---

        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, February 5, 2013, Vol. 16, No. 25


                            Headlines


A U S T R A L I A

AMAZING LOANS: Receivers Sell Loan Portfolio for AUD1.5 Million


C H I N A

CHINA GREEN: Albert Wong Replaces Madsen as Accountants
MIE HOLDINGS: Fitch Rates $200MM Senior Unsecured Notes 'B'


H O N G  K O N G

AKZO NOBEL: Creditors' Proofs of Debt Due March 1
AMERICAN TRIM: Ying and Chan Step Down as Liquidators
ASIA BUSINESS: Final General Meeting Set for Feb. 25
ASIAN PACIFIC: Final Meetings Set for Feb. 28
AURASOUND (HONG KONG): Creditors' Meeting Set for March 1

BNZ INTERNATIONAL: Final General Meeting Set for March 1
BORACAY LIMITED: Creditors' Proofs of Debt Due Feb. 15
BRIGHT ADVANCE: Placed Under Voluntary Wind-Up Proceedings
CANKING INDUSTRIES: Final Meetings Set for Feb. 28
CANLUCK CORPORATION: Final Meetings Set for Feb. 28

CHINA PROGRESS: Creditors' Proofs of Debt Due March 1
COMMUNITY SERVICE: Tam Anthony Chun Hung Steps Down as Liquidator
COSMOS PEACE: Creditors' Proofs of Debt Due March 8
DANASIA LIMITED: Members' Final Meeting Set for March 8
DILLINGHAM CONSTRUCTION: Chong Yiu Kam Steps Down as Liquidator

E! ENTERTAINMENT: Commences Wind-Up Proceedings
EASTERN PEARL: Lam and Boswell Step Down as Liquidators
EASTERN PREFERENCES: Commences Wind-Up Proceedings
EVERTEAM TRADING: Power and Cowley Step Down as Liquidators
EXPO GLOBAL: Annual Meetings Set for Feb. 5


I N D I A

BOMMINENI RAMANJANEYULU: ICRA Puts 'B+' Rating on INR6.5cr Loans
D.R. COATS: ICRA Downgrades Rating on INR9.37cr Loans to 'B+'
KAVERI SILK: ICRA Reaffirms 'B+' Rating on INR23.5cr Cash Credit
MODEL INFRA: ICRA Reaffirms 'BB+' Rating on INR50cr LT Loans
PRUDENTIAL GROUP: ICRA Rates INR5cr Cash Credit at 'BB+'

SANGHAMITHRA RURAL: ICRA Reaffirms 'BB' Rating on INR100cr Loans
STERLING TAPES: ICRA Assigns 'C' Ratings to INR8.12cr Loans
SUBAYA CONSTRUCTION: ICRA Reaffirms 'BB-' Rating on INR21cr Loans

TRIWAY CONTAINER: ICRA Reaffirms 'BB-' Rating on INR23.6cr Loans
VVF LIMITED: ICRA Revises Rating on INR32.21cr Loans to 'BB'


J A P A N

L-JAC 6: Moody's Cuts Ratings on 4 Certificate Classes to 'Caa2'


K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Maintains 'B2' Rating
* Korea Covered Bond Act OK Heralds Diversification, Fitch Says
* KOREA: SK Sentence Won't Improve Corp. Governance, Fitch Says


N E W  Z E A L A N D

AORANGI SECURITIES: Stoush With Hubbard Key to Investor Returns
FIVE STAR: Director Seeks Plea Change on FMA Charges


P H I L I P P I N E S

ASIATRUST DEVELOPMENT: To Close Banking Operations on June 18


S I N G A P O R E

AMARU INC: Wilson Morgan Resigns as Accountants
GLOBAL BRANDS: Meetings Slated for Feb. 8
GLOBAL BRANDS (FOOTBALL): Meetings Slated for Feb. 8
GLOBAL BRANDS (SINGAPORE): Meetings Slated for Feb. 8
GLOBAL BRANDS GROUP: Meetings Slated for Feb. 8

GLOBAL MINERAL: Creditors' Proofs of Debt Due March 1
NEO INVESTMENT: Creditors' first Meeting Set for Feb. 7
ZENTEK INVESTMENT: Creditors Get 100% Recovery on Claims


X X X X X X X X

* Fitch Cites Slowdown in Asia's Positive Rating Momentum
* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2013


                            - - - - -


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


AMAZING LOANS: Receivers Sell Loan Portfolio for AUD1.5 Million
---------------------------------------------------------------
Patrick Stafford at SmartCompany reports that receivers are
selling the loan book of collapsed alternative lender Amazing
Loans, after several years of volatility during which the company
suffered a takeover and its founder moved to Las Vegas to attempt
to boost the company's efforts overseas.

According to the report, receivers McGrath Nicol said they are
now selling the book for the company, which comprises more than
650 loans with a total face value of AUD1.459 million and an
average term to expiry of 2.7 years.

SmartCompany notes that Amazing Loans has been one of the most
controversial members of the alternative funding scene after
starting up in 2005.

The company offers loans of between AUD2,000 and AUD10,000,
saying on its website it has offered loans to thousands of people
across Australia, the report relays.

But Amazing Loans has suffered years of trouble, says
SmartCompany.  More recently, in 2012, the Australian Securities
and Investments Commission reportedly stopped the company from
raising more funding.

SmartCompany recalls that the company's major shareholder, the
ex-ASX listed company IEG Holdings, was looking to raise
AUD1.1 million from existing investors. This took place while the
company's founder, Paul Mathieson, left his Australian role and
moved to the United States to expand the business there, the
report relates.

Reports indicate the business has suffered multi-million dollar
losses in the past few years - reaching a total of AUD134 million
during the company's eight-year existence, according to
SmartCompany.

Citing documents lodged with the Australian Securities and
Investment Commission, SmartCompany discloses that both IEG SPV
and Amazing Loans were placed in receivership in December, and
then in liquidation in January. The most recent filing was for a
creditor's meeting to consider a voluntary winding up of the
company, the report adds.



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


CHINA GREEN: Albert Wong Replaces Madsen as Accountants
-------------------------------------------------------
China Green Creative, Inc., dismissed Madsen & Associates CPA's,
Inc as its independent registered accounting firm.

Madsen reported on the Company's financial statements for the
years ended Dec. 31, 2011, and 20110.  Their opinion did not
contain an adverse opinion or a disclaimer of opinion, and was
not qualified as to uncertainty, audit scope, or accounting
principles but was modified as to a going concern.

The dismissal was not a result of any disagreement with the
accounting firm.

Immediately following the dismissal of Madsen, the Company's
Board of Directors commenced contacting and interviewing other
auditors in order to engage another firm as the Company's
independent auditor.  Effective Jan. 30, 2013, the Company
engaged Albert Wong & Co as its new Independent registered public
accounting firm.  The decision to engage Albert Wong & Co was
approved by the Company's board of directors.  During its two
most recent fiscal years, and during any subsequent interim
period prior to the date of Albert Wong & Co's engagement, the
Company did not consult the new auditor regarding either: (i) the
application of accounting principles to a proposed or completed
specified transaction, or the type of audit opinion that might be
rendered, and neither a written report nor oral advice was
provided that was an important factor considered by the Company
in reaching a decision as to the accounting, auditing, or
financial reporting issue; or (ii) any matter that was either the
subject of a disagreement or reportable event within the meaning
set forth in Regulation S-K, Item 304 a(1)(iv) or (a)(1)(v).

                        About China Green

China Green Creative, Inc., located in Shenzhen, Guangdong
Province, People's Republic of China, is principally engaged in
the distribution of consumer goods and electronic products in the
PRC.

After auditing the 2011 results, Madsen & Associates CPA's, Inc.,
in Salt Lake City, Utah, expressed substantial doubt about China
Green Creative's ability to continue as a going concern.  The
independent auditor noted that the Company does not have the
necessary working capital to service its debt and for its planned
activity.

The Company reported a net loss of $344,901 on $1.93 million of
revenues for 2011, compared with a net loss of $3.35 million on
$2.78 million of revenues for 2010.

The Company's balance sheet at June 30, 2012, showed $5.43
million in total assets, $7.43 million in total liabilities, and
a $2 million total stockholders' deficit.


MIE HOLDINGS: Fitch Rates $200MM Senior Unsecured Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned China-based MIE Holdings Corporation's
(MIE; 'B'/Stable) US$200 million senior unsecured notes a final
rating of 'B' with a Recovery Rating of 'RR4'.

This rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received. The final rating is same as the expected rating
assigned on Jan. 30, 2013.

MIE's ratings reflect the upstream nature of its operations and
the consequent exposure to potential oil price volatility as well
as its limited, albeit expanding, operating scale. Its proven
reserves and production levels are in line with its peers in the
'B' category. MIE's organic reserve growth prospect from its
north eastern China oil fields - Daan, Moliqing, Miao 3, and
Kazakhstan assets - are moderate. MIE expects reserve growth from
the recently acquired Sino Gas & Energy Limited over time;
however, this is still at an early stage of development.

MIE's north eastern Chinese operations remain the key source of
cash inflow. This high concentration of production assets makes
the company vulnerable to any operational disruption.
Nevertheless, MIE's low-cost production in China, its established
track record, and its long-term relationship with PetroChina
Company Limited ('A+'/Stable) provide significant support to its
ratings.

Fitch's Recovery Rating of 'RR4' of MIE's senior unsecured debt
reflects average recovery prospect and immaterial onshore bank
debt or offshore secured bank facilities. Following the notes
issue and the refinancing of bank debt as planned, MIE's debt
will primarily comprise senior unsecured USD notes. If material
senior ranking debt were to be raised by subsidiaries in the
future, the notes' rating and Recovery Rating may be negatively
affected.

What Could Trigger A Rating Action?

Negative: Future developments that may individually or
collectively lead to negative rating action include:

- FFO adjusted net leverage exceeding 3x (2011: 1.2x) on a
   sustained basis
- FFO gross interest coverage under 4.5x (2011: 6.4x) on a
   sustained basis
- Significant dividend payments
- Material changes in taxation in PRC and Kazakhstan leading
   to adverse effect on its cash flows
- Material adverse legal disputes leading to adverse effect on
   its cash flows
- Material acquisition that would weaken the risk profile before
   Sino Gas & Energy can generate meaningful operating cash flows

Positive: Future developments that may individually or
collectively lead to positive rating action include:

- FFO adjusted net leverage below 1.5x on a sustained basis
- FFO gross interest coverage exceeding 6x on a sustained basis
- Proven reserves above 200mmboe
- Average daily production exceeding 80,000boepd (2011: around
   12,800boepd)



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


AKZO NOBEL: Creditors' Proofs of Debt Due March 1
-------------------------------------------------
Creditors of Akzo Nobel Decorative Coatings (Hong Kong) Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by March 1, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 18, 2013.

The company's liquidator is:

         Lam Wah David
         Suites 1708-10, the Gateway
         Tower I, 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


AMERICAN TRIM: Ying and Chan Step Down as Liquidators
-----------------------------------------------------
Ying Hing Chiu and Chan Mi Har stepped down as liquidators of
American Trim Products (Asia) Limited on Jan. 18, 2013.


ASIA BUSINESS: Final General Meeting Set for Feb. 25
----------------------------------------------------
Members of Asia Business Forms Limited will hold their final
general meeting on Feb. 25, 2013, at 11:30 a.m., at Room 2, 1/F,
Block A, Sea View Estate, 2-8 Watson Road, North Point, in Hong
Kong.

At the meeting, Samuel Sih-Yu Yang, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASIAN PACIFIC: Final Meetings Set for Feb. 28
---------------------------------------------
Creditors and members of Asian Pacific Development Limited will
hold their final meetings on Feb. 28, 2013, at 11:00 a.m., and
11:30 a.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

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


AURASOUND (HONG KONG): Creditors' Meeting Set for March 1
---------------------------------------------------------
Creditors of Aurasound (Hong Kong) Limited will hold their
meeting on March 1, 2013, at 3:00 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 8/F, Richmond Commercial Building,
109 Argle Street, Mong Kok, Kowloon, in Hong Kong.


BNZ INTERNATIONAL: Final General Meeting Set for March 1
--------------------------------------------------------
Members of BNZ International (Hong Kong) Limited will hold their
final general meeting on March 1, 2013, at 9:30 a.m., at Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


BORACAY LIMITED: Creditors' Proofs of Debt Due Feb. 15
------------------------------------------------------
Creditors of Boracay Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 15, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 17, 2013.

The company's liquidator is:

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


BRIGHT ADVANCE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Jan. 11, 2013,
creditors of Bright Advance Printing Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Leung Chi Wing
         Room 3, 8/F, Yue Xiu Building
         160 Lockhart Road
         Wan Chai, Hong Kong


CANKING INDUSTRIES: Final Meetings Set for Feb. 28
--------------------------------------------------
Creditors and members of Canking Industries Limited will hold
their final meetings on Feb. 28, 2013, at 9:00 a.m., and
9:30 a.m., respectively at 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.

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


CANLUCK CORPORATION: Final Meetings Set for Feb. 28
---------------------------------------------------
Creditors and members of Canluck Corporation Limited will hold
their final meetings on Feb. 28, 2013, at 12:00 p.m., and
12:30 p.m., respectively at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

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


CHINA PROGRESS: Creditors' Proofs of Debt Due March 1
-----------------------------------------------------
Creditors of China Progress Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 1, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 18, 2013.

The company's liquidator is:

         Lam Chung Wah David
         Suites 1708-10, The Gateway
         Tower I, 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


COMMUNITY SERVICE: Tam Anthony Chun Hung Steps Down as Liquidator
-----------------------------------------------------------------
Tam Anthony Chun Hung stepped down as liquidator of Community
Service Fund Limited on Jan. 25, 2013.


COSMOS PEACE: Creditors' Proofs of Debt Due March 8
---------------------------------------------------
Creditors of Cosmos Peace Development Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 8, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 21, 2013.

The company's liquidator is:

         Li Chit Sang
         Flat B, 2/F
         Hillwood Mansion
         45 Hillwood Road
         Kowloon


DANASIA LIMITED: Members' Final Meeting Set for March 8
-------------------------------------------------------
Members of Danasia Limited will hold their final meeting on
March 8, 2013, at 4:00 p.m., at 5701, The Center, at 99 Queen's
Road Central, in Hong Kong.

At the meeting, Michael John Lintern-Smith and Christopher Edwin
Michael Lambert, the company's liquidators, will give a report on
the company's wind-up proceedings and property disposal.


DILLINGHAM CONSTRUCTION: Chong Yiu Kam Steps Down as Liquidator
---------------------------------------------------------------
Chong Yiu Kam stepped down as liquidator of Dillingham
Construction (HK) Limited on Jan. 25, 2013.


E! ENTERTAINMENT: Commences Wind-Up Proceedings
-----------------------------------------------
Members of E! Entertainment Hong Kong Limited, on Jan. 14, 2013,
passed a resolution to voluntarily wind-up the company's
operations.

The company's liquidator is:

         Victor Robert Lew
         22nd Floor, Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


EASTERN PEARL: Lam and Boswell Step Down as Liquidators
-------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Eastern Pearl Insurance Advisers Limited
on Jan. 15, 2013.


EASTERN PREFERENCES: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Eastern Preferences Limited, on Jan. 16, 2013, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

         Lui Wan Ho
         To Chi Man
         17/F, Kam Sang Building
         255 Des Voeux Road
         Central, Hong Kong


EVERTEAM TRADING: Power and Cowley Step Down as Liquidators
-----------------------------------------------------------
Fergal Power and Patrick Cowley stepped down as liquidators of
Everteam Trading Limited on Jan. 14, 2013.


EXPO GLOBAL: Annual Meetings Set for Feb. 5
-------------------------------------------
Members and creditors of Expo Global Limited will hold their
annual meetings on Feb. 5, 2013, at 10:00 a.m., and 3:00 p.m.,
respectively at 35th Floor, One Pacific Place, 88 Queensway, in
Hong Kong.

At the meeting, Lai Kar Yan (Derek) and Ho Kwok Leung (Glen), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.



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


BOMMINENI RAMANJANEYULU: ICRA Puts 'B+' Rating on INR6.5cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR9.50
crore fund based and non-fund based limits and a short term
rating of '[ICRA]A4' to INR0.50 crore non fund based limits of
M/s Bommineni Ramanjaneyulu.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund based limits       1.50      [ICRA]B+ assigned
   Non Fund based limits   3.50      [ICRA]B+/[ICRA]A4 assigned
   Unallocated             5.00      [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations of M/s B Ramanjaneyulu with the projects executed and
being executed confined to few districts in Andhra Pradesh, and
high sectorial concentration with the focus limited to water
supply projects. The rating also factors in the fact that a major
share of the firm's revenues come from few large projects and any
delay in payments by the departments could lead to a stretched
liquidity position and more so due to the limited credit period
provided by the raw material suppliers. However, the assigned
rating favorably factors in the significant experience of the
proprietor and the firm's proven execution track record in
implementing rural water supply projects. ICRA notes that the
firm's current unexecuted order book combined with INR 46 crore
projects the firm has bid for, provide revenue visibility in the
near to medium term. The rating is also supported by the
comfortable financial profile of M/s B Ramanjaneyulu,
characterized by stable operating margins, low gearing and
healthy coverage indicators.

M/s. Bommineni Ramanjaneyulu was incorporated as a proprietorship
concern in 2001 to take up public water supply and drinking water
supply projects. BR is a Special Class Contractor (SCC) in the
State of Andhra Pradesh. The company has executed projects under
Accelerated Rural Water Supply Scheme, National Rural Drinking
Water Programme, Andhra Pradesh Rural Water Supply and Sanitation
Project and Comprehensive Protected Water Supply Scheme. The firm
employs six engineers and up to twenty supervisors to look after
the works it executes in Ongole, Krishna, Chittoor and
surrounding districts in Andhra Pradesh.

Recent Results

In FY2012, B Ramanjaneyulu reported an operating income of
INR11.90 crore with an operating profit of INR0.82 crore against
an operating income of INR7.19 crore with an operating profit of
INR0.29 crore in FY2011.


D.R. COATS: ICRA Downgrades Rating on INR9.37cr Loans to 'B+'
-------------------------------------------------------------
ICRA has downgraded the long-term rating from '[ICRA]BB-' with
stable outlook to '[ICRA]B+' and reaffirmed the short-term rating
of '[ICRA]A4' assigned to the term loans, fund based limits and
non-fund based limits aggregating to INR17.77 crore of D.R. Coats
Ink & Resins Private Limited.

                        Amount
   Facilities          (INR Cr)    Ratings
   ----------          --------    -------
   Term Loan             3.37      [ICRA]B+ downgraded
   Fund Based Limits-
   Cash Credit           6.00      [ICRA]B+ downgraded

   Fund Based Limits-
   Packing Credit        2.00      [ICRA]A4 reaffirmed

   Non-Fund Based        6.40      [ICRA]A4 reaffirmed
   Limits

The downgrade in long-term rating takes into account the increase
in the gearing levels of the company with continued high reliance
on working capital borrowings and the debt raised for capital
expenditure. The revision in rating also factors in the recent
losses incurred in a fire breakout in one of the company's
factories; timely receipt of insurance claims would remain
critical for the financial strength. The ratings continue to
remain constrained by the company's modest size of operations
with stiff competitive pressures present in the industry and its
high financial risk profile as reflected in low profitability
indicators. The ratings are further constrained by the
vulnerability of the company's profitability to any adverse
movement in the cost of raw materials and foreign exchange
movements in the absence of any firm hedging policy.

The ratings however favorably factor in the healthy revenue
growth demonstrated by the company in the past fiscals aided by
regular increase in production capacities and demand, its reputed
customer profile as well as its established relationships with
its foreign suppliers. The company has put in place plans for
implementation of a large sized Greenfield project at Mahad
(Maharashtra), though the same is current in initial stages. ICRA
notes that the timing and extent of debt which will materialise
on the books for part-funding of the proposed project would
remain a key rating sensitivity.

D.R. Coats Ink & Resins Private Limited was incorporated in the
year 2003. The promoters had previously ventured in trading of
polyamides but eventually ceased the trading activity after one
year. Subsequently, the promoters started job work activity in
chemical business for a Group company through the newly floated
DRCPL. The company had setup a manufacturing unit at Vasai
initially (on leased land), then subsequently purchased land in
Tarapur (Maharashtra) and setup its manufacturing unit of about
360 MTPA in 2006. The company has gradually expanded its capacity
over the years to current levels of about 6,000 MTPA. The company
is mainly involved in manufacturing of polyamides, ketonic resins
and epoxy resins that form about 80% of the overall sales of the
company. The other products that the company manufactures are
epoxy ester and other kinds of resins. The company is planning to
setup a Greenfield project at Mahad (Maharashtra) of 2000 MT per
month (i.e. 24,000 MTPA) manufacturing capacity, though the
project is currently in initial stages of development.

During FY 2012, the company reported Profit after Tax (PAT) of
INR1.64 crore on an operating income of INR79.95 crore.


KAVERI SILK: ICRA Reaffirms 'B+' Rating on INR23.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR4.96 crore  (enhanced from INR2.45 crore) term loans and
INR23.50 crore (enhanced from INR22.50 crore) cash credit
facility of Kaveri Silk Mills Private Limited.  The rating was
earlier suspended in May 2012, now the suspension is revoked.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
    Cash Credit            23.50     [ICRA]B+ reaffirmed
    Term Loans              4.96     [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account the weak financial
risk profile, as reflected by modest profitability margins, weak
return indicators and high gearing levels due to the large debt
funded capex plans. The rating continue to reflect the high
competitive intensity of the industry resulting from the high
level of fragmentation, vulnerability of profitability and cash
flows to the cyclicality in the textile industry and to raw
material price fluctuations. The rating continues to draw comfort
from the long track record of the company in the textile
business, established and wide customer base resulting in low
risk of customer concentration, location advantage arising from
its proximity to raw material sources and processing units and
healthy revenue growth witnessed during the past few years along
with improvement in profitability during FY12.

Kaveri Silk Mills Private Limited was incorporated in 1987 and is
engaged in business of selling sarees. KSMPL purchases grey cloth
from the local weavers; gets it processed through fabric
processing units; gets the embroidery and other value added work
done and sells the sarees under its own brand name of 'Kaveri'.
KSMPL is a closely held company and carries out its business from
its shops located at Surat.

Recent Results

For the financial year ending March 31, 2012, KSMPL reported
profit after tax (PAT) of INR1.08 crore on an operating income of
INR111.32 crore as against PAT of INR0.87 crore on an operating
income of INR99.70 crore for the financial year ending March 31,
2011.


MODEL INFRA: ICRA Reaffirms 'BB+' Rating on INR50cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating outstanding on INR50.0
crore long-term fund based facilities and '[ICRA]A4+' rating
outstanding on the INR43.0 crore short-term non-fund based
facilities of Model Infra Corporation Private Limited. The
outlook on the long term rating is stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Long-Term Fund           50.0     [ICRA]BB+ (stable)/
   Based Limits                      re-affirmed

   Short-Term Non-Fund      43.0     [ICRA]A4+/re-affirmed
   Based Limits

The reaffirmation of the ratings takes into account continued
financial support from the private equity (PE) investor as
evidenced by regular equity infusion over the past few years.
Though MICPL's financial profile continues to remain stretched
with negative cash accruals, high working capital intensity and
modest coverage indicators; the ratings draw comfort from minimal
external debt - aided by strong funding support from the PE
investor. During 2011-12, MICPL reported healthy revenue growth
on the back of increased orders from existing customers such as
L&T Komatsu, Hyundai Construction Equipment, JCB Manufacturing
etc coupled with continued diversification into the defence
sector.

Presently, the company is receiving several trial orders from
various customers in the defence sector; however, on account of
high gestation period of vendor approvals in the sector, these
trials are expected to generate revenues only in 2013-14. The
company posted high net losses during 2011-12 mainly on account
of the one-time write off of obsolete inventories and
unrecoverable balances. The ratings continue to remain
constrained by the limited value addition nature of business
restricting scope of improvement in margins, vulnerability to low
entry barriers for new players and the Company's significant
dependence on a single OEM, L&T Komatsu Limited (LTK), which
accounts for more than 50% of MICPL's total revenues.
Nevertheless, MICPL being a preferred supplier for its customers
mitigates the risk to a certain extent.

Model Infra Corporation Private Limited was promoted by Mr.
Sukhraj Singh in 2000. The company has its origins in a 100%
Export Oriented Unit started at Dharwad as a proprietorship
concern, under the name Model Projects. Presently, with factories
at five locations (Dharwad, Bangalore, Kolar Gold Fields, Mysore
in Karnataka and Verna in Goa), the company is involved in
manufacturing of parts and assemblies used by the OEMs
manufacturing earth moving equipments. The various products
manufactured by the company include buckets, track frames, arms,
forming vital structural parts of excavators. The company also
supplies to Defence contracts primarily through L&T Talegaon
(LTT) and some directly to Defence Research and Development
Organisation (DRDO). The company also performs fabrication for
certain large EPC contracts such as the Coke Oven project of SESA
Goa. The company has grown rapidly since its inception. After
having started in 2000, the concern became ancillary to the newly
set up JV between the TATAs & Hitachi at Dharwad, Karnataka in
2002-03. Further in 2003-04, MIC set up another facility at
Verna, Goa to cater to the international market as well as the
international players setting up shops in India. This unit
supplied mainly to Volvo, L&T Komatsu apart from the exports. In
2006, a third facility was set up in Bangalore to cater
exclusively to the requirements of L&T Komatsu. More recently in
2008 the company has set up new manufacturing facilities at Kolar
Gold Fields (KGF) and Mysore in Karnataka.


PRUDENTIAL GROUP: ICRA Rates INR5cr Cash Credit at 'BB+'
--------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR 5 Crore fund
based limits of M/s Prudential Group. The outlook on the long
term rating is stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limits-        5       [ICRA]BB+ (stable) assigned
   Cash Credit

The rating favorably factors in the established track record of 8
years in real estate business, access to liquidity in the form of
ready-to-sell inventory of 12 units in a completed residential
project with a revenue potential of -INR4 crore, healthy capital
structure with a gearing of 0.1x with debt entirely comprising
working capital utilization and healthy debt coverage indicators
with TD/OPBDITA of 0.7x and NCA/TD of 120% for FY12.

The rating is however constrained by the partnership nature of
the concerned entity, execution risk given that ~60% of the
project cost is yet to be incurred, market risk given that the
project is located at a distance of ~2.5Km from the city and
width of roads are 8m around the project, vulnerability to
funding risk owing to the fact that part of the project funding
is done through customer advances which is contingent on timing
of bookings and collections from customers and the price
fluctuation and raw material availability may lead to time and
cost overruns in the project during the construction phase.

Prudential Group is managed by Mr. Gaurang Suctankar who is an
architect by profession and was a practicing architect from 1994
to 2003 before setting up Prudential Group in 2003. Prudential
Group is a real estate developer in Goa with three completed
projects (Prudential Palms, Le Valencia, Prudential Paradise)
adding up to -3.65 lakh sq ft of saleable area and one under
construction project (Risara Luxuria) adding up to ~1lakh sq ft
of saleable area.

Recent Results

In FY12 the firm reported an operating income of INR4.77 crore
and a net margin of 53%. As on date the project cost incurred is
INR10 crore and the land cost incurred is -INR1 crore which is
funded through partner's contribution (Rs.6.5crore) and customer
advances (INR4.5 crore). The total booking amount is -INR13 crore
of which -INRR4.5 crore have been received.


SANGHAMITHRA RURAL: ICRA Reaffirms 'BB' Rating on INR100cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR100.00 crore
long term bank loans of Sanghamithra Rural Financial Services.
The outlook on the long term rating is stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Long Term Bank          100.00    [ICRA]BB(stable); reaffirmed
   Facilities

The rating continues to factor in SRFS's currently moderate scale
of operations, geographically concentrated portfolio and, limited
ability to raise funds owing to its size and nature (being a
section 25 company). The company's microfinance activities
continue to be regionally concentrated notwithstanding the
initiatives taken to diversify, which exposes the company to
competitive and political risks. The microfinance loans extended
by the company are unsecured in nature and are largely to
customers with an average credit profile. This coupled with
SRFS's significant reliance on outsourced group formation for
disbursements and, limited loan monitoring post disbursements
exposes the company to considerable credit risks. The rating
takes cognisance of the initiatives taken by the company for
improving its internal systems and controls, including branch
connectivity, monitoring and audit processes in the recent past,
however the same is still evolving in nature and the benefits of
the above are expected to accrue going forward.

The rating however takes note of the strong potential in the
microfinance business in India going forward, SRFS's track record
in microfinance business and its established franchise in
Karnataka. The company has been able secure grants and, funds at
reasonable rates in the past; however SRFS has limited fund
sources in comparison to other microfinance companies for growth
going forward. ICRA takes note of the conservative business
growth model of the company in the past. Considering the
company's plan to have a conservative growth model going forward
also, ICRA expects SRFS to maintain a favorable liquidity
profile.

SRFS's gearing stood at 5.2 times as on September 30, 2012 (6.1
as on March 31, 2012). SRFS's 90+ delinquency rate of 1.55% as on
March 31, 2012, witnessed an improvement over 3.00% as on
December 31, 2011, supported to an extent by write-offs. The
asset quality of the company however moderately deteriorated in
the current year to 90+ delinquency rate being at 1.76% in August
2012. The company's favorable cost of funds, low cost of
operations and exemption from income tax (a section 25 company)
supports its overall profitability indicators. SFRS's
profitability in 2011-12 was impacted by a part provision made
(INR0.40 crore) towards a service tax demand and in the reduction
in the spread on account of an increase in the cost of funds.
ICRA takes note of the incremental contingent liability of about
INR3.3 crore towards the service tax demand on its books.

Sanghamithra Rural Financial Services is a Section 25 Not for
Profit company based in Bangalore. It was established in 1995,
but became fully operational from February 2000. The company was
promoted by MYRADA (Mysore Rehabilitation and Development
Agency), a leading NGO in Karnataka with the core objective of
reaching out to the unreached poor where the poor cannot access
credit from formal financial institutions at affordable rate of
interest and at right time.


STERLING TAPES: ICRA Assigns 'C' Ratings to INR8.12cr Loans
-----------------------------------------------------------
ICRA has assigned a rating of '[ICRA]C' to the INR8.12 crore
long-term, fund based facilities of Sterling Tapes Limited. ICRA
has assigned a rating of '[ICRA]A4' to the INR6.37 crore short
term, non-fund based facilities of STL.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loan               3.67      [ICRA]C assigned
   Funded Interest

   Term Loan               0.16      [ICRA]C assigned

   Working Capital         0.79      [ICRA]C assigned
   Term Loan

   Cash Credit             3.50      [ICRA]C assigned

   Letter of Credit        6.00      [ICRA]A4 assigned

   Bank Guarantee (EPCG)   0.37      [ICRA]A4 assigned

The assigned rating is constrained by the small scale of
operations and weak financial profile of the company as reflected
by highly leveraged capital structure and high working capital
intensity. The rating also takes into account the vulnerability
of profitability to foreign exchange fluctuation in the absence
of a formal hedging policy, fluctuations to crude linked raw
material prices and cheaper imports from China. The ratings also
factor the irregularities in debt servicing & consequent debt
restructuring in the past periods. The rating, however, favorably
factors in the long experience of the promoters in the adhesive
tapes manufacturing business, established relationships with
dealers, favorable location of the company which provides economy
in logistics and healthy demand for adhesive tapes given the wide
applicability.

Sterling Tapes Limited was incorporated in 1999 and is engaged in
the manufacture of adhesive tapes. STL operates from its
manufacturing facilities located at Gandhidham and Belgaum. STL
is promoted by Mr. Bhupendra Shah, who has been associated with
the adhesive tape industry for more than three decades. The
company has an installed capacity of 1800 cartons per day,
translating to an annual capacity of about 14.72 crore square
meters per annum. (1 carton= 224sqaure meters).

Recent Results

In FY 2012, STL reported an operating income of INR 31.67 crore
(as against INR23.40 crore during FY 2011) and profit after tax
of INR 0.75 crore (as against INR 1.12 crore during FY 2011).


SUBAYA CONSTRUCTION: ICRA Reaffirms 'BB-' Rating on INR21cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' for the
INR21.13 crore (enhanced from INR11.13 crore) term loans and fund
based working capital facilities of Subaya Constructions Company
Limited.  The outlook on the rating is Stable. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' to the INR25.00
crore (enhanced from INR23.00 crore) non-fund based bank limits
of SCCL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term, Term         6.13     [ICRA]BB- (Stable) reaffirmed
   Loans
   Long term, Fund         15.00    [ICRA]BB- (Stable) reaffimed
   based Loans

   Short term, Non fund    25.00     [ICRA]A4 reaffirmed
   Based Loans

The ratings factor in SCCL's modest scale of operations, its
concentration in sewerage and water treatment development segment
within Tamil Nadu, and its modest orderbook position owing to its
failure to secure any new orders in the last two years. The
ratings are also constrained by SCCL's stretched liquidity
position resulting from the delays in payments by clients. In
addition, the ratings consider the susceptibility of SCCL's
profitability to adverse variations in input prices given the
fixed / semi-fixed nature of contract pricing. Nevertheless, the
ratings take into consideration the longstanding experience of
the promoter in the segment, the established execution capability
of the company as well as the favorable long term potential of
water & sewerage infrastructure segment which could result in an
increase in the number of tenders bid out by the state
governments going forward.

Subaya Constructions Company Limited was promoted in 2001 by Mr.
E Subaya and his associates. Since its inception, SCCL has been
engaged in executing contracts involving construction of under-
ground drains and sewerage lines primarily for municipal bodies
in and around Chennai. In the recent years, it has also
diversified into construction of sewerage treatment plants. SCCL
is a closely held company wherein the promoters and their
associates have the entire shareholding.


TRIWAY CONTAINER: ICRA Reaffirms 'BB-' Rating on INR23.6cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' for the
INR23.6 crore (enhanced from INR13.6 crore) term loan facilities
of Triway Container Freight Station Private Limited; the outlook
on the rating is 'Stable'. ICRA has also reaffirmed the short
term rating of '[ICRA]A4' to the INR3.00 crore non-fund based
bank limits of Triway CFS.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Long term, Term         23.60     [ICRA]BB- (Stable)
   Loans                             reaffirmed

   Short term, Non-fund     3.00     [ICRA]A4 reaffirmed
   based

The ratings are constrained by the sluggish macroeconomic
environment leading to a decline in the exim trade globally and
consequent reduction in the volumes handled by the company. The
ratings are also constrained by the heavy competition in the
Chennai-Ennore port cluster, with 29 operational CFS players. The
ratings are also impacted by the debt-funded capex incurred in
the recent past for area expansion in the current CFS and the
significant amount advanced to another Group entity for
purchasing land for setting up the Group's second CFS facility.
The ratings, however, consider in the increased realisations over
the past few years resulting from tariff hikes and also due to
the increase in value added services offered by the company. The
ratings further take into account the moderate financial risk
profile with strong operating margins, moderate gearing levels
and healthy coverage indicators, and, the considerable experience
of the promoter in the cargo logistics business through group
companies.

Triway Container Freight Station Private Limited, which commenced
operations in 2006, has a CFS facility spanning 24 acres and is
located 19 kms away from the Chennai Port (ChPT) and 11 kms away
from the Ennore Port (EPL). Triway CFS has a total handling
capacity of 9000 TEUs per month and 2700 container ground
capacity. The facility has handling equipment such as 200,000
square feet of paved area, reefer storage, five rail mounted
gantry cranes (RTG), two Reach stackers, forklifts, cranes and
trailers which enable Triway to render efficient operations.
Triway group incorporated Triway Forwarders Private Limited, a
licensed customs house broker, in 1994, to handle the customs
clearance and documentation formalities for import and export
cargo. In addition, the group is also present in road logistics
business through Route Logistics which has a fleet size of 200
vehicles and caters to South Indian cities. The promoter's focus
is to provide holistic logistics solutions from road
transportation to transit storage, customs clearance and
documentation.


VVF LIMITED: ICRA Revises Rating on INR32.21cr Loans to 'BB'
------------------------------------------------------------
ICRA has revised the long-term rating for INR 32.21 crore
(earlier INR 409.20 crore) term loans of VVF Limited to
'[ICRA]BB' from '[ICRA}BB-'. The rating watch with developing
implications has now been removed. The outlook on the long-term
rating is stable. A major part of the bank lines of VVF Limited
rated earlier by ICRA has been transferred to VVF (India) Limited
pursuant to court approved demerger process.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loans             32.21      Revised to [ICRA]BB
                                     (Stable outlook) from
                                     [ICRA]BB- on rating watch
                                     with developing
                                     implications.

The rating takes into account strength of the VVF Group, which
has a dominant position in domestic oleo-chemical and contract
manufacturing industry; sustainable source of income from leasing
out of storage facilities and management fee from International
operations. However, the rating is constrained by low
profitability of its international operations constraining
overall margins, high level of debt on consolidated basis
(corporate guarantee from VVF Limited) leading to stretched
financial profile. Going forward, international business that are
currently in scale up mode are expected to improve profitability;
though any further debt-funded acquisition need to be evaluated
on case to case basis.

VVF Limited started operations in 1939 with formation of
Vegetable Vitamins & Food Co. Ltd and set up the first continuous
solvent extraction plant in India in Mumbai in 1956. It started
soap manufacturing in 1986 and commissioned a plant in UAE for
soap manufacturing in UAE in 2003. It acquired Henkel
manufacturing facilities in USA and Poland during 2007-2009 to
become a dominant contract manufacturer in USA. During 2011, it
transferred it domestic oleo-chemicals, contract manufacturing
and company owned brands together with related assets to new
company VVF (India) Limited.

Recent results:

During 2011-12 and 6M2012-13, VVF reported Operating Income of
INR26.3 crore and INR7.5 crore and PAT of INR(0.9) crore and
INR4.7 crore respectively.



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


L-JAC 6: Moody's Cuts Ratings on 4 Certificate Classes to 'Caa2'
----------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings for the Class A
through G-1 of the L-JAC 6 trust certificates.

Details follow:

Class A, downgraded to A3 (sf); previously on 20 November 2012,
A2 (sf) placed under review for downgrade

Class B-1, downgraded to Ba1 (sf); previously on 20 November
2012, Baa2 (sf) placed under review for downgrade

Class C-1, downgraded to B2 (sf); previously on 20 November 2012,
Ba3 (sf) placed under review for downgrade

Class D-1, downgraded to Caa2 (sf); previously on 20 November
2012, B3 (sf) placed under review for downgrade

Class E-1, downgraded to Caa2 (sf); previously on 20 November
2012, B3 (sf) placed under review for downgrade

Class F-1, downgraded to Caa2 (sf); previously on 20 November
2012, B3 (sf) placed under review for downgrade

Class G-1, downgraded to Caa2 (sf); previously on 20 November
2012, B3 (sf) placed under review for downgrade

Deal Name: L-JAC 6 Trust

Class: Class A through G-1 trust certificates

Issue Amount (initial): JPY97,500 million

Dividend: Floating

Issue Date (initial): November 12, 2007

Final Maturity: October, 2016

Underlying Asset (initial): Two non-recourse loans backed by real
estate

Originator: New Century Finance Co. Ltd. (as of the issue date)

Arranger: Lehman Brothers Japan Inc. (as of the issue date)

L-JAC 6 Trust, effected in November 2007, represents the
securitization of two loans backed by real estate (Loan 1 and
Loan 2). In September 2012, Loan 2 was fully redeemed by the
disposal of the underlying property.

The Originator entrusted the loans to the Asset Trustee, and
received the Class A through G-1, X-1 and X-2 trust certificates,
which it then sold through the Arranger to investors. The trust
certificates are rated by Moody's.

Dividend distributions will be made on a sequential basis at the
CMBS level. On the other hand, 80% of the principal repayments
from Loan 1 will be allocated to the corresponding classes on a
pro-rata pay basis in accordance with the outstanding balance of
each of the trust certificates. The remaining 20% will be
allocated to the classes on a sequential pay basis. The principal
collections from Loan 2 will be fully allocated to a
corresponding sub-class.

If an underlying loan is accelerated and is judged as no longer
recoverable by the Servicer, the unrecoverable amount of the
defaulted loan will be recognized as a loss. The loss will be
allocated to the most subordinated class, corresponding to the
defaulted loan in the reverse order of sequential-pay priority.

Ratings Rationale:

Moody's has re-assessed the property's stabilized cash flows and
value in light of the rental market conditions in sub-markets
around the property. It has also re-evaluated the performance of
the underlying property in terms of occupancy rates and actual
rents. As a result, Moody's has decided to apply a higher level
of stress on the stabilized value, reducing it by about 45% from
the initial estimate.

Moody's decided the ratings after considering the size of the
cash reserved by property NCF, which was arrived at with
consideration of [1] the in-place amount already reserved, and
[2] the expected size of the reserve from future excess cash
flow, after deducting miscellaneous costs and interests for the
purpose of amortization on the maturity of the loan.

Uncertainty over some assumptions is due to the current
macroeconomic environment for the commercial real estate market,
especially occupancy rates, rents and the lending policies of the
banks.

Vacancy rates in Tokyo's business areas are fluctuating between
8% and 9%, and rents continue to decline moderately. In the non-
Tokyo office market, high vacancy rates continue to weigh on
rents.

The steady decrease in disposable personal income in Japan --
owing to the ongoing economic downturn and the proposed increase
in the consumption tax -- will continue to weaken the sales and
profits of the retail sector. Such a development will in turn
lower rents for retail properties.

On the other hand, occupancy rates and rents will remain stable
in the residential market. In the hotel sector, however,
occupancy rates have recovered since the March 2011 earthquake
and tsunami. But the average daily rate has not yet recovered
because of the general economic downturn.

However, domestic lenders are aggressively financing loans to the
real estate market. This trend will continue in next 6-12 months.

The analysis is based mainly on 1) the quality of the underlying
property; 2) the amortization mechanism; 3) the credit support
provided by the senior/subordinated structure, as illustrated by
the loan-to-value (LTV) ratio and level of stressed DSCR ; and 4)
the legal and structural integrity of the transaction.

The key parameters in this analysis are Moody's value assessment
for the properties securing backing loans and the LTV levels for
each of the rated classes based on Moody's net cash flow and
value for the underlying property.

In Moody's analysis assumes that all backing loans will miss
their scheduled maturity dates.

Therefore, Moody's analysis encompasses the assessment of stress
scenarios.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan
(June 2010)" published in June 2010.



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


MAGNACHIP SEMICONDUCTOR: Moody's Maintains 'B2' Rating
------------------------------------------------------
Moody's Investors Service says that MagnaChip Semiconductor
Corporation's strong 4Q2012 results support the positive outlook
on its B2 rating, and were in line with Moody's expectations.

MagnaChip's rating and outlook remain unchanged.

"MagnaChip maintained its solid performance in 4Q2012. Its
revenue increased more than 20% year-on-year to USD218 million.
As a result, its gross margin improved to 34% from 29% in the
same quarter a year ago," says Yoshio Takahashi, a Moody's
Assistant Vice President and Analyst.

"MagnaChip's solid operating performance was driven by strong
growth in application segments, such as smartphones and tablets,"
says Takahashi.

Based on its 4Q2012 results, Moody's estimates that its adjusted
debt/EBITDA in FY2012 (January-December 2012) will stay in the
1.5-2.0x range and its adjusted debt/capitalization will improve
to around 45% from 60% in FY2011. These financial metrics
strongly position the company at its current rating level.

Moody's expects MagnaChip to maintain its strong financial
profile, given continued growth in smartphones and tablets, as
well as its strong relationships with major customers, including
leading Korean consumer electronics companies.

MagnaChip's liquidity profile remains strong. The company
generated free cash flow of about USD58 million in FY2012 because
of relatively low capital expenditures, due in turn to its focus
on less-capital intensive analog and mixed-signal chips.

Although it used the part of its free cash flow for a share buy-
back of USD28 million during 2012, the company held USD182
million in cash and deposits in 4Q2012, against USD202 million in
total debt consisting entirely of bonds maturing in 2018.

However, Moody's notes that such a strong liquidity position is
necessary, given that the company does not have a committed
revolving credit facility.

MagnaChip went through a debt restructuring in 2009, and its
successful re-focus on profitable and less-capital intensive
businesses -- such as foundry, display solutions, and power
solutions businesses -- improved its business and financial
profiles significantly.

For its ratings to improve, MagnaChip will need to (1)
demonstrate better access to financing; (2) uphold its solid
operating performance and improve its competitiveness by
diversifying its applications and customers; and (3) sustain its
strong liquidity position.

The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip is a Korean-based designer and manufacturer of analog
and mixed-signal semiconductor products, mainly for high-volume
consumer applications, such as TVs, PCs, mobile phones, and
tablets.


* Korea Covered Bond Act OK Heralds Diversification, Fitch Says
---------------------------------------------------------------
The Korean cabinet's approval of the Covered Bond Act last week,
and its prospective passing by parliament later in the year, will
diversify the Asia-Pacific covered bond market, hitherto
dominated by Australia and New Zealand, Fitch Ratings says.

"We would expect Korean covered bond supply to increase as a
result (although it is not clear exactly when this process will
begin). As in Australia, banks will use new sources of term
funding to diversify their funding base and lower funding costs.
Korean banks may seek to use covered bonds to lessen reliance on
the shorter end of the foreign-currency capital market, although
an important consideration will be whether direct issuance is
cheaper than selling mortgage assets to the Korea Housing Finance
Corporation," Fitch says.

"The introduction of covered bonds legislation also coincides
with increasing concern about high household debt. The Financial
Services Commission (FSC) hopes that issuing covered bonds will
facilitate Korean banks' access to longer-term, fixed-rate
mortgages, reducing the risk that households with high, short-
term debt suffer an interest rate shock. Issuing covered bonds
could help banks manage interest rate risks as they seek to meet
the FSC's target that 30% of mortgage lending is of fixed-rate,
amortising mortgages.

"An increase in Korean supply is the main driver of our
expectation of higher covered bond issuance from Asia in 2013.
Singapore released draft covered bond legislation in March last
year, but we think issuance there will be more opportunistic,
because Singaporean banks have predominantly deposit-funded
balance sheets, limiting their wholesale funding needs.

"Nevertheless, banks will see the benefits of issuing covered
bonds to diversify funding and help liability management. We
therefore think that Singaporean banks may start to issue covered
bonds in 2013 once the Monetary Authority of Singapore releases
its final guidelines on covered bond issuance.

"Pending liquidity requirements under Basel III may also
encourage covered bond issuance. The Net Stable Funding Ratio
will create incentives for largely deposit-funded banks to
lengthen the duration of their liabilities. In addition, if
covered bonds can be classified as high-quality liquid assets
under Basel III for the Liquidity Coverage Ratio (LCR), this may
stoke demand (and therefore supply) among Singaporean banks,
because of the lack of domestic sovereign bonds.

There is interest in covered bonds across the region, including
India, Japan, Taiwan, Malaysia and Hong Kong. Although we do not
expect issuance of covered bonds from these countries in 2013,
some will advance the development and definition of covered bond
frameworks during the year.

"We expect Australian supply to remain strong in 2013, at
AUD30bn-35bn, although this is lower than last year's AUD40bn.

"The Korean Act will be submitted for parliamentary approval in
February, and if passed as scheduled, will become effective six
months later, the FSC said on Tuesday. It will enable banks to
issue legislative covered bonds directly as well as via the Korea
Housing Finance Corporation."


* KOREA: SK Sentence Won't Improve Corp. Governance, Fitch Says
---------------------------------------------------------------
Fitch Ratings says the four-year prison sentence handed down to
the SK Group chairman for embezzling around USD45 million shows
that court rulings are getting harsher, but will do little in the
short term to change Korea's weak corporate governance culture.

Executives convicted of accounting fraud and other financial
irregularities are not barred from returning to senior management
roles in public companies. Corporate governance in Korea could
improve significantly if those convicted of serious financial
crimes were prohibited from exercising any influence over a
public company. However, the culture is only likely to change
when domestic investors and lenders become more aggressive in
exercising their rights in enforcing greater discipline on
management.

The courts ruled that Chey Tae Won embezzled KRW49.7bn from SK
Telecom (A-/Stable) and SK C&C in 2008, using the subsidiaries
under his control. This is the second time that he has been
sentenced, having been handed a three-year suspended sentence in
2003 for accounting fraud. On this latest occasion, a four-year
sentence represents a tougher decision by a South Korean court,
especially as the courts have historically showed leniency
towards Korea's "chaebol" leaders in light of their contribution
to the economy.

Exactly how long Mr. Chey will remain in prison remains to be
seen; and given that he has appealed the decision to a higher
court, it will be interesting to see whether the harsher sentence
is upheld.

Even if Mr. Chey does serve the full four years, we do not expect
any major change to the management and operations of the SK Group
companies (including SK Telecom and SK Innovation (BBB/Stable)).
Mr Chey's family will still be able to exercise their control and
voting rights at all group company board meetings and shareholder
meetings.

Weak corporate governance can contribute to slimmer margins and
lighter free cash flow generation in a variety of ways. Typical
examples include management acquiring non-core assets at inflated
values, as well as overpaying for goods, services and capital
equipment via separate entities that are unlisted and often
majority-owned by the controlling shareholders.



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


AORANGI SECURITIES: Stoush With Hubbard Key to Investor Returns
---------------------------------------------------------------
BusinessDesk reports that a Timaru High Court hearing set for May
on whether Aorangi Securities or the Hubbards own $60 million of
disputed assets is key to whether investors in the failed group
get most of their money back or only a third of the funds, the
statutory managers say.

The Aorangi investors have so far received 15 cents in the
dollar, or NZ$14.5 million of the NZ$96 million owed, the report
says.

According to BusinessDesk, statutory managers Richard Simpson,
Trevor Thornton and Graeme McGlinn of Grant Thornton said in
their 13th report that if the High Court rules the 'introduced
assets' belong to Aorangi, the investors could get "almost all of
their investment capital back." If Jean Hubbard wins, the total
payout may be 35 cents in the dollar, or $34 million.

BusinessDesk notes that the introduced assets were shares and
loans in farm owning companies, partnerships and commercial
entities introduced to Aorangi by the late businessman Allan
Hubbard and wife Jean between April 2009 and March 2010. Jean
Hubbard claims the assets belong to her and her husband's estate.

As a result of the pending court hearing, funds from the sale of
any introduced assets are being held in escrow pending the
outcome, BusinessDesk relays.

By the court's direction, Jean Hubbard's legal costs are being at
least partly funded by Aorangi itself and the latest managers'
report says that has amounted to $85,000. The money must be
repaid if the managers win, the statutory managers said.

The managers have recovered some $20 million of the $40 million
in estimated gross recoveries of Aorangi's third-party loans.

BusinessDesk discloses that Grant Thornton's fees for the
administration of Aorangi rose to $3.6 million as at Dec. 21,
bringing total costs to $7.1 million including legal advice.
That's up from the $2.99 million accrued to Grant Thornton and
total costs of $5.7 million as at the end of August last year.

The court case is set for May 20 having been postponed last year
at the request of Grant Thornton after it found additional
documents in storage related to the case, the report adds.

                     About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reported.


FIVE STAR: Director Seeks Plea Change on FMA Charges
----------------------------------------------------
Matt Nippert at stuff.co.nz reports that the so-called
"mastermind" of the failed Five Star group has returned to the
courts again in a bid to undo his guilty plea.

The report says Neil Williams initially pleaded guilty along with
three Five Star directors, to 40 charges brought by the Financial
Markets Authority in October 2010 but later had a change of
heart.  The charges mainly relate to making untrue statements in
prospectuses.  The quartet were also charged by the Serious Fraud
Office on fraud charges, the report relates.

While the other three have pleaded guilty to the SFO charges, Mr.
Williams did not and faces trial by himself in June, stuff.co.nz
says.

According to the report, Mr. Williams has twice unsuccessfully
applied to the Auckland District Court to vacate his guilty plea
to the FMA charges, and on Feb. 4 the High Court in Auckland
heard an application for judicial review of these rejections.

stuff.co.nz relates that Andrew Speed, Mr. Williams' lawyer, said
his client was suffering serious ill-health at the time of his
guilty plea and allowing it to stand could prejudice his chance
of a fair trial when he appears in court on the SFO charges.

Mr. Speed said a scheduled disputed facts hearing on the FMA case
would "become a training exercise for the Crown," the report
relays.

Judge Geoffrey Venning reserved his decision on the judicial
review, the report adds.

                     About Five Star Finance

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

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

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



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


ASIATRUST DEVELOPMENT: To Close Banking Operations on June 18
-------------------------------------------------------------
The Philippine Star reports that Asiatrust Development Bank Inc.
is on track for the restructuring of its operations as it expects
to close its banking business on June 18 this year, a disclosure
to the Philippine Stock Exchange (PSE) said.

The company informed the PSE that it has already applied for the
change of its corporate name to NextGenesis Corp. and other
related amendments to its Articles of Incorporation, the report
relates.

The Philippine Star says the permanent closure and cessation of
the bank's operations stemmed from the asset sale and purchase
agreement (ASPA) with Asia United Bank (AUB).

"We have turned-over to AUB all the assets and liabilities
subject of the ASPA," Asiatrust added.

Likewise, the report notes, Asiatrust said it had formally
surrendered to the Bangko Sentral ng Pilipinas its banking and
trust license.

The company is currently liquidating of its trust assets, the
report notes.

                         About Asiatrust

Headquartered in Quezon City, Philippines, Asiatrust Development
Bank, Inc. (PSE: ASIA) -- http://www.asiatrustbank.com/-- was
incorporated on October 5, 1960 as a private development bank
under the name of Quezon City Development Bank, through the
support of the Development Bank of the Philippines.  The company
changed its corporate name to its present name in 1982 and
became a publicly listed company on October 8, 1996.  ASIA's
major institutional shareholders include the Asian Development
Bank (ADB) and Social Security System (SSS).



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


AMARU INC: Wilson Morgan Resigns as Accountants
-----------------------------------------------
Amaru, Inc., received a notice from its independent registered
public accounting firm, Wilson Morgan, LLP, that they had
resigned due to the fact that they do not have any other audit
partner to service the Company's account, effective as of
Jan. 25, 2013.

The Company's Board of Directors accepted that resignation on
Jan. 28, 2013.

Wilson Morgan's audit reports on the financial statements of the
Company for the years ended Dec. 31, 2011, and 2010 did not
contain an adverse opinion or a disclaimer of opinion, nor were
they qualified or modified as to uncertainty, audit scope, or
accounting principles, other than an explanatory paragraph
regarding the Company's ability to continue as a going concern.

The resignation was not due to any disagreement with the Company.

The Company has not retained yet a new independent registered
public accounting firm.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue
as going concern, the auditors said.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million
in 2010.

The Company's balance sheet at Sept. 30, 2012, showed $3.28
million in total assets, $3.08 million in total liabilities and
$195,261 in total stockholders' equity.


GLOBAL BRANDS: Meetings Slated for Feb. 8
----------------------------------------
Global Brands Group Pte Ltd, which is in creditors' voluntary
liquidation, will hold their meetings for its creditors and
contributories on Feb. 8, 2013, at 2:15 p.m., at One Raffles
Place, Tower 2 #10-62, in Singapore 048616.

Agenda of the meeting include:

   a. to lay before the meeting a statement of the Company's
      affairs; and

   b. discuss other business.

The company's liquidator is Hamish Alexander Christie.


GLOBAL BRANDS (FOOTBALL): Meetings Slated for Feb. 8
----------------------------------------------------
Global Brands (Football) Pte Ltd, which is in creditors'
voluntary liquidation, will hold their meetings for its creditors
and contributories on Feb. 8, 2013, at 3:00 p.m., at One Raffles
Place, Tower 2 #10-62, in Singapore 048616.

Agenda of the meeting include:

   a. to lay before the meeting a statement of the Company's
      affairs; and

   b. to discuss other business.

The company's liquidator is Hamish Alexander Christie.


GLOBAL BRANDS (SINGAPORE): Meetings Slated for Feb. 8
-----------------------------------------------------
Global Brands (Singapore) Pte Ltd, which is in creditors'
voluntary liquidation, will hold their meetings for its creditors
and contributories on Feb. 8, 2013, at 2:30 p.m., at One Raffles
Place, Tower 2 #10-62, in Singapore 048616.

Agenda of the meeting include:

   a. to lay before the meeting a statement of the Company's
      affairs; and

   b. to discuss other business.

The company's liquidator is Hamish Alexander Christie.


GLOBAL BRANDS GROUP: Meetings Slated for Feb. 8
-----------------------------------------------
Global Brands Group Holdings Pte Ltd, which is in creditors'
voluntary liquidation, will hold their meetings for its creditors
and contributories on Feb. 8, 2013, at 2:00 p.m., at One Raffles
Place, Tower 2 #10-62, in Singapore 048616.

Agenda of the meeting include:

   a. to lay before the meeting a statement of the Company's
      affairs; and

   b. to discuss other business.

The company's liquidator is Hamish Alexander Christie.


GLOBAL MINERAL: Creditors' Proofs of Debt Due March 1
-----------------------------------------------------
Creditors of Global Mineral Resources Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by March 1, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

          Kelvin Thio
          Terence Ng
          c/o Ardent Business Advisory Pte Ltd
          146 Robinson Road #12-01
          Singapore 068909


NEO INVESTMENT: Creditors' first Meeting Set for Feb. 7
-------------------------------------------------------
Creditors of Neo Investment Pte Ltd, which is compulsory
liquidation, will hold their first meeting on Feb. 7, 2013, at
3:00 p.m., at One Raffles Quay, North Tower, Level 18, in
Singapore 048583.

At the meeting, Aaron Loh Cheng Lee, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ZENTEK INVESTMENT: Creditors Get 100% Recovery on Claims
--------------------------------------------------------
Zentek Investment Pte Ltd will declare the first dividend on
Feb. 7, 2013.

The company will pay 100% to the received claims.



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


* Fitch Cites Slowdown in Asia's Positive Rating Momentum
---------------------------------------------------------
Emerging Asia's economies continue to outperform global peers,
but positive rating momentum has ebbed amid a slowdown both in
sovereign balance sheet improvement and structural reforms in key
countries, Fitch Ratings said.

Fitch's Sovereign Credit Briefing concluded in Singapore on Feb.
1 after a successful stop in Hong Kong. Senior analysts and
leading investors discussed challenges shaping global growth and
Asia-Pacific economies.

Fitch said weaknesses in the major advanced economies,
particularly the eurozone, exert a drag on global growth and
sovereign credit quality. Seven of the world's 10 largest
economies are on Negative Outlook, including three major 'AAA'-
rated sovereigns - U.S., UK and France.

The European Central Bank's announcement of its Outright Monetary
Transactions initiative in September has eased tail risks in the
eurozone. This supports Fitch's view that a break-up of the
eurozone will be avoided, though resolution of the crisis will be
protracted.

Meanwhile, despite the recent suspension by Congress of the U.S.
debt ceiling, continuing disagreement over tax and spending
decisions has the capacity to prevent the adoption of a credible
medium-term fiscal consolidation plan. This could have negative
implications for the U.S. recovery and its 'AAA' rating.

In emerging Asia, prospects for a downgrade of India's 'BBB-
'/Negative ratings will hinge on whether the authorities can
stick with their reformist agenda and consolidate public
finances.

In Japan, the newly elected Abe government's stimulus plans are
not in themselves a negative rating trigger for the highly
indebted Japanese sovereign at 'A+'/Negative. Its ability to
achieve medium-term fiscal consolidation is a key rating driver.

China faces the twin challenges of rebalancing its economy
towards consumption and away from investment - a process that
could prove bumpy - and managing the consequences of the
extraordinary run-up in leverage in its economy since 2008.

Fitch expects Chinese local government's funding gap to widen,
due to an economic slowdown, declining land sales and more
spending on social welfare mandates and infrastructure. The
credit quality of Chinese local governments varies widely. The
systemic risk of these governments' financing platforms is still
controllable but reform may be needed in the medium term to
mitigate risks.

An audience poll conducted at the conferences showed how
investors, bankers and issuers in Asia view global issues. Two-
thirds (66%) of the respondents do not envisage a bubble
developing in emerging Asian sovereign credit. Over 40% of those
polled think the greatest risk to the global economy is an
escalation of the eurozone crisis. The majority of participants
(73%) think the RMB will not become an international reserve
currency within the next five years. According to over 40% of the
respondents, Germany (instead of the U.S., UK or China) will be
the highest-rated sovereign in five years.


* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2013
----------------------------------------------------

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

  AUSTRALIA
  ---------


AUSTRALIAN I/L         4.00  8/20/2015     AUD     181.84
AUSTRALIAN I/L         4.00  8/20/2020     AUD     191.60
AUSTRALIAN I/L         3.00  9/20/2025     AUD     135.59
AUSTRALIAN I/L         2.50  9/20/2030     AUD     127.56
COM BK AUSTRALIA       1.50  4/19/2022     AUD      72.47
MIDWEST VANADIUM      11.50  2/15/2018     USD      61.05
MIDWEST VANADIUM      11.50  2/15/2018     USD      64.88
NEW S WALES TREA       0.50  9/14/2022     AUD      69.06
NEW S WALES TREA       0.50  10/7/2022     AUD      68.85
NEW S WALES TREA       0.50 10/28/2022     AUD      68.67
NEW S WALES TREA       0.50 11/18/2022     AUD      68.48
NEW S WALES TREA       0.50 12/16/2022     AUD      68.20
NEW S WALES TREA       0.50   2/2/2023     AUD      67.74
NEW S WALES TREA       0.50  3/30/2023     AUD      67.27
NSWTC-I/L              3.75 11/20/2020     AUD     129.40
NSWTC-I/L              2.75 11/20/2025     AUD     129.10
NSWTC-I/L              2.50 11/20/2035     AUD     117.81
QUEENSLAND TREAS       2.75  8/20/2030     AUD     124.28
TREAS CORP VICT        0.50  8/25/2022     AUD      70.18
TREAS CORP VICT        0.50   3/3/2023     AUD      68.45
TREAS CORP VICT        0.50 11/12/2030     AUD      47.20


CHINA
-----

CHINA GOVT BOND        1.64 12/15/2033     CNY      67.80


HONG KONG
---------

RESPARCS FUNDING       8.00#N/A Field      USD      22.83


INDIA
-----

JCT LTD                2.50   4/8/2011     USD      20.00
MASCON GLOBAL LT       2.00 12/28/2012     USD      10.00
PRAKASH IND LTD        5.63 10/17/2014     USD      69.73
PRAKASH IND LTD        5.25  4/30/2015     USD      68.62
PYRAMID SAIMIRA        1.75   7/4/2012     USD       1.00
REI AGRO               5.50 11/13/2014     USD      66.14
REI AGRO               5.50 11/13/2014     USD      66.14
SHIV-VANI OIL          5.00  8/17/2015     USD      50.34
SUZLON ENERGY LT       5.00  4/13/2016     USD      51.83
JAPAN
-----

EBARA CORP             1.30  9/30/2013     JPY      99.94
ELPIDA MEMORY          2.03  3/22/2012     JPY       9.50
ELPIDA MEMORY          2.10 11/29/2012     JPY       9.50
ELPIDA MEMORY          2.29  12/7/2012     JPY       9.50
JPN EXP HLD/DEBT       0.50  9/17/2038     JPY      62.17
JPN EXP HLD/DEBT       0.50  3/18/2039     JPY      62.60
KADOKAWA HLDGS         1.00 12/18/2014     JPY     108.45
SHARP CORP             1.14  9/16/2016     JPY      70.78
SHARP CORP             2.07  3/19/2019     JPY      64.91
SHARP CORP             1.60  9/13/2019     JPY      64.27
TOKYO ELEC POWER       2.11 12/10/2029     JPY      74.75
TOKYO ELEC POWER       1.96  7/29/2030     JPY      68.57
TOKYO ELEC POWER       2.37  5/28/2040     JPY      66.40


MALAYSIA
--------
DUTALAND BHD           7.00  4/11/2013     MYR       0.90


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

BAYAN TELECOMMUN      13.50  7/15/2049     USD      22.63
BAYAN TELECOMMUN      13.50  7/15/2049     USD      22.63
BAKRIE TELECOM        11.50   5/7/2015     USD      61.00
BAKRIE TELECOM        11.50   5/7/2015     USD      56.85
BLD INVESTMENT         8.63  3/23/2015     USD      70.33
BLUE OCEAN            11.00  6/28/2012     USD      34.13
BLUE OCEAN            11.00  6/28/2012     USD      34.13
CAPITAMALLS ASIA       2.15  1/21/2014     SGD      99.79
CAPITAMALLS ASIA       3.80  1/12/2022     SGD     100.51
DAVOMAS INTL FIN      11.00  12/8/2014     USD      27.88
DAVOMAS INTL FIN      11.00  12/8/2014     USD      27.88
F&N TREASURY PTE       2.48  3/28/2016     SGD     100.20


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

CHEJU REGION DEV       3.00 12/29/2034     KRW      66.53
EXP-IMP BK KOREA       0.50  8/10/2016     BRL      74.08
EXP-IMP BK KOREA       0.50  9/28/2016     BRL      73.66
EXP-IMP BK KOREA       0.50 10/27/2016     BRL      73.17
EXP-IMP BK KOREA       0.50 11/28/2016     BRL      72.64
EXP-IMP BK KOREA       0.50 12/22/2016     BRL      72.21
EXP-IMP BK KOREA       0.50 10/23/2017     TRY      74.19
EXP-IMP BK KOREA       0.50 11/21/2017     BRL      66.77
EXP-IMP BK KOREA       0.50 12/22/2017     BRL      66.32
EXP-IMP BK KOREA       0.50 12/22/2017     TRY      73.38
SINBO 14TH ABS         8.00   2/2/2015     KRW      29.86





SRI LANKA
---------

SRI LANKA GOVT         6.20   8/1/2020     LKR      74.17
SRI LANKA GOVT         7.00  10/1/2023     LKR      69.43
SRI LANKA GOVT         5.35   3/1/2026     LKR      57.55
SRI LANKA GOVT         8.00   1/1/2032     LKR      69.07


BANGKOK
-------

BANGKOK LAND           4.50 10/13/2003     USD       6.00



                             *********

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., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



                 *** End of Transmission ***