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                      A S I A   P A C I F I C

            Tuesday, March 27, 2012, Vol. 15, No. 62

                            Headlines


A U S T R A L I A

BD MOBILE: Mulls Suing Vodafone for Misleading Conduct
GAME GROUP: Australian Unit Up for Sale Amid Administration
GOLD COAST TITANS: Federal Court Backs Reed's Wind Up Claim
SP EXPORTS: Creditors Send Company Back to its Directors


C H I N A

TEXHONG TEXTILE: Moody's Cuts Corporate Family Rating to 'Ba3'
TEXHONG TEXTILE: S&P Lowers Corp. Credit & Issue Ratings to 'BB-'
WEST CHINA: Fitch Downgrades Issuer Default Rating to 'BB-'


I N D I A

AMARAVATHI SPINNING: ICRA Cuts Rating on INR5.5cr Loan to 'B-'
AURA MINERALS: ICRA Assigns 'B+' Rating to INR16cr Term Loan
BANSAL CONSTRUCTION: ICRA Cuts Rating on INR7cr Loan to 'BB-'
D. D. AGRO: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Term Loan
DEIFY INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR50cr Loan

HISAR METAL: ICRA Reaffirms '[ICRA]BB-' Rating on INR27cr Loan
INDO FURNACE: ICRA Reaffirms 'BB-' Rating on INR9.45cr Loan
INDRA COTTON: ICRA Reaffirms '[ICRA]B+' Rating on INR20cr Loan
KINGFISHER AIRLINES: To pay INR10cr in Service Tax Dues
MACHINFABRIK: ICRA Assigns '[ICRA]BB-' Rating to INR7cr Loan

MAGNUM GLOBAL: Inadequate Info Cues Fitch to Migrate Ratings
POOSHYA EXPORTS: ICRA Places '[ICRA]B' Rating on INR2.53cr Loan
REAGHAN FASHIONS: ICRA Puts '[ICRA]BB-' Rating on INR12.91cr Loan
SIPAI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
SRI DURGA: ICRA Assigns '[ICRA]B-' Rating to INR0.25cr Loan

VARIA ALUMINIUM: ICRA Assigns [ICRA]BB-' Rating to INR30cr Loan


J A P A N

AIJ INVESTMENT: Loses Advisor Status; SESC Raided Head Office
AIJ INVESTMENT: Lied on Its Net Assets, Financial Watchdog Says
TOKYO ELECTRIC: Has One Week to Submit Business Plan
TOKYO ELECTRIC: Unlikely to Win OK for Business Plan This Month


N E W  Z E A L A N D

AWTD LTD: Faces Liquidation Over Tax Debt
NFZ GROUP: Shares, Capital Notes in Trading Halt
SPARTA HEALTH: Rent Dispute Prompts Gym's Voluntary Liquidation


S I N G A P O R E

BORDERS PTE: Creditors Get 100% Recovery on Claims
CITY & CO: Court to Hear Wind-Up Petition March 30
GUANGZHAO INDUSTRIAL: Court to Hear Wind-Up Petition on March 28
MICROFAB HOLDINGS: Creditors Get 3.49% Recovery on Claims
MICROFAB INNOVATION: Creditors Get 100% Recovery on Claims

TRICOMM INTERNATIONAL: Court to Hear Wind-Up Petition April 13


X X X X X X X X

* BOND PRICING: For the Week March 19 to March 23, 2012


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A U S T R A L I A
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BD MOBILE: Mulls Suing Vodafone for Misleading Conduct
------------------------------------------------------
The Sydney Morning Herald reports that the liquidator of Besyl
Pty Ltd, which traded as BD Mobile, is investigating suing senior
executives of Vodafone Hutchison Australia for alleged misleading
and deceptive conduct over their comments about the extent of
problems with Vodafone's network coverage.

Earlier this month, SMH recounts, the Australian Tax Office,
which was owed AUD47,000 by Besyl, appointed insolvency firm
Jamieson Louttit & Associates as liquidator.

According to the report, Mr. Louttit said he had been assessing
an existing statement of claim filed by Besyl against Vodafone
late last year, which claimed damages of AUD4.5 million for the
loss of business caused by alleged poor network coverage and drop
outs.

"We think it has some merit and we are looking to get some
litigation funding for it," the report quotes Mr. Loutti as
saying.

SMH relates that Mr. Louttit is also investigating widening the
case, to include action against Vodafone executives. He said he
is trying to determine how many of BD Mobile's customers had been
affected by poor coverage issues, and asked that they contact his
office, the report relays.

While the ATO is owed AU47,000, Mr. Louttit said there is
potentially as much as AUD1 million owing to creditors of the
business, according to the report.

Besyl Pty Ltd, which traded as BD Mobile, was an exclusive
dealership for Vodafone Hutchison Australia.


GAME GROUP: Australian Unit Up for Sale Amid Administration
-----------------------------------------------------------
Gemma Battenbough at CVG AU reports that GAME Australia Managing
Director Paul Yardley said that it could be up for sale in light
of parent company GAME Group plc's suspension of trading.

"We communicate with the UK very closely, and it will impact upon
us structurally . . . .  However, it's not as if we go into
administration straight away if they do," Mr. Yardley told CVG in
an interview.

CVG AU notes Mr. Yardley said that there were three viable
business options for Australian operations if The GAME Group does
go into administration:

   -- Sell the business outright,
   -- Source an investor, and
   -- Keep the GAME brand.

The report notes that in the alternative, the Company could find
a solution that combined the two.

"The model we'll follow depends on who decides to fund us and
when.  We've been in discussion with a number of parties and
those are ongoing," Mr. Yardley said, the report relates.

CVG AU discloses that the Australian arm of the games retailer
might have enjoyed more settled economics than, say, the UK and
Spain, but it's still on shaky ground.  The report relates that
the company's latest interim report recorded a turnover of
GBP26.2 million, or AU$39.9 million, for the six months ending
July 2011.  That's nearly a fifth less than the same period in
2010, which turned over GBP32.9 million (AU$50.1 million), CVG AU
adds.

GAME Australia has 95 stores nationally and employs 600 staff.
It is a wholly owned subsidiary of The GAME Group plc.

Game Group is a video games retailer.


GOLD COAST TITANS: Federal Court Backs Reed's Wind Up Claim
-----------------------------------------------------------
Peter Badel and Mark Oberhardt at The Daily Telegraph report that
the Gold Coast Titans have been dealt another blow with the
club's property arm facing bankruptcy proceedings after its legal
team admitted there was a prima facie case that the Gold Coast
property group is insolvent.

As it emerged that debts on the Titans group of companies has
blown out to AUD35 million, the club suffered a further setback
when a Federal Court judge on Friday supported Reed
Constructions' claim to replace the Australian Tax Office in
wind-up proceedings against the Gold Coast Titans (Property) Pty
Ltd.

According to The Daily Telegraph, the property arm of the Titans
rugby league club will now face a bankruptcy application next
month after a judge ruled one of its creditors, Reed, to be a new
plaintiff.

Reed Constructions can now move to liquidate the Titans' property
arm at the next court hearing on April 20 -- effectively giving
the Titans property group less than 30 days to prove their
solvency and avert collapse, the report discloses.

The Daily Telegraph states that the legal body blow means the
building firm will now seek AUD1.046 million from the Titans'
property arm, placing further strain on the Gold Coast empire,
which has bled more than AUD35 million and is currently being
audited by external accountants on the behalf of the Australian
Rugby League Commission.

The report recalls that the Australian Tax Office had applied to
wind up the Gold Coast Titans (Property) Pty Ltd earlier this
month but asked for leave to withdraw after coming to an
arrangement with the company to pay outstanding tax.

However, Reed Constructions Australia, which claims it is owed
more than AUD1 million for work done on the Centre of Excellence
and interest, then asked to be substituted as the plaintiff in
the winding up application, The Daily Telegraph says.

The matter was listed before Federal Court Registrar Heather
Baldwin today but was then send to Justice John Reeves for
determination in a hearing, the report adds.

Gold Coast Titans (Property) Pty Ltd owns and operates Centre of
Excellence at Robina.


SP EXPORTS: Creditors Send Company Back to its Directors
--------------------------------------------------------
Emily Prain at News Mail reports that the future of financially
troubled SP Exports was decided when the vast majority of
creditors voted for the company to return to the hands of its
director, which will allow the business to continue to trade as
normal.

News Mail relates that KordaMentha administrator John Shanahan
said people were asked to vote on three alternative arrangements
at a creditors' meeting at Brothers Sports Club on March 23 -- a
deed of company arrangement, for administration to end, or for
the company to be wound up.

According to the report, Mr. Shanahan said 48 voters, owed more
than AUD17 million, were in favor of the deed of company
arrangement.  He said seven people were against the decision, and
two people chose to abstain from making a decision, the report
relays.

"It was a pretty decisive count in favor of the deed," News Mail
quotes Mr. Shanahan as saying.

Mr. Shanahan said once the agreement was signed, the reins would
be handed back to the director, Andrew Philip, News Mail relays.

Under the deed of company arrangement, the report relates,
Mr. Shanahan said the best case scenario was that creditors would
get about 13 cents in the dollar.

News Mail says there is a wind-up application made by BGA Agri
Services, which is owed about AUD800,000, which will go before
the courts on Wednesday.

SP Exports Pty Ltd -- http://www.spexports.com.au/-- is
Australia's premier field grown tomato producer.

KordaMentha administrators Ginette Muller and John Shanahan were
appointed as administrators on Feb. 17, 2012.  SP Exports owes
unsecured creditors about AUD12.5 million and secured creditors
about AUD18 million.  Employees are owed in excess of AUD500,000
in wages.


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TEXHONG TEXTILE: Moody's Cuts Corporate Family Rating to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has downgraded Texhong Textile Group
Ltd.'s corporate family and senior unsecured bond ratings to Ba3
from Ba2, following its weaker-than-expected profit in 2011.

Moody's has also changed the ratings outlook to negative from
stable.

Ratings Rationale

"Texhong reported a negative operating margin of 4.8% and a slow
reduction in inventory during the second half 2011 due to weak
demand for textiles and depressed cotton-yarn prices," says
Jonathan Lee, a Moody's Vice President and Senior Analyst.

"Moody's expects that Texhong's profitability will continue to be
under pressure in the next 12 months, given the high likelihood
of a continued slowdown in China's apparel exports and the
intensifying price competition among yarn manufacturers in the
domestic market," adds Mr. Lee.

"Furthermore, Texhong's operating margin will remain to be
affected by the volatility in the prices of yarn products and raw
cotton, as well as the fragmented nature of the Chinese yarn
market," continues Mr. Lee.

Texhong reported EBITDA margin (Moody's adjusted) of 5.2%,
compared with the average of 14.4% in the past three years. Its
EBITDA of only RMB357 million for 2011 is 69% lower than a year
ago and which has resulted in a higher debt leverage; adjusted
debt/EBITDA was 6.5x as of December 31, 2011.

Moody's considers the company is yet to reduce its inventory to
an optimal level, although it lowered its inventory amount to
about RMB1.3 billion at end-December, from over RMB1.7 billion at
the end of June 2011.

Moreover, Moody's expects Texhong will incur higher debt as a
result of its strategy to relocate its production to Vietnam,
where raw cotton imports are cheaper and operating costs are
relatively lower. It already has a facility in the country and
plans to open another one. The company's internal cash sources
are sufficient to fund the initial capex for setting up 70,000
spindles of new capacity in northern Vietnam in 2012.

Moody's expects Texhong's adjusted debt/ EBITDA to be 3.7x in
2012 and adjusted debt/capitalization to be 47.3%. These metrics
position its ratings in the low Ba level.

Texhong's Ba3 rating captures its large and diversified customer
base, the growing consumption of apparel in the domestic market
in China, and the cost advantage it gets from its manufacturing
base in Vietnam.

The negative outlook reflects Moody's expectation that the
company's profitability and credit metrics will continue to be
affected by competition in the Chinese textile market and its
weakened liquidity position as a result of the investment in
Vietnam over the next 12-18 months.

The prospect of any upward rating pressure is limited, given the
negative outlook. However, the rating outlook could return to
stable if the company can demonstrate: (1) stable profitability
by better managing its exposure to the volatility in cotton
prices, and (2) financial prudence in executing its relocation.

In terms of credit metrics, for the outlook to revert to stable,
adjusted Debt/EBITDA should be below 3.5x-4.0x and adjusted
debt/capitalization below 45%-50% on a sustained basis.

The rating could be downgraded if Texhong: (1) fails to recover
its EBITDA margin in 2012 to more than 10%, (2) adopts an
aggressive cotton-procurement strategy, which exposes it to a
greater risk of cotton-price fluctuations, (3) incurs sizable bad
debts in its accounts receivable that affect its liquidity and
profitability, (4) accumulates excessive inventory that burdens
its cash conversion and liquidity, and/or (5) engages in large-
scale debt-financed expansion projects.

Moody's would also consider a rating downgrade if: (1) adjusted
debt/EBITDA exceeds 4.0x-4.5x, and/or (2) adjusted
debt/capitalization is over 50%-55% on a consistent basis.

The principal methodology used in rating Texhong Textile Group
Ltd. was the Global Manufacturing Industry Methodology published
in December 2010.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group specializes in producing core-
spun yarn and textile products. The company currently operates 12
yarn production bases: 11 in the Yangtze River Delta region in
China and one in Vietnam. Its chairman, Tianzhu Hong, holds a
52.2% stake and is the majority shareholder of the company.


TEXHONG TEXTILE: S&P Lowers Corp. Credit & Issue Ratings to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Texhong Textile Group Ltd. to 'BB-'
from 'BB'. The outlook is negative. "At the same time, we lowered
our issue rating on the China-based textile company's $200
million senior unsecured notes due 2016 to 'BB-' from 'BB'. We
also lowered our Greater China credit scale rating on Texhong and
its outstanding senior unsecured notes to 'cnBB' from 'cnBB+',"
S&P said.

"We downgraded Texhong after the company significantly breached
one of our downgrade triggers and because we believe its
financial and business risk profiles have deteriorated. Texhong's
adjusted ratio of total debt to EBITDA was about 5.0x in 2011,
compared with our threshold of 3.0x," said Standard & Poor's
credit analyst Joe Poon. "We expect the company's profitability
and cash flow protection measures to remain under pressure this
year, due to likely increased volatility in cotton prices and an
uncertain global economic outlook."

"We have lowered Texhong's financial risk profile to 'aggressive'
from 'significant', as defined in our criteria. The company's
results for 2011 were substantially weaker than our expectation
when we revised its outlook to negative in September 2011. The
financial deterioration is due to a sharp decline in cotton
prices since the second quarter of 2011 and weak demand. We have
revised our base-case projections for 2012 to reflect our
expectation that the company's adjusted ratio of total debt to
EBITDA is likely to stay above 3.0x," S&P said.

"We believe the uncertain global economic outlook and volatility
in cotton prices will more than offset the benefit that Texhong
will likely to gain from reverting to a 'just in time' model for
inventory. The company's profitability could improve in 2012 if
it can ramp-up sales and cotton prices stabilize. Nevertheless,
full visibility over a recovery is limited," S&P said.

"We lowered Texhong's business risk profile to 'weak' from
'fair', as defined in our criteria, because cotton prices are
fluctuating more than we previously anticipated and the company
remains vulnerable to cyclicality in the textile industry.
Texhong also faces execution risk from its debt-funded expansion
in Vietnam. However, the company's good niche market position in
core-spun yarns and the cost advantage of its Vietnam operations
temper these weaknesses," S&P said.

"The negative outlook reflects our expectation that Texhong's
credit protection measures are likely to remain weak in 2012 and
with uncertainty over the visibility of a strong recovery," said
Mr. Poon.

"We may lower the rating if: (1) Texhong's financial performance
does not improve, such that its ratio of adjusted total debt to
EBITDA stays above 4.5x over the next 12 months; or (2) its
liquidity position weakens substantially. This could happen if
the company significantly increases its capital expenditure in
Vietnam," S&P said.

"We may revise the outlook to stable if the company can restore
its financial strength in 2012 to be more supportive of the
current rating. This could happen if the adjusted ratio of total
debt to EBITDA falls below 3.5x," S&P said.


WEST CHINA: Fitch Downgrades Issuer Default Rating to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded West China Cement's Long-Term
Foreign Currency Issuer Default Rating (IDR) and Senior Unsecured
debt rating to 'BB-' from 'BB'.  The Outlook on the IDR is
Stable.

The rating action is driven by Fitch's view that the
deterioration in WCC's gross profits and the increase in its
financial leverage in H211 will persist through 2012.

WCC's gross profit dropped to CNY76/ton in 2011 from CNY120/ton
in 2010, due to the weak average selling prices (ASP) in WCC's
core markets, mainly a result of an ongoing price war in Shaanxi
province and a lower utilization rate.  Therefore, the company's
EBITDA margin fell to 36.4% in 2011 from 46.3% in 2010.  Fitch
expects that ASPs will not recover to 2010 levels in 2012 and
WCC's 2012 EBITDA margin will be in line with 2011's margin.

WCC continues to expand aggressively during the downturn, in
light of ample acquisition opportunities and the need to reduce
competition.  This has resulted in net debt increasing to
CNY2,746m at end 2011 from CNY821m a year earlier.  On 15 March
2012, WCC announced the acquisition of 55% of ShiFeng Cement for
CNY 401.5m, suggesting that the debt-funded expansion will likely
continue this year.  The company announced that capacity will
rise to 21.7metric tonnes (mt) in mid-2012 compared to 12.5mt at
end 2010.  It targets to reach a capacity of 25-30mt by 2015.
Therefore, Fitch expects WCC's adjusted net debt / EBITDAR to
remain well above 2.0x in 2012.

WCC's dominant position in its core market was still protected by
geographic remoteness despite the downturn.  The lower EBITDA
margin it registered in 2011 was still higher than those of
larger national and regional players such as Anhui Conch Cement
Co. Ltd (30.8% EBITDA margin in 2010), China Shanshui Cement
Group Ltd. ('BB-'/Stable, 28% in 2011) and China Resources Cement
Holdings Ltd. (23.5% in 2011).  Furthermore, the company's
operating cash flow generation and working capital management
remains healthy.

Fitch also notes that the price depression in Shaanxi does not
reflect 2011 nationwide trends, which have demonstrated stable
average selling prices (ASPs) due to better competitive dynamics.
This suggests that a return to better market discipline in
Shaanxi may rapidly improve WCC's margins.  These factors
underlie the Stable Outlook.

Fitch may take further negative action if adjusted net debt/
operating EBITDAR exceeds 3.0x on a sustained basis, or if the
company loses its dominant market position in Southern Shaanxi.

Positive rating action isn't envisaged for the next 18 months.
However, positive rating action may be taken if WCC proves its
capability to fend-off the ongoing price war, gross profit is
sustained above CNY 100/ton, and adjusted net debt/ operating
EBITDAR is sustained below 1.5x.


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AMARAVATHI SPINNING: ICRA Cuts Rating on INR5.5cr Loan to 'B-'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR5.50
crore term loan facilities, the INR7.00 crore fund based
facilities, and the INR1.03 crore non-fund based facilities of
Amaravathi Spinning Mills Private Limited to '[ICRA]B-' from
[ICRA]B.

ICRA has also reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR2.50 crore non-fund based facilities of
ASMRPL.

The revision in long-term rating considers the sluggish demand
for yarn during the current fiscal, which is expected to
adversely impact revenue growth and accruals. While the capital
structure and coverage metrics are already stretched due to the
aggressive debt-funded capital expenditure incurred during 2010-
11, the expected decline in accruals due to slowdown in yarn
demand and interest costs are likely to further stretch the
financial profile. The ratings consider the intense competition
in a highly fragmented industry structure (amidst low product
differentiation) which restricts pricing flexibility and the
Company's relatively small scale of operations which restricts
financial flexibility.

The ratings also consider the experience of promoters in the
spinning industry for about two decades.

ASMRPL, incorporated in November 1989, is primarily engaged in
producing cotton yarn. Based in Rajapalayam (Tamil Nadu), the
Company commenced commercial production in 1992 with a capacity
of 2,880 spindles and gradually enhanced it to 12,168 spindles.
The Company sells yarn in markets like Coimbatore, Salem, Erode,
Tirupur and Karur. ASMRPL has also commenced production of socks
at Erode (Tamil Nadu) in August 2011 and exports the same to
Poland. The Company is closely held by the promoters and their
relatives.


AURA MINERALS: ICRA Assigns 'B+' Rating to INR16cr Term Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR16.00 crore
term loan and the INR2.65 crore fund-based bank facilities of
Aura Minerals Pvt Ltd.

The assigned rating is constrained by the largely debt funded
capital expenditure resulting in an aggressive capital structure;
and a tight repayment schedule, with the first instalment of the
term loan scheduled in August 2012. The rating also reflects the
promoters lack of experience in a similar line of business; the
expected small scale of operations in the short to the medium
term; high customer concentration risks, with two customers
likely to account for a majority of the company's sales; and
AMPL's exposure to the cyclicality associated with the iron and
steel industry, which is likely to keep the company's cash flows
volatile. These risks are partially offset by the achievement of
financial closure, statutory clearances and approvals required
for the project; and the successful commencement of trial run
production in January 2012. The rating also favourably factors in
the sales agreements with two steel producers, which reduces
project off-take risks; and agreement with a mining company,
which would ensure timely supply of raw materials.

Incorporated in 2008 and promoted by Mr. Sandeep Shriya and
Mr. Vinodkumar Jatia, AMPL is setting up a plant to manufacture
calcined lime and dolimitic lime (dolime) from limestone and
dolomite, respectively, as key raw materials. AMPL's plant is
being commissioned at Wardha, Maharashtra with an expected
production capacity of 72,000 MTPA of lime and dolime. The plant
is currently undergoing trial run production.


BANSAL CONSTRUCTION: ICRA Cuts Rating on INR7cr Loan to 'BB-'
-------------------------------------------------------------
ICRA has revised the long-term rating for INR7.00 crore fund
based limits of Bansal Construction Works to [ICRA]BB- from
[ICRA]BB+.  ICRA has also revised the short-term rating for
INR8.00 crore non fund based limits of BCW to '[ICRA]A4' from
ICRA]A4+. The outlook on the long-term rating is stable.

The rating revision takes into account the increase in the firm's
gearing to 3.66 times as on March 31, 2011 (from 1.19 times as on
March 31, 2010) due to withdrawal of capital from the partner's
capital account and the capital expenditure incurred during FY
2010-11 for procuring plant and machinery for the SH-19 widening
and reconstruction project. The ratings continue to factor in
BCW's moderate scale of operations, stretched liquidity position,
and the high competitive intensity of the segment in which the
firm operates.

The ratings also take into consideration its moderate order book
and high geographic concentration risk arising out of the fact
that majority of its projects are located in Madhya Pradesh.
However, the ratings draw comfort from the long track record of
the firm in the construction industry, its established presence
in the Madhya Pradesh region, adequate resource base (both
equipment and manpower), and sufficient number of contracts which
reduces vulnerability of cash flows to delays in one or two of
its contracts.

Bansal Construction is a partnership firm established in 1960s by
Mr. K. C. Bansal. Gradually the business came under management of
his sons Mr. Anil Bansal and Mr. Sunil Bansal. Both the brothers
are technically qualified with one being a civil engineer and the
other being a mechanical engineer. The firm is involved in civil
and road construction since its inception. The works undertaken
by the firm had primarily been concentrated in the state of
Madhya Pradesh. The promoters started in the construction
business more than three decades ago. Over the years the group
diversified its business presence into education with the setting
up of Shriniwas Education Society in Madhya Pradesh. The
educational Society currently has seven institutions under its
educational trust with more than 10,000 students in its rolls.
During last few years the group has also set up a rolling mill
and edible oil extraction unit.

Recent Results

During FY 2010-11 the firm reported an operating income of
INR40.23 crore and profit before tax of INR3.25 crore.


D. D. AGRO: ICRA Assigns '[ICRA]BB-' Rating to INR6cr Term Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR6.00 crore term
loans and the INR8.50 crore fund based facilities of D. D. Agro
Industries Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR2.00 crore non fund based bank limits of
DDAIL. The outlook on the long term ratings is stable.

The ratings factor in the fragmented nature of the domestic zinc
sulphate industry, vulnerability of profitability to agro
climatic conditions & fluctuations in raw material prices, high
financial risk profile characterized by subdued debt coverage
indicators, besides high working capital intensity. The ratings
are however supported by the company's established position in
zinc sulphate and zinc oxide industry, steady growth prospects
for zinc sulphate in India due to prevalent zinc deficiency in
the soil, rising policy emphasis towards encouraging consumption
of micro nutrients, favourable location of the manufacturing
facility with proximity to cycle tyre manufacturers at Ludhiana
who use zinc oxide as raw material and fiscal benefits enjoyed by
the company's PET preform manufacturing facility at Samba in the
state of Jammu and Kashmir.

                         About D. D. Agro

D. D. Agro Industries Limited was promoted by Mr. Amritdeep Singh
in 1999. The company commissioned its plant to manufacture Zinc
Sulphate Heptahydrate in Ludhiana (Punjab) in 1999. In 2001 the
company added facilities to manufacture Zinc Oxide. Gradually the
company expanded capacity of Zinc Sulphate to 4500 tpa. The
promoters set up a Zinc Sulfate and Zinc Oxide manufacturing
facility at Samba district in Jammu and Kashmir which became
operational in 2009-10. However as the Jammu & Kashmir government
withdrew some fiscal sops the promoters shifted the machinery to
the Ludhiana plant in 2010-11. In its place the promoters set up
PET performs injection molding machine at Samba which became
operational in April 2011.


DEIFY INFRA: ICRA Assigns '[ICRA]BB+' Rating to INR50cr Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR50 crore fund
based limits of Deify Infrastructures Limited.  The rating is
assigned a stable outlook. ICRA has also assigned an '[ICRA]A4+'
rating to the INR300 crore non-fund based limits of DIL.

The assigned ratings favorably factor in the strong business
association between DIL and Jayaswal Neco Industries Limited
(JNIL, rated [ICRA]BBB-/[ICRA]A3); commitment demonstrated by the
Neco group towards DIL by way of corporate guarantee for the
rated limits by a group investment company; long-standing
experience and demonstrated track record of DIL's technical
(design/engineering) team which has been pooled from JNIL; no
issues related to land acquisition/obtaining clearances for the
largest project being executed by DIL; financial closure of the
largest project being executed by DIL with significant promoter
equity already infused till date; engagement of a reputed
multinational entity - Italy-based Danieli group - for supply of
key equipments and the fact that no capex is proposed to be
incurred in DIL over the medium term.

The ratings are, however, constrained by DIL's exposure to
project execution risks considering that DIL entirely
subcontracts the physical construction while restricting its own
scope to design/engineering and supervision - hence DIL is
dependent on the ability of subcontractors for project execution;
pending land acquisition and clearances by the principal (JNIL)
for two projects in DIL's order book; pending equity infusion by
the principal (JNIL) in the largest project being executed by DIL
and the exposure of DIL's margins to raw material price
volatility considering the fixed price nature of contracts
between JNIL and DIL.

Deify Infrastructures Limited is part of the Nagpur-based Neco
group. In July 1991, Neco Investments Private Limited was
incorporated as an investment entity within the Neco group.
Subsequently, in July 2009 the name of the company was changed to
Deify Infrastructure Private Limited in line with the change in
business activities: DIPL was incorporated to function as the
Engineering, Procurement and Construction (EPC) agency of the
Neco group. DIPL was converted to a public limited company in
June 2010.

DIL currently functions as the EPC agency implementing the
group's development projects in power/iron and steel and allied
activities. DIL does not own any equipments on its own; it
undertakes design/planning/supervision activities and
subcontracts the physical construction to third-party
contractors. Currently DIL executes projects in-house ie. for
development/expansion projects being undertaken by group
companies; going forward DIL is expected to undertake/execute
projects for entities outside the Neco group as well.


HISAR METAL: ICRA Reaffirms '[ICRA]BB-' Rating on INR27cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' for the
INR27.0 crore fund based limits of Hisar Metal Industries
Limited.

ICRA has also reaffirmed the short term rating of '[ICRA]A4' to
the INR8.0 crore non-fund based limits of HMIL. The long term
rating carries a stable outlook.  The ratings continue to factor
in HMIL's experienced management and its long track record of
operations in the steel industry, increase in its scale of
operations, its presence in export markets, and its established
relationships with customers and suppliers. The ratings are
however constrained by the high gearing levels of the company,
its modest debt protection indicators and its vulnerability to
adverse movement in raw material prices.

Hisar Metal Industries Limited was incorporated as a private
limited company in May 1990 and subsequently was converted into a
public limited company in August 1992. The company is engaged in
the manufacturing of Cold Rolled Stainless Steel Strips/Coils.
The manufacturing facility is situated in Hisar, Haryana with an
installed capacity of 14,400 MT.

Recent Results:

The company reported a net profit after tax of INR0.52 crore on
an operating income of INR145.52 crore for the year ending
March 31, 2011. For H1 FY 2012, HMIL reported a net profit after
tax of INR0.0.22 crore on an operating income of INR84.60 crore.


INDO FURNACE: ICRA Reaffirms 'BB-' Rating on INR9.45cr Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]BB-' assigned
to the INR9.45 crore fund-based limits of Indo Furnace Private
Limited. The outlook for the assigned rating is 'stable'. ICRA
has also re-affirmed [ICRA]A4 rating assigned to INR0.55 crore
non fund based facilities of IFPL.

The rating re-affirmation takes into account the cyclicality
inherent in the steel business and intensely competitive nature
of the industry which makes margins and cash flows vulnerable to
fluctuations in prices. The ratings are further constrained by
IFPL's small scale of operations, fall in operating income
in FY11 after stoppage of Patra Mill operations leading to a
decline in net profits as well as higher receivable days in FY11
due to lower collections from debtors. Nevertheless, the ratings
continues to derive comfort from the long experience of promoters
in this business; backward integration into ingots manufacturing
which supports profitability, and strong brand name for its
products. Further, gearing of the company has reduced in FY11 to
0.74 times from 0.90 times in FY10 on account of lower working
capital borrowings and part repayment of existing term loans
while operating profit margins have improved in FY11.

In ICRA's view, the key rating sensitivities are firm's ability
to reduce its working capital intensity and improve its return
indicators.

                         About Indo Furnace

Incorporated in 2004 as a private limited company by Mr. Vinod
Kumar Agarwal, Indo Furnace Private Limited was initially engaged
in the manufacturing of mild steel ingots and commenced the
manufacture of girders and patra in FY04 when it installed a
rolling mill with 24,000 MT capacity. The girders are used in the
construction of residential buildings and patras are used by
steel pipe mills which convert them into a steel pipe. Patra mill
with 30,000 MT capacity was also installed in 2007. However from
June 2010 onwards, company stopped the production of Patra and
the patra mill is idle as on date. The company has a current
induction capacity to produce 16, 000 MT of MS Ingots and rolling
mill capacity of 24, 000 MT to produce finished steel products
like girders, flats, etc. The company basically works in the
capacity of a convertor, rolling ingots into girders/ patra,
hence the nature of work is low value additive. Shareholding of
IFPL rests entirely with the Agarwal family and friends.

Recent Results:

In the financial year ending 31 March 2011, the company
registered an operating income of INR28.9 crore compared to
INR36.4 crore in FY10 and profit after tax (PAT) of INR0.2 crore
compared to INR0.8 crore in FY10.


INDRA COTTON: ICRA Reaffirms '[ICRA]B+' Rating on INR20cr Loan
--------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to INR20.00 crore
cash credit facility of Indra Cotton Ginning and Pressing Pvt
Ltd.  ICRA has also assigned an '[ICRA]A4' rating to INR4.00
crore short term fund based sublimits of ICGPL.

The assigned ratings continues to be constrained by weak
financial profile as reflected by low profitability, highly
leveraged capital structure on account of working capital
intensive nature of the business and weak debt protection
indicators. The ratings also take into account the low value
additive nature of the business and intense competition on
account of fragmented industry structure which exerts further
pressure on profitability. The rating further incorporates the
vulnerability of profitability to fluctuations in raw material
prices given the seasonal availability of cotton and government
regulations on MSP and export quota.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry and the favorable location
of the company giving it easy access to high quality raw cotton.
The ratings also, positively consider the forward integration of
the company into seed crushing business leading to
diversification with favorable impact on topline.

                       About Indra Cotton

Indra Cotton Ginning and Pressing Pvt Ltd was incorporated in
1998 to undertake cotton ginning, pressing and seed crushing
activities. It is also engaged in trading of cotton bales, cotton
seeds, oil and cakes. It deals in S-6 variety of cotton. The
company's plant is located in Jasdan (dist: Rajkot), which is
very close to the rich cotton belts of Kutch/Saurashtra region.
Indra Cotton Ginning and Pressing Pvt Ltd has 48 ginning machines
and 1 pressing machine with an intake capacity of 200 MTPD of raw
cotton to produce 400 bales/day. The company has 6 expellers to
produce cotton seed oil and oil cakes having an intake capacity
of 50 MTPD of cotton seeds.

Recent Results:

For the year ended March 31, 2011, the company reported an
operating income of INR133.63 crore with profit after tax of
INR0.69 crore.


KINGFISHER AIRLINES: To pay INR10cr in Service Tax Dues
-------------------------------------------------------
The Press Trust of India reports that Kingfisher Airlines Ltd has
agreed to pay only up to INR10 crore of its INR76 crore service
tax dues this fiscal, a top government official has said.

The beleaguered airline, which has faced stern warnings from the
regulator DGCA and aviation ministry for failing to come up a
with workable flight schedule and revival plan, owes INR76 crore
in service tax arrears which it has already collected from
passengers, the news agency says.

"Kingfisher has dues to the tune of INR76 crore; we are talking
to them. They will be depositing about INR10 crore this month,"
Central Board of Excise and Customs (CBEC) chairman SK Goel told
PTI here over the weekend.  "They have told us that they are
going through a cash-crunch and needs some more time to pay up."

According to the report, Mr. Goel said that as per their talks,
the Vijay Mallya-promoted airline will pay only INR5 to
INR10 crore of its dues before the end of the fiscal but the
private carrier should not worry about any immediate penal
action.

PTI relates that Mr. Goel said the Service Tax department has
been freezing Kingfisher's bank accounts since October due to the
non- payment. As of now, it has frozen as many as 40 accounts.

The department will de-freeze some accounts to facilitate the
payment of the remaining dues, Mr. Goel said, without giving a
number, according to PTI.

                       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.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8 per cent more
than a loss of INR2.54 billion a year earlier, The Economic Times
disclosed.  The company has lost INR11.8 billion (US$240 million)
in the first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


MACHINFABRIK: ICRA Assigns '[ICRA]BB-' Rating to INR7cr Loan
------------------------------------------------------------
An '[ICRA]BB-' rating has been assigned to the INR7.00 crore
long term fund-based bank facility of Machinfabrik.  An [ICRA]A4
rating has also been assigned to the INR2.50 crore short term
non-fund based bank facility of the firm. The outlook assigned to
the long term rating is 'Stable'.

The assigned ratings favorably factor in the vast experience of
the founder partner in the manufacture of sterilizers, the firm's
established relationship with reputed customers indicating
quality product profile as well as the favorable growth prospects
of the healthcare sector which is its key user industry. The
ratings are however constrained by the firm's leveraged capital
structure as reflected by gearing of 2.83 times as on March 31,
2011, due to increase in term loans and the consequent impact on
profitability and accruals due to  due to increasing interest and
finance charges. The ratings also factor in the stretched
financial profile of the firm due to its high working capital
intensity which adversely impacts liquidity profile. ICRA notes
that margins also remain susceptible to fluctuations in steel
prices which is a major component of cost for the firm. Also, the
firm is exposed to the risk arising from its status as a
partnership concern

Established in 1984, MF is a partnership firm engaged in the
manufacture of customized sterilization equipments for
pharmaceutical companies and hospitals. The firm has its office
and manufacturing facility at Rabale, Navi Mumbai.

Recent Results:

MF recorded a net profit of INR0.54 crore on an operating income
of INR31.93 crore as per its audited financials for the year
ended March 31, 2011.


MAGNUM GLOBAL: Inadequate Info Cues Fitch to Migrate Ratings
------------------------------------------------------------
Fitch Ratings has migrated India-based Magnum Global Steel
Private Limited's 'Fitch BB+(ind)' National Long-Term rating with
a Stable Outlook to the non-monitored category.  This rating will
now appear as 'Fitch BB+(ind)nm' on the agency's Web site.

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 MGSPL.  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.

Fitch has also migrated MGSPL's following bank loan ratings to
the non-monitored category:

  -- INR42.1m term loans: migrated to 'Fitch BB+(ind)nm' from
     'Fitch BB+(ind)'

  -- INR40m fund-based working capital limits: migrated to 'Fitch
     BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+(ind)'/'Fitch
     A4+(ind)'

  -- INR41.3m non fund-based working capital limits: migrated to
     'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+
     (ind)'/'Fitch A4+(ind)'


POOSHYA EXPORTS: ICRA Places '[ICRA]B' Rating on INR2.53cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the
INR2.53 crore fund based limits of Pooshya Exports Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4
to the INR6.00 crore fund based working capital limits and the
INR1.25 crore non fund based limits of PEPL.

The rating factors in the fragmented structure of the granite
industry with a large number of players  catering to the export
market; the limited scale of operations of the firm; the high
geographical concentration of sales, with significant exposure to
the US and European markets; and the vulnerability of profit
margins to foreign exchange rate fluctuations. The rating also
considers the weak financial risk profile characterized by
fluctuating profitability with the company making operating
losses in the year 2010-11, weak coverage indicators, high
working capital intensity and stretched liquidity position. The
rating considers the preference for Indian granite varieties in
the global market; the experience of the promoters and the group
in the granite industry and the strong customer profile built
over four decades of operations; the availability of unique
varieties of granite from the company's own quarries, which are
recognized in the export market.

Pooshya Exports Private Limited, established in 1982, is engaged
in the quarrying, processing and exporting of granite products.
It is part of the Enterprising Group which has various firms
engaged in the granite processing and export business. PEPL
sources granite from its own quarries, located in Tamil Nadu and
Andhra Pradesh, as well as from external entities and group
companies. PEPL is a 100% export oriented unit (EOU) that exports
granite tiles and slabs to countries like the USA, Germany and
Ireland. It also sells dimensional blocks to its group entity,
Enterprising Enterprises (rated at [ICRA]A4). PEPL's factory is
located at Chembarambakkam, near Chennai on the National Highway
4. The company is promoted by the family of Mr. K Badrinarayanan,
who is the group chairman of the Enterprising Group.

The company achieved operating income and net loss of INR5.6
crore and INR1.9 crore, respectively, during 2010-11.


REAGHAN FASHIONS: ICRA Puts '[ICRA]BB-' Rating on INR12.91cr Loan
-----------------------------------------------------------------
A rating of '[ICRA]BB-' has been assigned to the INR12.91 crore
long-term, fund based facilities of Reaghan Fashions Private
Limited. The outlook assigned to the long term rating is Stable.

The assigned ratings are constrained by modest scale and limited
track record of manufacturing operations of the company;
fragmented nature of industry leading to intense competition from
small unorganized as well as large organized players and
vulnerability of profitability to adverse fluctuations in raw
material prices which may not be passed on to the customers
adequately. The company's profitability remains exposed to
foreign exchange rate fluctuation risk as substantial portion of
the raw material requirement is met through imports; however the
same is partly mitigated by hedging through forward contracts.
The ratings are further constrained on account of weak
profitability and return indicators and stretched cash flow
position as reflected in high working capital intensity of
operations.

While assigning the ratings ICRA also notes the expected
deterioration in the capital structure on account of ongoing
debt-funded capital expansion leading to higher gearing levels
and the expected weakening of debt coverage metrics from the
current levels. The ratings, however, favorably factor in the
long experience of the promoters in textile industry; favorable
demand outlook for man-made fibres on account of high volatility
in cotton prices and favorable location of the company's
manufacturing unit in Surat in proximity to raw material
suppliers and downstream processing units.

Incorporated in the year 2009, Reaghan Fashions Pvt. Ltd. (RFPL)
is promoted by Mr. Dinesh Dhankani and is engaged in the
manufacturing of grey fabrics from Viscose and Nylon yarns. Apart
from manufacturing activity, the company is also involved in
trading of these yarns. The company's manufacturing facility is
based in Surat.

Recent Results:

For the year ended March 31, 2011 the company reported an
operating income of INR27.39 crore and profit after tax of
INR0.29 crore as against an operating income of INR1.29 crore and
profit after tax of INR0.02 crore for the financial year 2009-10
(From 3 months of operations). For the 6 months period ended
September 30, 2011, the company reported an operating income of
INR24.16 crore and profit after tax of INR0.29 crore.


SIPAI COTTON: ICRA Assigns '[ICRA]B+' Rating to INR6cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR6.00 crore fund
based cash credit facility of Sipai Cotton Industries.

The assigned ratings are constrained by SCI's weak financial
profile as reflected by low profitability, high leveraged capital
structure on account of working capital intensive nature of the
business, and weak debt protection indicators. The ratings also
take into account the low value addition and intense competition
on account of fragmented cotton industry which exerts further
pressure on profitability. The rating further incorporates the
vulnerability of profitability due to fluctuations in raw
material prices given the seasonal availability of cotton and
government regulations on MSP and export quota.

The ratings, however, favorably consider the long experience of
the promoters in the cotton industry, favorable location of the
company giving it easy access to high quality raw cotton and
moderate diversification on account of forward integration in
crushing division.

Sipai Cotton Industries was set up in 1999 as a partnership firm
by Mr. Ibrahim Sipai with an experience of more than a decade,
and his family members and relatives as cotton ginning and
pressing unit located at Wankaner, Gujarat. It is also engaged in
trading activities of cotton bales and cottonseed. At present,
the firm has installed 28 ginning machines and 1 pressing
machine.

Recent Results

For the year ended March 31, 2011, the firm reported an operating
income of INR40.66 crore with profit after tax of INR0.22 crore.


SRI DURGA: ICRA Assigns '[ICRA]B-' Rating to INR0.25cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR0.25
crore fund based facility and a short term rating of [ICRA]A4 to
INR4.75 crore non-fund based  facility of Sri Durga Metals.

ICRA has also assigned a long term rating of [ICRA]B- and a short
term rating of [ICRA]A4  to INR1.50 crore unallocated limits of
SDM.

The assigned ratings factor in SDM's small scale of operations;
its high gearing which coupled with low profitability results in
weak debt coverage indicators which is unlikely to change in the
medium term, and the vulnerability of its profitability to
adverse movement in commodity prices owing to high time lag
between the procurement of material and the sales. The ratings
also take into account the high customer concentration risk, high
counterparty credit risk with 100% of the sales made on credit
basis and high competition in the trading industry which may
exert pressure on the margins. However, ICRA draws comfort from
the low working capital intensity of the firm and the assured off
take from its major customer in the medium term.

Sri Durga Metals incorporated in August 2010 as a proprietorship
firm by Ms. Shruti Tibrewal, is engaged in trading of aluminium
scrap. SDM imports the aluminium scrap from European and Middle
Eastern countries and sells to companies which are into
manufacturing of aluminium ingots and castings. The day-to-day
operations of the firm are looked after by proprietor.

Recent Results:

In FY11, SDM reported operating income of INR6.55 crore and net
profit of INR0.02 crore.


VARIA ALUMINIUM: ICRA Assigns [ICRA]BB-' Rating to INR30cr Loan
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR30.00 crore
cash credit facility and INR50.00 crore term loans facility of
Varia Aluminium Private Limited.  The outlook for the rating is
stable. The cash credit limits have sublimits of INR15.00 crore
each for Letter of credit and Buyer's Credit which have been
rated on short term scale at [ICRA]A4.

The assigned ratings are constrained by VAPL's limited track
record of operations; high gearing levels on account of debt
funded capital expenditure plan; limited bargaining power with
the raw material suppliers; vulnerability of margins to raw
material price fluctuations and the high competitive nature of
the industry; although integrated nature of operations is
expected to benefit the company. The ratings also factor in the
project execution risk on account of the company being in the
midst of a large scale debt funded expansion plan. Timely
completion of the project coupled with smooth scaling up of the
operations would remain a key rating sensitivity.

The ratings however favorably factor in long experience of the
promoters in the machinery manufacturing business; expected
integrated nature of operations reducing dependence on the
primary producers of HR/ CR coils; established business
relationship with various customers and stable demand for the
products from the end user industries.

Varia Aluminium Pvt. Ltd., a Private Limited Company was
originally incorporated as Varia Corporate Business House Pvt.
Ltd in February 2010, however the name of the company was later
changed to Varia Aluminium Pvt. Ltd. in November 2010. VAPL is
setting up an Aluminium plant for manufacturing HR Aluminium
Coils, CR Aluminium Coils, Aluminium Foils and Coated, Laminated
and Printed Foils. The installed capacity of the plant will be
30,000 Tonnes per annum.

The promoter of the company Mr. Prafulchandra P. Varia also
promotes another company, Varia Engineering Works Pvt. Ltd. which
is engaged in machinery manufacturing and steel rolled products.
The machinery division of this company has over the years
manufactured machineries for the production of Hot Roll Sheets,
Cold Roll Sheets, Stainless Steel Coil and Sheets, Mild Steel
Coils and Sheets, Aluminum Coil and Foils, etc. The other
associate concerns of the company are M/s. Himanshu Engineering
Works which is involved in manufacturing of engineering parts and
Varia Infrastructure Private Limited which was incorporated for
taking up the turnkey project for setting up the machineries.

Recent Results

For the year ended March 31, 2011, the company reported an
operating income of INR1.29 crore and profit after tax of INR0.09
crore.


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


AIJ INVESTMENT: Loses Advisor Status; SESC Raided Head Office
-------------------------------------------------------------
Kyodo News reports that the Securities and Exchange Surveillance
Commission on Friday raided the head office of AIJ Investment
Advisors Co. and other locations in connection with billions of
yen in missing pension money it apparently lost after allegedly
fraudulently claiming high returns to investors.

The news agency relates that the regulators suspect the Tokyo
investment firm of breaking the Financial Instruments and
Exchange Law by falsifying its investment performance data to
lure corporate pension funds into signing discretionary
investment contracts with it.

According to Kyodo, the SESC said it is searching for company
materials that could shed light on the case because the Financial
Services Agency's suspension order will expire Friday.  The
authorities have been warning AIJ about the raid for weeks, the
report notes.

As recommended by the SESC on Thursday, the FSA on Friday
stripped AIJ of its investment adviser registration and ordered
ITM Securities Co., which is effectively under AIJ's control, to
suspend operations for six months.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


AIJ INVESTMENT: Lied on Its Net Assets, Financial Watchdog Says
---------------------------------------------------------------
The Japan Times reports that the Financial Services Agency said
Friday that AIJ Investment Advisors Co. lied about its net assets
for corporate pension funds, saying it had JPY209 billion as of
March 2011. In reality, the figure was a paltry JPY25 billion.

According to the report, the financial watchdog said AIJ lost a
total of JPY109 billion through derivative trades over the past
10 financial years and currently has only JPY8.1 billion in cash
accounts.

Member companies of corporate pension funds, which entrusted
their money to AIJ, are reportedly preparing for collective legal
action, the Japan Times reports.

The Japan Times states that questions are now being asked about
whether the FSA and the welfare ministry, which supervise public
corporate pension funds, will be held responsible.

Financial services minister Shozaburo Jimi said the agency will
sincerely accept any criticism and make efforts "not to let it
happen again," the report relays.  Declining to give a direct
answer about who will be held responsible, the report relates,
Mr. Jimi would only say the FSA should first find out exactly
what happened.

The Japan Times notes that some experts point out that one of the
reasons the case developed into such a huge debacle was a lack of
scrutiny by regulators.

According to the report, unlike banks and securities firms, asset
management firms are not subject to legally mandated inspections,
even though such firms surged in number following deregulation in
2007.  They only have to register with authorities to start up
their business.  Before 2007, asset management firms were
required to win the approval of financial regulators prior to
beginning operations.

In the past year, only 10 asset management firms out of 265 were
inspected, The Japan Times reports, citing a regulatory source.

Because of the AIJ scandal, says The Japan Times, the FSA ordered
all 265 to submit reports on their operations by March 14.  As of
March 23, the agency said it was still checking the reports.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about
JPY183.2 billion may be "adversely affected" and started a probe
into the 263 asset managers operating in Japan.

Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010.  It has 12 employees.


TOKYO ELECTRIC: Has One Week to Submit Business Plan
----------------------------------------------------
Bloomberg News reports that Tokyo Electric Power Co., facing a
US$20 billion-and-counting compensation bill for the Fukushima
disaster, has a week to produce a business plan that includes a
request for government aid and will lead to nationalization of
what was once the world's biggest private power producer.

Bloomberg News relates that since the reactor meltdowns at Tokyo
Electric's Fukushima plant last year, Chairman Tsunehisa
Katsumata has watched US$37.5 billion in market value evaporate.
Mr. Katsumata sits atop a business that once proudly powered
Japan's postwar recovery, only to see it now surviving on
government handouts and its last operating reactor goes offline
Sunday.

Nationalizing the utility, known as TEPCO, may portend a breakup
of Japan's 10 regional power monopolies that ring up combined
sales of JPY15.7 trillion (US$190 billion) a year to produce,
transmit and distribute electricity, according to data compiled
by Bloomberg.  Penn Bowers, who tracks utilities at CLSA Asia-
Pacific Markets, said breaking off TEPCO's transmission business
from power generation would end its monopoly in Tokyo and may
provide a model for the rest of the country, Bloomberg relates.

Bloomberg says TEPCO's Katsumata, who turns 72 this week and may
step down, has been publicly snubbed by Trade and Industry
Minister Yukio Edano. The 47-year old former patent lawyer turned
politician controls the funds TEPCO needs to stay solvent and has
stated the government wants a stake and a "sufficient" say in
running the utility in exchange for a cash injection of almost
JPY1 trillion.

"The government has the dominant bargaining position because
TEPCO needs money," Tomohiro Jikihara, a Tokyo-based electricity
and gas utility analyst at JPMorgan Chase & Co., told Bloomberg
in a phone interview.

According to Bloomberg, bailout funds for TEPCO will be funneled
through the government's Nuclear Damage Liability Facilitation
Fund. The fund was set up after the Fukushima disaster with a
mandate to manage compensation payments for the 160,000 people
displaced by radiation fallout and others affected. It's also
charged with releasing funds to ensure stable power supplies, the
report notes.

                       About Tokyo Electric

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
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.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


TOKYO ELECTRIC: Unlikely to Win OK for Business Plan This Month
---------------------------------------------------------------
Kyodo News reports that Tokyo Electric Power Co. is unlikely to
win government approval for its business restructuring plan by
the end of March amid its difficulty in picking a new chairman,
who is expected to play a key role in reforming the ailing
utility, TEPCO and other sources said Friday.

According to the news agency, the Nuclear Damage Liability Fund
canceled a meeting scheduled for Friday in which its key members
were to decide on the business plan, which it is jointly crafting
with TEPCO.  The meeting may be held next week or later, Kyodo
notes.

Kyodo relates that a senior TEPCO official said it is possible to
submit the plan before the end of the month but predicted that
winning government approval will take longer.

Ex-Chief Cabinet Secretary Yoshito Sengoku, who has close ties
with Minister of Economy, Trade and Industry Yukio Edano, is
involved in the selection process to replace 71-year-old
Tsunehisa Katsumata, who has served as TEPCO chairman since June
2008.

Asked by a reporter about the new chairman's appointment, Mr.
Edano, who has the authority to approve TEPCO's business plan,
said he has not received any reports and that Mr. Katsumata's
successor should be selected by the time the utility holds its
next shareholders' meeting, according to Kyodo.

Mr. Edano also indicated he won't OK the plan immediately after
it is submitted. "Usually, I think it should be studied
carefully."

                      About Tokyo Electric

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

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

As reported in the Troubled Company Reporter-Asia Pacific on
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.

In February, Standard & Poor's Ratings Services kept Tokyo
Electric Power Co. Inc. on CreditWatch but revised its
implications to negative from developing. "We maintained the 'B+'
long-term corporate credit, 'B' short-term corporate credit, and
'BB+' long-term debt ratings on the company. The stand-alone
credit profile on TEPCO remains at 'ccc+', and the likelihood
that the company will receive extraordinary support from the
government of Japan (AA-/Negative/A-1+) in the event of financial
distress remains 'high.' We placed the ratings on CreditWatch
developing on May 13, 2011, and kept them on that status after
lowering the ratings on the company on May 30, and again on
Aug. 4 and Nov. 9," S&P said.


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


AWTD LTD: Faces Liquidation Over Tax Debt
-----------------------------------------
The National Business Review reports that well-known ad agency
Wag The Dog, now known as AWTD Ltd, faces liquidation in the
Auckland High Court on Friday over a tax debt.

NBR relates that the Commissioner of Inland Revenue has applied
to the court to liquidate two-year old Wag The Dog Agency, which
changed its name on March 6 to AWTD Ltd.

Directors are Gregory John Symons, of Auckland, and Andrew George
Taylor, of Sydney.

According to NBR, Wag The Dog's Web site shut down Monday
morning, and cellphone numbers listed on the site had been
disconnected.  No details of the amount owing were available as
at Monday, the report notes.

The application is to be heard by High Court at Auckland on
March 30, 2012.

Wag The Dog, now known as AWTD Ltd, is a New Zealand-based
advertising agency.


NFZ GROUP: Shares, Capital Notes in Trading Halt
------------------------------------------------
Fairfax NZ News reports that NZF Group has placed its shares and
capital notes in a trading halt pending a "material
announcement".

Last week, the Serious Fraud Office launched an investigation
into the company and lending unit NZF Finance, which is currently
in receivership, over alleged related-party deals between the
group, its directors and officers, according to Fairfax NZ News.

The report recalls that NZF Finance was placed in receivership in
July last year, owning debenture holders NZ$16.4 million, and
subsequent efforts to sell the business have failed to gain
traction.

Receiver KordaMentha estimates investors may only see about a 25%
return once the business is wound up, Fairfax NZ News says.

The report notes that SFO is said to be investigating a period
from 2006 to the present day.  Nine people sat on the board
during this period, which included:

   -- businessman Peter Huljich, whose family interests own a 5%
      stake in NZF according to the Companies Office,
   -- John Callaghan,
   -- Mark Thornton,
   -- Pat O'Connor,
   -- Richard Waddel,
   -- Jeffrey Barkwill,
   -- John Henderson,
   -- Craig Alexander, and
   -- James Sclater.

Mr. Huljich last year pleaded guilty to a charge of misleading
investors in his KiwiSaver scheme, Huljich Wealth Management, and
was convicted and fined NZ$112,622 in the Auckland District
Court, Fairfax NZ News discloses.

The report says that Mr. Huljich was accused of failing to
disclose the fact that funds under his management had been
inflated by a series of payments from Mr. Huljich to make their
performance look better.

In January Huljich Wealth Management was bought by Fisher Funds
Management for NZ$20.9 million, the report adds.

                         About NZF Group

NZF Group Limited (NZE:NZF)-- http://www.nzf.co.nz/-- is a
provider of financial services.  The Company provides a
diversified range of services including investment, lending,
insurance and mortgage broking. NZF operates in four divisions:
property finance, home loans, consumer finance and financial
services distribution.


SPARTA HEALTH: Rent Dispute Prompts Gym's Voluntary Liquidation
---------------------------------------------------------------
Hawkes Bay Today reports that about 800 members and seven staff
found themselves locked out of Sparta Health and Fitness gym
after it went into voluntary liquidation.

According to the report, the closure of Napier's Sparta Health
and Fitness stems from a dispute over rent between the gym's
owner and the landlord of the building who plans to find a new
operator.

Gym members are not happy about what has happened, the report
says.

Hawkes Bay Today relates that Napier City Council member and
fitness fan Maxine Boag said she turned up for her daily workout
at 9 a.m. on Saturday to find the doors locked and members
outside looking at a notice of closure.

"It is very sad for staff and hundreds of us who patronise Sparta
and are part of the family," the report quotes Ms. Boag as
saying.

A letter sent to members by owner Rachael Walker blamed the
liquidation on Friday on financial difficulties due to rent and
purchase payments to the Carlyle St gym's landlord and former
owner of the business, Rod Langdon, the report notes.


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


BORDERS PTE: Creditors Get 100% Recovery on Claims
--------------------------------------------------
Borders Pte Ltd will declare the first and final dividend on
March 29, 2012.

The company will pay 100% to the received claims.

The company's liquidator is:

         Timothy James Reid
         Ferrier Hodgson
         8 Robinson Road #12-00
         ASO Building
         Singapore 048544


CITY & CO: Court to Hear Wind-Up Petition March 30
--------------------------------------------------
A petition to wind up the operations of City & Co. Pte Ltd will
be heard before the High Court of Singapore on March 30, 2012, at
10:00 a.m.

Standard Chartered Bank filed the petition against the company on
March 8, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


GUANGZHAO INDUSTRIAL: Court to Hear Wind-Up Petition on March 28
----------------------------------------------------------------
A petition to place Guangzhao Industrial Forest Biotechnology
Group Limited under judicial management will be heard before the
High Court of Singapore on March 28, 2012, at 10:00 a.m.

Yit Chee Wah has been nominated as the judicial manager.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard, #28-00
          Singapore 018989


MICROFAB HOLDINGS: Creditors Get 3.49% Recovery on Claims
---------------------------------------------------------
Microfab Holdings Pte Ltd declared the first and final dividend
on March 19, 2012.

The company paid 3.49% to the received claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


MICROFAB INNOVATION: Creditors Get 100% Recovery on Claims
----------------------------------------------------------
Microfab Innovation Pte Ltd declared the first and final dividend
on March 19, 2012.

The company paid 100% for preferential and 0.37% for ordinary
claims.

The company's liquidator is:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


TRICOMM INTERNATIONAL: Court to Hear Wind-Up Petition April 13
--------------------------------------------------------------
A petition to wind up the operations of Tricomm International Pte
Ltd will be heard before the High Court of Singapore on April 13,
2012, at 10:00 a.m.

Kwong Sai Wai filed the petition against the company on Feb. 9,
2012.

The Petitioner's solicitor is:

         Ms Lim Poh Choo
         M/s Alan Shankar & Lim LLC
         171 Chin Swee Road
         #03-02 San Centre
         Singapore 169877


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


* BOND PRICING: For the Week March 19 to March 23, 2012
-------------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
ANTARES ENERGY          10.00    10/31/2013   AUD       2.05
CHINA CENTURY           12.00    09/30/2014   AUD       0.70
DIVERSA LTD             11.00    09/30/2014   AUD       0.07
EXPORT FIN & INS         0.50    12/16/2019   NZD      71.50
EXPORT FIN & INS         0.50    06/15/2020   AUD      68.80
EXPORT FIN & INS         0.50    06/15/2020   NZD      69.55
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.72
KIMBERLY METALS         10.00    08/05/2016   AUD       0.34
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      69.00
NEW S WALES TREA         0.50    09/14/2022   AUD      61.99
NEW S WALES TREA         0.50    10/07/2022   AUD      61.81
NEW S WALES TREA         0.50    10/28/2022   AUD      61.65
NEW S WALES TREA         0.50    11/18/2022   AUD      61.49
NEW S WALES TREA         0.50    12/16/2022   AUD      61.27
NEW S WALES TREA         0.50    02/02/2023   AUD      60.90
NEW S WALES TREA         0.50    03/30/2023   AUD      60.47
TREAS CORP VICT          0.50    08/25/2022   AUD      62.21
TREAS CORP VICT          0.50    03/03/2023   AUD      60.58
TREAS CORP VICT          0.50    11/12/2030   AUD      43.32


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      63.89
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00
CQ TEXILE                6.48    01/12/2018   CNY      70.00
NANTONG INDUSTRY         5.27    05/18/2016   CNY      58.00
ZJG LAND BUREAU          7.80    12/15/2018   CNY      58.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.62
RESPARCS FUNDING         8.00    12/29/2049   USD      33.33


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      41.73
EX-IM BK OF IN           9.45    06/15/2014   INR      10.00
GEMINI COMMUNICA         6.00    07/18/2012   EUR      64.97
PRAKASH IND LTD          5.25    04/30/2015   USD      70.06
PRAKASH IND LTD          5.62    04/30/2015   USD      71.76
SHIV-VANI OIL            5.00    08/17/2015   USD      67.67
SUZLON ENERGY LT         5.00    04/13/2016   USD      64.93
  JAPAN
  -----

ELPIDA MEMORY            0.50    10/26/2015   JPY      72.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      60.99
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.08
TOKYO ELEC POWER         1.60    05/29/2019   JPY      74.56
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.34
TOKYO ELEC POWER         1.37    10/29/2019   JPY      71.76
TOKYO ELEC POWER         1.81    02/28/2020   JPY      72.62
TOKYO ELEC POWER         1.48    04/28/2020   JPY      69.25
TOKYO ELEC POWER         1.39    05/28/2020   JPY      69.37
TOKYO ELEC POWER         1.31    06/24/2020   JPY      68.87
TOKYO ELEC POWER         1.94    07/24/2020   JPY      74.81
TOKYO ELEC POWER         1.22    07/29/2020   JPY      68.25
TOKYO ELEC POWER         1.15    09/08/2020   JPY      67.50
TOKYO ELEC POWER         1.63    07/16/2021   JPY      66.00
TOKYO ELEC POWER         2.34    09/29/2028   JPY      65.66
TOKYO ELEC POWER         2.40    11/28/2028   JPY      66.01
TOKYO ELEC POWER         2.20    02/27/2029   JPY      63.96
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.92
TOKYO ELEC POWER         1.95    07/29/2030   JPY      60.50
TOKYO ELEC POWER         2.36    05/28/2040   JPY      59.75


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.09
ASTRAL SUPREME           3.00    08/0/2021    MYR       0.09
CRESENDO CORP B          3.75    01/11/2016   MYR       1.35
DUTALAND BHD             7.00    04/11/2013   MYR       0.90
DUTALAND BHD             7.00    04/11/2013   MYR       0.45
ENCORP BHD               6.00    02/17/2016   MYR       0.89
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.30
LION DIVERSIFIED         4.00    12/17/2013   MYR       1.17
MALTON BHD               6.00    06/30/2018   MYR       0.91
MITHRIL BHD              3.00    04/05/2012   MYR       0.76
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.23
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.60
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.21
PANTECH GROUP            7.00    12/21/2017   MYR       0.10
PRESS METAL BHD          6.00    08/22/2019   MYR       2.13
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.68
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.55
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.57
WAH SEONG CORP           3.00    05/21/2012   MYR       2.41
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.63
YTL CEMENT BHD           5.00    11/10/2015   MYR       2.34
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.49


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.00
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.70
FONTERRA                 8.50    03/15/2015   NZD      73.00
INFRATIL LTD             8.50    09/15/2013   NZD       8.10
INFRATIL LTD             8.50    11/15/2015   NZD       8.10
INFRATIL LTD             4.97    12/29/2049   NZD      55.50
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.07
NEW ZEALAND POST         7.50    11/15/2039   NZD      65.85
NZF GROUP                6.00    03/15/2016   NZD       3.17
TOWER CAPITAL            8.50    04/15/2014   NZD       1.02
TRUSTPOWER LTD           8.50    09/15/2012   NZD       7.00
TRUSTPOWER LTD           8.50    03/15/2014   NZD       6.60
UNI OF CANTERBUR         7.25    12/15/2019   NZD       0.98


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      34.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      16.00
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.02


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


CN 1ST ABS               8.00    02/27/2015   KRW      32.14
CN 1ST ABS               8.30    11/27/2015   KRW      33.43
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.43
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.35
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.38
GYEONGGI MUTUAL          8.50    08/29/2014   KRW      10.15
GYEONGGI MUTUAL          8.50    12/11/2014   KRW       8.00
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      10.11
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      10.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      10.14
HYUNDAI SWISS BK         8.50    07/15/2014   KRW       9.42
HYUNDAI SWISS II         8.30    01/13/2015   KRW      10.13
HYUNDAI SWISS II         7.90    07/23/2015   KRW      10.11
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      10.12
JINHEUNG MUTUAL          7.00    01/23/2015   KRW      10.11
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      10.12
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      10.11
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.13
WOORI FIN HLDGS          5.83    03/08/2042   KRW      25.18
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      10.14


SRI LANKA
---------

SRI LANKA GOVT           6.20    08/01/2020   LKR      70.16
SRI LANKA GOVT           7.00    10/01/2023   LKR      62.96
SRI LANKA GOVT           5.35    03/01/2026   LKR      52.91
SRI LANKA GOVT           8.00    01/01/2032   LKR      66.71

VIETNAM
-------

HCMC INVT FUND           9.25    08/10/2016   VND      12.30


                             *********

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 ***