TCRAP_Public/120703.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, July 3, 2012, Vol. 15, No. 131

                            Headlines


A U S T R A L I A

BILL EXPRESS: Former OnQ Group CFO Sentenced to 21 Months in Jail
METAL STORM: Note Holders Meeting Scheduled for July 16
SEIZA AUGUSTUS: S&P Affirms 'CCC-(sf)' Rating on Class E Notes


C H I N A

CHINA EVERBRIGHT: Moody's Affirms 'D-' BFSR; Outlook Stable
CITIC PACIFIC: Moody's Issues Summary Credit Opinion
FOSUN INT'L: Moody's Lowers CFR to 'Ba3'; Outlook Negative


H O N G  K O N G

ACE STYLE: Court Enters Wind-Up Order
ANCORA INVESTMENT: Creditors' Proofs of Debt Due July 30
BALCON LIMITED: Court Enters Wind-Up Order
CHINA ENERGY: Borrelli and Chi Appointed as Liquidators
CREDIT ELITE: Lui and Lau Step Down as Liquidators

DAILY DRAGON: Creditors' Proofs of Debt Due July 16
DPC TECHNOLOGY: Court Enters Wind-Up Order
DUNCAN LIMITED: Court Enters Wind-Up Order
ETERNAL RICH: Creditors' Proofs of Debt Due July 31
GEMINI TRAVEL: Court Enters Wind-Up Order

KEN FORTUNA: Court Enters Wind-Up Order
LAM ENGINEERING: Wong and Tsui Step Down as Liquidators
LEGACY INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
MANSION HOUSE: Creditors' Proofs of Debt Due July 16
MANSION HOUSE GROUP: Creditors' Proofs of Debt Due July 16


J A P A N

ELPIDA MEMORY: Micron Technology to Acquire Biz for US$2.5-Bil.


I N D I A

ASHAPURA MINECHEM: District Court Affirms Chapter 15 Recognition
ECO TECH: ICRA Assigns '[ICRA]B+' Rating to INR80cr Loans
JAI MAHARASHTRA: ICRA Rates INR100cr Debenture Programme 'B+'
KAMLANG SAW: Fitch Assigns 'BB(ind)' National Longterm Rating
MAHALAXMI DYES: ICRA Cuts Rating on INR20cr Loans to '[ICRA]BB-'

MAX PROPERTIES: ICRA Assigns '[ICRA]B' Rating to INR9.5cr Loans
M.P. ENTERTAINMENT: ICRA Places '[ICRA]B' Rating on INR29cr Loans
NAVIN GEMS: Fitch Withdraws 'Fitch D(ind)nm' Rating
PARIKH FABRICS: Fitch Withdraws 'Fitch d(ind)nm' Rating
UBICO NETWORKS: Fitch Migrates 'BB-(ind)' Nat'l. Longterm Rating

UNIPHOS AGRO: Fitch Withdraws 'Fitch BB(ind)nm' Rating
SEBACIC INDIA: ICRA Cuts Rating on INR43.2cr Loan to '[ICRA]C'
TARA EXPORTS: ICRA Rates INR2.5cr Fund-based Loans '[ICRA]B+'
VAYHAN COFFEE: Delay in Loan Payment Cues ICRA Junk Ratings


P H I L I P P I N E S

RURAL BANK OF NAGUILIAN: Placed Under PDIC Receivership


S I N G A P O R E

AGRIPRODUCE & TRADING: Creditors Get 6.67417% Recovery on Claims
CBL DATA: Creditors' Proofs of Debt Due July 30
COMFORM INDUSTRIES: Creditors Get 33.77062% Recovery on Claims
EDGEWORTH PROPERTIES: Creditors' Proofs of Debt Due July 30
FORTH CAPITAL: Creditors' Proofs of Debt Due July 30

MARINA BAY SANDS: S&P Gives 'BB+ Corporate Credit Rating


X X X X X X X X

* BOND PRICING: For the Week June 18 to June 22, 2012


                            - - - - -


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A U S T R A L I A
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BILL EXPRESS: Former OnQ Group CFO Sentenced to 21 Months in Jail
-----------------------------------------------------------------
Peter Couper, the former chief financial officer of OnQ Group
Limited, Bill Express Limited's parent company, was sentenced in
the Victorian County Court on June 29, 2012, to 21 months jail
wholly suspended and fined AUD10,000 in connection with four
charges brought following an Australian Securities and Investment
Commission investigation.

In September 2011, Mr. Couper, 58, of Wantirna, Victoria, pleaded
guilty to two counts of falsifying the books of Bill Express, one
count of providing misleading information to Bill Express's
auditor and one count of providing false or misleading
information to ASIC during an examination.  Mr. Couper received a
sentencing discount following him entering into an undertaking to
provide assistance in the prosecution of other individuals
including giving evidence in court proceedings.

In sentencing Mr. Couper, Her Honour Judge Gaynor noted that but
for Mr. Couper's decision to plead guilty, he would have been
sentenced to a period of immediate imprisonment. Mr. Couper
admitted that between Aug. 5, 2007, and Feb. 18, 2008, he
falsified the books of Bill Express by instructing employees to
post entries in Bill Express's accounting system which recorded:

   * three sales of AUD5.4 million each of preloaded SIM cards
     ("Simix stock") when there had been no such sales;

   * a credit note to the value of AUD5.4 million when there
     had been no original sale of Simix stock to credit; and

   * a purchase of AUD1.875 million of Simix stock when there
     had been no purchase.

The existence of these false transactions resulted in Bill
Express:

   * recording an additional profit of AUD3.525 million for
     the financial year ended June 30, 2007; and

   * recording an additional profit of AUD3.525 million for
     the half year ended Dec. 31, 2007,

when, in fact, no such profits had been made.

Mr. Couper also admitted having given this false information
relating to these transactions to the CFO of Bill Express, when
he knew the information to be false, and that it would be
supplied to the auditors of the company.

The first three charges were brought after ASIC investigations
following the submission of a report by the administrators of
Bill Express. Bill Express and its parent company OnQ Group
Limited went into administration in July 2008, along with a
number of related companies known as the Bill Express Group.

The final charge arose from a separate ASIC investigation. The
Court found that Mr. Couper gave false and misleading information
to ASIC officers when they interviewed him about his knowledge of
trading in Bill Express shares prior to the company's collapse.
For this offence Mr. Couper was also fined AUD10,000 in addition
to a suspended term of imprisonment.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.

                        About Bill Express

Bill Express Ltd. -- http://www.billexpressltd.com/-- was
engaged in the management and development of an electronic
distribution system for pre-paid products and services across in
excess of 14,000 locations around Australia, automated ordering,
delivery and inventory control for pre-paid services including
mobile, landline and Internet services.  It also processed
payments for bills and services, including bills that are
presented for payment to its outlets across Australia.  The
company had an in-store media, which is a network that promotes
Bill Express Limited's and other products at the point of sale
and in-store aisles.  OnQ Group Limited is the parent company of
Bill Express Limited.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 10, 2008, Bill Express went into administration with
AUD180 million in debts after a subsidiary of Saudi-based Al
Othman Group withdrew its proposal for the recapitalization and
restructuring of the company.  The proposal was to include a
substantial capital injection and new bank guarantees combined
with a restructuring of the existing liabilities of the company.
In addition, the Board and management of the company were to be
substantially restructured.


METAL STORM: Note Holders Meeting Scheduled for July 16
-------------------------------------------------------
A meeting of Note Holders of Metal Storm Limited will be held at
Brisbane Polo Club, Naldham House, 1 Eagle Street, Brisbane, 4000
on Monday, July 16, 2012, commencing at 11:00 a.m. Brisbane time.
The proposals submitted for resolution at the Note Holders
meeting are:

   (a) Approval of the modification of the Note Terms, by
          amending the Note Terms in the manner generally
          described in the Explanatory Statement and as detailed
          in the Amendment Deed produced at the meeting; and

      (b) Proposal to authorize the Trustee to effect the
          amendments to the Note Terms by executing the Amendment
          Deed.

                     General Meeting Results

Metal Storm announced the resolutions passed at the Company's
Annual General Meeting, held in Brisbane on May 31, 2012.

   -- The section of the Directors' report in the 2011 annual
      report dealing with the remuneration of the Company's
      Directors and senior executives described as 'Remuneration
      Report' was adopted.

   -- Mr Trevor Tappenden, who retires by rotation in accordance
      with Clause 16.1 of the Company's Constitution, was re-
      elected as a Director of the Company.

   -- Mr Terry O'Dwyer, who retires by rotation in accordance
      with Clause 16.1 of the Company's Constitution, was re-
      elected as a Director of the Company.

   -- Shareholders approved the issue of up to 500,000,000 Shares
      to Dutchess or its nominee in accordance with the terms of
      the Line Agreement.

   -- Shareholders approved and ratified the previous issue of
      437,500,000 shares under the First Luxinvest Agreement.

   -- Shareholders approve the issue of 437,500,000 shares under
      the Second Luxinvest Agreement.

Metal Storm proposes to issue 155,428,462 ordinary shares
pursuant to a subscription agreement.  Metal Storm proposes to
issue 437,500,000 ordinary shares pursuant to a subscription
agreement.

                         About Metal Storm

Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States.  It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated/stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.

The Company reported a net loss of AUD6.03 million in 2011, a net
loss of AUD8.93 million in 2010, and a net loss of AUD11.30
million in 2009.

The Company's balance sheet at Dec. 31, 2011, showed AUD1.08
million in total assets, AUD21.07 million in total liabilities
and a AUD19.99 million total deficiency.

PricewaterhouseCoopers, in Brisbane, Australia, issued a "going
concern" qualification on the financial statements for the year
ended Dec. 31, 2011, citing recurring losses from operations and
net capital deficiency that raised substantial doubt about the
Company's ability to continue as a going concern.

                         Bankruptcy Warning

Metal Storm said in the annual report for the year ended Dec. 31,
2011, that there can be no assurance that it will be able to
raise sufficient capital to continue its operations and redeem
the convertible notes on the maturity date.  If the Company is
unsuccessful in its efforts to obtain sufficient financing to
continue to fund its current operations and redeem the
convertible notes on the Maturity Date, the Company will be
required to significantly reduce or cease operations altogether.
If Metal Storm does not have reasonable grounds to believe that
it will be successful in its efforts to obtain sufficient
financing to continue to fund its operations and redeem the
convertible notes at the Maturity Date, Metal Storm will be
required to appoint an administrator under Australia's bankruptcy
system.


SEIZA AUGUSTUS: S&P Affirms 'CCC-(sf)' Rating on Class E Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on three
classes of notes issued by the trustee of Seiza Augustus Series
2007-1 Trust.  The notes are backed by a portfolio of residential
and small-ticket commercial mortgage loans originated by Seiza
Mortgage Company Pty Ltd.  "The rating affirmations reflect our
view that the rated notes are able to withstand stresses that are
commensurate with their current rating levels," S&P said.

"Based on our latest performance review of the transaction, the
notes are performing within our current rating expectations.  The
class C notes have benefited from the increase in credit
enhancement as a proportion of the outstanding balance as the
portfolio amortizes," S&P said.

Nevertheless, the pool faces rising adverse selection risk at the
tail end of the transaction, whereby borrowers that are
susceptible to financial difficulties may remain in the pool.

The concentration of borrowers with large loans is high, with the
top five borrowers (with loan balances of at least A$1.5 million)
accounting for about 22% of the portfolio as of June 20, 2012.
The top 20 borrowers form 59% of the portfolio, each with a loan
size of at least A$630,000.  The total portfolio consists of 96
loans that make the portfolio susceptible to further
concentration risks.

The portfolio historically had a large proportion of interest-
only loans that all have reverted to principal amortizing loans,
as of February 2012.  "We believe this may result in significant
payment adjustments for some borrowers, possibly causing further
increases in arrears," S&P said.

Arrears as a percentage of the total portfolio balance are 8.4%
as of June 20, 2012.  Cumulative net loss as a percentage of the
original portfolio balance is 7.5%.  Excess spread for the
transaction has covered less than half of the cumulative net
losses to date.

"We expect that the pool will continue to have a slow repayment
rate.  We have observed a large decline in the market value of
properties in the portfolio, with sales proceeds as a percentage
of the original property valuation at 60.6% as of May 20, 2012,"
S&P said.

"Although we expect further defaults and losses to emerge, the
current credit enhancements are commensurate with the current
ratings on the notes," S&P said.

Ratings Affirmed
Class        Rating
C            BBB+ (sf)
D            B- (sf)
E            CCC- (sf)

The class F note is in default and rated 'D'.



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


CHINA EVERBRIGHT: Moody's Affirms 'D-' BFSR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed China Everbright Bank's
Baa3 long-term foreign currency deposit rating and Prime-3 short-
term foreign currency rating.

The rating outlook is stable.

Moody's has also affirmed CEB's stand-alone bank financial
strength at D-, which maps to a baseline credit assessment of ba3
on the long-term scale.

The outlook on the stand-alone bank financial strength remains
positive.

Ratings Rationale

In maintaining the positive outlook on CEB's stand-alone bank
financial strength, Moody's recognizes the improvement in the
bank's financial performance after its IPO in 2010 on the
Shanghai Stock Exchange.

Specifically, pre-provision income/average risk weighted assets
and net income/average risk weighted assets improved to 2.67% and
1.73% in 2011, from 2.23% and 1.33% in 2009.

In addition, non-performing loans fell to 0.64% at end-March 2012
from 1.25% at end-2009, and tier 1 capital was 8.11% at end-March
2012, compared 6.84% at end-2009.

Moreover, CEB plans to raise additional capital upon its listing
on the Hong Kong Stock Exchange this year, after which it would
have a stronger capital base to support business growth and allow
it to meet the more stringent capital requirements under Basel
III.

According to the approval of its shareholders in February 2011,
CEB can issue up to 12 billion shares. Full issuance of 12
billion shares would increase its regulatory capital ratio by 2
percentage points, which is estimated based on its current share
price and risk-weighted assets at end-2011.

Moody's also expects the quality of its financial disclosures to
improve after the Hong Kong listing.

At the same time, CEB's stand-alone bank financial strength of
D-/ba3 reflects the bank's short track record since its listing
on the Shanghai Stock Exchange in 2010.

Furthermore, the bank's profitability, capital position, and
quality of reporting, although improving, are still weaker than
most of its Moody's-rated Chinese peers. Further, Moody's views
its approach to capital management as being quite aggressive. The
bank announced 30% cash dividend payout during 2Q2012, despite
its relatively weak capital position compared to other Chinese
banks' capital.

For its stand-alone bank financial strength of D-/ba3 to be
upgraded, CEB will need to continue to narrow the gap between its
financial performance and that of other similarly rated Chinese
peers in an environment where 1) asset quality shows signs of
deterioration as loans originated during the booming credit
environment of 2009 and 2010 come due against the backdrop of
slowing Chinese economic growth; and 2) the banks' net interest
margin is under pressure due to the gradual liberalization of
interest rates, and intense competition for deposits that raises
banks' funding costs.

In particular, the bank would need to improve its profitability
measures without a significant deterioration in asset quality,
and further strengthen its Tier 1 capital ratio to over 9%.

On the other hand, the positive outlook on its stand-alone bank
financial strength rating may go back to stable if 1) CEB's
capital-raising plan is significantly delayed or reduced in size;
and 2) there is any sign of a slowdown or reversal in the trend
towards improvements in its financial metrics, risk management,
controls and corporate governance.

CEB's long-term foreign currency deposit rating is Baa3 with a
stable outlook, and is three notches above its stand-alone bank
financial strength rating of D-/ba3.

The bank's deposit rating incorporates Moody's assessment of a
high level of systemic support from the Chinese government, given
CEB's positioning as a bank that is owned and controlled by the
government, and its expectation that the level of government
support will likely remain unchanged within Moody's rating
horizon.

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.

CEB is headquartered in Beijing, China. As of March 31, 2012, it
reported total assets of RMB2.0 trillion (approximately US$320
billion).


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

Moody's current ratings on CITIC Pacific Limited are:

Long Term Corporate Family (domestic and foreign currency)
ratings of Ba1

Senior Unsecured (foreign currency) ratings of Ba1

Senior Unsecured MTN Program (foreign currency) ratings of
(P)Ba1

Ratings Rationale

The Ba1 rating of CITIC Pacific reflects the fundamental Ba3
credit profile of CITIC Pacific and two notches of uplift for
strong potential financial support from the CITIC Group. The
CITIC Group -- which is wholly-owned by the Chinese State Council
- has demonstrated its financial support towards CITIC Pacific
when it incurred severe losses from leveraged foreign exchange
contracts in 2008.

The Ba3 standalone rating reflects its diversified business
portfolio, which includes cyclical sectors, such as property
development and steel, and those that provide more stable cash
flow, which include investment properties, tunnels, Dah Chong
Hong (trading), power generation, and CITIC 1616 (telecoms).

However, the Ba3 standalone rating incorporates the company's
high level of leverage and the expectation that this leverage
will only improve till the commercial operation of its iron ore
mine in Australia. The rating also reflects the challenges faced
by its core business segments, that is, special steel and
property development. The operating environments across these
sectors are inherently cyclical.

Overall, Moody's expects that CITIC Pacific's debt level will
continue to rise and its credit metrics will remain weak for its
standalone Ba3 rating level, at least for the next one to two
years.

Rating Outlook

The negative outlook reflects Moody's concern regarding the
uncertainties on the progress of the iron ore project and
downward pressure on its property development and special steel
business.

What Could Change the Rating - Up

As the rating has a negative outlook, it's not likely that it
will be upgraded in the near to medium term. The rating outlook
could revert to stable if (1) the Sino Iron project progresses
according to its current schedule and successfully ramps up to
generate operating cash flow as projected, and (2) CITIC Pacific
improves its liquidity profile and lowers its financial leverage
through the sales of further assets, or if it raises more equity,
or has more restrained capital spending, such that adjusted Fund
Flow From Operation(FFO)/debt trends above 10%.

What Could Change the Rating - Down

The rating could be downgraded if (1) the Sino Iron project
misses its milestones or incurs further material cost overruns,
(2) the operating performance of its other core businesses falls
short of Moody's expectations; and 3) the company's liquidity
profile deteriorates.

Credit metrics that Moody's will consider for an downgrade
include adjusted debt/capitalization above 55-60%, and adjusted
FFO/Debt failing to trend above 10% in 2013.

Should there be a downgrade of CITIC Group Corporation's rating,
its support level and hence the rating uplift for CITIC Pacific
would be revisited.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's
compared these attributes against other issuers both within and
outside CITIC Pacific Limited 's core industry and believes CITIC
Pacific Limited 's ratings are comparable to those of other
issuers with similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.


FOSUN INT'L: Moody's Lowers CFR to 'Ba3'; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Fosun International
Ltd.'s corporate family rating to Ba3 from Ba2, and senior
unsecured bond rating to B1 from Ba3.

The ratings outlook is negative.

This concludes the rating review initiated on April 3, 2012.

Ratings Rationale

"The downgrade reflects Moody's concerns over Fosun's
deteriorating financial profile, its high risk appetite for
pursuing debt-funded growth, and the unfavorable environment for
its core businesses and investment disposal plan," says Ivan
Chung, a Moody's Vice President and Senior Analyst.

"Fosun has demonstrated a higher-than-expected risk appetite in
its pursuit of its growth strategy. The imbalance between
internally generated cash -- including the potential monetization
of its equity investments -- and its large capital investment
needs has resulted in a weakened financial profile, which no
longer supported its previous ratings," says Mr. Chung, also
Moody's international lead analyst for Fosun.

"At the same time, Fosun is unlikely to curtail its large capital
spending, while three of its four core businesses -- steel,
property and mining -- face challenges in their operating
environments due to over-capacity in the steel sector, the
downturn in the iron ore market, and the Chinese government's
restrictions on property purchases," comments Kai Hu, a Moody's
Vice President and local market analyst for Fosun.

As a result, Moody's expects further deterioration of its key
credit metrics, with adjusted debt/EBITDA rising above 6x and
FFO/Net debt dropping below 7% in the next 1-2 years. Such a
financial profile would further be weak for its Ba3 corporate
family rating.

"Fosun's high use of off-balance sheet financing arrangements,
such as joint-venture and private equity funds, also results in a
low degree of transparency for its contingent liabilities," adds
Mr. Hu.

Two planned IPOs of Fosun's subsidiaries -- Fosun Pharm H shares
and Hainan Mining -- if they happen, could temporarily improve
the group's consolidated cash and equity positions. However, the
IPO proceeds are earmarked to fund the subsidiaries' expansion,
and therefore any meaningful deleveraging is unlikely.

Fosun's Ba3 corporate family rating continues to reflect its
diversified business portfolio, strong investment track record,
and its use of various channels to raise funds, including asset
disposals, private equity and IPOs of its investments.

Fosun maintains adequate liquidity position, given its cash and
cash equivalents of RMB15.6 billion at end-2011(excluding pledged
bank balances and restricted presale proceeds of properties) and
large marketable securities portfolio. Moody's also expects that
Fosun could roll over most of its maturing domestic short-term
bank loans.

The B1 senior unsecured bond rating incorporates the risk of
structural subordination in view of fact that subsidiary debt
accounted for 87% of its total debt and around 34% of its total
assets at end-2011.

The negative outlook reflects its projected weak financial
profile, arising from its large investment plan in view of an
unfavorable operating environment for its core businesses.

An upgrade is unlikely in the near term, given the negative
outlook. Nevertheless, the outlook could return to stable if
Fosun: 1) achieves deleverage through generating more recurring
cash flow and/or curtailing its investment needs; and/or 2)
arranges more long-term capital to match its investments and
improve its capital structure.

Financial metrics Moody's will look at include: adjust
debt/capital under 50%, adjusted debt/EBITDA below 5-6x, and/or
FFO/net debt above 8-10%.

Fosun's ratings could be downgraded if: (1) its underlying
business profile changes materially, e.g. it loses control of its
core businesses, such that its business risk rises; (2) its core
businesses encounter downturns more severe than Moody's
expectations; or (3) its liquidity position significantly
deteriorates due to an inability to roll-over short-term debt and
depletion of its cash balances.

The following credit metrics would indicate a potential
downgrade: adjusted debt/capital remains above 55%, adjusted
debt/EBITDA fails to trend below 6x, and/or FFO/net debt fails to
rebound over 8%-10%.

Fosun's ratings were assigned by evaluating factors that Moody's
believes are relevant to the credit profile of the issuer,
including the company's 1) business risk and competitive position
in comparison with peers; 2) capital structure and financial
risk; 3) projected performance over the near to medium term; and
4) track record and tolerance for risk.

These attributes were compared to those of other issuers both in
and outside Fosun's core industries; Moody's thus considers
Fosun's ratings as comparable to those of other issuers of
similar credit risk.

Fosun International Ltd is the holding company for businesses
including steel, property, pharmaceuticals and healthcare,
mining, retail, services, insurance, finance and other
investments, and asset management in China and overseas.
Headquartered in Shanghai, it listed on the Hong Kong Stock
Exchange in 2007. The group is 58%-owned by Mr. Guangchang Guo
indirectly, the Chairman. He and three other founders indirectly
own 79.08% of the company.



================
H O N G  K O N G
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ACE STYLE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 20, 2012, to
wind up the operations of Ace Style Intimate Apparel Limited.

The official receiver is Teresa S W Wong.


ANCORA INVESTMENT: Creditors' Proofs of Debt Due July 30
--------------------------------------------------------
Creditors of Ancora Investment No. 1 Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 30, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


BALCON LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 24, 2012, to
wind up the operations of Balcon Limited.

The company's liquidator is Yuen Tsz Chun Frank.


CHINA ENERGY: Borrelli and Chi Appointed as Liquidators
-------------------------------------------------------
Cosimo Borrelli and Jocelyn Chi on June 14, 2012, were appointed
as liquidators of China Energy Environment (Holdings) Limited.

The liquidators may be reached at:

          Cosimo Borrelli
          Jocelyn Chi
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


CREDIT ELITE: Lui and Lau Step Down as Liquidators
--------------------------------------------------
Kennic Lai Hang Lui and Lau Wau Kwai King Lauren stepped down as
liquidators of Credit Elite Limited on June 7, 2012.


DAILY DRAGON: Creditors' Proofs of Debt Due July 16
---------------------------------------------------
Creditors of Daily Dragon Resources Limited, which is in members'
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 commenced wind-up proceedings on June 11, 2012.

The company's liquidators are:

         Patrick Cowley
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


DPC TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on May 31, 2012, to
wind up the operations of DPC Technology Limited.

The company's liquidator is Yuen Tsz Chun Frank.


DUNCAN LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on June 20, 2012, to
wind up the operations of Duncan Limited.

The official receiver is Teresa S W Wong.


ETERNAL RICH: Creditors' Proofs of Debt Due July 31
---------------------------------------------------
Creditors of Eternal Rich China Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 31, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 18, 2012.

The company's liquidator is:

         Lau Cheuk Man Timothy
         Unit 9, 17/F
         Citicorp Centre
         18 Whitfield Road
         Causeway Bay, Hong Kong


GEMINI TRAVEL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on June 20, 2012, to
wind up the operations of Gemini Travel Service (Hong Kong)
Limited.

The official receiver is Teresa S W Wong.


KEN FORTUNA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on June 20, 2012, to
wind up the operations of Ken Fortuna Company Limited.

The official receiver is Teresa S W Wong.


LAM ENGINEERING: Wong and Tsui Step Down as Liquidators
-------------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice stepped down as
liquidators of Lam Engineering Company Limited on June 7, 2012.


LEGACY INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on June 25, 2012,
creditors of Legacy International Holdings Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Sze Sau Wan
         Rm 602, 447 Lockhart Road
         Hong Kong


MANSION HOUSE: Creditors' Proofs of Debt Due July 16
----------------------------------------------------
Creditors of Mansion House Asset Management Limited, which is in
members' 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 commenced wind-up proceedings on June 11, 2012.

The company's liquidators are:

         Patrick Cowley
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MANSION HOUSE GROUP: Creditors' Proofs of Debt Due July 16
----------------------------------------------------------
Creditors of Mansion House Group Limited, which is in members'
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 commenced wind-up proceedings on June 11, 2012.

The company's liquidators are:

         Patrick Cowley
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong



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


ELPIDA MEMORY: Micron Technology to Acquire Biz for US$2.5-Bil.
---------------------------------------------------------------
Micron Technology, Inc., and the trustees for Elpida Memory on
Monday have signed a definitive sponsor agreement for Micron to
acquire and support Elpida.  The agreement has been entered into
in connection with Elpida's corporate reorganization proceedings
conducted under the jurisdiction of the Tokyo District Court.

Under the agreement, JPY200 billion -- approximately US$2.5
billion assuming JPY80/US$ -- total consideration, less certain
reorganization proceeding expenses, will be used to satisfy the
reorganization claims of Elpida's secured and unsecured
creditors.  Micron will acquire 100% of the equity of Elpida for
JPY60 billion -- approximately US$750 million -- to be paid in
cash at closing. In addition, JPY140 billion -- approximately
US$1.75 billion -- in future annual installment payments through
2019 will be paid from cash flow generated from Micron's payment
for foundry services provided by Elpida, as a Micron subsidiary.

As a result of the payments, all prepetition debt obligations of
Elpida will be fully discharged under the corporate
reorganization proceedings. The agreement also calls for Micron
to provide certain financing support for Elpida capital
expenditures, subject to specified conditions, and to maintain
Elpida's operations and employees.

Shara Tibken, writing for The Wall Street Journal, reports that
the deal would make Micron No. 2 in the market for memory chips,
second only to Samsung Electronics Co.  Micron currently ranks
third, behind SK Hynix Inc., another Korean company that until
earlier this year was called Hynix Semiconductor Inc.

In a related transaction, Micron on Monday inked a separate
agreement with Powerchip Technology Corporation, a Taiwanese
corporation, and certain of its affiliates to acquire the
Powerchip group's 24% share of Rexchip Electronics Corporation
for approximately NT$10 billion (approximately US$334 million
assuming NT$30/US$).

Elpida's assets include a 300 millimeter (mm) DRAM fabrication
facility located in Hiroshima, Japan; an approximate 65%
ownership interest in Rexchip, whose assets include a 300mm DRAM
fabrication facility located in Taiwan; and an assembly and test
facility located in Akita, Japan.  Together with the Rexchip
shares acquired from Powerchip, Micron will control approximately
89% of Rexchip's outstanding shares.  The fab assets of Elpida
and Rexchip together can produce more than 200,000 300mm wafers
per month, which would represent an approximate 50% increase in
Micron's current manufacturing capacity.

Using its advanced technologies, Elpida has built a strong
presence in Mobile DRAM, targeting mobile phones and tablets.
Micron is a leader in delivering enterprise DRAM solutions for
networking and servers as well as offering a wide product
portfolio in NAND and NOR. Combining the two complementary
product portfolios will further strengthen Micron's position in
the memory market and enable it to provide customers with an even
more complete set of high-quality solutions.

"We are creating the industry-leading pure-play memory company,"
said Micron CEO Mark Durcan. "T[he] transactions will help
strengthen the combined companies' market position in the memory
industry through increased research and development and
manufacturing scale; improved access to core memory market
segments; and additional wafer capacity to balance among DRAM,
NAND and NOR memory solutions for the ultimate benefit of Micron
and Elpida customers."

"Micron's sponsorship of Elpida will enable stable payment of
creditor claims and help to streamline approval of the
reorganization plan by the creditors and the Tokyo District
Court. Joining with Micron also delivers a clear advantage for
Elpida's customers, suppliers and employees," said Yukio
Sakamoto, co-trustee of Elpida.  "The transaction is a strong
testament to the value of Elpida's technologies, products and
people, and it will result in a combined organization that can
best serve customers with broader memory solutions, strength and
scale."

The transactions are subject to certain conditions, including
approval by Elpida creditors, the Tokyo District Court, and other
customary antitrust approvals.  Elpida's reorganization plan is
currently anticipated to be submitted to the Tokyo District Court
for approval in August 2012.  The transactions are expected to
close in the first half of calendar 2013.  Micron's purchase of
the Powerchip group's Rexchip shares will occur upon close of the
Elpida transaction.

                           About Micron

Boise, Idaho-based Micron Technology, Inc. --
http://www.micron.com/-- is one of the world's leading providers
of advanced semiconductor solutions. Through its worldwide
operations, Micron manufactures and markets a full range of DRAM,
NAND and NOR flash memory, as well as other innovative memory
technologies, packaging solutions and semiconductor systems for
use in leading-edge computing, consumer, networking, embedded and
mobile products.  Micron's common stock is traded on the NASDAQ
under the MU symbol.

                           About Elpida

Tokyo, Japan-based Elpida Memory, Inc. -- http://www.elpida.com/
-- is a manufacturer of Dynamic Random Access Memory (DRAM)
integrated circuits. The company's design, manufacturing and
sales operations are backed by world class technological
expertise.  Its 300mm manufacturing facilities, consisting of its
Hiroshima Plant and a Taiwan-based joint venture, Rexchip
Electronics, utilize the most advanced manufacturing technologies
available.  Elpida's portfolio features such characteristics as
high-density, high-speed, low power and small packaging profiles.
The company provides DRAM solutions across a wide range of
applications, including personal computers, servers, mobile
devices and digital consumer electronics.

Elpida filed a petition for commencement of Corporate
Reorganization Proceedings with the Tokyo District Court under
the Corporate Reorganization Act of Japan on Feb. 27, 2012.



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


ASHAPURA MINECHEM: District Court Affirms Chapter 15 Recognition
----------------------------------------------------------------
District Judge Shira A. Scheindlin in New York affirmed a bench
decision of the Bankruptcy Court for the Southern District of New
York granting Ashapura Minechem Ltd.'s petition for recognition
as a foreign main proceeding of an insolvency proceeding
voluntarily commenced in India by Ashapura.

Armada (Singapore) Pte Ltd. took an appeal from the bench
decision, contending that Ashapura has not carried the burden of
proving several of the requirement of 11 U.S.C. section 101(23).
Armada claims that Ashapura failed to demonstrate that (1) the
company's rehabilitation proceedings in India under The Sick
Industrial Companies Act of 1985 was collective in nature, (2)
Ashapura's assets and affairs were subject to the control or
supervision of India's Board for Industrial and Financial
Reconstruction, and (3) Ashapura's SICA filing is a proceeding
under a law related to insolvency.  Armada also contends that
recognizing the BIFR proceeding violates public policy.

The District Court disagrees.

The case before the District Court is, ARMADA (SINGAPORE) PTE
LTD, Appellant, v. CHETAN SHAH, in his Capacity as the Foreign
Representative of ASHAPURA MINECHEM LTD, Appellee, No. 12 Civ.
257 (S.D.N.Y.).  A copy of the District Court's June 28, 2012
Opinion and Order is available at http://is.gd/ABzmt1from
Leagle.com.

In November 2011, Ashapura Minechem won Chapter 15 protection but
not after receiving a dressing down from Bankruptcy Judge James
M. Peck for "a strategic error of colossal portions.  Judge Peck
said the Chapter 15 filing was the "latest example" of
"coordinated efforts" by the company and its managing directors
indicating that they "are not acting in good faith."

The shippers who won the judgments and opposed Chapter 15 relief
are Armada (Singapore) Pte Ltd. and Eitzen Bulk A/S.

Robert K. Gross, Esq., Alan Van Praag, Esq., and Edward W. Floyd,
Esq., at Eaton & Van Winkle LLP, in New York, argue for Armada.

                          About Ashapura

Ashapura Minechem Ltd. is an industrial company incorporated
under the provisions of the Companies Act 1956, having its
registered office in Mumbai, India.  It is listed with the Bombay
Stock Exchange and National Stock Exchange of India, Ltd.  It is
engaged in the business of mining, processing and trading
minerals and ores, namely: Bentonite, a versatile clay having
applications in foundries, iron ore pellatization, oil well
drilling and civil engineering; Bauxite, the principal ore used
for manufacturing alumina which is in turn used to produce
Aluminum metal; Barytes, a clay with high specific gravity and is
mainly used in oil well drilling; Iron ore, the principal ore for
manufacturing steel.

Ashapura is also engaged in the manufacturing of value added
Bentonite for advanced applications for usage in paper, cosmetic
and edible oil industries.  The company also offers to arrange
for logistical support for transportation and shipping of
minerals which it sells to its customers.

Chetan Shah, as foreign representative of Ashapura, filed a
petition for protection under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 11-14668) on Oct. 4, 2011.
Attorney for the foreign representative is Ira A. Reid, Esq., at
Baker & McKenzie LLP.  The Chapter 15 petition estimated the
Debtor's assets and debts to be between $100 million and
$500 million.  It owes $70.1 million to secured lenders.
Unsecured claims, not including the arbitration awards, total
$29 million.


ECO TECH: ICRA Assigns '[ICRA]B+' Rating to INR80cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR55 crore term
loan and INR25 Crore non fund based bank limits (sublimit of term
loan) of Eco Tech Papers.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term loan                55        [ICRA]B+ assigned
   Non-Fund Based Limits    25        [ICRA]B+ assigned

The rating takes into account the limited experience of the
partners in the paper business, project risks that ETP faces, its
moderately high project gearing, and commencement of debt
repayment within two quarters from the scheduled commissioning
date of the project, providing little headroom to stabilize
operations as per stated parameters. The rating takes cognizance
of risks associated with the entity being a partnership firm,
including the risk of capital withdrawal by the partners, and the
entity's exposure to fluctuations in waste paper prices that
would keep its profit margins volatile. The rating, however, also
takes note of the ETP's advantages in terms of its captive power
plant that would keep the power cost at a low level, and its
proximity to customers based in North East region that would keep
the outward freight cost low, rendering competitive advantages to
an extent. The rating also takes into consideration the proposed
installation of twin wire system and size press that would help
ETP manufacture high burst factor (BF) variant kraft paper while
reducing the chemical usage, and various incentives and subsidies
available under the North East Industrial and Investment
Promotion Policy (NEIIPP) 2007 that would support the entity's
profitability going forward. In ICRA's opinion, the company's
ability to commence operations without significant time and cost
overruns would remain key rating sensitivity going forward.

Incorporated in 2010, ETP has been promoted by the North East
based diversified Lohia group and JAL group. ETP is in the
process of setting up a multi layer kraft manufacturing facility
of 41,250 MTPA and a 4 MW captive power plant in Kamalpur, Assam.
The firm would manufacture kraft paper of 80 - 280 GSM with a
burst factor of 20-35.


JAI MAHARASHTRA: ICRA Rates INR100cr Debenture Programme 'B+'
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR100
crore Non-Convertible Debenture (NCD) programme of Jai
Maharashtra Nagar Development Private Limited.

The assigned rating favorably factors in the attractive location
of the company's redevelopment project in Mumbai; long-standing
experience and demonstrated track record of the promoters in the
redevelopment space in Mumbai and the company's likely insulation
from cost-overruns due to the planned fixed-price contract for
civil works to be entered into between the company and a civil
contractor.

The rating is however constrained by the company's exposure to
significant project execution risks since construction has not
yet commenced at the site since certain key approvals required
for starting construction are pending. Further, with 72% of the
project cost expected to be funded through customer advances, the
company needs to ensure healthy sales velocity supported by
strong collection efficiency and currently the project does not
have any track-record of sales since the project has not yet been
launched. However, ICRA notes that the free-sale component of the
project is expected to be launched at a marked discount to
prevailing prices in the vicinity in order to provide necessary
funding for project execution. The company's ability to ensure
healthy sales velocity constitutes a key monitorable.

JMNDPL is a special purpose vehicle promoted by Mumbai-based
promoters group for undertaking redevelopment of the Jai
Maharashtra Nagar Co-operative Housing Federation Limited - a
federation of eight societies at Borivali (east), near Magathane
bus depot in Mumbai. 55% of the company's equity is held by the
promoter group, with the remainder held by a private equity
investor.

The redevelopment project entails rehabilitation of the existing
tenants; as part of the free-sale component of the project,
company will be entitled to sell approximately a million square
feet of saleable area. Construction at the project is expected to
commence in Q4 CY 2012 and the project is expected to be
completed in four years.


KAMLANG SAW: Fitch Assigns 'BB(ind)' National Longterm Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Kamlang Saw & Veneer Mills
Private Limited a National Long-Term rating of 'Fitch BB(ind)'.
The Outlook is Stable.

For the purpose of these ratings, Fitch has taken a consolidated
view of the financial and operational profiles of four Austin
group companies, namely Kamlang, B S Progressive Pvt Ltd,
Silverply Pvt Ltd and AB Wood Products Pvt Ltd. These companies
operate in the same line of business and have common management
and strong operational interlinkages. In FY11 (year end March),
combined revenues were INR881.4m and net financial leverage was
2.8x.

The ratings reflect Kamlang's limited commercial track record of
around one-and-a-half years and its smaller size of operations.
Estimated figures provided by Kamlang indicate revenue of INR210m
for FY12.

The ratings also reflect over two-decade-long experience of the
group's founders in the plywood and related businesses and the
strong brand presence of 'AUSTIN Powerply'. The ratings also
supported by locational advantages in terms of Kamlang's
proximity to raw material sources and several subsidies, such as
an interest subvention of 3% on working capital loans being
available to manufacturing units in India's North-Eastern region.

Positive rating action may result from consolidated net financial
leverage below 2x on a sustained basis. Conversely, consolidated
net financial leverage above 4x will result in negative rating
action.

Established in February 2011, Kamlang manufactures plywood, block
boards, flush doors and allied products. The present installed
capacity is 23,200 cubic metres per annum. The company's
manufacturing facility is located at Palasbari, Assam.

Fitch has also assigned ratings to Kamlang's bank loans, as
follows:

- INR80m long-term loan: National Long-Term 'Fitch BB(ind)'
- INR41.5m fund-based limits: National Long-Term 'Fitch BB(ind)'


MAHALAXMI DYES: ICRA Cuts Rating on INR20cr Loans to '[ICRA]BB-'
----------------------------------------------------------------
The long-term rating assigned to bank facilities of Mahalaxmi
Dyes & Chemicals Ltd. has been revised to '[ICRA]BB-' from
'[ICRA]BB', while the short-term rating has been reaffirmed at
'[ICRA]A4'. The outlook on the long-term rating is "stable". The
ratings of [ICRA]BB-(Stable)/[ICRA]A4 are applicable for the
INR14.5 crore existing bank limits and the INR5.5 crore proposed
limits of MDCL.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Existing bank limits     14.5      Revised long-term rating to
                                      [ICRA]BB- (Stable) from
                                      [ICRA]BB (Stable);
                                      reaffirmed short-term
                                      rating at [ICRA[A4

   Proposed bank limits      5.5      Revised long-term rating to
                                      [ICRA]BB- (Stable) from
                                      [ICRA]BB (Stable);
                                      reaffirmed short-term
                                      rating at [ICRA[A4

The revision in the long-term rating factors in weakening in
financial risk profile owing to deterioration in capital
structure of the company following term loan raised to fund non
revenue generating capex programme, which increases repayment
risk for MDCL, being a trading company. The reaffirmation of the
short-term rating, however, continues to factor in long
experience of the promoters in the trading of chemicals,
established presence in trading and distribution of chemicals and
building materials and low concentration risk on account of
diversified product portfolio and customer base. The ratings are,
however, constrained by moderately high financial risk profile
characterised by moderate return indicators and low coverage
indicators, moderate liquidity position as reflected in high
utilisation of working capital limits and exposure to commodity
price risk and foreign exchange fluctuation risk.

Mahalaxmi Dyes & Chemicals Ltd. is engaged in the business of
import and distribution of Chemicals and Building Materials
(primarily Float Glass). The company, incorporated in the year
1974, started the business of domestic trading of chemicals.
Later in early 1990s, the company expanded presence to trading of
imported chemicals. The company also obtained agency for Formic
Acid distribution from Rashtriya Chemical Fertilisers (RCF) and
for Sodium Nitrite with BASF, Germany. MDCL is a closely held
company with entire shareholding held by Mr. C. V. Shah and
family. Mr. C. V. Shah, presently Chairman of MDCL, has an
experience of three decades in the business of trading of
chemicals.

During 2010-11, MDCL reported net sales and profit after tax of
INR39.11 crore and INR0.19 crore respectively; while the company
reported net sales and profit after tax of INR42.83 crore and
INR0.48 crore respectively in 2011-12 (as per provisional
results).


MAX PROPERTIES: ICRA Assigns '[ICRA]B' Rating to INR9.5cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to the INR9.5
crore term loans (including proposed term loans of INR3.8 crore)
of Max Properties Private Limited.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term loans               5.7       Assigned [ICRA]B
   Proposed term loans      3.8       Assigned [ICRA]B

The rating favorably factors the strong experience and
established track record of over two decades of the promoters who
have executed projects for various government departments in
their personal capacity, adequate man power and equipment
resources to back timely execution of residential projects and,
execution of premium projects in prime areas in Madurai (Tamil
Nadu), and, the reputed image of the company in Madurai leading
to steady rate of bookings in the market. The rating, however, is
constrained by the competition in the real estate market,
geographical concentration towards Madurai, lack of land bank for
future projects, stressed liquidity position with dependence on
customer advances to aid working capital, vulnerability of profit
margins to raw material price variations, modest financial track
record, and, high working capital intensity with large inventory
levels.

Max Properties Private Limited is a Madurai-based real estate
developer-cum-construction company. It was established in 2008 by
Mr. Elango Packiaraj who was earlier executing several government
contracts in his personal capacity. Such executed projects
include construction of staff quarters in Tier II and Tier III
cities for Tamil Nadu Electricity Board, BSNL, TWAD Board and
Tamil Nadu Police Housing Corporation. Max undertakes developing
or co-developing on joint venture (JV) basis, residential or
residential-cum-commercial, multi-storied projects in Madurai.
The company also undertakes construction for the projects it
develops and has the necessary labor and plant & machinery. The
company has so far executed ~247,000 sq.ft of built up area in
Madurai. Max is closely held by the family of the company's
promoter, Mr. Elango Packiaraj.

The company achieved operating income of INR15.7 crore and net
profit of INR2.0 crore for FY 2011.


M.P. ENTERTAINMENT: ICRA Places '[ICRA]B' Rating on INR29cr Loans
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the enhanced INR29 crore
(enhanced from INR20 crore) long-term fund-based/ non fund based
limits of M.P. Entertainment and Developers Private Limited.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term Loan                28.00     [ICRA]B
   Bank Guarantee            1.00     [ICRA]B

The rating reaffirmation takes into account the commencement of
operations of the retail mall in H1 FY2012, its attractive
location and reputed tenant profile. However, the rating
continues to be constrained by concentration risks arising out of
operating a single property and stretched liquidity of the
company on account of limited cushion between lease rentals and
debt repayment obligations, and likely pressure on the cash flows
in case of delays by the lessees in meeting their monthly lease
rental payments. Going forward, MPED's ability to lease out the
remaining space in the mall and maintain adequate cover between
its lease payments and repayment obligations remain the key
rating sensitivities.

M.P. Entertainment and Developers Private Limited has been
promoted by Mr. Gurjeet Singh Chhabra who has been involved in
real estate development in and around Indore. Currently the group
has two operational malls under the companies Century 21 Town
Planners Private Limited and MPED. Apart from these malls,
another group company named Ria Hotels Private Limited has leased
out 80,000 sq ft land to Bestech Hospitalities Pvt. Ltd. MPED is
currently operating a shopping mall at Agra Bombar Road (A.B.
Road), Indore with a gross leasable area of 2.5 lakh sq ft. Till
date, the company has leased out 86% area to reputed tenants such
as Easy Day Market (Bharti Walmart), Globus, Club Mahindra,
Numero Uno, Fashion @ Big bazaar (Pantaloon Retail),McDonalds,
Monte Carlo, Nirulas, Bata, Peter England, KFC etc. In FY 2012,
the company reported a net loss of INR1.80 crore on an operating
income of INR7.00 crore (as per provisional numbers).


NAVIN GEMS: Fitch Withdraws 'Fitch D(ind)nm' Rating
---------------------------------------------------
Fitch Ratings has withdrawn India-based Navin Gems' National
Long-Term rating of 'Fitch D(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of Navin.

Fitch migrated Navin to the non-monitored category on December
22, 2011.

Fitch has also withdrawn the ratings on Navin's following debt
instruments:

- INR390m export-packing credit limits: National Short-Term
   'Fitch D(ind)nm'; rating withdrawn

- INR940m post-shipment credit limits: National Short-Term
   'Fitch D(ind)nm'; rating withdrawn


PARIKH FABRICS: Fitch Withdraws 'Fitch d(ind)nm' Rating
-------------------------------------------------------
Fitch Ratings has withdrawn India-based Parikh Fabrics Pvt Ltd's
National Long-Term rating of 'Fitch D(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of Parikh.

Fitch migrated Parikh to the non-monitored category on 22
December 2011.

Fitch has also withdrawn Parikh's bank loan ratings as follows:

- INR220m cash credit limits: National Long-Term 'Fitch
   D(ind)nm'; rating withdrawn

- INR580m term loans: National Long-Term 'Fitch D(ind)nm';
   rating withdrawn


UBICO NETWORKS: Fitch Migrates 'BB-(ind)' Nat'l. Longterm Rating
----------------------------------------------------------------
Fitch Ratings has migrated India-based Ubico Networks Private
Limited's 'Fitch BB-(ind)' National Long-Term rating with Stable
Outlook to the non-monitored category. This rating will now
appear as 'Fitch BB-(ind)nm' on the agency's website. Fitch has
also migrated Ubico's INR200m long-term loans to 'Fitch BB-
(ind)nm' from 'Fitch BB-(ind)'.

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


UNIPHOS AGRO: Fitch Withdraws 'Fitch BB(ind)nm' Rating
------------------------------------------------------
Fitch Ratings has withdrawn India-based Uniphos Agro Industries
Ltd's National Long-Term rating of 'Fitch BB(ind)nm'.

The ratings have been withdrawn due to lack of adequate
information. Fitch will no longer provide ratings or analytical
coverage of UAIL.

Fitch migrated UAIL to the non-monitored category on August 17,
2011.

Fitch has also withdrawn the ratings on UAIL's following debt
instruments:

- INR60m fund-based limits: National Long-Term 'Fitch
   BB(ind)nm'; rating withdrawn

- INR140m non-fund based limits: National Short-Term 'Fitch
   A4+(ind)nm'; rating withdrawn


SEBACIC INDIA: ICRA Cuts Rating on INR43.2cr Loan to '[ICRA]C'
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR43.20
crore term loans of Sebacic India Limited to '[ICRA]C' from
'[ICRA]B+'. Also, ICRA has reaffirmed the '[ICRA]A4' rating
assigned to the INR1.45 crore, short-term, non-fund based
facilities of SIL.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            ---------    -------
   Term Loans              43.20      Revised to [ICRA]C from
                                      [ICRA]B+

   Forward contract Limit   1.45      [ICRA]A4 reaffirmed

The rating revision takes into account the significant delays in
project execution which is expected to severely impact the
financial profile of the company. SIL is still to commence
commercial production while the term loan repayments are
scheduled to be due from end of June 2012 which presents a major
credit concern in terms of the debt servicing ability of the
company. The ratings continue to remain constrained by
sensitivity of project metrics and future cash flows to the
establishment of the company's products and its pricing power in
both international and domestic market and dependence of the
company on exports with limited local market. ICRA notes that the
availability of key raw material - Castor oil and its pricing
which is dependent on seasonality and crop harvest is a concern,
however, the company's plan to stock Castor seeds in future due
to its non-perishable nature mitigates the risk to some extent.
The ratings are also constrained by the competition from Chinese
manufacturers, existing players as well as from established
castor oil players already in the process of entering the sebacic
acid manufacturing business and vulnerability of operations to
changes in environmental norms.

The ratings continue to take into account the long experience of
SIL's promoters in the chemical industry in general and in
manufacturing of Sebacic acid in particular, the easy
availability of castor seeds with India being the major producer
and Gujarat being the major contributor, limited threat of
substitution with major substitutes being crude oil based which
are viable only at low crude prices.

Incorporated in 2007, Sebacic India Limited is promoted by Pankaj
Natwarlal Pandya, Tushar Raojibhai Patel, Ashwin B. Patel and
Rajiv Parikh. The company was originally incorporated in the name
of Sebacic Manufacturing & Export India Limited and its name was
subsequently changed to Sebacic Acid Limited (SIL) w.e.f. January
2008. The company has been set up to manufacture Sebacic Acid
(manufactured from castor oil) with an installed capacity of
10,000 MTPA. Apart from this, it also proposes to market 2-
Octonal (Installed Capacity 6,000 MTPA), Glycerine (Installed
Capacity 1,500 MTPA), Mixed Fatty Acids (Installed Capacity 3,500
MTPA), and Sodium Sulphate (Installed Capacity 5,500MTPA) which
are produced during the manufacturing process of Sebacic acid.
SIL's manufacturing facility is planned to be located at Village
Umraya, Taluka Padra, near Vadodara. SIL commenced construction
work in December 2010 and is still to commence commercial
production.


TARA EXPORTS: ICRA Rates INR2.5cr Fund-based Loans '[ICRA]B+'
-------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR2.50 crore long term
fund based facilities (sub limits) of Tara Exports. ICRA has also
assigned '[ICRA]A4' rating to INR25.0 crore short term fund based
facility and INR5.0 crore (sub limits) short term fund based
facility.

                              Amount
   Facilities                (INR Cr)     Ratings
   ----------                ---------    -------
   Long Term Fund Based         2.50      [ICRA]B+ assigned
   Facilities (sub limits)

   Short Term Fund Based       25.00      [ICRA]A4 assigned
   Facilities

   Short Term Fund Based        5.00      [ICRA]A4 assigned
   Facilities (sub limits)

The ratings consider the significant experience of the promoter
of nearly two decades in cashew processing industry and the
competitive advantages arising from being part of broader K
Parameswaran Pillai (KPP) group.

The ratings also take note of the Firm being in nascent stage of
operations, constraining the financial profile in medium term
with high gearing and stretched coverage indicators, which may
necessitate additional capital infusion by the promoter to attain
comfortable capital structure. The ratings also consider the
Firm's limited pricing flexibility due to fragmented nature of
industry, low margin and susceptibility of margins to volatility
in raw material prices, exchange rate fluctuations and changes in
government policy. ICRA also takes note of the risks inherent to
partnership firms in the form of limited disclosures and issues
of capital continuity.

Tara Exports is a partnership firm established in the year 2010
and is engaged in processing raw cashew nuts and trading of
cashew kernels. The promoter and Managing Partner of the firm is
Mr. Narayan Bharathan who has nearly 18 years of experience in
cashew industry. Tara Exports is the successor company to
"Asiatic Export Enterprises" - a partnership firm which was wound
up in 2010 following the death of its founder & Chief Executive
Mr. P. Bharathan Pillai (father of Mr. Narayan Bharathan). The
Asiatic Group has been in cashew business for almost half a
century and was part of broader K. Paramseswaran Pillai (KPP)
Group. Tara Exports gets the processing done from its group
entity - Malayalam Exports, which has about nine factories in
Kerala and Tamil Nadu with a total capacity of about 6000 tons
per annum and employ around 1,000 employees.

KPP group was among the pioneers of cashew industry in India and
was founded in 1925 by Mr. K. Parameswaran Pillai. Overtime
several cashew companies run by second and third generation
family members of Mr. Parameswaran Pillai emerged under the broad
KPP group. While the firms are promoted and managed
independently, for marketing and sourcing the KPP brand name is
used by associated firms. Recent Results The Firm reported profit
after tax (PAT) of INR1.0 crore on an operating income (OI) of
INR32.7 crore in fiscal 2011-12.


VAYHAN COFFEE: Delay in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to INR52.48
crore (Rs 59.57 crore earlier) fund based limits, Rs 0.25 crore
non fund based facilities and INR8.02 crore unallocated limits of
Vayhan Coffee Limited. ICRA has also reaffirmed the '[ICRA]D'
rating assigned to Rs 5.0 crore non fund based facilities of VCL.

                        Amount
   Facilities          (INR Cr)         Ratings
   ----------          ---------        -------
   Long Term Fund      Revised from     [ICRA]D reaffirmed
   Based Limits        59.57 to 52.48

   Term Non-Fund          0.25          [ICRA]D reaffirmed
   Based Limits

   Short Term Non         5.00          [ICRA]D reaffirmed
   Fund Based Limits

   Unallocated            8.02          [ICRA]D reaffirmed

The reaffirmation of the ratings primarily takes into account the
continuing delays in meeting the term loan repayments by the
company. The delays could be attributed to the stretched
liquidity condition of the company primarily on account of cash
flow mismatches. VCL has a moderate scale of operations and is
exposed to currency fluctuations and volatility in coffee bean
prices. Moreover, VCL is dependent on spray dried instant coffee,
a segment that is characterized by high competitive intensity and
lower contribution margin relative to freeze dried instant
coffee. The company has high customer concentration with its top
5 customers contributing to a major portion of its past revenues
and current order book. However, ICRA notes that VCL's management
has extensive exposure to coffee industry and its product has got
good response from the market as reflected in significant repeat
orders from international customers in the private labelling and
trading house segments. This has further resulted into healthy
current order book which gives revenue visibility in the near
term. ICRA also notes that VCL is geographically diversified as
it continues to export to -20 countries across the globe. Going
forward, on time debt servicing will remain amongst the key
rating sensitivity factors.

Vayhan Coffee Limited was incorporated on December 22, 2005. The
promoters of the company are D.R.S. Paramananda Raju, D. Rama
Raju and K.V.K. Raju. VCL manufactures and exports spray dried
and agglomerated instant coffee to various countries in Asia,
Europe and Africa. The company has setup an export oriented
Instant Coffee plant at West Godavari District, Andhra Pradesh
(AP) with an installed capacity of 3600 tons per annum (TPA)
which was increased to 4500 TPA in FY2010.



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


RURAL BANK OF NAGUILIAN: Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board placed the Rural Bank of Naguilian (La Union),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1012.A dated
June 28, 2012.  As Receiver, PDIC took over the bank on June 29,
2012.

RB Naguilian is a two-unit bank with Head Office located in
Natividad, Naguilian, La Union. Its lone branch is in San
Fernando City, La Union. Latest available records show that as of
March 31, 2012, the Bank had 8,473 accounts with total deposit
liabilities of PHP233.52 million. According to the latest General
Information Sheet filed by RB Naguilian with the Securities and
Exchange Commission, the bank is majority owned by Thelma A.
Richmond (39.73%) and Benjamin Kevin A. Syling (31.87%). Its
Chairman and President is Benjamin Kevin A. Syling.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct a Depositors Forum on
Saturday, July 7, 2012 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will also be distributed during said Forum. The schedule and
venue of the Depositors Forum will be posted in the bank premises
and in the PDIC website, www.pdic.gov.ph.

Depositors with valid account balances of PHP10,000 and below,
who have no outstanding obligations with RB Naguilian and who
have complete and updated addresses with the bank, need not file
deposit insurance claims. PDIC targets to start mailing payments
to these depositors to their addresses recorded in the bank by
last week of August 2012.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Depositor Update Forms (DUFs) to be furnished by PDIC
representatives. Duly accomplished DUFs should be submitted to
PDIC representatives accompanied by a photo-bearing ID of the
depositor with his signature. Depositors may update their
addresses until July 13, 2012.

Depositors whose accounts have balances of more than PHP10,000
and those who have outstanding obligations should file their
deposit insurance claims. The inclusive dates and schedule of the
claims settlement operations for these accounts will be announced
by third week of September 2012 through notices to be posted in
the bank premises and other public places as well as through the
PDIC website, www.pdic.gov.ph.



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


AGRIPRODUCE & TRADING: Creditors Get 6.67417% Recovery on Claims
----------------------------------------------------------------
Agriproduce & Trading (S) Pte Ltd declared the first and final
dividend on June 18, 2012.

The company paid 6.67417% to the received claims.

The company's liquidator is:

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


CBL DATA: Creditors' Proofs of Debt Due July 30
-----------------------------------------------
Creditors of CBL Data Recovery Technologies (S) Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of
debt by July 30, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          VICTOR GOH
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


COMFORM INDUSTRIES: Creditors Get 33.77062% Recovery on Claims
--------------------------------------------------------------
Comform Industries Pte Ltd declared the preferential dividend on
June 18, 2012.

The company paid 33.77062% to the received claims.

The company's liquidator is:

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


EDGEWORTH PROPERTIES: Creditors' Proofs of Debt Due July 30
-----------------------------------------------------------
Creditors of Edgeworth Properties Asia Pacific Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by July 30, 2012, to be included in the company's
dividend distribution.

The company's liquidator is:

          Yiong Kok Kong
          c/o 21 Merchant Road
          #05-01 Royal Merukh S.E.A. Building
          Singapore 058267


FORTH CAPITAL: Creditors' Proofs of Debt Due July 30
----------------------------------------------------
Creditors of Forth Capital (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 30, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

          Sim Guan Seng
          Khor Boon Hong
          Victor Goh
          C/o Baker Tilly TFW LLP
          15 Beach Road
          #03-10 Beach Centre
          Singapore 189677


MARINA BAY SANDS: S&P Gives 'BB+ Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to Singapore-based Marina Bay Sands Pte. Ltd., a
subsidiary of Las Vegas Sands Corp. (LVSC; BB+/Positive/--).  The
outlook is positive.

"We also assigned MBS' S$5.1 billion credit facilities our 'BBB'
issue-level rating (two notches higher than our corporate credit
rating) and a recovery rating of '1', indicating our expectation
for very high (90% to 100%) recovery for lenders in the event of
a default.  The credit facilities are composed of a S$500 million
revolving credit facility due Dec. 25, 2017 and a S$4.6 billion
term loan due June 25, 2018.  MBS will use proceeds from its new
facilities to refinance existing debt, pay fees, expenses and
accrued interest, and for general corporate purposes, S&P said.

All other existing ratings for the Las Vegas Sands Corp. family
of companies remain unchanged.

"Our corporate credit rating on MBS reflects the overall credit
quality of the LVSC family of companies and is aligned with our
'BB+' corporate credit rating on LVSC," said Standard & Poor's
credit analyst Melissa Long.  "Despite the distinct financing
structures at LVSC's U.S., Macau, and Singapore subsidiaries, we
consider the consolidated entity when assessing LVSC's credit
Quality," S&P said.

"We deem the strategic relationship between the parent and each
subsidiary as an important factor that has a bearing on the
credit quality of the overall consolidated entity. We consider
MBS to be a core subsidiary of LVSC as we believe that the
company is integral to LVSC's current identity and future
strategy.  MBS is wholly owned through various entities of LVSC
and shares a similar brand with other group entities.
Additionally, MBS represented close to half of LVSC's
consolidated property level EBITDA for the
12 months ended March 31, 2012, which in our view is significant.
Thus, despite credit measures on a standalone basis that might
otherwise be supportive of a higher rating, we are assigning MBS
a corporate credit rating at the same level as our corporate
credit rating on LVSC," S&P said.

"The positive outlook reflects our view that a higher rating is
possible over the next several quarters, based on our current
performance expectations.  To raise the rating to 'BBB-', we
would expect leverage to be generally closer to 3x, though we
would be comfortable with it temporarily spiking to the high-3x
area to fund development projects.  In the event of a strong
ramp-up of Sands Cotai Central, we believe an upgrade to 'BBB-'
is possible, as we would expect leverage to improve to below 2.5x
by early 2013. An investment-grade rating on Las Vegas Sands,
however, would also require management to publicly articulate a
financial policy around its tolerance for leverage that is
aligned with our leverage threshold at a 'BBB-' rating. In
addition, while we are unclear when the aforementioned lawsuits
and investigations would be resolved and what effect, if any, a
potential judgment would have on credit quality, these issues may
weigh on upgrade potential until we have further clarity."



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


* BOND PRICING: For the Week June 18 to June 22, 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       0.74
COM BK AUSTRALIA         1.50    04/19/2022   AUD      79.00
DIVERSA LTD             11.00    09/30/2014   AUD       0.08
EXPORT FIN & INS         0.50    12/16/2019   NZD      74.98
EXPORT FIN & INS         0.50    06/15/2020   NZD      73.21
IMF AUSTRALIA           10.25    12/31/2014   AUD       1.71
KIMBERLY METALS         10.00    08/05/2016   AUD       0.30
MIDWEST VANADIUM        11.50    02/15/2018   USD      60.52
MIDWEST VANADIUM        11.50    02/15/2018   USD      61.37
MIRABELA NICKEL          8.75    04/15/2018   USD      69.87
MIRABELA NICKEL          8.75    04/15/2018   USD      69.87
NEW S WALES TREA         0.50    09/14/2022   AUD      66.84
NEW S WALES TREA         0.50    10/07/2022   AUD      66.65
NEW S WALES TREA         0.50    10/28/2022   AUD      67.32
NEW S WALES TREA         0.50    11/18/2022   AUD      67.11
NEW S WALES TREA         0.50    12/16/2022   AUD      66.74
NEW S WALES TREA         0.50    02/02/2023   AUD      66.32
TREAS CORP VICT          0.50    08/25/2022   AUD      66.94
TREAS CORP VICT          0.50    03/03/2023   AUD      67.15
TREAS CORP VICT          0.50    11/12/2030   AUD      50.33


  CHINA
  -----

CHINA GOVT BOND          4.86    08/10/2014   CNY      68.62
CHINA GOVT BOND          1.64    12/15/2033   CNY      70.00


  HONG KONG
  ---------

CHINA SOUTH CITY        13.50    01/14/2016   USD      74.00
RESPARCS FUNDING         8.00    12/29/2049   USD      28.25


  INDIA
  -----

AKSH OPTIFIBRE           1.00    02/05/2013   USD      68.59
JSL STAINLESS LT         0.50    12/24/2019   USD      65.47
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.12
PRAKASH IND LTD          5.62    10/17/2014   USD      70.90
PYRAMID SAIMIRA          1.75    07/04/2012   USD       0.75
REI AGRO                 5.50    11/13/2014   USD      68.02
REI AGRO                 5.50    11/13/2014   USD      68.02
SHIV-VANI OIL            5.00    08/17/2015   USD      59.61
SUZLON ENERGY LT         5.00    04/13/2016   USD      56.39


  JAPAN
  -----

ELPIDA MEMORY            2.03    03/22/2012   JPY      24.75
ELPIDA MEMORY            2.10    11/29/2012   JPY      25.00
ELPIDA MEMORY            2.29    12/07/2012   JPY      24.87
ELPIDA MEMORY            0.50    10/26/2015   JPY      24.87
ELPIDA MEMORY            0.70    08/01/2016   JPY      24.50
JPN EXP HLD/DEBT         0.50    09/17/2038   JPY      62.82
JPN EXP HLD/DEBT         0.50    03/18/2039   JPY      62.44
TOKYO ELEC POWER         1.39    05/28/2020   JPY      74.75
TOKYO ELEC POWER         1.31    06/24/2020   JPY      74.02
TOKYO ELEC POWER         1.95    07/29/2020   JPY      73.10
TOKYO ELEC POWER         1.15    09/08/2028   JPY      72.27
TOKYO ELEC POWER         1.63    07/16/2021   JPY      72.76
TOKYO ELEC POWER         2.34    09/29/2028   JPY      68.80
TOKYO ELEC POWER         2.40    11/28/2028   JPY      68.73
TOKYO ELEC POWER         2.21    02/27/2029   JPY      66.18
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       5.95
INFRATIL LTD             8.50    09/15/2013   NZD       6.40
INFRATIL LTD             8.50    11/15/2015   NZD       6.45
INFRATIL LTD             4.97    12/29/2049   NZD      53.20
KIWI INCOME PROP         8.95    12/20/2014   NZD       1.08
NEW ZEALAND POST         7.50    11/15/2039   NZD      66.59
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       6.00
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      57.95
BAKRIE TELECOM          11.50    05/07/2015   USD      57.37
BLD INVESTMENT           8.62    03/23/2015   USD      70.46
BLUE OCEAN              11.00    06/28/2012   USD      38.00
BLUE OCEAN              11.00    06/28/2012   USD      38.25
CAPITAMALLS ASIA         2.15    01/21/2014   SGD       1.00
CAPITAMALLS ASIA         3.80    01/12/2022   SGD       1.01
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.75
DAVOMAS INTL FIN        11.00    12/08/2014   USD      26.74
F&N TREASURY PTE         2.48    03/28/2016   SGD       1.00
F&N TREASURY PTE         3.15    03/28/2018   SGD       0.99
SENGKANG MALL            4.88    11/20/2012   SGD       1.05
UNITED ENG LTD           1.00    03/03/2014   SGD       1.40
WBL CORPORATION          2.50    06/10/2014   SGD       1.34


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

BUSAN SOLOMON            8.10    04/19/2015   KRW      50.25
CN 1ST ABS               8.00    02/27/2015   KRW      32.62
CN 1ST ABS               8.30    11/27/2015   KRW      33.94
EXP-IMP BK KOREA         0.50    08/10/2016   BRL      70.40
EXP-IMP BK KOREA         0.50    09/28/2016   BRL      70.11
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      69.60
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      69.05
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      68.64
EXP-IMP BK KOREA         0.50    1/25/2017    TRY      70.00
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      66.72
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      63.23
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      65.95
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      62.66
GRKABS 2ND ABS          10.00    09/29/2014   KRW      30.85
GYEONGGI MUTUAL          8.50    12/11/2014   KRW      50.17
GYEONGGI MUTUAL          8.50    01/22/2016   KRW      60.12
HYUNDAI SWISS BK         8.50    10/02/2013   KRW      60.32
HYUNDAI SWISS BK         8.50    07/15/2014   KRW      52.20
HYUNDAI SWISS BK         7.90    07/23/2014   KRW      50.16
HYUNDAI SWISS BK         8.30    01/23/2015   KRW      59.62
JINHEUNG MUTUAL          8.50    10/17/2014   KRW      60.15
PUM YANG MUTUAL          4.50    11/01/2013   KRW      22.75
SINBO CO 2ND ABS        10.00    09/29/2014   KRW      30.85
YOUNGNAM MUTUAL          8.50    12/18/2014   KRW      50.16


SRI LANKA
---------

SRI LANKA GOVT           5.80    01/15/2017   LKR      72.51
SRI LANKA GOVT           8.50    07/15/2018   LKR      73.75
SRI LANKA GOVT           7.50    08/15/2018   LKR      69.31
SRI LANKA GOVT           6.20    05/01/2019   LKR      71.05
SRI LANKA GOVT           7.00    08/01/2020   LKR      61.70
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


                             *********

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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