TCRAP_Public/120508.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Tuesday, May 8, 2012, Vol. 15, No. 91

                            Headlines


A U S T R A L I A

PEPPER RESIDENTIAL: S&P Gives 'B' Rating to Class F RMBS


C A M B O D I A

ACLEDA BANK: Moody's Downgrades BFSR to 'E+'; Outlook Stable
CAMBODIAN PUBLIC: Moody's Cuts BFSR to 'E+'; Outlook Stable


C H I N A

GREENTOWN CHINA: Moody's Cuts CFR to 'Caa1'; Outlook Negative


H O N G  K O N G

EXTRA LAND: Creditors' Proofs of Debt Due June 5
FAT FRESSNAFT: Leong and Mok Step Down as Liquidators
FORE-Z (H.K.): Creditors' and Members' Meetings Set for May 15
GOOD HARVEST: Creditors' Proofs of Debt Due May 28
GREAT WEALTH: Creditors' Proofs of Debt Due May 28

HAGER METAL: Kong Chi How Johnson Steps Down as Liquidator
HK (ASIA): Creditors' Proofs of Debt Due May 28
HUB LIMITED: Members' Meeting Set for May 28
HYPERFACTORY (HK): Creditors' Proofs of Debt Due May 27
JAROMET LIMITED: Commences Wind-Up Proceedings

JOSE CUERVO: Antonio Silva Jauregui Steps Down as Liquidator
JUNE AGENTS: Creditors' Proofs of Debt Due May 18
KINGDOM SUCCESS: Creditors' Proofs of Debt Due May 28
LEADFRAME TECHNOLOGY: Court to Hear Wind-Up Petition on May 30
MARTIN (FAR EAST): Creditors' and Members' Meeting Set for May 15


I N D I A

GOLDEN CELLARS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan
JALALABAD RICE: ICRA Reaffirms 'B+' Rating on INR25cr Loans
KAMDHENU POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
MAYUR ROLLER: ICRA Cuts Rating on INR2cr Loans to '[ICRA] B+'
MAYUR VENEER: ICRA Cuts Rating on INR5cr Loan to '[ICRA] B+'

M/S.CHAITYA: ICRA Upgrades Rating on INR40cr Loan to 'BB'
P P PRODUCTS: ICRA Assigns 'BB+' Rating to INR5cr Loans
SAHAKARI SAKKARE: ICRA Rates INR150cr Loan at '[ICRA]C+'
TARAJYOT POLYMERS: ICRA Assigns 'BB+' Rating to INR2.5cr Loan
ZANZAR JEWELLERS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit


J A P A N

ELPIDA MEMORY: Administrators Select Micron Technology as Sponsor


K O R E A

* Prosecutors Raid Four Savings Banks After Operation Suspension


N E W  Z E A L A N D

PIKE RIVER: Former CEO Speaks Up But Still Won't Show at Inquiry
SPORTS-WIDE LTD: Inland Revenue Gives "Last Chance" to Pay Taxes


X X X X X X X X

* BOND PRICING: For the Week April 30 to May 4, 2012


                            - - - - -


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


PEPPER RESIDENTIAL: S&P Gives 'B' Rating to Class F RMBS
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the eight classes of nonconforming residential
mortgage-backed securities (RMBS) issued by G.T. Australia
Nominees Ltd. as trustee of Pepper Residential Securities Trust
No. 9. Pepper Residential Securities Trust No. 9 is a
securitization of nonconforming residential mortgages originated
by Pepper HomeLoans Pty Ltd.

The preliminary ratings reflect:

  * "Our view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date," S&P said.

  * "Our view that the credit support is sufficient to withstand
    the stresses we apply. This credit support comprises note
    subordination for each class of rated note," S&P said.

  * The availability of a retention amount built from excess
    spread, and applied monthly to the most subordinated rated
    note at that time; and

  * "Our expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the invested amount of the notes,
    and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest," S&P said.

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments the subject
of this rating report or whether relevant information remains
non-public.

          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

PRELIMINARY RATINGS ASSIGNED

Class     Rating         Amount (mil. A$)
-----     ------         ----------------
A-1       AAA (sf)       72.0
A-2       AAA (sf)       138.0
A-3       AAA (sf)       38.4
B         AA (sf)        13.5
C         A (sf)         12.6
D         BBB (sf)       9.6
E         BB (sf)        6.0
F         B (sf)         2.4
G         N.R.           7.5

N.R.-Not rated



===============
C A M B O D I A
===============


ACLEDA BANK: Moody's Downgrades BFSR to 'E+'; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local-
currency deposit and issuer ratings of ACLEDA Bank plc to B1 from
Ba2 following the revision of its standalone bank financial
strength rating (BFSR) to E+ from D, which now maps to a baseline
credit assessment (BCA) of b1 on the long-term scale. This
revision took place in the context of an ongoing global review
affecting all banks whose standalone ratings are higher than the
rating of the government where they are domiciled.

Moody's has also affirmed the bank's long-term foreign currency
issuer rating of B1, its long-term foreign currency deposit
rating of B3, and its short-term local and foreign currency
ratings of Not Prime.

The ratings outlook is stable.

This rating action concludes the review for downgrade on the
bank's D BFSR and Ba2 long-term local-currency issuer and deposit
ratings that was initiated on 18 April 2012.

Moody's will be withdrawing all the ratings of ACLEDA Bank as
listed below, for business reasons.

ACLEDA Bank had no outstanding debt rated by Moody's at the time
of this press release.

RATINGS RATIONALE

The rating action is driven by Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012, and further
detailed in the special comment "Banks and Sovereigns: Risk
Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012.

As per the guidance, the downward revision to ACLEDA Bank's
standalone rating reflects Moody's view that a bank's rating
ultimately cannot be completely de-linked from the credit quality
of the government's creditworthiness.

At the same time, however, ACLEDA Bank's b1 standalone BCA places
it one notch above Cambodia's sovereign rating, capturing its
better insulation from a government debt crisis compared with
global peers. This is because of the absence of any meaningful
direct exposures to the government, which typically arise from
either holdings of government securities or loans to government-
related entities; as well as the bank's lack of reliance on
confidence sensitive market funds.

The b1 BCA also takes into account the bank's leading franchise
in Cambodia as well as its modest credit fundamentals relative to
the challenges in a rapidly evolving operating environment.

ACLEDA Bank's long-term local currency deposit, long-term local
and foreign currency issuer ratings of B1 incorporate Moody's
assessment of high systemic support, which Moody's expects will
be provided to the bank, should the need arise. Its long-term
deposit rating of B3 is constrained by Cambodia's foreign
currency deposit ceiling of B3.

Moody's will withdraw the rating for its own business reasons.

The following ratings of ACELDA Bank will be withdrawn:

Bank financial strength rating (BFSR) of E+; stable outlook

Long-term local currency deposit and issuer ratings of B1; stable
outlook

Long-term foreign currency issuer rating of B1; stable outlook

Long-term foreign currency deposit rating of B3; stable outlook

Short-term local and foreign currency deposit and issuer ratings
of Not Prime

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Headquartered in Phnom Penh, Cambodia, ACLEDA Bank reported total
assets of US$1.5 billion at end-2011.


CAMBODIAN PUBLIC: Moody's Cuts BFSR to 'E+'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Cambodian Public Bank (Campu)
to E+ from D, which now maps to a baseline credit assessment
(BCA) of b1 on the long-term scale. This revision took place in
the context of an ongoing global review affecting all banks whose
standalone ratings are higher than the rating of the government
where they are domiciled.

Moody's has also affirmed the bank's local currency deposit and
issuer ratings of Ba1/ Not Prime, its foreign currency issuer
rating of B1/Not Prime, and its foreign currency deposit rating
of B3/Not Prime.

The ratings outlook is stable.

This rating action concludes the review for downgrade on the
bank's D BFSR that was initiated on April 18, 2012.

Moody's will be withdrawing all the ratings of Campu, as listed
list below, for business reasons.

Campu had no outstanding debt rated by Moody's at the time of
this press release.

RATINGS RATIONALE

The rating action is driven by Moody's revised assessment of the
linkage between the credit profiles of sovereigns and financial
institutions globally, which is discussed in the rating
implementation guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012, and further
detailed in the special comment "Banks and Sovereigns: Risk
Correlations Constrain Standalone Bank Credit Assessments"
published on April 30, 2012.

As per the guidance, the downward revision to Campu's standalone
rating reflects Moody's view that a bank's rating ultimately
cannot be completely de-linked from the credit quality of the
government's creditworthiness.

At the same time, however, Campu's b1 standalone BCA places it
one notch above Cambodia's sovereign rating, capturing its better
insulation from a government debt crisis compared with global
peers. This is because of the absence of any meaningful direct
exposures to the government, which typically arise from either
holdings of government securities or loans to government-related
entities; as well as the bank's lack of reliance on confidence
sensitive market funds.

The b1 BCA also takes into account the bank's established
franchise in Cambodia, modest credit fundamentals relative to
challenges in the rapidly evolving operating environment, as well
as its improved funding and risk management which has benefited
from the assistance from its parent, Public Bank Berhad.

Campu's long-term local currency deposit and issuer ratings of
Ba1 incorporate Moody's assessment of the high probability of
parental and systemic support that Moody's expects to be provided
to the bank, should the need arise. The bank's foreign currency
ratings are constrained by Cambodia's B1 foreign currency bond
ceiling and B3 foreign currency deposit ceiling.

Moody's will withdraw the rating for its own business reasons.

The following ratings of Campu will be withdrawn:

Bank financial strength rating (BFSR) of E+; stable outlook

Long-term local currency deposit and issuer ratings of Ba1;
stable outlook

Long-term foreign currency issuer rating of B1; stable outlook

Long-term foreign currency deposit rating of B3; stable outlook

Short-term local and foreign currency deposit and issuer ratings
of Not Prime

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology published in March 2012.

Headquartered in Phnom Penh, Cambodia, Cambodian Public Bank
reported total assets of USD1 billion at end-2011.



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


GREENTOWN CHINA: Moody's Cuts CFR to 'Caa1'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded Greentown China Holdings
Limited's corporate family rating to Caa1 from B3.

At the same time, Moody's has downgraded Greentown's senior
unsecured rating to Caa2 from Caa1.

The outlook for both ratings is negative.

Ratings Rationale

"The downgrade of the corporate family rating to Caa1 reflects
Greentown's greater liquidity risk, given the substantial short-
term debt due for repayment in 2012," says Jiming Zou, a Moody's
Analyst.

The company faces continued refinancing pressure for its RMB20
billion short-term debt, including around RMB4.5 billion in trust
loans, which compares with a cash balance of RMB5.9 billion at
end-2011.

"Greentown faces challenges in improving its liquidity so that it
can repay its debt in the current weak property market," says Mr.
Zou.

Moody's expects Greentown's sales performance to remain weak in
2012. It recorded RMB6.7 billion in contract sales in 1Q 2012,
representing 17% of its annual target.

The lackluster performance is unlikely to recover in the near
term, in view of ongoing restrictions on purchases, while a tight
credit environment will continue to suppress demand for high-end
residential properties in higher-tier cities. Greentown has a
significant exposure to the latter.

Thus, cash flows from pre-sales will not be a solution for
Greentown to address its debt repayment in 2012.

Greentown's weak sales and high debt leverage will also make it
difficult for the company to access bank financing. Adverse
market conditions -- which makes banks more cautious in their
lending -- are another problem.

Thus, Greentown has to dispose of its assets, a process which it
has started in 2011. But the amounts raised have not been
adequate to cover the debt due in 2012.

It also needs agreement from its joint venture partners for the
further disposal of those assets which it does not wholly own.
Such assets are a prominent feature of Greentown's property
portfolio.

"Moreover, Greentown faces increasing challenges in completing
properties for timely delivery. It will need to fund a
substantial amount of construction expenses before it can deliver
presold properties. Unrecognized pre-sales are at a high level,
as indicated by a cash advance of RMB45.8 billion as of 31
December 2011," says Mr. Zou.

"Greentown's high level of inventory and properties under
development -- RMB 84.7 billion -- is another concern. Contract
sales in 2011 were RMB35 billion. Therefore, it will take much
longer than one year to clear its inventory," says Mr. Zou.

The negative outlook continues to reflect the adverse market
environment that pressures Greentown's liquidity position.

Moody's will monitor the company's efforts to improve its
liquidity position, including project monetization and raisings
of new debt in the next few months. The absence of any favorable
developments could pressure the ratings.

The ratings could be further downgraded if Greentown fails to
arrange new funding for its maturing debt.

A rating upgrade is unlikely in the near term, given the negative
outlook and the serious level of liquidity risk.

However, if the company is able to refinance some of its debt and
complete asset disposals to cover substantially its obligations
-- debt and construction -- for the next 12 months, Moody's will
review the ratings to determine whether there is any upgrade
pressure.

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

Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As of December 31, 2011, it had a land bank with a
total attributable gross floor area of 41 million square meters.



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


EXTRA LAND: Creditors' Proofs of Debt Due June 5
------------------------------------------------
Creditors of Extra Land Investment Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 5, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 19, 2012.

The company's liquidator is:

         Tsang Chun Ki
         Flat B, 10th Floor
         Block 8, Cavendish Heights
         No. 33 Perkins Road
         Hong Kong


FAT FRESSNAFT: Leong and Mok Step Down as Liquidators
-----------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda stepped down as
liquidators of Fat Fressnaft Asia Trading Limited on April 17,
2012.


FORE-Z (H.K.): Creditors' and Members' Meetings Set for May 15
--------------------------------------------------------------
Creditors and members of Fore-Z (H.K.) Limited will hold their
annual meeting on May 15, 2012, at 3:30 p.m., at the office of
FTI Consulting (Hong Kong) Limited, Level 22, The Center, 99
Queen's Road Central, Central, in Hong Kong.

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


GOOD HARVEST: Creditors' Proofs of Debt Due May 28
--------------------------------------------------
Creditors of Good Harvest Consultants Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


GREAT WEALTH: Creditors' Proofs of Debt Due May 28
--------------------------------------------------
Creditors of Great Wealth Creation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidator is:

         Lam Ying Sui
         10/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


HAGER METAL: Kong Chi How Johnson Steps Down as Liquidator
----------------------------------------------------------
Kong Chi How Johnson stepped down as liquidator of Hager Metal
and Plastic Works Limited on Nov. 15, 2011.


HK (ASIA): Creditors' Proofs of Debt Due May 28
-----------------------------------------------
Creditors of Hong Kong (Asia) Exhibition Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by May 28, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidators are:

         Dr. Terence Ho Yuen Wan
         Henry Fung
         Rooms 1001-1003, 10/F
         Manulife Provident Funds Place
         345 Nathan Road
         Kowloon, Hong Kong


HUB LIMITED: Members' Meeting Set for May 28
--------------------------------------------
Members of Hub Limited will hold a meeting on May 28, 2012, at
9:00 a.m., at 27/F Alexandra House, 18 Chater Road, Central, in
Hong Kong.

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


HYPERFACTORY (HK): Creditors' Proofs of Debt Due May 27
-------------------------------------------------------
Creditors of The Hyperfactory (HK) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 27, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 13, 2012.

The company's liquidator is:

         Chan Kam Man
         Unit 803, 8/F
         Shanhai Industrial Investment Building
         48-62 Hennessy Road
         Wanchai, Hong Kong


JAROMET LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Jaromet Limited, on April 20, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Poon Wai Hung Richard
         Room 1410, 14/F
         Harbour Centre
         No. 25 Harbour Road
         Wanchai, Hong Kong


JOSE CUERVO: Antonio Silva Jauregui Steps Down as Liquidator
------------------------------------------------------------
Antonio Silva Jauregui stepped down as liquidator of Jose Cuervo
International Hong Kong Limited on April 18, 2012.


JUNE AGENTS: Creditors' Proofs of Debt Due May 18
-------------------------------------------------
Creditors of June Agents Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 18,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

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


KINGDOM SUCCESS: Creditors' Proofs of Debt Due May 28
-----------------------------------------------------
Creditors of Kingdom Success Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 28, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 19, 2012.

The company's liquidators are:

         Chan Chi Bor
         Li Fat Chung
         Unit 402, 4/F
         Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


LEADFRAME TECHNOLOGY: Court to Hear Wind-Up Petition on May 30
--------------------------------------------------------------
A petition to wind up the operations of Leadframe Technology
Limited will be heard before the High Court of Hong Kong on
May 30, 2012, at 9:30 a.m.

Chan Wai Chung filed the petition against the company on March
26, 2012.


MARTIN (FAR EAST): Creditors' and Members' Meeting Set for May 15
-----------------------------------------------------------------
Creditors and members of Martin (Far East) Optical Company
Limited will hold their annual meeting on May 15, 2012, at 4:30
p.m., at the office of FTI Consulting (Hong Kong) Limited, Level
22, The Center, 99 Queen's Road Central, Central, in Hong Kong.

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



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GOLDEN CELLARS: ICRA Assigns '[ICRA]B+' Rating to INR5cr Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ crore fund based
facilities of Golden Cellars Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits         5.00          [ICRA]B+

The assigned rating takes into account the modest scale of
operations of the company along with its weak financial profile
characterized by thin profitability margins due to trading nature
of business and adverse capital structure with weak coverage
indicators. The rating also incorporates the high business risk
inherent in the liquor industry owing to the high taxes levied
and stringent government controls and regulations and intense
competition in the industry emanating from distributors of other
distilleries which puts further pressure on margins of GCPL.  The
rating however derives comfort from the diversified customer base
of the company as well as long experience of the promoters in
trading of alcoholic beverages.

Set up in 1986 with subsequent conversion to private limited
company in 2005, Golden Cellars Private Limited is involved in
wholesale distribution of alcoholic beverages in Mumbai Region.
The company has its office and warehouse in Mumbai.

Recent Results:

GCPL has registered an operating income of INR75.46 crore in FY
11 with profit after tax at INR0.27 crore.


JALALABAD RICE: ICRA Reaffirms 'B+' Rating on INR25cr Loans
-----------------------------------------------------------
ICRA has re-affirmed '[ICRA]B+' rating  to INR25.00 crore bank
lines of Jalalabad Rice Exports Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits        25.00          [ICRA]B+ (assigned)

ICRA's rating action factors in highly competitive nature of the
industry, JRPL's moderate scale of operations and its weak
profitability metrics. This coupled with JRPL's high gearing has
resulted in weak debt protection indicators.  However, the
ratings favorably factor in JRPL's experienced promoters with
long track record in rice milling industry and proximity of the
mill to major rice growing area which results in easy
availability of paddy.

Jalalabad Rice Exports Private Limited is a private limited
company promoted by Mr. Sunil Kumar and his family members. The
firm is primarily engaged in milling of basmati rice. The firm is
also engaged in converting semi processed rice into parboiled
Basmati rice.  JRPL's milling unit is based out of Fazilka,
Distt. Ferozpur, Punjab which is in close proximity to the local
grain market.

Recent Results

The firm reported a net profit after tax of INR0.49 crore on an
operating income of INR54.07 crore in FY2011.


KAMDHENU POLYMERS: ICRA Reaffirms 'BB+' Rating on INR2cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the ratings of '[ICRA]BB+' to INR2.00 Crore
enhanced fund based limits and '[ICRA]A4+' to the INR28.00 Crore
enhanced non fund based limits of Kamdhenu Polymers Private
Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based limits         2.00       [ICRA]BB+ (reaffirmed)
   Non Fund based Limits    28.00       [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY 2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of KPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that KPL's margins are
low arising out of the highly competitive and trading nature of
its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in KPPL's two
group companies namely Tarajyot Polymers Limited and PP Products
Private Limited during the ratings exercise due to operational
linkages within these group companies.

Kamdhenu Polymers Private Limited was incorporated in 1998 as a
part of Shyam Group. KPL is promoted by Mr. Chandra Prakash
Ramsisaria, Mr. Murli Manohar Saraf and Mr. Vijay Shankar
Saraf. The company is primarily involved in importing of plastic
granules and distribution of the same in the local market. KPPL
is engaged in the business of importing Plastic Granules and its
distribution in the local market. It imports polymer granules
from various global majors like Exxon Mobile, Saudi Basic
Industries Corporation, Basell Asia Pacific Limited, Oman
Polypropolyne L.L.C and Dow Chemicals Limited etc. The company
carries out its business through all three routes viz. - High Sea
sales, Consignment sales and direct  sales.

In FY-2011 the company has reported, an operating income of 74.95
Cr and Profit after tax of INR0.34 Cr. In H1-FY2012, KPPL has
reported an Operating income of INR41.87 Cr and Profit after tax
of INR0.33 Cr (provisional).


MAYUR ROLLER: ICRA Cuts Rating on INR2cr Loans to '[ICRA] B+'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR2.00 crore cash credit facilities of Mayur Roller Flour Mills
Private Limited from [ICRA]BB- to [ICRA]B+ . ICRA has re-affirmed
the short term rating assigned to the INR18.00 crore non fund
based bank facilities of MRFM at [ICRA]A4.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund Based Limits        2.00          [ICRA]B+ downgraded
   Non Fund Based Limits   18.00          [ICRA]A4 reaffirmed

The rating revision reflects the continued liquidity tightness
faced by the company leading to devolvements of letters of credit
(LC), and its modest scale of current operations which generates
low profits and cash accruals, leading to depressed coverage
indicators.  The ratings continue to be impacted by high level of
competition in the industry and susceptibility of margins to
fluctuations in the prices of timber.  The ratings, however,
factors in the track record of the promoters in the plywood
industry, a positive long term demand outlook of the industry,
driven by the real estate and infrastructure sectors, and a
conservative capital structure of the company. While assigning
the ratings, ICRA has also considered the business risk profile
of MRFM's group entity Mayur Veneer & Plywood Industries, a unit
of Amrit Supply Company Private Limited (rated at [ICRA]B+ and
[ICRA]A4), since the two companies operate under the common
management.

                        About Mayur Roller

Incorporated in 1997, MRFM is engaged in the business of timber
trading. The company procures sawn timber from the domestic
market and imports timber logs from countries like Malaysia and
Myanmar. The company sells both sawn timber and timber logs to
saw mills, plywood and veneer manufacturers, traders and
retailers primarily in the Kolkata market. The company has a
warehouse at Hooghly, West Bengal. Besides MRFM, the other group
entity engaged in the similar line of business is Mayur Veneer &
Plywood Industries, a unit of Amrit Supply Company Private
Limited (rated at [ICRA]B+ and [ICRA]A4).

Recent Results

The company reported a net profit of INR0.15 crore on an
operating income of INR50.38 crore in 2010-11. During the first
nine months of 2011-12, the company reported a net profit of
INR0.12 crore (provisional) on an operating income of INR38.01
crore (provisional).


MAYUR VENEER: ICRA Cuts Rating on INR5cr Loan to '[ICRA] B+'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.00 crore cash credit facilities of Mayur Veneer & Plywood
Industries, a unit of Amrit Supply Company Private Limited, from
[ICRA]BB to [ICRA]B+ . ICRA has re-affirmed the short term rating
assigned to the INR30.10 crore non fund based bank facilities of
MVPI at [ICRA]A4 .

                           Amount
   Facilities             (INR Cr)        Ratings
   ----------             ---------       -------
   Fund Based Limits         5.00         [ICRA]B+ downgraded
   Non Fund Based Limits    30.00         [ICRA]A4 reaffirmed
   Non-Fund Based Limits     0.10         [ICRA]A4 reaffirmed

The rating revision reflects the continued liquidity tightness
faced by the company leading to devolvements of letters of credit
(LC), and  its relatively small scale of current operations which
generates low profits and cash accruals, leading to depressed
coverage indicators. The ratings continue to be impacted by a
high level of competition in the industry, susceptibility of
margins to fluctuations in the prices of timber and a highly
concentrated customer base of the company. The ratings, however,
factor in the track record of the promoters in the plywood
industry, a positive long term demand outlook of the industry,
driven by the real estate and infrastructure sectors, and the
location of the manufacturing facility close to the Kolkata port
that reduces inward freight costs. In addition, a portion of
total sales of MVPI is made to Mayur Ply Industries Private
Limited, the holding company of ASCPL, which is located adjacent
to MVPI, which also reduces MVPI's outward freight costs. While
assigning the ratings, ICRA has also considered the business risk
profile of MVPI's group entity Mayur Roller Flour Mills Private
Limited (rated at [ICRA]B+ and [ICRA]A4), since the two
companies operate under the common management.

                         About Mayur Veneer

Mayur Veneer & Plywood Industries is a unit of Amrit Supply
Company Pvt. Ltd, which was incorporated in 1997. Currently, MVPI
is engaged in manufacturing of veneer, which is used as a primary
raw material for manufacturing of plywood. The manufacturing
facility is located at Hooghly, West Bengal. Apart from
manufacturing activities, the company is also engaged in trading
of timber. Besides MVPI, the other group entity engaged in the
similar line of business is Mayur Roller Flour Mills Private
Limited (rated at [ICRA]B+ and [ICRA]A4).

Recent Results

The company reported a net profit of INR0.23 crore on an
operating income of INR73.91 crore in2010-11. During the first
nine months of 2011-12, the company reported a net profit of
INR0.23 crore (provisional) on an operating income of INR45.99
crore (provisional).


M/S.CHAITYA: ICRA Upgrades Rating on INR40cr Loan to 'BB'
---------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]BB-' to
'[ICRA]BB' and reaffirmed the short term rating of [ICRA]A4
assigned to the INR40.001 crore (enhanced from INR25.00 crore)
fund based facilities of M/s.Chaitya.  The outlook on the long
term rating is stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund Based Limits       40.00        [ICRA]BB(stable)/[ICRA]A4

The upgrade in long-term rating factors in the improvement in
financial profile of the firm characterized by reduction in
gearing level as well as debt coverage metrics during FY 12.The
ratings also factor in the long experience of the promoters in
cut and polished diamond business and the firm's diversified
customer base. The ratings are however constrained by the low
profitability levels of the firm which are further constrained
due to the highly competitive and fragmented nature of Cut &
Polished Diamond (CPD) industry.  As majority of sales are
derived from exports, the firm's margins are exposed to
fluctuations in foreign currency rates which are however
partially mitigated on account of import of rough diamonds. The
margins also remained vulnerable to raw material price
fluctuations.

Established in 1998, the firm is engaged in manufacture and
trading of rough and polished diamonds.  The firm has a marketing
office in Mumbai. The firm trades in diamonds of size ranging
from 50 cents to 5 carats.

Recent Results:

The firm recorded a net profit of INR2.01 crore on an operating
income of INR155.21 crore for the year ended March 31st, 2011 and
net profit of INR1.80 crore on an operating income of INR97.15
crore for the 9-month period ending December 31st, 2011
(provisional)


P P PRODUCTS: ICRA Assigns 'BB+' Rating to INR5cr Loans
-------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]BB+' to INR5.00 Crore
fund based limits and reaffirmed the ratings of '[ICRA]A4+' to
the INR56.00 Crore enhanced non-fund based limits of P P Products
Private Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based limits         5.00       [ICRA]BB+ (assigned)
   Non Fund based Limits    56.00       [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY 2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of KPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that PPPL's margins
are low arising out of the highly competitive and trading nature
of its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in PPPL's two
group companies namely Kamdhenu Polymers Private Limited and
Tarajyot Polymers Limited during the ratings exercise due to
operational linkages within these group companies.

P. P. Products Private Limited was incorporated in 1991 as a part
of Shyam Group. PPPPL is promoted by Mr Chandra Prakash
Ramsisaria and Mr. Murli Manohar Saraf. The company is primarily
involved in importing plastic granules and distribution of the
same in the local market. It imports polymer granules from
various global majors like Exxon Mobile, Saudi Basic Industries
Corporation, Basell Asia Pacific Limited, Oman Polypropolyne
L.L.C and Dow Chemicals Limited etc. The company carries out its
business through all three routes viz. high sea sales,
consignment sales and direct sales.

In FY-2011 the company has reported an operating income of 116.38
Cr and Profit after tax of INR0.89 Cr. In H1-FY2012 PPPL has
reported an operating income of INR50.59 Cr and net profit of
INR0.40 Cr


SAHAKARI SAKKARE: ICRA Rates INR150cr Loan at '[ICRA]C+'
--------------------------------------------------------
ICRA has assigned the rating of [ICRA]C+ to the INR150 Crore fund
based facilities of Shri Doodhaganga Krishna Sahakari Sakkare
Karkhane Niyamit, Chikodi.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund based Limits        150.00         [ICRA]C+ (assigned)

Rating Rationale

The rating factors in high competitive intensity for procuring
sugarcane in the region, consequent high sugarcane prices and
resulting moderate profitability, constrained availability of the
sugarcane for the capacity of the plant resulting in early
completion of the sugarcane crushing in SY2012. DSSK faces
competition from both North Karnataka based mills and few
Maharashtra based mills for procuring the cane. The rating also
factors in exposure to agro-climatic risks and regulatory
intensity in the sector evident in sugarcane prices, sugar
release orders, export control, levy prices, fuel blending
restrictions etc as well as high working capital intensity due to
need to keep sugar inventory and highly delayed realization of
power sales from the concerned state utility. The rating is also
constrained by the negative net worth of the company owing to
accumulated losses and ongoing disputes regarding repayment of
Sugar Development Fund (SDF) loans.

At the same time, the rating favorably factors in long standing
presence of the sugar plant in the region, healthy recovery
rates, modest capex expenditure plans and relatively low debt
repayment burden on the company in the near future and forward
integrated nature of the sugar plant which partially protects
the profits from sugar price volatilities.

                      About Shri Doodhaganga

Shri Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit (DSSK)
is a co-operative sugar plant based near Chikodi in North
Karnataka. It is operating since 1976. The Co-operative has
members from both Karnataka and Maharashtra states, and governed
under multi- state Co-operative society act. It has 5500 TCD
sugar plant, 20.7 MW cogeneration unit and 30 klpd distillery
capable of producing Rectified Spirit and Ethanol. In SY-2012 it
has crushed 7.9 lakh MT of sugarcane.

In FY-2011 DSSK recorded INR279.06 Cr Operating Income, INR43.34
Cr Operating Profit before interest and depreciation expense and
INR0.59 Cr net loss before prior period adjustment of INR2.87
Cr.


TARAJYOT POLYMERS: ICRA Assigns 'BB+' Rating to INR2.5cr Loan
-------------------------------------------------------------
ICRA has assigned the ratings of '[ICRA]BB+' to INR2.50 Crore
fund based limits and reaffirmed the ratings of [ICRA]A4+ to the
INR65.50 Crore enhanced non fund based limits of Tarajyot
Polymers Limited. The outlook on the long term rating is Stable.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Fund based limits         2.50          [ICRA]BB+ (assigned)
   Non Fund based Limits    65.50          [ICRA]A4+ (reaffirmed)

Rating Rationale

The ratings action factors in the improved accruals since FY2010
after losses in FY2009 and equity infusion in FY 2010 which has
enabled the company to improve its capital structure and coverage
indicators. The rating also draws comfort from the significant
track record of TPL's promoters in the polymer trading with
experience of two decades, favorable demand outlook for polymer
granules in the near term and moderate working capital intensity
due to healthy credit period enjoyed by the company. These
strengths are however tempered by the fact that TPL's margins are
low arising out of the highly competitive and trading nature of
its core business. Further, these margins would remain
susceptible to volatility in commodity polymer prices. ICRA has
also factored in the company's moderate size of net worth
(notwithstanding improvement in FY 2010 and FY 2011) in relation
to the size of operations while assigning the current rating.
Furthermore ICRA has taken note of the operations in TPL's two
group companies namely Kamdhenu Polymers Private Limited and PP
Products Private Limited during the ratings exercise due to
operational linkages within these group companies.

Tarajyot Polymers Limited was incorporated in 1990 as a part of
Shyam Group. Shyam group has several companies involved in
polymer trading and manufacturing activities as well other
related activities. TPL is promoted by Mr Chandra Prakash
Ramsisaria, Mr. Suresh Kumar Ramsisaria and Mr. Ramavatar
Ramsisaria. The company is primarily involved in importing of
plastic granules and distribution of the same in the local
market. It imports polymer granules from various global majors
like Exxon Mobile, Saudi Basic Industries Corporation, Basell
Asia Pacific Limited, Oman Polypropolyne L.L.C and Dow Chemicals
Limited etc. The company carries out its business through all
three routes viz. high sea sales, consignment sales and direct
sales.

In FY2011, the company has reported INR185.89 Cr operating income
and INR2.37cr Profit after tax and in H1-FY2012 TPL has reported
an operating income of INR80.43 Cr and profit after tax of
INR0.64cr (provisional).


ZANZAR JEWELLERS: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR5.00 crore long-
term, fund-based facilities of Zanzar Jewellers Private Limited.

                           Amount
   Facilities             (INR Cr)         Ratings
   ----------             ---------        -------
   Cash Credit              5.00           [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations of the company, highly fragmented nature of the
industry and increasing competition from organized retail players
and geo political risks arising from the operations of the
company being limited only to a single city. The ratings are
further constrained by the weak capital structure characterized
by high gearing level and moderate coverage indicators;
moderately high working capital intensity and thin profitability
which further remains vulnerable to the volatility in gold prices
in the absence of a formal hedging policy. ICRA, however,
favorably takes note of the long track record of promoters and
established market position of the company in jewellery business
since past seventeen years.

Zanzar Jewellers Private Limited was set up in 2003 as a
partnership firm, following which it was converted into a private
limited company in the year 2007. ZJPL is engaged in the business
of trading gold, diamond and silver jewellery. ZJPL is promoted
by Mr. Bipin Shah, who has about seventeen years of experience in
the jewellery business. The company has been operating from its
retail store located in Ahmedabad, Gujarat since inception.

Recent Results

In FY 2011, ZJPL reported an operating income of INR17.62 crore
(as against INR10.48 crore. during FY 2010) and profit after tax
of INR0.05 crore (as against INR0.04 crore during FY 2010).
During FY2012 (provisional unaudited financials), ZJPL reported
an operating income of INR23.41 crore and a profit before tax of
INR0.09 crore.



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


ELPIDA MEMORY: Administrators Select Micron Technology as Sponsor
-----------------------------------------------------------------
The Japan Times Online reports that the bankruptcy administrators
of Elpida Memory Inc. have decided to select U.S. firm Micron
Technology Inc. to sponsor its rehabilitation program, sources
said Saturday.

According to Japan Times, Micron has offered a total of JPY220
billion in financial assistance and would also allow Elpida,
Japan's only maker of dynamic random access memory chips, to
retain its two main plants in Hiroshima and Akita prefectures,
the sources said.

The U.S. chip manufacturer will likely receive preferential
negotiation rights, and a final deal could be concluded by the
end of the month, according to the sources, Japan Times relates.

The report adds that the administrators are poised to draw up a
corporate rehabilitation plan for Elpida based on Micron's
proposal, which would be submitted to the Tokyo District Court no
later than August.

Japan Times notes that Micron proposed investing more than JPY100
billion to improve Elpida's battered finances, while the
remainder, estimated to come to between JPY80 billion and JPY100
billion, will likely be used to repay the company's debts to
clients and creditor banks. Micron plans to dip into its cash
reserves and issue corporate bonds to raise the funds.

Japan Times recounts that following Elpida's collapse in
February, Toshiba Corp. and South Korea's SK Hynix Inc. expressed
an interest in sponsoring the firm's rehabilitation plan but both
ultimately dropped out of the race.  Micron and China's Hony
Capital participated in the second round of bidding to sponsor
Elpida's rehabilitation Friday. The administrators, including
Elpida President Yukio Sakamoto, apparently favored the U.S.
company because of its stance on the two key plants and its
pledge to strive to retain all of Elpida's current employees.

Japan Times relates Micron has projected that Elpida would be
able to keep both plants if the facilities' book values are
slashed to reduce depreciation costs, according to the sources.
However, Elpida will still likely require additional measures,
such as debt forgiveness by creditor banks. The company is
expected to try to negotiate possible debt reductions with its
creditors, but a favorable outcome is considered difficult.

                        About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


* Prosecutors Raid Four Savings Banks After Operation Suspension
----------------------------------------------------------------
Yonhap News Agency reports prosecutors raided on Monday four
savings banks to investigate alleged irregularities that led to
their operations being suspended a day earlier.  Investigators
raided the head offices of Solomon Savings Bank, Mirae Savings
Bank, Korea Savings Bank and Hanju Savings Bank, along with the
homes of each bank's executives, prosecution officials said.

According to the report, in total, more than 30 locations,
including the banks' key branch offices in Seoul, are expected to
be searched as part of the investigation, the officials said.

Yonhap News notes that the raids came one day after South Korea's
financial regulators suspended the banks' operations for their
failure to meet the capital adequacy ratios recommended by the
Bank for International Settlements (BIS) standards.  The
financial institutions are suspected of giving out illegal loans,
while their top shareholders and management are suspected of
embezzlement and bribery.  The raids are aimed at securing
documents, computer hard drives and other evidence that could
support the allegations, the officials said.

Major shareholders and executives of the suspended savings banks
have already been banned from leaving the country, the report
adds.

Yonhap News relates prosecutors sought an arrest warrant for Kim
Chan-kyong, chief executive of Mirae Savings Bank, on suspicion
he tried to sneak out of the country after embezzling 13 billion
won (US$11.3 million) in company funds. He was caught by the
Coast Guard last Thursday while attempting to leave for China by
boat.

Yonhap News points out that it is the second time since September
that the financial watchdog has suspended savings banks. The
Financial Services Commission suspended 16 savings banks last
year for their heavy debts and insufficient capital adequacy
ratios in an effort to overhaul the ailing industry.



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


PIKE RIVER: Former CEO Speaks Up But Still Won't Show at Inquiry
----------------------------------------------------------------
Paul Harper at The New Zealand Herald reports that the former
chief executive of the Pike River Mine, Gordon Ward, has broken
his silence on the disaster, but still hasn't explained why he
would not appear at the Royal Commission of Inquiry.

The New Zealand Herald relates Mr. Ward had been the involved
with the mine for 12 years, and was CEO of the West Coast mine up
until six weeks before the November 19, 2010 blast, which killed
29 men.  Despite his long association with Pike River, Ward
refused to return to New Zealand from Australia to speak at the
Royal Commission of Inquiry last year.

According to The New Zealand Herald, Mr. Ward was tracked to his
Gold Coast home by TVNZ's Sunday programme, which screened last
Sunday night.  Although it was the first time Mr. Ward had spoken
publicly on the disaster, he refused to explain his refusal to
assist the Royal Commission.

"First thing is I've cooperated fully with the Department of
Labour and the police in all their enquiries that they've done to
date, I've been interviewed by them and they have not pressed any
charges against me," he told Sunday.  "Second thing I would like
to say is that, [I'd like to] express my condolences to the
families . . . all the people affected by the disaster.  The last
thing I'd like to say is there is a court hearing that is about
to kick off, that is going to be a very substantive review of all
of the issues at the Royal Commission has covered, to an extent,
and the entire circumstances leading up to the disaster will no
doubt be explored," he said, referring to the charges brought
against his successor Peter Whittall, Pike River Coal and VLI
Drilling by the Department of Labour.  "I am not prepared to talk
about the Royal Commission, as I've said I cooperated fully with
police and the Department of Labour."  He also refused to answer
questions about whether safety issues had been addressed at the
mine under his watch.  "I think it is an awful tragedy, and no
one has been unaffected by it who has been involved with the
company. It has had a tremendous toll on everybody.  Words can't
express the deepest sympathies I have for the families."

The New Zealand Herald relates Chairman John Dow told the Royal
Commission of Inquiry Mr. Ward left the company after a falling
out with his board over performance problems.  He described the
mine as Mr. Ward's "baby", however, said that Mr. Ward had a
baffling tendency to estimate production at the "optimistic" end
and was guilty of over-promising and under delivering to
investors.

                          About Pike River

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

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


SPORTS-WIDE LTD: Inland Revenue Gives "Last Chance" to Pay Taxes
----------------------------------------------------------------
Melody Brandon at The National Business Review reports that
Wellington's oldest gym chain, Sports-Wide Ltd, has until May 21
to arrange a payment plan with Inland Revenue Department for more
than $1 million in unpaid taxes.

"One final chance and the last adjournment -- an order [for
liquidation] will be made if no agreement is reached," Associate
Judge Tony Christiansen said in the Wellington High Court Monday,
according to NBR.

The report notes that IRD made an application to place the
company, which was formed in 1983 and operates two gyms in the
capital, into liquidation in January.

"There has been an initial proposal put to the department which
has been declined," Sports-Wide lawyer Kevin Smith told the
court.  He says a new proposal with an initial $130, 000
immediate "down payment" with "more substantial" monthly payments
of between $7000 and $8000 would be put to the commissioner.

According to NBR, Rocky Meng, for the IRD, opposed a request by
Mr Smith for a postponement to allow the company's accountant to
sort out anomalies in accounts.  "The debt is significant and is
over $1 million, with $700,000 owed in PAYE," Mr Meng says.

Mr. Smith told NBR ONLINE there was "nothing sinister" with
anomalies in accounts prepared for the commissioner but, rather,
IRD had "not understood the accountant's notes".  "There were
some problems in the commissioner's view regarding the accounts
prepared by the company's accountant. Those problems are being
addressed, but cannot be addressed before the end of this coming
week," he said.  The anomalies, he says, will be explained within
the next week.

NBR notes this is not the first time Sports-Wide has been in
trouble with the law.  In 2006, the company was convicted and
fined $2000 after a breach of the Health and Safety Employment
Act at its Atrium gym on The Terrace.  In a December 2005 breach,
a gym member became trapped beneath 300kg of weights after the
leg press machine he was using failed.  The weights cradle
detached from its rails and fell on the man, fracturing his
vertebrae in the process.  The company reassembled the machine
but failed to report the serious harm incident to the Labour
Department.  The matter was taken to the District Court after the
injured man contact the department.



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


* BOND PRICING: For the Week April 30 to May 4, 2012
----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
ANTARES ENERGY          10.00    10/31/2013   AUD       2.00
CHINA CENTURY           12.00    09/30/2014   AUD       0.70
COM BK AUSTRALIA         1.50    04/19/2022   AUD      68.98
DIVERSA LTD             11.00    09/30/2014   AUD       0.13
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.50
EXPORT FIN & INS         0.50    06/15/2020   AUD      71.80
EXPORT FIN & INS         0.50    06/15/2020   NZD      71.60
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      62.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      65.62
NEW S WALES TREA         0.50    09/14/2022   AUD      73.75
NEW S WALES TREA         0.50    10/07/2022   AUD      73.75
NEW S WALES TREA         0.50    10/28/2022   AUD      65.61
NEW S WALES TREA         0.50    11/18/2022   AUD      65.41
NEW S WALES TREA         0.50    12/16/2022   AUD      65.24
NEW S WALES TREA         0.50    02/02/2023   AUD      64.79
NEW S WALES TREA         0.50    03/30/2023   AUD      64.40
TREAS CORP VICT          0.50    08/25/2022   AUD      65.89
TREAS CORP VICT          0.50    03/03/2023   AUD      64.39
TREAS CORP VICT          0.50    11/12/2030   AUD      46.08


  CHINA
  -----

CHINA GOVT BOND          1.64    12/15/2033   USD      64.02
CHINA RAIL GROUP         4.88    01/27/2020   CNY      71.12
CHINA THREE GORG         3.45    04/08/2014   CNY      70.00


  HONG KONG
  ---------

RESPARCS FUNDING         8.00    12/29/2049   USD      32.50


  INDIA
  -----

EX-IM BK OF IN           9.45    06/15/2014   INR       9.92
JSL STAINLESS            0.50    12/24/2019   USD      68.70
MASCON GLOBAL            2.00    12/28/2012   USD       9.25
PRAKASH IND LTD          5.25    04/30/2015   USD      70.64
PRAKASH IND LTD          5.62    04/30/2015   USD      69.89
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.75
REI AGRO                 5.50    11/13/2014   USD      73.79
REI AGRO                 5.50    11/13/2014   USD      73.79
SHIV-VANI OIL            5.00    08/17/2015   USD      62.59
SUZLON ENERGY LT         5.00    04/13/2016   USD      56.29


  INDONESIA
  ---------

ARPENI PRATAMA           12.00   03/18/2013  USD       33.33


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      23.75
ELPIDA MEMORY            2.10    11/29/2012   JPY      24.50
ELPIDA MEMORY            2.29    12/07/2012   JPY      23.75
ELPIDA MEMORY            0.50    10/26/2015   JPY      53.75
ELPIDA MEMORY            0.70    08/01/2016   JPY      23.12
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.54
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      61.66
NIPPON SHEET             1.22    07/28/2016   JPY      72.84
TOKYO ELEC POWER         1.45    09/30/2019   JPY      72.99
TOKYO ELEC POWER         1.37    10/29/2019   JPY      72.44
TOKYO ELEC POWER         1.81    02/28/2020   JPY      74.03
TOKYO ELEC POWER         1.48    04/28/2020   JPY      71.97
TOKYO ELEC POWER         1.39    05/28/2020   JPY      71.13
TOKYO ELEC POWER         1.31    06/24/2020   JPY      70.40
TOKYO ELEC POWER         1.94    07/24/2020   JPY      73.87
TOKYO ELEC POWER         1.22    07/29/2020   JPY      69.51
TOKYO ELEC POWER         1.15    09/08/2020   JPY      68.71
TOKYO ELEC POWER         1.63    07/16/2021   JPY      69.43
TOKYO ELEC POWER         2.34    09/29/2028   JPY      63.50
TOKYO ELEC POWER         2.40    11/28/2028   JPY      64.00
TOKYO ELEC POWER         2.20    02/27/2029   JPY      63.00
TOKYO ELEC POWER         2.11    12/10/2029   JPY      62.50
TOKYO ELEC POWER         1.95    07/29/2030   JPY      61.50
TOKYO ELEC POWER         2.36    05/28/2040   JPY      64.40


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.08
ASTRAL SUPREME           3.00    08/08/2021   MYR       0.16
BERJAYA CORP BHD         5.00    04/22/2022   MYR       0.80
CRESENDO CORP B          3.75    01/11/2016   MYR       1.73
DUTALAND BHD             7.00    04/11/2013   MYR       0.98
DUTALAND BHD             7.00    04/11/2013   MYR       0.45
ENCORP BHD               6.00    02/17/2016   MYR       0.91
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       0.90
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.40
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.20
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       2.09
REDTONE INTL             2.75    03/04/2020   MYR       0.10
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.51
SCOMI GROUP              4.00    12/14/2012   MYR       0.06
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.53
WAH SEONG CORP           3.00    05/21/2012   MYR       2.51
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.52
YTL LAND & DEVEL         3.00    10/31/2021   MYR       0.48


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       4.60
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.90
INFRATIL LTD             8.50    09/15/2013   NZD       8.00
INFRATIL LTD             8.50    11/15/2015   NZD       7.35
INFRATIL LTD             4.97    12/29/2049   NZD      55.70
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.09
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


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

BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50    07/15/2049   USD      20.50


SINGAPORE
---------

BLUE OCEAN              11.00    06/28/2012   USD      36.00
BLUE OCEAN              11.00    06/28/2012   USD      35.37
DAVOMAS INTL FIN        11.00    12/08/2014   USD      21.52
DAVOMAS INTL FIN        11.00    12/08/2014   USD      25.62
UNITED ENG LTD           1.00    03/03/2014   SGD       0.98
WBL CORPORATION          2.50    06/10/2014   SGD       1.03


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

CN 1ST ABS               8.00    02/27/2015   KRW      32.34
CN 1ST ABS               8.30    11/27/2015   KRW      33.65
EX-IMP BK KOREA          0.50    01/25/2017   KRW      68.56
EX-IMP BK KOREA          0.50    10/23/2017   KRW      65.46
EX-IMP BK KOREA          0.50    12/22/2017   KRW      64.70
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.35
GYEONGGI MUTUAL          8.00    01/22/2016   KRW      70.13
GYEONGGI SOLOMON         8.10    04/19/2015   KRW      70.13
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      70.14
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      70.13
KOREA MUTUAL SAV         8.10    06/26/2015   KRW      70.13
KOREA MUTUAL SAV         8.00    12/17/2015   KRW      40.13
NEW LIFE 1ST ABS        10.00    03/08/2014   KRW      30.50
PUM YANG CONSTRC         4.50    11/01/2013   KRW      69.09
SINBO CO 1ST ABS        10.00    06/30/2014   KRW      31.10
SINBO CO 1ST ABS        10.00    09/29/2014   KRW      30.33
SOLOMON MUTUAL B         8.50    12/09/2013   KRW      60.21
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      70.14


SRI LANKA
---------

SRI LANKA GOVT           7.50    08/15/2018   LKR      74.93
SRI LANKA GOVT           6.20    08/01/2020   LKR      64.12
SRI LANKA GOVT           7.00    10/01/2023   LKR      61.44
SRI LANKA GOVT           5.35    03/01/2026   LKR      48.41
SRI LANKA GOVT           8.00    01/01/2032   LKR      60.10


THAILAND
--------

THAILAND GOVT            9.25    01/04/2022   VND      74.82


                             *********

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.





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