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                      A S I A   P A C I F I C

          Wednesday, December 15, 2010, Vol. 13, No. 247

                            Headlines



A U S T R A L I A

FULTONBAH PTY: Three Gold Coast Stores Go Into Receivership
OCTAVIAR LIMITED: Public Probe to Resume Today in Brisbane
SNOW'S CONFECTIONERY: Goes Into Administration, Up for Sale


C H I N A

CHINA MEDICAL: Fitch Affirms Issuer Default Rating at 'B+'


H O N G  K O N G

ACME SANITARY: Creditors' Meeting Set for December 23
BELTON INDUSTRIAL: Members' Annual Meetings Set for January 10
BONAR FLOORS: Members' Meeting Set for January 12
CAPITAL HUMAN: Members' & Creditors' Meetings Set for December 30
COIGNITION LTD: Middleton and Mitchell Step Down as Liquidators

TRANS-OCEAN INSURANCE: Lai and Haughey Step Down as Liquidators
WARNER BROS.: Placed Under Voluntary Wind-Up Proceedings
YU ON: Members' Final Meeting Set for January 11
YUEGANG INVESTMENT: Briscoe and Wong Step Down as Liquidators
YUEN CHEONG: Members' Final General Meeting Set for January 11


I N D I A

ETHNIC AGROS: CRISIL Upgrades Rating on INR120M Cash Debt to 'BB'
ETHNIC TOBACCO: CRISIL Lifts Rating on INR30MM Cash Credit to 'BB'
LAKSHMI GANESHA: CRISIL Reaffirms 'BB-' Rating to INR57.5MM Loan
NAGA SINDHU: CRISIL Assigns 'B-' Rating to INR179 Million LT Loan
NAGARJUNA CREDITS: CRISIL Rates INR200 Million Term Loan at 'BB'

RAKSHIT DRUGS: CRISIL Assigns 'BB' Rating to INR70MM Cash Credit
SARASWATI EDUCATION: CRISIL Rates INR330 Mil. Term Loan at 'BB-'
SITARAM SPINNERS: CRISIL Reaffirms 'BB' Rating on INR196MM Loan
SOUTH INDIA: CRISIL Reaffirms 'BB-' Rating on INR26.7MM LT Loans
STP LIMITED: CRISIL Upgrades Rating on INR90MM Cash Debt to 'BB-'


I N D O N E S I A

ARPENI PRATAMA: S&P Downgrades Corporate Credit Rating to 'D'
PAKUWON JATI: Fitch Upgrades Issuer Default Ratings to 'B-'


J A P A N

JAPAN AIRLINES: Pilots to File Lawsuit Over Dismissal Notice
JLOC 39: Fitch Puts Ratings on Various Notes on Negative Watch
WMT GLOBAL: S&P Downgrades Ratings on Two Classes of Notes


K O R E A

DAEWOO ENG'G: KDB Buys 37.19% Daewoo Stake for KRW2.2 Tril.
HYUNDAI ENGINEERING: Hyundai Motor Calls For Probe on KEB


M A L A Y S I A

AFFIN BANK: Fitch Affirms Individual Rating at 'C/D'
ALLIANCE BANK: Fitch Affirms Individual Rating at 'C/D'


N E W  Z E A L A N D

PIKE RIVER: Receivers Confirm 114 Job Cuts


P H I L I P P I N E S

PHILIPPINE LONG: Fitch Affirms 'BB+' Ratings on Senior Notes


S I N G A P O R E

FLEMING FAMILY: Creditors' Proofs of Debt Due January 12
IP-COMMS CONSULTING: Creditors' Meetings Set for December 20
METRONOME PTE: Creditors' Proofs of Debt Due December 28
OLAM ONLINE: Creditors' Proofs of Debt Due January 10
PROCENTEC PTE: Creditors' Meetings Set for December 22

RANODO ELECTRONICS: Creditors' Meetings Set for December 22


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            - - - - -


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


FULTONBAH PTY: Three Gold Coast Stores Go Into Receivership
-----------------------------------------------------------
Inside Retailing Online reports that three Gold Coast stores
trading under the Barbecues Galore banner are for sale by
receivers.  The report relates that the outlets, in Helensvale,
Bundall and Tweed Heads, were recently placed in receivership.
The stores are owned by Fultonbah Pty Ltd.

According to the report, Michael McCann of Grant Thornton LLP is
appointed as receiver and manager.

Inside Retailing Online notes that expressions of interest close
on December 21, 2010, and while stores may be sold separately,
franchisor's consent of any purchaser will be required.

Gold Coast stores sell outdoor furniture and barbecues, boasting a
combined annual turnover of about AU$3.7 million.


OCTAVIAR LIMITED: Public Probe to Resume Today in Brisbane
----------------------------------------------------------
Nick Nichols at goldcoast.com.au reports that the public
examination into the collapse of Octaviar Limited shows no sign of
letting up with proceedings moving to Brisbane for the first time
next week.

The probe by liquidator Kate Barnet, of Bentleys Corporate
Recovery, has been conducted in Sydney over the past eight months,
goldcoast.com.au notes.

According to the report, the purpose of the investigation is to
determine when Octaviar, formerly known as MFS, became insolvent.

Mr. Nichols says that among the examinees to have already appeared
this year are company founders Michael King and Phil Adams,
although much of the investigation has centered on evidence from
former company secretary David Anderson.

This time around, goldcoast.com.au notes, two existing and one
former executives at Fortress Credit will be under the spotlight
when the examination resumes in Brisbane for two days, on
December 15 and December 16.

Fortress Credit chief executive David Kelleher and fellow director
Mark Kwei will take the stand, as well as former executive Nick
Slack, goldcoast.com.au says.

Former MFS auditor Mitch Craig of KPMG is being probed in a
separate session in Sydney on the same days, goldcoast.com.au
states.

The report says that it is likely some of the questioning will
centre on the events leading up to Octaviar's repayment of about
$100 million to Fortress in 2007.

                       About Octaviar Limited

Australian-based Octaviar Limited, formerly known as MFS Limited,
operates as an investment management business with a portfolio of
businesses and assets.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 15, 2008, Octaviar Limited appointed John Greig and Nicholas
Harwood of Deloitte as Voluntary Administrators.  The directors of
three Octaviar subsidiaries, Octaviar Financial Services Pty Ltd,
Octaviar Investment Notes Limited and Octaviar Investment Bonds
Limited, also appointed Messrs. Greig and Harwood as Voluntary
Administrators.  Fortress Credit Corporation (Australia) II Pty
Ltd., one of Octaviar Limited's major creditors, also appointed
Stephen James Parbery and Anthony Milton Sims of PPB as receivers
and managers for Octaviar.

In December 2008, Octaviar's creditors voted for a deed of company
arrangement over two entities in the Octaviar group, Octaviar
Limited and Octaviar Administration Pty Limited.  The three other
companies in the group were subsequently wound up.

The TCR-AP reported on Aug. 4, 2009, that the Supreme Court of
Queensland placed Octaviar Ltd into liquidation.  Justice
Philip McMurdo terminated a deed of company arrangement that has
been in place since December 2008, naming company administrators
John Greig and Nick Harwood at Deloitte, as provisional
liquidators.

Administrators and liquidators Greig and Harwood at Deloitte were
then replaced by Bentleys Corporate Recovery under court order.

According to The Age, creditors are yet to recover about
AU$2.5 billion from the Group, which was found to have
AU$1 billion in inter-company loans.


SNOW'S CONFECTIONERY: Goes Into Administration, Up for Sale
-----------------------------------------------------------
James Thomson at Smart Company reports that Snow's Confectionery
has collapsed into administration and has been put up for sale.

According to Smart Company, ASIC records showed that the business
was placed in the hands of voluntary administrator Adam Shepard of
Sydney insolvency firm Setter Shepard on November 30.  The report
relates that Mr. Shepard formally advertised the business for
sale.

Smart Company notes that what has caused the company's collapse is
unclear at this stage, although the recent strength of the
Australian dollar -- which this morning hovered around US99c --
has put even more pressure on exporters already exposed to soft
retail sales around the world.

                     About Snow's Confectionery

Snow's Confectionery was established in 1929 by Harry Hughes, who
started making toffee in his backyard kitchen.  The business has
remained in the Hughes family for more than 90 years, during which
time the company's slogan -- "I cook with glucose" -- has become
well known.  The company is a key confectionery supplier to
supermarkets including Coles, Woolworths, Franklins and Aldi,
which sell Snow's products under their home brands.  The company
also has an extensive and long-established export business that
sells to China, Hong Kong, Indonesia, Singapore, Taiwan,
New Zealand, the Middle East and North America.


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


CHINA MEDICAL: Fitch Affirms Issuer Default Rating at 'B+'
----------------------------------------------------------
Fitch has affirmed China Medical Technologies, Inc.'s Long-term
foreign currency issuer default rating at 'B+' following the
company's issuance of US$150m convertible bonds due 2016 (CB 2016)
on 6 December 2010.  The Outlook remains Stable.  Simultaneously,
the agency has withdrawn the expected 'B+' issue rating on CMED's
proposed senior unsecured notes of up to US$200m assigned on 20
September 2010.  The reason for the rating withdrawal is that the
originally proposed senior unsecured notes offering is no longer
expected to proceed as previously envisaged given the CB 2016
issuance.

The CB 2016 issuance largely reduces the refinancing risk CMED
faced on the maturing of US$135m convertible bonds in November
2011 (CB 2011).  The company has used US$105.9m of the CB 2016
proceeds to repurchase the outstanding CB 2011.  The outstanding
balance of CB 2011 is now reduced to US$29.1m, which should be
well-covered by CMED's recurring cash flow and existing cash
balance.


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


ACME SANITARY: Creditors' Meeting Set for December 23
-----------------------------------------------------
Creditors of Acme Sanitary Engineering Company Limited will hold
their meeting on December 23, 2010, at 11:00 a.m., for the
purposes provided for in Sections 199, 241, 242, 243, 244, and 251
of the Companies Ordinance.

The meeting will be held at the offices of Borrelli Walsh Limited
at Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in
Hong Kong.

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

The company's liquidators are:

         Cosimo Borrelli
         Chan Ho Yin
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


BELTON INDUSTRIAL: Members' Annual Meetings Set for January 10
--------------------------------------------------------------
Members of Belton Industrial (International) Limited will hold
their annual general meetings on January 10, 2011, at 4:00 p.m.,
at 62nd Floor, One Island East, 18 Westlands Road, Island East, in
Hong Kong.

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


BONAR FLOORS: Members' Meeting Set for January 12
-------------------------------------------------
Members of Bonar Floors Limited will hold a meeting on January 12,
2011, at 10:00 a.m., at 27th Floor, Alexandra House, 16-20 Chater
Road, Central, in Hong Kong.

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


CAPITAL HUMAN: Members' & Creditors' Meetings Set for December 30
-----------------------------------------------------------------
Members and creditors of Capital Human Resources Company Limited
will hold their annual meetings on December 30, 2010, at 2:15
p.m., and 2:30 p.m., respectively at 25/F., Tern Centre Tower I,
237 Queen's Road Central, Sheung Wan, in Hong Kong.

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


COIGNITION LTD: Middleton and Mitchell Step Down as Liquidators
---------------------------------------------------------------
Edward Simon Middleton and Paul Edward Mitchell stepped down as
liquidators of Coignition Limited on December 1, 2010.


TRANS-OCEAN INSURANCE: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of Trans-Ocean Insurance Company Limited on
December 6, 2010.


WARNER BROS.: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 26, 2010,
creditors of Warner Bros. Theatres (HK) Limited resolved to
voluntarily wind up the company's operations.

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


YU ON: Members' Final Meeting Set for January 11
------------------------------------------------
Members of Yu On Commodities Company Limited will hold their final
meeting on January 11, 2011, at 10:00 a.m., at 11/F., V Heun
Building, 138 Queen's Road Central, in Hong Kong.

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


YUEGANG INVESTMENT: Briscoe and Wong Step Down as Liquidators
-------------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Yuegang Investment Company Limited on November 30, 2010.


YUEN CHEONG: Members' Final General Meeting Set for January 11
--------------------------------------------------------------
Members of Yuen Cheong Property Investment Co. Limited will hold
their final general meeting on January 11, 2011, at Suite 2202,
22/F., Chinachem Tower, 34-37 Connaught Road Central, in Hong
Kong.

At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


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


ETHNIC AGROS: CRISIL Upgrades Rating on INR120M Cash Debt to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Ethnic
Agros Ltd, part of the Ethnic group, to 'BB/Stable' from
'B+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR120.0 Million Cash Credit       BB/Stable (upgraded from
                                                 B+/Stable)

The upgrade reflects improvement in the Ethnic group's financial
risk profile, led by significant equity infusion and diminished
risk associated with the large capital expenditure (capex) for
commissioning threshing plant on account of near completion stage.

The ratings reflect the Ethnic group's average financial risk
profile, on account of large working capital requirements and
debt-funded capex, lower profitability as compared with some of
its larger peers, its susceptibility to adverse regulatory
changes, and the vulnerability of its export receivables to
fluctuations in the value of the rupee.  These weaknesses are
partially offset by the healthy business prospects for Indian
tobacco traders, the group's professional senior management, and
the extensive experience of its promoters in the tobacco industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of EAL with those of its group companies,
Ethnic Tobacco India Ltd, Ethnic Spices Pvt Ltd and Ind Tob
International Pvt Ltd (ITIPL), together referred to as the Ethnic
group.  This is because of significant operational, management and
financial synergies between the group entities. For arriving at
its earlier ratings, CRISIL did not consolidate the business and
financial risk profiles of ESPL and ITIPL.

Outlook: Stable

CRISIL believes that the Ethnic group will maintain steady revenue
growth over the medium term, supported by the increasing demand
for Indian tobacco in global markets.  The outlook may be revised
to 'Positive' if the Ethnic group's turnover and operating profit
increase substantially, leading to improvement in its business
risk profile or if operations of its threshing plant stabilize,
resulting in lower offtake risk. Conversely, the outlook may be
revised to 'Negative' if equity infusion is lower than expected,
the group contracts large debt to fund its capex, or its turnover
or profitability reduces considerably, weakening its financial
risk profile.  Any significant delays in stabilization of
operations of its threshing plant would also lead to a revision in
outlook to 'Negative'.

                          About the Group

ETIL, based in Guntur (Andhra Pradesh), was incorporated in
January 2006 by Mr. T Venkata Rao and his brother, Mr. T Murali
Mohan. ETIL trades in un-manufactured tobacco.  EAL was
incorporated as a private limited company in September 2006 and
later converted to a public limited company.  It is into ginning
of cotton, and also trades in cotton lint and un-manufactured
tobacco.

ESPL, incorporated in 2006, was set up to trade in spices, but
currently trades only in un-manufactured tobacco. The company
started its operations in 2009-10 (refers to financial year,
April 1 to March 31).  ITIPL was incorporated in 2010-11; it also
trades in un-manufactured tobacco.

All the four companies ETIL, EAL, ESPL and ITIPL are promoted by
the Mr. T Venkata Rao and Mr. T Murali Mohan.

EAL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR330.8 million for 2009-10, against a PAT of INR2.7
million on net sales of INR174.6 million for 2008-09.


ETHNIC TOBACCO: CRISIL Lifts Rating on INR30MM Cash Credit to 'BB'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Ethnic
Tobacco (India) Ltd, part of the Ethnic group, to 'BB/Stable' from
'B+/Stable'.

   Facilities                         Ratings
   ----------                         -------
   INR 30.0 Million Cash Credit       BB/ Stable (Upgraded from
                                                  B+/Stable')

   INR 410.0 Million Cash Credit      BB/ Stable (Upgraded from
                                                  B+/Stable')

The upgrade reflects improvement in the Ethnic group's financial
risk profile, led by significant equity infusion and diminished
risk associated with the large capital expenditure (capex) for
commissioning threshing plant on account of near completion stage.

The ratings reflect the Ethnic group's average financial risk
profile, on account of large working capital requirements and
debt-funded capex, lower profitability as compared with some of
its larger peers, its susceptibility to adverse regulatory
changes, and the vulnerability of its export receivables to
fluctuations in the value of the rupee.  These weaknesses are
partially offset by the healthy business prospects for Indian
tobacco traders, the group's professional senior management, and
the extensive experience of its promoters in the tobacco industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ETIL with those of its group companies,
Ethnic Agros Ltd, Ethnic Spices Pvt Ltd and Ind Tob International
Pvt Ltd, together referred to as the Ethnic group. This is because
of significant operational, management and financial synergies
between the group entities.  For arriving at its earlier ratings,
CRISIL did not consolidate the business and financial risk
profiles of ESPL and ITIPL.

Outlook: Stable

CRISIL believes that the Ethnic group will maintain steady revenue
growth over the medium term, supported by the increasing demand
for Indian tobacco in global markets.  The outlook may be revised
to 'Positive' if the Ethnic group's turnover and operating profit
increase substantially, leading to improvement in its business
risk profile or if operations of its threshing plant stabilize,
resulting in lower offtake risk.  Conversely, the outlook may be
revised to 'Negative' if equity infusion is lower than expected,
the group contracts large debt to fund its capex, or its turnover
or profitability reduces considerably, weakening its financial
risk profile.  Any significant delays in stabilization of
operations of its threshing plant would also lead to a revision in
outlook to 'Negative'.

                         About the Group

ETIL, based in Guntur (Andhra Pradesh), was incorporated in
January 2006 by Mr. T Venkata Rao and his brother, Mr. T Murali
Mohan. ETIL trades in un-manufactured tobacco.  EAL was
incorporated as a private limited company in September 2006 and
later converted to a public limited company. It is into ginning of
cotton, and also trades in cotton lint and un-manufactured
tobacco.

ESPL, incorporated in 2006, was set up to trade in spices, but
currently trades only in un-manufactured tobacco.  The company
started its operations in 2009-10 (refers to financial year,
April 1 to March 31). ITIPL was incorporated in 2010-11; it also
trades in un-manufactured tobacco.

All the four companies ETIL, EAL, ESPL and ITIPL are promoted by
the Mr. T Venkata Rao and Mr. T Murali Mohan.

ETIL reported a profit after tax (PAT) of INR40.5 million on net
sales of INR1.3 billion for 2009-10, against a PAT of INR7.3
million on net sales of INR511.8 million for 2008-09.


LAKSHMI GANESHA: CRISIL Reaffirms 'BB-' Rating to INR57.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Lakshmi Ganesha Textiles
Ltd continues to reflect LGTL's weak financial risk profile, small
scale of operations, and the vulnerability of its operating margin
to volatility in cotton prices.  These rating weaknesses are
partially offset by the company's diverse product portfolio and
longstanding relationships with customers and suppliers.

   Facilities                         Ratings
   ----------                         -------
   INR57.50 Million Long-Term Loan    BB-/Stable (Reaffirmed)
   INR80.00 Million Cash Credit       BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LGTL's credit risk profile will remain
constrained over the medium term because of the small scale of the
company's operations and small net worth.  The outlook may be
revised to 'Positive' if the company's financial risk profile
improves substantially, with considerable improvement in gearing
and the operating margin.  Conversely, it may be revised to
'Negative' in case of larger-than-expected debt-funded capital
expenditure programme.

                        About Lakshmi Ganesha

LGTL, a closely held public company, was set up in 1989 by Mr. V
Radhakrishnan.  It manufactures cotton yarn and has an installed
capacity of around 28,440 spindles at its unit in Alathur village,
near Coimbatore.  The company is managed by Mr. Vikram Naidu, son
of Mr. V Radhakrishnan.  LGTL has a diverse product profile,
comprising warp yarn, hank yarn, and hosiery yarn in varied
counts.  The company procures raw cotton from Gujarat, Andhra
Pradesh, Karnataka, and Madhya Pradesh.

For 2009-10 (refers to financial year, April 1 to March 31), LGT
posted a profit after tax of INR3.98 million on net sales of
INR426 million, against a profit after tax of INR1.72 million on
net sales of INR343 million for 2008-09.


NAGA SINDHU: CRISIL Assigns 'B-' Rating to INR179 Million LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Naga Sindhu Spinning & Ginning Mills Pvt Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR179.00 Million Long-Term Loan   B-/Stable (Assigned)
   INR32.50 Million Cash Credit       B-/Stable (Assigned)
   INR3.60 Million Bank Guarantee     P4 (Assigned)

The ratings reflect Naga Sindhu's below-average financial risk
profile, marked by small net worth and high gearing, exposure to
supplier concentration risks, and susceptibility of its operating
margin to volatility in raw material prices.  These rating
weaknesses are partially offset by Naga Sindhu's healthy operating
efficiency.

Outlook: Stable

CRISIL believes that Naga Sindhu will benefit over the medium term
from its healthy operating efficiency and promoters' experience in
the textile business.  The outlook may be revised to 'Positive' if
there is a significant increase in Naga Sindhu's cash accruals and
improvement in capital structure, resulting in an improvement in
its financial risk profile.  Conversely, the outlook may be
revised to 'Negative' if the company faces time or cost overrun in
its capital expenditure (capex) plans, fails to stabilize
operations after the completion of expansion activities, or
undertakes larger-than-expected debt-funded capex programme,
resulting in deterioration in its financial risk profile,
especially liquidity.

                         About Naga Sindhu

Naga Sindhu was incorporated in 2008 and is based in Andhra
Pradesh.  The company manufactures polyester yarn of 60's count
and sells it to merchant exporters and domestic traders.  It
started commercial production in April 2009, with a capacity of
14,400 spindles.  The company's day-to-day operations are managed
by its promoter, Mr. K Sankara Rao, and his sons, Mr. K
Satyanarayana Rao and Mr. K Naga Malleswara Rao. The company has
plans to change its product profile to polyester yarn and
polyester-viscose blended yarn of 30's count by 2011-12 (refers to
financial year, April 1 to March 31).  The company also has capex
plans of INR70 million, funded by debt of INR47 million, in the
medium term for buying additional machinery.

Naga Sindhu reported, on provisional basis, a net loss of INR16.6
million on net sales of INR172.3 million for 2009-10.


NAGARJUNA CREDITS: CRISIL Rates INR200 Million Term Loan at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the proposed long-
term bank facility of Nagarjuna Credits and Capitals Ltd.

   Facilities                         Ratings
   ----------                         -------
   INR200 Million Proposed Term       BB/Stable (Assigned)
        Loan/Refinance Facility

The rating reflects NCCL's small scale of operations, with
regional concentration in its revenue profile, dependence of its
expansion plans on funding sources from nodal agency, Indian
Renewable Energy Development Agency Ltd by way of refinance, and
modest, albeit improving, asset quality.  These rating weaknesses
are partially offset by the experience of NCCL's promoters in the
solar water heating system business and the company's adequate
capitalization.

Outlook: Stable

CRISIL believes that NCCL will benefit from the experience of its
promoters and adequate capitalization.  The extent of increase in
NCCL's scale of operations will, however, depend on its ability to
get timely approvals and refinancing from IREDA.  The outlook will
be revised to 'Positive' if NCCL significantly scales up its
operations and improves its asset quality.  Conversely, the
outlook may be revised to 'Negative' if the company's asset
quality deteriorates significantly or if there is a sharp decline
in its profitability.

                      About Nagarjuna Credits

NCCL is a public limited company with registered office in Peenya
(Bengaluru).  Mr. T J Joseph, Mr. P V Narayanan, and other
shareholders (including their families and associate companies)
acquired NCCL business in 2001.  The company primarily provides
financing against solar water heaters manufactured by Ministry of
New and Renewable Energy approved companies like Anu Solar Power
Pvt Ltd (Anu Solar, rated 'BBB-/Stable/P3' by CRISIL) and also
provides business loans to small and medium scale enterprises.
Anu Solar, which owns 31 per cent of NCCL's equity shares, was
established in 1979; it manufactures solar water heating systems
and solar photovoltaic systems.

For 2009-10 (refers to financial year, April 1 to March 31), NCCL
reported a profit after tax (PAT) of INR8.7 million on a total
income of INR25.5 million, compared with a PAT of INR8.3 million
on a total income of INR19.7 million for the previous year.


RAKSHIT DRUGS: CRISIL Assigns 'BB' Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Rakshit Drugs
Pvt Ltd's bank facilities.

   Facilities                        Ratings
   ----------                        -------
   INR70.00 Million Cash Credit      BB/Stable (Assigned)
   INR30.00 Million Inland/Foreign   P4+ (Assigned)
                  Letter of Credit

The ratings reflect RDPL's large working capital requirements,
exposure to risk related to product concentration in revenue
profile, and susceptibility to intense competition in the active
pharmaceutical ingredient (API) segment.  These rating weaknesses
are partially offset by RDPL's established market position in the
API segment, and moderate financial risk profile, marked by
healthy gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that RDPL will maintain its healthy capital
structure and benefit from its promoters' industry experience,
over the medium term.  The outlook may be revised to 'Positive' if
RDPL enhances its scale of operations significantly and
diversifies its revenue profile, while sustaining profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability deteriorates steeply, it undertakes large
debt-funded capital expenditure programme, or extends substantial
funds to its group entities, thereby weakening its financial risk
profile.

                        About Rakshit Drugs

Set up in 2000, RDPL manufactures APIs.  The company's key APIs
are sildenafil citrate, amlodipine besylate, cinnarizine,
omeprazole powder, triclabendazole, and others.  Its manufacturing
unit in Gaddapotharam (Andhra Pradesh) has a processing capacity
of about 180 tonnes per annum.  RDPL is promoted by Mr A.P.
Rameswara Rao and family.  The promoters also own Rakshit
Pharmaceuticals Ltd and Sainor Pharma Pvt Ltd.

RDPL reported a profit after tax (PAT) of INR28 million on net
sales of INR502 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR25 million on net sales
of INR394 million for 2008-09.


SARASWATI EDUCATION: CRISIL Rates INR330 Mil. Term Loan at 'BB-'
----------------------------------------------------------------
CRISIL has assigned the ratings of 'BB-/Stable' to the rupee term
loan facility of Saraswati Education Society, Navi Mumbai.

   Facilities                          Ratings
   ----------                          -------
   INR330.0 Million Rupee Term Loan    BB-/Stable (Assigned)

The ratings reflect SES's moderate financial risk profile
characterized by high gearing and low net worth and its exposure
to high degree of regulatory controls.  These weaknesses are
somewhat mitigated by the increasing demand for the wide portfolio
of professional courses offered by SES.

Outlook: Stable

CRISIL believes that SES will maintain its business risk profile
and healthy operating margins over the medium term, backed by the
steady demand for professional education in Maharashtra state.
The outlook may be revised to 'Positive' if SES is able to
significantly improvement its accruals thereby improving its
capital structure and debt protection matrix. Conversely the
outlook may be revised to 'Negative' in the event of large debt
funded capex or deterioration in its debt protection measures.

Saraswati Education Society was promoted by Mr. Prithviraj
Deshmukh, ex-MLA, in year 1997, with an objective of imparting
quality professional education.  The society currently runs three
institutions viz. SCOE -- offering bachelors' degree courses in
engineering, Saraswati Institute of Technology (SIT) -- offers
diploma engineering courses in five different engineering, and
Saraswati Institute of Management & Research Centre -- offers
Masters of Management Studies and Post Graduate Diploma in
Management (PGDM, autonomous).  The society also runs an English
medium school in Khadepur, Sangli.  All the institutes run by the
society are approved AICTE/MSBTE and are affiliated to Mumbai
University. Currently the society has more than 2,000 students
studying in various institutions run by the society.

For 2009-10 (refers to financial year, April 1 to March 31), SES
reported a provisional profit after tax (PAT) of INR30 million on
net sales of INR100 million, as against a PAT of INR20 million on
net sales of INR70 million for 2008-09.


SITARAM SPINNERS: CRISIL Reaffirms 'BB' Rating on INR196MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sitaram Spinners Pvt Ltd
continue to reflect Sitaram Spinners' exposure to risks related to
its ongoing, large, debt-funded capex, and susceptibility of its
margins to volatility in cotton prices.  These rating weaknesses
are partially offset by Sitaram Spinners' promoters' industry
experience and its healthy operating efficiencies.

   Facilities                     Ratings
   ----------                     -------
   INR54.00 Million Cash Credit   BB/Stable (Reaffirmed)
   INR196.00 Million Term Loan    BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Sitaram Spinners will maintain its business
risk profile, supported by its promoters' industry experience and
established market position in the textile business.  The outlook
may be revised to 'Positive' if Sitaram Spinners successfully
commissions its ongoing project and ramp up the enhanced capacity
leading to improved revenues and healthy cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company reports significantly lower-than-expected revenues,
profitability and debt protection metrics, or if there is time or
cost over run in its ongoing project.

                       About Sitaram Spinners

Sitaram Spinners was incorporated in 2005.  The company
manufactures cotton yarn.  Its unit is in the Medak District of
Andhra Pradesh.  The company commenced operations in April 2008
with 14,400 spindles, which was later increased to 18,000
spindles.  Sitaram Spinners manufactures warp yarn in counts of
20s to 44s.  The company is increasing its capacity to 45,360
spindles and is expected to commission the enhanced capacity by
June 2011.  The project is being set up a cost of around
INR1000 million funded with a mix of debt to equity at 2:1.

Sitaram Spinners reported a profit after tax of INR21.6 million on
net sales of INR453.4 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR1.5 million
on net sales of INR185.6 million for 2008-09.


SOUTH INDIA: CRISIL Reaffirms 'BB-' Rating on INR26.7MM LT Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of South India Sponge Iron
Pvt Ltd continue to reflect SISIPL's exposure to implementation-
related risks in its ongoing projects, small scale of operations,
modest net worth, and susceptibility of its margins to cyclicality
in steel industry and volatility in raw material prices.  The
impact of these weaknesses is partially mitigated by SISIPL's
demonstrated raw material sourcing capability, established
relationships with customers, and moderate financial risk profile
marked by moderate gearing and debt protection metrics.

   Facilities                            Ratings
   ----------                            -------
   INR26.7 Million LT Loans              BB-/Stable (Reaffirmed)
   INR45.0 Million Cash Credit Limit     BB-/Stable (Reaffirmed)
   INR183.0 Million Proposed LT Bank     BB-/Stable (Reaffirmed)
                       Loan Facility
   INR10.5 Million Letter of Credit      P4+ (Reaffirmed)

Outlook: Stable

CRISIL believes that SISIPL's business risk profile will remain
moderate over the medium term, supported by SISIPL's improving
operational efficiencies and buoyant market conditions in the
steel industry.  The company will continue to face implementation-
related risks in its ongoing projects.  The outlook may be revised
to 'Positive' if SISIPL commences operations at its additional
capacities without time or cost overrun, or if there is a
significant improvement in its capital structure, driven by equity
infusion.  Conversely, the outlook may be revised to 'Negative' if
SISIPL contracts more-than-expected debt for funding its capital
expenditure, thereby weakening its capital structure, or if its
profitability declines sharply.

                      About South India Sponge

SISIPL is a closely held company.  It manufactures sponge iron,
and has a production capacity of 30,000 tonnes per annum (tpa).
It was promoted in 2006 by Mr. Rahul Khetan, who is currently the
company's managing director.  SISIPL commenced commercial
operations in March 2006 in Malur, near Hosur (Tamil Nadu).  The
company plans to double its capacity by adding about 30,000 tpa,
entailing an outlay of about INR130 million to be funded through a
term loan of INR80 million, equity of INR42.5 million, and
internal accruals.  The implementation of the project has not
started yet as it is awaiting environmental clearance (expected by
January 2011).

For 2009-10 (refers to financial year, April 1 to March 31),
SISIPL reported a profit after tax (PAT) of INR9.95 million on net
sales of INR296.4 million, against a PAT of INR2.27 million on net
sales of INR413.94 million for 2008-09.


STP LIMITED: CRISIL Upgrades Rating on INR90MM Cash Debt to 'BB-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of STP Ltd
to 'BB-/Stable/P4+' from 'B/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR90 Million Cash Credit          BB-/Stable (Upgraded from
                                                  'B/Stable')
   INR50 Million Letter of Credit     P4+ (Upgraded from 'P4')
   INR20 Million Bank Guarantee       P4+ (Upgraded from 'P4')

The upgrade reflects increase in STP's revenues by 27 per cent in
2009-10 (refers to financial year, April 1 to March 31), driven by
growth in the construction and real estate sectors.  The company
has generated gross revenues of around INR650 million for the
first half of 2010-11; its revenues for 2010-11 are expected to be
around INR1.40 billion.  Moreover, STP has started realizing
blocked funds from old debtors and has been able to recover
INR9.70 million in 2009-10; doubtful debtors have reduced to
INR20.2 million as on March 31, 2010 from INR29.9 million as on
March 31, 2009.  The upgrade also reflects improvement in STP's
disclosures and accounting quality in the past four years since
the change in the company's operational management.

The ratings reflect STP's average scale of operations and
operating efficiency, and limited financial flexibility because of
average net worth.  These rating weaknesses are partially offset
by STP's moderate business risk profile marked by long standing
presence in the industry, and its low gearing.

Outlook: Stable

CRISIL believes that STP will continue to benefit from the support
from the Turner Morrison group (of which STP is part).  The
outlook may be revised to 'Positive' if STP reports substantial
growth in its operating income and profitability, while
maintaining a healthy capital structure, or if it recovers more-
than-expected quantum of overdue and receivables.  Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile weakens, most likely because of losses, low
profitability, or increase in overdue and receivables levels.

                            About STP Ltd

STP, part of the Turner Morrison group, has three business
verticals: coal tar products, corrosion protection products, and
construction chemicals. The company manufactures construction
chemicals at its unit in Goa, bituminous products at its unit in
Chennai, and coal tar products in Jamshedpur.  Its customers
include the Indian Railways, and companies such as the Oil and
Natural Gas Corporation Ltd, Reliance Industries Ltd, Indian Oil
Corporation Ltd, and Larsen & Toubro Ltd.  STP is setting up three
more units in Uttar Pradesh, Kolkata, and Andhra Pradesh.

STP reported a profit after tax (PAT) of INR10.6 million on net
sales of INR914.0 million for 2009-10, against a PAT of INR12.4
million on net sales of INR720.1 million for 2008-09.


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


ARPENI PRATAMA: S&P Downgrades Corporate Credit Rating to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based PT Arpeni
Pratama Ocean Line Tbk. to 'D' from 'SD'.  At the same time, S&P
lowered the issue rating on the outstanding US$140.85 million
senior secured notes due May 3, 2010, issued by Arpeni
Pratama Ocean Line Investment B.V. and guaranteed by Arpeni, to
'D' from 'C'.

S&P downgraded Arpeni because the company has not paid the coupon
that was due on Nov. 3, 2010, even though the 30-day grace period
has passed.  The previous two coupon payments were made within the
grace period.  S&P had earlier lowered the ratings on Arpeni to
'SD' from 'CC' because the company deferred the principal payments
on some of its loans.

"Arpeni's liquidity has been increasingly stressed since 2009,"
said Standard & Poor's credit analyst Manuel Guerena.  "The
company funded its growing working capital requirements using
short-term loans, despite its already high indebtedness.  The
situation was compounded by a decline in operating margin."


PAKUWON JATI: Fitch Upgrades Issuer Default Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has upgraded PT Pakuwon Jati Tbk's Long-term foreign
and local currency Issuer Default Ratings to 'B-' from 'CCC' and
its National Long-term rating to 'BBB-(idn)' from 'B(idn)'.  The
Outlook on these ratings is Stable.  The agency has also upgraded
the US$ senior notes due 2011 to 'B-/RR4' from 'CCC/RR4'.  At the
same time, the National Long-term rating on Pakuwon's senior
unsecured rupiah bonds (outstanding IDR38.5bn) due 2011 has been
upgraded to 'BBB-(idn)' from 'B(idn)'.

The upgrade reflects Pakuwon's completion of most of the Gandaria
City project, reduced development risks associated with this
project, and improvements in its cash generation and liquidity
position.  As of October 2010, 89% and 51% of Gandaria's
apartments and office blocks were presold respectively with
installment-based cash flows expected through 2011.  Pakuwon
intends to sell only 60% of the office block and has leased out
16% of the remainder as at end October 2010.  In the nine months
ended September 2010, the company's revenue and cash flow from
operations of IDR795bn and IDR231bn were significantly higher
relative to IDR697bn and IDR82bn respectively in FY09.  Pakuwon's
recurring revenues (currently around IDR400bn per year) can
improve meaningfully if the new mall in Gandaria City, which was
opened in H2-2010, can achieve and sustain high occupancy and
robust rents.

Although Pakuwon's debt maturities spike in 2011 (to IDR362
billion), Fitch believes this is manageable given the unrestricted
cash balances of IDR329 billion at end-October 2010, expected free
cash generation and undrawn credit facilities of around IDR90bn.
Outflow on capex has been reduced with much of the Gandaria
project completed.  Pakuwon's leverage as measured by net adjusted
debt to funds from operations (excluding restricted cash) has
improved to 1.6x as of September 2010 (from 2.3x at FYE09), and
its FFO interest coverage has also improved to 6.4x from 2.2x in
FY09.

The stable outlook reflects Fitch's expectation of Pakuwon
maintaining a risk profile appropriate for its ratings in the
short- to medium-term.  A negative rating action can be taken if
Pakuwon's liquidity profile weakens unexpectedly and/ or due to
any substantial new investments that would increase its risk
profile.  Conversely, Fitch may consider a positive rating action
- especially on Pakuwon's National Long-term rating - if the
company can generate strong cash flows from its new mall and
increase its sustainable recurring income.


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


JAPAN AIRLINES: Pilots to File Lawsuit Over Dismissal Notice
------------------------------------------------------------
Kyodo News reports that Japan Airlines Corp. pilots who have
received dismissal notifications have threatened to file lawsuits
unless the company withdraws the notifications.

Kyodo relates that one of the pilots said at a press conference
that the dismissal decision means management is shifting its
responsibility for the airline's financial deterioration to
employees.

According to Kyodo, JAL has decided to fire 94 pilots at the end
of this month as its voluntary retirement program has failed to
achieve a job reduction target.  They include those who have been
off duty due to illness beyond a certain period of time and are
captains who are 55 years old or older and co-pilots who are 48
years old or older.

One of the 14 pilots present at the press conference said JAL
ignored accumulation of experience by subjecting older pilots to
dismissal, according to Kyodo.  Another said the company is
abusing the right of dismissal as the decision was made despite an
earnings recovery.

                        About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.

The Tokyo District Court this month approved Japan Airlines'
rehabilitation plan.  The turnaround plan includes debt waivers,
job cuts and the closure of unprofitable domestic and
international routes.


JLOC 39: Fitch Puts Ratings on Various Notes on Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed classes A to D trust beneficiary
interests from JLOC 39 Trust due April 2014 on Rating Watch
Negative.  The transaction is a Japanese multi-borrower type CMBS
securitization.  The details of the rating actions are:

  -- JPY13.8bn* Class A TBIs 'AAsf'; placed on RWN;

  -- JPY5.4bn* Class B TBIs 'BBB+sf'; placed on RWN;

  -- JPY3.9bn* Class C TBIs 'B-sf'; placed on RWN; and

  -- JPY2.2bn* Class D TBIs 'CCCsf'/Recovery Rating 'RR6'; placed
     on RWN.

  * as of December 9, 2010

The class A to D TBIs have been placed on RWN mainly due to
concerns relating to the performance of the largest underlying
loan, which accounts for about 60% of the current underlying loan
balance.  This loan is backed by a single office building in
Tokyo.  Due to the deterioration in property cash flow, the loan
faces an increased risk regarding continuance of timely payments
of loan interest and replenishment of the reserve fund in
accordance with transaction documentation.

Fitch will conduct further analysis of the performance of the
underlying loans, including the largest underlying loan.  The
agency will also reflect the status of the second-largest
underlying loan, which is scheduled to mature in February 2011,
and expects to review the RWN status within three months.

This transaction was a securitization of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans (collectively, 'underlying
loans') issued by or extended to a total of 10 issuers or
borrowers.  At closing, these underlying loans were ultimately
secured by 34 commercial real estate properties.  To date, three
underlying loans have been fully repaid.  The transaction is
currently secured by seven underlying loans backed by eight
commercial real estate properties, and by final repayment proceeds
from one underlying loan.


WMT GLOBAL: S&P Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class D and E fixed-rate notes issued under the WMT Global Funding
II Inc. transaction.  At the same time, S&P kept the ratings on
classes A-1 to C on CreditWatch with negative implications, and
removed the rating on class D from CreditWatch negative.  The
ratings on classes A-1 to D were placed on CreditWatch with
negative implications on Sept. 2, 2010.

The servicer has been trying to sell the loan backing the
transaction since the loan defaulted in October 2009.  According
to the servicer, although discussions between the relevant parties
with a view to entering a final agreement are in progress, the
sale has yet to be completed.  In addition, the amount of time
left until the transaction's legal final maturity date is limited
(about 11 months).

S&P lowered its ratings on classes D and E and removed the rating
on class D from CreditWatch with negative implications because S&P
views the recovery prospects of the loan with uncertainty
considering the situation of the collection procedure conducted by
the servicer.

S&P kept the ratings on classes A-1 to B on CreditWatch with
negative implications because S&P hold the view that the
likelihood of completion of the collection process (by the
transaction's legal final maturity date) is falling toward a level
that would no longer be commensurate with the current ratings.
S&P may need to consider further rating actions on class A-1 to B
if prospects with regard to the completion of the collection
process remain unclear as the transaction's legal final maturity
date draws closer.  Meanwhile, S&P maintained the rating on class
C on CreditWatch with negative implications because the likely
collection amount may decline further, depending on the progress
of collection.

S&P intends to continue to focus on information that S&P receive
from the servicer regarding the progress of collection, and review
its ratings on classes A-1 to C accordingly.

WMT Global Funding II Inc. is a single-borrower multi-asset CMBS
transaction.  The notes issued under this transaction are backed
by a loan extended to a single borrower.  The loan was originally
secured by 10 extended-stay limited-service apartment properties.
The transaction was arranged by Lehman Brothers Japan Inc. Capital
Servicing Co. Ltd. acts as the servicer for this transaction.

S&P published its revised criteria for assessing counterparty and
supporting obligations.  However, as the effective date of these
criteria will be Jan. 17, 2011, S&P did not apply the updated
criteria to this transaction at this time.

             Rating Lowered, Off Creditwatch Negative

                    WMT Global Funding II Inc.
JPY9.3 billion commercial mortgage-backed notes due November 2011

  Class     To         From                Initial Issue Amount
  -----     --         ----                --------------------
  D         CCC (sf)   B- (sf)/Watch Neg   JPY0.9 bil.

                          Rating Lowered

  Class     To         From                Initial Issue Amount
  -----     --         ----                --------------------
  E         CCC- (sf)  CCC (sf)            JPY1.1 bil.

               Ratings Kept On Creditwatch Negative

     Class     Rating                   Initial Issue Amount
     -----     ------                   --------------------
     A-1       AA (sf)/Watch Neg        JPY4.0 bil.
     A-2       AA (sf)/Watch Neg        JPY1.0 bil.
     B         A+ (sf)/Watch Neg        JPY1.2 bil.
     C         BB- (sf)/Watch Neg       JPY1.1 bil.


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


DAEWOO ENG'G: KDB Buys 37.19% Daewoo Stake for KRW2.2 Tril.
-----------------------------------------------------------
Trading Markets reports that the state-run Korea Development Bank
has completed the purchase of the construction unit of Kumho
Asiana Group, currently under a liquidity crunch.

According to Reuters, a private equity fund held by state-run
Korea Development Bank signed a US$1.9 billion deal to buy a
controlling stake in Daewoo Engineering & Construction to help the
restructuring of its cash-strapped parent group.

Reuters says KDB, the lead creditor for Kumho Asiana Group, bought
37.16% of Daewoo for KRW2.2 trillion (US$1.9 billion), or
KRW18,000 a share, from its financial investors who held an option
to sell their stake back to Kumho group firms at a sharply higher
price than the current market value.

The bank, Trading Markets related, had originally sought to
purchase a majority of stake in Daewoo Engineering, but was forced
in October to aim for a 39.58 percent stake due to its failure to
attract financial investors.

"The deal will help support restructuring of Kumho Group . . . and
help stabilize financial markets," KDB said in a statement,
according to Reuters.

As reported in the Troubled Company Reporter-Asia Pacific on
July 1, 2009, Kumho Asiana Group decided to put Daewoo Engineering
and Construction up for sale.  Kumho Asiana, which bought Daewoo
Engineering for US$5 billion in 2006, said it has not yet
determined the exact size of stake to be sold, the Financial Times
said.  The size of the sale would be designed to "minimize the
group's losses and to reduce a buyer's burden."  The announcement,
according to the FT, follows pressure on Kumho to raise money by
finding fresh investors in Daewoo by the end of July to ease a
liquidity crunch.  Kumho has a 33% stake in Daewoo with management
control while financial investors hold a further 39%.

                     About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


HYUNDAI ENGINEERING: Hyundai Motor Calls For Probe on KEB
---------------------------------------------------------
Yonhap News reports that Hyundai Motor Co. has called for criminal
investigations on three bank officials overseeing the sale of
Hyundai Engineering & Construction for breach of trust.

According to Yonhap, the automaker also said it will soon bring a
KRW50 billion compensation suit against the three officials and
Korea Exchange Bank for failure to reject a faulty, if not
illegal, bid by Hyundai Group to take over Hyundai Engineering.

Yonhap relates that KEB and other creditors of Hyundai Engineering
named Hyundai Group as the prime bidder.  The decision left
Hyundai Motor shocked, Yonhap notes.

KEB's decision, however, immediately sparked suspicion since
Hyundai Group said KRW1.2 trillion of its KRW5.51 trillion bid
offer will come from a French subsidiary whose entire asset is
estimated at some KRW3.3 billion, according to Yonhap.

Hyundai Group, headed by Chung Mong-koo's widowed sister-in-law,
Hyun Jeong-eun, has countered that the loan is a legitimate
business arrangement and that it had nothing to do with the
construction company.

In its suit against the KEB officials, Yonhap relates, Hyundai
Motor claimed Hyundai Group was selected the prime bidder only
because the bank officials failed to do their duty.  Hyundai Motor
has been sued by Hyundai Group for defamation.

Meanwhile, AFP reports that Hyundai Group has filed a preliminary
injunction to prevent any cancellation of its agreement to take
over the country's largest builder.

Hyundai Group said in a statement it filed the injunction against
the creditors of the construction firm, to protect its rights as
the preferred bidder for the 34.88 percent stake.

                      About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into these key areas:
building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.

Hyundai Engineering has been under creditors' control.  In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.


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


AFFIN BANK: Fitch Affirms Individual Rating at 'C/D'
----------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn
Malaysia-based Affin Bank's 'C/D' Individual Rating and '3'
Support Rating.

Affin Bank's Individual Rating is premised on its modest domestic
franchise but with a satisfactory balance sheet considering its
reasonable asset quality record, modest earnings profile and good
capital base.  These factors help to mitigate the bank's low
reserves on non-performing loans than other rated-local banks.
Affin Bank's Support Rating reflects the agency's view of a
moderate probability of state support for the bank, considering
its 2%-3% share of banking system assets and substantial ownership
by the government-owned military pension fund.

The rating withdrawal results from Fitch's decision to discontinue
analytical coverage on Affin Bank as the bank's ratings are no
longer considered to be relevant to the agency's coverage.


ALLIANCE BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has affirmed Alliance Bank Malaysia Berhad's
Individual rating at 'C/D' and Support rating at '3'.

The affirmation of Alliance Bank's Individual rating reflects its
recovering profitability following the global financial crisis,
and satisfactory levels of capital and reserves against NPLs which
counterbalance the challenges of a highly competitive market and a
somewhat uncertain global economy.  However, the Individual rating
may be under pressure if the bank's asset quality and
profitability weaken to levels which threaten its solvency
position.

The affirmation also recognizes that an internal investigation at
Alliance Bank in early 2010, involving some of its senior
management, has not undermined its franchise.  Following the
resignation of the bank's CEO and COO in February 2010, a new
seasoned management team has taken the helm, and no further
fallout is expected from the investigation.  For further details,
please refer to non-rating action commentary, entitled "Fitch:
Alliance Bank Malaysia Probe Unlikely to have Material Ratings
Impact", dated 8 January 2010.

The affirmation of the Support rating at '3' is underpinned by
Fitch's expectations that there would be a moderate probability of
support for the bank, despite it being the smallest of nine local
banking groups (2.2% of system assets), and given the Malaysian
government's strong track record of supporting financial
institutions.

Based on Fitch's calculations, return on assets recovered to 1.28%
in H1FY11 (annualized) from 0.97% in FY ended March 2010 due to
better net interest income and significantly lower impairment
charges; however it notes that ROA is still below 1.39% reported
in FY08.  The bank's largely variable rate loan portfolio suggests
that its net interest margin should benefit when interest rates
rise, although any upside could eventually be moderated as it has
relied more on time deposits in recent months to expand its
deposit base, especially under intense competition.

At end-September 2010, customer deposits remained the bank's main
funding source, with loan-deposit ratio of 80.8% (FY10: 88.2%) as
growth in deposits, driven mainly by time deposits, outpaced loan
growth.  Lower cost demand and savings accounts contributed about
35% to customer deposits.

As at end-September 2010, loan quality remained relatively stable
with the gross NPL ratio of 3.8%.  NPL reserve coverage of 83.2%
was also reasonable, in view of its satisfactory Tier 1 CAR of
11.9% (after deducting proposed dividends), composed entirely of
common equity.  Separately, within Alliance Bank's MYR425 million
collateralized loan obligation portfolio, a total of MYR185
million CLOs have matured, where the payments received and
provisions made have offset the losses arising from the defaults.
The remaining CLO of MYR240 million, which matures in
October 2011, was fully provided for in March 2010.

Alliance Bank was formed through the merger of Multi-Purpose Bank
with several financial institutions in 2001.  It is fully-owned by
Alliance Financial Group Berhad, a publicly-listed holding company
which is in turn 29.06%-owned by Vertical Theme; the latter is a
51:49 JV between Langkah Bahagia and Temasek Holdings.


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


PIKE RIVER: Receivers Confirm 114 Job Cuts
------------------------------------------
The Sydney Morning Herald reports that receivers of Pike River
Coal Ltd have confirmed 114 workers will be made redundant.

According to SMH, Pike River discussed the future of the company
and its workers at a meeting with receivers in Greymouth, on the
west coast of the South Island, on Tuesday.

SMH relates that one of the PricewaterhouseCoopers receivers,
John Fisk, said they were negotiating with all of Pike River's
management team and no job was safe, including that of CEO Peter
Whittall.

SMH notes that Mr. Fisk said there was about NZ$9 million left in
the company and that would be used to pay out workers and
contractors.  Each employee would get what they were entitled to
under employment law, to the maximum of NZ$Z18,700.

Mr. Fisk said there could be NZ$100 million in insurance available
but that had yet to be confirmed, SMH adds.

As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said Pike River Coal Ltd, the
New Zealand company that operates the coal mine where 29 miners
died in a series of explosions last month, has been placed into
receivership.  Pike River Chairman John Dow said that its largest
shareholder, NZ Oil & Gas, appointed accountants
PricewaterhouseCoopers as receivers.

According to Bloomberg, the first major methane-fueled explosion
ripped through the mine on November 19, and the 29 miners were
declared dead after a second major blast five days later.

Details of the company's financial position have not been
released, but Mr. Dow said the mining company was in a
"precarious" financial position following the disaster that has
left it unable to repay its loans to NZ Oil & Gas and its bank,
Bloomberg noted.  Bloomberg disclosed that NZ Oil & Gas, which
owns 29.4% of the miner, said Pike River has "substantial" debts.

The Pike River Mine is a coal mine operated by Pike River Coal
Ltd north-northeast of Greymouth in the West Coast Region of
New Zealand's South Island.


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


PHILIPPINE LONG: Fitch Affirms 'BB+' Ratings on Senior Notes
------------------------------------------------------------
Fitch Ratings has affirmed Philippine Long Distance Telephone
Company's Long-term local currency Issuer Default Rating at 'BBB',
Long-term foreign currency IDR and the rating of its outstanding
global bonds and senior notes at 'BB+', and National Long-term
rating at 'AAA(phl)'.  The Outlook is Stable.

PLDT's ratings reflect its position as the Philippines' incumbent
operator with impressive EBITDA margins at the 60% level and
leading market positions in the wireless, fixed-line and broadband
sectors.  The company has a 58% wireless revenue market share and
56% and 59% fixed-line and broadband subscriber market share,
respectively, at end-September 2010 (Q310).  During the nine
months to end September 2010 (9M10), PLDT's financial performance
remained stable, though with a negative bias, with consolidated
revenues and EBITDA declining by 1% and 3% respectively.  The
company's cash flows and leverage ratios have remained robust with
pre-dividend free cash flow margin of 30% in 2009 (2008: 36%), and
low FFO adjusted net leverage (Total adjusted debt net of cash to
funds flow from operations) of 0.9x at end-September 2010 (end-
2009: 0.76x).

Fitch notes that PLDT's ratings are constrained by its
expectations that the cellular portion of the wireless segment now
offers limited growth opportunities with headline penetration of
more than 90%.  The agency expects that PLDT's wireless segment,
the mainstay of its consolidated profile (9M10 revenue: 60%; 9M10
EBITDA: 68%), is expected to face much higher competition.  So
far, wireless competition has marginally affected PLDT's RMS,
which it has maintained between 57%-58% during 2008-2010.
However, competition is likely to intensify further with
aggressive "unlimited plans" and promotions by Globe Telecom
('BB+'/Stable) and Digitel Mobile Philippines, Inc. (under the Sun
Cellular brand name).  Moreover, there is the risk that the
industry could become more competitive on the entry of a new
player - San Miguel Corporation in partnership with Qatar Telecom
- over the medium term.  SMC and Qatar Telecom announced their
memorandum of understanding in 2008, and have so far focused on
wireless broadband through their stakes in Liberty Telecoms
Holdings INC.

Fitch notes that increasing adoption of fixed-line and wireless
broadband services tends to cannibalize wireless data (mainly
SMS), as well as National long distance and International long
distance service revenues, to some extent.  Compared to Asia-
Pacific peers, the impact is much higher for the Philippine telcos
since SMS revenues represent almost 50% of total wireless
revenues.  Accordingly the uptake of lower-margin wireless and
fixed-line broadband services is likely to place downward pressure
on the Philippine telcos' existing SMS, NLD and ILD service
revenues and consolidated margins.

PLDT's local currency rating of 'BBB'/Stable (which exceeds the
sovereign local currency rating by two notches) does not take into
account foreign currency transfer and convertibility risk, and is
more reflective of the company's standalone credit profile.  A
negative rating action would be taken on PLDT's local currency IDR
in case of material debt-funded acquisitions or capital management
initiatives, or if there is a sharp deterioration in the
operating/regulatory environment, which results in FFO Net
adjusted leverage falling below 2.0x.  Conversely, Fitch may take
a positive action on PLDT's local currency IDR if there are
improvements in the company's financial profile leading to
sustained positive post-dividend free cash flows.

PLDT's foreign currency IDR is effectively capped by the
Philippines' Country Ceiling rating, and an upgrade or downgrade
of the Country Ceiling would result in a similar change to the
former rating.  The National 'AAA(phl)' rating is indicative of
PLDT's relative credit strength among all Philippine companies.


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


FLEMING FAMILY: Creditors' Proofs of Debt Due January 12
--------------------------------------------------------
Creditors of Fleming Family & Partners (Singapore) Pte Ltd, which
is in members' voluntary liquidation, are required to file their
proofs of debt by January 12, 2011, to be included in the
company's dividend distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Abuthahir Abdul Gafoor
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


IP-COMMS CONSULTING: Creditors' Meetings Set for December 20
------------------------------------------------------------
Ip-Comms Consulting and Services Pte Ltd, which is in compulsory
liquidation, will hold a meeting for its creditors on December 20,
2010, at 10:00 a.m., at 8 Cross Street, #17-00 Building, in
Singapore 048424.

Agenda of the meeting includes:

   a. to lay before the meeting a report of the liquidators
      showing how the winding-up was conducted;

   b. to approve the remuneration of the liquidators; and

   c. discuss other business.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Stret #17-00
         PWC Building
         Singapore 048424


METRONOME PTE: Creditors' Proofs of Debt Due December 28
--------------------------------------------------------
Creditors of Metronome Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 28, 2010, to be included in the company's dividend
distribution.

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


OLAM ONLINE: Creditors' Proofs of Debt Due January 10
-----------------------------------------------------
Creditors of Olam Online Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by January 10, 2011, to
be included in the company's dividend distribution.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


PROCENTEC PTE: Creditors' Meetings Set for December 22
------------------------------------------------------
Procentec Pte Ltd, which is in liquidation, will hold a meeting
for its creditors on December 22, 2010, at 3:00 p.m., at 19 Keppel
Road #03-07, Jit Poh Building, in Singapore 089058.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, it thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 19 Keppel Road
         #02-01 Jit Poh Building
         Singapore 089058


RANODO ELECTRONICS: Creditors' Meetings Set for December 22
-----------------------------------------------------------
Ranodo Electronics Pte Ltd, which is in judicial management,
will hold a meeting for its creditors on December 22, 2010, at
3:00 p.m., at 1 Changi Business Park Ave 1 #05-01 Ultro Building,
Singapore 486058.

The judicial manager is:

          Lin Mee Huat Casey
          c/o M/s Casey Lin & Company
          10 Anson Road #35-11
          International Plaza
          Singapore 079903


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                             *********

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, Psyche A. Castillon, 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 ***