TCRAP_Public/120117.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, January 17, 2012, Vol. 15, No. 12

                            Headlines


B A N G L A D E S H

BIMAN: Asks Staff to Give Up 10% of Pay


C H I N A

SINO-FOREST CORP: Noteholders Waive Default Under Senior Notes


H O N G  K O N G

INTELLECT TELECOM: Commences Wind-Up Proceedings
KO CHUN: Wong and Arab Step Down as Liquidators
LUCKICO DEVELOPMENT: Leung Chi Appointed As Liquidator
MAHA NIRVANA: Cheung Hing Chik Steps Down as Liquidator
MANNES INTERNATIONAL: Huang Wei Sandy Appointed as Liquidator

PACIFIC CAPITAL: Au Wai Pong Raymond Appointed as Liquidator


I N D I A

APARNA INFRA: ICRA Reaffirms [ICRA[BB+ Fund-based Limit Rating
CITY REALTY: ICRA Assigns '[ICRA]BB+' to INR350cr Bank Limit
INDUS TROPICS: ICRA Reaffirms '[ICRA]bb' Cash Credit Rating
KINGFISHER AIRLINES: Parent Won't Use Alcohol Assets Carrier
JAWANDAMAL DHANNAMAL: ICRA Rates INR20cr LT Loan at '[ICRA]BB+'

MARUTHI TRADERS: ICRA Places '[ICRA]BB-' Rating on INR5cr Loan
NAVNEET MOTORS: ICRA Assigns '[ICRA]BB' Ratings to INR9cr Loan
REGENT STEEL: ICRA Assigns '[ICRA]B-' Rating to INR4cr Loan
SHREEJI CONSTRUCTION: ICRA Rates INR20Cr Loan at '[ICRA]BB-'
SHRI MAHABIR: ICRA Suspends '[ICRA'BB' Rating on INR15cr Loan

SHRIGOPAL RAMESHKUMAR: ICRA cuts INR27.5cr Loan Rating to 'BB'
SRI KRISHNA: ICRA Assigns '[ICRA]BB-' Rating to INR5cr Loan
SRI LAKSHMI: ICRA Revises rating on INR23.9cr Lan to 'BB-'
SRI LAXMI: ICRA Assigns '[ICRA]BB-' Rating to INR3cr Facilities
STONE INDIA: ICRA Cuts Rating on INR13.5cr Loan to '[ICRA]D'

SURAANA TEXTILE: ICRA Reaffirms '[ICRA]B' Term Loan Rating
SYNDICATE BANK: Moody's Revises Outlook on (P)Ba1 Debt Rating
VISHNUPRIYA HOTELS: ICRA Assigns '[ICRA]D' Rating to INR71cr Loan


J A P A N

DAIO PAPER: To Pare Four Consolidated Subsidiaries
L-JAC FIVE: S&P Lowers Ratings on 5 Certificate Classes to D
TOKYO ELECTRIC: Seeks Gov't OK to Raise Rates in March


N E W  Z E A L A N D

SOUTH CANTERBURY: Charges Details Disclosed; Names Suppressed


P H I L I P P I N E S

FIRST ASIA: SEC Shuts Down Company Over Fraudulent Practices
LAND BANK: Fitch Affirms LT Issuer Default Rating at 'BB'


V I E T N A M

VIETCOMBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings


X X X X X X X X

* BOND PRICING: For the Week Jan. 9 to Jan. 13, 2012


                            - - - - -



===================
B A N G L A D E S H
===================


BIMAN: Asks Staff to Give Up 10% of Pay
---------------------------------------
Dow Jones' DBR Small Cap reports that Biman, Bangladesh's cash-
strapped national carrier, said it had asked its staff to give up
10% of their wages for the next six months as it struggles to pay
for new airliners, Agence France-Presse reported.


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


SINO-FOREST CORP: Noteholders Waive Default Under Senior Notes
--------------------------------------------------------------
Sino-Forest Corporation disclosed that holders of a majority in
principal amount of its Senior Notes due 2014 and its Senior
Notes due 2017 have agreed to waive the default arising from the
Company's failure to release its 2011 third quarter financial
results on a timely basis.  The Company also announced the terms
under which its noteholders agreed to waive the default.

As disclosed in the Company's Dec. 18, 2011 press release, Sino-
Forest received written notices of default dated Dec. 16, 2011 in
respect of its two series of Senior Notes.  The notices
referenced the Company's previously disclosed failure to release
the Q3 Results on a timely basis.  The Company's breach of the
Senior Note Indentures relating to the Q3 Results could be waived
for a series of Senior Notes by the holders of at least a
majority in principal amount of that series.

Following extensive discussions with an ad hoc committee of
noteholders, holders of a majority in principal amount of the
Company's two series of Senior Notes agreed to waive the default.
The material terms of the waiver agreements are described below.

                   Payment of Interest on Notes

Pursuant to the waiver agreements, the Company has agreed to make
the US$9.775 million interest payment on its 2016 Convertible
Notes that was due on Dec. 15, 2011.  The Company also has agreed
to continue to pay when due interest on the Convertible Notes due
2013 and 2016 and on the Senior Notes due 2014 and 2017.

The Company has agreed to pay a waiver fee of 1% of the principal
amount to all holders of the Senior Notes due 2014 and 2017.  The
aggregate waiver fee to be paid is US$9,991,870.  In addition,
the Company has agreed to pay the fees of the advisors to the Ad
Hoc Noteholders.  Goodmans LLP and Hogan Lovells LLP are acting
as legal advisors to the Ad Hoc Noteholders.

                 Release of Q3 Financial Results

Sino-Forest has agreed to use its reasonable best efforts to
address outstanding issues noted in its press release dated
Dec. 12, 2011 in order to file its Q3 Results.

            Ontario Securities Commission Cease Trade Order

On Aug. 26, 2011, the Ontario Securities Commission issued a
temporary cease trade order against the Company and others. On
Sept. 8, 2011, the Company consented to an extension of the cease
trade order against the Company to Jan. 25, 2012.  The Company
has agreed to a further extension of the cease trade order, and
there are ongoing discussions between the Company and staff of
the Ontario Securities Commission with respect to the term of any
extension.  In the waiver agreements, the Company has agreed to
file an application to lift the cease trade order as soon as
practicable.

                   Maintenance of Cash Balances

The Company has agreed that it and its subsidiaries will maintain
in aggregate a minimum cash balance inside the People's Republic
of China (excluding Hong Kong) of US$165 million and a minimum
cash balance outside of the People's Republic of China (including
Hong Kong) of US$140 million.  The Company also has agreed to
take steps to manage liquidity and to monetize assets for the
repayment of the Company's indebtedness.

                             Strategic Plan

The Company has agreed to provide a strategic plan to the Ad Hoc
Committee Advisors on or before March 31, 2012, and to keep them
informed of the progress of this effort.  The strategic plan will
include an indicative timeline for any sale process, capital or
equity process and will address to the extent practicable such
other steps that are necessary to maximize value in respect of
the Company's assets.

                             Governance

The Company also has agreed that the constitution and size of,
and governance matters related to, the Board of Directors of the
Company and any committees, including the Strategic Restructuring
Committee of the Board of Directors, will be satisfactory to the
Ad Hoc Committee Advisors, on behalf of the Ad Hoc Noteholders,
by no later than March 31, 2012.  Thereafter, any governance
changes must be satisfactory to the Ad Hoc Committee Advisors on
behalf of the Ad Hoc Noteholders.  Sino-Forest has agreed that
there shall be no appointment of any new members to the Board of
Directors, senior officers or any chief restructuring officer
unless such appointment is on terms satisfactory to the Ad Hoc
Committee Advisors on behalf of the Ad Hoc Noteholders.

                      Access to Information

To the extent permitted by law and the terms of any contractual
confidentiality obligations, the Company has agreed to provide
the Ad Hoc Committee Advisors with access to the Company's
premises, assets, accounts, books and records, and to make
advisors to the Company and appropriate officers of the Company
with relevant information available for discussions with these
advisors.  The Ad Hoc Committee Advisors have executed
confidentiality agreements with the Company.  The waiver
agreements contemplate that the Ad Hoc Noteholders also may
receive confidential information upon execution of
confidentiality agreements in a form acceptable to the Company.

The Company has also agreed to keep the Ad Hoc Committee Advisors
reasonably informed regarding any material discussions with any
party with respect to any material transactions concerning the
Company. Where deemed appropriate by the Company, the Company
also will provide the Ad Hoc Noteholders or the Ad Hoc Committee
Advisors with an opportunity to participate in such discussions.

             Restrictions on Material Transactions
                and Shareholder Distributions

The waiver agreements also contain restrictions on the Company's
ability to enter into material transactions, sell all or
substantially all of its assets, and to enter into transactions
outside of the ordinary course of business.

The Company has agreed not to make or pay any dividend, charge,
fee or other distribution to its shareholders or subsidiaries.
The Company has agreed to restrictions on the additional
indebtedness it may incur.

             Final Report of the Independent Committee

The Company has agreed that the Independent Committee of the
Board of Directors will deliver its final report and that such
report will be made public by Jan. 31, 2012. Thereafter, any
residual matters or issues identified in the final report or
earlier reports of the Independent Committee shall be addressed
by the Company and its advisors in consultation with the Ad Hoc
Committee Advisors.

The Company believes that any residual matters or issues
identified by the Independent Committee are best and more
efficiently addressed by the Audit Committee or the Special
Restructuring Committee, working in consultation with the Ad Hoc
Committee Advisors.

               Conditions to and Termination of Waiver

The waiver will terminate on the earlier of April 30, 2012 and
any earlier termination of the waiver agreements in accordance
with their terms, unless extended by the parties.  The waiver
agreements contain covenants (many of which have to be satisfied
by March 31, 2012), the breach of which would entitle the Ad Hoc
Noteholders to terminate the waiver upon 30 days notice to the
Company.  In addition, the waivers will immediately terminate
upon the Company or any of its subsidiaries becoming subject to
certain insolvency, receivership or bankruptcy proceeding without
the prior written consent of holders of a majority of the
principal amount of the series of notes to which the waiver
relates.

                       About Sino-Forest

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited , a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.


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


INTELLECT TELECOM: Commences Wind-Up Proceedings
------------------------------------------------
Members of Intellect Telecom Limited, on Jan. 3, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Yan Tat Wah
         5/F, Dah Sing Life Building
         99-105 Des Voeux Road
         Central, Hong Kong


KO CHUN: Wong and Arab Step Down as Liquidators
-----------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Ko Chun Hing Dyeing & Finishing Factory Limited on
Dec. 23, 2011.


LUCKICO DEVELOPMENT: Leung Chi Appointed As Liquidator
------------------------------------------------------
Leung Chi Cheung Sandy on Jan. 6, 2012, was appointed as
liquidator of Luckico Development Limited.

The liquidator may be reached at:

         Leung Chi Cheung Sandy
         511, King Hei House
         Tung Hei Court
         Shaukiwan, Hong Kong


MAHA NIRVANA: Cheung Hing Chik Steps Down as Liquidator
-------------------------------------------------------
Cheung Hing Chik stepped down as liquidator of Maha Nirvana
Buddhist Society (Hong Kong) Limited on Dec. 31, 2011.


MANNES INTERNATIONAL: Huang Wei Sandy Appointed as Liquidator
-------------------------------------------------------------
Huang Wei Sandy on Jan. 10, 2012, was appointed as liquidator of
Mannes International Limited.

The liquidator may be reached at:

         Huang Wei Sandy
         Rm. 409, 4/F
         Tower 1, Silvercord Centre
         30 Canton Road
         T.S.T., Kowloon
         Hong Kong


PACIFIC CAPITAL: Au Wai Pong Raymond Appointed as Liquidator
------------------------------------------------------------
Au Wai Pong Raymond on Dec. 31, 2011, was appointed as liquidator
of Pacific Capital Remittance Limited.

The liquidator may be reached at:

         Au Wai Pong Raymond
         906, Hang Bong Commercial Centre
         28 Shanghai Street
         Tsimshatsui, Kowloon
         Hong Kong


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


APARNA INFRA: ICRA Reaffirms [ICRA[BB+ Fund-based Limit Rating
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating assigned to INR15.00
crore (revised from 29.65 crore) fund based limits and INR23.35
crore (revised from 45.35 crore) non-fund based limits of Aparna
Infra Private Limited. The outlook assigned to the long term
rating is stable.

The reaffirmation of the ratings takes into account AIPL's strong
parentage which lends financial flexibility and the vast
experience of its management in the construction industry. ICRA
continues to draw comfort from AIPL's association with Aparna
Constructions & Estates Pvt Ltd which has been consistently
supporting AIPL at an operational and financial level. However,
the rating is constrained by the limited track record of the
company which has inhibited its successful qualification for
higher value projects, and the moderate size of the pending order
book which provides limited visibility over the medium term.
Further, ICRA also takes note of low sectoral and geographic
diversity in AIPL's work-order portfolio. This apart, the rating
also factors in the susceptibility of the company's profitability
to adverse movement in raw material prices in absence of price
variation clauses, the relative concentration on low complexity
building works and the highly competitive business environment,
characterized by the presence of large number of players along
with a tender based contract award system, both of which keep
profitability under check.

Going forward, the ability of the company to consistently add new
orders, while maintaining satisfactory operating margins, will be
critical to short term growth of the company. ICRA also notes
that company's ability to successfully leverage its association
with ACEPL in receiving higher value contracts won by ACEPL in
the buildings construction space and other core infrastructure
sectors would aid revenue growth momentum of AIPL. Moreover, the
ability of AIPL in maintaining a comfortable capital structure
and coverage position, during the expected growth phase, would be
a key rating sensitivity.

With a heavy concentration of group's activities in real estate
development activities, the Aparna group as a part of their
strategic initiative set up Aparna Infra Pvt Ltd in-order to
diversify in its service offering and undertake infrastructure
development activities by executing third party contracts. The
company was incorporated in February 2008 by Mr. SS Reddy and Mr.
CV Reddy and is run by professional directors namely Mr. GJ Nixon
and Mr. JVS Anil Kumar who have more than two decades of
experience in the civil construction space.

The company reported revenue of INR121.54 crore and a profit
after tax of INR3.60 crore in FY2011.


CITY REALTY: ICRA Assigns '[ICRA]BB+' to INR350cr Bank Limit
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB+' to the
INR350 crore fund based limits of City Realty & Development
Private Limited. The long term rating is assigned a stable
outlook. ICRA has also withdrawn the '[ICRA]BB+' rating assigned
to the INR550 crore fund based limits of CRDPL as there is no
amount outstanding against the rated facilities.

The assigned rating favorably factors in the healthy occupancy
levels achieved for the retail space of the project supported by
the attractive location of the project in Pune; CRDPL's
flexibility to defer construction of the commercial portion based
on market conditions; improvement in terms of debt following
refinancing earlier higher-cost construction loans with lower-
cost LRD loans and the presence of experienced promoters as key
stakeholders in the project.

The rating is, however, constrained by the low cushion of lease
rentals over monthly debt servicing obligations at current
occupancy levels which could necessitate promoter's support
considering that the mall commenced operations recently
(August 2011) and retailers would require time for their
operations to stabilize and CRDPL's exposure to market risks,
especially for the commercial portion of the project.

                       About City Realty

CRDPL is a joint venture (JV) between Horizon Ventures V (a
retail-led mixed-use real estate focussed fund incorporated under
the laws of Mauritius) and City Corporation Limited (part of the
Pune-based City group) whose shareholdings in the company are 51%
and 49% respectively. CRDPL owns and operates the retail and
commercial segments of the Amanora Town Centre, which is part of
a larger 400-acre township project, Amanora Park Town, being
developed at Hadapsar in Pune. While the township will also
include a significant residential component and hotel space, they
do not fall within the purview of CRDPL. Construction of the
retail portion of the project began in August 2008 and the mall
was formally inaugurated in August 2011. The commercial portion
of the project is currently under construction.


INDUS TROPICS: ICRA Reaffirms '[ICRA]bb' Cash Credit Rating
-----------------------------------------------------------
The rating of '[ICRA]BB' has been reaffirmed for the INR5.00
crore cash credit facility of Indus Tropics Limited.  The outlook
on the long term rating is stable. The rating of '[ICRA]A4' has
been reaffirmed for the INR11.00 crore (enhanced from INR10.00
crore) Letter of Credit facility of ITL.

The ratings are constrained by ITL's relatively weak financial
profile characterized by low profitability and return indicators.
The ratings are further constrained by the highly competitive
business environment on account of a fragmented industry
structure and low entry barriers for new players and volatility
of profitability to fluctuations in timber prices and in exchange
rates as entire raw material requirement is currently being met
through imports.

The ratings, however, favorably factors in long experience of the
promoter group (Deccan group) in the timber business and
established veneer/plywood brand (Truwood); well diversified
client base and product mix; comfortable capital structure (with
gearing at 0.83 time as on FY11 end) and moderate demand outlook
for veneer manufactured from imported Burmese Gurjan logs.

                        About Indus Tropics

Indus Tropics Ltd was incorporated in April 2004 and is engaged
in the business of manufacturing veneer, plywood, block board and
flush doors from timber and trading of timber. The company is
based out of Gandhidham (Kutch District of Gujarat), near to the
Kandla port. The company is part of the Deccan Group which also
has control over other companies including Truwoods Pvt. Ltd.,
Maxworth Plywoods Pvt. Ltd., Deccan Veneers Pvt. Ltd., Ozurt
Systems Pvt. Ltd. and Alpine Panels Pvt. Ltd. which are present
in similar line of businesses.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR33.03 crore and profit after tax of
INR0.58 crore as against operating income of INR28.70 crore and
profit after tax of INR0.44 crore for the year ended 31st March
2010.


KINGFISHER AIRLINES: Parent Won't Use Alcohol Assets Carrier
------------------------------------------------------------
The Economic Times reports that a UB Group executive said Monday
that the group's overseas alcohol assets won't be used to raise
funds for the Indian conglomerate's struggling Kingfisher
Airlines Ltd subsidiary.  The long-planned share listing was not
imminent, the executive said.

UB Group, whose interests span alcohol, airlines, and sports
teams, is under pressure to find a solution to Kingfisher's
financial troubles as the carrier struggles to meet interest
payments, ET relates.

"Each of our businesses operates independently and no transfer of
resources is envisaged from one operating entity to another," UB
Group Chief Financial Officer Ravi Nedungadi told Reuters,
according to The Economic Times.  "From the day we acquired Whyte
& Mackay, we said we would consider listing it at some point. The
point is not now."

UB, controlled by the flamboyant Indian businessman Vijay
Mallaya, acquired Scottish whisky brand Whyte & Mackay (W&M) in
2007 for GBP595 million (US$909 million), ET discloses.

"Any plans we may have for W&M have nothing to do with Kingfisher
Airlines," UB Group spokesman Prakash Mirpuri told Reuters, ET
reports. "However, there are no immediate plans in the offing,"
Mr. Mirpuri said.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                        *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 16, 2011, The Economic Times said Kingfisher Airlines Ltd.
has found itself parrying questions about its survival after its
auditor raised doubts over the company's ability to stay in
business for long.  Audit firm BK Ramadhyani & Co, which
examined the books of the airline, said in remarks published in
the airline's annual report that Kingfisher's ability to remain a
"going concern" will depend on its promoters bringing in money
into the company.  The auditors also said Kingfisher has not
deposited with the government money it collected from employees
as tax deducted at source and provident fund contribution,
painting a dire picture of the airline's finances, The Economic
Times reported.


JAWANDAMAL DHANNAMAL: ICRA Rates INR20cr LT Loan at '[ICRA]BB+'
---------------------------------------------------------------
ICRA has placed the '[ICRA]BB+', with 'Stable' outlook, rating
assigned to the INR20.00 Crore long term fund based bank
facilities and '[ICRA]A4+' rating to the INR61.00 Crore short
term non-fund based bank facilities of Jawandamal Dhannamal on
notice of withdrawal for 90 days at the request of the company.
The INR20 crore long term fund based limit is a sublimit of the
short term non-fund based limit such that the overall limit does
not exceed INR61 crore. As per ICRA's policy, the ratings will be
withdrawn after 90 days from the date of this withdrawal notice.

Jawandamal Dhannamal is a proprietary concern managed by Mr.
Devkinandan Gupta. The firm is in the business of trading of Iron
and steel scrap and also in the ship breaking business carried
out at Alang in Gujarat. JD buys scrap both from domestic market
and abroad and sells the same in domestic market. The firm has
its head office at Mumbai, a warehouse at Kalamboli in
Maharashtra.


MARUTHI TRADERS: ICRA Places '[ICRA]BB-' Rating on INR5cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR5.00 crore fund based facilities of Maruthi Traders. ICRA has
also assigned a short-term rating of '[ICRA]A4' to the INR10.00
crore non-fund based facilities of MT. The outlook on the long-
term rating is stable.

The assigned ratings consider the significant experience of the
promoter group in the timber trading business and the established
relationship with the suppliers, enabling timely availability of
timber for the group. The ratings are however constrained by the
relatively modest of group's operations restricting economies of
scale, competitive pressure owing to low entry barriers and the
availability of timber which is dependent on the trade
regulations prevailing in the supplying market. The rating are
also tempered by the stretched financial profile of the group
characterised by high working capital intensity with high
collection and inventory period and low profitability with the
margins vulnerable to volatility in timber prices and fluctuation
in exchange rates.

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of Sri
Sharadha Timbers, Sri Laxmi Saw Mill, Sri Krishna Timbers and
Maruthi Traders. The entities are collectively referred to as
group.

                       About Maruthi Traders

Maruthi Traders is a proprietorship firm promoted by Mr.Prakash N
Patel. The firm was established in the year 2002, and is in the
business of sawing and trading of timber, mainly imported wood.
Located at Pondicherry, the entity imports various types of
timber from Myanmar, Indonesia, Malaysia, Papua New Guinea, South
America, New Zealand and Africa and saws them at its saw mill
site as per the requirements of the customers. The types of
timber that are imported by the firm are Teak, Padouk, Pine,
Kwila and Pyinkado. MT's customers include dealers, wholesalers
and retailers. The entity also has offices outside India, which
act as timber procurement arms thus avoiding middlemen during the
timber procurement process.

Recent Results:

MT reported net profit of INR0.3 crore on operating income of
INR20.2 crore in 2010-11 against net profit of INR0.2 crore on
operating income of INR12.5 crore in 2009-10.


NAVNEET MOTORS: ICRA Assigns '[ICRA]BB' Ratings to INR9cr Loan
--------------------------------------------------------------
ICRA has assigned '[ICRA]BB' ratings to the INR9.0 Crore bank
facilities of Navneet Motors. The long term rating has been
assigned a 'Stable' outlook.

The rating factors in favourably the experience of the promoters
and the company's long-standing relationship with Maruti Suzuki
India Limited and Ashok Leyland Limited as one of the oldest
authorised dealers of both the OEMs in Rajasthan. The ratings
also take comfort from the growth in revenue and increased scale
of operations as well as expanding geographic coverage by opening
new outlets. The rating, however, is constrained by the company's
modest scale of operations, the low profitability margins as well
as high working capital intensity, generally characteristic to
the auto dealership business. The rating also take into account
the company's stretched capital structure with gearing levels of
3.0 times (as of March 2011, most of the debt pertains to working
capital borrowing) and limited financial flexibility. The ability
of Navneet Motors to register growth in its operating revenues
amid the increasing competitive intensity in its area of
operation as well as manage its working capital intensity would
remain key rating sensitivities going forward.

                      About Navneet Motors

Navneet Motors was started in 1983 by Mathur Family as an Ashok
Leyland's commercial vehicle dealership with one showroom at
Udaipur. In 1986, the company ventured into a new dealership of
Maruti Suzuki India Limited and became the second appointed
dealer of MSIL in Rajasthan. Thereon, Navneet Motors has grown
its showroom base with an additional 3S facility for its MSIL
dealership within Udaipur. The company is now also operating MSIL
showrooms and service workshops at Banswara, Dungarpur and
Sirohi. It has also set up an Ashok Leyland showroom in Rajsamad
district in Rajasthan.

Navneet Motors also engages in contractual job work for telecom
companies like reliance and TATA for laying of optic fiber cables
and also gets contracts for the laying of sewerage lines etc. In
addition the company deals in steel fabrication work from time to
time.

The Company is managed by Mr. Lalit N. Mathur (son of Late Shri
Swaroop Narain Mathur who was the founder of the Mathur Group of
companies).

Recent Results:

In 2010-11, Navneet Motors recorded an operating income of
INR162.6 crore. The company's operating profit before
depreciation, interest and tax stood at INR1.6 crore. The company
recorded a profit of INR0.4 crore at net profit level.


REGENT STEEL: ICRA Assigns '[ICRA]B-' Rating to INR4cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR4.00
crore cash credit limits and INR1.00 crore unallocated bank
facilities of Regent Steel Industries.

The ratings take into account RSI's moderate scale of operations,
highly leveraged capital structure, and low profitability
metrics. The ratings also take into consideration the sharp
decline in the firm's operating income in FY 2010-11, and the
susceptibility of the firm's profitability to adverse movements
in raw material prices. However, the ratings draw comfort from
the long experience of promoters and strong relationship with its
client base. The assigned ratings also positively factor in the
firm's favorable location which places it in close proximity to
its customers.

RSI is engaged in trading of HMS scrap and other steel products
including billets, blooms, slabs and ingots. RSI is a
proprietorship firm, and was established in 1985. The firm is
based out of Mandi Gobindhgarh, Punjab. In FY 2010-11, the
company reported an operating profit of INR29.3 crore and a
profit after tax of INR0.23 crore.


SHREEJI CONSTRUCTION: ICRA Rates INR20Cr Loan at '[ICRA]BB-'
------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB-' to the INR20
crore Fund Based and Non-Fund Based bank facilities of Shreeji
Construction. The outlook on the long term rating is Stable.

The rating is constrained by the small scale of operations of the
Shreeji, focused primarily on construction of roads and minor
bridges; risk of capital withdrawal on account of proprietorship
nature of business which could adversely impact the networth and
gearing levels. The rating also factors in significant client
concentration risk with top 3 clients contributing to -95% of the
order book. The rating however, draws comfort from the long track
record of the firm in the construction industry; healthy
unexecuted order book of INR166.67 crore as on November 30, 2011
and moderate gearing of 0.95 x as on March 31, 2011 coupled with
favourable debt coverage indicators. Going forward, the ability
of the firm to scale up its operations through timely execution
of contracts while managing its working capital requirements are
key rating sensitivities.

Incorporated in 1989, Shreeji Construction is a proprietorship
concern based in Mumbai. The firm is primarily operates as a
civil contractor and construction company. It specializes in
roads, drains and allied activities and operated primarily in
Mumbai and its suburbs.

Recent results:

The firm reported an operating income of INR19.71 crore and PAT
of INR1.38 crore till November 30, 2011.


SHRI MAHABIR: ICRA Suspends '[ICRA'BB' Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has suspended the '[ICRA]BB' rating assigned to the INR15.00
crore, long term fund based facilities of Shri Mahabir Dyeing and
Printing Mills Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years

Incorporated in 1982, Shri Mahabir Dyeing & Printing Mills Pvt.
Ltd. is engaged in dyeing and printing of cotton fabrics. SMD
primarily manufactures Cotton Printed & embroidered sarees, plain
& printed blouse pieces & dress material. SMD sells mainly in the
domestic market caters to the lower income groups in small towns
and villages. SMD has its manufacturing units at Dombiwali, and a
registered office in Kalbadevi, Mumbai


SHRIGOPAL RAMESHKUMAR: ICRA cuts INR27.5cr Loan Rating to 'BB'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR27.50
crore1 fund based limits of Shrigopal Rameshkumar Sales Private
Limited from '[ICRA]BB+' to '[ICRA]BB'. ICRA has also revised the
short term rating assigned to the INR0.50 crore non-fund based
limits of SRSPL from '[ICRA]A4+' to '[ICRA]A4'. The outlook
assigned to the long term rating is "Stable".

The ratings revision factors in the deterioration in financial
profile as reflected by the highly leveraged capital structure
with weak coverage indicators and stretched liquidity position
resulting in full utilization of bank limits over the past twelve
months. The ratings also incorporate the thin profit margins as
inherent in the trading business which are also constrained by
the fluctuating cotton prices and the highly competitive and
regulated nature of the cotton industry. The ratings however
continue to consider the rich experience of the promoters in the
cotton trading business; the company's long standing relationship
with its client base and the benefits it would derive due to its
integration into the cotton ginning business.

                     About Shrigopal Rameshkumar

Shrigopal Rameshkumar Sales Private Limited, a part of the
Shrigopal Rameshkumar group was incorporated in 1996 and is
engaged in trading of cotton. It has also commenced cotton
ginning operations from February 2011. The company has been
accredited as a "Recognized Star Export House" by the Government
of India. The company has its cotton ginning factory in Mohali
village, Nagpur and its registered office in Nagpur city.

Recent Results:

SRSPL recorded a net profit of INR2.72 crore on an operating
income of INR347.06 crore for the year ending March 31, 2011. For
the half year ended Sept. 30, 2011 SRSPL recorded a net profit of
INR1.95 crore on an operating income of INR177.28 crore
(Provisional numbers).


SRI KRISHNA: ICRA Assigns '[ICRA]BB-' Rating to INR5cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR5.00 crore fund based facilities of Sri Krishna Timbers.  ICRA
has also assigned a short-term rating of '[ICRA]A4' to the
INR10.00 crore non-fund based facilities of SKT. The outlook on
the long-term rating is stable.

The assigned ratings consider the significant experience of the
promoter group in the timber trading business and the established
relationship with the suppliers, enabling timely availability of
timber for the group. The ratings are however constrained by the
relatively modest scale of group's operations restricting
economies of scale, competitive pressure owing to low entry
barriers and the availability of timber which is dependent on the
trade regulations prevailing in the supplying market. The rating
are also tempered by the stretched financial profile of the group
characterised by high working capital intensity with high
collection and inventory period and low profitability with the
margins vulnerable to volatility in timber prices and fluctuation
in exchange rates.

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of Sri
Sharadha Timbers, Sri Laxmi Saw Mill, Sri Krishna Timbers and
Maruthi Traders. The entities are collectively referred to as
"group".

                   About Sri Krishna Timbers

Sri Krishna Timbers is a proprietorship firm promoted by
Mr. Dinesh N Patel. The firm was established in the year 2002,
and is in the business of sawing and trading of timber, mainly
imported wood. Located at Pondicherry, the entity imports various
types of timber from Myanmar, Indonesia, Malaysia, Papua New
Guinea, South America, New Zealand and Africa and saws them at
its saw mill site as per the requirements of the customers. The
types of timber that are imported by the firm are Teak, Padouk,
Pine, Kwila and Pyinkado. MT's customers include dealers,
wholesalers and retailers. The group also has offices outside
India, which act as timber procurement arms thus avoiding
middlemen during the timber procurement process.

Recent Results:

SKT reported net profit of INR0.4 crore on operating income of
INR20.1 crore in 2010-11 against net profit of INR0.3 crore on
operating income of INR12.6 crore in 2009-10.


SRI LAKSHMI: ICRA Revises rating on INR23.9cr Lan to 'BB-'
----------------------------------------------------------
ICRA has revised the long-term rating to '[ICRA]B+' from
'[ICRA]BB-' for INR23.90 crore fund-based limits and INR0.15
crore non-fund based limits of Sri Lakshmi Narasimha Spinning
Mills (India) Private Limited. ICRA has reaffirmed the short term
rating assigned to INR1.75 crore non-fund based limits of SLNSML
at '[ICRA]A4'.

The revision in ratings factor in deterioration in coverage
indicators due to lower operating profit margins in FY11 compared
to FY10; unfavourable demand outlook for cotton yarn with
significant decline in spread between cotton and yarn prices &
consequent inventory losses likely to impact the margins during
current year; and limited pricing power owing to small scale of
operations, commoditized nature of the product & highly
fragmented nature of the industry. The ratings are also
constrained by weak financial profile characterized by a high
gearing of 3.90 times as on March 31, 2011 due to significant
debt funded capital expansion coupled with high working capital
borrowings. Further the proposed debt funded capital expansion is
likely to have adverse impact on capital structure and coverage
indicators.

The ratings however favorably factor in upgradation of 6,000
spindles to compact ring spun from normal ring spun & addition of
value added machineries in the last 18 months to improve
operational efficiency and realizations; strong growth in
operating income in FY11 albeit on small base; and experience of
the promoters in the cotton industry. The ratings also factor in
the easy availability of raw materials owing to proximity to
cotton growing areas of Guntur and low power cost in the state
with fiscal incentives offered by the state government.

                       About Sri Lakshmi

Sri Lakshmi Narasimha Spinning Mills (India) Private Limited was
promoted by K. Poli Reddy, K. Rajasekhar Reddy and K. Narasimha
Reddy. The company was incorporated in 2005. SLNSML is a Guntur
(Andhra Pradesh) based yarn manufacturing company producing 40s,
44s & 64s carded and combed cotton yarn. The Company commenced
commercial production in July 2008 and has current installed
capacity of 15,600 spindles with 6,000 combed spindles capacity.

Recent Results:

As per the provisional numbers, SLNSML has recorded operating
income of INR15.72 crore and PAT of INR0.41 crore in H1 FY12.


SRI LAXMI: ICRA Assigns '[ICRA]BB-' Rating to INR3cr Facilities
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR3.00 crore fund based facilities of Sri Laxmi Saw Mill. ICRA
has also assigned a short-term rating of '[ICRA]A4' to the
INR10.00 crore non-fund based facilities of SLSM. The outlook on
the long-term rating is stable.

The assigned ratings consider the significant experience of the
promoter group in the timber trading business and the established
relationship with the suppliers, enabling timely availability of
timber for the group. The ratings are however constrained by the
relatively modest of group's operations restricting economies of
scale, competitive pressure owing to low entry barriers and the
availability of timber which is dependent on the trade
regulations prevailing in the supplying market. The rating are
also tempered by the stretched financial profile of the group
characterised by high working capital intensity with high
collection and inventory period and low profitability with the
margins vulnerable to volatility in timber prices and fluctuation
in exchange rates.

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profile of Sri
Sharadha Timbers, Sri Laxmi Saw Mill, Sri Krishna Timbers and
Maruthi Traders. The entities are collectively referred to as
group.

                         About Sri Laxmi

Sri Laxmi Saw Mill is a partnership firm jointly promoted by Mr.
Narashia Manji Patel, Mr.Manji Ramji Patel and Ms.Laxmi. The firm
was established in the year 1999, and is in the business of
sawing and trading of timber, mainly imported wood. Located at
Pondicherry, the entity imports various types of timber from
Myanmar, Indonesia, Malaysia, Papua New Guinea, South America,
New Zealand and Africa and saws them at its saw mill site as per
the requirements of the customers. The types of timber that are
imported by the firm are Teak, Padouk, Pine, Kwila and Pyinkado.
SLSM's customers include dealers, wholesalers and retailers. The
entity also has offices outside India, which act as timber
procurement arms thus avoiding middlemen during the timber
procurement process.

Recent Results:

SLSM reported net profit of INR0.2 crore on operating income of
INR15.6 crore in 2010-11 against net profit of INR0.1 crore on
operating income of INR10.3 crore in 2009-10.


STONE INDIA: ICRA Cuts Rating on INR13.5cr Loan to '[ICRA]D'
------------------------------------------------------------
ICRA has revised downwards the rating of the INR13.50 crore term
loan (reduced from INR28 crore) and the INR25.07 crore cash
credit facility (enhanced from INR20.00 crore) of Stone India
Limited  from '[ICRA]BB+' to '[ICRA]D'. ICRA has also revised
downwards the rating of the INR10.37 crore short term non fund
based facility (enhanced from INR8.00 crore) of the company from
'[ICRA]A4+' to '[ICRA]D'.

The rating action primarily reflects the delays made by SIL
recently in honouring its debt service obligations. The revised
rating also reflects the liquidity pressure of the company
because of its working capital intensive nature of operations,
leading to frequent overutilization of its sanctioned bank
limits. The rating also takes into account the concentration risk
for the company, given that more than 80% of its sales are made
to Indian Railways (IR), the exposure of SIL's profitability to
raw material price fluctuations, with the orders from Indian
Railways being fixed price in nature, thus not allowing the
company to pass on cost increases, and the practice of IR to
award orders through a tendering process, thus driving down the
profitability of such contracts and limiting the scope for margin
expansion. The rating also takes into consideration the positive
outlook on demand of railway safety items, the established track
record of SIL of over 70 years as a supplier of various
electrical and safety equipment to IR, the company's technical
capabilities and the leading market position in certain segments
like pantographs, valves and slack adjusters. The rating also
takes into account the high share of replacement sales in the
revenue of SIL, which is a source of steady income, and a
significant proportion of spares business that is inherently more
profitable. SIL has a number of technical tie-ups with various
international players for new products. ICRA notes that the
company is currently at various stages of development of a number
of new and innovative products, which is likely to diversify the
company's revenue mix, post successful commercialization of the
same.

SIL is a multi-product engineering company located in Kolkata. It
is in the business of manufacturing electrical and mechanical
equipments like brakes, alternators, pantographs, etc. for the
Indian Railways. SIL is a part of the Kolkata based Duncan Goenka
group, which has interests in fertilizer, tea, paper, cement and
other industries.

Recent Results:

SIL has posted a net profit of INR2.82 crore on an operating
income of INR52.25 crore during the period April - September,
2011. SIL registered a profit after tax of INR4.56 crore on
operating income of INR91.65 crore during 2010-11.


SURAANA TEXTILE: ICRA Reaffirms '[ICRA]B' Term Loan Rating
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' outstanding
on the INR7.17 crore term loan facilities, INR4.50 crore fund
based facilities and INR0.05 crore non fund based facilities of
Suraana Textile Mills Private Limited. ICRA has also reaffirmed
the short term rating of '[ICRA]A4' outstanding on the INR2.00
crore non-fund based facilities of STMPL.

The re-affirmation of ratings considers the operational and
financial support enjoyed by the company from its group entities
through access to power at relatively lower cost and also
interest free unsecured loans and over two decades of experience
of the promoters in the business. However, the ratings continue
to be constrained owing to the weak operational performance of
the company in the current fiscal owing to the slowdown in yarn
demand. Revenues and profitability of the company have been
impacted in the current fiscal on account of moderation of
volumes and fall in yarn realizations, where the presence of the
company in the blended yarn segment has limited the losses
incurred. The capital structure of the company is stretched owing
to the debt funded capital expenditure and modest accruals in the
past. The ratings also factor in the limited pricing flexibility
owing to the small scale of operations, high customer
concentration and intense competition in a fragmented industry,
exposing the earnings to the fluctuations witnessed in raw
material prices. The ability of the company to sustain its
volumes and improve its margins going forward would remain key
rating sensitivities.

                       About Suraana Textile

Suraana Textile Mills Private Limited was incorporated in 1991
and presently has a capacity of 17904 spindles. The promoters
have about 20 years of experience in hosiery cotton yarn and grey
fabric business in both the domestic as well as export markets
before switching over to polyester/blended yarn in 2008. In
addition, the promoter group also has interests in the
educational sector, garments manufacturing and exporting, medical
transcription and fuel retail outlet. The company has its
manufacturing facility at Coimbatore and primarily operates in
the domestic market in the medium count range.

Recent Result:

The company has made a net loss of INR0.3 crore on an operating
income of INR8.9 crore during the six months ended September
2011.


SYNDICATE BANK: Moody's Revises Outlook on (P)Ba1 Debt Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed all Syndicate Bank's local
currency deposit ratings and all its debt ratings. At the same
time, it has revised the outlook on these ratings to negative
from stable. The affected ratings are its Baa2/P-2 local currency
deposits, Baa2 foreign currency senior unsecured debt, (P)Baa2
foreign currency senior unsecured debt program, (P)Baa3 foreign
currency subordinated debt program and (P)Ba1 foreign currency
junior subordinated debt program. The outlook on the foreign
currency deposit rating of Baa3/P-3 is stable, as this rating has
been constrained by the sovereign ceiling for foreign currency
deposits and is already below the unconstrained foreign currency
senior unsecured debt rating. The change in the outlook reflects
a negative outlook being assigned to the bank financial strength
rating (BFSR), of D+, mapping to a baseline credit assessment
(BCA) of Ba1.

Ratings Rationale

"The revision in the rating outlook factors in the increasingly
challenging operating environment for Indian banks. As Syndicate
Bank has a weaker franchise than other Indian banks rated Baa2 by
Moody's, its rating is more vulnerable to potential deterioration
in financial strength in the current environment. Moody's
believes the bank's franchise is weaker than other Indian banks
rated Baa2 and is unlikely to significantly change over the next
few quarters", says Vineet Gupta, a Moody's Vice President and
Senior Analyst.

Asset quality indicators are deteriorating. Its gross NPL ratio
reached 2.38% at end-September 2011 (2.24% at end-September
2010). Over the next few quarters, given the trend in increasing
levels of gross NPLs and net NPLs and expected stress in the
restructured loan portfolio, Moody's expects that Syndicate Bank
could report a gross NPL ratio in excess of 2.5% and net NPLs to
net advances of over 1.25%. "Given the local economic slowdown,
which is expected to impact the financial position and repayment
capacity of borrowers, asset quality indicators could further
deteriorate", adds Gupta.

During the six-month period ending September 2011, net interest
margins declined to 3.26% (3.32% as of end-September 2010),
driven by an increase in costs of funds. Over the next few
quarters, Moody's expects the costs of funds to continue rising
as maturing deposits are re-priced at a higher interest rate,
increasing pressure on net interest margins. "Apart from
pressures on net interest margins, Syndicate Bank compares
unfavorably to other Baa2-rated Indian banks in terms of its low
fee income share -- at 8% of total income -- due to its franchise
as a mid-sized public sector bank", adds Gupta.

The bank's ratings could be downgraded if net NPLs increase to
over 1.25% of net loans, and/or if there is a decline in the
return on average risk weighted assets below 0.75%. If Syndicate
fails to maintain a core tier I capital ratio of 8% or above, its
ratings would also see downward pressure. Any decline in the
bank's franchise - as seen by a decline in the market share of
deposits or loans to less than 2% -- and a further increase in
the proportion of bulk purchased deposits in its total funding
mix would also likely trigger a rating revision.

Given the negative outlook on the ratings, an upgrade is unlikely
during the next one to two years.

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007 and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

Syndicate Bank, headquartered in Bangalore, had assets of
INR1,565.39 billion as of 31 March 2011.


VISHNUPRIYA HOTELS: ICRA Assigns '[ICRA]D' Rating to INR71cr Loan
-----------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]D' to INR71.00 crore
bank facilities and short term rating of '[ICRA]D' to INR3.00
crore bank facilities of Vishnupriya Hotels & Resorts Pvt Ltd.

The assigned rating is primarily constrained by the past delays
in servicing debt and interest payment obligations by VHPL. On
account of delays in construction, VHPL was able to launch the
hotel for commercial operations only in April 2011, a delay of 24
months over the expected CoD of March 2009, against which debt
repayment commenced in Q1 FY 2012, thus resulting in insufficient
time for stabilization of operations before commencement of debt
repayments. Further, VHPL's relatively high capital costs on
account of design changes and time and cost overruns and the
relatively high management and licensing fees to be paid to
Sheraton/JHMI are both expected to impact future profitability.
The rating is also constrained by the cyclicality of demand in
Vizag and the recent additions in supply of 5-star hotel rooms.
However, the rating draws comfort from the suitable location of
the property, catering mainly to business travelers, and the
association with the Sheraton Group which opens up the world wide
advertising, marketing and room reservation resources of the
hotel chain.

VHPL has been promoted by Mr K Sarat Kumar and is a closely held
private limited company. The company has set up a five star
property in Visakhapatnam at Waltair Road which is situated close
to the central business district and shopping destinations of the
city. The hotel consists of 123 rooms including 4 suites and is
developed on a land parcel of 9000 sq yards. The hotel started
commercial operation as "Four Points, Visakhapatnam" in April
2011 and the final project cost is expected to be around INR105
crores. The management and license contract is signed with JHMI
and Sheraton.


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


DAIO PAPER: To Pare Four Consolidated Subsidiaries
--------------------------------------------------
Kyodo News reports that scandal-hit Daio Paper Corp. said
Saturday it will scratch four companies from its list of
consolidated subsidiaries after kicking its former chairman off
the board of directors over his massive borrowings from group
companies.

Since former Chairman Mototaka Ikawa and his father Takao Ikawa,
who was an advisor, have left the board but still own large
stakes in dozens of subsidiaries, the company will apply the new
group coverage scheme starting with its earnings report for the
period covering April to December last year, the news agency
relates.

Kyodo News notes that the company will also turn 24 of the 37
subsidiaries into equity method affiliates in which it has up to
50% of the voting rights, although total holdings will decline
because of the pair's departure.

The company said it is calculating the impact the changes will
have on its performance and announce them in the near future, the
report relates.

Kyodo News relates that Mr. Ikawa, grandson of the founder, and
other members of the family held a majority of the voting rights
in many of the subsidiaries, including via family-owned
businesses, but until the scandal, Daio Paper had considered them
as identical with its management in terms of decision-making.

The four companies to lose subsidiary status are Daio Package
Chubu Inc.; Daio Engineering Co.; Kyushu Daio Paper Packaging;
Corp. and Fuji Paper Supply Co., the report discloses.

Headquartered in Tokyo, Japan, Daio Paper Corporation
manufactures, processes, and sells paper and pulp products.


L-JAC FIVE: S&P Lowers Ratings on 5 Certificate Classes to D
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its ratings on the class E-1 to I-1 trust certificates
issued under the L-JAC Five Trust Beneficial Interest (L-JAC
Five) transaction.

"On Dec. 12, 2011, we downgraded classes E-1 to I-1 to 'CC (sf)'
from 'CCC- (sf)'. The downgrades reflected our view of the
likelihood of these five classes incurring losses because the
servicer had waived part of the principal on one of the
transaction's remaining loans after completing the sale of the
related collateral property, thereby impairing the loan. The loan
originally represented about 8% of the initial issuance amount of
the trust certificates. We lowered to 'D (sf)' our ratings on
classes E-1 to I-1 because we have learned that the outstanding
principal on these classes has been written off following the
impairment of the loan," S&P said.

"Of the 20 loans (effectively 13 loans because some of the loans
are in cross-collateral and cross-default) that initially backed
the trust certificates, effectively six loans remain, five of
which have defaulted. The six loans originally represented a
combined 32% or so of the initial issuance amount of the trust
certificates. In addition, apart from the transaction's six
remaining loans, there are two loans for which the sales of the
related collateral properties have been completed but final
calculations at the loan level have not yet been completed. These
two loans originally represented a combined 24% or so of the
initial issuance amount of the trust certificates," S&P said.

"L-JAC Five is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
originally secured by effectively 13 loans, and the loans were
originally backed by 81 real estate properties and real estate
beneficial interests. Premier Asset Management Co. acts as the
servicer for this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal on
the class E-1 to I-1 trust certificates by the transaction's
legal final maturity date in August 2015," S&P said.

           Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com

Ratings Lowered
L-JAC Five Trust Beneficial Interest
JPY63.63 billion Floating-rate trust certificates due August 2015

Class   To       From      Initial issue amount   Coupon type
E-1     D (sf)   CC (sf)   JPY0.5 bil.              Floating rate
F-1     D (sf)   CC (sf)   JPY0.5 bil.              Floating rate
G-1     D (sf)   CC (sf)   JPY0.5 bil.              Floating rate
H-1     D (sf)   CC (sf)   JPY0.53 bil.             Floating rate
I-1     D (sf)   CC (sf)   JPY0.56 bil.             Floating rate


TOKYO ELECTRIC: Seeks Gov't OK to Raise Rates in March
------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. Executive Vice
President Takashi Fujimoto said the company will seek permission
from the government to raise household rates in March or later
after discussing the matter with the government-backed entity
providing financial support to the beleaguered utility.

Mr. Fujimoto told reporters Thursday that the operator of the
crippled Fukushima No. 1 nuclear plant will also consider seeking
an injection of public funds when it compiles a special business
plan with the entity by March, according to the news agency.

According to the report, Mr. Fujimoto's remarks on electricity
rates suggested TEPCO has adopted a more humble approach to the
contentious issue after Minister of Economy, Trade and Industry
Yukio Edano criticized its argument in late December that hiking
rates is a "business operator's right."

Mr. Fujimoto, as cited by Kyodo, said the company will discuss
rate hikes with the Nuclear Damage Liability Facilitation Fund
and then make a request to the government.

The news agency relates that TEPCO plans to follow that procedure
because it is "now receiving huge assistance from the government"
to pay compensation to people and businesses affected by the
nuclear crisis.

"The comprehensive special business plan is about the company's
medium- and long-term revenues and expenses. So we expect
discussions (on electricity bill hikes) to take place there, and
apply for hikes as soon as we gain approval," the report quotes
Mr. Fujimoto as saying.

TEPCO has already declared it plans to raise electricity rates
for corporate users in April.  This does not require government
approval, the report says.

Mr. Fujimoto said Thursday that TEPCO also wants to discuss "the
issue of allowing (the government) to increase its stake (in the
utility) in the comprehensive special business plan," Kyodo News
reports.

                       About Tokyo Electric

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co.  The ratings confirmed include its senior
secured rating of Ba2, long-term issuer rating of B1, and
Corporate Family Rating of Ba3.  The ratings outlook is negative.


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


SOUTH CANTERBURY: Charges Details Disclosed; Names Suppressed
-------------------------------------------------------------
Fairfax NZ News reports that details of charges laid over alleged
fraud against South Canterbury Finance Limited amounting to New
Zealand's biggest white-collar crime, worth NZ$1.7 billion, have
been outlined Monday.

As reported in the Troubled Company Reporter-Asia on Dec. 9,
2011, the Serious Fraud Office confirmed that it has laid charges
following its investigation into South Canterbury Finance
Limited.  SFO Chief Executive Adam Feeley said that, following a
14-month investigation into a variety of transactions involving
SCF, the SFO had laid 21 charges against five individuals
involved with the company's affairs.

According to Fairfax NZ, the charges include entering the Crown
Guarantee Scheme by deception in 2008 (which cost
NZ$1.58 billion), omitting to disclose a related party loan of
NZ$64.185 million from SCF to Southbury Group and Woolpak
Holdings, failing to disclose related party loans of
NZ$19.1 million from SCF to Shark Wholesalers, and, in 2008 and
2009, breaching the crown guarantee by lending NZ$39 million to
Quadrant Holding Limited.

The five, who did not appear, were granted name suppression
Monday in Timaru District Court, Fairfax NZ notes.

A registrar's adjournment was granted until February 13 to allow
for disclosure, the report relays.

Judge Joanna Maze granted name suppression, to continue until
February 13, Fairfax NZ adds.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services.  The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.


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


FIRST ASIA: SEC Shuts Down Company Over Fraudulent Practices
------------------------------------------------------------
BusinessWorld Online reports that the Securities and Exchange
Commission has shut down First Asia Client Depository Services,
Inc., which is under investigation for alleged fraudulent
practices, after the corporate regulator found that the firm was
using a fictitious address.

BusinessWorld relates that SEC Secretary Gerard M. Lukban told
reporters late Thursday that the state agency revoked the company
registration of First Asia during its en banc meeting that day
upon the prodding of the enforcement and prosecution department.

"The petition is anchored on First Asia's alleged violation . . .
in the procurement of its certificate of registration consisting
of use of fictitious address for its incorporators," an official
document made available to the press read, the report relays.

The document further stated that SEC's enforcement and
prosecution department was investigating the company for alleged
"boiler room" activities in which sales people use high-pressure
tactics to lure potential investors to buy fraudulent securities,
according to BusinessWorld.

First Asia Client Depository Services, Inc., is an investment
company.


LAND BANK: Fitch Affirms LT Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed Land Bank of the Philippines' ratings,
including its 'BB' Long-Term Issuer Default Ratings (IDRs) and
'bb' Viability Rating.  The Outlook is Stable.

"The rating affirmation reflects LBP's gradually improved and
liquid balance sheet and satisfactory earnings profile, offset by
risks arising from its agricultural lending mandate, loan
concentration and legacy non-performing assets," says Alfred
Chan, Director in Fitch's Financial Institutions team.  "There is
limited upside to the bank's ratings, which are already high by
local standards."

Any weakening in LBP's standalone profile would be neutral for
its IDRs, which are at the same level as its 'BB' Support Rating
Floor, but would be negative for the bank's Viability Rating.
This could stem from unexpectedly high credit losses -- possibly
in the event of directed lending by the government, rapid asset-
quality deterioration or a protracted economic downturn.
Nonetheless, Fitch believes the probability of such events is
low, noting also LBP's satisfactory buffers through reserves,
earnings and capital.

Despite the statutory requirement for LBP to pay 50% of annual
net profit as dividends to the government, Fitch expects the bank
to stay well-capitalised, which is crucial to its ability to
carry out its mandate.  Its core Tier 1 capital adequacy ratio
(without hybrids) stood at 12% at end-June 2011, in line with
local peer average.  The bank's solvency position has steadily
improved, with non-performing assets at about 20% of core equity
compared with 38% at end-2008.  Its balance sheet remains liquid,
with a stable loan/deposits ratio of 45%-50%.

Fitch views LBP as systemically important to the domestic
economy, given its 100% government ownership, mandated policy
role and 9% share of banking system assets.  However, the Support
Rating and Support Rating Floor reflect only a moderate
probability of state support, constrained by the Philippine
government's 'BB+' Long-Term Foreign-Currency IDR.

LBP is a development bank with a universal banking licence.  It
is fully owned by the Philippine government and operates 327
banking units across the country.

The full list of rating actions for LBP is as follows:

  -- Long-Term Foreign-Currency IDR affirmed at 'BB'; Stable
     Outlook

  -- Long-Term Local-Currency IDR affirmed at 'BB'; Stable
     Outlook

  -- National Long-Term Rating affirmed at 'AA(phl)'; Stable
     Outlook

  -- Viability Rating affirmed at 'bb'

  -- Individual Rating affirmed at 'C/D'

  -- Support Rating affirmed at '3'

  -- Support Rating Floor affirmed at 'BB'


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


VIETCOMBANK: S&P Affirms 'B+/B' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term rating on Bank for Foreign Trade of Vietnam
(Vietcombank) to stable from negative. "At the same time, we
affirmed our 'B+/B' counterparty credit ratings on the bank.
We also revised the stand-alone credit profile (SACP) of the bank
to 'b+' from 'b'," S&P said.

"The outlook revision reflects Vietcombank's improved SACP after
Mizuho Corporate Bank Ltd. (MCB; A+/Negative/A-1) acquired a 15%
stake in the bank. We no longer factor extraordinary government
support into the rating on Vietcombank," said Standard & Poor's
credit analyst Ivan Tan. "We revised Vietcombank's SACP to
reflect the bank's improved capital position after the MCB deal."

"We believe that Vietcombank's more moderate loan growth
following the Vietnam government's credit tightening measures
will support the bank's capital sustainability. We expect that
the bank will continue to strengthen its balance sheet through
higher retained earnings contributions and sensible dividend
payouts," S&P said.

"Vietcombank's capital and earnings are weak, in our view," said
Mr. Tan. "Following MCB's capital injection, we expect
Vietcombank's risk-adjusted capital ratio before diversification
adjustments to be between 4.5% and 5% in the next 18-24 months."

"We believe that margin pressure and higher funding costs due to
the government's credit tightening measures will constrain
Vietcombank's earnings. In our opinion, potentially higher credit
costs may also threaten the bank's profitability as the credit
cycle unfolds, particularly given Vietcombank's fast loan growth
in the past few years," S&P said.

"The alliance with MCB will provide Vietcombank with an enhanced
products and services offering, and accelerate the alignment of
the bank's risk management system and processes with
international best practices," said Mr. Tan. "It could improve
the bank's earnings profile and mitigate potentially higher
credit costs. Nevertheless, the successful execution of this
alliance remains to be seen. It hinges on the ability of the two
organizations to co-operate to bridge the difference in risk
culture and operating norms."

As part of the alliance, MCB will subscribe to 15% of
Vietcombank's shares through a private placement of equity. The
alliance will also involve provision of technical support, mutual
cooperation, and opportunities for business partnerships with all
Mizuho Financial Group companies.

"The long-term rating on Vietcombank is the same as the SACP. We
believe that Vietcombank has 'high systemic importance' in
Vietnam and assess the Vietnam government as 'highly supportive.'
Nonetheless, we do not factor any extraordinary government
support into the rating because the bank's SACP is already one
notch below the local currency sovereign rating on Vietnam (BB-
/Negative/B; axBB/axB)," S&P said.

"The stable outlook reflects our expectation that Vietcombank
will maintain its strong market position and its financial
profile despite challenging conditions and high inflation in
Vietnam," said Mr. Tan.

"We could raise the ratings on Vietcombank if the sovereign is
upgraded or if we revise upwards the bank's SACP to 'bb-'
following a sustained and substantial improvement in asset
quality, profitability, and capitalization," S&P said.

"We may lower the ratings if Vietcombank's: (1) nonperforming
loans increase sharply; (2) operating performance is poor; or (3)
capitalization weakens substantially," S&P said.


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


* BOND PRICING: For the Week Jan. 9 to Jan. 13, 2012
----------------------------------------------------

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

  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.02
CENTAUR MINING          10.00    12/01/2007   AUD       0.09
CHINA CENTURY           12.00    09/30/2012   AUD       0.87
DIVERSA LTD             11.00    09/30/2014   AUD       0.15
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.20
EXPORT FIN & INS         0.50    06/15/2020   AUD      69.32
EXPORT FIN & INS         0.50    06/15/2020   NZD      70.30
FIRST AUSTRALIAN        15.00    01/31/2012   AUD       0.20
GRIFFIN COAL MIN         9.50    12/01/2016   USD      63.00
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.69
KIMBERLY METALS         10.00    08/05/2016   AUD       0.38
MIDWEST VANADIUM        11.50    02/15/2018   USD      74.75
MIDWEST VANADIUM        11.50    02/15/2018   USD      74.75
NEW S WALES TREA         0.50    09/14/2022   AUD      63.71
NEW S WALES TREA         0.50    10/07/2022   AUD      63.38
NEW S WALES TREA         0.50    10/28/2022   AUD      63.21
NEW S WALES TREA         0.50    11/18/2022   AUD      63.00
NEW S WALES TREA         0.50    12/16/2022   AUD      62.63
NEW S WALES TREA         0.50    02/02/2023   AUD      62.21
TREAS CORP VICT          0.50    08/25/2022   AUD      64.25
TREAS CORP VICT          0.50    11/12/2030   AUD      62.68
TREAS CORP VICT          0.50    11/12/2030   AUD      44.74


  CHINA
  -----

CHINA GOV'T BOND         1.64    12/15/2033   CNY      65.04
CHONGQING TRAFFI         5.18    08/04/2017   CNY      51.19
TENGZHOU ST ASSET        6.45    05/24/2018   CNY      53.31
TIANJIN CONSTR           3.75    03/25/2014   CNY      73.20


  HONG KONG
  ---------

BYD HK CO LTD            4.50    04/28/2014   CNY      73.52
CHINA SOUTH CITY        13.50    01/14/2016   USD      73.57
CHINA SOUTH CITY        13.50    01/14/2016   USD      71.87
RESPARCS FUNDING         8.00    12/29/2049   USD      21.50
SINO-OCEAN LAND         10.25    12/31/2049   USD      70.75
SINO-OCEAN LAND         10.25    12/31/2049   USD      66.50


  INDIA
  -----

GEMINI COMMUNICA         6.00    07/18/2012   EUR      51.03
JAIPRAKASH POWER         5.00    02/13/2015   USD      63.13
KSL REALTY               2.00    05/19/2012   USD      73.42
PRAKASH IND LTD          5.62    10/17/2014   USD      71.25
PRAKASH IND LTD          5.25    04/30/2015   USD      69.99
PUNJAB INFRA DB          0.40    10/15/2024   INR      27.85
PUNJAB INFRA DB          0.40    10/15/2025   INR      25.31
PUNJAB INFRA DB          0.40    10/15/2026   INR      23.02
PUNJAB INFRA DB          0.40    10/15/2027   INR      21.01
PUNJAB INFRA DB          0.40    10/15/2028   INR      19.21
PUNJAB INFRA DB          0.40    10/15/2029   INR      17.60
PUNJAB INFRA DB          0.40    10/15/2030   INR      16.15
PUNJAB INFRA DB          0.40    10/15/2031   INR      14.86
PUNJAB INFRA DB          0.40    10/15/2032   INR      13.69
PUNJAB INFRA DB          0.40    10/15/2033   INR      12.65
SHIV-VANI OIL            5.00    08/17/2015   USD      66.61
SUZLON ENERGY LT         5.00    04/13/2016   USD      50.50
VIDEOCON INDUS           6.75    12/16/2015   USD      68.71


  INDONESIA
  ---------
ARPENI PRATAMA          12.00    03/18/2013   IDR      60.00


  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.40
ELPIDA MEMORY            0.70    08/01/2016   JPY      68.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      64.16
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      63.49
TAKEFUJI CORP            9.20    04/15/2011   USD       4.00
TOKYO ELEC POWER         1.79    03/14/2017   JPY      74.37
TOKYO ELEC POWER         2.12    03/24/2017   JPY      72.37
TOKYO ELEC POWER         1.73    03/28/2017   JPY      70.00
TOKYO ELEC POWER         1.78    05/31/2017   JPY      71.50
TOKYO ELEC POWER         2.02    07/25/2017   JPY      71.37
TOKYO ELEC POWER         3.22    07/28/2017   JPY      71.12
TOKYO ELEC POWER         1.94    08/28/2017   JPY      71.37
TOKYO ELEC POWER         1.84    09/25/2017   JPY      70.71
TOKYO ELEC POWER         1.75    09/28/2017   JPY      70.25
TOKYO ELEC POWER         1.77    11/30/2017   JPY      69.59
TOKYO ELEC POWER         2.77    12/22/2017   JPY      72.87
TOKYO ELEC POWER         1.67    01/29/2018   JPY      68.53
TOKYO ELEC POWER         2.90    03/23/2018   JPY      70.50
TOKYO ELEC POWER         1.67    03/28/2018   JPY      66.87
TOKYO ELEC POWER         2.77    04/17/2018   JPY      71.37
TOKYO ELEC POWER         1.60    04/25/2018   JPY      66.37
TOKYO ELEC POWER         1.64    04/25/2018   JPY      66.25
TOKYO ELEC POWER         1.97    06/25/2018   JPY      67.62
TOKYO ELEC POWER         1.84    07/25/2018   JPY      66.75
TOKYO ELEC POWER         1.84    10/17/2018   JPY      64.50
TOKYO ELEC POWER         2.07    10/23/2018   JPY      65.87
TOKYO ELEC POWER         2.05    11/16/2018   JPY      67.37
TOKYO ELEC POWER         2.70    01/29/2019   JPY      68.62
TOKYO ELEC POWER         1.60    05/29/2019   JPY      65.65
TOKYO ELEC POWER         1.90    06/13/2019   JPY      65.16
TOKYO ELEC POWER         2.80    09/17/2019   JPY      67.37
TOKYO ELEC POWER         1.45    09/30/2019   JPY      63.85
TOKYO ELEC POWER         1.37    10/29/2019   JPY      66.09
TOKYO ELEC POWER         2.05    10/29/2019   JPY      63.29
TOKYO ELEC POWER         1.81    02/28/2020   JPY      64.92
TOKYO ELEC POWER         1.48    04/28/2020   JPY      62.33
TOKYO ELEC POWER         1.39    05/28/2020   JPY      61.56
TOKYO ELEC POWER         1.31    06/24/2020   JPY      61.42
TOKYO ELEC POWER         1.94    07/24/2020   JPY      64.65
TOKYO ELEC POWER         1.22    07/29/2020   JPY      59.94
TOKYO ELEC POWER         1.15    09/08/2020   JPY      59.73
TOKYO ELEC POWER         1.63    07/16/2021   JPY      60.16
TOKYO ELEC POWER         2.34    09/29/2028   JPY      57.00
TOKYO ELEC POWER         2.40    11/28/2028   JPY      56.75
TOKYO ELEC POWER         2.20    02/27/2029   JPY      55.25
TOKYO ELEC POWER         2.11    12/10/2029   JPY      54.87
TOKYO ELEC POWER         1.95    07/29/2030   JPY      53.00
TOKYO ELEC POWER         2.36    05/28/2040   JPY      51.50


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.10
CRESENDO CORP B          3.75    01/11/2016   MYR       1.48
DUTALAND BHD             7.00    04/11/2013   MYR       0.40
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
ENCORP BHD               6.00    02/17/2016   MYR       0.88
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.11
LION DIVERSIFIED         4.00    12/17/2013   MYR       0.60
MALTON BHD               6.00    06/30/2018   MYR       0.87
MITHRIL BHD              3.00    04/05/2012   MYR       0.73
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.22
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.44
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.94
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.77
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.54
SCOMI GROUP              4.00    12/14/2012   MYR       0.07
SENAI-DESARU EXP         1.35    06/30/2027   MYR      44.94
SENAI-DESARU EXP         1.35    12/31/2027   MYR      43.66
SENAI-DESARU EXP         1.35    06/30/2028   MYR      42.37
SENAI-DESARU EXP         1.35    06/29/2029   MYR      39.90
SENAI-DESARU EXP         1.35    06/30/2031   MYR      34.45
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.08
TRADEWINDS PLANT         3.00    02/28/2016   MYR       0.81
TRC SYNERGY              5.00    01/20/2012   MYR       1.55
WAH SEONG CORP           3.00    05/21/2012   MYR       2.31
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.62
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.21


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       6.10
FLETCHER BUILDING        8.50    03/15/2015   NZD       7.25
INFRATIL LTD             8.50    09/15/2013   NZD       8.70
INFRATIL LTD             8.50    11/15/2015   NZD       8.55
INFRATIL LTD             4.97    12/29/2049   NZD      52.75
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.06
NEW ZEALAND POST         7.50    11/15/2039   NZD      64.23
NZF GROUP                6.00    03/15/2016   NZD      10.74
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.05
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.95
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.96


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      62.75
BAKRIE TELECOM          11.50    05/07/2015   USD      63.87
BLD INVESTMENT           8.62    03/23/2015   USD      74.77
DAVOMAS INTL FIN        11.00    12/08/2014   USD      42.25
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.00    11/20/2012   SGD       0.45
UNITED ENG LTD           1.00    03/03/2014   SGD       1.25
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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

CN 1ST ABS               8.00    02/27/2015   KRW      31.84
CN 1ST ABS               8.00    11/27/2015   KRW      33.11
EX-IMP BK KOREA          0.50    10/23/2017   KRW      59.37
EX-IMP BK KOREA          0.50    12/22/2017   KRW      60.60
GREAT KD 1ST ABS        15.00    08/19/2014   KRW      30.87
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.11
HANJIN SHIPPING          4.00    07/20/2015   KRW      74.28
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      49.38
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      70.13
HYUNDAI SWISS BK         7.90    07/23/2015   KRW      50.13
MISUNG POLYTECH          4.00    12/02/2013   KRW      50.47
SOLOMON MUTUAL           8.50    12/09/2013   KRW      70.17


SRI LANKA
---------

SRI LANKA GOVT           7.00    10/01/2023   LKR      71.90
SRI LANKA GOVT           5.35    03/01/2026   LKR      56.58


TAIWAN
------

TAIWAN GB-AO1102         1.62    01/20/2032   TWD      70.36


VIETNAM
-------

VDB BOND                 7.20    03/30/2017   VND      12.90


                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

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

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





                 *** End of Transmission ***