Mr.
Gibson said, according to the NZ Herald.

                         About Crafar Farms

Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock.  The company employs 200 staff.

Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance.  The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.

The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business.  This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.


ST LAURENCE LTD: Investors Warned of Unsolicited Offer
------------------------------------------------------
The New Zealand Press Association reports that St. Laurence Ltd.
investors are being advised against accepting an unsolicited offer
of five cents for every dollar of debenture stock because they are
likely to receive between 15 cents and 22 cents from the
receivership.

According to NZPA, Perpetual Trust is strongly advising investors
not to sell to Stock & Share Trading Company Pty's latest offer
for debentures in the failed property investor St. Laurence.

"We are on track to recover between 15 to 22 cents in the
dollar for St. Laurence investors and the first payment is
due to be paid to debenture holders in January coming up,"
NZPA quotes Matthew Lancaster, head of Perpetual Corporate Trust,
as saying.

Mr. Lancaster said the unsolicited offer from Stock & Share was
opportunistic and they were preying on investors who may not
realize that a much better payment was coming their way, according
to NZPA.

                      About St. Laurence Ltd.

Headquartered in Wellington, New Zealand, St. Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management.  Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.

                           *     *     *

St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million.  The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries.  The receivership covers St Laurence Limited, Direct
Property Investments Limited, SL Five Star Hotel Investments
Limited, St Laurence Lending Limited, St Laurence No. 2 Limited,
St Laurence No. 3 Limited, and St Laurence Realty Limited.
It does not involve Irongate Property Limited, St Laurence
Property Development Fund, or Direct Property Investments No. 6
Limited.


STRATEGIC FINANCE: Offers for Loan Book Too Low, Receivers Say
--------------------------------------------------------------
The receivers of Strategic Finance Ltd said offers they received
for the failed finance company's loan book were well below their
lowest estimate, the New Zealand Herald reports.

The NZ Herald says the loan book consists of 87 loans and it had a
total net book value of NZ$229.1 million as at February 28.
Receivers John Fisk and Colin McCloy of PricewaterhouseCoopers
have decided to continue to realize the loan book themselves, the
report relates.

PricewaterhouseCoopers said the bidders cited the high proportion
of second mortgages in the loan book as a reason for their low
offers, the NZ Herald adds.

The NZ Herald discloses that approximately 58%, or NZ$131.4
million of the net loan book as at February 28, is secured by way
of a second mortgage over the underlying property.

According to the NZ Herald, bidders also cited the threat of
enforcement action by prior-ranking mortgagees, uncertainty
regarding the level of recovery and complexities of loan
participation arrangements.

Because of the considerable uncertainty, the NZ Herald says, the
receivers are estimating gross recoveries to the secured debenture
investors from the loan book, prior to costs, in a wide range
between 12% and 35%.

Of Strategic Finance's 87 loans, approximately 25 of the borrowers
are either in liquidation, receivership, or the property owned by
the borrower is being, or has been sold, by the first mortgagee
exercising its power of sale, the NZ Herald reports.

Between March 12 and October 1 about $42 million had been
recovered from the loan book but only $5.4 million came to
Strategic Finance, with the balance going to prior-ranking
creditors and to cover sale costs, according to the NZ Herald.

                      About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provides specialist financial and advisory services to the
property and corporate sectors.  The Company operates in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-operating
subsidiary is Strategic Properties No.1 Limited.  In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ends the moratorium arrangement that has
been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone payment on January 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.


SOUTH CANTERBURY: Receivers Appoint Goldman Sachs as Sale Advisor
-----------------------------------------------------------------
Receivers for South Canterbury Finance have appointed Goldman
Sachs & Partners New Zealand Limited as sale advisor for specific
investment assets, The National Business Review reports.

NBR relates Kerryn Downey and William Black of McGrathNicol said
Goldman Sachs will assist in selling 100% of Helicopters (NZ) and
a majority shareholding in apple exporter Scales Corporation.

Both companies are separate from the core finance business of the
SCF Group, NBR says.

Goldman Sachs & Partners is the New Zealand-owned local branch of
the global investment bank.

                       About South Canterbury

Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services.  The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors.  It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.

On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008.  As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver.  At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


ARKMACAO (SINGAPORE): Court to Hear Wind-Up Petition on October 29
------------------------------------------------------------------
A petition to wind up the operations of Arkmacao (Singapore) Pte
Ltd will be heard before the High Court of Singapore on Oct. 29,
2010, at 10:00 a.m.

LWC Alliance Pte Ltd filed the petition against the company on
October 8, 2010.

The Petitioner's solicitors are:

          Harry Elias Partnership LLP
          SGX Centre 2
          #17-01, 4 Shenton Way
          Singapore 068807


GOODRICH MARITIME: Court to Hear Wind-Up Petition on October 29
---------------------------------------------------------------
A petition to wind up the operations of Goodrich Maritime Pte Ltd
will be heard before the High Court of Singapore on October 29,
2010, at 10:00 a.m.

Bok Seng Logistics Private Limited filed the petition against the
company on October 12, 2010.

The Petitioner's solicitor is:

          M/s Choo Hin & Partners
          10 Anson Road
          International Plaza #13-09
          Singapore 079903


ORIENT TELECOMMUNICATIONS: Creditors' Meetings Set for October 29
-----------------------------------------------------------------
Orient Telecommunications Networks Pte Ltd, which is in
liquidation, will hold a meeting for its creditors on October 29,
2010, at 11:00 a.m., at 6 Shenton Way, #32-00 DBS Building Tower
Two, Singapore 068809.

Agenda of the meeting includes:

   a. to receive a status update of the liquidation
      administration;

   b. to approve the Liquidators' and solicitors' remuneration;
      and

   c. discuss other business.

The company's liquidator is Tam Chee Chong.


PLATO-STRAITS HERITAGE: Creditors' Proofs of Debt Due November 22
-----------------------------------------------------------------
Creditors of Plato-Straits Heritage Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 22,
2010, to be included in the company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Eu Chee Wei David
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


VEGA LINE: Creditors' Proofs of Debt Due November 18
----------------------------------------------------
Creditors of Vega Line Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by November 18, 2010, to
be included in the company's dividend distribution.

The company's liquidators are:

          Low Mei Mei Maureen
          Catherine Lim Siok Ching
          C/O 8 Wilkie Road
          #03-01 Wilkie Edge
          Singapore 228095


=================
S R I   L A N K A
=================


* Moody's Issuer First Annual Sovereign Report on Sri Lanka
-----------------------------------------------------------
Moody's Investors Service has published its first annual sovereign
report on Sri Lanka, and which provides a methodological
assessment underpinning the country's B1 foreign-currency issuer
rating and the stable rating outlook.

The main considerations underpinning the rating rationale are:

1.  A substantial pick-up in economic growth potential is
    underway;

2.  Strategic policy initiatives and reforms are supported by a
    strong domestic political mandate and sound monetary
    management;

3.  Government credit metrics are weak, but, improvements in
    fiscal and debt dynamics, and the external balance of payments
    position are likely; and

4.  Reduction in event risk follows the conclusion of the civil
    conflict, but the sovereign's balance sheet is stretched, and
    any materialization of contingent liabilities would be
    problematic.

"The outlook is stable and balances the likelihood of credit
improvements that could materialize from stronger economic
performance and policy reforms, against the government's large
debt overhang and lingering external refinancing risks," says
Mr. Aninda Mitra, a Moody's Vice President and Senior Analyst.

Mitra was speaking on the release of the report, and which
followed the publication of a press release on September 22
announcing its assignment of the first-time rating to the
Government of Sri Lanka.

"The stable outlook also considers Sri Lanka's small size, shallow
domestic capital markets, and relatively modest gross domestic
savings.  Moody's therefore place more forward-looking credit
emphasis on an improvement in fiscal management, which is an area
where reforms are planned, but, a track record is awaited," adds
Mitra.

What Could Change the Rating -- Up:

An improvement in the government's fiscal and debt positions;
lower and less volatile inflation; and, sustainable improvements
in foreign currency reserve adequacy, supported in particular by
larger foreign direct investment inflows.

What Could Change the Rating -- Down:

Failure to progress on fiscal consolidation, or a loss of
inflation control, and a substantial worsening of the country's
external balance and foreign currency liquidity position.  A
reversal of recently achieved political stability, which could
adversely impact resident and foreign investor confidence.


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


PACNET LIMITED: Fitch Assigns 'B+' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned Pacnet Limited a Long-term foreign
currency Issuer Default Rating of 'B+'.  The Outlook is Stable.
Fitch has also assigned an expected 'BB+' rating and an expected
'RR1' recovery rating to the proposed US$300m 5-year Senior
Secured Guaranteed Notes due to be issued by Pacnet.  The notes
are secured by the assets and equity interests of Pacnet and its
subsidiaries, and guaranteed by Pacnet and its direct and indirect
subsidiaries.  The final ratings are contingent upon receipt of
documents conforming to information already received by Fitch.

Pacnet plans to use the proceeds from the Notes firstly to repay
fully its existing secured term loan facility and, together with a
potential bank loan of US$50m (comprising a US$30m term loan
facility and a US$20m revolving loan facility) as additional
liquidity, to finance capex related to its submarine cable
networks and to pay dividends to its shareholders.  Fitch notes
that a covenant associated with the proposed issue will prevent
the company from making further dividends for three years post the
date of the issue.  Pacnet's debt would comprise mainly the
proposed Notes and capital leases of US$35m once the Notes are
issued.

Pacnet's ratings reflect its ownership of a submarine transmission
network which spans all major Asia Pacific markets and provides
the company with competitive and defensive advantages for its
business of selling network capacity and internet connectivity to
telecom carriers, MNCs and SMEs.  Competition is largely limited
to three other major players with significantly less total
capacity.  Fitch believes a key differentiating factor is Pacnet's
ability to offer its customers a natural "meshing" of networks,
given that its two separately constructed cables - EAC and C2C -
share separate entry into common countries.

The ratings take into consideration the positive outlook for
industry revenue growth.  This growth is driven by rising Asian
internet traffic - inter-regional and intra-regional - and the
increasing use of media-rich applications (including internet
video, social networks and gaming applications), which should
further increase the demand for network bandwidth capacity.

Pacnet's ratings are constrained by its comparatively small scale
of operations with EBITDAR at only US$100m in 2009.  Moreover, as
all four major players in the Asia Pacific region have significant
excess capacity, bandwidth prices are likely to continue falling
sharply.  While the agency assumes that rising data demand across
Asia Pacific will more than offset the fall in bandwidth prices,
the potential for new additional networks and further economic
downturns to restrain IT spending remain major risks.

The expected 'RR1' recovery rating assigned to the Senior Secured
Guaranteed Notes reflects an expected 100% value recovery for the
notes' debt holders in the event of default, based on the agency's
assessment of the going concern enterprise value of Pacnet's cable
networks under a stressed situation.  In this regard Fitch has
considered Pacnet's acquisition prices for the C2C and EAC
networks, respectively in 2005 and 2006.

Fitch would consider a positive rating action if, as the agency
expects, the company generates FFO in excess of US$120m, and
reports an FFO adjusted net leverage below 3.0x, both on a
sustained basis.  Negative rating actions could be taken if new
additional capacity in the Asia Pacific submarine cable space
leads to a greater than expected fall in unit prices which in turn
results in Fitch expecting Pacnet's revenue growth to fall below
5% yearly for at least two consecutive years.  Further negative
rating actions may be taken if Pacnet's heavy debt-funded capex
exceeds the agency's expectations, if Fitch expects the company's
EBITDAR margins to fall below 15%, or if the agency anticipates
that FFO adjusted net leverage is likely to exceed 4x on a
sustained basis.


SINOPAC ISSUER: Fitch Downgrades Issuer Default Rating
------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based Bank SinoPac Issuer
Default Rating to 'BBB' from 'BBB+' and National Long-term Rating
to 'A+(twn)' from 'AA-(twn)', revised the rating Outlook to Stable
from Negative and affirmed its other ratings.  Accordingly, the
agency downgraded its parent SinoPac Financial Holdings IDR to
'BBB-' from 'BBB' and National Long-term Rating to 'A(twn)' from
'A+(twn)', revised its rating Outlook to Stable from Negative and
affirmed its other ratings.  At the same time, the agency has
affirmed and withdrawn all the ratings of SinoPac Securities, the
group's securities subsidiary.

The downgrade of BSP's Long-term Ratings reflects its weakened
credit profile after a volatile performance in its core business
in recent years.  BSP's historically stronger capital buffer, more
resilient and less volatile earnings performance left it well
positioned at its previous IDR at 'BBB+' and at the top end of the
'C' Individual Rating.  However, Fitch considers BSP's individual
financial strength to be less strong than before and less strong
versus its regional peers, placing BSP now around the average for
'C' rated peers.  More specifically, BSP's liquidity profile and
asset quality are similar to 'C' rated peers, but its earnings
performance and capital position are slightly weaker than the
average level of 'C' rated counterparts.

BSP's Stable rating Outlook underlies Fitch's expectation that the
bank will regain profitability   --  albeit only modestly   --  in
2010-11 and is adequately capitalized to withstand potential
negative shocks and/or further losses arising from its commercial
real estate exposure through its U.S. subsidiary, Far East
National Bank.  In addition, BSP's efforts at institutionalizing
its risk management may help to prevent it from repeating large
one-off losses during the recent global financial crisis.

Fitch expects modest profits for BSP in 2010 and 2011 as the
lingering concern in FENB's commercial real estate exposures may
partially offset the recovery in its core earnings in Taiwan.  The
asset quality of BSP's total loan book has improved, benefiting
from the domestic economic recovery as well as its efforts in
cleaning off legacy problem loans.  The increase in non-performing
loans in its domestic loan book has been on the downtrend, and
risks from restructured loans have lessened.  BSP's liquidity
profile should remain fair and stable given the bank's resilient
deposit franchise throughout the crisis.  Capitalization is
considered adequate against its reasonable risk profile.  Fitch's
stress test indicated the bank's capital buffer was adequate to
accommodate potential increases in credit costs, locally and
overseas.

Significant improvement in risk-adjusted core earnings may benefit
BSP's Long-term Ratings, while potential upgrades to its
Individual Rating may depend on a more robust and sustainable
earnings performance and capital position, and is hence less
likely in the medium term.  On the other hand, BSP's concentrated
property-related exposures may pressure both its Long-term Ratings
and Individual Rating should the property market reverse markedly.

The downgrade of SPH's Long-term Ratings corresponds with the
rating actions on its principal subsidiary, BSP.  SPH's ratings
reflect its low leverage, moderate liquidity risk, slightly
improved core earnings at its banking subsidiary and the volatile
nature of earnings at its securities subsidiary.  Its Stable
rating Outlook, which is similar to BSP's, reflects the BSP's
gradual improvement in internal capital generation, as well as
SPS' adequate capital position against its moderate risk appetite.
Its ratings will be mostly driven by the credit profile of its
principal operating subsidiary, BSP.

The affirmation of SPS' ratings reflects its continuing strong
brokerage franchise and reasonable earnings performance throughout
the crisis.  SPS's Stable rating Outlook is underpinned by its
adequate capitalization and liquid balance sheet against its
moderate risk appetite.

Founded in 2002, SPH is a mid-sized bank holding company with
consolidated assets of TWD1.17 trillion at end H110.  Ranked the
tenth largest among the 14 domestic financial holding groups by
asset size, SPH provides diversified financial services through
its two major subsidiaries, BSP and SPS, and five small
subsidiaries in other financial sectors.  BSP has 129 branches and
commanded a 3.47% market share in deposits at end-H110.
Headquartered in Los Angeles, FENB has 11 offices throughout
California and reported assets of US$1,667m as of H110.  SPS is
ranked the 4th in domestic stock brokerage.  Taiwan-based
conglomerate Yong Foong Yu Group is the group's largest
shareholder and controls 6 out of 13 board seats.

A Credit Update on SPH and a Credit Analysis on BSP will be
published shortly and available on www.fitchratings.com.

The new ratings of BSP and SPH are:

BSP:

  -- Long-term foreign currency Issuer Default Rating
     downgraded to 'BBB' from 'BBB+',

  -- Short-term foreign currency IDR at 'F2',

  -- National Long-term rating downgraded to 'A+(twn)' from 'AA-
      (twn)',

  -- National Short-term rating at 'F1+(twn)',

  -- Individual at 'C',

  -- Support at '3',

  -- Support Rating Floor at 'BB+', and

  -- Outlook changed to Stable from Negative.

SPH:

  -- Long-term foreign currency IDR downgraded to 'BBB-' from
     'BBB',

  -- Short-term foreign currency IDR at 'F3',

  -- National Long-term rating downgraded to 'A(twn)' from
     'A+(twn)',

  -- National Short-term rating at 'F1(twn)',

  -- Individual at 'C',

  -- Support at '5', and

  -- Outlook changed to Stable from Negative.

The ratings of SPS are withdrawn:
SPS:

  -- Long-term foreign currency IDR at 'BBB',
  -- Short-term foreign currency IDR at 'F3',
  -- National Long-term rating at 'A+(twn)',
  -- National Short-term rating at 'F1(twn)',
  -- Individual at 'C',
  -- Support at '2', and
  -- Stable Outlook


TAISHIN BILLS: Fitch Puts Ratings on Rating Watch Positive
----------------------------------------------------------
Fitch Ratings has placed most of Taishin Bills Finance
Corporation's ratings on Rating Watch Positive following an
announcement that it will merge with Taishin International Bank
('BBB'/Outlook Stable); both are fully-owned subsidiaries of
Taishin Financial Holdings Company.  The rating actions are:

  -- 'BBB-' Long-term foreign currency IDR placed on RWP;
  -- Short-term foreign currency IDR affirmed at 'F3';
  -- 'A(twn)' National Long-term rating placed on RWP;
  -- National Short-term rating affirmed at 'F1(twn)';
  -- 'C/D' Individual Rating placed on RWP; and
  -- '2' Support Rating placed on Rating Watch Negative.

The placement of Taishin BFC's ratings on Rating Watch reflects
Fitch's anticipation that the ratings will be aligned with TIB's
once the merger is complete.  The placement of Taishin BFC's
Support rating on RWN indicates the expected change in the source
of support from Taishin FHC to the state.

The merger is subject to regulatory approval and is expected to be
finalized by end-2010.  Fitch expects to resolve the Rating Watch
status and align Taishin BFC's ratings with TIB's and subsequently
withdraw Taishin BFC's ratings upon completion of the in-group
merger.  The merger will have limited impact on the financial
profile of both Taishin FHC and TIB given Taishin BFC's small size
(1.7% of the group's consolidated assets and 3.6% of equity) and
TIB's capability to cover Taishin BFC's main operations.

Taishin FHC and TIB's financial profile improved over 2009-H110
after rebuilding balance sheet strength following the unsecured
consumer lending crisis in late 2005.  Fitch views the
consolidation of the two subsidiaries to reflect Taishin Group's
continued efforts to deploy capital and capitalize on growth
opportunities in order to enhance its banking franchise.

Established in 1998, Taishin BFC is a small bills finance company
with total assets of TWD52bn (including TWD10bn guarantees) and
has a 4.7% market share of the bills finance sector).



                             *********

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 ***