TCRAP_Public/110503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

               Tuesday, May 3, 2011, Vol. 14, No. 86

                            Headlines



A U S T R A L I A

GREAT SOUTHERN: Liquidators Tap Argonaut to Sell Wood-Lot Assets
REDGROUP RETAIL: Administrator Sells Bennetts Business in NZ


H O N G  K O N G

KUN KUNG: Creditors' Proofs of Debt Due May 31
MANLEY HIGH: Creditors' Proofs of Debt Due May 28
MEDENT HEALTH: Creditors' Proofs of Debt Due May 31
NEW CHINA: Creditors' Proofs of Debt Due May 13
ORIENTAL SEA: Members' Final Meeting Set for May 23

PACIFIC FILMWORKS: Creditors' Proofs of Debt Due May 13
PECONIC INDUSTRIAL: Members' & Creditors' Meetings Set for May 16
PFEIFFER INTERNATIONAL: Fok and Sutton Step Down as Liquidators
POLONIUS COMPANY: Members' Final Meeting Set for May 27
STARVIEW LIMITED: Members' Final Meeting Set for May 23

VERISIGN HK: Commences Wind-Up Proceedings
WELL FORTUNE: Members' and Creditors' Meetings Set for May 23
YANPIN INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings


I N D I A

GODREJ AND BOYCE: Shuts Down World's Last Typewriter Factory
JAGDHATRI PAPERS: CRISIL Assigns 'BB' Rating to INR27MM LT Loan
KANUNGO INSTITUTE: CRISIL Assigns 'D' Rating to INR82.2MM Loan
MOHAN MILKFOODS: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
PDK SHENAZ: Fitch Assigns 'C(ind)' Rating to INR92.75 Million Loan

RAO CONSTRUCTION: CRISIL Places 'BB' Rating on INR62MM Cash Credit
REPROSCAN: Fitch Migrates Ratings to "Non-Monitored" Category
S NARENDRA: CRSIL Reaffirms 'BB' Rating on INR58MM Packing Credit
SARVODAYA INDIA: CRISIL Upgrades Rating on INR76.1MM Loan to 'BB-'
SHILPI JEWELLERS: CRISIL Rates INR349.9 Million LT Loan at 'BB+

SHIVALIK PRINTS: CRISIL Assigns 'BB' Rating to INR32MM Cash Credit
SIDDHARTHA ENG'G: CRISIL Puts 'BB-' Rating on INR170MM Cash Credit
SREE MINERALS: CRISIL Rates INR320 Million LT Loan at 'BB-'
UTTAM COTTON: CRISIL Rates INR160 Million Cash Credit at 'BB-'


I N D O N E S I A

BANK CENTURY: "Too Soon to Sell" Bank, Analysts Say
* INDONESIA: 10 Rural Credit Banks Liquidated in 2010


J A P A N

ASAHI MUTUAL: Fitch Affirms IFS Rating at 'BB', Outlook Stable
JAPAN FINANCE: Moody's Upgrades Three Japan Finance Corp SME CLOs
L-JAC THREE: S&P Affirms Ratings on Four Classes of Notes to 'CCC'


K O R E A

SEI CREST: To File for Bankruptcy
* SOUTH KOREA: Banks' Bad-debt Ratio Up to 1.98% Last Quarter
* SOUTH KOREA: To Sell Seven Suspended Savings Banks


N E W  Z E A L A N D

HAYAT GROUP: In Liquidation; Car Buyers Lose NZ$100,000 Deposits
PIKE RIVER: Expressions of Interest Due May 5
PIKE RIVER: Bathurst Resources Says Not Interested in Pike


S I N G A P O R E

BIEI SHIPPING: Creditors' Proofs of Debt Due May 28
HIPPONA SHIPPING: Creditors' Proofs of Debt Due May 28
JSD CONSTRUCTION: Creditors' Proofs of Debt Due May 13
JUPPITER SHIPPING: Creditors' Proofs of Debt Due May 28
KWAN HONG: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week April 25 to April 29, 2011




                            - - - - -


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


GREAT SOUTHERN: Liquidators Tap Argonaut to Sell Wood-Lot Assets
----------------------------------------------------------------
Stock & Land reports that Ferrier Hodgson, the liquidator of Great
Southern Ltd, has appointed Argonaut to sell the company's
wood-lot interests across Australia.

According to the report, the sale of the managed investment
schemes is one of the last major assets to go to auction following
the collapse of the largest MIS player two years ago.

The hardwood estate is planted on about 73,000 hectares and
represents MIS schemes run from 1998 to 2003, Stock & Land
discloses.

Great Southern holds only a partial interest in the various
schemes, the report notes.

"In terms of asset realizations, this is it, but then there are
investigations that need to be completed and then we wait until
the end of the receivership to see if there is anything left for
unsecured creditors," Stock & Land quotes Andrew Saker of Ferrier
Hodgson as saying.

Stock & Land reports that the Great Southern interests are being
offered through a deed of company arrangement or straight sale.
Expressions of interest are due on May 6, while a deal is likely
to be finalized by the end of May.

                        About Great Southern

Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects.  Great Southern manages about 43,000
investors through 45 managed investment schemes.  The group owns
and leases approximately 240,000 hectares of land.  It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.

Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers Australia Limited appointed Martin Jones, Andrew Saker,
Darren Weaver and James Stewart of Ferrier Hodgson as
administrators of the two companies and majority of their units.
McGrathNicol was appointed receivers to the company and certain of
its subsidiaries by a security trustee on behalf of a group of
secured creditors.

In November 2009, the group's creditors voted to liquidate 27 of
Great Southern's 35 companies that were in administration.  Great
Southern administrators have recommended the companies within the
group be wound up.  Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.

As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million.  The loans and borrowings included AU$375 million from
the group banks.  The secured creditors include ANZ, Commonwealth
Bank and BankWest.


REDGROUP RETAIL: Administrator Sells Bennetts Business in NZ
------------------------------------------------------------
The administrator of REDgroup Retail Pty Ltd on Monday announced
that it has agreed to the sale of a portfolio of eight bookstores
located in New Zealand universities.

The administrator has agreed to sell the Bennetts business, which
operates stores at the Massey University campuses -- Palmerston
North, Auckland and Wellington; Waikato University Hamilton;
Waikato Polytechnic; Christchurch Polytechnic; Manukau Polytechnic
and Bennetts Government Bookshop Wellington.

The purchaser is Bennetts Bookstores Limited, a newly incorporated
entity owned by a New Zealand private investor, Geoff Spong.  The
former owner of New Zealand textbook retailer VOL.1 Bookshops,
Mr. Spong has a wealth of experience in the sector.  The sale
price remains confidential.

Administrator Steve Sherman said he was delighted to have found
such a suitable buyer for the business.

"This is a very good match," Mr. Sherman said.  "The Bennetts
business will continue to serve the New Zealand universities
market. Importantly, this guarantees the future of these stores
and has preserved more than 30 jobs."

A Bennett's site located within a Borders store will be closed
with the affected staff to be offered similar employment within
the Whitcoulls network.

Mr. Sherman said the sale process for REDgroup Retail's
New Zealand business is continuing with positive bids currently
being assessed.  The REDgroup business in New Zealand now includes
67 stores: 62 Whitcoulls and 5 Borders stores.

                        About REDgroup Retail

REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand.  It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.

                      *     *     *

REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrator.  The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.

The REDgroup companies in Administration include:

* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd


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


KUN KUNG: Creditors' Proofs of Debt Due May 31
----------------------------------------------
Creditors of Kun Kung Metal Manufactory Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 20, 2011.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


MANLEY HIGH: Creditors' Proofs of Debt Due May 28
-------------------------------------------------
Creditors of Manley High Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 28, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 15, 2011.

The company's liquidators are:

         Yu Tak Yee Beryl
         Choi Tze Kit Sammy
         15/F, Empire Land Commercial Centre
         81-85 Lockhart Road
         Wanchai, Hong Kong


MEDENT HEALTH: Creditors' Proofs of Debt Due May 31
---------------------------------------------------
Creditors of Medent Health Care Management Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 31, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 20, 2011.

The company's liquidator is:

         Mak Kay Lung Dantes
         Rooms 2101-3 China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


NEW CHINA: Creditors' Proofs of Debt Due May 13
-----------------------------------------------
Creditors of The New China Hong Kong Capital Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 13, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

         James Wardell
         Room 1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


ORIENTAL SEA: Members' Final Meeting Set for May 23
---------------------------------------------------
Members of Oriental Sea Trade Limited will hold their final
meeting on May 23, 2011, at Suite 1306, 13/F., ING Tower, 308
Des Voeux Road Central, in Hong Kong.

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


PACIFIC FILMWORKS: Creditors' Proofs of Debt Due May 13
-------------------------------------------------------
Creditors of Pacific FilmWorks Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 13, 2011, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2011.

The company's liquidator is:

         Yip Ka Yui
         6/F., Greenwich Centre
         260 King's Road
         North Point, Hong Kong


PECONIC INDUSTRIAL: Members' & Creditors' Meetings Set for May 16
-----------------------------------------------------------------
Members and creditors of Peconic Industrial Development Limited
will hold their annual meetings on May 16, 2011, at 3:00 p.m., and
3:30 p.m., respectively at Rooms 903-908, 9/F., Kai Tak Commercial
Building, 317-319 Des Voeux Road Central, in Hong Kong.

At the meeting, Leung Shu Yin William and Kam Yuk Ting, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.


PFEIFFER INTERNATIONAL: Fok and Sutton Step Down as Liquidators
---------------------------------------------------------------
Fok Hei Yu and Roderick John Sutton stepped down as liquidators of
Pfeiffer International Limited on April 21, 2011.


POLONIUS COMPANY: Members' Final Meeting Set for May 27
-------------------------------------------------------
Members of Polonius Company Limited will hold their final meeting
on May 27, 2011, at Room 703, 7th Floor, Chevalier Commercial
Centre, 8 Wang Hoi Road, Kowloon Bay, Kowloon, in Hong Kong.

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


STARVIEW LIMITED: Members' Final Meeting Set for May 23
-------------------------------------------------------
Members of Starview Limited will hold their final meeting on
May 23, 2011, at 10:00 a.m., at Unit 402, 4/F, Malaysia Building,
No. 50, Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Chan Chi Bor and Li Fat Chung, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


VERISIGN HK: Commences Wind-Up Proceedings
------------------------------------------
Members of Verisign Hong Kong Limited on April 15, 2011, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yeung Ping Hung
         Rooms 1801-05
         Hua Qin International Building
         340 Queen's Road
         Central, Hong Kong


WELL FORTUNE: Members' and Creditors' Meetings Set for May 23
-------------------------------------------------------------
Members and creditors of Well Fortune Limited will hold their
annual meetings on May 23, 2011, at 11:00 a.m., and 11:30 a.m.,
respectively at 15/F, Empire Land Commercial Centre, 81-85
Lockhart Road, Wanchai, in Hong Kong.

At the meeting, Yu Tak Yee Beryl, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


YANPIN INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on April 21, 2011,
creditors of Yanpin International and Domestic Distinguished
Experts Fund of Shunde Polytechnic Company Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Lui King Man
         Room 1903-6 Hing Yip Commercial Centre
         272-284 Des Voeux Road
         Central, Hong Kong


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I N D I A
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GODREJ AND BOYCE: Shuts Down World's Last Typewriter Factory
------------------------------------------------------------
NewsTonight reports that Godrej & Boyce Mfg. Co. Ltd. is shutting
down its plant in Mumbai, India, which is the last typewriter
manufacturing facility in the world.

"We are not getting many orders now.  Till 2009, we used to
produce 10,000 to 12,000 machines a year.  But this might be the
last chance for typewriter lovers," NewsTonight quotes Milind
Dukle, Godrej & Boyce's general manager, as saying.

NewsTonight relates that Mr. Dukle also said that the main market
for the machine include defence agencies, courts and government
offices.  According to the report, Godrej & Boyce, which has been
in operations since last six decades, has been producing and
selling tens of thousands of units annually.  However, it was
struggling with sales and managed to sell only about 800 in the
year 2010.

NewsTonight says Godrej & Boyce has about 200 machines in
inventory of mostly Arabic language.  Anyone one wishing to buy
the machine will probably have to look for a used on or in antique
shops, the report notes.

India-based Godrej & Boyce Mfg. Co. Ltd. manufactures and/or
markets various consumer durables and industrial products.


JAGDHATRI PAPERS: CRISIL Assigns 'BB' Rating to INR27MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Jagdhatri Papers Pvt Ltd.

   Facilities                        Ratings
   ----------                        -------
   INR27.00 Million Long-Term Loan   BB/Stable (Assigned)
   INR57.50 Million Cash Credit      BB/Stable (Assigned)

The rating reflects JPPL's small scale of operations in the
fragmented industrial paper segment, and below-average financial
risk profile, marked by small net worth and weak capital
structure.  These rating weaknesses are partially offset by the
extensive industry experience of JPPL's promoters.

Outlook: Stable
CRISIL believes that JPPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case JPPL
significantly scales up its operations and improves its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if JPPL undertakes any larger-than-expected debt-funded capital
expenditure programme, or its profitability declines
significantly.

                         About Jagdhatri Papers

JPPL was incorporated as a private limited company in September
2005, and commenced commercial operations in May 2007.  The
promoter-directors, Mr. Anil Goel, Mr. Satish Goel, and Mr. Rajesh
Goel, have been in the kraft paper and paper products trade since
the early 1990s, and have been distributors for West Coast Paper
Mills Ltd and The Andhra Pradesh Paper Mills Ltd, among others.
JPPL manufactures kraft paper, which is used in the packaging
industry. JPPL has the capabilities to manufacture kraft paper
ranging from 14 burst factor (BF) to 22 BF and 100 grammage per
square metre (GSM) to 180 GSM.  JPPL has a total installed
capacity of 16,500 tonnes per annum at its plant in Madurantakkam
in Kanchipuram District, (Tamil Nadu).

JPPL reported a profit after tax (PAT) of INR3 million on net
sales of INR243 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a net losses of INR0.02 million
on net sales of INR192 million for 2008-09.


KANUNGO INSTITUTE: CRISIL Assigns 'D' Rating to INR82.2MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Kanungo Institute of
Diabetes Specialties Pvt Ltd's bank facilities.

   Facilities                          Ratings
   ----------                          -------
   INR82.2 Million Term Loan           D (Assigned)
   INR4.0 Million Overdraft Facility   D (Assigned)

The rating reflects delay by KIDS in servicing its term loan; the
delay has been caused KIDS's weak liquidity, which is a result of
its operations being in the start-up phase.

KIDS has a weak financial risk profile, marked by high gearing and
small net worth.  However, the company benefits from the extensive
experience of its promoters in diabetes research and treatment and
state of the art facilities of the speciality hospital.

KIDS, incorporated in 2005, commenced commercial operations as a
diabetes-speciality hospital in Bhubaneshwar (Orissa) in January
2009.  The company is owned and operated by Dr. Alok Kanungo and
his family. The hospital has 100 beds and continues to focus on
treatment of diabetes.

KIDS's reported a net loss of INR7.0 million on net sales of
INR3.3 million for 2008-09 (refers to financial year, April 1 to
March 31).


MOHAN MILKFOODS: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the cash credit
limit facility of Mohan Milkfoods Pvt Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR50.0 Million Cash Credit Limit   B+/Stable (Assigned)

The rating reflects MMPL's small scale of operations in the dairy
industry, and its weak financial risk profile, marked by small net
worth and weak debt protection metrics.  The ratings also reflect
the company's susceptibility to adverse regulatory changes and
epidemic-related factors. These rating weaknesses are partially
offset by MMPL's promoters' industry experience and its
established network for the procurement of raw milk.

Outlook: Stable

CRISIL believes that MMPL's financial risk profile will remain
constrained over the medium term by its large working capital
requirements and low operating margin.  The outlook may be revised
to 'Positive' in case of more-than-expected increase in MMPL's
scale of operations and net worth. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure programme or there is significant
pressure on its profitability, resulting in weakening in its
capital structure.

                          About Mohan Milkfoods

MMPL was set up in 2009 to take over Mohan Dairy, a partnership
firm. Mohan Dairy commenced operations in 1990, with a capacity of
0.1 million litres per day (lpd).  MMPL manufactures dairy
products at its facility in Bulandshahr (Uttar Pradesh), with milk
processing capacity of 0.65 million lpd. However, MMPL's limited
dryer capacity of 0.25 million lpd restricts its capacity to
manufacture skimmed milk powder.

MMPL reported a profit after tax (PAT) of INR3.5 million on net
sales of INR585.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR322.9 million for 2008-09.


PDK SHENAZ: Fitch Assigns 'C(ind)' Rating to INR92.75 Million Loan
------------------------------------------------------------------
Fitch Ratings has assigned India's PDK Shenaz Hotels Private
Limited a National Long-Term rating of 'C(ind)'.  The agency has
also assigned these ratings to PSHPL's bank loans:

   -- INR92.75m long-term loans: 'C(ind)'; and

   -- INR12.5m fund-based loans: 'C(ind)'.

PSHPL's ratings reflect irregularities in the use of its working
capital facilities, as well as its weak financial risk profile and
the relatively small scale of its business. The ratings also
consider the fact that the company owns 100% of its Singapore
subsidiary (PDK Shenaz Hotels Pte. Ltd.), which has been
underperforming over FY08-FY10 with continuous losses at operating
level.  This further weakens PSHPL's financial risk profile on a
consolidated basis.

The ratings may be upgraded if there is an improvement in PSHPL's
liquidity position, which would be reflected in regularity in the
use of its working capital.

Incorporated in 1983, PSHPL has its registered office in Kolkata
(West Bengal). It has a restaurant and banquet in the name of
'Ivory' as well as a well renowned lounge 'Shisha' in Kolkata.
Its Singapore subsidiary has four restaurants, two in the name of
'Go India Express' and the others are named 'Go India' and
'Ivory'.  In FY10, on a standalone basis, PSHPL reported a
turnover of INR87.1 million (FY09: INR77.1 million) and EBITDA
margins of 14.35% (FY09: 7.78%).  Its total debt was INR123.9
million at FYE10.


RAO CONSTRUCTION: CRISIL Places 'BB' Rating on INR62MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Rao Construction Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR62 Million Cash Credit        BB/Stable (Assigned)
   INR7.5 Million Standby Line of   BB/Stable (Assigned)
                           Credit
   INR60 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect RCPL's small scale of operations, geographic
concentration, and susceptibility to intense competition in the
civil construction industry.  These rating weaknesses are
partially offset by RCPL's moderate financial risk profile, marked
by low gearing, and the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term.  The outlook may be revised to 'Positive' if the company
significantly scales up its operations, expands its geographic
reach, improves profitability, and maintains its capital
structure.  Conversely, the outlook may be revised to 'Negative'
if RCPL reports less-than-expected revenues or a decline in
profitability or undertakes a larger-than-expected debt-funded
capital expenditure programme.

                          About Rao Construction

Set up in 1971, RCPL, based in Ahmedabad (Gujarat), is promoted by
Mr. Navneet Brahmbhatt. RCPL is a civil contractor and constructs
roads and canals, with most of its revenues derived from road
construction projects in Gujarat.  The company is a Class AA
contractor with the Public Works Department and Road and Building
Department of Gujarat.

RCPL reported a profit after tax (PAT) of INR5.2 million on
operating income of INR202 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR5.5
million on operating income of INR170.3 million for 2008-09.


REPROSCAN: Fitch Migrates Ratings to "Non-Monitored" Category
-------------------------------------------------------------
Fitch Ratings has migrated India's Reproscan Tech-Park's
'BB+(ind)' National Long-Term rating to the "Non-Monitored"
category.  The rating will now appear as 'BB+(ind)nm' on Fitch's
website.  Fitch has also withdrawn RTP's 'BB+(ind)' rating
assigned to its INR600 million term loans, as these have been paid
in full.

The ratings have been migrated to the "Non-Monitored" category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of RTP.  The ratings will remain in
the "Non-Monitored" category for a period of six months and be
withdrawn at the end of that period.  However, in the event the
issuer starts furnishing information during this six-month period,
the ratings could be reinstated and will be communicated through a
"Rating Action Commentary".


S NARENDRA: CRSIL Reaffirms 'BB' Rating on INR58MM Packing Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of S Narendra (S Narendra,
part of the S Narendra group) continue to reflect the group's
working-capital-intensive operations, modest net worth, and high
geographic concentration in revenue profile.  These rating
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive industry experience, its
conservative risk appetite, and the assured supply of rough
diamonds from its group entity, Sauraj Diamonds NV.

   Facilities                           Ratings
   ----------                           -------
   INR58.0 Million Packing Credit       BB/Positive
   (Enhanced from INR33 Million)

   INR202.0 Million Post-Shipment       BB/Positive
   Credit (Enhanced from INR177 Mil.)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of S Narendra, with those of its group
entities Saurin Diamonds and Siddhanth Diamonds. This is because
these three entities (collectively referred to herein as the S
Narendra group), are in the same line of business, and have common
ownership and management.

Outlook: Positive
CRISIL believes that the S Narendra group's financial risk profile
will improve over the medium term, as the group scales up its
operations. The ratings may be upgraded if the group increases its
revenues, while maintaining its profitability, capital structure,
and working capital policies. Conversely, the outlook may be
revised to 'Stable' if sales and profitability do not improve as
expected, or if the group's working capital cycle stretches.

Update

The S Narendra group is expected to achieve revenues of about
INR1.15 billion for 2010-11 (refers to financial year, April 1 to
March 31), in line with CRISIL's expectations.  The new jewellery
division - Stellar Jewellery (based out of SEEPZ) which started in
October 2010 is estimated to achieve sales of about INR70 million
in 2010-2011.

                        About S Narendra Group

S Narendra, a partnership firm, was set up in 1964 by the Jhaveri
family. One of the founders, Mr. Rajnikant Jhaveri, has more than
six decades of experience in the gems and jewellery industry.
Currently, S Narendra is managed by Mr. Rajnikant Jhaveri's son,
Mr. Amish Jhaveri, and grandson, Mr. Saurin Jhaveri, who are also
partners in the firm.  S Narendra has manufacturing units in Surat
and Bhavnagar (both in Gujarat), and Dahisar (Maharashtra), and
has employed over 1000 skilled workers. S Narendra buys rough
diamonds from Sauraj Diamonds, which is located at Antwerp in
Belgium. Siddhant Diamonds manufactures and sells diamond-studded
gold and platinum jewellery in both the export and local markets.
Saurin Diamonds is involved in the manufacturing and trading of
diamonds.

For 2009-10, the S Narendra group reported a profit after tax of
INR32 million on net sales of INR1.03 billion, against a net loss
of INR33 million on sales of INR821 million in 2008-09.


SARVODAYA INDIA: CRISIL Upgrades Rating on INR76.1MM Loan to 'BB-'
------------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sarvodaya India Ltd to 'BB-/Stable/P4+' from 'B+/Stable/P4'.

   Facilities                         Ratings
   ----------                         -------
   INR76.1 Million Rupee Term Loan    BB-/Stable (Upgraded from
   (Reduced from INR77.1 Million)                'B+/Stable')

   INR67.5 Million Cash Credit        BB-/Stable (Upgraded from
   (Enhanced from INR52.5 Million)                'B+/Stable')

   INR4.0 Million Letter of Credit   P4+ (Upgraded from 'P4')

The rating upgrade factors in the better-than-expected performance
of SIL during 2010-11 (refers to financial year, April 1 to
March 31), on the back of optimum utilization of capacities; the
company is expected to register over 20% year-on-year growth in
revenues during the year.  The operating margin is expected to
remain stable at about 10% over the medium term.  The upgrade also
factors in CRISIL's belief that SIL will sustain its topline
growth and maintain its profitability on the back of capacity
additions and steady demand.  SIL plans to add two more machines
for its dyeing and processing work in 2011-12.

The ratings continue to reflect SIL's modest scale of operations,
below-average financial risk profile marked by a small net worth,
and moderate gearing and debt protection metrics, and working-
capital-intensive operations.  These rating weaknesses are
partially offset by the benefits that SIL derives from its
promoters' experience in the dyeing industry.

Outlook: Stable

CRISIL believes that SIL will continue to benefit over the medium
term from its promoters' experience in the dyeing and finishing
industry.  The outlook may be revised to 'Positive' if SIL scales
up operations significantly, while improving its profitability,
without impacting its capital structure.  Conversely, the outlook
may be revised to 'Negative' in case of significant deterioration
in SIL's liquidity because of a stretch in its working capital
cycle, or if there is any significant deterioration in the capital
structure of the company because of larger-than-expected, debt-
funded capital expenditure (capex).

                        About Sarvodaya India

SIL (Formerly, Shree Charbhuja Processors Limited) is in the
business of dyeing and finishing of grey fabrics. Set up in 2003
at Bhilwara (Rajasthan), SIL was sold to the Jain and Prahladka
families in 2007.  Effective April 1, 2009, the Jain family bought
the stake owned by the Prahaladka family, and subsequently renamed
the company to Sarvodaya India Ltd.  The company plans to add two
more machines for its dyeing and processing work, at its existing
facilities, in 2011-12 for a total capex of INR60 million. The
same is expected to be funded by a term loan of INR40 million and
the rest through internal accruals.

SIL reported a profit after tax (PAT) of INR13.6 million on net
sales of INR417.2 million for 2009-10, against a PAT of INR2.6
million on net sales of INR362.9 million for 2008-09.


SHILPI JEWELLERS: CRISIL Rates INR349.9 Million LT Loan at 'BB+
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Shilpi Jewellers Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR349.9 Million Proposed LT     BB+/Stable (Assigned)
             Bank Loan Facility

The rating reflects Shilpi's average financial risk profile, and
exposure to intense competition in the gold jewellery industry.
These rating weaknesses are partially offset by the benefits that
Shilpi derives from its established position in the wholesale
segment of the jewellery market, and its promoters' experience in
the gold jewellery wholesale business.

Outlook: Stable

CRISIL believes that Shilpi will continue to benefit over the
medium term from its established relations with its suppliers and
customers.  The outlook may be revised to 'Positive' if Shilpi
significantly scales up its operations and improves its
profitability, while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's accruals decrease significantly or if Shilpi's debt
protection metrics weaken.

                       About Shilpi Jewellers

Shilpi is an ISO 9001:2000 company engaged in wholesale of gold
and diamond-studded jewellery. Shilpi caters to various retail
jewellers across India, from its Mumbai-(Maharashtra) based
office. The company's operations are managed by Mr. Padam Soni
along with his two nephews, Mr. Pramod Mehta and Mr. Rajneesh
Mehta.

Shilpi reported a profit after tax (PAT) of INR 4.6 million on net
sales of INR 1019.6 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR81.5 million for 2008-09.


SHIVALIK PRINTS: CRISIL Assigns 'BB' Rating to INR32MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Shivalik Prints Ltd.

   Facilities                           Ratings
   ----------                           -------
   INR35.0 Million Cash Credit          BB/Stable (Assigned)
   INR275.8 Million Rupee Term Loan     BB/Stable (Assigned)
   INR1.0 Million Proposed Long-Term    BB/Stable (Assigned)
                  Bank Loan Facility
   INR380.0 Million Packing Credit      P4+ (Assigned)
   INR145.0 Million Letter of Credit    P4+ (Assigned)
   INR3.0 Million Bank Guarantee        P4+ (Assigned)

The ratings reflect Shivalik Prints Ltd's susceptibility to
volatility in prices of raw materials, and geographic and customer
concentration.  These rating weaknesses are partially offset by
Shivalik Prints Ltd's increasing scale of operations, reputed
client base, and above-average financial risk profile, marked by
satisfactory debt protection metrics.

Outlook: Stable

CRISIL believes that Shivalik Prints Ltd will maintain its credit
risk profile over the medium term backed by its healthy order
book.  The outlook may be revised to 'Positive' in case of an
improvement in the company's capital structure or if the client
and geographic concentration in revenue profile improve
considerably from current levels.  Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
financial risk profile as a result of a larger-than-expected debt
funded capex or a material decline in operating margin.

                       About Shivalik Prints

Shivalik Prints Ltd was established in 1998 in Faridabad (Haryana)
under the name Shivalik Knits Ltd. In 1999, the company changed
its name to Shivalik Prints Ltd and remained a closely-held
company.  It manufactures and exports readymade garments (RMG),
and also undertakes dying/printing on job work basis. Shivalik
Prints Ltd has an annual dyeing and printing capacity of 39
million square meters (sq m) and RMG capacity of around 33 million
pieces; this is expected to increase to around 39 million pieces
by end of 2011

Shivalik Prints Ltd reported a profit after tax (PAT) of INR68.4
million on net sales of INR1.6 billion for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR32.0
million on net sales of INR798.6 million for 2008-09.


SIDDHARTHA ENG'G: CRISIL Puts 'BB-' Rating on INR170MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+'ratings to the bank
facilities of Siddhartha Engineering Ltd.

   Facilities                          Ratings
   ----------                          -------
   INR170.0 Million Cash Credit        BB-/Stable (Assigned)
   INR150.0 Million Letter of Credit   P4+ (Assigned)
   INR250.0 Million Bank Guarantee     P4+ (Assigned)

The ratings reflect SEL's large working capital requirements and
small scale of operations in the fragmented electrical sub-station
construction industry.  These rating weaknesses are partially
offset by SEL's moderate business risk profile and sizeable order
book.

Outlook: Stable

CRISIL believes that SEL's scale of operations will improve over
the medium term backed by its healthy order book. However, the
company's credit risk profile will remain constrained by its large
working capital requirements.  The outlook may be revised to
'Positive' if SEL's liquidity improves, driven by more-than-
expected cash accruals, significant equity infusion by its
promoters, or better working capital management.  Conversely, the
outlook may be revised to 'Negative' if less-than-expected cash
accruals or significant increase in working capital requirements
further weakens the company's liquidity.

                      About Siddhartha Engineering

SEL was originally set up as a partnership firm, S Palo and Co, in
1972; the firm was reconstituted as a private limited company in
1986, and subsequently as a public limited company with the
present name in 2008.  SEL designs, supplies, erects, commissions,
and tests electrical substations.  The company has implemented
orders for various government organizations.  It has a presence in
Orissa, Karnataka, and Haryana.  It is also completing a project
for the Punatsangchhu-1 Hydroelectric Project Authority in Bhutan.

SEL reported a profit after tax (PAT) of INR13.7 million on net
sales of INR259 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR20.3 million on net
sales of INR596 million for 2008-09.


SREE MINERALS: CRISIL Rates INR320 Million LT Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the long-term loan
facility of Sree Minerals.

   Facilities                         Ratings
   ----------                         -------
   INR320.00 Million Long-Term Loan   BB-/Stable (Assigned)

The rating reflects Sree Minerals' susceptibility to adverse
regulatory changes, to volatility in iron ore prices, and to
downturns in the end-user industry.  These rating weaknesses are
partially offset by the stable revenues that Sree Minerals derives
from its windmill business, and the firm's healthy financial risk
profile marked by a low gearing and strong debt protection
metrics.

Outlook: Stable

CRISIL believes that Sree Minerals will continue to benefit over
the medium term from the stable revenues it derives from its wind
mills business and its comfortable capital structure. The outlook
may be revised to 'Positive' if there is a significant and
sustained increase in Sree Minerals' scale of operations and
profitability, most likely because of the lift of the ban on iron
ore export from Karnataka. Conversely, the outlook may be revised
to 'Negative' if Sree Minerals' scale of operations reduces or the
firm's cash accruals decline further, or if the firm undertakes a
large, debt-funded capital expenditure programme or its promoters
withdraw significant amounts of capital, leading to deterioration
in its capital structure.

                          About Sree Minerals

Sree Minerals, set up in 2004 and headquartered in Bellary
(Karnataka), trades in various grades of iron ore. The firm is
promoted by Mr. B V Sreenivasa Reddy and his wife, Ms. Sree Latha.
It mainly deals in high-quality iron ore, which it sells to
various steel manufacturing companies. Sree Minerals also has
windmills, with a combined installed power generation capacity of
12 megawatts.

Sree Minerals reported a profit after tax (PAT) of INR314.0
million on net sales of INR1.3 billion for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR15.0
million on net sales of INR0.2 billion for 2008-09.


UTTAM COTTON: CRISIL Rates INR160 Million Cash Credit at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Uttam Cotton Mills Pvt Ltd.

   Facilities                       Ratings
   ----------                       -------
   INR160.0 Million Cash Credit     BB-/Stable (Assigned)

The rating reflects Uttam's working-capital-intensive and small-
scale operations in a fragmented industry.  These rating
weaknesses are partially offset by Uttam's promoter's extensive
experience in the garment industry.

Outlook: Stable

CRISIL believes that Uttam will benefit over the medium term from
its promoters' industry experience and its strong relationships
with customers and vendors.  The outlook may be revised to
'Positive' if Uttam significantly scales up its operations, while
maintaining its profitability.  Conversely, the outlook may be
revised to 'Negative' if Uttam contracts more-than-expected debt
to fund its capital expenditure (capex), or if there is a steep
decline in its profitability.

Set up in 2007 by the Jhawar family of Kolkata, Uttam is engaged
in manufacturing innerwear and garments.  Its production centre is
in Tirupur (Tamil Nadu) and Kolkata (West Bengal).  The company
sells its products under the Oscar and Burgundi brands.  The
company also manufactures products under its customers' brands.

Uttam reported a profit after tax (PAT) of INR3.9 million on net
sales of INR855.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR725.4 million for 2008-09.


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


BANK CENTURY: "Too Soon to Sell" Bank, Analysts Say
---------------------------------------------------
The Jakarta Globe reports that analysts have urged the government
not to be too hasty in selling Bank Mutiara, formerly Bank
Century, as it would be unlikely to recoup the IDR6.7 trillion
(US$784 million) in state funds used to bail out the troubled
lender in 2008.

According to the Globe, the Deposit Insurance Agency said on
Friday that it planned to complete the divestment of its shares in
the rebranded Bank Mutiara by November 2011.  Under the state
plan, the Globe says, the government will offer the stake to
strategic investors from July through August.

According to the Law on the LPS, it must sell bailed-out banks
after three years, but the deadline can be extended by two years,
the Globe notes.

The Globe relates that Aviliani, an economist from the Institute
for Development of Economics and Finance (Indef), said it was too
soon to sell Bank Mutiara because its assets would not fetch a
high enough price.

"The LPS should wait for another two or three years until Bank
Mutiara's condition has improved," the Globe quotes Aviliani as
saying.

The Globe, citing data from Bank Mutiara, discloses that the value
of its assets surged 44% to IDR10.8 trillion last year, with
outstanding loans up 31% to IDR6.3 trillion.  Its gross non-
performing loan ratio last year, however, was a troubling
24.8%, against an industry average of around 5% to 10%, but still
down from 38.3% in 2009.

Bank Century was a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after LPS seized it
on Nov. 21, 2008, over a week after the bank failed to comply with
a IDR5 billion obligation.  Bank Century then received a total
capital injection of IDR6.76 trillion from the LPS.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.


* INDONESIA: 10 Rural Credit Banks Liquidated in 2010
-----------------------------------------------------
VIVAnews reports that the Deposit Insurance Corporation (LPS)
handled liquidation processes of 10 rural credit banks in 2010.
Since its establishment in 2005, the Agency has dealt with 37
banks including one apex bank, 35 rural credit banks and one
Sharia rural credit bank.

VIVAnews relates that LPS Executive Chief Firdaus Djaelani said
the Agency settled the liquidation process of five banks.  Another
26 banks however were still under assessment.

According to VIVAnews, Mr. Firdaus said the process resulted in
low recovery rate as the assessed banks' assets were of poor
quality.  Moreover, various illicit practices were found
perpetrated by certain banks' officers.  "In 2011, nonetheless,
the recovery rate has increased by between 10 and 15 percent,"
Mr. Firdaus said on Friday, according to Vivanews.


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


ASAHI MUTUAL: Fitch Affirms IFS Rating at 'BB', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed nine Japanese life insurers' Insurer
Financial Strength (IFS) Ratings, following the agency's 'core' &
'severe' stress test of the impact of the Great East Japan
Earthquake and tsunami as well as stock market volatility in its
aftermath.  The Outlook on all of the ratings is Stable.

The nine insurers are Nippon Life Insurance Company (IFS
'A+'/Stable), Dai-ichi Life Insurance Company, Limited (IFS
'A'/Stable), Meiji Yasuda Life Insurance Company (IFS 'A'/Stable),
Sumitomo Life Insurance Company (IFS 'A-'/Stable), Daido Life
Insurance Company (IFS 'A+'/Stable), Taiyo Life Insurance Company
(IFS 'A-'/Stable), Mitsui Life Insurance Company Limited (IFS
'BBB-'/Stable), Asahi Mutual Life Insurance Co. (IFS 'BB'/Stable)
and Fukoku Mutual Life Insurance Co. (IFS 'A'/Stable).

The Fitch stress test results indicate that the Japanese life
insurers' capitalization is more than sufficient to cover the
expected loss estimates even under the Fitch 'severe' scenario
coupled with stock market volatility.  Fitch would expect the
insured losses to be absorbed by the insurers' annual core profits
without negatively affecting capitalization, unless the actual
ultimate losses turn out to be materially larger than the amount
assumed in Fitch's 'severe' stress scenario.

For the Fitch 'core' stress scenario, the agency adopts a bottom-
up approach to determine the expected insured loss based on the
best estimates provided by the industry and by certain individual
life insurers.  The Fitch 'severe' stress scenario assumes a loss
amount that is double that under its 'core' scenario.

The Fitch 'core' stress assumes total insured losses of nine
Fitch-rated Japanese life insurers at US$2.2 billion (JPY181
billion based on FX rate of JPY82.46/US$1.00 as of April 27),
while the Fitch 'severe' stress assumes total insured losses could
escalate to US$4.4 billion (JPY363 billion).  These amounts are
comparable to life insurance losses estimated by independent
modelling firm EQECAT of US$2 billion (JPY165 billion) to US$3
billion (JPY247 billion) for the whole Japanese life insurance
industry.  In addition, Fitch incorporated stressed equity market
declines of 26% from end-December 2010 for its core scenario and
36% for its severe scenario.

Dai-ichi Life has announced that it estimated the total claims and
benefits incurred in relation to the earthquake to be JPY31
billion (US$0.4 billion), which is lower than the amount in
Fitch's 'core' scenario.  The agency sees that the actual losses
in Japanese life insurance industry are likely to be close to its
'core' scenario.  At this stage, Fitch is not in a position to
publish the stressed losses by other individual insurers since
this may reveal certain non-public information used by the agency
in its analysis for some of the insurers involved.

Nippon Life Insurance Company:
IFS affirmed at 'A+'; Outlook Stable

Dai-ichi Life Insurance Company, Limited:
IFS affirmed at 'A'; Outlook Stable
Long-Term IDR affirmed at 'A-'; Outlook Stable
USD 500m subordinated notes due March 17, 2014 affirmed at 'BBB+'

Meiji Yasuda Life Insurance Company:
IFS affirmed at 'A'; Outlook Stable

Sumitomo Life Insurance Company:
IFS affirmed at 'A-'; Outlook Stable
Long-Term IDR affirmed at 'BBB+'; Outlook Stable

Daido Life Insurance Company:
IFS affirmed at 'A+'; Outlook Stable

Taiyo Life Insurance Company:
IFS affirmed at 'A-'; Outlook Stable

Mitsui Life Insurance Company Limited:
IFS affirmed at 'BBB-'; Outlook Stable

Asahi Mutual Life Insurance Co.:
IFS affirmed at 'BB'; Outlook Stable

Fukoku Mutual Life Insurance Co.:
IFS affirmed at 'A'; Outlook Stable
Long-Term IDR affirmed at 'A-'; Outlook Stable
EUR300m fixed- to floating-rate subordinated notes due
Sept. 28, 2025 affirmed at 'BBB'


JAPAN FINANCE: Moody's Upgrades Three Japan Finance Corp SME CLOs
-----------------------------------------------------------------
Moody's Japan K.K. has upgraded its ratings on three Japan SME
CLOs by the Japan Finance Corporation (JFC; formerly, Japan
Finance Corporation for Small and Medium Enterprise).

-- CLO in June 2007 of Regional Financial Institutions

    JPY11,900,000,000 Senior Trust Certificates, upgraded to
    Aaa (sf);

    Previously on Feb. 2, 2011, upgraded to Aa1 (sf) from
    A1 (sf)

    JPY180,000,000 Mezzanine Trust Certificates, upgraded to
    Aa3 (sf);

    Previously on Feb. 2, 2011, upgraded to A3 (sf) from
    Ba1 (sf)

-- CLO in September 2007 of Regional Financial Institutions

    JPY400,000,000 Mezzanine Trust Certificates, upgraded to
    Aaa (sf);

    Previously on Nov. 5, 2010, upgraded to Aa3 (sf) from
    A3 (sf)

-- March 2008 Regional Financial Institutions CLO

    JPY460,000,000 Mezzanine Trust Certificates, upgraded to
    Aa3 (sf);

    Previously on Feb. 2, 2011, upgraded to A3 (sf) from
    Baa2 (sf)

Deal Name: CLO in June 2007 of Regional Financial Institutions
Issue Amount: JPY 11,900,000,000 Senior Trust Certificates
Dividend: Fixed
Closing Date: June 28, 2007
Final Maturity Date: July 16, 2013

Underlying Asset: SME loans
Issue Amount: JPY 180,000,000 Mezzanine Trust Certificates
Dividend: Fixed
Closing Date: June 28, 2007
Final Maturity Date: July 16, 2013
Underlying Asset: SME loans
Trustor: Japan Finance Corporation (Aa2)
Originator/Initial Servicer: The Ehime Bank, Ltd., Japan Finance
Corporation
Arranger: Daiwa Securities Capital Markets Co. Ltd.

Deal Name: CLO in September 2007 of Regional Financial
Institutions
Issue Amount: JPY 400,000,000 Mezzanine Trust Certificates
Dividend: Fixed
Closing Date: September 26, 2007
Final Maturity Date: October 15, 2013
Underlying Asset: SME loans
Trustor: Japan Finance Corporation (Aa2)
Originator/Initial Servicer: Bizen Shinkin Bank, Japan Finance
Corporation
Arranger: Nomura Securities Co., Ltd.

Deal Name: March 2008 Regional Financial Institutions CLO
Issue Amount: JPY 460,000,000 Mezzanine Trust Certificates
Dividend: Fixed
Closing Date: March 25, 2008
Final Maturity Date: April 15, 2014
Underlying Asset: SME loans
Trustor: Japan Finance Corporation (Aa2)
Originator/Initial Servicer: RUMOI SHINKIN BANK, Japan Finance
Corporation
Arranger: Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

These are cash CLO transactions backed by (1) SME loans originated
by regional financial institutions and purchased by JFC under its
"purchase scheme" securitization program, and (2) SME loans
originated by JFC under its "self-origination scheme"
securitization program. In both cases, the loans were originated
for securitization.

Rating Rationale

The actions reflect the improvement in credit enhancement due
mainly to deal amortization.

The main factor for the uncertainty in Moody's analysis is the
macroeconomic environment for SMEs as well as the financing
environment.

Since the March 11 quake, the Japanese economy has been under the
downward pressure, in light of concerns about declines in
production and consumption over the short term.

The business environment for SMEs, which had been improving before
the disaster, is also being negatively affected, depending on
region and industry. Thus, the disaster could be the reason for
the increase in SME bankruptcies, at least in the short term.

However, Moody's believes that the government's quick reaction
with regard to supporting SME funding will help the SMEs avert
bankruptcy, at least in the short term. The government provides
funding support through the safety net lending program and a
guarantee program (No.5; regarded as an extension of the emergency
guarantee program). The SMEs also receive funding support from
financial institutions in accordance with the SME moratorium law.

Furthermore, SMEs affected by the disaster can also obtain
disaster recovering funding, the disaster-related guarantee
program by Credit Guarantee Corporation, and other disaster-
related support programs run by regional governments.

Moody's considers it especially important to note that
administrative processes in financial institutions were already in
place because support schemes such as an emergency guarantee
program and SME moratorium law were available before the quake
occurred. Thus, the implementation of these support programs
should be smooth, in contrast to the experience during global
financial crisis.

Moreover, in light of the significant demand for goods and
services expected later in the year (especially around the
disaster area), Moody's believes that a substantial number of SMEs
will be able to avert bankruptcy in the near term and that a large
increase in SME bankruptcy numbers is thus unlikely.

Moody's also notes the ongoing concerns about prolonged power
shortages and the resolution of the problems at the Fukushima Dai-
ichi nuclear power plant. Moody's will keep a very close watch on
both situations, as well as on any changes in the banks' lending
attitudes, domestic and foreign demand, and the foreign exchange
market, which can affect the SME business environment.

Cash CLO series by Japan Finance Corporation

The portfolio default rate for JFC SME CLOs has risen since last
April, on an increase in defaults in the first quarter of FY2011,
most of which were out of long-term delinquencies. Defaults of
normal assets and short-term delinquencies in FY2010 were almost
same as FY2009.

New delinquencies still continue to occur in most transactions,
and most of the existing delinquencies have become long-term.
Moody's estimates that more than half of current long-term
delinquencies will default by, or at least remain delinquent,
until maturity. The remainder will probably catch up with
payments, or be bought back by their originators. Moody's expects
this situation to persist, as the business environment for SMEs
will be severe for some time due to the quake.

However, Moody's has already incorporated these delinquency trends
into its default rate assumption. As a result, Moody's is
maintaining its current default rate assumption (annualized 2-3%)
for most of JFC's transactions.

In its rating analysis, Moody's takes into account expected
default rates, outstanding delinquency rates, and changes in
credit enhancement, which comprise current subordination and
excess spread, using the CDOROM model.

Total exposures among JFC SME cash CLOs to Miyagi, Iwate, and
Fukushima prefectures severely affected by the quake is about 3%.
Moody's incorporates the impact into the current analysis. The
number of new delinquencies out of the affected area is from zero
to three in each transaction.

These summarizes the key performance trends and expected default
rates for the affected transactions:

-- CLO in June 2007 of Regional Financial Institutions

Since last April, six defaults (JPY86 million) have occurred,
which is lower than Moody's assumptions. However, four short-term
delinquencies (JPY30 million) took place in the previous quarter.

There were 22 delinquencies (JPY 266 million), including 18 long-
term delinquencies (JPY 236 million), as of end-March 2011. The
amount declined from end-December 2010, only because five
delinquencies (JPY 74 million) resulted in default.

Moody's expects the default rate for the underlying pool to be
around 3% (annualized) as delinquencies continue to occur and
become long-term.

As a result of amortization, the subordination ratio for the
mezzanine tranche rose to 12.1% as of end-March 2011, from 11.9%
at end-December 2010.

-- CLO in September 2007 of Regional Financial Institutions

Since April 2010, eight defaults (JPY 228 million) have occurred,
which is higher than Moody's assumptions. The delinquencies also
continue to occur, with two short-term delinquencies (JPY 28
million) in the first quarter 2011.

However, outstanding delinquencies have largely declined from
eight (JPY 262 million) to five (JPY 118 million), including three
long-term delinquencies (JPY 90 million), because all the defaults
occurred in the previous quarter were out of long-term
delinquencies.

Moody's expects the default rate for the underlying pool to be
around 2% (annualized), as delinquencies continue to occur and
become long-term.

The subordination ratio for the mezzanine tranche fell to 13.9% as
of end-March 2011, from 15.1% at end-September 2010 due to
defaults of some long-term delinquencies in the previous quarter,
although this was offset by the decline in delinquencies in the
rating analysis.

-- March 2008 Regional Financial Institutions CLO

Since April 2010, five defaults (JPY 151 million) have occurred,
which is lower than Moody's assumption. However, delinquencies
continue to occur, with one short-term delinquency (JPY 9 million)
in the first quarter of 2011.

Outstanding delinquencies have largely declined from eight (JPY
280 million) to five (JPY 154 million), including four long-term
delinquencies (JPY 145 million) due to prepayments on two
delinquent loans (JPY 73 million equal to 2% of the outstanding
loans) and defaults out of long-term delinquencies.

Moody's expects the default rate for the underlying pool to be
around 3% (annualized), as delinquencies continue to occur and
become long-term.

Because of amortization, the subordination ratio for the mezzanine
tranche rose to 12.8% as of end-March 2011, from 12.6% at end-
December 2010.

The principal methodology used in this rating was "Moody's
Approach to Rating Japan SME CDOs" published on September 30,
2010, and available on www.moodys.co.jp.

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


L-JAC THREE: S&P Affirms Ratings on Four Classes of Notes to 'CCC'
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its ratings on class C to E-1 issued under
the L-JAC Three Trust Beneficial Interest (L-JAC Three)
transaction. "At the same time, we affirmed our ratings on classes
A and B, F-1 to I, and X-2 issued under the same transaction," S&P
said.

Of the seven loans that initially backed the trust certificates,
only one loan remains (the loan originally represented about 29.6%
of the total initial issuance amount of the trust certificates).
"As the lessor of the related collateral property is involved in a
lease dispute with the tenant, we believe that the ongoing
litigation is casting uncertainty over rental revenues, and,
in turn, the recovery prospects of the property in question. We
placed classes C to E-1 on CreditWatch with negative implications
to reflect this view," S&P explained.

S&P continued, "We intend to finalize our assessment of the likely
collection amount from the property after considering primarily
the outcome of the litigation with respect to the terms of the
lease, and the status of the sale of the property, and to review
our ratings on classes C to E-1 accordingly."

"We have learned through a report that we received from the
servicer that the Great East Japan Earthquake and ensuing tsunami
that struck on March 11, 2011, did not cause any major damage to
the property backing the transaction's remaining loan," S&P noted.

L-JAC Three is a multi-borrower commercial mortgage-backed
securities (CMBS) transaction that was initially backed by a pool
of seven nonrecourse loans that were secured by 17 real estate
properties. The transaction was arranged by Lehman Brothers Japan
Inc., and Capital Servicing Co. Ltd. acts as the servicer for this
transaction.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in April 2013 for the class A to C, and D-1 to
F-1, trust certificates, the full payment of interest and ultimate
repayment of principal by the legal final maturity date for the
class G-1, H-1, and I certificates, and the timely payment of
available interest for the class X-2 certificates.

Rating Placed on CreditWatch Negative
L-JAC Three Trust Beneficial Interest
JPY70.889 billion floating-rate trust certificates due April 2013
Class    To                    From        Initial Issue Amount
C        BBB+ (sf)/Watch Neg   BBB+ (sf)   JPY7.0 bil.
D-1      B (sf)/Watch Neg      B (sf)      JPY4.0 bil.
E-1      B- (sf)/Watch Neg     B- (sf)     JPY1.4 bil.

Rating Affirmed
Class      Rating               Initial Issue Amount
A          AAA (sf)             JPY40.0 bil.
B          AA (sf)              JPY7.0 bil.
F-1        CCC (sf)             JPY1.4 bil.
G-1        CCC (sf)             JPY1.5 bil.
H-1        CCC (sf)             JPY1.0 bil.
I          CCC (sf)             JPY0.583 bil.
X-2        AAA (sf)             JPY70.889 bil. (initial notional
principal)

Classes D-2, E-2, F-2, G-2 and H-2 have already been fully
redeemed.  S&P withdrew its rating on the class X-1 in August
2009.


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


SEI CREST: To File for Bankruptcy
---------------------------------
Nikkei.com reports that Sei Crest Co. said Monday it has decided
to file for bankruptcy due to earnings deterioration.  The real
estate company, which is saddled with debts of JPY2.2 billion,
made the decision at a board meeting the same day.

Listed on the Jasdaq stock market, Sei Crest reported a group net
loss for three straight years through March 2010.

Sei Crest Co., Ltd. engages in the sale of condominiums, homes,
and land.  The company also involves in the real estate
securitization business.  In addition, it sells environmental
sanitation products, including chlorine dioxide for disinfection
and deodorant, and infection prevention products; and LED lighting
products.  The company was founded in 1991 and is headquartered in
Osaka, Japan.


* SOUTH KOREA: Banks' Bad-debt Ratio Up to 1.98% Last Quarter
-------------------------------------------------------------
Bloomberg News reports that the Financial Supervisory Service said
South Korean banks' bad-debt ratio rose to 1.98% their total
lending last quarter as at least five builders sought court
receivership or debt restructuring.

Bloomberg relates that the FSS said the ratio as of March 31
climbed from 1.9% three months earlier.  Non-performing loans to
developers and builders for real estate projects increased to
18.01% from 16.44%.

The regulator said it plans to guide banks to reduce bad debts as
construction industry restructuring may deteriorate their loan
quality further.  Soured debts from property projects totaled 6.6
trillion won ($6.2 billion) as of March 31, it said.


* SOUTH KOREA: To Sell Seven Suspended Savings Banks
----------------------------------------------------
Reuters reports that South Korea's Financial Services Commission
said the government is seeking to sell seven suspended savings
banks as part of efforts to salvage the ailing sector.

Reuters relates that the FSC said in a statement sale notices for
the banks would be issued in May and preferred bidders selected in
June.

According to Reuters, the savings bank problem, triggered by
souring property loans after the global financial crisis, has
become a major issue for regulators in Asia's No.4 economy.

Reuters notes that large commercial lenders promised to cooperate
with the government to prevent any financial risks stemming from
insolvent real estate project-financing loans.

The country's 105 savings banks, with combined assets of KRW87
trillion, swung to an aggregate loss of KRW472.6 billion in the
fiscal year ended June 30, 2010, Reuters reports.


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


HAYAT GROUP: In Liquidation; Car Buyers Lose NZ$100,000 Deposits
----------------------------------------------------------------
Amelia Wade at the New Zealand Herald reports that nearly 40
people who bought cars on Trade Me have lost a combined NZ$100,000
after Hayat Group Ltd's owner, Omar Chaudhry, put his company into
voluntary liquidation.

Mr. Chaudhry ran an online car importing business through Hayat
Group, listing cars on his own website and Trade Me, the report
says.

The Herald relates that auction winners were asked to pay a 50%
deposit upfront so the cars could be shipped from overseas.
But 36 people lost their deposits when Mr. Chaudhry put the
company, of which he is the sole director and shareholder, into
voluntary liquidation at the start of this year, the report says.

According to the Herald, Mr. Chaudhry said he was forced to
liquidate his company because Customs confiscated two fully paid
BMWs, totalling NZ$50,000.

"I got stuck in the middle. I had no money to give back to the
people. I tried my very best," Mr. Chaudhry told the Herald.

The Herald adds Mr. Chaudry said he was upset so many lost so much
money and he was doing everything he could to repay them.

The liquidator, Pritesh Patel, has filed a civil case in the High
Court against a number of import companies Mr. Chaudhry bought the
cars through, the Herald reports.

If successful, Mr. Patel said he should be able to give a
"reasonable amount" back to the creditors who lost their deposits,
the report adds.

Hayat Group Ltd is an online car importing firm.


PIKE RIVER: Expressions of Interest Due May 5
---------------------------------------------
The New Zealand Press Association reports that expressions of
interests for Pike River Mine assets are due by Thursday, May 5.

Receiver John Fisk, of PricewaterhouseCoopers, said the
expressions were originally due Monday, May 2, but there had been
a delay in getting information, according to NZPA.

NZPA notes that this is the first stage of the sales process.
Potential buyers then sign a confidentiality agreement and are
allowed access to further information.

Mr. Fisk declined to say how many potential buyers there were.
State-owned Solid Energy has already said it is interested, NZPA
notes.

According to NZPA, the receivers are marketing the mining license,
access agreement and supporting plant and equipment.  The access
agreement is with the Department of Conservation and it can be
assigned to a buyer with the consent of the department, the report
notes.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


PIKE RIVER: Bathurst Resources Says Not Interested in Pike
----------------------------------------------------------
Pattrick Smellie at BusinessDesk reports Bathurst Resources Ltd.
is in trading halt on the New Zealand and Australian exchanges,
pending what managing director Hamish Bohannan said will be a
"positive" announcement as early as Tuesday morning.

Mr. Bohannan, which is based in Perth, Australia, is in
New Zealand at present, and told BusinessDesk Monday's trading
halt came ahead of news that was "all positive".  "Something will
come out of the woodwork, possibly tomorrow [May 3] morning,"
Mr. Bohannan told BusinessDesk.

However, BusinessDesk says, Mr. Bohannan confirmed that Bathurst
has no interest in the assets of the Pike River coal mine.  "We
have no interest in Pike," said Mr. Bohannan.  "We're open-cast
miners."

BusinessDesk says states that the Pike River mine has been placed
on the market following a tragic explosion last November than
claimed 29 lives and has closed the underground mine indefinitely.
State-owned coal miner Solid Energy Ltd. has expressed interest in
the development, and receiver John Fisk of PricewaterhouseCoopers
said there would be "an update of some sort" at the end of the
week.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd, the company that operates the coal mine where
29 miners died in a series of explosions in November 2010, was
placed into receivership in December 2010.  New Zealand Oil & Gas,
the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers.  The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas.  Pike River
also owed another estimated NZ$10 million to NZ$15 million to
contractors, including some of the men who lost their lives in the
disaster.


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


BIEI SHIPPING: Creditors' Proofs of Debt Due May 28
---------------------------------------------------
Creditors of Biei Shipping Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 28,
2011, to be included in the company's dividend distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


HIPPONA SHIPPING: Creditors' Proofs of Debt Due May 28
------------------------------------------------------
Creditors of Hippona Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


JSD CONSTRUCTION: Creditors' Proofs of Debt Due May 13
------------------------------------------------------
Creditors of JSD Construction Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 13, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          24 Raffles Place
          #21-03 Clifford Centre
          Singapore 048621


JUPPITER SHIPPING: Creditors' Proofs of Debt Due May 28
-------------------------------------------------------
Creditors of Juppiter Shipping Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 28, 2011, to be included in the company's dividend
distribution.

The company's liquidator is:

          Lau Chin Huat
          C/o 6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


KWAN HONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on April 15, 2011, to
wind up the operations of Kwan Hong Shipping Pte Ltd.

The Maritime and Port Authority of Singapore filed the petition
against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre, East Wing
         Singapore 069118


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


* BOND PRICING: For the Week April 25 to April 29, 2011
-------------------------------------------------------


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

  AUSTRALIA
  ---------

AINSWORTH GAME           8.00    12/31/2011   AUD       1.24
AMITY OIL LTD           10.00    10/31/2013   AUD       1.95
AMP GROUP FINANC         9.80    04/01/2019   NZD       0.96
AUSTRALIA COMM           3.00    07/29/2049   GBP       5.00
BECTON PROP GR           9.50    06/30/2010   AUD       0.25
EXPORT FIN & INS         0.50    12/16/2019   NZD      63.48
EXPORT FIN & INS         0.50    06/15/2020   AUD      60.34
EXPORT FIN & INS         0.50    06/15/2020   NZD      61.02
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.60
HEEMSKIRK CONSOL         8.00    04/29/2011   AUD       2.97
MINERALS CORP           10.50    09/30/2011   AUD       0.25
NEW S WALES TREA         1.00    09/02/2019   AUD      66.53
NEW S WALES TREA         0.50    09/14/2022   AUD      54.23
NEW S WALES TREA         0.50    10/07/2022   AUD      53.77
NEW S WALES TREA         0.50    10/28/2022   AUD      53.53
NEW S WALES TREA         0.50    11/18/2022   AUD      53.38
NEW S WALES TREA         0.50    12/16/2022   AUD      52.86
NEW S WALES TREA         0.50    02/02/2023   AUD      52.51
NEW S WALES TREA         0.50    03/30/2023   AUD      51.96
NEXUS AUSTRALIA          3.60    08/31/2017   AUD      74.63
NEXUS AUSTRALIA          3.60    08/31/2019   AUD      67.97
RESOLUTE MINING         12.00    12/31/2012   AUD       1.16
TREAS CORP VICT          0.50    08/25/2022   AUD      54.88
TREAS CORP VICT          0.50    11/12/2030   AUD      53.11
TREAS CORP VICT          0.50    11/12/2030   AUD      36.20


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      61.94
CHINA RAIL GRP           4.72    05/07/2014   CNY      58.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      58.00


  INDIA
  -----

POWER FIN CORP           8.99    01/15/2021   INR       9.25
PUNJAB INFRA DB          0.40    10/15/2024   INR      25.75
PUNJAB INFRA DB          0.40    10/15/2025   INR      23.36
PUNJAB INFRA DB          0.40    10/15/2026   INR      21.26
PUNJAB INFRA DB          0.40    10/15/2027   INR      19.41
PUNJAB INFRA DB          0.40    10/15/2028   INR      17.75
PUNJAB INFRA DB          0.40    10/15/2029   INR      16.27
PUNJAB INFRA DB          0.40    10/15/2030   INR      14.95
PUNJAB INFRA DB          0.40    10/15/2031   INR      13.76
PUNJAB INFRA DB          0.40    10/15/2032   INR      12.69
PUNJAB INFRA DB          0.40    10/15/2033   INR      11.73


  INDONESIA
  ---------
ADIRA FINANCE           14.00    05/13/2012   IDR      64.53


  JAPAN
  -----

AIFUL CORP               1.63    11/22/2012   JPY      54.83
AIFUL CORP               1.74    05/28/2013   JPY      47.88
AIFUL CORP               1.99    10/19/2015   JPY      37.94
COVALENT MATERIA         2.87    02/18/2013   JPY      63.55
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      59.53
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      59.82
SHINSEI BANK             5.62    12/29/2049   GBP      73.68
TAKEFUJI CORP            9.20    04/15/2011   USD       7.00
TOKYO ELECTRIC POWER     2.20    02/27/2029   JPY      74.86
TOKYO ELECTRIC POWER     1.95    07/29/2030   JPY      74.59
TOKYO ELECTRIC POWER     2.36    05/28/2040   JPY      72.59


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.12
ALIRAN IHSAN RES         5.00    11/29/2011   MYR       1.52
CRESENDO CORP B          3.75    01/11/2016   MYR       1.47
DUTALAND BHD             6.00    04/11/2013   MYR       0.41
DUTALAND BHD             6.00    04/11/2013   MYR       0.79
EASTERN & ORIENT         8.00    07/25/2011   MYR       1.36
EASTERN & ORIENT         8.00    11/16/2019   MYR       1.41
ENCORP BHD               6.00    02/17/2016   MYR       0.93
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.13
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.90
MITHRIL BHD              3.00    04/05/2012   MYR       0.59
NAM FATT CORP            2.00    06/24/2011   MYR       0.03
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.56
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.29
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.30
PANTECH GROUP            7.00    12/21/2017   MYR       0.11
PUNCAK NIAGA HLD         2.50    11/18/2016   MYR       0.50
REDTONE INTL             2.75    03/04/2020   MYR       0.07
RUBBEREX CORP            4.00    08/14/2012   MYR       0.80
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.81
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
TATT GIAP                2.00    06/03/2015   MYR       0.70
TRADEWINDS CORP          2.00    02/26/2016   MYR       0.85
TRADEWINDS PLANT         3.00    02/28/2016   MYR       1.60
TRC SYNERGY              5.00    01/20/2012   MYR       1.78
WAH SEONG CORP           3.00    05/21/2012   MYR       3.82
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.25
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.37


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

ALLIED FARMERS           9.60    11/15/2011   NZD      24.84
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       8.75
INFRATIL LTD             4.97    12/29/2049   NZD      60.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.28
NZF GROUP                6.00    03/15/2016   NZD      24.20
SKY NETWORK TV           4.01    10/16/2016   NZD       6.33
ST LAURENCE PROP         9.25    07/15/2010   NZD      30.66
TOWER CAPITAL            8.50    04/15/2014   NZD       0.96
TRUSTPOWER LTD           8.50    09/15/2012   NZD       6.55
TRUSTPOWER LTD           8.50    03/15/2014   NZD       7.00
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.01
VECTOR LTD               8.00    06/15/2012   NZD       6.50


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      43.00
CAPITAMALLS ASIA         1.00    01/21/2012   SGD       0.95
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       0.99
EQUINOX OFFSHORE        20.00    10/13/2011   SGD      75.00
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
NEXUS 1 PTE LTD         10.50    03/07/2012   USD       1.02
SENGKANG MALL            4.88    11/20/2012   SGD       0.04
UNITED ENG LTD           1.00    03/03/2014   SGD       1.62
WBL CORPORATION          2.50    06/10/2014   SGD       1.60


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.95
DONGSAN DEVELOPM         3.50    05/08/2011   KRW      16.27
DONGSAN TELECOM          6.00    07/02/2013   KRW      52.80
EPIVALLEY CO LTD         3.00    01/14/2014   KRW      60.39
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      70.12
GYEONGGI MUTUAL          8.50    01/22/2016   KRW      65.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      70.16
H K MUTUAL SAVIN         9.30    07/27/2011   KRW      72.65
HOPE KOD 1ST             8.02    06/30/2012   KRW      23.43
HOPE KOD 2ND            15.00    08/21/2012   KRW      30.45
HOPE KOD 3RD            15.00    09/30/2012   KRW      30.77
HOPE KOD 4TH            15.00    12/29/2012   KRW      32.03
HOPE KOD 6TH            15.00    03/10/2013   KRW      34.13
IBK 17TH ABS            25.00    12/29/2012   KRW      62.19
KB 13TH ABS             25.00    07/02/2012   KRW      64.82
KB 14TH ABS             23.00    01/04/2013   KRW      61.13
KDB 6TH ABS             20.00    12/02/2019   KRW      73.58
KEB 17TH ABS            20.00    12/28/2011   KRW      44.33
KOREA NAT HOUSIN         3.00    05/31/2015   KRW       0.01
KOREA NAT HOUSIN         3.00    12/31/2015   KRW       0.01
NACF 17TH ABS           20.00    06/03/2011   KRW      50.65
NACF 17TH ABS           25.00    07/03/2011   KRW      45.04
ONE KDB 1ST ABS          7.60    06/13/2011   KRW      38.31
OSAN MYTOWN 1ST          5.64    04/16/2012   KRW      63.56
OSAN MYTOWN 2ND          5.64    04/16/2012   KRW      69.83
PUSAN MET SUBWAY         2.50    07/31/2015   KRW       0.01
SAM BU CONSTRUCT         8.70    10/15/2011   KRW      20.86
SAM BU CONSTRUCT         7.70    03/11/2012   KRW      50.38
SEGYE TOUR CO            4.00    11/06/2012   KRW      68.97
SINBO 1ST ABS           15.00    07/22/2013   KRW      30.80
SINBO 2ND ABS           15.00    08/26/2013   KRW      33.79
SINBO 3RD ABS           15.00    09/30/2013   KRW      33.74
SINBO 4TH ABS           15.00    12/16/2013   KRW      27.80
SINBO 5TH ABS           15.00    02/23/2014   KRW      30.64
SINBO CO 1ST ABS        15.00    03/15/2014   KRW      30.53
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      30.36
SINGOK ABS               7.50    06/18/2011   KRW      56.22
SOLOMON MUTUAL B         8.50    10/29/2014   KRW      55.14
SOLOMON MUTUAL B         8.10    04/19/2015   KRW      50.12
TOMATO MUTUAL SA         8.40    03/12/2012   KRW      70.30
TOMATO MUTUAL SA         7.90    07/18/2015   KRW      60.15


SRI LANKA
---------

SRI LANKA GOVT           5.35    03/01/2026   LKR       64.28


THAILAND
--------

THAILAND GOVT            0.75    01/04/2022   THB       70.97


VIETNAM
--------

VIETNAM GOVT             0.75    01/04/2022   VND      60.36
VIETNAM MACHINE          9.20    06/06/2017   VND      69.96
VIETNAM SHIPBUIL         9.00    04/13/2017   VND      52.62
VIETNAM-PAR              4.00    03/12/2028   USD      73.00


                             *********

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., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.

Copyright 2011.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.





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