TCRAP_Public/121120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, November 20, 2012, Vol. 15, No. 231

                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Gives 'B2' CFR; Rates Secured Term Loan 'B2'
DAMELIAN AUTOMOBILE: Owner Bankrupted as Receivers Sold Cartyards
PACNET LIMITED: Moody's Confirms 'B2' CFR; Outlook Negative
U.S. REALTY: KMPG Named as Liquidators to 4 Offshore Firms
VOYAGER GAMING: PA Lucas Appointed as Administrators


H O N G  K O N G

AMCOR HOLDINGS: Briscoe and Chan Appointed as Liquidators,
BEST RISE: Court to Hear Wind-Up Petition on Dec. 12
BRIGHTEX INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 5
CHINA (I.C.P.): Court Enters Wind-Up Order
CHUNG WO: Creditors' Proofs of Debt Due Dec. 3

EVER NICE: Court Enters Wind-Up Order
KAM KUEN: Hung and Yau Step Down as Liquidators
PACIFIC TELEPHONE: Court to Hear Wind-Up Petition on Dec. 19
PAN-WIN MOTORS: Court Enters Wind-Up Order
PREMIER DISTRIBUTORS: Court to Hear Wind-Up Petition on Dec. 19

WAI KEE: Court to Hear Wind-Up Petition on Jan. 9
YORK LUEN: Court to Hear Wind-Up Petition on Dec. 5


I N D I A

ADITI INDUSTRIES: CRISIL Assigns 'B+' Rating to INR95MM Loans
ASOMI FINANCE: CRISIL Assigns 'B+' Rating to INR492.5MM Loans
BHRAMARI STEELS: CARE Places 'CARE BB-' Rating on INR20.57cr Loan
KAMALAM HANDLOOMS: CARE Assigns 'CARE BB-' Rating to INR20cr Loan
KUBER SECURITIES: CARE Rates INR8.6cr LT Loan at 'CARE B'

LAWRENCE CLOTHING: CRISIL Assigns 'B+' Rating to INR22.5MM Loan
MAHAMAYA FOODS: CRISIL Puts 'BB-' Rating on INR57.5MM Loans
MANTENA CONSTRUCTIONS: CARE Rates INR9cr LT Loan at 'CARE BB-'
PARSHVANATH WELDWIRES: CARE Rates INR8.5cr Loan at 'CARE BB'
R. K. EXPORTS: CARE Rates INR7cr Longterm Loan at 'CARE BB-'

SYNPACK FINANCE: CRISIL Cuts Rating on INR100MMM Loan to 'B'
TRANSNATIONAL: CRISIL Puts 'B+' Rating on INR25MM Cash Credit


J A P A N

ELPIDA MEMORY: Rexchip Electronics Expecting JPY10-Bil. Repayment
ELPIDA MEMORY: Nanya Drops ITC Patent Suit
ELPIDA MEMORY: U.S. Judge to Review Rambus Patent Deals


N E W  Z E A L A N D

FIVE STAR: CA Reverses High Court Ruling
ROSS ASSET: SFO Starts Probe Into David Ross & Firm


S I N G A P O R E

BAXUS MARINE: Court to Hear Wind-Up Petition Nov. 30
CHINA FOODZART: Court Enters Wind-Up Order
FABIEN PICTET: Creditors' Proofs of Debt Due Dec. 17
FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30


S R I  L A N K A

* SRI LANKA: Moody's Says Outlook on 'B1' Rating Positive


V I E T N A M

VIETNAM EXIMBANK: S&P Assigns 'B+/B' Issuer Credit Ratings


X X X X X X X X

* ASIA PACIFIC: Moody's Says Third Qtr. Credit Trend Negative
* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2012


                            - - - - -


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


ATLAS IRON: Moody's Gives 'B2' CFR; Rates Secured Term Loan 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a first time B2 corporate
family rating to Atlas Iron Ltd.  At the same time, Moody's has
assigned a provisional (P)B2 senior secured rating to the
proposed US$325 million senior secured Term Loan Facility entered
into by Atlas Iron Limited and Atlas America Finance, Inc., a
100% owned and guaranteed subsidiary of Atlas.

This is the first time that Moody's has assigned ratings to
Atlas. The outlook on the ratings is stable.

The assignment of a definitive rating to the Senior Secured Term
Loan is subject to review of the final documentation, and to
successful close of the transaction. The proceeds of the issuance
will be used for general corporate purposes, which Moody's
expects will include funding the company's growth initiatives.

Ratings Rationale

"Atlas' B2 corporate family rating reflects the company's
product, geographic and operational concentration, its small
scale and short reserve life," says Matthew Moore, a Moody's
Assistant Vice President -- Analyst. "The rating also reflects
the significant capital spending required to grow its production
profile over the next two years, and the potential for execution
challenges surrounding its various projects under development,"
Mr. Moore adds.

The rating is supported by Atlas' moderate cost position and
improving track record of production and project execution. "The
company is undergoing a significant capacity expansion that will
see production more than doubling to over 12 million tons per
annum over the next 24 months," Moore says, adding, "the higher
production, if achieved as planned, will strengthen Atlas'
position in the rating and could support a higher rating,
depending on the operating environment and the company's business
strategy and financial policy at that time."

"However, major missteps in executing on the growth plan could
pressure the rating," Moore adds.

Atlas' margins and credit metrics are highly susceptible to
changes in the iron ore price. Moody's estimates that EBITDA per
tonne (t) under a $100-110 iron ore price (62% Fe content) will
be range around $10-20/t for the fiscal year ending 30 June 2013,
leaving limited cushion in the event of a material and sustained
drop in iron ore price beyond these levels.

Under its base case pricing range of 100-110/t iron ore price
(62% Fe content), Moody's expects the company to maintain
moderate financial leverage for the rating, with debt-to-EBITDA
peaking in the 3.5x to 4.5x range in FY 2013. The company's
relatively large cash balances and solid liquidity profile
following the receipt of its Term Loan proceeds also provides
support for the rating.

The rating outlook is stable, reflecting Atlas' solid liquidity
profile and Moody's base case assumption for the price of iron
ore of $100-$110/t, allowing the company to maintain solid credit
metrics for the rating over the next 12 months

Positive rating pressure could emerge if Atlas is able to
successfully achieve its production growth and/or extend the mine
life of its existing operations, such that production is expected
to remain above 10mtpa on a sustainable basis.

In addition to sustainable scale and operational diversity
improvements, Moody's would want to see the company's debt-to-
EBITDA remain below 3.5x-4.0x on an ongoing basis.

The rating and/or outlook would face negative pressure if there
were any material cost increases and/or delays to Atlas' project
pipeline, which lead to concerns around the company's ongoing
production profile, liquidity, and/or credit metrics.

The ratings could also face negative pressure if there were a
material weakening in iron ore fundamentals, with prices dropping
below USD100/t for a protracted period. Specifically, an
inability to maintain production levels over 5mtpa, and/or debt-
to EBITDA in excess of 5.0x for a protracted period could lead to
a rating downgrade.

The principal methodology used in rating Atlas Iron Ltd and Atlas
America Finance, Inc. was the Global Mining Industry Methodology
published in May 2009.

Atlas Iron Limited (Atlas), headquartered in Perth, Australia, is
an iron ore producer and developer focused on the North Pilbara
region of Western Australia. In FY12, Atlas shipped 5.6Mt of iron
ore and generated revenues of around $618 million.


DAMELIAN AUTOMOBILE: Owner Bankrupted as Receivers Sold Cartyards
-----------------------------------------------------------------
SmartCompany reports that prominent car dealer Rick Damelian has
reportedly been left with just AUD73 cash in his bank account as
a result of bankruptcy proceedings.

The former Parramatta Road car salesman has declared he owes
AUD3 million to his creditors -- and can't even afford to own a
car.

According to the report, the 62-year-old's bankruptcy comes after
eight Sydney car yards bearing his name were foreclosed by the
National Australia Bank last year.

At his peak, Mr. Damelian's empire turned more than AUD200
million, with his dealerships selling Honda, Renault, Alfa,
Citroen and Fiat.

SmartCompany notes Damelian Automobile had about AUD53 million in
debts, mostly to National Australia Bank, and only an estimated
AUD14 million worth of assets when receivers were appointed in
September last year.

Sales of the some of the former Damelian caryards by receiver
Ferrier Hodgson have included 107 Parramatta Road, Haberfield,
sold for AUD3 million to J L Management.  The 2,020-square-metre
block cost AUD1.1 million in 1989, according to SmartCompany.

SmartCompany says the car dealer was forced into bankruptcy after
failing to repay a AUD1.9 million loan to his company, Damelian
Automobile Limited, according to news.com.au.  He was chairman
and sole shareholder of the company since about 2006.


PACNET LIMITED: Moody's Confirms 'B2' CFR; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has confirmed Pacnet Limited's B2
corporate family rating and senior secured bond ratings.

The ratings outlook is negative.

This action concludes the review for downgrade initiated on 28
August 2012.

Ratings Rationale

"The rating confirmation considers the likely covenant breach in
4Q2012 under Pacnet's current bank facilities will not result in
an Event of Default, nor will it cause an acceleration of
Pacnet's outstanding term loan," says Annalisa DiChiara, a
Moody's Vice President and Senior Analyst.

Based on Moody's expectations, the company's cash on hand of
US$85 million at October 31, 2012 will be sufficient to fund
operations (including debt service) over the next 12-18 months
depending on the amount of total capex outflows.  Without a
significant expansion of EBITDA, the company will remain reliant
on this existing cash to fund its operations and additional bank
funding to support growth capex, including new build out
additional data center.

"The negative outlook reflects our expectation that Pacnet's
operating metrics will remain weak over the next 12 months at a
time when it will also have to manage substantial execution risk
associated with the expected roll out of a data center in
Singapore. Its debt servicing obligations and capex will continue
to exceed operating cash flow resulting in an erosion of the
company's cash position through to at least the end of 2013,"
added Mr. DiChiara.

In mid-October, the company announced a major restructuring
program, including a reduction in headcount of 30% and the
elimination of lower margin businesses such as wholesale voice.
These measures are expected to generate annual savings of
approximately US$20 million, boosting profitability over the next
12 months.  However, Pacnet's EBITDA in 4Q 2012 will be severely
negatively impacted by a one-off cash charge of US$6-$7 million
related to this restructuring.

As a result, Moody's expects the company's EBITDA in 4Q 2012 to
be between US$12-14 million, as compared to its original
expectation of US$18 million. This will result in DEBT/EBITDA of
4.5x, which could cause a covenant breach under the company's
term loan facility unless it obtains a waiver from its banks.

While Moody's views the business restructuring positively, it
remains cautious over Pacnet's ability to execute on its other
stated business objectives, notably its expansion in China and
targeted increase in data center related revenues. Successful and
timely execution of these plans is critical to the company's
longer-term viability.

Its operating profit will also remain volatile given its exposure
to unforeseen repairs and fluctuations in foreign exchange rates.

Moody's believes Pacnet's EBITDA in 2013 will remain in the
US$80-$90 million range, resulting in leverage of approximately
4.5-5.0x range, on a trailing LTM basis, throughout 2013.

Further negative pressure will arise if Pacnet's EBITDA falls
below US$20 million on a quarterly basis in 2013 or its
debt/EBITDA exceeds 5.0-5.5x. The inability to secure a committed
back up facility to enhance its access to liquidity would also be
viewed negatively in light of the company's deteriorating cash
position.

Upward rating pressure is unlikely given the company's negative
outlook, however, the outlook could revert to stable should
adjusted debt/EBITDA fall below 4.5x and Pacnet be able to
generate positive free cash flow on a sustained basis.

The principal methodology used in rating Pacnet Limited was the
Global Communications Infrastructure Rating Methodology published
in June 2011.

Pacnet, incorporated in Bermuda in 2006, wholly owns and operates
the EAC-C2C network, Asia's largest privately-owned submarine
cable infrastructure of 36,800km, as well as the EAC Pacific
network which spans 9,620km from Japan to the US. The cables land
at 21 cable landing stations across Asia and the US. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- and medium-
sized enterprises in Asia Pacific with a need for multinational
IP-based solutions and connectivity.


U.S. REALTY: KMPG Named as Liquidators to 4 Offshore Firms
----------------------------------------------------------
The Australian Securities & Investment Commission has obtained
Ex-parte orders in the Federal Court of Australia appointing
provisional liquidators to four companies based in the United
States.

The move follows ASIC's ongoing investigation into two
Queensland-based self-managed superannuation advice companies,
Royale Capital Pty Ltd (now known as ACN 143 832 053) and
ActiveSuper Pty Ltd, who raised AUD4.75 million from more than
300 investors.

In July 2012, ASIC obtained court orders restraining Royale and
Active, as well as their directors Justin Gibson and Jason
Burrows, preventing them from carrying on their activities
following concerns that they had misled investors about their
investments.

On Nov. 14, 2012, Damian Templeton and Darren Lewis of KPMG were
appointed as joint and several provisional liquidators to the
following Arizona-based companies (collectively known as the LLC
Companies):

    U.S. Realty Investments #1, LLC;
    U.S. Realty Investments #2, LLC;
    U.S. Realty Investments #3, LLC; and
    U.S. Realty Investments #4, LLC

ASIC's ex-parte action aims to protect the interests of SMSF
clients of Active and Royale and follows ASIC's concerns that
Mr. Burrows, the last known manager (director) of the LLC
Companies, appears to have lost control over the LLC Companies
and, as a consequence, the assets held by the LLC Companies may
be at risk of dissipation. ASIC alleges those assets, being 14
Arizona properties, were purchased with funds invested by
Australian SMSF clients of Royale and Active.

The provisional liquidators' role is to secure the assets of the
LLC Companies and establish the current financial position of the
LLC Companies.

The provisional liquidators were ordered to report to the Court
on issues such as assets and liabilities of the LLC Companies,
the likely return to creditors, and the overall solvency of the
LLC Companies.

The Court also ordered that the LLC Companies be joined as
defendants to ASIC's current Federal Court proceeding relating to
Royale and Active.

The matter returns to the Federal Court for further mention on
Nov. 23, 2012.


VOYAGER GAMING: PA Lucas Appointed as Administrators
----------------------------------------------------
Cara Waters at SmartCompany reports that Pokies company Voyager
Gaming Technologies has entered administration.

Administrators PA Lucas & Co were appointed to the company last
week and Peter Lucas -- plucas@palco.com.au -- and Glenn Shannon
--   gshannon@palco.com.au -- are acting as the administrators,
SmartCompany relates.

A first meeting of the creditors of Voyager will be held on
November 23 in Brisbane, the report says.

Brisbane-based Voyager Gaming Technologies produces a range of
poker machine games including King Rex, Age of Orion, Double
Pluggers, Egyptian Gold and The Stockman Returns.



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


AMCOR HOLDINGS: Briscoe and Chan Appointed as Liquidators,
---------------------------------------------------------
Stephen Briscoe and Chan Pui Sze on Aug. 13, 2012, were appointed
as liquidators of Amcor Holdings Limited.

The liquidators may be reached at:

          Stephen Briscoe
          Chan Pui Sze
          602 The Chinese Bank Building
          61-65 Des Voeux Road
          Central, Hong Kong


BEST RISE: Court to Hear Wind-Up Petition on Dec. 12
----------------------------------------------------
A petition to wind up the operations of Best Rise International
Limited will be heard before the High Court of Hong Kong on
Dec. 12, 2012, at 9:30 a.m.

Cheung Kam Min Mickey filed the petition against the company on
Oct. 9, 2012.

The Petitioner's solicitors are:

          K.M. Cheung & Co
          Office Unit No. 3604
          36th Floor, West Tower
          Shun Tak Centre
          Nos. 168-200 Connaught Road
          Central, Hong Kong


BRIGHTEX INDUSTRIES: Court to Hear Wind-Up Petition on Dec. 5
-------------------------------------------------------------
A petition to wind up the operations of Brightex Industries
Limited will be heard before the High Court of Hong Kong on
Dec. 5, 2012, at 9:30 a.m.

Hang Seng Bank Limited filed the petition against the company on
Oct. 17, 2012.

The Petitioner's solicitors are:

          Messrs. Li, Kwok & Law
          Room 403, 4th Floor
          Wing On House
          71 Des Voeux Road
          Central, Hong Kong


CHINA (I.C.P.): Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 7, 2012, to
wind up the operations of China (I.C.P.) Holidays Limited.

The official receiver is Teresa S W Wong.


CHUNG WO: Creditors' Proofs of Debt Due Dec. 3
----------------------------------------------
Creditors of Chung Wo Construction Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

          Teresa S W Wong
          10th Floor, Queensway Government Offices
          66 Queensway, Hong Kong


EVER NICE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Nov. 7, 2012, to
wind up the operations of Ever Nice Industrial Limited.

The official receiver is Teresa S W Wong.


KAM KUEN: Hung and Yau Step Down as Liquidators
-----------------------------------------------
Andrew George Hung and Yau Sun Yu Sonia stepped down as
liquidators of Kam Kuen Construction Company Limited on Oct. 5,
2012.


PACIFIC TELEPHONE: Court to Hear Wind-Up Petition on Dec. 19
------------------------------------------------------------
A petition to wind up the operations of Pacific Telephone Company
Limited will be heard before the High Court of Hong Kong on
Dec. 19, 2012, at 9:30 a.m.

Mui Ka Wo Michael filed the petition against the company on
Oct. 15, 2012.


PAN-WIN MOTORS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Nov. 7, 2012, to
wind up the operations of Pan-Win Motors Limited.

The official receiver is Teresa S W Wong.


PREMIER DISTRIBUTORS: Court to Hear Wind-Up Petition on Dec. 19
---------------------------------------------------------------
A petition to wind up the operations of Premier Distributors (HK)
Limited will be heard before the High Court of Hong Kong on
Dec. 19, 2012, at 9:30 a.m.

Cementia Trading AG filed the petition against the company on
Oct. 15, 2012.

The Petitioner's solicitors are:

          Clyde & Co
          58th Floor, Central Plaza
          18 Harbour Road
          Wanchai, Hong Kong


WAI KEE: Court to Hear Wind-Up Petition on Jan. 9
-------------------------------------------------
A petition to wind up the operations of Wai Kee Brothers
Decoration Engineering Limited will be heard before the High
Court of Hong Kong on Jan. 9, 2012, at 9:30 a.m.

Cheung Shun Ki filed the petition against the company on Oct. 26,
2012.

The Petitioner's solicitors are:

          Messrs. Huen & Partners
          22nd Floor, 9 Des Voeux Road
          West, Hong Kong


YORK LUEN: Court to Hear Wind-Up Petition on Dec. 5
---------------------------------------------------
A petition to wind up the operations of York Luen Limited will be
heard before the High Court of Hong Kong on Dec. 5, 2012, at
9:30 a.m.

Lam Fuk Wah and Lam Fuk Yun filed the petition against the
company on Oct. 3, 2012.

The Petitioner's solicitors are:

          Fung, Wong, Ng & Lam
          Room 48, 4th Floor
          New Henry House
          10 Ice House Street
          Central, Hong Kong



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I N D I A
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ADITI INDUSTRIES: CRISIL Assigns 'B+' Rating to INR95MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aditi Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit            35.00       CRISIL B+/Stable (Assigned)
   Term Loan              60.00       CRISIL B+/Stable (Assigned)

The rating reflects the AI's short track record in the cement
industry, exposure to intense competition from already existing
players, and its large working capital requirements. These rating
weaknesses are partially offset by the benefits that AI derives
from high demand and fiscal incentives offered to players
operating in North East India.

Outlook: Stable

CRISIL believes that AI will continue to benefit from the
location of its plant over the medium term; the firm will,
however, also continue to be susceptible to intense industry
competition. The outlook may be revised to 'Positive' in case the
firm is able to achieve better-than-expected offtake while
improving its profitability and working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in working capital management or any large, debt-
funded capital expenditure plans, leading to deterioration in the
financial risk profile of the firm.

AI is a partnership concern and was formed in 2009. The day-to-
day operations of the firm are managed by Mr. Pawan Agarwal, who
is one of the partners of the firm. The firm has set up a
portland pozzolona cement grinding unit near Naigaon (Assam). The
unit started operations in April 2012. Currently, the capacity
utilisation is 66 per cent.


ASOMI FINANCE: CRISIL Assigns 'B+' Rating to INR492.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Asomi Finance Pvt Ltd.

                            Amount
   Facilities              (INR Mln)  Ratings
   ----------              ---------  -------
   Long-Term Bank Facility   161.6    CRISIL B+/Stable (Assigned)

   Proposed Long-Term Bank   330.9    CRISIL B+/Stable (Assigned)
   Loan Facility

The rating reflects Asomi Finance's modest scale of operations
with regional concentration in its revenue profile, average
resource profile, impacted by delays in debt servicing by ASOMI
(Society), and exposure to risks inherent in the microfinance
business. These rating weaknesses are partially offset by Asomi
Finance's adequate capitalization.

Outlook: Stable

CRISIL believes that Asomi Finance will remain adequately
capitalized over the medium term. The outlook may be revised to
'Positive' if Asomi Finance is able to consistently raise debt to
meet growth or scale up its operations and significantly improve
its earnings profile while maintaining its asset quality.
Conversely, the outlook may be revised to 'Negative' if its asset
quality or capitalization deteriorates substantially.

                      About Asomi Finance

ASOMI (Society), promoted by Mr. Subhra Bharali, was registered
as a society in July 2001 and undertook developmental,
commercial, and microfinance activities till November 2008. The
management of ASOMI (Society) acquired a non-banking financial
company, Arham (India) Finance Pvt Ltd, in 2008; the name of the
acquired company was changed to Asomi Finance in 2009. The
microfinance operations were started afresh under the acquired
company in February 2009. Mr. Bhairali, the promoter of Asomi
Finance, has resigned from as chairman of ASOMI (Society) with
effect from May, 2011. ASOMI (Society) continues to focus on
multiple development programmes, including livelihood training
and financial inclusion. The operations of ASOMI (Society) are
now managed by friends and relatives of Mr.Bharali. Asomi Finance
had loans outstanding of INR337.6 million disbursed to 71,656
borrowers as on August 31, 2012.

During 2011-12 (refers to financial year April 1 to March 31),
Asomi Finance reported a net profit of INR4.9 million on a total
income of INR87.4 million as compared to a net profit of INR7.4
million on a total income of INR76.4 million during 2010-11. For
the half year ended September 30, 2012 Asomi Finance reported a
net profit of INR4.11 million on a total income of INR 44.56
million.


BHRAMARI STEELS: CARE Places 'CARE BB-' Rating on INR20.57cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Bhramari Steels Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       20.57     CARE BB- Assigned
   Short-term Bank Facilities       5.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhramari Steels
Private Limited are mainly constrained on account of its
financial risk profile marked by thin profit margins, stressed
solvency position and moderate liquidity. The ratings are further
constrained by exposure of its operating margins to raw material
price fluctuation, limited geographic reach with the presence in
a fragmented industry for steel structures characterized with
intense competition.

The above-mentioned constraints are partially offset by the
benefits derived from the vast experience of the promoters in the
steel industry, its established marketing set-up and benefits of
on-going infrastructure development in the nearby regions.
The ability of BSPL to improve its overall financial risk profile
with rationalization of debt levels through efficient working
capital management and improve its profitability margins by
managing the volatility associated with steel prices are the key
rating sensitivities.

BSPL is promoted by Mr. Jagdish Chandra Singh and Mr. Gopal Singh
in 2008 to undertake manufacturing of Thermo Mechanically Treated
(TMT) bars and Mild Steel (MS) Ingots (for captive consumption).
BSPL operates from its sole manufacturing plant located at
Kishanpur, Uttarakhand with rolling capacity of 60,000 Metric
Tonne per Annum (MTPA) to manufacture TMT and furnace capacity of
42,000 MTPA to manufacture ingots as on March 31, 2011. The
commercial production commenced in May 2009. Hence, FY11 (refers
to the period April 1 to March 31) was the first full year of
operations for the company.

As per the audited results for FY11, BSPL reported PAT of INR1.59
crore on a total operating income of INR75.94 crore as compared
with PAT of INR1.98 crore on a total operating income of INR55.59
crore in FY10. As per the provisional result for 11MFY12, BSPL
has reported PAT of INR1.41 crore on a total operating income of
INR71. 18 crore.


KAMALAM HANDLOOMS: CARE Assigns 'CARE BB-' Rating to INR20cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Kamalam
Handlooms Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        20       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Kamalam Handlooms
Private Limited is constrained by its financial risk profile
marked by thin profitability margins, leveraged capital
structure and stressed liquidity position along with project
implementation risk. The rating is further constrained by intense
competition and highly fragmented nature of the industry. The
rating, however, draws strength from the experience of the
promoters in textile manufacturing industry, growth in the
operating income, integrated operations and established business
relations with its customers and suppliers.

The ability of the company to complete the project as per the
scheduled time frame and to stabilize the operations of the
expanded capacities is the key rating sensitivity.

Incorporated in 2001, Kamalam Handlooms Private Limited is
engaged in the business of manufacturing (95% of total sales in
FY12 (refers to the period April 1 to March 31) and trading (5%
of total sales in FY12) of polyester dyed yarn and fabrics. The
company mainly caters to the fabric weavers and direct customers.
Polyester-dyed yarn is primarily used in fabric manufacturing
viz. for suiting, shirting, dress materials, saris, hosiery,
curtains, etc. KHPL is a closely held private limited company
promoted by Mr. A. Velayudhan (Chairman) and Mr. V. Dhanashekar
(Managing Director), who has wide experience in the textile
industry.

As on March 31, 2012, KHPL had a total installed capacity of
1,500 Metric Tons Per Annum of polyester dyed yarn and fabric
capacity of 35 lakh meters per annum. KHPL has four manufacturing
units located in Karnataka and Tamil Nadu. The various processes
include twisting, texturising, dyeing, weaving and embroidery.
The company has three branch offices located in Karnataka and
Tamil Nadu to undertake trading activities.

The operations of KHPL are ISO 9000 and OEKO TEX certified which
indicates commitment to quality and customer satisfaction,
respectively.

During FY12, KHPL reported a total operating income of INR48.90
crore and a PAT of INR0.48 crore.


KUBER SECURITIES: CARE Rates INR8.6cr LT Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Kuber
Securities.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       8.60      CARE B Assigned

Rating Rationale

The rating is constrained by the weak financial risk profile due
to high overall gearing and weak debt coverage indicators, very
small scale of operations, highly volatile income profile and net
losses being incurred. The rating also takes into account the
high market risk due to significant proprietary trading and
constitution of the entity as a partnership firm.

However, the rating derives strength from the established
promoter's group, low off-take risk for sale of generated
electricity (through windmill) and tax benefits under Income Tax
Act.

The ability of the firm to improve the overall financial risk
profile with improvement in the debt coverage metrics remain the
key rating sensitivities.

Established in the year 1998, Kuber Securities is a partnership
firm promoted by Mr. Mul Chand Malu and Mr. Vikas Malu with equal
profit sharing arrangements. The firm is a part of the
group promoted by Mr. Mul Chand Malu, which has diversified
presence in segments such as tobacco products, cigarettes,
snacks, etc, across varied group entities.

Kuber is engaged in the business of trading in securities and
generation of electricity through wind mill with major revenue
contribution of approximately 59% from securities trading segment
in FY12 (refers to the period April 1 to March 31), while the
rest was contributed by wind power segment. The firm commenced
its main business of proprietary trading in securities in the
year 2002 largely in the derivatives segment. In FY08, the firm
set up a wind mill power project with an installed capacity of
3.05 MW in the Kutch district of Gujarat. The firm has entered
into an Operation & Maintenance (O&M) agreement with Suzlon
Infrastructure Services Ltd. for a period of 20 years.
Furthermore, the firm has signed long-term Power Purchase
Agreement (PPA) with Gujrat Urja Vikas Nigam Limited for sale of
generated electricity at an agreed price of INR3.37 per unit for
a period of 20 years.

Kuber reported net loss of INR0.91 crore on a total income of
INR4.36 crore in FY12 as compared with a net loss of INR0.62
crore on a total income of INR4.93 crore in FY11.


LAWRENCE CLOTHING: CRISIL Assigns 'B+' Rating to INR22.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Lawrence Clothing Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Packing Credit           7.5       CRISIL A4
   Cash Credit             22.5       CRISIL B+/Stable
   Letter of Credit        15         CRISIL A4
   Bill Discounting

The ratings reflect LCPL's modest scale of operations in the
highly fragmented readymade garment industry and its below-
average financial risk profile, marked by weak capital structure.
These rating weaknesses are partially offset by LCPL's
established market position and the extensive experience of its
promoters in the readymade garment industry.

Outlook: Stable

CRISIL believes that LCPL will maintain its credit risk profile,
backed by its promoters' extensive experience and established
relationships with key customers. The outlook may be revised to
'Positive' in case the company records considerable increase in
revenues and profitability, resulting in improvement in financial
risk profile. Conversely, the outlook may be revised to
'Negative' if LCPL contracts more-than-expected debt to fund its
capital expenditure programme or working capital requirements, or
if its relationship with its key customer deteriorates, leading
to drop in sales or profitability.

                      About Lawrence Clothing

Incorporated in 2007 and promoted by Ms. Jessy Lawrence and her
family, LCPL manufactures readymade garments.

LCPL recorded a profit after tax (PAT) of INR2 million on a net
sales of INR91 million during 2011-12 (refers to financial year,
April 1 to March 31) as against PAT of INR3 million on a net
sales of INR62 million in 2010-11.


MAHAMAYA FOODS: CRISIL Puts 'BB-' Rating on INR57.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Mahamaya Foods & Grains Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------        ---------    -------
   Cash Credit          52.5      CRISIL BB-/Stable (Assigned)
   Term Loan             5        CRISIL BB-/Stable (Assigned)

The rating reflects extensive experience of MFGPL's promoters in
the agro commodities industry and established relationships with
its suppliers and customers. These strengths are partially offset
by the exposure of the company to risks related to highly-
fragmented and competitive wheat processing industry and below-
average financial risk profile marked by a modest net worth and
subdued debt protection metrics.

Outlook: Stable

CRISIL believes that MFGPL will maintain a stable business risk
profile, supported by promoters' long standing experience in the
agricultural commodities industry. The outlook may be revised to
'Positive' if the company reports a significant growth in its
revenues and profitability while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
significant decline in revenues and margins or further
lengthening of its working capital cycle leading to pressure on
liquidity and financial risk profile.

                       About Mahamaya Foods

MFGPL, set up in 2007, is engaged is processing of wheat into
different by products like refined flour (maida), semolina
(suji), whole wheat flour (atta) and bran. These products are
sold in the market under the brand name of 'Chetak'. The company
has a flour mill at Ambikapur (Chhattisgarh).

MFGPL reported a profit after tax (PAT) of INR1.76 million on net
sales of INR385.9 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.87 million on net
sales of INR257.21 million for 2010-11.


MANTENA CONSTRUCTIONS: CARE Rates INR9cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Mantena
Constructions Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         9       CARE BB- Assigned

Rating Rationale

The rating takes into account the business risks arising out of
the concentration of revenue from irrigation projects, short
track record & scale of operations, high geographical & client
concentration risks and highly competitive construction industry.
The rating, however, derives strength from the experience of the
promoters in the construction industry, and moderate order
book position. The ability of the company to consistently add new
orders, increase in the scale of operations, reduce sectoral &
client concentration risk and thereon, improve profitability
margins are the key rating sensitivities.

Incorporated in 2010, Mantena Constructions Private Limited was
promoted by Mr. Srinivas Raju Mantena and Mrs. Srujana Mantena.
The company started commercial operations from November 2011.
MCPL is a sub-contractor for civil construction projects, with
focus on lift irrigation projects, canal lining projects and
earthen works in the state of Madhya Pradesh.

During FY12 (refers to the period April 1 to March 31), MCPL
registered a PAT of INR2.1 crore on a total income of INR31.6
crore.


PARSHVANATH WELDWIRES: CARE Rates INR8.5cr Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Parshvanath Weldwires Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8.50     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Parshvanath
Weldwires Pvt. Ltd. is primarily constrained by its small scale
of operations, product concentration risk, exposure to the
fluctuating prices of raw material and dependence on the fortunes
of the construction and engineering sector.

The rating, however, derives strength from the experience of the
promoter with a long track record of operations, diversified
customer and supplier base and moderate financial risk profile
marked with increasing revenues with moderate margins and gearing
levels.

The ability of the company to optimize the proportion of trading
and manufacturing in its overall revenue mix and manage the
fluctuations in raw material prices are the key rating
sensitivities.

Promoted by Mr. Hemant Jain and Mrs. Anshu Jain, Nagpur-based
PWPL started its operations in the year 1998 for the
manufacturing and trading of steel wires. PWPL primarily
manufactures welded wire mesh and variants of steel wires which
includes galvanised iron wires, chain link fencing and barbed
wires, ranging over various dimensions. In addition to
manufacturing, PWPL also undertakes trading of the above products
based on the demand for the same. The company markets these wires
under the brand name of 'Parshvanath' in the states of
Maharashtra, Gujarat, Madhya Pradesh, Orissa and Karnataka.

In FY12 (refers to the period 1st April to 31st March), PWPL
registered total operating income of INR45.54 crore with PAT of
INR1.01 crore.


R. K. EXPORTS: CARE Rates INR7cr Longterm Loan at 'CARE BB-'
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of R. K.
Exports.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        7        CARE BB- Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of R. K. Exports is
constrained by modest scale of operation along with the elongated
working capital cycle and its suspectibility to the raw material
price volatility. The rating is further constrained by the
constitution of the entity as a partnership concern and
operations in a highly fragmented industry with susceptibility of
the revenue to slowdown in the garment industry.

These factors far outweigh the benefit derived from experienced
partners along with their continuous financial support,
operational support from group entities along with moderate
profitability margins and relatively low leverage.
The ability of RKE to increase the scale of operations with
maintaining the profitability margins, given the intense
competition and efficient management of the working capital cycle
are the key ratings sensitivities.

Established in 1992, R. K. Exports is engaged in the
manufacturing of glass beads and allied products through
manufacturing facility at Wada-Bhiwandi. RKE sells the entire
production to the group companies namely Bombay Bead Centre and
Shyamlal Radhakrishna& Co., which operate in Delhi and Mumbai,
respectively. The products of RKE have demand from garments
industry and artificial jewelry industry which contribute
approximately 80% and 20% to firm's revenue, respectively
(through group companies). The key raw materials of the company
include quartz powder, soda ash, furnace oil, silver and semi-
finished glass beads. The firm procures its raw materials
primarily from domestic market and also imports semi-finished
beads.

During FY12 (refers to period April 01 to March 31), RKE total
income was down by 13% vis--vis FY11 and PAT was down by 55%
vis-a-vis FY11.


SYNPACK FINANCE: CRISIL Cuts Rating on INR100MMM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank loan
facility of Synpack Finance Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              100       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

The rating downgrade reflects the expected pressure on the
company's liquidity, driven by lower-than-expected advances and
likelihood of further time overrun in the project. SPFPL has
large debt repayments due on November 30, 2012, and the company
plans to approach the bank for rescheduling the same.

The rating also reflects SPFPL's susceptibility to risks related
to project implementation and economic cycles. However, the
company also benefits from its promoters' extensive experience in
the real estate industry.

Outlook: Stable

CRISIL believes that SPFPL's liquidity will remain constrained by
lower-than-expected advances and large repayment obligation over
the medium term. The outlook may be revised to 'Positive' if
SPFPL completes the project without any further time and cost
overrun. Conversely, the outlook may be revised to 'Negative' if
SPFPL's liquidity weakens further because of a decline in
customer advances or delay in rescheduling debt.

                       About Synpack Finance

SPFPL is setting up a shopping mall-cum-office space, Roodraksh,
in Guwahati (Assam). The company is promoted by Mr. Sanjay
Chhabra and Mr. D K Jain. The property is spread over 170,000
square feet. SPFPL plans to set up the shopping mall-cum-
entertainment space on the ground plus three floors, while the
remaining space up to the eighth floor will be used for
commercial purposes.


TRANSNATIONAL: CRISIL Puts 'B+' Rating on INR25MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Transnational. The ratings reflect modest
scale of operations and average financial risk profile marked by
high leverage and weak debt protection metrics. These rating
weaknesses are, however, offset by the promoters' established
credentials and relationships with customers and suppliers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              25       CRISIL B+/Stable (Assigned)
   Letter of Credit         62       CRISIL A4 (Assigned)

Outlook: Stable

CRISIL believes that Transnational will continue to benefit over
the medium term from its promoter's extensive experience in
trading activity and its established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if the
firm reports a sustained growth in turnover while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in
revenue or profitability resulting in a material deterioration in
its debt protection metrics.

Transnational is a partnership firm and was established by Mr.
Pawan Kumar Agarwal in 2009. The firm is engaged in the trading
of chemicals such as PVC resin, Polyethylene and Ethylene vinyl
acetate (also known as EVA). The firm also trades in metals such
as copper, scrap, iron and MS plates.



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


ELPIDA MEMORY: Rexchip Electronics Expecting JPY10-Bil. Repayment
-----------------------------------------------------------------
Taipei Times reports that Rexchip Electronics Corp. said on
Saturday it expected its financially troubled parent company,
Elpida Memory Inc, to repay only about a sixth of the more than
JPY10 billion (US$123.12 million) it owes its Taiwanese
subsidiary.

Taipei Times relates that Rexchip, a joint venture of Elpida and
Taiwan's Powerchip Technology Corp, said the repayment estimate
came after the Tokyo District Court approved the Japanese DRAM
maker's financial restructuring plan earlier this month.

According to the report, Rexchip now expects to recover about
JPY1.8 billion of the JPY10.47 billion Elpida still owes it for
previous contract DRAM manufacturing services. Under the court-
approved financial restructuring plan, Elpida will repay only
17.4% of its debts to creditors like Rexchip that have no
collateral guaranteeing repayment. The payment will be made over
a seven-year period, says Taipei Times.

At the same time, Elpida will repay 100% of the debts it owes to
creditors that have sufficient collateral to protect their
rights.  Taipei Times adds Rexchip said the company had booked
provisions covering all of Elpida's debts, and any amount repaid
in the future would be treated as non-operating income.

Taipei Times notes that shares of Rexchip, another victim of the
sluggish DRAM market, have been delisted from the emerging stock
market since Nov. 3 after Cathay Securities and Grand Cathay
Securities resigned from their posts as the chipmaker's advisory
securities firms.

According to Taipei Times, the GRETAI Securities Market, which
operates the emerging stock market, said the departure reflected
concerns over Rexchip's financial difficulties amid falling
demand for DRAM chips.

Rexchip has a NT$2.6 billion loan due today, November 20, but
only has about NT$500 million in cash available, the report
discloses.

The DRAM company is in talks with its bank creditors over rolling
over part of its loans, Taipei Times adds.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


ELPIDA MEMORY: Nanya Drops ITC Patent Suit
------------------------------------------
Maria Chutchian at Bankruptcy Law360 reports that Nanya
Technology Corp. on Friday asked the U.S. International Trade
Commission to toss its investigation into insolvent Elpida Memory
Inc. over four dynamic random access memory patents, in light of
Micron Technology Inc.'s proposed acquisition of Elpida.

Because Micron has a license to the patents at issue, Nanya
asserted it has good cause to terminate the case, which still in
the pre-hearing phase, Bankruptcy Law360 relates.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


ELPIDA MEMORY: U.S. Judge to Review Rambus Patent Deals
-------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal, reports Judge
Christopher Sontchi on Friday ruled he will take a second look at
patent deals that Elpida Memory Inc., based in Japan, cut with
Rambus Inc. of the U.S.  The patent arrangements were earlier
approved by the Japanese court that is supervising Elpida's
restructuring.

The report recounts Elpida had argued that Judge Sontchi was
bound to go along with what the Tokyo court had to say on the
patent arrangement.  Lawyers for Elpida cited the principle of
comity, or courtesy between the courts of different countries.

According to the report, Judge Sontchi said the U.S. bankruptcy
law that is safeguarding Elpida's U.S. assets while it works out
its financial troubles in Japan doesn't bind him to automatically
go along with the Japanese courts on matters involving assets
within U.S. borders.  The judge said he is bound to evaluate the
patent sale by applying U.S. law instead of just endorsing the
Rambus arrangement because the Japanese court had approved it.

Elpida is seeking to sell itself to Micron Technology Inc. for
$2.5 billion.  Disgruntled bondholders have been trying to block
the deal.

According to the report, Elpida didn't respond Monday to an
inquiry about whether it intended to appeal the decision.
U.S.-based Micron also didn't respond to a request for comment.

Ms. Brickley also reports that the Tokyo court in October cleared
the way for creditors to vote on Elpida's restructuring plan,
which depends on the sale to Micron.  A rival bondholder proposal
that would have offered voting creditors a second option failed
to clear the Tokyo court.  Voting will continue until Feb. 26.
If Elpida gets enough support for its plan, it will then ask the
Tokyo court for final approval.

The report notes bondholder attorney Christopher Shore of White &
Case LLP said at a court hearing that review of the sale
documents indicates there will be no deal with Micron if the U.S.
assets are tied up in the U.S. Bankruptcy Court.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


FIVE STAR: CA Reverses High Court Ruling
----------------------------------------
Rebecca Quilliam at APNZ reports that the Court of Appeal has
reversed a High Court ruling that stopped liquidators of Five
Star group from receiving nearly NZ$1 million.

The Five Star group called in receivers in 2007.  Five Star
Finance owed creditors $43.8 million, of which $551,887 had been
recovered.

In January, APNZ recalls, liquidators Gerald Rea and Paul
Sargison of Gerry Rea Partners applied to the High Court to void
payments worth NZ$928,937,790 by Five Star Finance to Bowden No14
Trust, of which Ronald Leslie Russell was sole trustee, between
September 2006 and August 2007.

Associate Judge Roger Bell turned down the application, the
report says.

According to APNZ, Judge Bell said the payments were in
"restoration of property unlawfully misappropriated from the
trust" and the liquidators were not entitled to an order to set
them aside.

APNZ relates that Judge Bell ruled that while it was improbable
the company would be able to avoid insolvency in 2007, there was
not enough evidence to exclude the possibility.

But in a decision released on Friday, the Court of Appeal ruled
it was obvious the company's bank accounts were significantly in
overdraft in the months before March 2007, and remained that way
while the company was heading towards receivership in September
2007, APNZ reports.

"The financial position of the company was hopelessly insolvent
at the time of its receivership, and the suggestion that in the
last six months of its existence it might have gone out from
overdraft and into credit and then back into deep insolvency is
improbable," the CA said.

APNZ relates that the ruling said the payments to Bowden No14
Trust were "insolvent transactions".

It allowed the liquidators' appeal and ordered Mr. Russell to pay
Rea and Sargison NZ$928,937,790.

                     About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.


ROSS ASSET: SFO Starts Probe Into David Ross & Firm
---------------------------------------------------
The Serious Fraud Office said that it has commenced a formal
investigation into David Ross, Ross Asset Management Limited (In
Receivership), and associated entities.

In response to investor complaints, the Financial Markets
Authority (FMA) opened an investigation into Wellington Financial
Advisor, David Ross and firm Ross Asset Management on October 25.
A freeze was obtained on Mr. Ross' assets and John Fisk and David
Bridgman from PricewaterhouseCoopers, were appointed as receivers
and managers.

Acting Chief Executive of the SFO, Simon McArley said the Office
had been working with the FMA over the last two weeks.  An
evaluation of the information now available has concluded that
there are reasonable grounds to believe that an offence of
serious fraud may have been committed and accordingly have
commenced a Part II investigation under the SFO Act.

"We will continue to work closely with the FMA to ensure both
agencies' resources are applied effectively in a coordinated and
timely manner. We are meeting with the FMA and Mr Fisk early this
week to progress that", Mr. McArley said.

"The SFO notes with concern the comments made by Mr. Fisk that it
is likely the historical returns advised to investors may be
fictitious and that what has occurred has the characteristics of
a Ponzi scheme. Given the scale of the potential loss this is a
matter we take extremely seriously".

A dedicated telephone message line +64 (0)4 462 7040 has been
established by PwC for any investors or creditors who have an
enquiry relating to Ross Asset Management Limited (In
Receivership) and related entities. Investors with questions
should continue to contact PwC.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets Authority
on Nov. 6, 2012.

The nine other associated entities are:

     * Bevis Marks Corporation Limited
     * Dagger Nominees Limited
     * McIntosh Asset Management Limited
     * Mercury Asset Management Limited
     * Ross Investment Management Limited
     * Ross Unit Trusts Management Limited
     * United Asset Management Limited
     * Chapman Ross Trust
     * Woburn Ross Trust

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.



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


BAXUS MARINE: Court to Hear Wind-Up Petition Nov. 30
----------------------------------------------------
A petition to wind up the operations of Baxus Marine Pte Ltd.
will be heard before the High Court of Singapore on Nov. 30,
2012, at 10:00 a.m.

Messrs Chia Soo Hien and Leow Quek Shiong filed the petition
against the company on Nov. 5, 2012.

The Petitioner's solicitors are:

         Braddell Brothers LLP
         One Raffles Place, #34-03
         Singapore 048616


CHINA FOODZART: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 2, 2012, to
wind up the operations of China Foodzart International Private
Limited

The company's liquidators are:

         Ebenezer John Lazarus
         Chen Yeow Sin
         One Financial Advisory Services Pte Ltd
         care of 1 Robinson Road
         #14-01 AIA Tower
         Singapore 048542


FABIEN PICTET: Creditors' Proofs of Debt Due Dec. 17
----------------------------------------------------
Creditors of Fabien Pictet & Partners Asia Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 17, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


FUJITRANS (SINGAPORE): Creditors' Proofs of Debt Due Nov. 30
------------------------------------------------------------
Creditors of Fujitrans (Singapore) Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 30, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Chay Fook Yuen
          c/o KPMG Services Pte. Ltd.
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581



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


* SRI LANKA: Moody's Says Outlook on 'B1' Rating Positive
---------------------------------------------------------
Moody's Investors Service says that the outlook for Sri Lanka's
B1 rating is positive, but it hinges on the effective management
of macroeconomic challenges.

According to a new Moody's report titled, "Credit Analysis: Sri
Lanka," the B1 rating reflects Sovereign Bond Methodology scores
of "low" economic and government financial strengths, "moderate"
institutional strength, and "moderate" susceptibility to risks
from financial, economic, and political events.

Sri Lanka's strong growth trend supports the rating, but the
economy has faced a number of challenges over the past year.

GDP growth rose to 8% in 2010 and 8.3% in 2011, following the end
of the civil conflict in May 2009. However, some aspects of the
'peace dividend' appear to be waning--namely, the reductions in
inflation and in government funding costs. Therefore, sustaining
strong growth and price stability will entail steady and
effective macroeconomic management and further improvement in the
investment environment.

Developments in the country's balance of payments position will
be central to the rating outlook. Policies taken earlier this
year have limited downward pressures on the external accounts
which emerged in late 2011. While reserves have stabilized
recently, a slowdown in exports suggests that Sri Lanka's
vulnerability to external risks has not significantly receded.

Renewal of the International Monetary Fund's stand-by agreement
with Sri Lanka, which ended earlier this year, would be positive
for the country's external payments position, although the
prospects and size of a fresh loan are uncertain

In addition, fiscal space and flexibility are limited, given Sri
Lanka's high government debt and refinancing needs. However, the
steady moderation in the budget deficit to 6.2% targeted for 2012
from a peak of 9.9% in 2009, and a budgeted deficit of 5.8% in
2013 underscores the government's commitment to and success in
fiscal consolidation.

The stability of the current government limits helps to ensure
policy continuity. Continued progress in the reconciliation with
the Tamil minority would also ensure social stability and boost
economic growth in the Sri Lankan economy. However, Sri Lanka's
'moderate' susceptibility to event risk reflects latent political
risks in a country which only recently emerged from a long civil
war.



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


VIETNAM EXIMBANK: S&P Assigns 'B+/B' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
and 'B' short-term issuer credit ratings to Vietnam Export Import
Commercial Joint Stock Bank (Eximbank). The outlook on the long-
term rating is stable. "We also assigned our 'axBB' long-term and
'axB' short-term ASEAN regional scale ratings to the bank," S&P
said.

Standard & Poor's bases its ratings on Eximbank on the bank's
"adequate" business position, "weak" capital and earnings,
"adequate" risk position, "average" funding, and "adequate"
liquidity, as S&P's criteria define those terms. "We assess the
bank's stand-alone credit profile to be 'b+'," S&P said.

"Eximbank's position as one of the largest privately owned banks,
with a deposit market share of about 2%, supports its business
position," said Standard & Poor's credit analyst Ivan Tan. "The
bank has an established franchise in the small and midsize
enterprise segment and has increased its presence in the consumer
segment, particularly in Ho Chi Minh. The bank benefits from the
strategic alliance and cooperation with its 15% foreign strategic
stakeholder, Sumitomo Mitsui Banking Corp. (A+/Negative/A-1),
through the transfer of best practices in the areas of risk
management, banking operations, and human resource management. We
assess Eximbank's business diversity to be adequate, although the
bank has a domestic focus. Interest income contributes most of
the bank's earnings," S&P said.

"We view the Eximbank management's growth strategy as aggressive.
We expect the government's efforts to stabilize the banking
system to result in a more balanced growth strategy for the
bank," said Mr. Tan.

"We view Eximbank's capital and earnings as a neutral rating
factor. We expect the bank's risk-adjusted capital ratio before
diversification adjustments to remain about 3.5%-4% in the next
12-18 months," S&P said.

"Eximbank's relatively straightforward business model supports
our opinion that the bank's risk position is 'adequate.' We
expect Eximbank's nonperforming assets to increase because the
bank's growth in loan disbursals has historically been above the
industry average and its portfolio is still unseasoned. We note
that Eximbank has taken steps to improve its risk management
systems and reporting standards. However, full implementation
will take some time. We consider loan quality in Vietnam to be
generally weak after taking into account the operating
conditions, a substantial lack of information on borrowers, the
evolving risk management practices of banks, and the country's
rapid loan growth in recent years. Accordingly, we expect
Eximbank's asset quality to remain weak by international
standards," S&P said.

"Eximbank's ratio of loans to customer deposits of over 100% is
higher than that of peers. We expect the bank's deposit base to
grow on the back of its branch expansion plans and existing
branch franchise. The bank's holdings of cash and other liquid
assets support its 'adequate' liquidity profile," S&P said.

"The stable outlook reflects our expectation that Eximbank will
maintain its financial profile and temper growth amid difficult
operating conditions in Vietnam," S&P said.

"We could upgrade the bank if it sustainably improves its
business position while managing risks," S&P said.

"Conversely, we could lower the ratings if the bank expands
aggressively or mismanages risks, such that its: (1) weak assets
increase above 10%; (2) liquidity and funding profile
deteriorate, such that the ratio of customer loans to deposits
remains above 115%; (3)capitalization weakens substantially, such
that the bank's risk-adjusted capital ratio before
diversification falls below 3%," S&P said.



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


* ASIA PACIFIC: Moody's Says Third Qtr. Credit Trend Negative
--------------------------------------------------------------
Moody's Investors Service says that the rating trend for
corporates in Asia Pacific remained negative in 3Q2012 as
negative rating actions continued to outnumber positive actions
by a large margin of 15 to 5.

"However, this downward credit trend is expected to stabilize for
the rest of the year, in view of the easing in monetary measures
implemented by governments in the region and signs of a
stabilizing economy in China," says Clara Lau, a Moody's Group
Credit Officer. "In this context, Moody's macroeconomic central
scenario for GDP growth in China is in the range of 7 to 8% in
2012 and 2013."

"Access by companies to liquidity , especially for speculative
grade companies , is therefore expected to improve, while
operating performances will also demonstrate steadiness.
Furthermore, the corporates themselves will also help by
adjusting or delaying their capital expenditure and investment
plans," says Lau.

Lau was speaking on the release of Moody's latest report, which
she authored, on rating trends in Asia Pacific. The report is
entitled "3Q2012 Rating Trends For Asia Pacific Corporates
Remained Negative, but Expect to Stabilize." The report covers
Asia, Australia and Japan.

"The expected stabilizing trend for the rated portfolio is be
supported by anticipation that the downturn in the steel sector
is bottoming and liquidity pressures on Chinese property
developers are softening," adds Lau. Both sectors were the major
contributors to the negative trend in 3Q2012.

The negative trend in 3Q2012 primarily reflected the
deterioration in fundamentals in the metals and mining sector, in
particular coal and steel. The latter sector is characterized by
overcapacity and weakened demand as a result of the problems in
the euro zone and the slowdown in China.

Another key driver of the negative trend was the fact that
disappointing operating performances -- as a result of lackluster
housing markets -- created liquidity pressures for the less
established Chinese property developers.

During 3Q2012, the share of ratings in the rated portfolio with
negative implications remained high at 25%, the same as 2Q2012,
according to the Moody's report. At the same time, the proportion
of ratings with stable outlooks was at a relatively low 69%
compared to the usual 80% level.

Similar to the previous quarter, 73% of the negative actions
affected speculative grade companies, mainly resources and
property issuers. Geographically, Chinese rated issuers continued
to drive the negative rating trend, accounting for 40% of total
actions, followed by Indonesian and Korean issuers, both at 20%.


* BOND PRICING: For the Week Nov. 12 to Nov. 16, 2012
-----------------------------------------------------

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

  AUSTRALIA
  ---------

COM BK AUSTRALIA       1.50    4/19/2022    AUD   73.99
MIDWEST VANADIUM      11.50    2/15/2018    USD   66.38
MIDWEST VANADIUM      11.50    2/15/2018    USD   65.50
NEW S WALES TREA       0.50    9/14/2022    AUD   69.68
NEW S WALES TREA       0.50    10/7/2022    AUD   69.48
NEW S WALES TREA       0.50   10/28/2022    AUD   69.30
NEW S WALES TREA       0.50   11/18/2022    AUD   69.18
NEW S WALES TREA       0.50   12/16/2022    AUD   69.76
NEW S WALES TREA       0.50     2/2/2023    AUD   69.40
NEW S WALES TREA       0.50    3/30/2023    AUD   69.00
TREAS CORP VICT        0.50    8/25/2022    AUD   72.07
TREAS CORP VICT        0.50     3/3/2023    AUD   70.82
TREAS CORP VICT        0.50   11/12/2030    AUD   51.24


  CHINA
  -----

CHINA GOVT BOND        4.86    8/10/2014    CNY  102.98
CHINA GOVT BOND        1.64   12/15/2033    CNY   68.24

INDIA
-----

JCT LTD                2.50     4/8/2011    USD   20.00
JSL STAINLESS LT       0.50   12/24/2019    USD   65.17
MASCON GLOBAL LT       2.00   12/28/2012    USD    9.88
PRAKASH IND LTD        5.63   10/17/2014    USD   67.93
PRAKASH IND LTD        5.25    4/30/2015    USD   68.14
PYRAMID SAIMIRA        1.75     7/4/2012    USD    1.00
REI AGRO               5.50   11/13/2014    USD   68.51
REI AGRO               5.50   11/13/2014    USD   68.51
SHIV-VANI OIL          5.00    8/17/2015    USD   53.91
SUZLON ENERGY LT       7.50   10/11/2012    USD   65.66
SUZLON ENERGY LT       5.00    4/13/2016    USD   41.16


  JAPAN
  -----

COSMO OIL CO LTD       1.26    8/28/2020    JPY   72.83
EACCESS LTD            3.50   12/15/2016    JPY  104.00
EBARA CORP             1.30    9/30/2013    JPY  100.04
ELPIDA MEMORY          2.03    3/22/2012    JPY   12.25
ELPIDA MEMORY          2.10   11/29/2012    JPY   12.25
ELPIDA MEMORY          2.29    12/7/2012    JPY   10.13
ELPIDA MEMORY          0.50   10/26/2015    JPY   10.13
ELPIDA MEMORY          0.70     8/1/2016    JPY   15.00
JPN EXP HLD/DEBT       0.50    9/17/2038    JPY   63.36
JPN EXP HLD/DEBT       0.50    3/18/2039    JPY   63.19
KADOKAWA HLDGS         1.00   12/18/2014    JPY  108.80
SHARP CORP             1.42    3/19/2014    JPY   46.95
SHARP CORP             0.85    9/16/2014    JPY   42.67
SHARP CORP             1.14    9/16/2016    JPY   36.34
SHARP CORP             2.07    3/19/2019    JPY   33.70
SHARP CORP             1.60    9/13/2019    JPY   33.49
SOFTBANK CORP          1.50    3/31/2013    JPY  132.38
TOKYO ELEC POWER       2.35    9/29/2028    JPY   72.12
TOKYO ELEC POWER       2.40   11/28/2028    JPY   72.97
TOKYO ELEC POWER       2.21    2/27/2029    JPY   70.48
TOKYO ELEC POWER       2.11   12/10/2029    JPY   68.06
TOKYO ELEC POWER       1.96    7/29/2030    JPY   65.15
TOKYO ELEC POWER       2.37    5/28/2040    JPY   61.89


  PHILIPPINES
  -----------

BAYAN TELECOMMUN      13.50    7/15/2049    USD   22.25
BAYAN TELECOMMUN      13.50    7/15/2049    USD   22.25


  SINGAPORE
  ---------

BAKRIE TELECOM        11.50     5/7/2015    USD   45.00
BAKRIE TELECOM        11.50     5/7/2015    USD   42.37
BLD INVESTMENT         8.63    3/23/2015    USD   61.99
BLUE OCEAN            11.00    6/28/2012    USD   34.00
BLUE OCEAN            11.00    6/28/2012    USD   34.00
BUMI INVESTMENT       10.75    10/6/2017    USD   75.84
BUMI INVESTMENT       10.75    10/6/2017    USD   78.00
CAPITAMALLS ASIA       2.15    1/21/2014    SGD   99.72
CAPITAMALLS ASIA       3.80    1/12/2022    SGD  100.83
DAVOMAS INTL FIN      11.00    12/8/2014    USD   29.00
DAVOMAS INTL FIN      11.00    12/8/2014    USD   29.00
ENERCOAL RESOURC       9.25     8/5/2014    USD   72.14
F&N TREASURY PTE       2.48    3/28/2016    SGD  100.46


  SOUTH KOREA
  -----------

CN 1ST ABS             8.00    2/27/2015    KRW   33.61
CN 1ST ABS             8.30   11/27/2015    KRW   34.97
EXP-IMP BK KOREA       0.50    8/10/2016    BRL   74.39
EXP-IMP BK KOREA       0.50    9/28/2016    BRL   74.02
EXP-IMP BK KOREA       0.50   10/27/2016    BRL   73.56
EXP-IMP BK KOREA       0.50   11/28/2016    BRL   73.19
EXP-IMP BK KOREA       0.50   12/22/2016    BRL   72.85
EXP-IMP BK KOREA       0.50   10/23/2017    TRY   73.51
EXP-IMP BK KOREA       0.50   11/21/2017    BRL   69.34
EXP-IMP BK KOREA       0.50   12/22/2017    BRL   69.23
EXP-IMP BK KOREA       0.50   12/22/2017    TRY   72.72
KIBO GRE 2ND ABS      10.00    3/20/2015    KRW   30.59
SINBO 10TH ABS        10.00   12/27/2014    KRW   29.96
SINBO 4TH ABS          8.00    8/18/2014    KRW   30.38
SINBO 7TH ABS          8.00    9/22/2014    KRW   30.17


  SRI LANKA
  ---------

SRI LANKA GOVT         5.65    1/15/2019    LKR   69.17
SRI LANKA GOVT         8.00     6/1/2020    LKR   73.36
SRI LANKA GOVT         6.20     8/1/2020    LKR   64.62
SRI LANKA GOVT         8.00     1/1/2022    LKR   70.41
SRI LANKA GOVT         7.00    10/1/2023    LKR   62.27
SRI LANKA GOVT         5.35     3/1/2026    LKR   49.16
SRI LANKA GOVT         8.00     1/1/2032    LKR   61.23


  THAILAND
  --------

BANGKOK LAND           4.50   10/13/2003    USD    5.25


  VIETNAM
  -------

VIETNAM GOVT           7.20     4/4/2014    VND   40.50
VIETNAM GOVT           8.95    3/28/2016    VND   14.71



                             *********

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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  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
Peter Chapman at 240/629-3300.





                 *** End of Transmission ***