TCRAP_Public/120619.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, June 19, 2012, Vol. 15, No. 121

                            Headlines


A U S T R A L I A

AEGIS CONSORTIUM: Goes Into Administration
ANSELL LIMITED: Moody's Issues Summary Credit Opinion
FAIRFAX MEDIA: To Cut 1,900 Jobs Amid Revenue, Shares Slump
GAME GROUP: GAME Australia Liquidation Looms; Offers 60% Discount
REED CONSTRUCTIONS: Ferrier Hodgson Appointed as Administrators

ROYAL HOTEL: Goes Into Voluntary Administration
SMART ABS: Moody's Assigns 'Ba2' Rating to Class E Notes


C H I N A

CHINA HONGIAO: Fitch Affirms 'BB' Issuer Default Rating
LDK SOLAR: Deficit, Covenant Violation Raise Going Concern Doubt


H O N G  K O N G

APEX MIGHT: Creditors to Get 100% Recovery on Claims
AVIATION MANAGEMENT: Commences Wind-Up Proceedings
CARLSON INDUSTRIAL: Creditors to Get 30% Recovery on Claims
DNA SOLUTIONS: Court to Hear Wind-Up Petition on Aug. 15
EASTERN LINK: Lau and Liang Appointed as Liquidators

EXPERT LEGAL: Court to Hear Wind-Up Petition on June 27
GRAIN MAX: Court to Hear Wind-Up Petition on June 27
INNOVATIVE FASHIONS: Court to Hear Wind-Up Petition on July 18
KOON NGAI: Court to Hear Wind-Up Petition on Aug. 1
LING FUNG: Court to Hear Wind-Up Petition on June 27


I N D I A

ANAND ENGINEERING: ICRA Puts 'BB+' Rating on INR59.59cr Loans
COMPETENT DYESTUFF: ICRA Rates INR10cr LT Loan at '[ICRA]B'
FLECTO CERAMIC: ICRA Places 'B+' Rating on INR5.59cr Loans
HELAPURI SPINNING: ICRA Assigns 'B-' Rating to INR59.30cr Loans
JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR46.6cr Loans

KIRAN INFRA: ICRA Reaffirms '[ICRA]BB-' Rating on INR15cr Loan
PARAMOUNT VILLAS: ICRA Rates INR100MM Term Loan at '[ICRA]BB'
PERMANENT MAGNETS: ICRA Reaffirms 'D' Rating on INR42.5cr Loans
PRASUNA VAMSIKRISHNA: ICRA Rates INR1.38cr Loan at '[ICRA]BB'
RAJASHREE SPINTEX: ICRA Cuts Rating on INR19.10cr Loans to 'B'

SPIN-COT TEXTILES: Delays in Loan Payment Cues ICRA Junk Ratings
VIRGO POLYMERS: ICRA Reaffirms 'BB' Rating on INR5cr LT Loan


N E W  Z E A L A N D

FIVE STAR: Alleged Mastermind Wants Jury Trial
KEA CAMPERS: Tourism Holdings Buys KEA Australia


P H I L I P P I N E S

RIZAL COMMERCIAL: Moody's Affirms 'D-' BFSR; Outlook Stable


S I N G A P O R E

BW GROUP: Moody's Downgrades CFR to 'Ba2'; Outlook Negative
IMPERIUM TRADING: Creditors' Proofs of Debt Due July 16
IUT GLOBAL: Creditors Get 4.25% Recovery on Claims
LEHMAN BROTHERS: Creditors' Proofs of Debt Due June 29
MICROFAB INNOVATION: Creditors Get 1.05% Recovery on Claims

SDS PHOTO: Court Enters Wind-Up Order


X X X X X X X X

* BOND PRICING: For the Week June 11 to June 15, 2012


                            - - - - -


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


AEGIS CONSORTIUM: Goes Into Administration
------------------------------------------
The Ararat Advertiser reports that the Hopkins Correctional
Centre project has suffered yet another setback with the Aegis
Consortium overseeing the prison expansion placed into
administration.

This comes on the back of last month's announcement of St
Hilliers Ararat Pty Ltd, subcontracted by the consortium to build
the $400 million expansion, going into liquidation, causing the
closure of the work site and the loss of hundreds of jobs,
according to The Ararat Advertiser.

The report notes that the collapse of St Hilliers also saw local
subcontractors owed hundreds of thousands of dollars, which has
yet to be paid.

In a statement from the State Government, a spokesperson said the
government had reiterated its commitment to the completion of
Ararat's prison expansion following notification that Aegis had
been placed in administration, The Ararat Advertiser says.

The Ararat Advertiser notes that the announcement has come as a
blow to both Ararat Rural City Council and the Ararat Regional
Business Association, both of which have campaigned to have
Premier Ted Baillieu visit Ararat to discuss the concerns
surrounding the troubled project -- an invitation which has yet
to be accepted.

Council Chief Executive Officer Andrew Evans said council would
be focusing on two key issues in relation to the project, the
contractors who haven't yet been paid and the effect of the
current shutdown on the broader Ararat economy, The Ararat
Advertiser adds.


ANSELL LIMITED: Moody's Issues Summary Credit Opinion
-----------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Ansell Limited and includes certain regulatory disclosures
regarding its ratings. This release does not constitute any
change in Moody's ratings or rating rationale for Ansell.

Moody's current ratings on Ansell are:

Outlook of Stable

Long-Term Issuer rating of Baa3

Senior Unsecured MTN Program (domestic and foreign currency)
ratings of (P)Baa3

Subordinate MTN Program (domestic currency) rating of (P)Ba1

Other Short Term (domestic currency) ratings of (P)P-3

Commercial Paper rating of P-3

Ratings Rationale

Ansell's Baa3 rating and stable outlook reflects the company's
strong financial metrics, incorporating moderate gearing, solid
coverage of interest and strong cash flow coverage of debt
obligations. The company has developed a portfolio of well
established branded products, particularly in the core
occupational health segment, providing a stable earnings
platform. Ansell has a high level of geographic diversification
of earnings across a multitude of product lines that support the
Baa3 rating.

Balancing these strengths is Ansell's small size relative to
other investment grade consumer products companies and the
company's exposure to commodity price volatility. Moody's
believes that Ansell's relatively small size is largely mitigated
by the strong positions held within target markets, which in most
cases are effectively niche markets. Many of these markets, such
as the market for surgeon's gloves are small, indicating that
Ansell has the necessary size to derive economies of scale and
compete effectively with other manufacturers. The increase in
latex prices in recent years has placed some pressure on Ansell's
margins, however the company has maintained strong credit metrics
for the rating indicating to Moody's that the company can
maintain its credit profile during various stages of the economic
and commodity price cycles. Latex prices peaked in FY2011 and the
reversal in raw material pricing, if maintained, is expected to
result in improved margins over the next 1-2 years.

Ansell has been steadily growing its core businesses over the
last several years and continues to be focused on growth both
organically and through bolt-on acquisitions. The company has
developed and maintained a portfolio of branded products that
support the stability and dependability of earning streams. The
growth in the industrial segment, which now accounts for around
40% of revenue, has also reduced Ansell's exposure to the more
competitive and latex intensive examination and household glove
market - improving the stability of margins.

Rating Outlook

The rating outlook is stable, based on Moody's expectation that
Ansell will continue to maintain solid investment grade financial
metrics to mitigate the company's relatively small size and
exposure to latex price volatility. This also takes into account
the company's exposure to cyclical end markets and rising input
costs.

What Could Change the Rating - Up

Upward rating pressure may emerge should the company be able to
successfully execute and integrate a material level of
acquisitions to improve the scale of operations and at the same
time improve the diversification of earnings streams.

This would also require the maintenance of existing leverage and
interest coverage metrics that are consistent with a Baa rating,
such as Debt to EBITDA below 2.5x and EBIT to Interest above 6x
on a sustained basis.

What Could Change the Rating - Down

Ansell's financial profile is considered to be strong for the
current Baa3 rating, providing management with some - limited -
flexibility at the current rating to make additional acquisitions
and/ or make capital returns to shareholders. Downward pressure
may emerge if there was a sustained slide in operating
performance.

This may be evidenced by debt to EBITDA above 3.5 times, retained
cash flow to net debt falling below 15-20% or EBIT to Interest
falling below 4.5 times on a sustained basis.

Downward pressure may also emerge if there was a material
deterioration in the company's liquidity position. This could
occur if cash reserves were significantly depleted or were used
to fund acquisitions without additional, long dated, undrawn
committed standby facilities being obtained.

The principal methodology used in rating Ansell was the Global
Packaged Goods Industry Methodology published in July 2009.


FAIRFAX MEDIA: To Cut 1,900 Jobs Amid Revenue, Shares Slump
-----------------------------------------------------------
Angus Whitley at Bloomberg News reports that Fairfax Media Ltd.,
Australia's second largest newspaper publisher, plans to cut 22%
of its workforce, close printing sites and introduce digital
subscriptions to halt sliding sales and a stock price slump.

The Sydney Morning Herald, bought by Fairfax in 1841, and its
Melbourne sister The Age will shrink to tabloid size by March
2013, the company said in a statement Monday.  Fairfax said it
will start charging the publications' online readers in the first
quarter of next year and may end print editions entirely if
revenue declines materially, Bloomberg News relays.

"No one should be in any doubt that we are operating in very
challenging times," Bloomberg quotes Mr. Hywood as saying in the
statement. "Readers' behaviors have changed and will not change
back."

The migration to the Internet has left the publisher funding a
print business at a time when readers are switching to free Web
content, Bloomberg News states.

The company said while monthly readership of the Sydney Morning
Herald and The Age climbed 25 percent to 7 million in the past
five years, about two thirds of that is via computer, phone or
tablet.  The number of print readers has fallen every year since
at least 2006, while the number of digital-only viewers increased
annually in the same period, Fairfax, as cited by Bloomberg News,
said.

"The days of the huge printing plants, built for our legacy print
classified business, are well and truly over," Mr. Hywood said in
a video on the Sydney Morning Herald website, Bloomberg News
reports.

Bloomberg News adds Mr. Hywood raised his annual savings target
to AUD235 million (US$237 million) by 2015 from a previous
estimate of AUD170 million and said printing plants in Chullora
and Tullamarine will close by June 2014.

                         About Fairfax Media

Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing
of news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution.  In Australia,
the company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land.  Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine.  Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in
New Zealand.  On November 9, 2007, it acquired the former
Southern Cross Broadcasting's radio business, (including
metropolitan stations 2UE in Sydney, 3AW and Magic 1278 in
Melbourne, 4BC and 4BH in Brisbane, and 6PR and 96FM in Perth),
the Southern Star television production and distribution
business, Satellite Music Australia and associated businesses
from Macquarie Media Group.


GAME GROUP: GAME Australia Liquidation Looms; Offers 60% Discount
-----------------------------------------------------------------
Christine Caruana at CVG Australia reports that GAME Australia is
now selling off their stock at a 60% discount, hinting that they
may be getting desperate to clear stock.

The report says the problems surrounding GAME are familiar to
most by now, and with a creditors meeting in place for June 19,
the online and in-store sale has increased to 60% off.

According to the report, GAME's current administrators PwC said
that if no buyers are found there are other avenues to explore
before entering liquidation.  Reports from Kotaku however, state
that PwC is going to suggest GAME enter liquidation at the
creditors meeting this week, the report notes.

UK-headquartered Game Group went into administration on March 26,
2012, after it was unable to pay a GBP21 million quarterly rent
bill, resulting in the immediate closure of 277 of its 610 UK
stores and just over 2,000 job losses, according to The Financial
Times.

The Game Group PLC, through its subsidiaries, operates as a
specialist retailer of PC and video game products.


REED CONSTRUCTIONS: Ferrier Hodgson Appointed as Administrators
---------------------------------------------------------------
Reed Constructions Australia Pty Limited has been placed in
Voluntary Administration after it suffered losses through some of
its key contracts.

Ferrier Hodgson partners John Melluish -- john.melluish@fh.com.au
-- and Ryan Eagle -- ryan.eagle@fh.com.au -- were appointed
Voluntary Administrators of Reed Constructions Australia Pty
Limited and RST Nominees Pty Limited on June 15, 2012.

Administrator, John Melluish, said he will be undertaking an
urgent assessment of the financial position of the company and
that a first meeting of creditors will be held on June 27, 2012.

"We will be doing everything we can to provide key stakeholders
with clarity about the future of the company," Mr. Melluish said.
"Reed Constructions suffered a number of losses on contracts
largely arising from an inability to recover additional costs."

The Reed Group of companies is a privately-owned building, design
and construction group, providing construction, design and
engineering services across Australia. Reed Constructions
Australia Pty Limited has been the main building and construction
entity of the Reed Group. Other businesses within the Reed Group
will continue to operate as normal.


ROYAL HOTEL: Goes Into Voluntary Administration
-----------------------------------------------
Samantha Robin at Peninsula Weekly News staff have been stood
down without pay at the Royal Hotel in Mornington after the
company went into voluntary administration.

Taylor Woodings Chartered Accountants has been appointed
administrator of AMH&RAC Hotel Groups Pty Ltd, which took over
the hotel in December, according to Peninsula Weekly News.

The report notes that Partner Ross Blakeley said he had to make
the difficult decision to suspend trading while he sorted through
the hotel's finances.

Mr. Blakeley said 24 employees -- nine full-time and 15 casual
staff -- had been stood down without pay, Peninsula Weekly News
notes.   The report relates that it was unclear what would happen
with the hotel.

"Recommencing trading is one of the options we will look at. At
the moment, we are still gathering all the financial
information," the report quoted Mr. Blakeley as saying.


SMART ABS: Moody's Assigns 'Ba2' Rating to Class E Notes
--------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Trustee Company Limited in its capacity
as trustee of the SMART ABS Series 2012-2US Trust.

Issuer: SMART ABS Series 2012-2US Trust

   USD100.00 million Class A-1 Notes, Assigned P-1 (sf);
   USD32.00 million Class A-2a Notes, Assigned Aaa (sf);
   USD133.00 million Class A-2b Notes, Assigned Aaa (sf);
   USD66.00 million Class A-3a Notes, Assigned Aaa (sf);
   USD91.00 million Class A-3b Notes, Assigned Aaa (sf);
   USD27.00 million Class A-4a Notes, Assigned Aaa (sf);
   USD51.00 million Class A-4b Notes, Assigned Aaa (sf);
   AUD11.327 million Class B Notes, Assigned Aa2 (sf);
   AUD15.574 million Class C Notes, Assigned A2 (sf);
   AUD14.158 million Class D Notes, Assigned Baa2 (sf);
   AUD12.743 million Class E Notes, Assigned Ba2 (sf).

The AUD 8.495 million Seller Notes are not rated by Moody's.

The Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are
fixed rate notes while the Class A-2b, Class A-3b and Class A-4b
Notes are floating rate notes.

In Moody's opinion, the structure allows for timely payment of
interest and ultimate payment of principal with respect to the
rated notes by the legal final maturity.

The transaction is a securitisation of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited ("Macquarie"). This
is the fourth Australian ABS transaction issued in 2012. As with
Macquarie's more recent transactions, this transaction is
continuing the trend of targeting offshore markets by issuing
USD-denominated Class A Notes.

Ratings Rationale

In broad terms, SMART ABS Series 2012-2US Trust replicates
structures seen in previous SMART transactions sponsored by
Macquarie, and closely follows the structure seen in SMART Series
2012-1US Trust. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the USD-denominated senior notes and the pro-rata
principal repayment profile.

The pool includes a relatively high percentage of novated leases
(64%). Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past non-US SMART
transactions and other Australian ABS transactions typically
include 10-15% of other equipment types. In Moody's opinion,
motor vehicles exhibit less pro-cyclical default patterns and, on
average, higher recovery rates. As a result, Moody's views the
SMART ABS Series 2012-2US Trust pool as more conservatively
structured than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
will issue up to twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is comparable to other structures in
the Australian ABS market in recent years.

The deal includes seven senior, USD-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1. The
Class A Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of this and previous USD-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortisation profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortisation to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These imply a expected (net) loss of
1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.37% and
54.00% respectively. The ratings address the expected loss posed
to investors by the legal final maturity. The structure allows
for timely payment of interest and ultimate payment of principal
by the legal final maturity.

VOLATILITY ASSUMPTION SCORES AND PARAMETER SENSITIVITIES

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. With
regards to legal and regulatory uncertainty, Moody's assigns a
medium due to the recent introduction of the Personal Property
Securities Act (PPSA) which may lead to operational issues in the
short term. Overall, the V score of Low/Medium allows Moody's to
have a material degree of comfort with regard to assumptions made
in rating the SMART ABS Series 2012-2US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.
Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART ABS Series 2012-2US Trust, the Class A Notes
remain investment grade (7 notch downgrade to model-indicated
rating of Baa1) when the default rate rises to 3.6% (double of
Moody's assumption of 1.80%) and recovery rates are reduced to
20% (half of Moody's assumption of 40%). The Aa2 ratings for the
Class B notes also drop 7 notches to a model-indicated rating of
Baa3 in the above scenario.

Rating Methodology

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.



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


CHINA HONGIAO: Fitch Affirms 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed China Hongqiao Group Limited's Long-
Term Foreign and Local Currency Issuer Default Ratings (IDR) at
'BB'.  The Outlook is Positive.  Fitch has also affirmed
Hongqiao's senior unsecured rating at 'BB'.

The ratings are currently constrained by uncertainty over long-
term alumina supply following the Indonesian bauxite export ban
announced in May 2012.  As a result, Fitch has not upgraded
Hongqiao despite its 2011 performance exceeding the agency's
expectations.

Hongqiao's main alumina supplier, Gaoxin Aluminium and Power,
sources all of its bauxite from Indonesia.  Due to regulatory
uncertainty in Indonesia which resulted in the May 2012 ban,
Hongqiao in Q411 started building in phases its own two million
tonnes per annum (mtpa) alumina production capacity, which was
completed in May 2012.  This will supply 50% of its own alumina
needs by 2013.  The company has also been actively looking to
source bauxite from other regions.

Honqiao achieved EBITDA per ton of CNY5,560 in FY11 despite an
increasingly tough pricing environment in the Chinese aluminium
sector.  This is due to its cost advantage over other major
Chinese aluminium producers, particularly in power and alumina
supply, which account for roughly 75% of production costs.

Hongqiao has one of the few privately owned power grids in China,
which lowers its power costs even in relation to other
manufacturers with captive power plants.  These cost advantages
should improve as the company plans to reach 70% electricity
self-sufficiency in 2013, up from less than 50% in 2011.

The ratings may be upgraded once the alumina supply issues have
been resolved and there is certainty that Hongqiao will achieve
70% electricity self-sufficiency, while maintaining financial
leverage, as measured by adjusted net debt/operating EBITDAR,
below 1.0x.  These developments will reinforce Hongqiao's cost
advantages.  After an upgrade, Fitch does not anticipate further
positive actions as the ratings will be constrained by Hongqiao's
concentration in Shandong province.  Hongqiao has only three
production sites, which are all located in Shandong Province,
leaving it exposed to unexpected operational failure of any
single factory and regulatory risk of the province.

The Outlook may be changed to Stable if Hongqiao fails to
maintain low-cost alumina supply or improve its electricity self-
sufficiency rate of 70% in 2013; or if EBITDA drops below
CNY4,500 per ton on a sustained basis.  Fitch may consider
further negative rating action if there is deterioration in its
business profile, resulting in EBITDA falling below CNY3,000 per
ton on a sustained basis; or if net debt/ EBITDAR rises above
2.0x on a sustained basis.


LDK SOLAR: Deficit, Covenant Violation Raise Going Concern Doubt
----------------------------------------------------------------
KPMG in Hong Kong, China, said in a May 15, 2012 audit report
there is substantial doubt on the ability of LDK Solar Co., Ltd.
to continue as a going concern.  According to KPMG, the Group has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

A unit, LDKHF, has outstanding borrowings of US$15,871,000 from
Bank of Communication.  The loan contains a financial covenant
that specifies that if LDKHF's debt to asset ratio exceeds 80% or
the net profit to revenue ratio is below 2% -- which is
calculated based on its financial statements prepared under
generally accepted accounting policies in the People's Republic
of China -- Bank of Communication may take actions as defined in
the borrowing agreement, including but limited to the demand of
immediate repayment of the outstanding borrowing balance.  As of
Dec. 31, 2011, LDKHF's debt to asset ratio was 80.2% and the net
profit to revenue ratio was negative 10.2%.  LDKHF has obtained a
waiver letter dated May 15, 2012 from Bank of Communication
confirming that it will not require LDK HF to repay the
outstanding borrowings prior to maturity date or provide
additional pledge or collateral as a result of the breach of
above financial covenants.

LDKHF's outstanding debt of US$2,185,000 from Agricultural Bank
of China also specifies that if LDKHF's debt to asset ratio
exceeds 75% -- which is calculated based on its financial
statements prepared under PRC GAAP -- Agricultural Bank of China
may take actions, including but limited to the demand of
immediate repayment of the outstanding borrowing balance.
Agricultural Bank of China has the right to accelerate the
borrowings in accordance with the borrowing agreements, but to
date, LDKHF has not received any notice of event of default or
any threat to accelerate the stated maturity of the borrowings.

Another unit, JXLDK, is required under its US$25,000,000
outstanding long-term borrowings from China Development Bank not
to allow debt to asset ratio to exceed 75% or the current ratio
not to exceed 0.7.  As of Dec. 31, 2011, JXLDK's debt to asset
ratio was 80% and the current ratio was 0.83.

LDK is also operating under a working capital deficit.  As of
Dec. 31, 2009, 2010 and 2011, the Company had a working capital
deficit -- total consolidated current liabilities exceeds total
consolidated current assets -- of $833.6 million, $1,602.4
million and $2,099.4 million.

LDK incurred a net loss of $234.0 million and $609.0 million,
respectively, for the years ended Dec. 31, 2009 and 2011 although
it generated a net profit of $296.5 million for the year ended
Dec. 31, 2010.

As of Dec. 31, 2011, LDK had cash and cash equivalents of $244.1
million, majority of which was held by subsidiaries in China.

As of Dec. 31, 2011, the Group has total revolving credit of
US$4,153,881,000 and unused credit of US$1,650,126,000, which it
can draw upon.  LDK had short-term borrowings and current
installments of long-term borrowings totaling $2,032.0 million as
of Dec. 31, 2011, most of which were the obligations of the
Chinese subsidiaries.

LDK said it has been negotiating with a number of vendors,
including suppliers of equipment and construction materials, for
them to provide the Company with lower prices or more favorable
payment terms in order to achieve cost savings.  LDK also has
decided to postpone a substantial portion of planned capital
expenditures for the next 12 months, and implemented measures to
more closely monitor inventory levels and collection of
receivable balances with an aim to improving liquidity.

From Jan. 1 to April 30, 2012, LDK has obtained additional
secured and unsecured short-term bank borrowings in the aggregate
principal amount of $924.3 million with interest rates ranging
from 2.484% to 9.500% and secured and unsecured long-term bank
borrowings in the aggregate principal amount of $45.3 million
with interest rates ranging from 5.900% to 7.050% (subject to
repricing).  It has repaid short-term borrowings and current
installments of long-term borrowings in the aggregate principal
amount of $937.0 million during this period.

LDK believes it will be able to obtain additional facilities from
the banks so that, together with its existing bank revolving
facilities, it will be able to re-finance any bank loans due for
repayment within the next 12 months to the extent necessary.

As of Dec. 31, 2011, the Company had total assets of $6,853.8
million.  Total liabilities amounted to $6,009.2 million, with
outstanding short-term borrowings (including current installments
of long-term borrowings) and short-term PRC notes at $2,095.5
million, and outstanding long-term borrowings (excluding current
installments) and long-term PRC notes at $969.8 million.

A copy of the Company's Annual Report on Form 20-F, as amended,
for the fiscal year ended Dec. 31, 2011, is available at
http://is.gd/FHe6vX

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.



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


APEX MIGHT: Creditors to Get 100% Recovery on Claims
----------------------------------------------------
Apex Might Enterprises Limited will declare the first and final
dividend to its creditors on June 29, 2012.

The company will pay 100% for ordinary claims.

The company's liquidators are:

         Fok Hei Yu
         Roderick John Sutton
         FTI Consulting (Hong Kong) Limited
         Level 22, The Center
         99 Queen's Road Central
         Central, Hong Kong


AVIATION MANAGEMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Aviation Management Services Limited, on June 5, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Anthony John Jex
         2102, Tower Two
         Lippo Centre, 89 Queensway
         Admiralty, Hong Kong


CARLSON INDUSTRIAL: Creditors to Get 30% Recovery on Claims
-----------------------------------------------------------
Carlson Industrial (H.K.) Limited will declare the second and
final dividend to its creditors on June 22, 2012.

The company will pay 30% for ordinary claims.

The company's liquidators are:

         Ho Man Kit Horace
         Kong Sze Man Simone
         Room 511, 5/F Tower 1
         Silvercord, 30 Canton Road
         Tsim Sha Tsui, Kowloon
         Hong Kong


DNA SOLUTIONS: Court to Hear Wind-Up Petition on Aug. 15
--------------------------------------------------------
A petition to wind up the operations of DNA Solutions (HK)
Limited will be heard before the High Court of Hong Kong on
Aug. 15, 2012, at 9:30 a.m.

Fong Chun Tung filed the petition against the company on June 5,
2012.

The Petitioner's solicitors are:

          Chan, Lau & Wai
          8th Floor, Asia Standard Tower
          Nos. 59-65 Queen's Road
          Central, Hong Kong


EASTERN LINK: Lau and Liang Appointed as Liquidators
----------------------------------------------------
Lau Siu Hung and Liang Yang Keng on May 7, 2012, were appointed
as liquidators of Eastern Link Investment Limited.

The liquidators may be reached at:

         Lau Siu Hung
         Liang Yang Keng
         Room 1909-10, 10/F
         Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


EXPERT LEGAL: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------------
A petition to wind up the operations of Expert Legal Systems
Limited will be heard before the High Court of Hong Kong on
June 27, 2012, at 9:30 a.m.

Sonim Technologies Inc. filed the petition against the company on
April 25, 2012.

The Petitioner's solicitors are:

          Squire Sanders
          24/F, Central Tower
          28 Queen's Road
          Central, Hong Kong


GRAIN MAX: Court to Hear Wind-Up Petition on June 27
----------------------------------------------------
A petition to wind up the operations of Grain Max Limited will be
heard before the High Court of Hong Kong on June 27, 2012, at
9:30 a.m.

Ho Chung Yin Andrew and Liau Lo Lin June filed the petition
against the company on April 20, 2012.

The Petitioner's solicitors are:

          Liau, Ho & Chan
          30th Floor, China Insurance Group Building
          141 Des Voeux Road
          Central, Hong Kong


INNOVATIVE FASHIONS: Court to Hear Wind-Up Petition on July 18
--------------------------------------------------------------
A petition to wind up the operations of Innovative Fashions
Limited will be heard before the High Court of Hong Kong on
July 18, 2012, at 9:30 a.m.

Rong Sheng Handbag Manufactory filed the petition against the
company on May 15, 2012.

The Petitioner's solicitors are:

          Edward Lau, Wong & Lou
          8th Floor, EIB Centre
          40-44 Bonham Strand
          Sheung Wan, Hong Kong


KOON NGAI: Court to Hear Wind-Up Petition on Aug. 1
---------------------------------------------------
A petition to wind up the operations of Koon Ngai Catering Design
Limited will be heard before the High Court of Hong Kong on
Aug. 1, 2012, at 9:30 a.m.

Lu Dehe filed the petition against the company on May 28, 2012.


LING FUNG: Court to Hear Wind-Up Petition on June 27
----------------------------------------------------
A petition to wind up the operations of Ling Fung Coach and
School Service Company Limited will be heard before the High
Court of Hong Kong on June 27, 2012, at 9:30 a.m.

Wong Myra Repizo filed the petition against the company on
March 20, 2012.

The Petitioner's solicitors are:

          Boase Cohen & Collins
          2303-7 Dominion Centre
          43-59 Queen's Road
          East, Hong Kong



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


ANAND ENGINEERING: ICRA Puts 'BB+' Rating on INR59.59cr Loans
-------------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR45.54 Crore long
term loans, INR4.05 Crore working capital term loan and INR10.00
Crore long-term fund based facilities of Anand Engineering
Products Private Limited. The outlook on the long-term rating is
stable. ICRA has also assigned '[ICRA]A4+' rating to the INR1.00
Crore short term non fund based limits of the company.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   LT Scale-Term loans       45.54      [ICRA]BB+/Stable/assigned

   LT Scale-Working           4.05      [ICRA]BB+/Stable/assigned
   Capital Term loan

   LT Scale-Cash Credit      10.00      [ICRA]BB+/Stable/assigned

   ST Scale-Bank Guarantee    1.00      [ICRA]A4+/assigned

The assigned ratings consider the long standing experience of the
promoters in the heavy engineering industry, reputed profile of
its customers comprising of Caterpillar India Private Limited and
Gamesa Wind Turbines Private Limited and healthy profit margins
achieved during the last two years. The ratings are however
constrained by significant customer concentration with ~98% of
revenues (during 2011-12) being generated from its two customers,
vulnerability of revenue growth to any downturns in user
industries and anticipated contraction in capital structure and
coverage indicators owing to the company's ongoing large debt-
funded capital expenditure. Going forward, AEPPL's ability to
diversify its customer base and end-user industries, its ability
to sustain the margins and accruals, and improve the debt
coverage metrics will be critical in improving the credit profile
of the company.

                      About Anand Engineering

Anand Engineering Products Private Limited, located in Trichy
(Tamil Nadu) is involved in the processes of fabrication,
machining and assembly works to manufacture components for heavy
engineering products like earthmoving equipment, wind turbine
towers, etc. Fabrication is largely done for CAT (dumper bodies)
and Gamesa (towers for wind turbines). The Company, currently,
has a fabrication capacity of 2,000 tons/month.

Recent Results

According to un-audited results, the Company reported profit
before tax of INR15.58 crore on an operating income of INR78.72
Crore during the year 2011-12, as against profit before tax of
INR7.25 Crore on an operating income of INR50.01 Crore during the
previous financial year 2010-11.


COMPETENT DYESTUFF: ICRA Rates INR10cr LT Loan at '[ICRA]B'
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR10.0
crore fund-based, working capital limits of Competent Dyestuff &
Allied Products Pvt Ltd.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long Term Fund           10.0         [ICRA]B Assigned
   Based limits

The ratings are constrained by the supplier concentration risk in
the Dilute Hydrofluoric Acid, DHF business with two suppliers
contributing to 90% of the DHF purchases; high exposure to steel
industry resulting in the revenue and profitability of the
Company vulnerable to the cyclicality of steel industry;
inability of the Company to increase the scale of business on
account of some customers shifting to direct purchases; exposure
to price risk arising from fluctuation in prices of fluorspar;
aggressive financial risk profile characterised by low return
indicators, adverse capital structure, low coverage indicators
and negative cash flows and stretched liquidity position as
reflected in high working capital limit utilisation.
Nevertheless, ICRA has favorably factored in the established
track record of the promoters of over two decades in the trading
of fluorine based chemicals; established relationship with
supplier as well as customers and low value of sales per customer
mitigating the credit risk arising from debtors.

Competent Dyestuff and Allied Products Pvt Limited was
incorporated in 1990. The Company is engaged in trading of
fluorine based chemicals. The Company is distributor with Aditya
Birla Group (Tanfac Industries Ltd), Mafat Lal group (Navin
Flourine International Limited) and SRF Limited for their
fluorine based chemicals. The Company primarily caters to the
requirements of the steel and glass industries.

Recent Results

Based on the provisional accounts, CDAPPL reported a turnover of
INR22.13 Crore and a net profit of INR0.08 Crore during 6 months
ending September 2011. The Company had reported a turnover of
INR45.10 Crore and a net profit of INR0.18 Crore during 2010-11.


FLECTO CERAMIC: ICRA Places 'B+' Rating on INR5.59cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR3.59 crore term
loan and the INR2.00 crore cash credit facility of Flecto Ceramic
Private Limited. ICRA has also assigned an [ICRA]A4 rating to the
INR0.60 crore non fund based bank guarantee facility of FCPL.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Fund Based-Term Loan     3.59         [ICRA]B+ assigned

   Fund Based-Cash          2.00         [ICRA]B+ assigned
   Credit

   Non Fund Based-          0.60         [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings are constrained by FCPL's nascent stage of
commercial operations and risks associated with stabilization of
plant as per the expected operating parameters as well as highly
competitive business environment given the fragmented nature of
the tiles industry. The ratings also take into account the
vulnerability of FCPL's profitability to the cyclicality
associated with the real estate industry ICRA also notes that the
capital structure and credit metrics are expected to remain
stretched given the debt funded nature of project undertaken and
executed by the company. The ratings, however, favorably factors
in the long experience of the promoters in ceramic industry and
the presence of the company's plant in Morbi giving it easy
access to raw material sources.

Flecto Ceramic Private Limited is engaged in manufacturing of
ceramic wall glazed tiles. The company was established in the
year 2011 and has its plant situated at Morbi, Gujarat with
manufacturing capacity of 24000 MTPA. The commercial production
commenced in April 2012. The company will be manufacturing wall
tiles of sizes 8"x18", 12"x18" and 12"x24".


HELAPURI SPINNING: ICRA Assigns 'B-' Rating to INR59.30cr Loans
---------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR58.30
crore fund based and INR1.00 crore non-fund based limits of
Helapuri Spinning Mills Private Limited.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund based limits        58.30       [ICRA]B- assigned

   Non-fund based limits     1.00       [ICRA]B- assigned

The assigned rating is constrained due to low asset utilisation
on account of weak power supply scenario in the region in the
absence of power backup facility and weak financial profile
characterized by stretched coverage indicators. The rating is
further constrained due to small scale of operations,
commoditized nature of the product and highly fragmented nature
of the industry which limit the company's ability to pass on the
hike in input costs. Further, debt funded plans for setting up
captive gas power plant of 10 MW with an estimated investment of
INR65 crore in next 1-2 years could adversely affect coverage and
leverage indicators. However, the rating favorably factors in
experienced promoter with over 1.5 decades of experience in the
textile industry and fiscal benefits under Technology Upgradation
Fund Scheme coupled with low power cost in the state of Andhra
Pradesh provides competitive advantage.

Helapuri Spinning Mills Private Limited was incorporated in 2007
with its registered office in Hyderabad and manufacturing plant
located at Eluru in West Godavari district of Andhra Pradesh.
HSMPL commenced its commercial production from May 2010 with
13,680 spindles which were subsequently increased to 26,200
spindles in October 2011. The company is engaged in production of
100% viscous, polyester viscous (PV) and 100% polyester yarns of
30s, 40s and 60s counts. Mr. M. Koti Reddy with over one decade
of experience in trading of agricultural products and farming is
the managing director of HSMPL. One of the directors of the
company Mr. G. Chakravarthy has over 1.5 decades of experience in
the textile industry.


JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR46.6cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for INR46.05
crore fund based and INR0.60 crore non-fund based limits of
Jyotirmaye Textiles Private Limited.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long term fund          46.05         [ICRA]B+ reaffirmed
   based limits

   Long term non-fund       0.60         [ICRA]B+ reaffirmed
   based limits

The reaffirmation of the rating factors in weak financial profile
with stretched coverage indicators and highly geared capital
structure on account of losses at net level and debt funded
nature of the project; relatively low profitability in first full
year of operation in FY12 as the company is in the process of
ramping up operations coupled with inventory losses in H1 FY12.
The rating is further constrained due to non availability of
benefit under Technology Upgradation Fund Scheme and hence high
interest burden resulting in adverse impact on net profitability
and coverage indicators when compared to most of the peers
covered under TUFS. ICRA notes that small scale of operations and
commoditized nature of the product in the highly fragmented
spinning industry limits the company's ability to pass on the
hike in input costs. However, the rating favorably factors in
operational efficiencies due to recent vintage of plant and
machinery; proximity to a major cotton growing area and lower
power tariffs in the state with fiscal incentives offered by the
Andhra Pradesh (AP) state government and installation of power
back up facility which is likely to result in better capacity
utilisation. The rating also takes comfort from experienced
management team with the presence of two of the directors on
Tirumala Milk Products Private Limited (rated [ICRA]A+/[ICRA]A1+)
board, a leading and established liquid milk player in the state
of AP, Tamilnadu and Karnataka.

Jyotirmaye Textiles Private Limited was incorporated as a private
limited company on December 1, 2009 and engaged in producing
medium count cotton yarn viz. 40s, 44s, 62s, etc. JTPL was
promoted by Mr. Danda Brahmanadam, Mr. Dr. Nalabothu Venkata Rao,
Mr. Ravela Satyanarayana and Mr. Danda Prasad; Mr. Danda Prasad
is the Managing Director of the company. Based in Guntur district
of Andhra Pradesh, the company has total installed capacity of
20,160 spindles out of which 14,400 spindles were installed in
FY11 and balance 5,760 spindles in FY12. The production facility
started its commercial operation from January 2011 and since June
2011 the plant is running at full capacity.


KIRAN INFRA: ICRA Reaffirms '[ICRA]BB-' Rating on INR15cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]BB- assigned to
the INR15.00 crore (enhanced from INR13.00 crore) fund based
limits of Kiran Infra Ispat Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 assigned to the INR10.00 crore
(enhanced from INR3.00 crore) non fund based limits of Kiran
Infra Ispat Limited. The outlook for the long term rating is
Stable.

                           Amount
   Facilities             (INR Cr)      Ratings
   ----------             ---------     -------
   Fund Based Limits        15.00       [ICRA]BB- reaffirmed

   Non Fund Based Limits    10.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings has taken into account the rich
experience of promoters, established operations of group
companies, company's backward integration into manufacturing of
billets, and installation of continuous casting machine in FY
2012 which is expected to result in cost reduction going forward.
Moreover, the company has been able to achieve 55% capacity
utilization in its first full year of operations. However,
ratings are constrained by low entry barriers because of the low
capital cost required to set up such units resulting in
fragmented market. In addition, the product is fairly
commoditized which is expected to constrain the margins of the
company. The capital structure remains leveraged with a gearing
of 3.83 times as on March 31, 2012.

Kiran Infra Ispat Limited, incorporated in September 2010, is
promoted by Mr. R S Gemini and is part of the Gemini group of
companies. It is engaged in the manufacturing of TMT bars. The
plant, located in Jaipur, has a capacity of 4500 MT per month. It
also has a furnace for manufacturing of ingots which has a
capacity of 100 MT per day. It commenced production in January
2011 and has till date produced around 5000 ton in the last two
months. Diameter of TMT bars ranges from 8mm - 32 mm. The TMT
bars will be sold in Rajasthan under the brand name "Gemini". The
company has achieved sales of -INR140 crores in FY 2012.


PARAMOUNT VILLAS: ICRA Rates INR100MM Term Loan at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned [ICRA]BB rating for INR100.00 crore proposed
term loan of Paramount Villas Private Limited. The outlook on the
rating assigned is stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Proposed Term Loan      100.00      [ICRA]BB (Stable) Assigned

The rating action takes into account the project execution risks
given the stage of construction of its project high market risk
emanating from high competitive pressures in residential space
and with only 38% of total space sold by end of March 2012. ICRA
also takes into consideration the high funding risk as the bank
loan is yet to be tied up, significant proportion of promoters'
funds yet to be infused and projects high dependence on customer
advances. The rating, however, draws comfort from the long track
record of the promoters in real estate sector and project's
decent connectivity to National Capital Region (NCR).

Paramount Villas Private Limited is one of the companies in the
Paramount Group which is in the domain of real estate
development. The group is in this business for past 15 years.
PVPL was incorporated in 2010 as a private limited company. PVPL
is constructing a project "Paramount Golfforestte" on a 90 acre
of land allotted by Uttar Pradesh State Industrial Development
Corporation in Greater Noida. The project comprises 1986 villas,
1006 units of studios apartments and 243 units of commercial
spaces and had been launched in June 2011. The project is
scheduled to be completed by March 2015.


PERMANENT MAGNETS: ICRA Reaffirms 'D' Rating on INR42.5cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR10.0
crore Working Capital Demand Loan facility and for the INR14.00
crore (reduced from INR14.00 crore) long-term, fund-based limits
of Permanent Magnets Limited. ICRA has also reaffirmed the short
term rating of '[ICRA]D' for the INR18.50 crore (reduced from
INR27.00 crore) short term non-fund based facilities of the
company.

                             Amount
   Facilities               (INR Cr)     Ratings
   ----------               ---------    -------
   Long Term Fund based-      10.00      [ICRA]D reaffirmed
   WCDL

   Long-term, fund-based      14.00      [ICRA]D reaffirmed
   Facilities

   Short- term, non-fund      18.50      [ICRA]D reaffirmed
   based facilities


The rating reaffirmation reflects delays in debt servicing by the
company. PML's financial profile is characterised by stretched
liquidity profile and low profitability. The company's scale of
operations remains modest with fairly stagnant revenues in the
past few years due to the contraction of demand for AlNiCo
magnets used in the electro-mechanical meters by the utilities.

The above concerns are partially offset by the long standing
experience of the promoters spanning over five decades and the
strong market position with nearly 70% of the domestic market
share for AlNiCo magnets.

Permanent Magnets Limited, incorporated in year 1960 by Mr.
Kantilal Morarji Desai, was later sold off to Mr. Taparia in year
1963 and since then has been the flagship company of the Taparia
Group having interests in sectors as diverse as health care,
Contraceptives, audio components, plantations etc. The company
started its operations in Borivali with the manufacturing of
Alnico (Aluminium, Nickel and Cobalt) magnets and has slowly
graduated to manufacture technically competent Hi Permeability
Magnets. Presently the company claims to have nearly 70% of
market share of the AlNiCo magnets. PML has recently relocated
its operations to Mira road a place very close to the earlier
facility. PML has also established sales offices in Delhi and
Bangalore apart from Mumbai for catering to the domestic market.

Recent Results

As per the results for 9 months, ended December 31, 2011, PML
reported a net loss of INR2.07 crore on an operating income of
INR34.74 crore as compared to a net profit of INR0.24 crore on an
operating income of INR62.77 crore for FY 2011.


PRASUNA VAMSIKRISHNA: ICRA Rates INR1.38cr Loan at '[ICRA]BB'
-------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR1.38 crore non-fund based facilities of Prasuna Vamsikrishna
Spinning Mills Private Limited. ICRA has also assigned short-term
rating of '[ICRA]A4' to the INR2.00 crore non-fund based
facilities of PVSMPL. ICRA has rating outstanding of '[ICRA]BB'
on the INR25.18 crore term loans and INR14.75 crore fund based
limits of PVSMPL. The outlook on the long-term rating is stable.

                           Amount
   Facilities             (INR Cr)     Ratings
   ----------             ---------    -------
   Long term non-fund        1.38      [ICRA]BB (Stable) assigned
   based facilities

   Short term non-fund       2.00      [ICRA]A4 assigned
   based facilities

The assigned ratings consider the long standing experience of the
promoters in the cotton trading / ginning business for about
three decades, the Company's proximity to raw material sources
and the relatively lower power costs compared to its peers in
Tamil Nadu providing cost competitiveness and its presence in the
medium and finer count ranges which entail better margins. The
financial performance of the company was adversely impacted
during 2011-12 owing to the slowdown in the spinning industry
during the year resulting in sharp fall in yarn prices, which
coupled with inventory losses lead to drop in operating margins
of the company. The rating also factors in the intense
competition in a fragmented industry amidst low product
differentiation which restricts pricing flexibility, the
Company's relatively small scale of operations and its stretched
capital structure / coverage metrics. The ability of the company
to improve its volume growth and earnings amidst volatile raw
material prices would be key rating sensitivities, owing to the
high debt repayment obligations in the ensuing years.

                      About Prasuna Vamsikrishna

Prasuna Vamsikrishna Spinning Mills Private Limited, incorporated
in February 2004, is primarily engaged in manufacturing of medium
and finer counts of cotton yarn. Based in Guntur, the Company
commenced commercial production in November 2005 with a capacity
of 12,000 spindles and enhanced it to 24,000 spindles in December
2006. The Company derives a large portion of its revenues from
the domestic market.

Recent Results (Provisional)

The Company has reported a profit after tax of INR0.9 crore on an
operating income of INR52.6 crore for the year ended March 31,
2012 as against a profit after tax of INR3.4 crore on an
operating income of INR47.1 crore during 2010-11.


RAJASHREE SPINTEX: ICRA Cuts Rating on INR19.10cr Loans to 'B'
--------------------------------------------------------------
ICRA has revised the rating outstanding on the INR14.01 crore
term loan facilities, INR5.00 crore of fund based facilities and
INR0.09 crore of non-fund based facilities of Rajashree Spintex
Private from '[ICRA]BB-' to '[ICRA]B'. ICRA has reaffirmed
'[ICRA]A4' rating assigned to the INR0.90 crore of fund based
bank facilities and INR2.00 crore non-fund based facilities of
the Company.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Term Loans               14.01        Revised to [ICRA]B from
                                         [ICRA]BB-

   Fund based                5.00        Revised to [ICRA]B from
   facilities                            [ICRA]BB-

   Non-fund based            0.09        Revised to [ICRA]B from
   facilities                            [ICRA]BB-

   Fund based facilities     0.90        [ICRA]A4 reaffirmed

   Non-fund based            2.00        [ICRA]A4 reaffirmed
   facilities

The revision in long-term rating considers the continued
deterioration in capital structure and coverage indicators for
the Company, following sharp increase in debt levels (to finance
windmills) and decline in accruals during the past two fiscals
(2010-12). The company's accruals and liquidity profile were
impacted during 2011-12 due to the weak operating environment.
The domestic spinning industry suffered from high cost cotton
inventory and weak yarn demand/prices during H1, 2011-12. The
ratings consider the Company's small scale of operations, which
restricts scale economies and financial flexibility, and the
intense competition in a highly fragmented industry structure
which restricts pricing flexibility. While the company's recent
investment towards windmills is expected to lend operational
support, particularly in view of the power situation in Tamil
Nadu, the debt funded capex has impacted the company's capital
structure. The ratings also consider the promoters' experience in
the business for over a decade.

Rajashree Spintex Private Limited is primarily engaged in the
production of cotton yarn of hosiery and medium counts.
Incorporated in 2003, the Company's manufacturing facility with
an installed capacity of 21,816 spindles is located Rajapalayam,
Tamil Nadu. Mr. B. Anandhakumar and E. Dhamodaran, promoters of
RSPL and their family members hold 100 per cent stake in the
Company.

Recent Results

According to unaudited results, the Company reported loss of
INR2.4 crore on operating income of INR15.3 crore for the 6
months ended September 30, 2011. The Company reported net profit
of INR0.04 crore on operating income of INR26.6 crore during
2010-11.


SPIN-COT TEXTILES: Delays in Loan Payment Cues ICRA Junk Ratings
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to INR63.75
crore fund based limits of Spin-Cot Textiles Private Limited.
ICRA has also assigned a short term rating of '[ICRA]D' to
INR7.25 crore non-fund based limits of SCTPL.

                           Amount
   Facilities             (INR Cr)       Ratings
   ----------             ---------      -------
   Long term fund           63.75        [ICRA]D assigned
   based limits

   Short term non-fund       7.25        [ICRA]D assigned
   based limits

The assigned ratings are constrained due to significant delays in
servicing debt obligations along with consistent over
utilizations in cash credit limits due to stretched liquidity on
account of ongoing capital expansion. The ratings also factor in
highly geared capital structure and stretched coverage
indicators. The ratings are further constrained due to adverse
impact on operations owing to absence of power backup facility in
a weak power supply scenario in the region and small scale of
operations coupled with commoditized nature of the product in a
highly fragmented industry which limit the company's ability to
pass on the hike in input costs. However, the ratings favorably
factor in recent vintage of plant and machinery resulting in
operational efficiencies; manufacturing of higher realisable
premium combed compact Com4 yarn used for high finish fabric and
proximity to a major cotton growing area and lower power tariffs
in the state with fiscal incentives offered by the Andhra Pradesh
state government.

Spin-Cot Textiles Private Limited was incorporated as a private
limited company in December 2005. Located in Guntur district of
Andhra Pradesh, SCTPL started its commercial production of cotton
yarn from April 2007 with an installed capacity of 25,200
spindles. The promoter of the company, Mr. Ghanta Kameswara Rao
is a diploma holder in textile technology. The company is into
manufacturing of cotton yarn and trading of cotton lint. SCTPL is
mainly focused on the production of premium combed compact Com4
yarn which has relatively higher realisations. The company
exports cotton lint through various export houses to countries
like China & Bangladesh.


VIRGO POLYMERS: ICRA Reaffirms 'BB' Rating on INR5cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]BB rating to the INR6.0 crore long-
term, fund-based facilities (enhanced from INR5.0 crore) of Virgo
Polymers (India) Limited; the outlook on the rating is 'Stable'.
ICRA has also reaffirmed the [ICRA]A4 rating to the INR9.8 crore
short-term, non-fund-based facilities (enhanced from INR8.0
crore) of Virgo.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term loans             1.0 (Nil)   [ICRA]BB(Stable) Assigned

   Long-term, fund-based  5.0         [ICRA]BB(Stable) Reaffirmed
   facilities

   Short-term, non-fund-  9.8         [ICRA]A4+ Reaffirmed
   based facilities

The ratings reaffirmation factors in the weak financial risk
profile of the company underpinned by low profitability metrics
and weakening debt coverage indicators. The ratings are also
impacted by the high competitive intensity in the poly woven
bags/ Flexible Intermediate Bulk Containers (FIBC) industry,
Virgo's modest scale of operations, and, vulnerability of
profitability to fluctuations in polymer prices and rupee-dollar
parity. The ratings, however, favorably factor the long track
record of Virgo's promoters (Shyam Group) in the
polymer/packaging business, established domestic customer base,
current low penetration of FIBC in the domestic market and
favorable outlook in the long-term.

Virgo Polymers (India) Limited, part of the Shyam Group, is
engaged in production of FIBC bags. The company was established
in the year 1985 as Virgo Polybags Private Limited with an
initial capacity of 180 metric tons per annum (mtpa). It was
taken over by Mr. Ramadoss in 1990. The current promoters, the
Ramsisaria family, joined as Directors in 2000. The company
operates three manufacturing units in Maraimalai Nagar, Tamil
Nadu, with total current capacity of 4960 mtpa. The company is
held to the extent of 56% by the promoters and their associates
and the rest of the stake is held by the public. The Shyam Group
of companies has diverse interests including trading of polymers,
non-banking finance activities and trading in securities.



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


FIVE STAR: Alleged Mastermind Wants Jury Trial
----------------------------------------------
Matt Nippert at stuff.co.nz reports that alleged Five Star
Finance mastermind Neill Williams was back in court Monday
arguing for his right to be tried by a jury on charges brought by
the Serious Fraud Office.

stuff.co.nz relates that the hearing at the High Court in
Auckland on Monday concerned an application by the SFO -- which
has charged Williams with theft by a person in a special
relationship and the dishonest use of documents -- to have the
trial heard by judge alone.

The report notes that Prosecutor Brian Dickey revealed all former
directors of the company, and two senior executives, were giving
evidence against Mr. Williams.

According to the report, Mr. Dickey told the court while
Mr. Williams was not formally a director of Five Star Finance or
its associated company Consumer Finance, he was variously alleged
to be the "mastermind" or "architect" of a range of related-party
transactions that misled investors and breached the company's
trust deed.

Mr. Dickey, as cited by stuff.co.nz, said the prosecution case
centered on two sets of loans transactions, the first to entities
whose director was allegedly a puppet of Mr. Williams, and a
"convoluted" deal where Consumer Finance advanced funds to
"conduits" in order to buy shares in Five Star.

"A lot of times cheques are written by [Williams] but signed off
by another person," the report quotes Mr. Dickey as saying.

Mr. Dickey said both sets of transactions were masterminded by
Mr. Williams.  "He was the architect. He was in on it at eye
level," Mr. Dickey said in court, stuff.co.nz adds.

Five Star directors Marcus McDonald, Nicholas Kirk and Anthony
Bowden were charged by the SFO alongside Mr. Williams, but the
three have progressively pleaded guilty, leaving Mr. Williams the
sole defendant remaining to be tried.

Messrs. McDonald, Kirk and Bowden also pleaded guilty in
December 2010 to charges brought by the Financial Markets
Authority relating to making untrue statements in a prospectus.
Mr. Williams also pleaded guilty in these proceedings, despite
later making an unsuccessful appeal to change his plea. He hasn't
yet been sentenced on those charges, stuff.co.nz notes.

                          About Five Star

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

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

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


KEA CAMPERS: Tourism Holdings Buys KEA Australia
------------------------------------------------
BusinessDesk reports that Tourism Holdings has acquired the KEA
Rentals and Sales Motorhome brands in Australia from KEA New
Zealand for an undisclosed sum.

BusinessDesk relates that chief executive Grant Webster said the
purchase will add about 5% to THL's Australian fleet of about
1,450 vehicles and the price was below the level required to be
disclosed under NZX rules.

According to the report, the previous agents for KEA Australia
have ceased trading and appointed liquidators for their business.
Mr. Webster said the circumstances of the sale meant THL was able
to make the acquisition for a favorable price, the report relays.

BusinessDesk notes that THL and KEA New Zealand in February
formed a join venture to run their respective motorhome and
campervan manufacturing businesses.

THL has leased enough of the KEA design fleet to ensure there is
minimal disruption for existing customers, the report relates.

KEA has sales premises in Auckland and Christchurch as well as in
locations across Australia and Southern Africa.



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


RIZAL COMMERCIAL: Moody's Affirms 'D-' BFSR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the following ratings of
Rizal Commercial Banking Corporation (RCBC):

D- bank financial strength rating (BFSR), which maps to a ba3
baseline credit assessment (BCA)

Ba2/NP foreign currency long term/short term deposit rating

Ba2 foreign currency senior unsecured debt rating

(P)Ba2/(P)NP foreign currency senior unsecured MTN rating

(P)Ba3/(P)NP foreign currency subordinate MTN rating

B3(hyb) foreign currency hybrid tier 1 capital securities

The ratings outlook is stable.

Ratings Rationale

The affirmation of RCBC's ratings takes into account the bank's
well-established niche in the corporate middle market and special
economic zones, improved capitalization, and potential synergies
from its affiliation with the Yuchengco Group of companies. The
affirmation also considered the bank's relatively small market
presence, and improving but still weak asset quality.

RCBC's foreign currency long-term deposit rating of Ba2 is
supported by: (1) the bank's ba3 BCA, and (2) Moody's assessment
of a moderate probability of systemic support, if required. This
assessment is predicated on the bank's modest market position,
which underpins Moody's view of its significance to the
Philippine banking sector.

When compared to the average metrics of other D- rated Asian
banks, RCBC has higher Tier 1 and total capital ratios; its
liquidity profile and risk-adjusted profitability are also
stronger, as reflected in its lower loans-to-deposits ratio,
higher proportions of liquid assets in its asset base, and net
income as a percentage of average risk-weighted assets.

However, Moody's views these positive factors as being partially
offset by RCBC's noticeably weaker asset quality metrics as
compared to the D- rated Asian banks, which are largely driven by
the high level of foreclosed properties on its balance sheet. In
addition, Moody's views the potential for asset quality
challenges arising from the bank's exposure to manufacturers that
are vulnerable to the persistently weak external environment.

Moody's is also mindful of RCBC's rapid credit growth trend
(2011: 22% loan growth year-on-year) which, if maintained, would
lead to an erosion of its capital buffers and therefore weaken
its capacity to withstand asset quality pressures.

The stable outlook on the bank's ratings reflects Moody's
expectations that RCBC will maintain buffers in its liquidity
positions and capital to withstand stress situations over the
next 12-18 months.

Rating Triggers

RCBC's BFSR and BCA could be upgraded if:

[1] Asset quality continues to improve, shown by a reduction in
its non-performing assets (non-performing loans (NPL), foreclosed
assets and assets held by its special purpose vehicles) to less
than 30% of equity and loan-loss reserves;

[2] Evidence that it can continue to rein in credit costs and
improve its risk-adjusted profitability, reflected by net income
of more than 2.5% of average risk-weighted assets.

Conversely, the BFSR and deposit ratings could be downgraded if:

[1] The operating environment weakens significantly or
underwriting practices become loose, resulting in the NPL ratio
exceeding 7.5%;

[2] NPLs rise without a corresponding increase in loan-loss
provisions, resulting in the NPL coverage falling below 80%;

[3] Its capital buffer declines materially, such that Tier 1
capital ratio falls below 9%.

Principal Methodologies

The methodologies used in these ratings 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.



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


BW GROUP: Moody's Downgrades CFR to 'Ba2'; Outlook Negative
-----------------------------------------------------------
Moody's Investors service has downgraded the corporate family and
senior secured bond ratings of BW Group Ltd to Ba2 from Ba1.

The outlook on the rating is negative.

Ratings Rationale

"BW's rating downgrade reflects its high debt leverage and
weakened level of interest coverage, following a prolonged
weakness in the shipping industry environment," says Vikas Halan,
a Moody's Vice President and Senior Analyst.

"Moreover we do not expect any material improvement in BW's
credit metrics -- and its weak financial profile -- in the next 2
years, given the unfavourable outlook on its profitability due to
1) an oversupply in the tanker segment; 2) depressed freight
rates; 3) expiring tonnage contracts; and 4) rising bunker fuel
costs," says Mr. Halan.

BW's credit metrics, which have been weak for its rating level,
deteriorated further in 2011 with its adjusted Debt/EBITDA
increasing to 6.2x from 5.9x in 2010 and EBIT/Interest declined
to 1.1x from 2.6x.

Its pre-impairment EBITDA margin declined to 40% in 2011 from 44%
in 2010. The fall was largely attributable to the company's
tanker segment which was hit by oversupply in the industry
leading to a 48% decline in average daily charter rates for that
segment of BW. Its product and gas tankers have also continued to
show weak profitability.

The oversupply situation and depressed freight rates are expected
to continue for the next 2 years.

BW's profitability will also remain under pressure as more of its
tonnages face expiring contracts. Out of 14 very large crude
carriers owned by BW, 2 were on time charters at the end of 2011,
and which will expire in 2012. Out of 12 product carriers, 9 are
on time charters that expire evenly in 2012 and 2013.

In addition, Moody's does not expect bunker fuel costs to soften;
putting pressure on BW's profit margins because they cannot be
entirely passed on to customers. Bunker fuel costs have gone up
8% on average in the first 5 months of 2012. They were up almost
37% on average in 2011, compared with 2010.

"Another deterioration is BW's reducing flexibility relative to
its asset value for supporting bank credit facilities," says
Halan.

BW recorded a US$183 million decline in the value of its vessels
in 2011 due to a fall in the market value of vessels in the
industry, because of oversupply. This has increased pressure on
the company to top up the collateral pool for its lenders.

Although BW has additional unencumbered vessels worth US$1.1
billion, only about one-fourth of this total is readily available
to be offered as collateral. This should be sufficient to cover a
further 10% decline in vessel values. The balance of unencumbered
vessels -- comprising 8 unencumbered LNG vessels in a JV with
Marubeni and 2 LNG vessels under construction, will be available
only upon approval by the JV partner and on completion in 2014
and 2015, respectively.

An alternative source of funding is its 47% stake in Oslo listed
subsidiary - BW Offshore, valued at approximately US$350 million
based on the market value of the company as at June 13, 2012.

The rating outlook could return to stable if BW can demonstrate
good liquidity, e.g. cash plus committed and available undrawn
bank facilities above USD300 million, and an improvement in its
profit margin, such that adjusted combined Debt/EBITDA (including
BW Offshore) falls below 6.0x and combined EBIT/interest measures
1.5x-2.0x, on a sustainable basis.

On the other hand the rating could come under pressure if BW(1)
experiences further deterioration in its profit margins; (2)
takes on debt-funded expansion/acquisitions; or (3) experiences
further declines in unencumbered assets, which are an important
buffer for meeting the loan to value test for its bank credit
facilities.

Credit metrics indicating downgrade pressure include Debt/EBITDA
increasing beyond 6.0x-6.5x and or EBIT/interest falling below
1.5x--1.0x.

The principal methodology used in rating BW Group Limited was the
Global Shipping Industry Methodology published in December 2009.

BW is a privately held holding company, of which 93% is owned by
the Sohmen family and 7% by HSBC. BW owns a 47% stake in BW
Offshore Ltd, an Oslo listed company and the world's second
largest FPSO owner and operator.


IMPERIUM TRADING: Creditors' Proofs of Debt Due July 16
-------------------------------------------------------
Creditors of Imperium Trading Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by July 16, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Bob Yap Cheng Ghee
          Tay Puay Cheng
          Wong Pheng Cheong Martin
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


IUT GLOBAL: Creditors Get 4.25% Recovery on Claims
--------------------------------------------------
IUT Global Pte Ltd declared the first and final dividend on
June 12, 2012.

The company paid 4.25% to the received claims.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


LEHMAN BROTHERS: Creditors' Proofs of Debt Due June 29
------------------------------------------------------
Creditors of Lehman Brothers Finance Asia Pte Ltd, which is in
creditors' voluntary liquidation, are required to file their
proofs of debt by June 29, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Chay Fook Yuen
          Bob Yap Cheng Ghee
          Tay Puay Cheng
          c/o KPMG Advisory Services Pte. Ltd.
          16 Raffles Quay
          #22-00 Hong Leong Building
          Singapore 048581


MICROFAB INNOVATION: Creditors Get 1.05% Recovery on Claims
-----------------------------------------------------------
Microfab Innovation Pte Ltd declared the first and final dividend
on June 11, 2012.

The company paid 1.05% to the received claims.

The company's liquidator is:

         Lim Loo Khoon
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


SDS PHOTO: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on June 1, 2012, to
wind up the operations of SDS Photo Pte Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118



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


* BOND PRICING: For the Week June 11 to June 15, 2012
-----------------------------------------------------


  AUSTRALIA
  ---------

ADVANCE ENERGY           9.50    01/04/2015   AUD       1.07
AMITY OIL LTD           10.00    10/31/2013   AUD       2.01
CHINA CENTURY           12.00    09/30/2012   AUD       0.70
COM BK AUSTRALIA         1.50    04/19/2022   AUD      70.01
DIVERSA LTD             11.00    09/30/2014   AUD       0.08
EXPORT FIN & INS         0.50    12/16/2019   NZD      73.70
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.76
KIMBERLY METALS         10.00    08/05/2016   AUD       0.31
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.00
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.75
MIRABELA NICKEL          8.75    04/15/2018   USD      72.12
MIRABELA NICKEL          8.75    04/15/2018   USD      72.12
NEW S WALES TREA         0.50    09/14/2022   AUD      68.28
NEW S WALES TREA         0.50    10/07/2022   AUD      68.10
NEW S WALES TREA         0.50    10/28/2022   AUD      67.93
NEW S WALES TREA         0.50    11/18/2022   AUD      68.33
NEW S WALES TREA         0.50    12/16/2022   AUD      68.12
NEW S WALES TREA         0.50    02/02/2023   AUD      67.75
NEW S WALES TREA         0.50    03/30/2023   AUD      67.33
TREAS CORP VICT          0.50    08/25/2022   AUD      68.61
TREAS CORP VICT          0.50    03/03/2023   AUD      68.12
TREAS CORP VICT          0.50    11/12/2030   AUD      51.20


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY      69.28
CHINA GOVT BOND          1.64    12/15/2033   CNY      74.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      69.28
RESPARCS FUNDING         8.00    12/29/2049   USD      28.33


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      71.80
JSL STAINLESS LT         0.50    12/24/2019   USD      66.08
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.50
PRAKASH IND LTD          5.62    10/17/2014   USD      70.28
PRAKASH IND LTD          5.25    04/30/2015   USD      70.87
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.75
REI AGRO                 5.50    11/13/2014   USD      68.00
REI AGRO                 5.50    11/13/2014   USD      68.00
SHIV-VANI OIL            5.00    08/17/2015   USD      59.70
SUZLON ENERGY LT         5.00    04/13/2016   USD      57.25


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      24.75
ELPIDA MEMORY            2.10    11/29/2012   JPY      24.75
ELPIDA MEMORY            2.29    12/07/2012   JPY      24.75
ELPIDA MEMORY            0.50    10/26/2015   JPY      24.75
ELPIDA MEMORY            0.70    08/01/2016   JPY      24.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.88
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.48
TOKYO ELEC POWER         1.39    05/28/2020   JPY      74.61
TOKYO ELEC POWER         1.31    06/24/2020   JPY      73.86
TOKYO ELEC POWER         1.95    07/24/2020   JPY      72.94
TOKYO ELEC POWER         1.63    07/16/2021   JPY      75.52
TOKYO ELEC POWER         2.35    09/29/2028   JPY      68.21
TOKYO ELEC POWER         2.40    11/28/2028   JPY      68.56
TOKYO ELEC POWER         2.21    02/27/2029   JPY      66.06
TOKYO ELEC POWER         2.11    12/10/2029   JPY      64.75
TOKYO ELEC POWER         1.96    07/29/2030   JPY      64.87
TOKYO ELEC POWER         2.37    05/28/2040   JPY      64.00


  MALAYSIA
  --------

ADVANCED SYNERY          2.00    01/26/2018   MYR       0.07
ASTRAL SUPREME           3.00    08/08/2021   MYR       0.85
BERJAYA CORP BHD         5.00    04/22/2022   MYR       0.78
CRESENDO CORP B          3.75    01/11/2016   MYR       1.66
DUTALAND BHD             7.00    04/11/2013   MYR       0.41
DUTALAND BHD             7.00    04/11/2013   MYR       0.93
ENCORP BHD               6.00    02/17/2016   MYR       0.91
KUMPULAN JETSON          5.00    11/27/2012   MYR       1.20
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       0.50
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.45
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.19
OLYMPIA INDUSTRI         6.00    04/11/2013   MYR       0.17
PANTECH GROUP            7.00    12/21/2017   MYR       0.09
PRESS METAL BHD          6.00    08/22/2019   MYR       1.99
REDTONE INTL             2.75    03/04/2020   MYR       0.09
RUBBEREX CORP            4.00    08/14/2012   MYR       0.70
SCOMI ENGINEERING        4.00    03/19/2013   MYR       0.48
SCOMI GROUP              4.00    12/14/2012   MYR       0.05
TRADEWINDS CORP          2.00    02/26/2016   MYR       1.53
WIJAYA BARU GLOB         7.00    09/17/2012   MYR       0.41
YTL CEMENT BHD           5.00    11/10/2015   MYR       0.48


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

BLUE STAR GROUP          9.10    09/15/2015   NZD       2.50
FLETCHER BUILDING        8.50    03/15/2015   NZD       6.00
INFRATIL LTD             8.50    09/15/2013   NZD       6.40
INFRATIL LTD             8.50    11/15/2015   NZD       6.30
INFRATIL LTD             4.97    12/29/2049   NZD      52.70
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      66.51
NZF GROUP                6.00    03/15/2016   NZD       1.87
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       6.20
UNI OF CANTERBUR         7.25    12/15/2019   NZD       1.00


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

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


SINGAPORE
---------

BAKRIE TELECOM          11.50    05/07/2015   USD      57.50
BAKRIE TELECOM          11.50    05/07/2015   USD      56.61
BLD INVESTMENT           8.62    03/23/2015   USD      73.02
BLUE OCEAN              11.00    06/28/2012   USD      38.50
BLUE OCEAN              11.00    06/28/2012   USD      38.50
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.00
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.87
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.87
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       1.00
SENGKANG MALL            4.88    11/20/2012   SGD       1.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.41
WBL CORPORATION          2.50    06/10/2014   SGD       1.33


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

BUSAN SOLOMON            8.50    10/19/2014   KRW      70.62
BUSAN SOLOMON            8.10    04/19/2015   KRW      50.54
CN 1ST ABS               8.00    02/27/2015   KRW      32.59
CN 1ST ABS               8.30    11/27/2015   KRW      33.91
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      69.87
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      69.87
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      69.34
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      68.76
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      68.30
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      64.78
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      62.77
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      62.23
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      61.96
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      64.09
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.81
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      50.35
GYEONGGI MUTUAL          8.50    01/22/2016   KRW      60.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      60.23
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      58.18
HYUNDAI SWISS BK         7.90    07/23/2014   KRW      20.12
HYUNDAI SWISS BK         8.30    01/23/2015   KRW      56.17
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      35.18
JINHEUNG MUTUAL          8.50    01/23/2015   KRW      63.65
PUM YANG MUTUAL          4.50    11/01/2013   KRW      19.04
SINBO CO 2ND ABS        10.00    09/29/2014   KRW      30.81
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      68.07


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.69
SRI LANKA GOVT           8.50    07/15/2018   LKR      73.69
SRI LANKA GOVT           7.50    08/15/2018   LKR      69.25
SRI LANKA GOVT           6.20    05/01/2019   LKR      71.00
SRI LANKA GOVT           7.00    08/01/2020   LKR      61.55
SRI LANKA GOVT           5.35    10/01/2023   LKR      54.62
SRI LANKA GOVT           5.35    03/01/2026   LKR      46.14
SRI LANKA GOVT           8.00    01/01/2032   LKR      57.06


THAILAND
--------

BANGKOK LAND             4.50    10/13/2003   USD       4.62



                             *********

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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