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

                      A S I A   P A C I F I C

             Tuesday, May 15, 2012, Vol. 15, No. 96

                            Headlines


A U S T R A L I A

GAME GROUP: Australian Arm Placed in External Administration
MHLA: Robina Fairways Site Attracts Buyer
TRIO CAPITAL: Advisers Not to Blame, Jailed Boss Says


H O N G  K O N G

DELIGHTED GLORY: Members' Final General Meeting Set for June 4
DELIGHT VIEW: Creditors' Meeting Set for May 15
DELIGHT VIEW AZABU: Creditors' Meeting Set for May 15
DRAGON PROPERTY: Members' Final Meeting Set for June 11
DTC ASIA: Commences Wind-Up Proceedings

ELKHORN ENTERPRISES: Creditors' Proofs of Debt Due May 18
ENRON (CHINA): Annual Meetings Set for May 22
ENRON (HK): Annual Meetings Set for May 22
FIORI APPAREL: Creditors' Proofs of Debt Due May 18
FIORI TEXTILES: Creditors' Proofs of Debt Due May 18

SPARKLE SKY: Creditors' Meeting Set for May 16


I N D I A

AKIK TILES: Delays in Loan Repayment Cue ICRA Junk Ratings
DIGITAL CIRCUITS: ICRA Puts '[ICRA]B+' Rating on INR13.87cr Loan
GEODESIC TECHNIQUES: ICRA Cuts Rating on INR167.24cr Loans to 'D'
GLADDER CERAMICS: Delays in Loan Payment Cue ICRA Junk Ratings
INDU PROJECTS: Delays in Loan Payment Cues ICRA Junk Ratings

INFRONICS SYSTEMS: ICRA Cuts Rating on INR11.03cr Loans to 'D'
KACH MOTORS: ICRA Assigns '[ICRA]BB+' Rating to INR7.33cr Loans
KHALILABAD SUGAR: ICRA Reaffirms 'D' Rating on INR10.5cr Loans
NITESH RESIDENCY: ICRA Cuts Rating on INR312.5cr Loan to 'B+'
P.E. ERECTORS: ICRA Assigns '[ICRA]BB' Rating to INR12.5cr Loans

REFEX REFRIGERANTS: Delays in Loan Payment Cue ICRA Junk Ratings
SHREE PADMAWATI: ICRA Places '[ICRA]B+' Rating on INR29cr Loans
SORENTO GRANITO: Delays in Loan Payment Cues ICRA Junk Ratings
SR CONSTRUCTIONS: ICRA Rates INR14.06cr Loan at '[ICRA]B'
SWASTIK CERACON: ICRA Cuts Rating on INR45.25cr Loans to 'D'


J A P A N

AM ONE: Moody's Raises Rating on Beneficial Interests From 'Ba1'
BIG SKY: Moody's Raises Rating on Beneficial Interests From Ba1
TOKYO ELECTRIC: Expects Narrower Net Loss as Japan Takes Control


N E W  Z E A L A N D

CAPITAL + MERCHANT: Fraud Trial Against 3 Directors Starts
FELTEX CARPETS: Class Action Backer Expects Rise in Funding
LOMBARD FINANCE: Verdict on FMA Charges Wrong, Directors Say


S I N G A P O R E

CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on May 25
D & Y BUILDERS: Creditors' Proofs of Debt Due May 24
HOE HUP: Creditors' Proofs of Debt Due May 25
ISS ENGINEERING: Court to Hear Wind-Up Petition on May 18
JHI MARKETING: Court to Hear Wind-Up Petition on May 18


V I E T N A M

SAIGON-HANOI COMM'L: Moody's Reviews 'E+' BFSR for Downgrade


X X X X X X X X

* BOND PRICING: For the Week May 7 to May 11, 2012


                            - - - - -


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


GAME GROUP: Australian Arm Placed in External Administration
------------------------------------------------------------
SmartCompany reports that the Australian arm of British video
game retailer Game Group has been placed in administration, weeks
after the European division of the company was rescued by a
private equity company.

SmartCompany says it is understood the local arm had been
searching for a buyer after its British parent company had
collapsed.

Citing documents filed with the Australian Securities and
Investments Commission, SmartCompany relates that TGW Pty Ltd,
which trades as Game, has been placed in external administration.

According to the report, PWC partner Kate Warwick confirmed the
appointment and said stores will continue to trade as close to a
"business as usual" mode, "whilst we get a clearer understanding
of the current state of the business".

"Prior to our appointment, the company's management had been
exploring interest in investing in the business with a number of
parties and we will look to see whether this interest can be
harnessed to continue the business or part of it through the
voluntary administration process," the report quotes Ms. Warwick
as saying.

SmartCompany relates that Ms. Warwick said while it is still
investigating, some factors leading up to the appointment could
include the administration of the parent company, and an
ambitious roll-out plan amid soft retail conditions.

Ms. Warwick also said the company is working on a scheme to help
customers who hold credit through loyalty programs and vouchers,
adds SmartCompany.

SmartCompany, citing Game's latest financial report, discloses
that the Australian division recorded turnover of $33 million. It
operates 1,300 stores worldwide, but the local arm employs about
500 people in 94 stores.

Game Group went into administration on March 26, 2012, after it
was unable to pay a GBP21 million quarterly rent bill, resulting
in the immediate closure of 277 of its 610 UK stores and just
over 2,000 job losses, according to The Financial Times.

The Game Group PLC, through its subsidiaries, operates as a
specialist retailer of PC and video game products.


MHLA: Robina Fairways Site Attracts Buyer
-----------------------------------------
Martin Rasini at goldcoast.com.au reports Robina Fairways, the
part-completed residential estate owned by developer MHLA appears
set to change hands.  Robina Fairways was placed on the market by
receivers in March, the report says.

According to the report, the offering comprises 11 of the
estate's 24 completed three-storey villas and a 6833sq m land
parcel with services infrastructure in place for a further 25
homes. It occupies a 1.42ha site on Great Southern Drive with
frontage to Robina Woods golf course.

The offering was marketed via an expressions of interest campaign
that closed on April 27, goldcoast.com.au notes.

The report relates that Kevin Carmody, principal of marketing
agent Savills, said the campaign had drawn good interest and he
expected the offering to be sold.

"Robina Fairways has strong appeal because both the developed
product and the site are of high quality and in an excellent
location," the report quotes Mr. Carmody as saying.  "The site is
development-ready, approved for houses not apartments, and is of
the right size.

As reported in the Troubled Company Reporter-Asia Pacific on
April 2, 2012, goldcoast.com.au said MHLA has debts of close to
AUD20 million and is in the hands of a liquidator, while
receivers have launched a sell-off of its assets.

Developer MHLA, linked to Jimmy Vivlios, completed 24 homes in
the planned 49-home estate, developed on a 1.42 hectare parcel on
Great Southern Drive acquired at a cost of AUD8.36 million,
according to goldcoast.com.au.  Receivers and liquidators were
appointed to the company in December, the second at the behest of
Shoreline Constructions and Developments, also linked to
Mr. Vivlios, which built the homes and was placed in liquidation
in November 2010.

According to goldcoast.com.au, David Hambleton, of RE Murphy in
Brisbane, who is liquidator to both companies said the bulk of
the MHLA debt, AUD16 million, was owed to Suncorp while
AUD3.22 million was owed to about five unsecured creditors, with
a related company, understood to be Shoreline, the major creditor
and owed AUD3.17 million.


TRIO CAPITAL: Advisers Not to Blame, Jailed Boss Says
-----------------------------------------------------
The Sydney Morning Herald reports that in case the politicians
examining the collapse of the Trio Capital/Astarra funds did not
fully appreciate his views on the funds management industry,
jailed Trio Capital boss Shawn Richard has issued a follow-up
missive, absolving financial planners.

"Financial planners should not be blamed in relation to the
collapse of Trio Capital," Mr. Richard -- one of the Trio fraud
masterminds -- said in an explanatory note posted on the
Parliamentary Joint Committee on Corporations and Financial
Services website on May 9, SMH relates.

"Financial planners along with their clients all had a justified
expectation that the Astarra Strategic Funds had gone through
multiple layers of checks and balances."

SMH says Mr. Richard noted that in his experience, financial
planners had relied on "reputable research houses" to conduct
detailed due diligence on the Astarra Strategic Funds.

The committee will release next week its report, which details
the biggest theft in Australian superannuation history, says SMH.

According to the report, Mr. Richard had already provided a
written submission, answering questions posed by the committee.
In it, he said: "Like most fund managers . . . our goal was to
establish relationships with the financial advisers who are the
gatekeepers to investors."

SMH adds Mr. Richard said nearly all the investors were "100%
reliant" on the advice of their financial planner. It was
investors' "fortune or misfortune" as to how the financial
adviser structured that investment -- those in self-managed super
funds are ineligible for the federal government's compensation
scheme, which has already paid out more than AUD50 million.

The report notes that three financial planning advisers have been
penalised by the corporate regulator over Trio. In December, ASIC
banned Wollongong adviser Ross Tarrant for seven years for not
complying with financial services law.  Mr. Tarrant, according to
the report, is appealing against the ban, and during a brief
hearing in the Administrative Appeals Tribunal, it emerged that
he would call Mr. Richard as a witness.  Mr. Tarrant received
more than $840,000 in payments from Trio, and has rejected claims
that payments influenced his investment advice. His company has
been placed in liquidation, and clients have lost more than
AUD23 million through investing in Trio, SMH discloses.


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


DELIGHTED GLORY: Members' Final General Meeting Set for June 4
--------------------------------------------------------------
Members of Delighted Glory Engineering Limited will hold their
final general meeting on June 4, 2012, at 10:00 a.m., at Room
810, Argyle Centre, 688 Nathan Road, in Kowloon.

At the meeting, Cheng Alexander Chiu Wang, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


DELIGHT VIEW: Creditors' Meeting Set for May 15
-----------------------------------------------
Creditors of Delight View Enterprises Limited will hold their
meeting on May 15, 2012, at 11:00 a.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 101 The Auditorium of The Boys'
and Girls' Clubs Association of Hong Kong, 3 Lockhart Road,
Wanchai, in Hong Kong.


DELIGHT VIEW AZABU: Creditors' Meeting Set for May 15
-----------------------------------------------------
Creditors of Delight View Azabu (HK) Limited will hold their
meeting on May 15, 2012, at 2:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 251, 255A and 283 of the
Companies Ordinance.

The meeting will be held at Room 101 The Auditorium of The Boys'
and Girls' Clubs Association of Hong Kong, 3 Lockhart Road,
Wanchai, in Hong Kong.


DRAGON PROPERTY: Members' Final Meeting Set for June 11
-------------------------------------------------------
Members of Dragon Property Group Limited will hold their final
general meeting on June 11, 2012, at 10:00 a.m., at 13B, Tak Lee
Commercial Building, at 113-117 Wanchai Road, Wanchai, in Hong
Kong.

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


DTC ASIA: Commences Wind-Up Proceedings
---------------------------------------
Members of DTC Asia Pacific Limited, on April 25, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road
         Central, Hong Kong


ELKHORN ENTERPRISES: Creditors' Proofs of Debt Due May 18
---------------------------------------------------------
Creditors of Elkhorn Enterprises Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 18, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         Kong Kian Chong (Wesley)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


ENRON (CHINA): Annual Meetings Set for May 22
---------------------------------------------
Members and creditors of Enron (China) Limited will hold their
annual meetings on May 22, 2012, at 11:00 a.m., and 11:30 a.m.,
respectively at 7/F, Allied Kajima Building, at 138 Gloucester
Road, Wanchai, in Hong Kong.

At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


ENRON (HK): Annual Meetings Set for May 22
------------------------------------------
Members and creditors of Enron (HK) Limited will hold their
annual meetings on May 22, 2012, at 10:00 a.m., and 10:30 a.m.,
respectively at 7/F, Allied Kajima Building, at 138 Gloucester
Road, Wanchai, in Hong Kong.

At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


FIORI APPAREL: Creditors' Proofs of Debt Due May 18
---------------------------------------------------
Creditors of Fiori Apparel Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 18, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         Kong Kian Chong (Wesley)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


FIORI TEXTILES: Creditors' Proofs of Debt Due May 18
----------------------------------------------------
Creditors of Fiori Textiles Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 18, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Yeung Lui Ming (Edmund)
         Kong Kian Chong (Wesley)
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


SPARKLE SKY: Creditors' Meeting Set for May 16
----------------------------------------------
Creditors of Sparkle Sky Limited will hold a meeting on May 16,
2012, at 9:30 a.m., at 6/F, AIA Plaza, No. 18 Hysan Avenue,
Causeway Bay, in Hong Kong.

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


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


AKIK TILES: Delays in Loan Repayment Cue ICRA Junk Ratings
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR20.90
crore long term fund based facilities of Akik Tiles Limited from
'[ICRA]BB-' to '[ICRA]D'. ICRA has also revised the short term
rating assigned to INR0.11 crore short term non fund based
facilities of ATL from '[ICRA]A4' to [ICRA]D.

                              Amount
   Facilities                (INR Cr)      Ratings
   ----------               ---------      -------
   Fund Based-Cash Credit      10.00       Downgraded from
                                           [ICRA]BB- to [ICRA]D

   Fund Based-Term Loan         7.10       Downgraded from
                                           [ICRA]BB- to [ICRA]D

   Fund Based-Corporate         3.80       Downgraded from
   Loan                                    [ICRA]BB- to [ICRA]D

   Non Fund Based-Credit        0.11       Downgraded from
   Exposure Limit                          [ICRA]A4 to [ICRA]D

The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment obligations to the bank in a timely manner.
The ratings continue to remain constrained by the modest scale of
operations in relation to other larger organized ceramic tile
manufacturers, highly competitive nature of the ceramic tile
industry resulting from large established tile manufacturers and
unorganized players. The ratings also take into account the
vulnerability of profitability to increasing prices of natural
Gas -- a major source of fuel.

                          About Akik Tiles

Akik Tiles Limited is a ceramic tile manufacturer with its plant
situated at Mehsana, Gujarat. The company was acquired by the
promoters Mr. Girishbhai J. Patel and Mr. Pankajbhai N. Patel in
the year 2003. Subsequently few more companies were either set up
or acquired to form what is now called 'Swastik Group' having
presence across all varieties of tiles including ceramic floor &
wall tiles, parking tiles, vitrified tiles and porcelain tiles.
The plant has an installed capacity of 35000 MTPA for production
of ceramic tiles which translates into ~200,000 boxes per year.
The company has recently commenced the production of quartz tiles
with an installed plant capacity of 150,000 sq. ft. per month.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR32.11 crores and profit after tax of
INR2.05 crores (provisional unaudited results).


DIGITAL CIRCUITS: ICRA Puts '[ICRA]B+' Rating on INR13.87cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR13.87 crore fund
based facilities of Digital Circuits Private Limited. ICRA has
also assigned '[ICRA]A4' rating to the INR5.0 crore non-fund
based facilities of DCPL.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits        13.87          [ICRA]B+/assigned

   Non-fund Based Limits     5.00          [ICRA]A4/assigned

The assigned ratings take into account the Company's moderate
scale of operations limiting financial flexibility, high
competitive intensity in the industry and susceptibility of the
Company's margins to the same. The ratings also take into account
the Company's financial profile characterized by thin margins,
low cash accruals, stretched gearing and high working capital
intensity. The ratings however derive support from the Company's
long standing presence, its experienced management with the
promoters having strong technical background and the Company's
healthy order book aiding business growth. Presence of several
group companies at various locations also provides cross selling
opportunities. ICRA notes that favorable medium term demand
outlook in the EMS space driven by increasing focus on domestic
procurement is likely to enhance business prospects for the
Company. With limited presence in design services, the Company
faces high competition in the relatively commoditized consumer
durables EMS business. The Company's ability to successfully
enrich its service mix and its ability to improve its capital
structure over the medium term would remain key rating
sensitivities.

Digital Circuits Private Limited, promoted by Mr. Subhash Chander
Goyal and family, is engaged in providing electronic
manufacturing services (EMS) primarily in the consumer durable
segment. The Company provides EMS including final box build and
delivers end to end solution to technology companies in the field
of telecom, power, automobiles, medical, consumer durables and
energy. Services of the Company include design, prototype
development, printed circuit board (PCB) assemblies, product
integration and after sales service. The Company has been
operational for over 25 years (initially under sole
proprietorship); however post 2004, the constitution was changed
to private limited company.

Recent results

The Company reported net profit of INR0.6 crore on operating
income of INR25.1 crore during 2010-11 as against net profit of
INR0.6 crore on operating income of INR22.9 crore during 2009-10.


GEODESIC TECHNIQUES: ICRA Cuts Rating on INR167.24cr Loans to 'D'
-----------------------------------------------------------------
ICRA has revised the long term rating of '[ICRA]BB' outstanding
on the INR10.24 crore term loans, INR40.00 crore fund based
facilities and INR35.00 crore non-fund based facilities of
Geodesic Techniques Private Limited to '[ICRA]D'. ICRA has also
revised the short term rating of '[ICRA]A4' outstanding on the
INR82.00 crore non-fund based bank facilities of the company to
[ICRA]D.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Term Loan                10.24        Revised from [ICRA] BB
                                         (Stable) to [ICRA]D

   Cash Credit              40.00        Revised from [ICRA] BB
                                         (Stable) to [ICRA]D

   Bank Guarantee           35.00        Revised from [ICRA] BB
                                         (Stable) to [ICRA]D

   Letter of Credit         82.00        Revised from [ICRA] A4
                                         to [ICRA]D

The rating revision incorporates the deterioration in liquidity
profile of GTPL leading to frequent devolvement of letter of
credit facilities & prolonged overutilization of cash credit
facilities and the delays witnessed in timely servicing of the
debt obligations. The financial profile of the company remained
stretched with falling profit margins, increasing leverage &
working capital intensity and weakening debt coverage indicators
primarily as a result of low profitability and higher working
capital requirements associated with Mumbai International Airport
Limited project, executed by the company during FY11. ICRA notes
that though the profit margins of the company has improved in
FY12, the liquidity position of the company remain tight as
indicated by a high working capital intensity and heavy reliance
on debt to meet the liquidity needs has lead to increased
leverage and weak coverage indicators. While the project
concentration risk is high with Bangalore International Airport
Limited Terminal 1A expansion project, accounting for 47% of
unexecuted orders on hand, the revenue visibility for GTPL is
moderate as indicated by an order book to revenue multiple of
0.84 x. However the risk is mitigated to an extent by the
demonstrated ability of the company to bag new orders. The
ratings continue to favorably factor in GTPL's long track record
in prefabricated steel construction business, its strong design
and execution capability, its professional management and the
healthy growth rate of operating revenues.

                     About Geodesic Techniques

Geodesic Techniques Private Limited, set up by Mr. Srinidhi
Anantharaman in 1986, is mainly into prefabricated steel
construction. Initially the company was primarily focused on
space frames based structures. However in FY2005, Geodesic
broadened its portfolio from just space frame based construction
activity to include several types of prefabricated steel
structures and steel buildings.

Recent Results

GTPL reported a net loss of INR9.68 crore on an operating income
of INR221.99 crore during FY11 as against a net profit of INR4.73
crore on an operating income of INR106.63 crore during FY10. For
the nine months ended December 2011, the company has registered a
profit after tax of INR1.98 crore on an operating income of
INR111.74 crore (provisional).


GLADDER CERAMICS: Delays in Loan Payment Cue ICRA Junk Ratings
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR16.74
crore long term fund based facilities of Gladder Ceramics Limited
from '[ICRA]BB-' to '[ICRA]D'.  ICRA has also revised the short
term rating assigned to INR3.00 crore short term fund based
facility and INR1.25 crore short term non-fund based facility of
GCL from '[ICRA]A4' to [ICRA]D.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based-Cash Credit    9.00          Downgraded from
                                           [ICRA]BB- to [ICRA]D

   Fund Based-Term Loan      7.74          Downgraded from
                                           [ICRA]BB- to [ICRA]D

   Fund Based-Demand Loan    3.00          Downgraded from
                                           [ICRA]A4 to [ICRA]D

   Non Fund Based-Credit     1.25          Downgraded from
   Exposure Limit                          [ICRA]A4 to [ICRA]D

The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment obligations to the bank in a timely manner.
The ratings continue to remain constrained by lower acceptability
of the product in the Indian market at present, vulnerability of
profitability to the cyclicality associated with the real estate
industry and to the increasing prices of gas- the major source of
fuel. The ratings also take into account the stretched capital
structure and weak coverage indicators of the company, primarily
on account of debt funded capital expenditure taken up by the
company in FY10 in order to increase the plant capacity.

                      About Gladder Ceramics

Gladder Ceramics Limited is a porcelain tile manufacturer with
its plant situated at Himmatnagar, Gujarat. The company was
incorporated in September 2002 and it was acquired by Swastik
group in June 2008. The company is part of Swastik Group having
presence across ceramic floor tiles & wall tiles (Akik Tiles
Ltd.), vitrified tiles (Swastik Ceracon Ltd.) and porcelain tiles
(GCL). GCL is promoted by Mr. Girish J. Patel, Mr. Jayeshbhai C
Patel and Mr. Pankaj Patel. The plant has an installed capacity
of 25.55 lac sq.ft. per annum which translates into ~1,100,000
boxes per year. GCL manufactures porcelain tiles of single size:
24' x 24'.

Recent Results

For the year ended 31st March 2011, the company reported an
operating income of INR31.25 crores and profit after tax of
INR1.23 crores (provisional unaudited results).


INDU PROJECTS: Delays in Loan Payment Cues ICRA Junk Ratings
------------------------------------------------------------
ICRA has revised the rating assigned to INR728 crore term loan,
INR519 crore fund based limits and INR1890 crore non-fund based
limits of Indu Projects Ltd. from '[ICRA]BBB-' to '[ICRA]D'. ICRA
has also revised the rating assigned to the INR305 crore non-fund
based limits of Indu from '[ICRA]A3' to '[ICRA]D'.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Term Loans                728           [ICRA]D
   Fund Based Limits         519           [ICRA]D
   Non-Fund Based Limits    1890           [ICRA]D
   Non-Fund Based Limits     305           [ICRA]D

The rating revision takes into account recent delays in loan
repayment by Indu due to liquidity crunch arising out of its
inability to monetize its real estate assets as planned earlier.
Considering its tight liquidity position and the significant debt
repayment obligation in near term, the company has decided to
restructure its loan through Corporate Debt Restructuring (CDR)
process. Besides, the credit risk profile of the company
continues to remain constrained by its high working capital
intensity, its significant exposure to real estate sector and the
intensely competitive nature of the construction industry. ICRA
however takes note of Indu's geographically and sectorally
diversified operations, its experienced management and its
successful past project execution track record, which coupled
with a healthy order book provides visibility of revenues over
the medium term.

Indu, founded by Mr. Syam Prasad Reddy in the year 2001, was
predominantly engaged in the construction of buildings and urban
infrastructure in its early years. The company subsequently
diversified into other areas of engineering construction business
such as irrigation, water supply, power, roads, railways and
mining projects. The company also forayed into real estate
activities (mainly concentrated in Hyderabad) in the year 2005
and floated separate SPVs for the execution of these projects.
However, on account of the slow-down in the sector, Indu has
significantly slowed down its real estate activities since the
year 2009. Nonetheless, on account of its significant investments
in land bank and several real estate projects, the company's
exposure to the real estate sector remains high.

At consolidated level, the company posted a PAT (after adjusting
for Minority Interest) of INR89.21 crore on Net Sales of INR2,222
crore during FY2011. During the same period, the Net Sales and
PAT at the standalone level stand at INR2,184 crore and INR88.25
crore, respectively.


INFRONICS SYSTEMS: ICRA Cuts Rating on INR11.03cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating of '[ICRA]BB' outstanding
on the INR14.43 crore bank facilities of Infronics Systems
Limited to [ICRA]D. The rating revision reflects the ongoing
delay in debt servicing by ISL following the deterioration in its
liquidity position on account of rising inventory levels and the
recent foreign exchange losses incurred by the company.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Term loans               7.80           Revised from [ICRA]BB
                                           (Stable) to [ICRA]D

   Cash Credit              6.50           Revised from [ICRA]BB
                                           (Stable) to [ICRA]D

   Non Fund based          (3.40)          Revised from [ICRA]BB
   Limits                                  (Stable) to [ICRA]D
   (sub limit of CC)

   Non Fund based           0.13           Revised from [ICRA]BB
   limits                                  (Stable) to [ICRA]D

ISL's liquidity continues to be constrained by the high inventory
levels arising from the large volume of de duplication licenses,
delays in collecting receivables, and less than expected revenues
from the company's RFID (Radio Frequency Identification) and UID
(Unique Identity) businesses. ISL's ability to liquidate its
inventory of de duplication licenses and control the build-up of
receivables would be crucial to meet its future debt servicing
commitments. ICRA however notes the established position of ISL
as an integrated identity and security systems provider, its
longstanding relationships with the biometric device suppliers
and favorable market for the company's hardware and software
products.

                      About Infronics Systems

Infronics Systems Limited is a Hyderabad based listed (on the
Bombay Stock Exchange) company. ISL was incorporated in the year
2000 as SuchInfotech. ISL was set-up to operate in the areas of
AIDC (Automatic Identification and Data Capture), RFID (Radio
Frequency Identification), Biometrics and Mobile technology. The
company underwent a demerger effective November 2009 after which
ISL repositioned itself as a biometric, RFID, Security and
Surveillance and the associated integration systems provider.
BioMorf Systems Ltd (BSL) and Mobiprise Systems Ltd., (MSL) are
the other group companies that were formed out of demerger of ISL
in November, 2009. BSL is engaged in the business of providing IT
solutions based primarily on Biometrics technology whereas MSL is
engaged in the business of providing solutions in Enterprise
mobility space. ISL offers hardware and software solutions for
the e-governance projects, homeland security that includes
criminal tracking, police modernization networks and indigenous
hardware like portable handheld devices with wireless
connectivity for data entry, e challan generation and monitoring
public distribution systems.

Recent Results (Provisional)

In FY2012, as per the provisional financials, ISL reported an
operating income of INR46.77 at an operating profit of INR10.85
crore as against an operating income of INR41.09 crore at an
operating profit of INR6.52 crore in FY2011.


KACH MOTORS: ICRA Assigns '[ICRA]BB+' Rating to INR7.33cr Loans
---------------------------------------------------------------
ICRA has assigned the rating of '[ICRA]BB+' to INR2.50 crore fund
based facilities and INR4.83 crore term loan facilities of Kach
Motors Private Limited. The outlook on the long term rating is
Stable.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             ---------   -------
   Fund based facilities     2.50     [ICRA]BB+ (Stable) Assigned
   Term Loan facilities      4.83     [ICRA]BB+ (Stable) Assigned

The ratings assigned takes into account the Company's established
presence in the automotive industry, long standing relationship
with the customers for more than a decade and healthy financial
profile characterised by comfortable capital structure and
working capital indicators. The rating also takes into account
the substantial growth recorded in revenues in last three fiscals
in line with the increasing demand from the existing customers
and continuous product development for VE Commercial Vehicles
Limited. The rating, however, remains constrained by the
Company's current small scale of operations, high client
concentration and low bargaining power with the customers. VECV
currently contributes to -80% of total sales, thereby exposing
KMPL to the risk of possible order volatility; the customer
concentration is, however, likely to moderate over medium term
with increased sales to MAN India Truck Pvt LTd and Asia Motor
Works. As a growth strategy, KMPL intends incur capital
expenditure for capacity expansion and product development; the
ability to maintain its financial profile amidst the same will be
a key rating sensitivity going forward.

                        About Kach Motors

Kach Motors Private Limited commenced its operations in 1996, and
is engaged in the manufacturing of auto-components for OEMs
primarily Eicher Motors now (VECV Commercial Vehicles; VECV), MAN
India Truck Pvt Ltd, and AMW Asia. The product range comprises of
wide range of high-precision fully machined and heat treated
automobile, engineering parts and assemblies, high tensile U-
bolts, carburized/induction/ through hardened components, steel
bright bars, steel wire-shots, pins, spacers and alike and cater
primarily to domestic markets. The Company has production unit
located in Pitampur (Near Indore) with currently installed
capacity of 40 lakh units per annum, however the SKUs remain
large with more than 200 different types of components being
manufactured. The Company is family run business, actively
promoted and managed by Mr. CP Gupta and his sons.

Recent results:

The Company reported provisional financials for 2011-12 wherein
it recorded net profit of INR1.6 crore on operating income of
INR22.5 crore.


KHALILABAD SUGAR: ICRA Reaffirms 'D' Rating on INR10.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]D' for the INR10.50
crore fund based limits and non fund based limits of Khalilabad
Sugar Mills Private Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund based limits        10.00        [ICRA]D reaffirmed

   Non fund based limits     0.50        [ICRA]D reaffirmed

The reaffirmation of the rating factors in the company's poor
financial risk profile characterized by continuing losses
suffered by the company, leading to a complete erosion of its net
worth (which has also resulted in the company being declared a
sick company), and delays on debt servicing obligations. ICRA's
rating also factors in the weak operating profile because of a
lack of forward integration into co-generation and distillery as
well as risks arising out of the inherent cyclicality in the
sugar business and vulnerability to agro-climactic factors and
Government policies governing cane pricing, sugar release
mechanism and pricing of by-products.

Khalilabad Sugar Mills Pvt. Ltd is a standalone sugar mill with a
crushing capacity of 2,500 tcd, under the ownership of Auro Sugar
Private Limited (ASPL). The manufacturing facility is located in
Khalilabad, Distt. Sant Kabir Nagar in Uttar Pradesh. The company
was incorporated in January, 1984 under the ownership of the
Jaipuria group. However, after facing a financial crisis, it was
taken over by a number of groups. However, the company's
financial performance remained weak and it was subsequently
declared a sick unit under BIFR. After that, it was taken over by
its present owners -- ASPL.

Recent results:

KSMPL posted a loss of INR17.46 crore against an operating income
of INR39.70 crore in 2010-11. During 2009-10, the company had
posted a loss of INR13.22 crore on the back of an operating
income of INR26.94 crore.


NITESH RESIDENCY: ICRA Cuts Rating on INR312.5cr Loan to 'B+'
-------------------------------------------------------------
ICRA has revised the rating of '[ICRA]BB-' outstanding on the
INR312.50 crore term loan programme of Nitesh Residency Hotels
Private Limited to '[ICRA]B+'.

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Term Loans               312.50        Revised from [ICRA] BB-
                                          (Stable) to [ICRA]B+

The rating revision reflects the expected strained cash flows for
the 282-room 5-Star Deluxe "Ritz Carlton" Hotel, at Residency
Road, Bangalore, in the initial years of operations given the
generally gradual ramping up of occupancies and ARR's and the
overall subdued demand outlook for 5-Star hotel rooms in
Bangalore. While ICRA's earlier rating had factored in these
risks to an extent, the rating revision reflects a worsening of
Nitesh Hotels' credit profile given the continuing delays in
execution with corresponding cost overruns, restructured debt
terms resulting in a narrower repayment period and consequently
higher annual cash outflows and the weakening market outlook.
Nitesh Hotels is thus expected to require external funding
support in the initial years to meet its debt servicing
obligations in a timely manner and the ability and willingness of
the sponsors to support the project during the operational phase
remains to be seen. ICRA notes that at the current stage of the
project, further delays beyond the scheduled completion of June
2012 for 150 rooms and October 2012 for 282 rooms, cannot be
ruled out and that the rating continues to be constrained by the
funding risks particularly for the currently open-ended cost
escalation. The rating also continues to be constrained by the
already high project cost for the 5-Star Deluxe Hotel with an
associated impact on profitability. The rating however continues
to favourably factor in the brand strength of the Ritz Carlton
Group of hotels, the favourable location of the hotel within the
Central Business District of Bangalore and the majority ownership
of Apollo Global Real Estate Management (74% holding).

Nitesh Hotels, promoted by Nitesh Estates Limited and Mr. Nitesh
Shetty (26% holding) and Apollo Global Real Estate Management
(74% holding), is currently developing a 282 room five star
deluxe hotel at Residency Road, Bangalore at an estimated cost of
INR625 crore. The hotel, to be operated under the "Ritz Carlton"
brand, is currently under construction and is expected to start
partial operations in June 2012 and full fledged operations in
October 2012 against an earlier scheduled commissioning of April
2011.  The project cost is proposed to be funded by debt of
INR312.5 crore and equity of INR312.5 crore.  Cost overruns on
account of the ongoing delays in commissioning are expected to be
funded through additional equity infusions and no additional
borrowings are envisaged.


P.E. ERECTORS: ICRA Assigns '[ICRA]BB' Rating to INR12.5cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR2.50
crore1 cash credit and the INR10.00 crore bank guarantee
facilities of P.E. Erectors Private Limited.  The outlook on the
long term rating is Stable.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Fund Based Limits-        2.50      [ICRA]BB (Stable) assigned
   Cash Credit

   Non Fund Based Limits-   10.00      [ICRA]BB (Stable) assigned
   Bank Guarantee

The rating takes into account the established track record of
PEEPL in the maintenance and mechanical erection jobs related to
power plants, and the company's reputed client profile,
mitigating counterparty risks to an extent. The rating also takes
into account the inbuilt price escalation clauses in contracts,
which protects margins, and PEEPL's favorable financial profile,
as indicated by healthy operating profitability and business
returns. The rating is, however, constrained by the company's
small scale of operations at present, its limited client base,
exposing the company to client concentration risks, and PEEPL's
high reliance on creditor funding, leading to a high ratio of
total outside liabilities relative to tangible net worth. The
rating also factors in the tender based nature of contracts, and
the highly competitive nature of the business, both of which
would limit the scope for any significant improvement in profit
margins going forward.

Incorporated in September 1983 in Kolkata, P.E. Erectors Private
Limited is an established player in the engineering services
business, having core competency in executing maintenance and
mechanical erection jobs in power plants. PEEPL is a closely held
company, with a concentrated shareholding pattern, led by Mr.
Satyabrata Ray Choudhuri, a mechanical engineer by profession.

Recent Results:

PEEPL reported a net profit of INR1.24 crore in FY 2010-11 on the
back of an operating income of INR24.53 crore, as against a net
profit of INR0.78 crore on an operating income of INR18.41 crore
during FY 2009-10.


REFEX REFRIGERANTS: Delays in Loan Payment Cue ICRA Junk Ratings
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.41
crore term loans and INR16.00 crore fund based bank facilities of
Refex Refrigerants Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has
also revised the short term rating assigned to the INR12.00 crore
non fund based facilities of RRL from '[ICRA]A4' to '[ICRA]D'.

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Term Loans                6.41         Revised to [ICRA]D from
                                          [ICRA]BB

   Fund Based Facilities    16.00         Revised to [ICRA]D from
                                          [ICRA]BB

   Non Fund Based           12.00         Revised to [ICRA]D from
   Facilities                             [ICRA]A4

The revision in rating takes into account the delays in debt
servicing by the company in the recent months. The ratings are
also constrained by the vulnerability of RRL's profit margins to
volatile refrigerant gas prices; high dependence on imports that
exposes the company to foreign exchange fluctuations; and, the
weak financial risk profile characterized by high gearing and
high working capital intensity.

Refex Refrigerants Limited, established in 2002 by Mr. Anil Jain,
is a refiller and distributor of environment friendly refrigerant
gases in India. The gases also find application as foam blowing
agents and aerosol propellants. Following a public offering of
shares in July 2007, RRL was listed on the National Stock
Exchange and the Bombay Stock Exchange. RRL procures refrigerant
gases in bulk, primarily from China, and sells them to its
customers in cylinders and cans of various sizes. Some of the
major customers of RRL are Godrej and Boyce Manufacturing Company
Ltd, LG Electronics India Ltd, Blue Star Ltd and Voltas Ltd. The
company has a 3000 metric tonne per annum refilling plant at
Thiruporur, near Chennai.


SHREE PADMAWATI: ICRA Places '[ICRA]B+' Rating on INR29cr Loans
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR27.5 crore fund
based bank limits and INR1.5 crore non fund based bank limits of
Shree Padmawati Metaliks Private Limited. ICRA has also assigned
an '[ICRA]A4' rating to the INR5 crore non fund based bank limits
(INR2.5 Crore Interchangeable between LC and CC) of SPMPL.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits-        27.5          [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limits-     1.5          [ICRA]B+ assigned
   Letter of Credit

   Non Fund Based Limits-     5.0          [ICRA]A4 assigned
   Letter of Credit

The ratings take into account SPMPL's high working capital
intensive nature of operations that exert pressure on the
liquidity position, exposure to the fluctuations in the raw
material prices, current weakness in the steel industry that may
impact the demand of steel products, and susceptibility of
profits and cash flows to the inherent cyclicality in the steel
business. While assigning the ratings, ICRA has also considered
the business risk profile of SPMPL's group company Shree
Mahalaxmi Corporation Pvt Ltd as both have a common management
and are engaged in similar lines of businesses. The ratings also
factor in the experience of the promoters in the steel business,
moderate financial profile as reflected by modest gearing levels
and debt protection metrics, and the healthy growth in the top-
line of the company in FY10 and FY11 primarily on account of
increased trading business. However, the same has resulted in
lower operating profitability. SPMPL has commissioned 5MVA ferro
alloy plant recently and another 5 MVA ferro alloy plant would be
commissioned in the near term. The company has also set up
108,000 MTPA billet manufacturing facility, which is expected to
have a favorable impact on the profitability of the company going
forward. However, ICRA notes that the existing as well as
proposed manufacturing facilities are power intensive businesses
and the absence of a captive power plant reduces the cost
competitiveness of the company vis-…-vis other players in the
industry.

Acquired in 2008, SPMPL has been promoted by the Kolkata based
Mahalaxmi Group. The production facilities at Kalyaneshwari, West
Bengal, include ingots (101275 MTPA), billets (108,000 MTPA) and
ferro alloy unit (5 MVA). SPMPL is also engaged in trading of
steel products.

Recent Results

During FY11, SPMPL reported a profit after tax (PAT) of INR3.69
crore on the back of an operating income (OI) of INR286.24 crore
as against a PAT and OI of INR2.90 crore and INR261.12 crore
respectively during FY10. SPMPL has reported a PAT of INR2.02
crore (provisional) and OI of INR150.24 crore (provisional)
during the first half of FY12.


SORENTO GRANITO: Delays in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR16.0
crore fund-based facilities and INR0.85 crore non-fund based
facilities of Sorento Granito Private Limited to '[ICRA]D' from
'[ICRA]B-'.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Long Term Fund            16.00         [ICRA]D Revised
   Based Limits                            from [ICRA]B-

   Long Term Non-Fund         0.85         [ICRA]D Revised
   Based Limits                            from [ICRA]B-

The rating revision reflects persistent delays by SGPL in meeting
its debt servicing obligation during the last six months due to
lack of financial discipline and demand slowdown.

Company Profile Sorento Granito Private Limited was incorporated
in October 2007 to manufacture vitrified tiles by Mr. Bhagwandas
Tulsiyani and Mr. Narendrakumar Kagathara. The company is managed
by Mr. Bhagwandas Tulsiyani who has around 10 years of experience
in the ceramic industry. The company has its production
facilities in Old Ghuntu Road, Gujarat (Morvi Region). The
company markets its tiles under the brand name of 'Sorento'. The
company started commercial manufacturing of vitrified tiles in
January 2009 and is currently operating at almost full capacity.


SR CONSTRUCTIONS: ICRA Rates INR14.06cr Loan at '[ICRA]B'
---------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to INR14.06 crore
fund based limits of SR Constructions. ICRA has also assigned a
short term rating of '[ICRA]A4' to INR12.00 crore non-fund based
facilities of SR.

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Fund based limits        14.06         [ICRA]B assigned

   Non-fund based limits    12.00         [ICRA]A4 assigned

The ratings are constrained by SR's low scale of operations given
its focus on relatively low value construction works of typically
low complexity, the high geographical concentration with a major
proportion of revenues being derived from the States of Karnataka
and Andhra Pradesh and the high competitive intensity inherent in
the construction business. The existence of counter-party risks
and the growing pressure on profitability in a scenario of rising
input prices are other factors constraining the rating. SR's
financial profile is weak characterised by declining
profitability, low cash accruals, and high levels of leveraging.
Besides these, the rating also factors in the risks inherent in
partnership firms inter alia the continuation of the firm in the
event of the death/retirement of any partner and the ability to
withdraw capital from the firm to fund the partners' external
commitments. ICRA notes that the partners of SR have plans to
undertake real estate development through other partnership
firms/companies and that some funds may also be withdrawn from SR
in future on this account. The ratings however favourably factor
in the long experience of the promoters in the civil construction
business and the strong pace of growth of revenues over the
recent past.

SR Constructions, incorporated as a partnership firm in the year
1998 operates as a contractor, mainly undertaking civil and
structural works for public infrastructure & residential
buildings etc. in Andhra Pradesh and Karnataka. The firm has its
registered office in Anantapur, Andhra Pradesh and an
administrative office in Bangalore, Karnataka. It is owned and
managed by its three partners Mr. Raja Gopal, Mr. Surendra Babu &
Mr. D Venkatesh each having an equal share in profits.

Recent Results:

SR has, for the year ended March 31, 2011, reported an operating
income of INR68.17 crore and a net profit of INR5.37 crore
whereas the provisional financial statements prepared for the
year ended March 31, 2012 reported an operating income of
INR101.21 crore and a net profit of INR5.76 crore.


SWASTIK CERACON: ICRA Cuts Rating on INR45.25cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR40.25
crore long term fund based facilities of Swastik Ceracon Limited
from '[ICRA]BB-' to '[ICRA]D'. ICRA has also revised the short
term rating assigned to INR5.00 crore short term non fund based
facilities of SCL from '[ICRA]A4' to [ICRA]D.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Fund Based-Cash Credit     11.00     Downgraded from
                                        [ICRA]BB- to [ICRA]D

   Fund Based-Term Loan       29.25     Downgraded from
                                        [ICRA]BB- to [ICRA]D

   Non Fund Based-Letter       3.00     Downgraded from [ICRA]A4
   of Credit                            to [ICRA]D

   Non Fund Based-Bank         2.00     Downgraded from [ICRA]A4
   Guarantee                            to [ICRA]D

The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment obligations to the bank in a timely manner.
The same is partly attributable to the stress on operational
performance on account of slowdown in demand of vitrified tiles.
The ratings continue to remain constrained by the company's
modest scale of operations as compared to other larger organized
tile manufacturers as well as weak financial profile
characterized by highly leveraged capital structure and weak debt
coverage indicators along with high debt repayment obligations in
the near term. The ratings also take into account the
vulnerability of profitability to the cyclicality associated with
the real estate industry and to the increasing prices of gas - a
major source of fuel.

Swastik Ceracon Limited is a vitrified tile manufacturer with its
plant situated at Mehsana, Gujarat. The company was incorporated
as Marbolite Granito India Ltd. by Swastik group in the year
2007. Later the company was renamed as Swastik Ceracon Ltd. in
the year 2010. The company commenced the production in February
2008. The plant has an installed capacity of 65000 MTPA which
translates into -1,450,000 boxes per year.

Recent Results

For the year ended 31st March 2011, the company reported an
operating income of INR64.24 crores and profit after tax of
INR3.41 crores (provisional unaudited results).


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


AM ONE: Moody's Raises Rating on Beneficial Interests From 'Ba1'
----------------------------------------------------------------
Moody's Japan K.K. has upgraded the rating of the AM One Trust
Seller Beneficial Interests to Baa2 (sf) from Ba1 (sf).

Details follow:

Approximately JPY8.3 billion Seller Beneficial Interests upgraded
to Baa2 (sf) from Ba1 (sf); previously on August 25, 2011
downgraded to Ba1 (sf) from Baa3 (sf).

Deal Name: AM One Trust

Class: Seller Beneficial Interests

Issue Amount: Approximately JPY8.3 billion

Dividend: None

Transfer Date of Beneficial Interests: 21 January 2009

Final Maturity Date: 20 December 2045

Underlying Asset: Residential mortgages

Ratings Rationale

The rating upgrade reflects the increased level of credit
enhancement for the Seller Beneficial Interests, resulting from
the redemption of the beneficial interests in a sequential
manner. This started with the senior beneficial interests, and
was followed by the junior beneficial interests.

As the credit quality of the Seller declines, the set-off risk
increases, thereby exposing the Seller Beneficial Interests to
potential losses.

However, with the increase in the level of credit enhancement for
the Seller Beneficial Interests the risk has decreased to the
level that the rating of the Seller Beneficial Interest is higher
than the Seller.

The primary source of Moody's assumptions over uncertainty is the
current macroeconomic environment, especially the unemployment
rate and salary levels, including bonuses.

Moody's assumes that a cumulative gross loss rate for the
underlying assets follows a stochastic distribution, and has
created scenarios which have different cumulative gross loss
rates, using this distribution.

Moody's then ran a cash flow simulation for each scenario.
Conservative assumptions were made for other parameters,
including the recovery rates of defaulting loans, such that a
cash flow simulation could be run under stress conditions
corresponding to the target rating level.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating RMBS Transactions in Japan" published
on September 30, 2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


BIG SKY: Moody's Raises Rating on Beneficial Interests From Ba1
---------------------------------------------------------------
Moody's Japan K.K. has upgraded the rating of the Big Sky 2008-1
Shinsei Bank Residential Mortgage Trust Seller Beneficial
Interests to Baa2 (sf) from Ba1 (sf).

Details follow:

Approximately JPY1.2 billion Seller Beneficial Interests,
upgraded to Baa2 (sf) from Ba1 (sf); previously on 25 August 2011
downgraded to Ba1 (sf) from Baa3 (sf).

Deal Name: Big Sky 2008-1 Shinsei Bank Residential Mortgage Trust
(Big Sky)

Class: Seller Beneficial Interests

Issue Amount: Approximately JPY1.2 billion

Dividend: None

Transfer Date of Beneficial Interests: 19 December 2008

Final Maturity Date: 22 November 2045

Underlying Asset: Residential mortgages

Seller (Originator/Servicer): Shinsei Bank, Limited (Ba1)

Arranger: Shinsei Securities Co., Ltd.

Asset Trustee: Mizuho Trust and Banking Co., Ltd.

Ratings Rationale

The rating upgrade reflects the increased credit enhancement of
the Seller Beneficial Interests, resulting from the redemption of
the beneficial interests in a sequential manner (starting with
senior beneficial interests, and followed by the junior
beneficial interests).

As the credit quality of the Seller declines, the set-off risk
increase, thereby exposing the Seller Beneficial Interests to
potential losses.

However, with the increase in the level of credit enhancement for
the Seller Beneficial Interests, the risk has decreased to the
level that the rating of the Seller Beneficial Interest is higher
than the Seller.

The primary source of assumption uncertainty is the current
macroeconomic environment, especially the unemployment rate and
salary (including bonuses) level.

Moody's makes the assumption that a cumulative gross loss rate of
the underlying assets follows a stochastic distribution, and has
created scenarios which have different cumulative gross loss
rates, using this distribution.

Moody's then ran a cash flow simulation for each scenario.
Conservative assumptions were made for other parameters such as
the recovery rates of defaulting loans such that a cash flow
simulation could be run under stress conditions corresponding to
the target rating level.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating RMBS Transactions in Japan" published
on September 30, 2010.

Moody's did not receive or take into account a third party due
diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the
past six months.


TOKYO ELECTRIC: Expects Narrower Net Loss as Japan Takes Control
----------------------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co. expects a
narrower annual loss after a government-approved business plan
proposed measures including an increase in electricity rates to
return the company to profitability in two years.

Bloomberg, citing a statement from the utility known as TEPCO,
discloses that the company forecast a JPY100 billion (US$1.2
billion) net loss for the year ending March 2013.  Tepco, which
posted a loss of JPY781.6 billion in the previous fiscal year,
last week provided earnings on an unconsolidated level.

TEPCO forecast its operating loss this fiscal year will narrow to
235 billion yen, from 272.5 billion yen a year earlier. Sales
will rise to 6.03 trillion yen from 5.35 trillion yen, the
company said in a statement obtained by Bloomberg.

The Japan government on May 9 agreed to provide 1 trillion yen to
Tepco in return for more than 50 percent of voting stock,
effectively nationalizing the owner of the crippled Fukushima
Dai-Ichi nuclear station.  TEPCO may return to a profit in two
years if the government approves an increase in electricity rates
and the restart of the Kashiwazaki Kariwa nuclear station,
according to the business plan.

The company said Friday it will apply to delist from the Osaka
and Nagoya stock exchanges, adds Bloomberg.

                        About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  Tepco supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of Tepco paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.


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


CAPITAL + MERCHANT: Fraud Trial Against 3 Directors Starts
----------------------------------------------------------
The National Business Review Online reports that the fraud trial
of three Capital + Merchant Finance directors has started in
Auckland High Court.

Wayne Leslie Douglas, Neal Medhurst Nicholls and Owen Francis
Tallentire are facing three charges of theft under the Crimes
Act, relating to NZ$28 million worth of loans advanced by the
financier between 2005 and 2006, according to NBR Online.
Messrs. Nicholls and Tallentire also face a fourth charge,
related to separate transactions referred to as the "Numeria" and
"Clyde" transactions, the report relays.

According to the report, the Serious Fraud Office, which brought
the charges, alleges trusts controlled by the director trio were
the beneficieries of almost NZ$16 million, through related-party
transactions.

NBR Online says improper use of investor funds has been linked to
loans of about NZ$14.5 million, advanced to three companies
between April 2002 and September 2004, used to convert two
Palmerston North office blocks to student accommodation, known as
the Hub.

The men have also been accused of making false statements around
related-party lending in Capital + Merchant Finance's June 2003-
September 2004 prospectus and financial statements, the report
adds.

Messrs. Douglas, Nicholls and Tallentire were in court Monday and
pleaded not guilty to all charges, NBR Online reports.

The trial, before Justice Ed Wylie, is expected to last five
weeks, the report notes.

This trial follows the two-week trial of Messrs. Douglas and
Nicholls which finished on May 4.  The pair were charged with
three Crimes Act charges.  The judge has reserved his decision
and expects to release it after this second trial is completed,
NBR Online adds.

                      About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.

The Serious Fraud Office began investigating CMF in March 2010
after a complaint from Capital + Merchant Finance receivers,
Grant Thornton.


FELTEX CARPETS: Class Action Backer Expects Rise in Funding
-----------------------------------------------------------
Fairfax NZ News reports that the British litigation funding group
backing a class action by former Feltex Carpets shareholders
against directors, sellers and promoters of the failed
carpetmaker said it expects an increase in demand for such
funding as lawyers become more comfortable with the idea.

Fairfax NZ News notes that former shareholders are claiming the
prospectus accompanying the Feltex share offer of just more than
NZ$250 million in shares in 2004 was misleading and contained
untrue statements.

Fairfax NZ News recalls that Feltex collapsed in late 2006 and
shareholders lost their entire investment.  The news agency notes
that counsel for the former Feltex shareholders secured funding
for their legal action last year through the British-based
Harbour Litigation Funding. That had helped address plaintiffs'
concerns about the risk of being held personally liable for any
costs arising from the action, and as a result more former
shareholders had joined the class action.

In February, the report notes, the number of claimants in the
Feltex class action had swelled to 2,800 former shareholders.

According to the report, collectively the group is claiming
losses and interest since 2004 in respect of 60 million shares
purchased at an issue price of NZ$1.70 when Feltex listed. An
earlier estimate of the amount claimed was in the region of
NZ$145 million, including interests and costs, Fairfax NZ News
relays.

The news agency says that while Harbour's main focus is British-
based legal actions, it is already funding actions in the United
States, Channel Islands, the Caribbean and New Zealand.

Harbour reviews 25 new cases every month and last year, invested
NZ$82 million in litigation claims worth more than NZ$2 billion.

It recently secured NZ$247 million of additional capital in a new
fund which will invest in commercial legal actions and
arbitrations.

                       About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
included a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


LOMBARD FINANCE: Verdict on FMA Charges Wrong, Directors Say
------------------------------------------------------------
Fairfax NZ News reports that the directors of Lombard Finance and
Investments said they have been the victims of a miscarriage of
justice and that the verdicts against them for making false
statements in offer documents were wrong in law or fact.

According to the report, Mr. Reeves, who was Lombard's founder
and chief executive, said in his notice to appeal that Justice
Robert Dobson's interpretation of section 58 of the Securities
Act had set the threshold of liability for directors too low.

That had led to the act being applied in "such a way as to
criminalise directors who discharge their fundamental duty to act
honestly, responsibly, prudently and in good faith," Mr. Reeves
said.

Fairfax NZ News relates that Mr. Reeves said the grounds for his
appeal were similar to those of the other directors.

Justice Dobson also failed "to have any, or any sufficient regard
to what is now recognised to have been the tumultuous and
extraordinary financial environment in which the offer documents
were compiled and subsequently distributed", Mr. Reeves, as cited
by Fairfax NZ, said.

The report adds that Mr. Reeves said while Justice Dobson agreed
that the directors had acted honestly and without intent to
mislead investors they were guilty of a "material misjudgement".

In 2010, the Securities Commission, now known as the Financial
Markets Authority, commenced civil proceedings under the
Securities Act against Lombard Finance directors Sir Douglas
Graham, Michael Reeves, William Jeffries and Lawrence Bryant.

The Commission alleged that Lombard Finance's offer documents and
advertisements misled investors by misrepresenting the investment
risks, especially in relation to liquidity, the quality of the
loan book, adherence to credit policies and the company's overall
financial position.  The Commission also alleged that the
directors made false statements in the registered prospectus
dated September 7, 2007, as amended by a memorandum of amendments
dated December 24, 2007, and investment statements dated
December 28, 2007.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, The National Business Review said the four former
Lombard directors have been found guilty of Securities Act
charges in the High Court in Wellington.  All four had pleaded
not guilty to five Securities Act charges, the report noted.

In April, BusinessDesk recalled, Messrs. Graham, Jeffries,
Bryant and Reeves avoided prison sentences.  BusinessDesk noted
that Messrs. Graham and Bryant each received 300 hours community
service and would each pay NZ$100,000 in reparation, while
Messrs. Jeffries and Reeves were sentenced to 400 hours community
service.  Mr. Reeves avoided a custodial sentence due to ill-
health and family obligations.

                      About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact on
Lombard Group Limited.

The company owed NZ$127 million to 4,400 investors.


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


CONTINENTAL CHEMICAL: Court to Hear Wind-Up Petition on May 25
--------------------------------------------------------------
A petition to wind up the operations of Continental Chemical
Corporation Pte Ltd will be heard before the High Court of
Singapore on May 25, 2012, at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on April 27, 2012.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


D & Y BUILDERS: Creditors' Proofs of Debt Due May 24
----------------------------------------------------
Creditors of D & Y Builders Pte Ltd, which is in liquidation, are
required to file their proofs of debt by May 24, 2012, to be
included in the company's dividend distribution.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


HOE HUP: Creditors' Proofs of Debt Due May 25
---------------------------------------------
Creditors of Hoe Hup Seng Huat Holding Pte Ltd, which is in
liquidation, are required to file their proofs of debt by May 25,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

         Sajjad A. Akhtar
         c/o 146 Robinson Road #08-01
         Singapore 068909


ISS ENGINEERING: Court to Hear Wind-Up Petition on May 18
---------------------------------------------------------
A petition to wind up the operations of ISS Engineering Pte Ltd
will be heard before the High Court of Singapore on May 18, 2012,
at 10:00 a.m.

Quantum Automation Pte Ltd filed the petition against the company
on April 26, 2012.

The Petitioner's solicitors are:

          UniLegal LLC
          150 Cecil Street #05-03
          Singapore 069543


JHI MARKETING: Court to Hear Wind-Up Petition on May 18
-------------------------------------------------------
A petition to wind up the operations of JHI Marketing (Asia
Pacific) Pte Ltd will be heard before the High Court of Singapore
on May 18, 2012, at 10:00 a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on April 24, 2012.

The Petitioner's solicitors are:

          Rajah & Tann LLP
          No. 9 Battery Road
          #25-01 Straits Trading Building
          Singapore 049910


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


SAIGON-HANOI COMM'L: Moody's Reviews 'E+' BFSR for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the B2/Not-Prime deposit and
issuer ratings of Saigon-Hanoi Commercial Joint Stock Bank (SHB)
on review for possible downgrade. The bank's standalone bank
financial strength rating (BFSR) of E+, which maps to a baseline
credit assessment of b2, was also placed on review for possible
downgrade.

Ratings Rationale

Moody's decision to place SHB's ratings on review for possible
downgrade follows the bank's announcement, on May 5, 2012, that
its shareholders approved the bank's plan to merge with Hanoi
Building Commercial Joint Stock Bank (Habubank: not rated).
Habubank's shareholders had already approved the transaction on
April 28. The Vietnamese regulator, the State Bank of Vietnam,
had also indicated that it was supportive of the agreement.

Moody's said that the review was warranted principally by the
weak credit profile of Habubank and the materiality of the
transaction relative to SHB's size, creating downward pressure on
the credit quality of the bank and, ultimately, on the merged
entity compared to the relatively healthier profile of SHB pre-
merger.

SHB's reported non-performing loan (NPL) ratio was 2.2% at end-
2011, while Habubank's NPL ratio was 4.4% at the same year-end.
In addition, if loans to the troubled Vietnam Shipbuilding
Industry Group ("Vinashin") were included, Habubank's NPL ratio
would be 16.7%. Similarly, the liquidity ratio of Habubank is
substantially weaker than that of SHB, with a gross customer
loans-to- gross customer deposits ratio of 120% at end-2011 for
Habubank, compared with that of 84% for SHB at year-end.

Besides the distressed credit profile of the entity with which it
is planning to merge, Moody's anticipates that SHB's management
will be challenged by the magnitude of the transaction and the
limited synergies. Habubank is equivalent to no less than 58% of
SHB's total assets. In addition, it has a limited distribution
network, restricting cross-selling opportunities in the short
term.

The review of SHB' ratings will evaluate the financial impact of
this relatively large transaction on the bank's creditworthiness.
Among other factors, Moody's will review in detail how the
transaction is funded and how the merged entity intends to manage
provisions for its NPLs going forward. Moody's views SHB as
having limited earnings capacity, and Moody's also understands
that the significant exposures of Habubank to Vinashin have not
been fully provisioned for (by international standards). Any
government support to manage the merged entity's exposure to the
Vinashin risk will also be taken into account.

Overall, Moody's assessment will take into account the extent to
which the bank's management can reasonably be expected to
increase provisions and improve liquidity while maintaining
profitability and capital ratios at their current levels.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Headquartered in Hanoi, Vietnam, SHB reported consolidated total
assets of VND71 trillion as of December 2011.


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


* BOND PRICING: For the Week May 7 to May 11, 2012
--------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2012   AUD       0.85
COM BK AUSTRALIA         1.50    04/19/2022   AUD      70.06
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      74.42
EXPORT FIN & INS         0.50    06/15/2020   AUD      73.86
EXPORT FIN & INS         0.50    06/15/2020   NZD      72.54
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.35
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.36
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      62.50
MIRABELA NICKEL          8.75    04/15/2018   USD      67.37
MIRABELA NICKEL          8.75    04/15/2018   USD      88.00
NEW S WALES TREA         0.50    09/14/2022   AUD      67.88
NEW S WALES TREA         0.50    10/07/2022   AUD      67.70
NEW S WALES TREA         0.50    10/28/2022   AUD      67.56
NEW S WALES TREA         0.50    11/18/2022   AUD      67.41
NEW S WALES TREA         0.50    12/16/2022   AUD      67.19
NEW S WALES TREA         0.50    02/02/2023   AUD      66.82
NEW S WALES TREA         0.50    03/30/2023   AUD      66.40
SUNCORP METWAY           6.75    09/23/2024   AUD      93.50
TREAS CORP VICT          0.50    08/25/2022   AUD      68.24
TREAS CORP VICT          0.50    03/03/2023   AUD      66.92
TREAS CORP VICT          0.50    11/12/2030   AUD      49.13


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY     104.24
CHINA GOVT BOND          1.64    12/15/2033   CNY  66.42


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      31.88


  INDIA
  -----

JSL STAINLESS LT         0.50    12/24/2019   USD      68.06
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.62
PRAKASH IND LTD          5.62    10/17/2014   USD      70.07
PRAKASH IND LTD          5.25    04/30/2015   USD      69.44
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.87
REI AGRO                 5.50    11/13/2014   USD      68.54
REI AGRO                 5.50    11/13/2014   USD      68.54
SHIV-VANI OIL            5.00    08/17/2015   USD      65.04
SUZLON ENERGY LT         5.00    04/13/2016   USD      56.04


  INDONESIA
  ---------

ADIRA FINANCE            7.75    12/16/2013   IDR       2.91
BPD ACEH                 9.20    01/02/2013   IDR       8.19
FORISA NUSAPERSA        10.00    12/29/2013   IDR      54.50
PERKEBUNAN NUSAN         9.10    12/27/2014   IDR      46.52
SURYA ARTHA NUSA         8.40    01/20/2015   IDR      10.26


  JAPAN
  -----


ELPIDA MEMORY            2.03    03/22/2012   JPY      26.50
ELPIDA MEMORY            2.10    11/29/2012   JPY      26.87
ELPIDA MEMORY            2.29    12/07/2012   JPY      26.87
ELPIDA MEMORY            0.70    08/01/2016   JPY      26.12
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      63.43
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.49
NIPPON SHEET GLA         1.22    07/28/2016   JPY      72.98
TOKYO ELEC POWER         1.38    10/29/2019   JPY      73.50
TOKYO ELEC POWER         1.48    04/28/2020   JPY      72.69
TOKYO ELEC POWER         1.39    05/28/2020   JPY      71.86
TOKYO ELEC POWER         1.31    06/24/2020   JPY      71.13
TOKYO ELEC POWER         1.95    07/24/2020   JPY      74.88
TOKYO ELEC POWER         1.22    07/29/2020   JPY      70.25
TOKYO ELEC POWER         1.16    09/08/2020   JPY      69.46
TOKYO ELEC POWER         1.63    07/16/2021   JPY      70.33
TOKYO ELEC POWER         2.35    09/29/2028   JPY      66.50
TOKYO ELEC POWER         2.40    11/28/2028   JPY      67.75
TOKYO ELEC POWER         2.21    02/27/2029   JPY      65.13
TOKYO ELEC POWER         2.11    12/10/2029   JPY      64.88
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.88
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.25


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.46
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


NEW ZEALAND
-----------

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.25
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.55
INFRATIL LTD             4.97    12/29/2049   NZD      53.10
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.06
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.17
NZF GROUP                6.00    03/15/2016   NZD       9.74
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.15
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.95
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


PHILIPPINES
-----------

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      37.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.42
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.50
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


SOUTH KOREA
-----------

CN 1ST ABS               8.00    02/27/2015   KRW      32.42
CN 1ST ABS               8.30    11/27/2015   KRW      33.73
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      69.20
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      68.96
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      68.46
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      67.93
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      67.53
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      67.97
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      64.84
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      62.34
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      61.96
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      64.09
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.51
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      83.51
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      92.14
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      85.64


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      74.08
SRI LANKA GOVT           6.20    08/01/2020   LKR      64.20
SRI LANKA GOVT           7.00    10/01/2023   LKR      61.49
SRI LANKA GOVT           5.35    03/01/2026   LKR      48.46
SRI LANKA GOVT           8.00    01/01/2032   LKR      60.12


THAILAND
--------

THAILAND GOVT            0.75    01/4/2022    THB      74.37


                             *********

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.





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