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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, September 4, 2012, Vol. 15, No. 176

                            Headlines


A U S T R A L I A

AUSTRALIAN CONVENIENCE: Placed Into Voluntary Administration
DARRELL LEA: Sold to Quinn Family; More Than 400 Jobs to Go
GLOWCLOSE GROUP: ASIC Intervenes in Voluntary Administration
METROLAND AUSTRALIA: Collapses as Full Year Loss Rises 900%


C H I N A

CHINA ZHENGTONG: 1H 2012 Sales in Line with Moody's Ba3 Ratings
CITIC RESOURCES: Moody's Changes Outlook on Ba3 CFR to Positive
SHIMAO PROPERTY: Moody's Says 1H2012 Results Support Ba3 Rating


H O N G  K O N G

CHINA PROMISE: Court Enters Wind-Up Order
GOLD UNION: Court Enters Wind-Up Order
KITEX LIMITED: Court Enters Wind-Up Order
LOFTY CIRCLE: Court Enters Wind-Up Order
MARK POLO: Court to Hear Wind-Up Petition on Oct. 10

MILANO SHOP: Court Enters Wind-Up Order
PARKE OF AMERICA: Court to Hear Wind-Up Petition on Sept. 19
PREMIUM PRODUCTS: Court Enters Wind-Up Order
SUZUYA INTERNATIONAL: Tang and Hou Appointed as Liquidators
UNITED PLUS: Court to Hear Wind-Up Petition on Oct. 10

VEEHOM LIMITED: Creditors Get 100% Recovery on Claims
WILLING KNITWEAR: Fok and Sutton Step Down as Liquidators


I N D I A

ADITYA TEA: CARE Rates INR5cr Long-Term Loan at 'CARE B'
CHAKRAPANI VYAPAR: CARE Rates INR10cr LT Loan at 'CARE BB-'
HINDUSTAN COMMART: ICRA Rates INR15cr LT Loan at '[ICRA]B+'
IVY HEALTH: CARE Rates INR55cr Long-Term Loan at 'CARE BB+'
MEREENA TRADING: CARE Rates INR4.76cr Loan at '[ICRA]B'

MOKSHA THERMOPLASTICS: CARE Puts 'BB' Rating on INR15.04cr Loan
QUALITY HEIGHTCON: CARE Reaffirms 'BB+' Rating on INR45cr Loan
REFORM FERRO: Delays in Loan Payment Cues CARE Junk Ratings
SAI SMARAN: ICRA Rates INR40cr LT Loan at '[ICRA]BB-'
SHRI SIDDHI: CARE Assigns 'CARE BB' Rating on INR14.07cr Loan

UNISOURCE PAPERS: ICRA Cuts Rating on INR1.45cr Loan to 'C+'
UNITECH BRIGHT: ICRA Rates INR8cr Fund Based Loan at '[ICRA]BB-'


I N D O N E S I A

MEDIA NUSANTARA: Moody's Upgrades CFR to 'Ba3'; Outlook Stable


J A P A N

ELPIDA MEMORY: Creditors Asked to Drop 82.6% of Claims in Rehab
JLOC 39: Moody's Lowers Rating on Class D Certificates to 'C'
SHARP CORP: Likely to Sell Shares to Hon Hai at Lower Price
SHARP CORP: Cuts Shares in Pioneer Corp to 9.2%
SHARP CORP: S&P Cuts Corp. Credit Rating to 'BB+'; Still on Watch

TAICOM SECURITIES: Trustee Seeks U.S. Court Recognition


S I N G A P O R E

HAKO OFFSHORE: Court to Hear Wind-Up Petition Sept. 14
HILLTECH ENGINEERING: Court Enters Wind-Up Order
LINE CONCEPTS: Court to Hear Wind-Up Petition Sept. 14
MELEWAR ACADEMIA: Court Enters Wind-Up Order
MT. BATTEN: Creditors Get 100% Recovery on Claims


X X X X X X X X

* BOND PRICING: For the Week August 27 to August 31, 2012


                            - - - - -


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


AUSTRALIAN CONVENIENCE: Placed Into Voluntary Administration
------------------------------------------------------------
Patrick Stafford at SmartCompany reports that Australian
Convenience Foods has collapsed into administration after
suppliers stopped trading with the business following a rumour
supposedly spread by a competitor.

Deloitte partner Vaughan Strawbridge told SmartCompany the
directors opted for voluntary administration after two suppliers
stopped trading with ACF, after a competitor allegedly started a
rumour about the company.

"I haven't received any word from the two suppliers yet, but my
understanding is this was in response to market rumors that were
commenced by a competitor of Australian Convenience Foods," the
report quotes Mr. Strawbridge as saying.  "As a result of this,
the directors have taken the view this was having a severe impact
on the business and their ability to continue to trade."

SmartCompany relates that Mr. Strawbridge declined to go into
detail about the two suppliers which stopped trading with ACF,
the competitor in question, or the content of the rumor alleged
to have been spread about ACF.

Strawbridge, David Lombe and Jon Greig of Deloitte were appointed
on August 28.

According to the report, Mr. Strawbridge said the administrators
will assess the financial viability of the company, although says
it continues to trade and it has already received a significant
amount of interest from potential buyers.

"We haven't done any investigation into the reasons behind the
administration yet. We're focusing on the continuation of trade
and the ability to sell the business," Mr. Strawbridge told
SmartCompany.

A first creditors' meeting will be held on September 7.

The company, which has over 300 employees, continues to trade.

                             About ACFG

Australian Convenience Foods Group (ACFG) --
http://www.acfgroup.com.au/-- is a supplier of ready-made
sandwiches, microwavable snacks and other products to service
stations and convenience stores.


DARRELL LEA: Sold to Quinn Family; More Than 400 Jobs to Go
-----------------------------------------------------------
smh.com.au reports that more than 400 Darrell Lea workers will
lose their jobs after a deal was struck to sell the troubled
chocolate maker to the Queensland-based Quinn Family.

The confectionary company was sold for an undisclosed price
Monday to the Quinn family, which plans to restructure the loss-
making business, including the closure of 27 company-owned stores
within days, says smh.com.au.

According to the report, the family, which specializes in pet
food manufacturing and distribution, said the restructure would
result in 246 permanent and 172 casual Darrell Lea employees
being made redundant.

The remaining 27 Darrell Lea company-owned stores will cease
trading on Sunday, September 9, as part of the restructure led by
PPB Advisory, smh.com.au relates.

However chocolate-lovers will still be able to buy Darrell Lea
goods through the network of 1,200 licensed retailers,
wholesalers and exporters, the report notes.

smh.com.au recalls that Darrell Lea was put up for sale in July
after administrators took control of the company to save it from
financial ruin.  Darrell Lea in August halved the number of its
stores and axed nearly 200 jobs.

Under the Queensland-based Quinn family's restructure, only 83
employees will remain at the company, smh.com.au adds.

                         About Darrell Lea

Founded in 1927, Darrell Lea is an iconic Australian brand and a
highly regarded manufacturer and retailer of confectionary
products. Its products are sold through 69 owned and licensed
stores and 1,800 retail outlets across Australia, New Zealand and
the USA. Darrell Lea employs around 700 people across its Sydney
based manufacturing facility and its retail network.

The directors of Darrell Lea Chocolate Shops Pty Ltd and Ricci
Remond Chocolate Company Pty Ltd on July 10, 2012, appointed
Mark Robinson, Jack Bournelis and Daniel Walley of PPB Advisory
as voluntary administrators of the business.

PPB Advisory's appointment follows an ongoing review of the
business by its directors and their concerns about Darrell Lea's
ability to meet its ongoing financial obligations.


GLOWCLOSE GROUP: ASIC Intervenes in Voluntary Administration
------------------------------------------------------------
Australian Securities and Investments Commissions intervened in
proceedings brought by Nick Combis and Peter Dinoris of Vincents
Chartered Accountants, who acted as the voluntary administrators
and deed administrators of three Gold Coast companies, which
formerly operated childcare centres that made up the Glowclose
Group.

Messrs. Combis and Dinoris sought validation from the Supreme
Court of Queensland of their appointment as voluntary
administrators after concerns arose about the actual existence of
the director who purportedly appointed them.

ASIC intervened in these proceedings due to concerns that the
section of the Corporations Act 2001 under which they had applied
for validation might be applied in a manner which would validate
a fiction.

ASIC also brought its own application to wind up the companies in
the Glowclose Group and have independent liquidators investigate
the companies' affairs due to concerns about the circumstances of
the appointment, the conduct of Messrs. Combis and Dinoris in
discharging their duties, and the obvious insolvency of the
Glowclose Group.

On Aug. 23, 2012, ASIC obtained orders, by consent, in the
Supreme Court of Queensland to wind up:

   * ACN 121 708 316 Pty Ltd (formerly known as Glowclose Pty
     Ltd)

   * ACN 078 159 234 Pty Ltd (formerly known as Tenfour Pty Ltd),
     and

   * ACN 124 129 979 Pty Ltd (formerly known as Worthgold Pty
     Ltd).

The Supreme Court appointed Mr. David Leigh and Mr. Michael Owen
of PPB as liquidators of the Glowclose Group.

ASIC's Deputy Chair, Belinda Gibson, said "in circumstances where
there are real questions concerning both the appointment and
conduct of registered liquidators in their administration of
insolvent entities, we will take action to intervene and seek
appropriate relief."

Messrs. Combis and Dinoris sought the Court's validation of their
appointments as voluntary administrators of the Glowclose Group
pursuant to section 447A of the Corporations Act.

Based in Surfers Paradise, Australia Glowclose Group owned and
operated child care centers which offer healthcare and
educational programs based on child's individual needs and
interests.


METROLAND AUSTRALIA: Collapses as Full Year Loss Rises 900%
-----------------------------------------------------------
SmartCompany reports that Metroland Australia Limited appointed
an administrator last Friday, just days after delivering a
disastrous financial report in which its full year loss
multiplied by nearly 900%.

According to the report, the business warned its retail property
values had been declining and that it was continuing to negotiate
with financiers. It has been heavily exposed to the retail space,
where poor performances among SMEs have led to declining values,
the report says.

Earlier this year, SmartCompany recalls, Metroland offloaded a
25% stake in the Greenway SupaCentre in Sydney's west for just
AUD5 million, after buying it for AUD18 million in 2003.

SmartCompany says the company announced David Levi of Levi
Consulting had been appointed as an administrator with the
administration applying only to the company, and not any of its
subsidiaries.

According to SmartCompany, Metroland's loss skyrocketed 897% to
AUD10.6 million.  At the time, it said the property market --
especially in the retail sector -- had continued to deteriorate,
resulting in lower asset values.

SmartCompany notes that the company said its liabilities exceed
its assets by AUD2.6 million.  During the previous year it
incurred a AUD6.4 million impairment from investment properties,
partly due to the SupaCentre investment and a AUD3.8 million
charge relating to a property in Campbelltown Square.

Metroland Australia Limited -- http://www.metroland.com.au/-- is
engaged in property development and investment, project
management and financial services.



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


CHINA ZHENGTONG: 1H 2012 Sales in Line with Moody's Ba3 Ratings
---------------------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Limited's 1H 2012 sales were in line with Moody's
expectations and have no impact on its Ba3 ratings.

Its ratings outlook remains stable.

"ZhengTong's 1H 2012 sales of RMB 13.7 billion were in line with
Moody's expectation" says Ping Luo, a Moody's Vice President and
Senior Analyst, adding "Looking ahead, Moody's expects China's
car market to exhibit its traditionally higher level of seasonal
demand in 2H 2012, when ZhengTong should also generate more
sales.

ZhengTong's revenue rose by 127% year on year from 1H 2011, or an
organic growth rate of 35% after excluding sales by Top Globe.

The company's sales performance reflects its wide coverage in 12
provinces in China and its role as a key dealership for luxury
brands, such as BMW and Audi, that have enjoyed favorable sales
growth in China despite a weak car market overall.

"ZhengTong's gross profit margin and EBITDA in 1H 2012 suffered
some deterioration to 8.73% and 6.09% respectively from 9.63% and
6.16% in 2H 2011 due to pricing pressures and costs associated
with the integration of Top Globe", says Luo.

Moody's expects ZhengTong to improve its profitability in 2H 2012
through higher OEM rebates, the introduction of new models with
better margins, reduced integration costs, and increased
contributions from after-sales services which accounted for 39%
of gross profit in 1H 2012.

ZhengTong's inventory days-on-hand increased to 54.6 days in June
2012 from 34 days in June 2011. Its performance is about the same
as the market average of around 54 days for dealerships which
sell foreign brand cars.

ZhengTong plans to reduce its inventory days through slowing its
expansion and working with OEMs to dispose of slow moving
inventories as well as setting sales targets matching market
conditions.

"ZhengTong's debt increased by RMB 1.37 billion in 1H 2012,
funding additional inventory of RMB 1.1 billion, and rest for
lease prepayments and fixed assets. Moody's expects the company
to reduce its debt as it improves its inventory levels," says
Luo.

Through stabilizing its operations and improving its
profitability, ZhengTong's Adjusted Debt/EBITDA of 4x and
EBITDA/Interest of 4.6x for the full year of 2012 will be within
its Ba3 rating range though on the weaker end.

After securing a RMB 1.1 billion equivalent loan from Credit
Suisse and China Minsheng Bank Corporation to settle the
acquisition loan of RMB 1.0 billion due in August 2012, ZhengTong
has continued to work with banks, sourcing additional loans or
bonds to settle another acquisition loan due in December 2012.

Meanwhile, it had a free cash position of RMB 1.3 billion as of
June 2012 as well as undrawn bills payable and banking facilities
to support its operations.

The principal methodology used in rating China ZhengTong Auto
Services Holdings Limited was the Global Automotive Retailer
Industry Methodology published in December 2009.

Incorporated in 1999 and headquartered in Beijing, ZhengTong is a
leading car dealership in China, with a focus on the luxury and
ultra-luxury car market. It has a presence in 12 regions,
covering 27 cities in both tier I coastal cities and the fast-
growing tier II and III cities in central and north China. It
listed on the Hong Kong Stock Exchange in December 2010.


CITIC RESOURCES: Moody's Changes Outlook on Ba3 CFR to Positive
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable its
outlook for CITIC Resources Holdings Limited's Ba3 corporate
family rating and for the Ba3 rating on the USD 1 billion 7-year
senior unsecured notes issued by CITIC Resources Finance (2007)
Limited and guaranteed by CITIC Resources.

Ratings Rationale

"The positive outlook reflects CITIC Resources' strong liquidity
position and its improving credit profile, in turn arising from
the stabilization of its E&P operations and the benefits of
diversification from its other commodity-related businesses,"
says Simon Wong, a Moody's Vice President and Senior Analyst.

CITIC Resources has reported a satisfactory 1H 2012 result, with
revenue rising 34.7% and adjusted EBIT rising 35.3% year on year.
The results exclude one-off gains from asset sales and its share
of the profit of Macarthur Coal Limited. It sold its 16.34% stake
in the latter in 2H 2011.

"CITIC Resources' diversified business portfolio enables it to
partially mitigate its exposure to earnings volatility as the
markets of different commodities may not move in tandem. For
example, its E&P operation continues to benefit from high crude
oil prices, therefore offsetting the weakness in its metal
businesses, such as manganese," adds Mr. Wong, also CITIC
Resources' international lead analyst.

CITIC Resources' commodity import and export business also
reported a 41% growth in revenue and a 166% increase in operating
profit due to its established client network and experience in
commodity trading.

"Its Karazhanbas oil project has maintained stable production
over the past few years. The construction of the Hainan Yuedong
oilfield project progresses on schedule and is expected to
commence full scale operation in 2015. It targets1.5 million tons
of peak annual crude oil gross output from the Yuedong Project.
These developments indicate a stronger business profile for its
E&P business, which we expect, will continue to account for more
than 50% of profits in the next few years," says Kai Hu, Moody's
local market analyst for CITIC Resources.

"The sale of its stakes in Macarthur Coal and the Codrilla
project, its HKD 2.5 billion rights issue in 2011 and the
arrangement of a USD 380 million 3-year syndicated loan in June
2012 have strengthened its liquidity profile and capital
structure," says Hu.

"Nevertheless, there is a high likelihood that CITIC Resources
will utilize the part of the excess cash on hand to make
acquisitions instead of meaningfully deleveraging its balance
sheet. We expect the company will exercise prudence in pursuing
its acquisition strategy without significantly weakening its
credit metrics," adds Hu.

In addition, its commodity-related business could be negatively
impacted by unfavorable market developments. Moody's takes some
comfort that its strengthened liquidity profile and capital base
could provide it with greater flexibility to weather potential
industry and economic downturns.

CITIC Resources' Ba3 rating incorporates: 1) its standalone
rating of B2, which reflects its small scale, sizable capital
spending, and large acquisitive appetite, and high exposure to
volatile commodity prices; and 2) a two-notch uplift, based on
the expected support from its major shareholder, CITIC Group
(Baa2, stable).

The association with CITIC Group also strengthens the company's
access to the banking and debt markets.

The rating would be upgraded if 1) CITIC Resources pursues its
acquisitions in a prudent way; and 2) at the same time, maintains
the stable operation of its current businesses and achieves a
successful ramp-up of output at its Hainan Yuedong oilfield as
planned.

The credit metrics Moody's will consider for an upgrade include
RCF/adjusted debt remaining above 15-20%.

On the other hand, the outlook would be revised to stable, if: 1)
CITIC Resources embarks on a large-than-expected debt-funded
acquisition, or such an acquisition entails a high level of
execution risk; 2) its financial profile deteriorates, such that
RCF/adjusted debt falls below 10%, and debt/capitalization rises
above 55% for a prolonged period.

Any weakening in the relationship with CITIC Group -- thereby
lowering the support level -- will be negative for the rating.
Should there be a downgrade of CITIC Group's rating, the
company's support level, and hence the rating uplift for CITIC
Resources, would also be revisited.

The principal methodology used in rating CITIC Resources was the
Global Independent Exploration and Production (E&P) Industry
Methodology published in December 2011.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, manganese,
coal, the import and export of commodities, and the exploration,
development and production of oil. The company serves as the
principal natural resources and energy arm of its parent, CITIC
Group.


SHIMAO PROPERTY: Moody's Says 1H2012 Results Support Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service says that Shimao Property Holdings
Limited's financial results for 1H 2012 continue to support its
Ba3 issuer rating and B1 senior unsecured rating.

The ratings outlook remains negative.

"Shimao has improved its sales execution, which has enhanced
liquidity and helped reduce debt leverage," says Franco Leung, a
Moody's Assistant Vice President and Analyst.

In 1H 2012, Shimao secured contract sales of RMB22.5 billion,
which represent an increase of 58% over 1H 2011. This better-
than-expected sales performance indicates the initial success of
Shimao's new sales strategy of addressing mass-market demand.

Its book sales registered a 12% year-on-year growth to RMB13.7
billion, a figure which is within Moody's expectations.

But its gross profit margin in 1H 2012 dropped to 34.4%, compared
with 40.4% in 1H 2011, due to its strategy to reduce inventory
quickly. It offered discounts and recorded more sales in second-
and third-tier cities. Thus, its average selling price declined
to RMB11,545 per square meter (sqm) in 1H 2012 from RMB13,039 in
1H 2011.

EBITDA margin also declined to 25% in 1H 2012 from 34.8% for all
of 2011. Thus, interest coverage -- measured by adjusted
EBITDA/interest -- declined and financial flexibility has in turn
weakened.

"Shimao's liquidity has shown some improvement, but cash to
short-term debt coverage is inadequate," adds Mr. Leung, also
lead analyst for Shimao.

Shimao's unrestricted cash balance increased to RMB13.8 billion
in 1H 2012 from RMB12.3 billion in December 2011. But such a
level still does not fully cover its short-term debt of RMB15.3
billion.

Shimao has preserved liquidity through slowing its land
acquisitions. It did not acquire any land in 1H 2012, given the
challenging market environment.

"Shimao's debt leverage has also shown slight improvement, but
not sufficient to affect its current ratings and outlook," says
Mr. Leung.

Shimao's gross debt declined to RMB41.2 billion in 1H 2012 from
RMB42.6 billion in December 2011. This resulted in adjusted debt
leverage -- measured by debt/total capitalization adjusted for
minority interest, capitalized interest and deferred tax --
declining mildly to around 55% from 57%.

Moody's will monitor Shimao's progress in (i) reducing its debt
leverage through the implementation of speedy contract sales and
the sale of its interest in its hotel operations; and (ii)
improving EBITDA margin and interest coverage.

Moody's will aim to determine the impact of these developments on
the rating outlook.

The principal methodology used in rating Shimao Property Holdings
Limited was the Global Homebuilding Industry Methodology
published in March 2009.

Shimao Property Holdings Ltd is a Grand Cayman-incorporated
Chinese property developer that was listed on the Hong Kong Stock
Exchange in July 2006. Along with its 64%-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co Ltd, the company has an
attributable land bank of 38.8 million square meters distributed
in 34 cities, mainly in eastern and northeastern China.

Shanghai Shimao mainly develops commercial properties and has an
attributable land bank of around 6.46 million square meters. It
also has four hotels in operation with a total of 1,994 rooms.



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


CHINA PROMISE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of China Promise Limited.

The official receiver is Teresa S W Wong.


GOLD UNION: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of Gold Union Footwear Limited.

The official receiver is Teresa S W Wong.


KITEX LIMITED: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of Kitex Limited.

The official receiver is Teresa S W Wong.


LOFTY CIRCLE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of Lofty Circle Industrial Limited.

The official receiver is Teresa S W Wong.


MARK POLO: Court to Hear Wind-Up Petition on Oct. 10
----------------------------------------------------
A petition to wind up the operations of Mark Polo International
Limited will be heard before the High Court of Hong Kong on
Oct. 10, 2012, at 9:30 a.m.

Standard Chartered Bank (Hong Kong) filed the petition against
the company on Aug. 2, 2012.

The Petitioner's solicitors are:

          Tsang, Chan & Wong
          16th Floor, Wing On House
          No. 71 Des Voeux Road
          Central, Hong Kong


MILANO SHOP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of Milano Shop Limited.

The official receiver is Teresa S W Wong.


PARKE OF AMERICA: Court to Hear Wind-Up Petition on Sept. 19
------------------------------------------------------------
A petition to wind up the operations of Parke of America Limited
will be heard before the High Court of Hong Kong on Sept. 19,
2012, at 9:30 a.m.

Micro Pak Limited filed the petition against the company on
July 13, 2012.

The Petitioner's solicitors are:

          Tanner De Witt
          1806, Tower Two
          Lippo Centre, 89 Queensway
          Hong Kong


PREMIUM PRODUCTS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Aug. 22, 2012, to
wind up the operations of Premium Products Asia Pacific Limited.

The official receiver is Teresa S W Wong.


SUZUYA INTERNATIONAL: Tang and Hou Appointed as Liquidators
-----------------------------------------------------------
Tang Chung Wah Alan and Hou Chung Man on June 13, 2012, were
appointed as liquidators of Suzuya International (H.K.) Company
Limited.

The liquidators may be reached at:

         Tang Chung Wah Alan
         Hou Chung Man
         43/F, The Lee Gardens
         33 Hysan Avenue
         Causeway Bay
         Hong Kong


UNITED PLUS: Court to Hear Wind-Up Petition on Oct. 10
------------------------------------------------------
A petition to wind up the operations of United Plus Limited will
be heard before the High Court of Hong Kong on Oct. 10, 2012, at
9:30 a.m.

Wong Hok Kai filed the petition against the company on
Aug. 8, 2012.

The Petitioner's solicitors are:

          ONC Lawyers
          15th Floor, The Bank of East Asia Building
          10 Des Voeux Road
          Central, Hong Kong


VEEHOM LIMITED: Creditors Get 100% Recovery on Claims
-----------------------------------------------------
Veehom Limited, which is in creditors' voluntary liquidation,
will declare the first and dividend to its creditors on Sept. 7,
2012.

The company will pay 100% and 1.81057% for ordinary claims.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Unit 511, Tower 1
         Silvercord, 30 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


WILLING KNITWEAR: Fok and Sutton Step Down as Liquidators
---------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators
of Willing Knitwear (Holdings) Limited on Aug. 27, 2012.



=========
I N D I A
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ADITYA TEA: CARE Rates INR5cr Long-Term Loan at 'CARE B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Aditya Tea Company.


   Facilities                  (INR crore)    Ratings
   -----------                 ----------     -------
   Long-term Bank Facilities        5         CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Aditya Tea Company
is constrained by its weak financial profile marked by the thin
profit margins and highly leveraged capital structure. The rating
is further constrained due to the constitution of the entity as a
proprietorship firm, seasonal nature of tea industry and stiff
competition due to the fragmented nature of the industry. The
above-mentioned constraints far outweigh the strengths derived
from the long experience of the proprietor in the tea trading
business and favourable industry outlook and strong demand.

The ability of the firm to improve its profitability margin along
with the improvement in the capital structure remains the key
rating sensitivity.

M/s Aditya Tea Company is a Jaipur-based proprietorship firm
established by Mr. Vijay Kumar Bajaj in April 2005. ATC is
engaged in the trading of loose tea and also act as a commission
agent. ATC mainly deals in the trading of CTC (crush, tear, curl)
tea and orthodox tea. The firm is also an agent of Tata Global
Beverages Limited for their products since August 2007. Mr Vijay
Kumar Bajaj is the proprietor of ATC and the operations are
primarily managed by his son Mr. Ashok Kumar Bajaj.

As per the provisional results for FY12 (refers to the period
April 1 to March 31), ATC reported a profit after tax (PAT) of
INR0.10 crore against a turnover of INR54.32 crore, whereas in
FY11 (audited results), the company reported a PAT of INR0.15
crore against a turnover of INR57.31 crore.


CHAKRAPANI VYAPAR: CARE Rates INR10cr LT Loan at 'CARE BB-'
-----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of
Chakrapani Vyapar Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     10.00       CARE BB- Assigned

Rating Rationale

The rating of Chakrapani Vyapar Pvt Ltd reflects CVPL's modest
scale of operations, and below-average financial risk profile
marked by small net-worth base, thin profitability margins, high
gearing and low bargaining power due to trading of generic
product. Furthermore, the rating is also constrained on account
of susceptibility of profit margins due to inventory risk arising
out of changes in prices of plastic polymers which are directly
linked to crude oil price and foreign exchange fluctuations.

The ratings, however, favorably factor in the long experience of
the promoters in the plastic polymer trading industry.

CVPL's ability to increase the scale of operations along-with an
improvement in financial risk profile remain the key rating
sensitivities.

Chakrapani Vyapar Private Limited is promoted by Mr. Alok Sethia
and Krishan Kumar Tibrewal. CVPL is engaged in the trading of
plastic raw materials and polymers. CVPL deals in domestic as
well as imported polymers.

On provisional basis, the company reported a total operating
income of INR223.64 crore and a profit after tax (PAT) of INR0.48
crore in FY12 (refers to period April 1 to March 31) as against a
total income of INR137.30 crore and PAT of INR0.40 crore in FY11.


HINDUSTAN COMMART: ICRA Rates INR15cr LT Loan at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to Rs 15 crore
long-term fund-based facilities of Hindustan Commart (P) Limited
(formerly known as H.M. Commodities (P) Limited).

                                 Amount
   Facilities                  (INR Cr)    Ratings
   ----------                  ---------   -------
   Long-Term Fund Based          15.00     [ICRA]B+ Assigned
   Facilities

The ratings factors in the long track record of promoters in
managing diversified business across various industries
classified under H.M. Group which is well established and has
demonstrated funding and management support to Hindustan Commart
(P) Limited. HCPL is engaged in wholesale trading of coal,
procured from group company - Apple Commodities Ltd. (ACL) and
supplies it to the local customers on back-to-back sale
arrangement, which reduces the price risk inherent in the
commodity trading business. Although the company started its
operations recently in September-2011, it achieved reasonable
trading volumes owing to backward integration with Group Company,
ensuring steady availability of coal for procurement and
established marketing network of H.M. Group. While the company
traded 1.91 lakh tones of coal in FY-12 and booked operating
income of INR74.08 crore, however this was done with only three
transactions resulting in lumpiness in transactions and revenues.
Further the entire sales were derived by three customers to whom
the company sold the coal on wholesale basis with largest
customer accounting for 70% sales volume. Owing to elongated
credit period to customers as against low credit availability
from supplier, the utilization of working capital limits
continued to remain high throughout the year. Also owing to
delays in realisation of debtors, the company had to rely on
funding support from group entities. The operating margins of the
company are weak at 2.21% in FY-12 on account of wholesale nature
of operations; the net margins are further depressed at 0.09% due
to high finance charges on working capital finance although
supported by interest-free loan from the Group (45% of total
funding on Mar-12). Low profitability margins coupled with weak
capital structure (gearing of 13.26 times as on Mar-12) resulted
in weak debt coverage indicators. Further, given the nature of
debt - working capital loan, even the interest coverage ratio is
low at 1.06 times as on Mar-12. Given the low cash accruals from
operations, the company is expected to rely on timely funding
support from the promoter group and timely enhancements in its
working capital to support its revenue growth. Going forward the
ability of the company to expand its operations on profitable
basis and maintaining adequate liquidity at comfortable levels
will be key rating sensitivities.

                       About Hindustan Commar

Hindustan Commart (P) Limited (formerly known as H.M. Commodities
(P) Limited) incorporated in October-2009, belongs to H.M. Group
and is engaged in wholesale trading of coal which it procures
from group company - Apple Commodities Limited (ACL), which it
supplies to the customers based in Delhi. Based in Noida, the
company started its operations in September-2011 and during
FY2012, HCPL reported PAT of Rs 0.07 crore with an operating
income of Rs 74.08 crore.

                         About H.M. Group

H.M. Group refers to the parental firm Hardwari Lal Manohar Lal
of Shri Yogendra Garg's family based in Muzaffarnagar (Uttar
Pradesh). The firm was established in year 1920 mainly as a Gur
trading firm by Lala Banarasi Dass Ji. The group at present is
under the control of Mr. Yogendra Garg who along with his family
members control various companies with diverse business,
including -- trading various forms of Iron & Steel, Coal & Iron
ore; manufacturing of LPG cylinders; manufacturing of mild steel
ingots, sponge iron & billets; trading of textile goods; etc.


IVY HEALTH: CARE Rates INR55cr Long-Term Loan at 'CARE BB+'
-----------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Ivy
Health & Life Sciences Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       55        CARE BB+ Assigned

Rating Rationale

The rating is constrained by the limited scale of operations,
high financial leverage and high collection period of the Ivy
Health & Life Sciences Pvt Ltd. The rating also factors in IHL's
exposure in its subsidiary, Ivy Healthcare Infrastructure Pvt
Ltd, which is implementing hospital projects across Punjab.
Nonetheless, the ratings take comfort from entrepreneurial
experience of the promoters along with medical background of one
of the promoters, improving operational parameters of the
hospital and growing healthcare demand in India.

Going forward, IHL's ability to sustain current operational
performance and profitability margins while maintaining debt
level along with effective working capital management shall be
the key rating sensitivities. Higher than anticipated exposure in
the subsidiary shall also be a key rating sensitivity.

Incorporated in 2005, Ivy Health & Life Sciences (P) Ltd owns and
operates 180-bedded tertiary care hospital namely Ivy Hospital in
Mohali, Punjab. Ivy hospital started operations in FY08 (refers
to the period April to March) and provides healthcare services in
cardiology and cardiac surgery, urology, critical care,
orthopedics and joint replacement, trauma and neurosurgery, among
others. Furthermore, the company operates certain facilities such
as radiation oncology, dentistry, ophthalmology, nephrology,
physiotherapy in a revenue sharing model with the doctors,
wherein the equipment costs and utility charges are mostly borne
by the doctors.

During FY11, IHL earned PBILDT and PAT margin of 28.92% and
10.66%, respectively, on a total operating income of INR43.2
crore. As per the provisional results for FY12, IHL reported
total operating income of INR53.7 crore with PBILDT and PAT
margin of 27.74% and 9.20%.


MEREENA TRADING: CARE Rates INR4.76cr Loan at '[ICRA]B'
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR 4.76
crore1 fund based facilities of Mereena Trading & Exports. ICRA
has assigned short-term rating of '[ICRA]A4' to the INR2.24 crore
non-fund based bank facilities of the entity.

                                Amount
   Facilities                  (INR Cr)     Ratings
   ----------                   ---------   -------
   Fund based facilities         4.76       [ICRA]B assigned
   Non-fund based facilities     2.24       [ICRA]A4 assigned

The assigned ratings factor in the entity's small scale of
operations which restricts scale economies / financial
flexibility, the entity's thin operating margins constrained by
the limited pricing flexibility owing to the trading business and
the susceptibility of its margins to volatility in crude oil
prices to which, prices of its key products such as industrial
chemicals and polymers are linked to. On account of these
factors, the entity's financial profile is modest, characterized
by stretched capital structure with a gearing of 1.4x as on
31.03.2012 and modest coverage indicators. The rating, however,
positively factors in the experience of promoters in the
industrial chemical and solvent trading business and the entity's
relatively diversified product portfolio (comprising of
industrial solvents, paints and polymers catering to a wide
variety of industries) and customer profile which lend stability
to revenues.

Mereena Trading & Exports, which is part of Mereena Group,
commenced its operations in the year 1990 as a partnership firm.
The entity is engaged in the trading of industrial chemicals &
solvents, paints including industrial products & home decorative
products and polymers to various companies located in Kerala,
Tamil Nadu and Karnataka. The group's other entities, Gama Paints
and Mereena Petrochemicals Private Limited, are engaged in the
manufacturing of thinners, wood finishers under brand 'Pearlac'
and water based decorative paints.

Recent Results

According to un-audited results, for the financial year 2011-12,
the entity reported net profit of INR 0.4 crore on an operating
income of INR 25.3 crore. For the financial year 2010-11, the
entity reported a net profit of INR 0.4 crore on an operating
income of INR 14.7 crore as against a net profit of INR 0.5 crore
on an operating income of INR 13.1 crore during 2009-10.


MOKSHA THERMOPLASTICS: CARE Puts 'BB' Rating on INR15.04cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Moksha Thermoplastics Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-termBank Facilities      15.04       CARE BB Assigned
   Short-term Bank Facilities     3.35       CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Moksha
Thermoplastics Private Limited are constrained by its modest
scale of operation, leveraged capital structure and modest debt
protection indicators. The ratings are further constrained by
thin profitability margins which are further exposed to
volatility in raw material prices and foreign exchange rate.

The ratings, however, derive strength from the extensive
experience of promoters, established marketing set up and
customer base, rising cash accruals and adequate liquidity
position.
The increase in the scale of operations and profitability margins
through efficient management of raw material price volatility and
improvement in the capital structure are the key rating
sensitivities.

Ahmedabad-based MTPL was incorporated in June 1992 by Mr. Snehal
Shah and his family members. MTPL is engaged in the business of
manufacturing plastic-molded yarn carrier like single use and
multiple use bobbins, cones and chesses used for yarn packaging
and dyeing purpose. The products of MTPL cater the demand of yarn
manufacturing and textile dyeing industry. Presently, it has an
installed capacity of 3,400 Metric Tonnes Per Annum (MTPA) of
molding facility, which is located at Dantali, in the outskirts
of Ahmedabad (Gujarat).

As per the provisional result of FY12 (refers to the period April
1 to March 31), MTPL has reported total operating income of
INR43.91 crore as against INR33.14 crore in FY11. It has reported
a PAT of INR0.62 crore during FY12 as compared with INR0.29 crore
during FY11.


QUALITY HEIGHTCON: CARE Reaffirms 'BB+' Rating on INR45cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR
20.00 crore1 (enhanced from INR 13.00 crore) fund-based
facilities and INR 25.00 crore (enhanced from INR 17.00 crore)
non-fund based facilities of Quality Heightcon Private Limited at
'[ICRA]BB+'. ICRA has also reaffirmed the short term rating
assigned to the INR 25.00 crore (enhanced from INR 17.00 crore)
non-fund based facilities of QHPL at '[ICRA]A4+'. ICRA has
assigned stable outlook to the long term rating. The non-fund
based facilities are rated on both short and long term and total
utilization should not exceed INR 25.00 crore.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            ---------  -------
   Fund Based Limits       20.00    [ICRA]BB+ Reaffirmed
   Non-Fund Based Limits   25.00    [ICRA]BB+ [ICRA]A4+
                                    Reaffirmed

The ratings reaffirmation take into account QHPL's moderate scale
of operation, concentration of order book towards projects from
real estate sector in Mumbai, dependence on a few clients and
highly competitive nature of the industry. ICRA notes that high
receivables and weak financial profile of the clients may result
in delay in realization of receivables thereby weakening cash
flows of the company. Nevertheless, the ratings favorably factor
in the healthy order-book position of the company and the long
track record of the company in the construction sector having
experience in executing projects for private as well as
government clients.

Quality Heighton Private Limited (erstwhile Quality Construction
Company - QCC) was founded in 1969 as a partnership firm;
partners being Shri Mahendra K Shah, Smt. Bhamini D Shah, Shri
Parag D Shah and Smt. Hemalli R Shah. QCC was converted into a
private limited company with effect from July 2009. QHPL executes
construction projects which spans into areas including Civil,
Structural, Plumbing, Sanitation and Finishing Jobs. The company
has experience of working with both private and government
clients. Over four decades of its operations, the company has
successfully executed wide range of projects like construction of
hospital building, shopping mall, atomic reactors buildings,
community hall, educational complex, slum rehabilitation,
residential and commercial buildings.

The promoters have also ventured into real estate development
through a group entity, Quality Construction Developers (QCD) in
FY12. QCD is currently developing a commercial redevelopment
project in Dombivali, Thane with a total developable area of 0.40
lac sq. ft.


REFORM FERRO: Delays in Loan Payment Cues CARE Junk Ratings
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Reform
Ferro Cast Pvt. Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      65.20      CARE D Assigned
   Short-term Bank Facilities      2.80      CARE D Assigned
   Long / Short- term Bank         2.00      CARE D Assigned
   Facilities

Rating Rationale

The aforesaid rating takes into account outstanding delays in
debt servicing by Reform Ferro Cast Pvt. Ltd.

Reform Ferro Cast Private Limited, promoted by Mr. Basant Saha
and Mr. Shakti Adhikary (of the Lord Ganesh group of Kolkata)
commenced operations in July 2008 by setting up a manufacturing
unit in Howrah, Kolkata, for the cast iron products. Later in May
2009, it ventured into the production of ductile iron products at
its existing premises. Over the years, the company increased its
capacity significantly by undertaking various capex programs and
currently the company has a state-of-the art manufacturing unit
with the total installed capacity being 50,400 mtpa for High Duty
Cast Iron and 13,685 mtpa for Ductile Iron.

RFCPL is an ISO 9001:2008 company and is also the holder of
Kitemark License. The product portfolio of RFCPL caters to
various sectors like automobiles, civic and engineering.

On total operating income of INR103.6 crore, RFCPL earned a
PBILDT of INR8.7 crore and reported a loss of INR3 crore in FY12
(refers to the period April 1, 2011 to March 31, 2012).


SAI SMARAN: ICRA Rates INR40cr LT Loan at '[ICRA]BB-'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' with a stable
outlook to the INR 40 crore fund based facilities of Sai Smaran
Foods Limited.

                                Amount
   Facilities                  (INR Cr)     Ratings
   ----------                   ---------   -------
   Long-term, Fund Based           40.00    [ICRA]BB- assigned
   Limits

The rating reflects the long standing experience of the promoters
in the edible oil business, favorable domestic demand outlook for
soya bean oil and the locational advantage that the company
enjoys by virtue of operating its plant close to the major soya
bean growing regions. However, the ratings are constrained by the
small scale of operations of the company in the highly fragmented
and competitive edible oil industry, susceptibility to price
fluctuations arising out of global ago-climactic vagaries, high
working capital intensity of the business, and leveraged capital
structure and weak debt coverage indicators. The rating also
takes into account the commoditised nature of its products which
limits the company's pricing power.

SSFL was originally incorporated in March 1993 as Sai Smaran Oil
Refinery Private Limited. It was a supplier of refined sunflower
oil to Hindustan Unilever Limited. The company was freshly
incorporated in its current name in May 2004, with the addition
of its solvent extraction operations. The primary business of
SSFL is production of refined soya oil, soya de-oiled cake, and
associated by-products from soya seeds. It operates a solvent
extraction plant with a capacity of 250 tons per day (TPD) and a
refining plant with a capacity of 100 TPD at Nanded, Maharashtra.
SSFL is part of the Goenka group of Industries, set up in 1979 by
Mr. Kailash Goenka and Mr. Naresh Goenka. The other companies in
the group are involved with the production of rice varieties and
wheat flour. The operations of SSFL are being managed by Mr.
Naresh Goenka.

Recent Results

SSFL reported a profit after tax (PAT) of INR 1.48 crore on an
operating income of INR 174.78 crore in FY 2012, as against a PAT
of INR 1.13 crore on an operating income of INR 126.75 crore in
FY 2011.


SHRI SIDDHI: CARE Assigns 'CARE BB' Rating on INR14.07cr Loan
-------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Shri Siddhi Vinayak Trust.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.07      CARE BB Assigned
   Short-term Bank Facilities      0.34      CARE A4 Assigned

Rating Rationale

The ratings are constrained by the limited track record of Shri
Siddhi Vinayak Trust in the education sector, competition from
more established players, project risk associated with the
construction of hostel & college building and the strained
financial profile of the trust indicated by low surplus margins
and stressed debt coverage indicators. The ratings, however, are
underpinned by experienced faculty and management of the trust,
three colleges offering various courses approved by the statutory
bodies and favorable demand prospects for education sector in
Uttar Pradesh.

The ability of SSVT to establish its institutes in the region in
light of competition from more established institutes, attract
students and retain experienced faculties is a key rating
sensitivity. Furthermore, the timely completion of its envisaged
projects along with the improvement in its financial profile
would also be key rating sensitivities.

Shri Siddhi Vinayak Trust was formed in December 2007, to
establish and operate various educational institutions. As of
March 31, 2011, the trust operated three colleges located at
Dohna Peetam Rai, Nainital Road, Bareilly (U.P.), under the name
of Shri Siddhi Vinayak Group of Institutes offering three
different courses viz, B. Tech., MBA and Polytechnic.  Mr. Anupam
Kapoor is the main trustee of SSVT, who is also associated in
other business with considerable experience in the trading of
readymade garments (sarees) through Shri Siddhi Vinayak
Creations, a sister concern of SSVT.

During FY11 (refers to the period April 1 to March 31), SSVT
registered a Surplus of INR0.21 crore on the total income of
INR5.38 crore.


UNISOURCE PAPERS: ICRA Cuts Rating on INR1.45cr Loan to 'C+'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR1.45 crore term loan (reduced from INR1.47 crore); INR0.71
crore working capital term loan (reduced from INR0.99 crore);
INR0.04 crore vehicle loan (reduced from INR0.05 crore) and
INR1.50 crore cash credit limits of Unisource Papers Private
Limited to '[ICRA]C+' from '[ICRA]B+'. ICRA has also reaffirmed
the '[ICRA]A4' rating to the INR 4.00 crore non-fund based bank
limits of UPPL. ICRA has also assigned [ICRA]C+/[ICRA]A4 ratings
to the unallocated amount of INR0.32 crore.

The downward revision of the long term rating primarily reflects
the deteriorating financial risk profile of the company because
of the losses suffered during the previous two years; highly
stressed liquidity profile as indicated by frequent instances of
LC devolvement and high working capital utilization; leveraged
capital structure and weak coverage indicators. The ratings also
incorporate fragmented nature of the industry with low entry
barriers and vulnerability of margins to raw material prices and
foreign exchange fluctuations. The ratings, however, take into
consideration promoter's long track record in the business of
trading and paper processing and steady growth in operating
income, primarily driven by increase in sales volume.

Incorporated in 2005, UPPL was promoted by Mr. Aurora and is
engaged in the business of paper processing. UPPL has an
installed production capacity of 26,400 metric tonnes/annum at
its manufacturing units located in Pune. The company has a
registered office in Mumbai.

Recent Results

In 2010-11, UPPL recorded a net loss of INR0.15 crore on an
operating income of INR22.92 crore, while it recorded a net loss
of INR0.21 crore on an operating income of INR27.13 crore for the
financial year 2011-12 (Provisional).


UNITECH BRIGHT: ICRA Rates INR8cr Fund Based Loan at '[ICRA]BB-'
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR8.00 crore1 fund based facilities of Unitech Bright Steel
Industries.  The outlook on the long-term rating is stable.

                          Amount
   Facilities            (INR Cr)       Ratings
   ----------            ---------      -------
   Fund based facilities   8.00         [ICRA]BB- assigned

The assigned rating considers UBSI's broad-based customer profile
which protects the firm against volatility in demand from its key
customers / customer segments and also the strong ramp up in
capacities / revenues especially during the current fiscal. The
rating also considers the firm's stretched working capital
intensity, which has resulted in high debt levels / stretched
cash flows, and the small scale of its operations which restricts
financial flexibility. The firm is exposed to the cyclicality
associated with the steel industry, consequent to which the
ongoing weakness in the steel industry is expected to restrict
the scope for margin expansion despite the sharp increase in
scale of operations during the current year.

Established in 2005 and having commenced operations in 2006-07,
UBSI is primarily engaged in the manufacture of bright steel
bars, which finds application across industries like automobile
and capital goods / engineering. The firm's manufacturing
facility is located in Chennai (Tamil Nadu), with an installed
annual capacity of about 10,000 tonnes. The firm is managed by
Mr. Manish Agarwal and his family.

Recent Results

UBSI reported net profit of INR1.1 crore on operating income of
INR21.0 crore during 2011-12 against net profit of INR0.8 crore
on operating income of INR13.0 crore during 2010-11. The firm
reported revenues of INR17 crore for the four months ended July
2012 (according to unaudited results).



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


MEDIA NUSANTARA: Moody's Upgrades CFR to 'Ba3'; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of P.T. Media Nusantara Citra from B1 to Ba3. The outlook
is stable.

Ratings Rationale

"The rating action is driven by MNC's solid operating and
financial performance, as evidenced by the company's low leverage
of 0.5x and its strong cash flow generation," says Annalisa Di
Chiara, Moody's Vice President and Senior Analyst.

"Moody's believes Indonesia's robust economic growth, increased
domestic consumption and rising advertising spend provide
momentum for MNC's performance over the intermediate period.
Also, the company's leading position in the growing free-to-air
market, strong content line-up and operating leverage should
provide sustainable earnings and cash flow generation," adds Di
Chiara, who is also lead analyst for MNC.

The rating is also supported by MNC's strong liquidity position.
At 30 June 2012, the company had IRD2,826 billion of cash and
short-term investments on hand versus short term debt of
IDR140million.

Although Moody's notes that MNC plans to increase its dividend
payout to between 50% and 60% from 45%, the company is also well
able to do so, given its low debt, modest capex and solid cash
flow profile.

The stable outlook reflects Moody's expectation that MNC will
maintain its competitive position in Indonesia's free-to-air
(FTA) television market and keep EBITDA margins above 30%.

Upward rating pressure could arise, if it achieves a sustained
level of cash flow generation and earnings performance and its
EBITDA margins are in the 35%-40% range. Moody's would also
expect MNC to retain its leading position in the FTA space in
Indonesia.

On the other hand, downward rating pressure could emerge if: 1)
there is a material downturn in advertising expenditure; 2) the
company loses its dominant position in the Indonesian FTA
television market, 3) laws and regulations change, such that its
business is adversely impacted; and 4) the company embarks on
aggressive debt-funded acquisitions.

The key credit metrics that Moody's would consider for a
downgrade include adjusted debt/EBITDA above 2.5x-3.0x,
EBITDA/interest coverage below 3.5x-4.0x, and negative free cash
flow over the cycle.

Evidence of cash leakage to its parent -- through aggressive
dividend payouts and other forms of inter-group transactions --
could also be negative for the rating.

The principal methodology used in rating MNC was the Global
Broadcast and Advertising Related Industries Methodology
published in May 2012.

PT Media Nusantara Citra, headquartered in Jakarta, Indonesia, is
an integrated media company with television, radio, print media,
content production and distribution, and wireless value added
services operations. It is the market leader in Indonesia's free-
to-air ("FTA") TV industry, owning three of 11 FTA TV networks
nationwide.

PT Global Mediacom Tbk owns approximately 64.84% of MNC, while
MediaCorp, as a strategic investor, owns another 6.85%. Saban
Capital owns 5%.



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


ELPIDA MEMORY: Creditors Asked to Drop 82.6% of Claims in Rehab
---------------------------------------------------------------
The Japan Times reports that Elpida Memory's creditors and
clients are being asked to surrender 82.6% of their claims on the
failed chipmaker, a draft of its rehabilitation plan says.

The report, citing the rehabilitation plan, discloses that
JPY334 billion Elpida Memory Inc. owes in the form of bonds and
receivables would be slashed by between 65.8 percent and 82.6
percent.

The Japan Times relates that payments to the holders would be
completed by December 2019, with part of the JPY60 billion
capital infusion Elpida is set to receive in June 2013 from U.S.
chipmaker Micron Technology Inc. to be used to help finance the
repayments.

The plan also proposes that Elpida fully repay JPY110 billion in
loans it received from major creditor banks using a key plant in
Higashihiroshima, Hiroshima Prefecture, as collateral, the report
relays.

The plan said the measures will slash the JPY443 billion in
overall claims by JPY220 billion to JPY270 billion, The Japan
Times notes.

The report adds that the plan was submitted to the Tokyo District
Court last week and the administrators want to get it approved by
the end of the year.

                         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.


JLOC 39: Moody's Lowers Rating on Class D Certificates to 'C'
-------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings on the Class A
through D trust certificates issued by JLOC 39 Trust.

Details follow:

Class A, downgraded to A3 (sf); previously on July 10, 2012 A1
(sf) placed under review for possible downgrade

Class B, downgraded to B2 (sf); previously on July 10, 2012 Ba2
(sf) placed under review for possible downgrade

Class C, downgraded to Caa3 (sf); previously on July 10, 2012
Caa2 (sf) placed under review for possible downgrade

Class D, downgraded to C (sf); previously on July 10, 2012 Caa3
(sf) placed under review for possible downgrade

Deal Name: JLOC 39 Trust

Classes: A through D trust certificates

Issue Amount (initial): JPY40.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April 2014

Underlying Asset (initial): 14 specified bonds, a non-recourse
loan, and cash

Originator: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co., Ltd. (as of the
issue date)

The JLOC 39 Trust, effected in December 2007, represents the
securitization of 14 specified bonds and a non-recourse loan (all
hereinafter referred to as the "loans") issued to ten borrowers.
The transaction is currently secured by three loans backed by
three properties, all of which have passed their expected
maturity date.

The originator entrusted the loans to the asset trustee, and
received the Class A through D trust certificates, which it then
sold to investors.

The trust certificates are rated by Moody's.

In this transaction, the loans are divided into two types:
component loans and pooled loans.

The component loans are further subdivided into senior and junior
components. The senior component and pooled loans secure the
Class A through D, and X trust certificates.

The cash flow allocated to the senior components will be combined
with the cash flow from the pooled loans, and used to make the
payments on the Class A through D senior trust certificates
sequentially, in case of recovery payments from defaulting loans.

The losses from any defaulting loans allocated to the senior
trust certificates, whether from a component or a pooled loan,
will be aggregated and allocated in reverse sequential order,
starting with the most subordinate class of the trust
certificates, from Class D to Class A trust certificates.

The loan that defaulted in February 2012 is backed by an office
building in central Tokyo, which accounts for approximately 71%
of the current underlying properties on Moody's initial value
basis.

Ratings Rationale

The current rating action reflects the following factors:

1) The recovery from the loans may fall below Moody's
assumptions, given the special servicer's activities as well as
the performance of the underlying properties, such as their
occupancy rates and actual rents, incorporating rental conditions
in the sub-markets around the properties. Moody's has thus
lowered its recovery assumptions by approximately 66% (weighted
average) from its initial assumptions.

2) As a result of the special servicing activities, losses from
the remaining loans are highly likely, and could negatively
affect the Class C and D trust certificates.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June
2010)," published on September 30, 2010, and available on
www.moodys.co.jp.

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


SHARP CORP: Likely to Sell Shares to Hon Hai at Lower Price
-----------------------------------------------------------
Juro Osawa at The Wall Street Journal reports that Sharp Corp. is
likely to sell a stake to Hon Hai Precision Industry Co. at a
lower price than previously agreed, as the troubled Japanese
electronics maker tries to secure a much-needed lifeline from its
Taiwanese business partner amid a steep decline of its stock
price.

The Journal notes that Hon Hai, the world's largest contract
electronics manufacturer, also known as Foxconn, agreed in March
to take a 9.9% stake in Sharp at JPY550 (about US$7) per share
for a total of roughly $800 million.

"We have proposed to revise the (stake sale) price," the report
quotes Sharp spokesman Heihachiro Ochiai as saying.  Mr. Ochiai
said that Hon Hai is still expected to take a 9.9% stake in
Sharp, but the two companies are renegotiating the per-share sale
price, the report relays.

According to the Journal, Mr. Ochiai said Sharp President Takashi
Okuda is considering visiting Hon Hai in Taiwan, but no exact
timetable has been set yet.  Hon Hai Chairman Terry Gou was in
Japan last week, but the two companies weren't able to reach any
agreement on the stake sale, the report says.

The Journal notes that Sharp's talks with Hon Hai come as the
cash-strapped Japanese company struggles to secure bank loans as
well as the Taiwanese partner's investment.

According to the news agency, Sharp, which has forecast a net
loss of JPY250 billion for the fiscal year ending March, is
sitting on JPY1.25 trillion in interest-bearing debt.  At the end
of June, Sharp's cash, accounts receivable, inventory and other
assets couldn't cover its short-term liabilities, the Journal
notes.

Mr. Ochiai also said Sharp and Hon Hai have been discussing not
only the stake sale, but also possible ways of broadening their
business alliance.

In addition to the talks on the terms of the stake sale, Sharp
said Monday that it and Hon Hai are also discussing the future of
the Japanese firm's overseas TV assembly factories in Mexico and
China, including the possibility of selling them to Hon Hai.

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2012, Moody's Investors Service downgraded its short-term
ratings on Sharp Corporation and its supported subsidiaries,
Sharp International Finance (UK) plc and Sharp Electronics
Corporation, to Prime-3 from Prime-2.  The ratings remain under
review for further downgrade. The rating action reflects Moody's
increasing concern that the company's weak operating performance
and additional restructuring costs will continue to pressure its
cash flow downwards, thereby increasing its dependence on
external sources for liquidity.


SHARP CORP: Cuts Shares in Pioneer Corp to 9.2%
-----------------------------------------------
Reuters reports that Sharp Corp. has cut its stake in car
navigation maker Pioneer Corp to 9.2% from 14.3%, according to a
regulatory filing.

Sharp, which has as much as JPY360 billion (US$4.6 billion) of
short-term commercial paper loans to pay, had said it was
considering off-loading some of its marketable securities to
raise money, Reuters relates.

Based in Japan, Sharp Corporation manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 7, 2012, Moody's Investors Service downgraded its short-term
ratings on Sharp Corporation and its supported subsidiaries,
Sharp International Finance (UK) plc and Sharp Electronics
Corporation, to Prime-3 from Prime-2.  The ratings remain under
review for further downgrade. The rating action reflects Moody's
increasing concern that the company's weak operating performance
and additional restructuring costs will continue to pressure its
cash flow downwards, thereby increasing its dependence on
external sources for liquidity.


SHARP CORP: S&P Cuts Corp. Credit Rating to 'BB+'; Still on Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB+' its long-term
corporate credit and senior unsecured debt ratings on Sharp Corp.
and its overseas subsidiaries, Sharp Electronics Corp. and Sharp
International Finance (U.K.) PLC. "At the same time, we lowered
our short-term ratings on the companies to 'B' from 'A-2'. We
kept Sharp's long- and short-term ratings on CreditWatch with
negative implications," S&P said.

"Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, we view
Sharp's liquidity position as 'less than adequate.' Under our
ratings criteria, we assign an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity," S&P
said.

"In our view, Sharp's technological strengths in flat-panel TVs,
LCD panels, and electronic devices still support its credit
rating. Standard & Poor's expects Sharp's earnings and cash flow
to begin to recover in the second half of fiscal 2012 because of
a likely improvement in operating rates at its key Sakai and
Kameyama plants. Our current ratings incorporate an assumption
that Sharp will reach an agreement with Taiwan-based electronics
maker Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
implement a strategic alliance, although terms and conditions of
the deal remain uncertain. The ratings also incorporate
assumptions that major creditor banks continue to provide Sharp
with stable financing and the company does not face serious
concerns in refinancing its debt," S&P said.

In resolving the CreditWatch, S&P will review these factors:

-- Ongoing developments regarding a strategic alliance with Hon
    Hai Precision and how it would benefit Sharp's business and
    financial profiles;

-- The company's debt profile and how it can secure funding
    sources to meet upcoming debt maturities and reduce
    dependence on short-term debt; and

-- Sharp's business strategy to restore earnings in the near to
    medium term, and potential downside risks to earnings
    performance.

"We may consider lowering the ratings if Sharp's earnings in
fiscal 2012 and prospects for its recovery deteriorate even
further or the company's financing environment and relationships
with credit banks and strategic partners worsen. We expect to
take up to 90 days to ultimately resolve the CreditWatch as we
reassess the company's medium- to long-term business strategy,
progress in forming a strategic alliance with Hon Hai Precision,
and future financial profile and refinancing plans," S&P said.


TAICOM SECURITIES: Trustee Seeks U.S. Court Recognition
-------------------------------------------------------
The trustee of Taicom Securities Co., Ltd., wants the bankruptcy
court in California to enter an order recognizing proceedings in
Japan so that the trustee can pursue claims against the former
owner of the defunct securities firm.

In the Chapter 15 petition filed in Santa Ana, California (Case
No. 12-20383), Akihiro Sakaguchi, the trustee estimated that the
Debtor has less than $10 million in assets and less than $50
million in liabilities.

Founded in 1956, Taicom Securities was a futures commission
merchant from Chuo-ku, Osaka, Japan.  In May 2011, it commenced
its business of accepting securities consignments as an official
transaction participant of the Osaka Securities Exchange

According to court filings by the Trustee, after the fiscal year
ending March 31, 2005, commission fees for commodity, securities
and currency transactions decreased drastically and
substantially.  Further, the Debtor posted significant loss in
operating income, pretax profit and net income.  The value of its
assets also substantially declined, and the Debtor became
insolvent on Dec. 15, 2009, and suspended payments to its
customers.

On March 31, 2008, Michael Chen Ning, a United States citizen,
acquired more than 96% of the Debtor's shares.  On June 26, 2008,
Mr. Ning became a director of the Debtor, and, Audrey Mari
Kuwabara, a United States citizen and lawyer in the state of
California, became the Debtor's auditor.

The Trustee said that although the Debtor's financial situation
had already significantly declined when Mr. Ning took over,
"unusual and unsound acts" by Mr. Ning further deteriorated the
Debtor's financial condition.

The Trustee cites, among other things, that Mr. Ning and entities
owned or managed by Mr. Ning borrowed funds from the Debtor,
which funds were not repaid.  Among other transactions, Arque
Orion Kabushiki Kaisha, a company affiliated with Mr. Ning,
received a loan of approximately $8.25 million from the Incubator
Bank of Japan, Limited with the Debtor as guarantor of the Arque
Loan.  To support the Debtor's guarantee of the Arque Loan, $8.25
million of the Debtor's funds were used as collateral and the
Debtor was unable to withdraw any money from the pledge account.
Arque Kabushiki subsequently defaulted on the Arque Loan and the
Incubator Bank used the Debtor's pledged funds held by the
Incubator Bank to repay the Arque Loan.

The Debtor, Trustee said, suffered substantial and unplanned
decreases in its current assets and operating capital.  The
Debtor was forced to file a liquidation proceeding under
Bankruptcy Act (of Japan) in December 2009.

In December 2011, the trustee obtained a judgment from the Osaka
District Court ordering Mr. Ning to repay money that he
previously borrowed from the Debtor.

Through the Chapter 15 proceeding, the Trustee intends to
domesticate the judgment in the United States to collect and
recover the amounts owed.  In addition, the Debtor may have
additional assets in the United States in the form of claims or
causes of action against entities located in the United States.



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


HAKO OFFSHORE: Court to Hear Wind-Up Petition Sept. 14
------------------------------------------------------
A petition to wind up the operations of Hako Offshore Pte Ltd.
will be heard before the High Court of Singapore on Sept. 14,
2012, at 10:00 a.m.

Offshore Support Vessels 14 Pte Ltd filed the petition against
the company on Aug. 17, 2012.

The Petitioner's solicitors are:

         AsiaLegal LLC
         8 Robinson Road
         #08-00 ASO Building
         Singapore 048544


HILLTECH ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Aug. 24, 2012, to
wind up the operations of Hilltech Engineering Pte Ltd.

Sigma Cable Company (Private) Limited filed the petition against
the company.

The company's liquidators are:

         Mr Chee Yoh Chuang and
         Mr Abuthahir Abdul Gafoor
         c/o Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


LINE CONCEPTS: Court to Hear Wind-Up Petition Sept. 14
------------------------------------------------------
A petition to wind up the operations of Line Concepts Pte Ltd
will be heard before the High Court of Singapore on Sept. 14,
2012, at 10:00 a.m.

Hock Tong Huat Pte Ltd filed the petition against the company on
Aug. 22, 2012.

The Petitioner's solicitors are:

         Messrs Wong Thomas & Leong
         4 Battery Road, #23-01
         Bank of China Building
         Singapore 049908


MELEWAR ACADEMIA: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Aug. 17, 2012, to
wind up the operations of Melewar Academia Holding Pte Ltd.

Eversheds LLP filed the petition against the company.

The company's liquidator is:

         Mr Wong Joo Wan
         78 South Bridge Road #04-01,
         Singapore 058708


MT. BATTEN: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Mt. Batten Private Limited declared the preferential dividend on
Aug. 21, 2012.

The company paid 100% to the received claims.

The company's liquidator is:

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



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



* BOND PRICING: For the Week August 27 to August 31, 2012
---------------------------------------------------------


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

  AUSTRALIA
  ---------

COM BK AUSTRALIA          1.5     04/19/22    AUD        70.54
EXPORT FIN & INS          0.5     06/15/20    NZD        74.44
MIDWEST VANADIUM         11.5     02/15/18    USD        63.18
MIDWEST VANADIUM         11.5     02/15/18    USD        59.50
MIRABELA NICKEL          8.75     04/15/18    USD        72.88
MIRABELA NICKEL          8.75     04/15/18    USD        76.00
NEW S WALES TREA          0.5     09/14/22    AUD        69.02
NEW S WALES TREA          0.5     10/07/22    AUD        68.82
NEW S WALES TREA          0.5     10/28/22    AUD        68.65
NEW S WALES TREA          0.5     11/18/22    AUD        69.65
NEW S WALES TREA          0.5     12/16/22    AUD        69.44
NEW S WALES TREA          0.5     02/02/23    AUD        69.08
NEW S WALES TREA          0.5     03/30/23    AUD        68.67
TREAS CORP VICT           0.5     08/25/22    AUD        69.35
TREAS CORP VICT           0.5     03/03/23    AUD        69.60
TREAS CORP VICT           0.5     11/12/30    AUD        51.95


CHINA
-----

CHINA GOVT BOND          4.86     08/10/14    CNY       103.66
CHINA GOVT BOND          1.64     12/15/33    CNY        68.81


  INDIA
  -----

AKSH OPTIFIBRE              1     02/05/13    USD        62.09
JCT LTD                   2.5     04/08/11    USD        20.00
JSL STAINLESS LT          0.5     12/24/19    USD        67.15
MASCON GLOBAL LT            2     12/28/12    USD        10.00
PRAKASH IND LTD         5.625     10/17/14    USD        68.72
PRAKASH IND LTD          5.25     04/30/15    USD        61.71
PYRAMID SAIMIRA          1.75     07/04/12    USD         1.00
REI AGRO                  5.5     11/13/14    USD        68.67
REI AGRO                  5.5     11/13/14    USD        68.67
SHIV-VANI OIL               5     08/17/15    USD        49.98
SUZLON ENERGY LT            5     04/13/16    USD        48.50

  JAPAN
  -----

COVALENT MATERIA         2.87     02/18/13    JPY        68.19
EBARA CORP                1.3     09/30/13    JPY       100.13
ELPIDA MEMORY            2.03     03/22/12    JPY        14.63
ELPIDA MEMORY             2.1     11/29/12    JPY        14.63
ELPIDA MEMORY            2.29     12/07/12    JPY        14.63
ELPIDA MEMORY             0.5     10/26/15    JPY        14.13
ELPIDA MEMORY             0.7     08/01/16    JPY        15.00
JPN EXP HLD/DEBT          0.5     09/17/38    JPY        64.33
JPN EXP HLD/DEBT          0.5     03/18/39    JPY        63.50
KADOKAWA HLDGS              1     12/18/14    JPY       105.07
SOFTBANK CORP             1.5     03/31/13    JPY       145.44
TOKYO ELEC POWER        1.155     09/08/20    JPY        74.25
TOKYO ELEC POWER        2.347     09/29/28    JPY        67.00
TOKYO ELEC POWER        2.401     11/28/28    JPY        69.13
TOKYO ELEC POWER        2.205     02/27/29    JPY        67.50
TOKYO ELEC POWER        2.114     12/10/29    JPY        68.78
TOKYO ELEC POWER        1.958     07/29/30    JPY        64.63
TOKYO ELEC POWER        2.366     05/28/40    JPY        61.15


  MALAYSIA
  --------

DUTALAND BHD                7     04/11/13    MYR         0.65
GENCO SHIPPING              5     08/15/15    USD        43.95

  PHILIPPINES
  -----------

BAYAN TELECOMMUN         13.5     07/15/49    USD        20.50
BAYAN TELECOMMUN         13.5     07/15/49    USD        20.50


  SINGAPORE
  ---------

BAKRIE TELECOM           11.5     05/07/15    USD        57.00
BAKRIE TELECOM           11.5     05/07/15    USD        55.03
BLD INVESTMENT          8.625     03/23/15    USD        60.74
BLUE OCEAN                 11     06/28/12    USD        37.38
BLUE OCEAN                 11     06/28/12    USD        37.75
CAPITAMALLS ASIA         2.15     01/21/14    SGD        99.65
CAPITAMALLS ASIA          3.8     01/12/22    SGD       100.82
DAVOMAS INTL FIN           11     12/08/14    USD        29.13
DAVOMAS INTL FIN           11     12/08/14    USD        29.02
F&N TREASURY PTE         2.48     03/28/16    SGD       100.48


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

CN 1ST ABS                  8     02/27/15    KRW        33.07
CN 1ST ABS                8.3     11/27/15    KRW        34.40
EXP-IMP BK KOREA          0.5     08/10/16    BRL        72.30
EXP-IMP BK KOREA          0.5     09/28/16    BRL        72.06
EXP-IMP BK KOREA          0.5     10/27/16    BRL        71.57
EXP-IMP BK KOREA          0.5     11/28/16    BRL        71.04
EXP-IMP BK KOREA          0.5     12/22/16    BRL        70.57
EXP-IMP BK KOREA          0.5     01/25/17    TRY        74.79
EXP-IMP BK KOREA          0.5     10/23/17    TRY        70.89
EXP-IMP BK KOREA          0.5     11/21/17    BRL        65.30
EXP-IMP BK KOREA          0.5     12/22/17    TRY        70.01
EXP-IMP BK KOREA          0.5     12/22/17    BRL        64.94
GREAT KO 3RD ABS           10     12/29/14    KRW        30.60
HYUNDAI SWISS BK          8.5     10/02/13    KRW        93.29
HYUNDAI SWISS BK          8.5     07/15/14    KRW        87.31
KIBO GRE 1ST ABS           10     01/25/15    KRW        30.48
KIBO GRE 2ND ABS           10     03/20/15    KRW        30.32
SINBO 4TH ABS               8     08/18/14    KRW        30.08
SINBO 7TH ABS               8     09/22/14    KRW        29.84
SINBO CO 3RD ABS           10     09/29/14    KRW        30.60


  SRI LANKA
  ---------

SRI LANKA GOVT            5.8     01/15/17    LKR        72.06
SRI LANKA GOVT            5.8     07/15/17    LKR        70.78
SRI LANKA GOVT            7.5     08/15/18    LKR        73.10
SRI LANKA GOVT            8.5     05/01/19    LKR        75.20
SRI LANKA GOVT            6.2     08/01/20    LKR        61.67
SRI LANKA GOVT              7     10/01/23    LKR        59.24
SRI LANKA GOVT           5.35     03/01/26    LKR        45.29
SRI LANKA GOVT              8     01/01/32    LKR        56.15


  THAILAND
  --------

BANGKOK LAND              4.5     10/13/03    USD         5.50



                             *********

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 ***